Yiren Digital Q3 Revenue Rmb 1554.964 Million

BEIJING, Nov. 25, 2025 /PRNewswire/ — Yiren Digital Ltd. ("Yiren Digital" or the "Company"), a leading fintech company specializing in digital consumer lending, insurance and financial technology innovation across China and Southeast Asia, today announced its unaudited financial results for the quarter ended September 30, 2025.

Third Quarter 2025 Operational Highlights

Financial Services Business

• Total loans facilitated in the third quarter of 2025 reached RMB20.2 billion (US$2.8 billion), representing an increase of 51% compared to RMB13.4 billion in the same period of 2024 and remaining stable compared to RMB20.3 billion in the second quarter of 2025.
• Cumulative number of borrowers served reached 14,006,873 as of September 30, 2025, representing an increase of 3% from 13,536,838 as of June 30, 2025, and increase of 21% compared to 11,611,899 as of September 30, 2024.
• Number of borrowers served in the third quarter of 2025 was 1,335,978, representing a decrease of 18% compared to 1,637,912 in the second quarter of 2025 and a decrease of 11% compared to 1,498,020 in the same period of 2024. The decrease was due to our strategic tightening of our credit policy amid industry-wide credit risk fluctuations.
• Outstanding balance of performing loans facilitated reached RMB34.2 billion (US$4.8 billion) as of September 30, 2025, representing an increase of 10% from RMB31.2 billion as of June 30, 2025 and an increase of 50% compared to RMB22.8 billion as of September 30, 2024.

Insurance Brokerage Business

• Gross written premiums in the third quarter of 2025 were RMB1,148.0 million (US$161.3 million), representing an increase of 35% from RMB850.1 million in the second quarter of 2025 and 15% decrease compared to RMB1,351.3 million in the same period of 2024. The increase was attributed to the accelerating growth of our internet insurance business as well as the strong performance of renewal premiums.
• Annualized insurance premiums of internet insurance products were RMB196.2 million (US$27.6 million), representing an increase of 204% from RMB64.5 million in the second quarter of 2025.

"We delivered a stable and resilient quarter amid industry-wide challenges," said Mr. Ning Tang, Chairman and Chief Executive Officer. "Through adaptive risk management measures and business diversification — including the growth of our high-potential online insurance business — we have demonstrated our ability to manage risk in a challenging environment."

"As part of our ongoing transformation, we advanced our agentic AI capabilities to improve process efficiency and unit economics. These innovations are now helping to mitigate the margin pressure associated with the current credit cycle."

"We maintain a healthy and ample cash position and are driving the turnaround of the insurance business with the new internet insurance strategy. Our balance sheet remained robust with total cash, cash equivalents, and restricted cash of RMB4.3 billion. This provides us with the financial flexibility to invest in our next generation of fintech." Mr. William Hui, Chief Financial Officer commented.

Third Quarter 2025 Financial Results

Total net revenue in the third quarter of 2025 was RMB1,555.0 million (US$218.4 million), representing an increase of 5% from RMB1,479.1 million in the third quarter of 2024. Particularly, in the third quarter of 2025, revenue from financial services business was RMB1,423.2 million (US$199.9 million), representing an increase of 70% from RMB836.2 million in the same period of 2024. The increase was attributed to persistent demand for our small revolving loan products, as well as a growing repeat borrowing rate among existing borrowers. The financial service revenue accounts for 92% of the total net revenue. Revenue from insurance brokerage business was RMB84.2 million (US$11.8 million), representing a decrease of 2% from RMB85.5 million in the third quarter of 2024. The decrease was attributable to lower overall commission rates from the traditional line. Net revenue from other business was RMB47.5 million (US$6.7 million), compared with the revenue of RMB557.4 million in the third quarter of 2024. The decrease was mainly attributed to our strategic decision to wind down the historical "consumption and lifestyle" segment announced in the fourth quarter of 2024.

Sales and marketing expenses in the third quarter of 2025 were RMB331.8 million (US$46.6 million), compared to RMB335.6 million in the same period of 2024.

Origination, servicing and other operating costs in the third quarter of 2025 were RMB149.9 million (US$21.1 million), compared to RMB205.9 million in the same period of 2024. This decrease was primarily due to 27% decrease in origination and service expense from the financial services and lower commission costs from our insurance brokerage business.

Research and development expenses in the third quarter of 2025 were RMB91.5 million (US$12.9 million), compared to RMB150.8 million in the same period of 2024. The decrease in R&D expenses was due to the one-off system development project from 2024.

