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News on August 14,QifuTechnology (NASDAQ: QFIN; HKEX: 3660) released its financial results for the second quarter of 2024.Net incomeThe total amount was 4.16 billion yuan, compared with 3.914 billion yuan in the same period of 2023; the net profit was 1.377 billion yuan, compared with 1.093 billion yuan in the same period of 2023.

As of June 30, 2024, the total loan balance was RMB 157.778 billion, a decrease of 14.5% from RMB 184.459 billion as of June 30, 2023.

As of the end of the second quarter of 2024, QiFu Technology has established partnerships with 160 financial institutions, helping them provide credit services to more than 53 million small and micro enterprises and individual consumers.

Along with the release of the financial report, Qifu Technology announcedZhou HongyiMr. Wang resigned as the chairman and director of the company and is no longer a member of the company's board of directors. Public information shows that in 2023, the company changed its name from 360 Digital Technology to Qifu Technology, and this year it upgraded its product 360 Borrowing App to Qifu Borrowing. So far, Qifu Technology has achieved complete independence from strategy to brand.

In the second quarter, Qifu Technology continued to apply innovative technologies to customer service, software development, credit assessment and other business areas. In the field of customer service, Qifu Technology launched the AI-Copilot system to help customer service personnel capture user intentions more accurately and quickly. Since the use of AI-Copilot, the efficiency of human resources has increased by 4.1%, the user conversion rate on the agent side has increased by 5.6%, and the management efficiency has increased by 50%. At the same time, the accuracy of business processing has also increased by 1.2% compared with before use.

In the field of software development, Yuzhi AI experts have evolved the ability to conduct intelligent demand analysis and write code based on demand, among which AI-assisted business demand development accounts for as high as 42.42%.

In terms of credit assessment, relying on the Argus risk control engine, based on 50,000 risk decision rules and 1,000 machine learning models, Qi Fu Technology evaluates 120,000 risk features, performs hundreds of millions of model calculations every day, and shortens the approval time to 44 seconds.

In the second quarter, through the continuous accumulation of massive data and the fine-tuning of models, Qifu Technology's industry information coverage rate increased from 95.1% at the end of the first quarter to 96.7%, drawing an exclusive "industry portrait" of credit scenarios for more than 30 million small and micro enterprises and part-time family users. In addition, Qifu Technology has successfully mined and supplemented the industry information of 6.89 million pan-small and micro users.

The financial report shows that in the third quarter of 2024, the company expects to generate a net profit of 1.5 billion to 1.6 billion yuan and a non-GAAP net profit of 1.55 billion to 1.65 billion yuan, a year-on-year increase of 31% to 40%. (Yicheng)

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