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Tencent News "First Line"

Author: Zhu Yuting Editor: Liu Peng

On August 14, Qifu Technology released its financial results for the second quarter of 2024. Data showed that Qifu Technology's total net income in the second quarter was 4.1601 billion yuan, a year-on-year increase of 6.28%; net profit was 1.3765 billion yuan, compared with 1.093 billion yuan in the same period of 2023. Non-GAAP net profit was 1.4134 billion yuan, compared with 1.1466 billion yuan in the same period of 2023.

The financial report predicts that the third quarter of 2024 will 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%.

The financial report shows that as of June 30, 2024, Qifu Technology has connected 160 financial institution partners and 247.6 million consumers with potential credit needs, an increase of 12.2% from 220.6 million last year. The total number of users with approved credit lines exceeds 50 million. The total loan balance is 157.778 billion yuan, a decrease of 14.5% from 184.459 billion yuan in the same period last year.

Qifu Technology also disclosed an important personnel change in its financial report. Zhou Hongyi resigned as the company's director and chairman of the board for personal reasons. The board of directors has approved the appointment of Mr. Zhao Fan as chairman of the board of directors and Mr. Liu Xiangge as an independent director of the board of directors, effective August 13, 2024.

According to reports, Zhao Fan has served as an independent director of Qifu Technology since January 2023. He founded Beijing Maple Leaf Fanda Investment Consulting Co., Ltd. in 2000 and served as the company's general manager. He has served as a director of Beijing Haiziman Piano Co., Ltd. since 2004. He founded Sunbridge International Holdings Limited and served as the company's general manager between 2002 and 2018.

Liu Xiangge has been a senior advisor and CEO of Homaer Capital since 2022. Prior to this, he served as Managing Director of RRJ Capital from 2011 to 2021. From 2010 to 2011, he served as Senior Director of Risk Management at CITIC International Asset Management Co., Ltd. and Managing Director of Dingyi Capital from 2008 to 2010. From 2007 to 2008, he served as Director of the Corporate and Investment Banking Department of Societe Generale. In addition, Liu Xiangge also has experience working in financial institutions such as Deutsche Bank, Mizuho Bank Group and General Electric.

It is reported that Qifu Technology was formerly known as 360 Digital Technology. The company changed its name in 2023, and this year it upgraded its product 360 Borrowing App to Qifu Borrowing. So far, Qifu Technology has completed complete independence from strategy to brand.