General and administrative expenses in the third quarter of 2025 were RMB104.4 million (US$14.7 million), compared to RMB80.1 million in the same period of 2024. The increase was primarily due to increase in personnel related costs to strengthen our risk management and fund the plan for new business initiatives.

Allowance for contract assets, receivables and others in the third quarter of 2025 was RMB229.4 million (US$32.2 million), compared to RMB94.9 million in the same period of 2024. The increase was driven by higher receivables from loan facilitation services and guarantee services, fueled by growing loan volume. Additionally, due to the increase in self-funded loan balance in the third quarter of 2025, the balance of financing receivables increased from RMB 17.5 million to RMB 1.1 billion.

Provision for contingent liabilities in the third quarter of 2025 was RMB459.8 million (US$64.6 million), compared to RMB272.4 million in the same period of 2024. The increase was attributable to increase in loan volume facilitated under risk-taking model. ([1])

Fair value adjustments gain in the third quarter of 2025 was a gain of RMB161.3 million (US$22.7 million) compared to a gain of RMB36.4 million in the same period of 2024. The increase was mainly due to the fair value change in crypto assets, driven by an increase in the price of Ethereum.

Income tax expense in the third quarter of 2025 was RMB56.1 million (US$7.9 million).

Net income in the third quarter of 2025 was RMB317.6 million (US$44.6 million), as compared to RMB355.4 million in the same period in 2024. The decrease was primarily due to substantial upfront provisions — required by accounting principles for our growing loan volume under the "risk-taking model" — coupled with a declining fee rate of loan-facilitation business following the new regulations as well as a decreasing commission rate in our insurance brokerage business. The industry-wide fluctuations in asset quality and our conservative risk assumptions are also attributed to the overall declined profitability.

Adjusted EBITDA([2]) (non-GAAP) in the third quarter of 2025 was RMB236.8 million (US$33.3 million), compared to RMB380.9 million in the same period of 2024 and RMB351.4 million in the second quarter of 2025.

Basic and diluted income per ADS in the third quarter of 2025 were RMB3.6472 (US$0.5124) and RMB3.6270 (US$0.5094) respectively, compared to a basic income per ADS of RMB4.0618 and a diluted income per ADS of RMB4.0384 in the same period of 2024.

Net cash used in operating activities in the third quarter of 2025 was RMB5.5 million (US$0.8 million), compared to RMB50.4 million generated from operating activities in the same period of 2024.

Net cash used in investing activities in the third quarter of 2025 was RMB707.6 million (US$99.4 million), compared to RMB1,859.6 million in the same period of 2024.

Net cash provided by financing activities in the third quarter of 2025 was RMB529.7 million (US$74.4 million), compared to RMB22.2 million used in financing activities in the same period of 2024.

As of September 30, 2025, cash and cash equivalents were RMB3,864.9 million (US$542.9 million), compared to RMB4,098.9 million as of June 30, 2025. As of September 30, 2025, the balance of financial investment was RMB498.8 million (US$70.1 million), compared to RMB418.9 million as of June 30, 2025.

Delinquency rates([3]) . As of September 30, 2025, the delinquency rates for loans that are past due for 1-30 days, 31-60 days and 61-90 days were 2.7%, 1.7% and 1.4%, respectively, compared to 1.7%, 1.1% and 1.0%, respectively, as of June 30, 2025.

Business Outlook

Based on the Company's preliminary assessment of business and market conditions, the Company projects the total revenue in the fourth quarter of 2025 to be between RMB1.4 billion and RMB1.6 billion, driven by loan growth from domestic market and international markets, and further market penetration into new customer segment.

This is the Company's current and preliminary view, which is subject to changes and uncertainties.

Non-GAAP Financial Measures In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See "Operating Highlights and Reconciliation of GAAP to Non-GAAP measures" at the end of this press release.

Currency Conversion

This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.1190 to US$1.00, the effective noon buying rate on September 30, 2025, as set forth in the H.10 statistical release of the Federal Reserve Board.

Conference Call

Yiren Digital's management will host an earnings conference call at 7:00 a.m. U.S. Eastern Time on November 25, 2025 (or 8:00 p.m. Beijing/Hong Kong Time on November 25, 2025).

Participants who wish to join the call should register online in advance of the conference at:

https://dpregister.com/sreg/10204584/1005e60b0b0

Once registration is completed, participants will receive the dial-in details for the conference call.

