XIAMEN, China, Nov. 24, 2025 /PRNewswire/ — Qudian Inc. (“Qudian” or “the Company” or “We”) (NYSE: QD), a consumer-oriented technology company in China, today announced its unaudited financial results for the quarter ended September 30, 2025.
Third Quarter 2025 Financial Highlights:
Total revenues were RMB8.5 million (US$1.2 million), compared to RMB55.0 million for the same period of last year
Net income attributable to Qudian’s shareholders was RMB409.9 million (US$57.6 million), compared to RMB131.9 million for the same period of last year; net income per diluted ADS was RMB2.47 (US$0.35) for the third quarter of 2025
We continued to execute our business transition, with the winding down of our last-mile delivery business to its final stage while maintaining a healthy balance sheet by pursuing efficient cash management. Moving forward, we remain focused on navigating market dynamics and capitalizing on new business in order to build long-term value for our shareholders.
Third Quarter Financial Results
Sales income and others decreased by 84.5% to RMB8.5 million (US$1.2 million) from RMB55.0 million for the third quarter of 2024, which was primarily due to the winding down of last-mile delivery business.
Total operating costs and expenses decreased by 2.3% to RMB119.1 million (US$16.7 million) from RMB122.0 million for the third quarter of 2024.
Cost of revenues decreased by 86.6% to RMB6.5 million (US$0.9 million) from RMB48.9 million for the third quarter of 2024, primarily due to the decrease in service cost related to last-mile delivery business with the winding down of the business.
General and administrative expenses increased by 41.1% to RMB82.7 million (US$11.6 million) from RMB58.6 million for the third quarter of 2024, primarily due to the increase in depreciation and property tax expenses following the completion of the construction of the Company’s headquarters.
Research and development expenses decreased by 23.8% to RMB11.1 million (US$1.6 million) from RMB14.6 million for the third quarter of 2024, as a result of the decrease in staff head count, which led to a corresponding decrease in staff salaries.
Loss from operations was RMB110.6 million (US$15.5 million), compared to RMB67.0 million for the third quarter of 2024, mainly due to the winding down of the Company’s businesses and the increase in depreciation and property tax expenses following the completion of the construction of the Company’s headquarters.
Interest and investment income, net increased by 84.5% to RMB421.3 million (US$59.2 million) from RMB228.4 million for the third quarter of 2024, mainly attributable to the increase of income from investments in the third quarter of 2025.
Gain on derivative instrument increased by 144.4% to RMB73.9 million (US$10.4 million) from RMB30.2 million for the third quarter of 2024, mainly attributable to the increase in quoted price of the underlying equity securities relating to the derivative instruments we held.
Net income attributable to Qudian’s shareholders was RMB409.9 million (US$57.6 million), compared to RMB131.9 million in the third quarter of 2024. Net income per diluted ADS was RMB2.47 (US$0.35).
Cash Flow
As of September 30, 2025, the Company had cash and cash equivalents of RMB7,010.6 million (US$948.8 million) and restricted cash of RMB1,518.7 million (US$213.3 million). Restricted cash mainly represents security deposits held in designated bank accounts for the guarantee of short-term borrowings. Such restricted cash is not available to fund the general liquidity needs of the Company.
For the third quarter of 2025, net cash provided by operating activities was RMB384.0 million (US$53.9 million), mainly attributable to proceeds from interest and investment income. Net cash provided by investing activities was RMB2,508.5 million (US$352.4 million), mainly attributable to the net proceeds from redemption of short-term investments. Net cash provided by financing activities was RMB837.8 million (US$117.7 million), mainly due to the proceeds from short-term borrowings and partially offset by the repurchase of ordinary shares.
Update on Share Repurchase
Our Board approved a share repurchase program in March 2024 to purchase up to US$300 million worth of Class A ordinary shares or ADSs in the next 36 months starting from June 13, 2024. From the launch of the share repurchase program on June 13, 2024 to November 18, 2025, the Company has in aggregate purchased 26.3 million ADSs in the open market for a total amount of approximately US$71.1 million (an average price of $2.7 per ADS) pursuant to the share repurchase program.
As of November 18, 2025, the Company had in aggregate purchased 180.6 million ADSs for a total amount of approximately US$765.3 million (an average price of $4.2 per ADS).
About Qudian Inc.
Qudian Inc. (“Qudian”) is a consumer-oriented technology company. Qudian is exploring innovative business opportunities to satisfy consumers’ demand by leveraging its technology capabilities.
For more information, please visit http://ir.qudian.com.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.1190 to US$1.00, the noon buying rate in effect on September 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.
Statement Regarding Preliminary Unaudited Financial Information
The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited financial information.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the expectation of its collection efficiency and delinquency, contain forward-looking statements. Qudian may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Qudian’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Qudian’s goal and strategies; Qudian’s expansion plans; Qudian’s future business development, financial condition and results of operations; Qudian’s expectations regarding demand for, and market acceptance of, its products; Qudian’s expectations regarding keeping and strengthening its relationships with customers, business partners and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Qudian’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Qudian does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
Qudian Inc.
