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- **Record Q3 Profit**: Net profit of RMB 521M (+68% YoY), driven by 2.01% net profit take rate. 
- **Regulatory Compliance**: Fully transitioned to APR ≤24% loans, maintaining 87% capital-heavy model mix. 
- **E-commerce Growth**: GMV up 133.8% YoY, essential goods sales surge 237% YoY. 
- **AI Innovation**: Lexin GPT improves risk management accuracy by 20%, supporting digital transformation. 
- **Shareholder Returns**: $25M buybacks completed (50%+ of program), 30% dividend payout ratio.

**【CEO Summary Section】**
- **Q3 Financial Highlights**: Loan volume reached RMB 50.89 billion, revenue was RMB 3.42 billion, and net profit rose 2% QoQ to RMB 521 million. Net profit take rate improved to 2.01% (up 92bps YoY). 
- **Regulatory Compliance**: Fully stopped APR >24% loans as of October 1, transitioning to capital-heavy model. 
- **Strategic Initiatives**: 
  - AI-driven risk management (Lexin GPT) improved request accuracy by 20%. 
  - E-commerce GMV surged 133.8% YoY during Singles' Day, with essential goods up 237% YoY. 
  - Offline inclusive finance maintained stable asset quality in lower-tier markets. 
- **Shareholder Returns**: Dividend payout ratio raised to 30%, with $25M share buybacks completed (over 50% of program). 

**【CFO Financial Commentary】**
- **Net Income**: RMB 521M (2% QoQ growth), driven by operational agility balancing capital-light/heavy models. 
- **Revenue Breakdown**: 
  - Credit business: RMB 1.9B (-3% QoQ due to higher provisions). 
  - E-commerce: RMB 111M (+14% QoQ gross profit). 
- **Cost Management**: Operating expenses down 4% to RMB 1.4B, reflecting prudent spending. 
- **Liquidity**: Cash position of RMB 4.3B supports regulatory compliance and risk buffer. 

**【Q&A Key Highlights】**
- **Regulatory Impact**: Q4 loan volume expected to decline moderately, with risk volatility persisting. 
- **E-commerce Strategy**: Slowed growth to prioritize quality, with 50% QoQ loan volume increase. 
- **Risk Management**: Day 1 delinquency peaked in October but improved in November. 
- **2026 Outlook**: Pricing decline offset by lower funding costs and ecosystem synergies. 
- **Share Buybacks**: Over 50% of program completed, with plans to explore further returns.

LexinFintech Holdings Ltd. (LX) Q3 2025 Earnings Call Transcript

Revenue

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LX

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