Additionally, a live and archived webcast of the conference call will be available at:

https://event.choruscall.com/mediaframe/webcast.html?webcastid=yBd8FS50

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. 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," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yiren Digital's control. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to Yiren Digital's ability to attract and retain borrowers and investors on its marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, PRC regulations and policies relating to the peer-to-peer lending service industry in China, general economic conditions in China, and Yiren Digital's ability to meet the standards necessary to maintain the listing of its ADSs on the NYSE or other stock exchange, including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in Yiren Digital's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Yiren Digital does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

About Yiren Digital

Yiren Digital Ltd. is a leading fintech company specializing in digital consumer lending, insurance, and financial technology innovation across China and Southeast Asia. The Company leverages advanced artificial intelligence and emerging technologies to enhance customer experience, optimize capital efficiency, and expand financial inclusion. With the recent launch of its Magicube Agent Platform and its strategic entry into digital asset business, Yiren Digital is building a new growth engine to become an AI-powered and blockchain-enabled global fintech leader. For more information, please visit https://ir.yiren.com.

 
1. The risk-taking model refers to the framework in which we assume the credit 
risk for the loans facilitated on our platform. 
2. "Adjusted EBITDA" is a non-GAAP financial measure. For more information on 
this non-GAAP financial measure, please see the section of "Operating 
Highlights and Reconciliations of GAAP to Non-GAAP Measures" and the table 
captioned "Reconciliations of Adjusted EBITDA" set forth at the end of this 
press release. 
3. "Delinquency rates" refers to the outstanding principal balance of loans 
that were 1-30 days, 31-60 days and 61-90 days past due as a percentage of the 
total performing outstanding principal balance of loans as of a specific date. 
Loans originating outside mainland China are not included in the calculation. 
We define a performing loan as one that is being repaid according to the 
agreed terms and has not become delinquent for more than 90 days. 
 
 
                           Unaudited Condensed Consolidated Statements of Operations 
                  (in thousands, except for share, per share and per ADS data, and percentages) 
                                  For the Three Months Ended                    For the Nine Months Ended 
                      --------------------------------------------------  -------------------------------------- 
                       September    June 30,     September    September    September    September    September 
                       30, 2024        2025      30, 2025     30, 2025     30, 2024     30, 2025      30, 2025 
                      -----------  -----------               -----------  -----------  -----------  ------------ 
                          RMB          RMB          RMB          USD          RMB          RMB          USD 
Net revenue: 
Loan facilitation 
 services                 600,899      874,584      611,859       85,947    1,972,726    2,228,837       313,083 
Post-origination 
 services                   1,421       10,463        2,617          368        4,483       14,824         2,082 
Guarantee services        136,746      316,942      458,363       64,386      222,533    1,093,702       153,631 
Financing services         31,448       65,821       67,850        9,531       61,688      175,558        24,661 
Insurance brokerage 
 services                  85,530       58,137       84,228       11,831      301,982      213,825        30,036 
Electronic commerce 
 services                 546,366       93,962       32,555        4,573    1,572,943      310,590        43,629 
Others                     76,678      232,191      297,492       41,788      217,353      724,253       101,735 
Total net revenue       1,479,088    1,652,100    1,554,964      218,424    4,353,708    4,761,589       668,857 
Operating costs and 
expenses: 
Sales and marketing       335,647      345,166      331,758       46,602      897,971      953,876       133,990 
Origination,servici 
 ng and other 
 operating costs          205,913      160,859      149,911       21,058      685,725      535,508        75,223 
Research and 
 development              150,840      107,693       91,514       12,855      247,173      285,161        40,056 
General and 
 administrative            80,097       78,862      104,420       14,668      232,441      279,119        39,208 
Allowance for 
 contract assets, 
 receivables and 
 others                    94,913      214,698      229,355       32,217      320,532      596,858        83,840 
Provision for 
 contingent 
 liabilities              272,406      385,674      459,783       64,585      618,589    1,256,220       176,460 
Total operating 
 costs and expenses     1,139,816    1,292,952    1,366,741      191,985    3,002,431    3,906,742       548,777 
Other income: 
Investment income *         1,101        2,245        3,791          532       11,812        8,008         1,125 
Interest income            20,776       22,353       19,704        2,768       62,446       64,291         9,031 
Fair value 
 adjustments gain          36,423       28,018      161,328       22,662       90,597      130,970        18,397 
Others, net                 2,535       14,084          644           91        3,201       15,403         2,163 
Total other income         60,835       66,700      185,467       26,053      168,056      218,672        30,716 
Income before 
 provision for 
 income taxes             400,107      425,848      373,690       52,492    1,519,333    1,073,519       150,796 
Share of results of 
 equity investees               -      (4,431)            -            -            -      (4,560)         (641) 
Income tax expense         44,665       63,877       56,053        7,874      268,480      146,276        20,547 
Net income                355,442      357,540      317,637       44,618    1,250,853      922,683       129,608 
 