Tel: +86-592-596-8208
E-mail: ir@qudian.com
QUDIAN INC.
Unaudited Condensed Consolidated Statements of Operations
Three months ended September 30,
(In thousands except for number
2024
2025
of shares and per-share data)
(Unaudited)
(Unaudited)
RMB
RMB
US$
Revenues:
Sales income and others
55,015
8,523
1,197
Total revenues
55,015
8,523
1,197
Operating cost and expenses:
Cost of revenues
(48,913)
(6,549)
(920)
Sales and marketing
(2,123)
(5,689)
(799)
General and administrative
(58,580)
(82,672)
(11,613)
Research and development
(14,576)
(11,102)
(1,559)
Reversal of/(Provision for) expected credit losses on
receivables and other assets
2,798
(180)
(25)
Impairment loss from other assets
(604)
(12,949)
(1,819)
Total operating cost and expenses
(121,998)
(119,141)
(16,735)
Loss from operations
(66,983)
(110,618)
(15,538)
Interest and investment income, net
228,420
421,344
59,186
Loss from equity method investments
(1,390)
(102)
(14)
Gain on derivative instruments
30,246
73,921
10,384
Foreign exchange loss, net
(7,898)
(5,216)
(733)
Other income
2,030
19,131
2,687
Other expenses
(13,809)
(228)
(32)
Net income before income taxes
170,616
398,232
55,940
Income tax expenses
(38,702)
11,671
1,639
Net income
131,914
409,903
57,579
Net income attributable to Qudian Inc.’s
shareholders
131,914
409,903
57,579
Earning per share for Class A and Class B ordinary
shares:
Basic
0.73
2.55
0.36
Diluted
0.71
2.47
0.35
Earning per ADS (1 Class A ordinary share equals
1 ADSs):
Basic
0.73
2.55
0.36
Diluted
0.71
2.47
0.35
Weighted average number of Class A and Class B
ordinary shares outstanding:
Basic
180,111,125
160,998,923
160,998,923
Diluted
185,092,607
165,790,336
165,790,336
Other comprehensive loss:
Foreign currency translation adjustment
(60,991)
(18,697)
(2,626)
Total comprehensive income
70,923
391,206
54,953
Total comprehensive income attributable to
Qudian Inc.’s shareholders
70,923
391,206
54,953
QUDIAN INC.
Unaudited Condensed Consolidated Balance Sheets
As of June 30,
As of September 30,
(In thousands except for number
2025
2025
of shares and per-share data)
(Unaudited)
(Unaudited)
RMB
RMB
US$
ASSETS:
Current assets:
Cash and cash equivalents
4,028,995
7,010,642
984,779
Restricted cash and cash equivalents
782,251
1,518,707
213,331
Time and structured deposit
1,758,770
1,439,721
202,236
Derivative instruments-asset
38,793
3,792
533
Short-term investments
2,850,688
1,366,240
191,915
Accounts receivables
9,225
6,479
910
Other current assets
925,915
290,235
40,769
Total current assets
10,394,637
11,635,816
1,634,473
Non-current assets:
Right-of-use assets
101,715
98,743
13,870
Investment in equity method investee
144,822
144,622
20,315
Long-term investments
78,616
78,658
11,049
Property and equipment, net
1,747,669
1,728,971
242,867
Intangible assets
1,922
1,779
250
Other non-current assets
280,115
263,647
37,034
Total non-current assets
2,354,859
2,316,420
325,385
TOTAL ASSETS
12,749,496
13,952,236
1,959,858
QUDIAN INC.
Unaudited Condensed Consolidated Balance Sheets (Continued)
As of June 30,
As of September 30,
(In thousands except for number
2025
2025
of shares and per-share data)
(Unaudited)
(Unaudited)
RMB
RMB
US$
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings
720,000
1,576,000
221,379
Short-term lease liabilities
7,352
6,733
946
Accrued expenses and other current liabilities
371,442
360,732
50,672
Income tax payable
39,383
53,164
7,468
Total current liabilities
1,138,177
1,996,629
280,465
Non-current liabilities:
Deferred tax liabilities
27,427
–
–
Long-term lease liabilities
5,126
3,870
544
Total non-current liabilities
32,553
3,870
544
Total liabilities
1,170,730
2,000,499
281,009
Shareholders’ equity:
Class A Ordinary shares
132
132
18
Class B Ordinary shares
44
44
6
Treasury shares
(1,571,141)
(1,588,823)
(223,181)
Additional paid-in capital
4,025,209
4,024,656
565,340
Accumulated other comprehensive profit/(loss)
(7,464)
(26,161)
(3,675)
Retained earnings
9,131,986
9,541,889
1,340,341
Total equity
11,578,766
11,951,737
1,678,849
TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
12,749,496
13,952,236
1,959,858