Weighted average 
 number of ordinary 
 shares outstanding, 
 basic                175,018,644  172,907,793  174,179,898  174,179,898  173,557,082  173,301,042   173,301,042 
Basic income per 
 share                     2.0309       2.0678       1.8236       0.2562       7.2072       5.3242        0.7479 
Basic income per ADS       4.0618       4.1356       3.6472       0.5124      14.4144      10.6484        1.4958 
 
Weighted average 
 number of ordinary 
 shares outstanding, 
 diluted              176,035,324  174,102,643  175,153,288  175,153,288  175,457,062  174,402,280   174,402,280 
Diluted income per 
 share                     2.0192       2.0536       1.8135       0.2547       7.1291       5.2905        0.7432 
Diluted income per 
 ADS                       4.0384       4.1072       3.6270       0.5094      14.2582      10.5810        1.4864 
 
Unaudited Condensed 
Consolidated Cash 
Flow Data 
Net cash generated 
 from/(used in) 
 operating 
 activities                50,393      411,224      (5,484)        (770)    1,051,044      884,390       124,229 
Net cash used in 
 investing 
 activities           (1,859,587)    (752,200)    (707,599)     (99,396)  (3,080,167)  (1,605,389)     (225,508) 
Net cash (used 
 in)/provided by 
 financing 
 activities              (22,227)      447,588      529,732       74,411    (162,885)      896,744       125,965 
Effect of foreign 
 exchange rate 
 changes                  (6,252)      (9,412)     (10,449)      (1,468)      (5,808)     (17,494)       (2,457) 
Net 
 (decrease)/increase 
 in cash, cash 
 equivalents and 
 restricted cash      (1,837,673)       97,200    (193,800)     (27,223)  (2,197,816)      158,251        22,229 
Cash, cash 
 equivalents and 
 restricted cash, 
 beginning of 
 period                 5,698,461    4,356,408    4,453,608      625,595    6,058,604    4,101,557       576,142 
Cash, cash 
 equivalents and 
 restricted cash, 
 end of period          3,860,788    4,453,608    4,259,808      598,372    3,860,788    4,259,808       598,371 
                      ===========  ===========  ===========  ===========  ===========  ===========  ============ 
* Due to the expansion in the types of the Company's investments, investment income has been separately 
presented, split out from the original interest income, to reflect the realized gains from the Company's 
financial investments, and historical periods have been restated to enhance investors' comprehension of the 
Company's financial statements. 
 
 
                 Unaudited Condensed Consolidated Balance Sheets 
                                  (in thousands) 
                                                      As of 
                                ------------------------------------------------- 
                                  December    June 30,   September    September 
                                  31, 2024      2025      30, 2025     30, 2025 
                                 ----------  ----------  ----------  ------------ 
                                    RMB         RMB         RMB          USD 
 
       Cash and cash 
        equivalents               3,841,284   4,098,851   3,864,891       542,898 
       Restricted cash              260,273     354,757     394,917        55,474 
       Accounts receivable          566,541     553,660     796,551       111,891 
       Guarantee receivable         474,132     656,019     715,996       100,575 
       Contract assets, net       1,008,920   1,319,246   1,227,236       172,389 
       Contract cost                    294       4,880       6,936           974 
       Prepaid expenses and 
        other assets              2,361,585   2,486,393   2,672,111       375,349 
       Loans at fair value          421,922     480,915     473,570        66,522 
       Financing receivables         17,515     484,733   1,061,080       149,049 
       Amounts due from related 
        parties                   3,387,952   3,131,581   3,101,835       435,712 
       Financial investments        437,203     418,856     498,766        70,061 
       Equity investments             9,239       4,633       4,633           651 
       Property, equipment and 
        software, net                78,678      85,155      84,867        11,921 
       Crypto assets                      -     203,541     333,530        46,851 
       Deferred tax assets           77,463     128,989     173,182        24,327 
       Right-of-use assets           39,695      37,190      40,257         5,655 
Total assets                     12,982,696  14,449,399  15,450,358     2,170,299 
                                 ----------  ----------  ----------  ------------ 
       Accounts payable              43,167      61,580      50,401         7,080 
       Amounts due to related 
        parties                     129,629      81,688      51,826         7,280 
       Guarantee 
        liabilities-stand 
        ready                       606,886     889,343     929,970       130,632 
       Guarantee 
        liabilities-contingent      578,797     848,704     874,717       122,871 
       Deferred revenue               9,479         515         335            47 
       Payable to investors at 
        fair value                  368,022     872,250   1,392,631       195,622 
       Accrued expenses and 
        other liabilities         1,622,050   1,582,978   1,647,346       231,401 
       Borrowings                         -           -       9,255         1,300 
       Deferred tax liabilities      41,471      91,666     108,404        15,228 
       Lease liabilities             40,765      38,281      42,596         5,983 
Total liabilities                 3,440,266   4,467,005   5,107,481       717,444 
                                 ----------  ----------  ----------  ------------ 
       Ordinary shares                  132         132         133            19 
       Additional paid-in 
        capital                   5,198,457   5,210,508   5,229,667       734,607 
       Treasury stock             (170,463)   (170,686)   (170,686)      (23,976) 
       Accumulated other 
        comprehensive income         79,268      42,195      70,603         9,917 
       Retained earnings          4,435,036   4,900,245   5,213,160       732,288 
Total equity                      9,542,430   9,982,394  10,342,877     1,452,855 
                                 ----------  ----------  ----------  ------------ 
Total liabilities and equity     12,982,696  14,449,399  15,450,358     2,170,299 
                                 ==========  ==========  ==========  ============ 
 
 
                             Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures 
    (in thousands, except for number of borrowers, number of insurance clients, cumulative number of insurance clients and 
                                                         percentages) 
                                                   For the Three Months Ended                  For the Nine Months Ended 
                                                                                         ------------------------------------- 
                                          September    June 30,   September   September  September   September   September 30, 
                                           30, 2024      2025      30, 2025   30, 2025    30, 2024    30, 2025        2025 
                                          ----------  ----------  ----------  ---------  ----------  ----------  ------------- 
                                             RMB         RMB         RMB         USD        RMB         RMB           USD 
Operating Highlights 
Amount of loans facilitated               13,392,676  20,347,799  20,166,545  2,832,778  38,239,060  55,752,267      7,831,474 
Number of borrowers                        1,498,020   1,637,912   1,335,978  1,335,978   3,365,960   3,145,904      3,145,904 
Remaining principal of performing loans   22,768,555  31,220,078  34,235,130  4,808,980  22,768,555  34,235,130      4,808,980 
Cumulative number of insurance clients     1,470,738   1,681,888   1,853,435  1,853,435   1,470,738   1,853,435      1,853,435 
Number of insurance clients                   82,291     118,747     229,353    229,353     226,191     387,130        387,130 
Gross written premiums                     1,351,311     850,080   1,147,966    161,254   3,324,627   2,799,844        393,292 
First year premium                           511,377     440,353     443,189     62,255   1,602,905   1,296,039        182,054 
Renewal premium                              839,934     409,727     704,777     98,999   1,721,722   1,503,805        211,238 
 
Segment Information 
Financial services business: 
Revenue                                      836,193   1,489,587   1,423,231    199,920   2,425,341   4,207,298        590,996 
Sales and marketing expenses                 307,459     332,405     322,184     45,257     812,484     915,492        128,598 
Origination, servicing and other 
 operating costs                             119,706     105,617      87,322     12,266     318,727     333,562         46,855 
Allowance for contract assets, 
 receivables and others                       93,248     216,260     226,267     31,784     319,140     594,639         83,528 
Provision for contingent liabilities         272,406     385,674     459,783     64,585     618,589   1,256,220        176,460 
 
Insurance brokerage business: 
Revenue                                       85,530      58,137      84,228     11,831     301,982     213,825         30,036 
Sales and marketing expenses                   3,545       2,731       2,077        292      11,373       7,603          1,068 
Origination, servicing and other 
 operating costs                              78,466      52,683      61,142      8,589     337,707     195,265         27,429 
Allowance for contract assets, 
 receivables and others                        (414)         564         677         95       (904)         663             93 
 
Others: 
Revenue                                      557,365     104,376      47,505      6,673   1,626,385     340,466         47,825 

The conference highlighted a strong focus on AI and Web3 innovation, international expansion, and robust financial growth, with significant advances in online insurance and crypto strategies. Regulatory changes and new product launches are expected to shape future performance.

Based on Yiren Digital Ltd. Sponsored ADR [YRD] Deutsche Bank ADR Virtual Investor Conference 2025 Audio Transcript — Nov. 4 2025