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    Qudian Inc. Reports First Quarter 2025 Unaudited Financial Results

    5/30/25 6:00:00 AM ET
    $QD
    Finance: Consumer Services
    Finance
    Get the next $QD alert in real time by email

    XIAMEN, China, May 30, 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 March 31, 2025.

    First Quarter 2025 Financial Highlights:

    • Total revenues were RMB25.8 million (US$3.6 million), compared to RMB55.8 million for the same period of last year
    • Net income attributable to Qudian's shareholders was RMB150.1 million (US$20.7 million), compared to net loss of RMB73.6 million for the same period of last year; net income per diluted ADS was RMB0.87 (US$0.12) for the first quarter of 2025
    • Non-GAAP net income attributable to Qudian's shareholders was RMB150.1 million (US$20.7 million), compared to non-GAAP net loss of RMB73.5 million for the same period of last year. We exclude share-based compensation expenses from our non-GAAP measures. Non-GAAP net income per diluted ADS was RMB0.87 (US$0.12) for the first quarter of 2025

    The Company's last-mile delivery business continued to face intense competition in the first quarter of 2025, resulting in a substantial decline in revenue to approximately RMB23.8 million in the first quarter of 2025, compared to RMB53.8 million for the same period of last year. After assessing current market conditions, the Company is contemplating winding down its last-mile delivery business. Moving forward, the Company expects to remain steadfast in its commitment to executing its business transition and simultaneously maintaining prudent cash management to safeguard its balance sheet.

    First Quarter Financial Results

    Sales income and others decreased by 53.8% to RMB25.8 million (US$3.6 million) from RMB55.8 million for the first quarter of 2024, which was primarily due to the decrease in sales income generated from last-mile delivery business as a result of the increased competition in the industry.

    Total operating costs and expenses decreased to RMB91.3 million (US$12.6 million) from RMB128.4 million for the first quarter of 2024.

    Cost of revenues decreased by 54.8% to RMB26.2 million (US$3.6 million) from RMB58.0 million for the first quarter of 2024, primarily due to the decrease in service cost related to last-mile delivery business as a result of the decline in delivery order volume.

    General and administrative expenses decreased by 15.6% to RMB48.3 million (US$6.7 million) from RMB57.3 million for the first quarter of 2024, primarily due to the decrease in staff compensations.

    Research and development expenses decreased by 17.6% to RMB13.1 million (US$1.8 million) from RMB15.9 million for the first 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 RMB65.5 million (US$9.0 million), compared to RMB72.5 million for the first quarter of 2024.

    Interest and investment income, net increased by 205.3% to RMB165.4 million (US$22.8 million) from RMB54.2 million for the first quarter of 2024, mainly attributable to the increase of income from investments in the first quarter of 2025.

    Gain/(loss) on derivative instrument was a gain of RMB47.3 million (US$6.5 million), compared to a loss on derivative instrument of RMB36.5 million for the first quarter of 2024. The gain was mainly due to the realized investment income of derivative instrument.

    Net income attributable to Qudian's shareholders was RMB150.1 million (US$20.7 million), compared to net loss attributable to Qudian's shareholders of RMB73.6 million in the first quarter of 2024. Net income per diluted ADS was RMB0.87 (US$0.12).

    Non-GAAP net income attributable to Qudian's shareholders was RMB150.1 million (US$20.7 million), compared to non-GAAP net loss attributable to Qudian's shareholders of RMB73.5 million in the first quarter of 2024. Non-GAAP net income per diluted ADS was RMB0.87 (US$0.12).

    Cash Flow

    As of March 31,2025, the Company had cash and cash equivalents of RMB4,822.9 million (US$664.6 million) and restricted cash of RMB782.2 million (US$107.8 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 first quarter of 2025, net cash provided by operating activities was RMB254.3 million (US$35.0 million), mainly due to the net proceeds from realized investment income of short-term investments. Net cash provided by investing activities was RMB389.1 million (US$53.6 million), mainly due to proceeds from withdrawal of deposit pledged as collateral for derivative instrument and partially offset by purchase of short-term investments. Net cash used in financing activities was RMB73.0 million (US$10.1 million), mainly due to the repurchase of ordinary shares.

    Last-mile Delivery Business

    In December 2022, the Company launched its last-mile delivery services under the brand name of "Fast Horse" to capitalize on the logistics demand for cross-border e-commerce transactions. The business was initially launched on a trial basis and has gradually achieved meaningful scale in Australia during the second quarter of 2023. As of the date of this release, the Company's last-mile delivery service is encountering intense competition and uncertainty. After assessing current market conditions, the Company is contemplating winding down its last-mile delivery business. The Company intends to continue exploring innovative business opportunities to satisfy consumers' demand by leveraging its technology capabilities.

    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 May 26, 2025, the Company has in aggregate purchased 21.8 million ADSs in the open market for a total amount of approximately US$52.0 million (an average price of $2.4 per ADS) pursuant to the share repurchase program.

    As of May 26, 2025, the Company had in aggregate purchased 176.1 million ADSs for a total amount of approximately US$746.2 million (an average price of $4.2 per ADS).

    About Qudian Inc.

    Qudian Inc. ("Qudian") is a consumer-oriented technology company. The Company historically focused on providing credit solutions to consumers. Qudian is exploring innovative business opportunities to satisfy consumers' demand by leveraging its technology capabilities.

    For more information, please visit http://ir.qudian.com.

    Use of Non-GAAP Financial Measures

    We use Non-GAAP net income/loss attributable to Qudian's shareholders, a Non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. We believe that Non-GAAP net income/loss attributable to Qudian's shareholders helps identify underlying trends in our business by excluding the impact of share-based compensation expenses, which are non-cash charges. We believe that Non-GAAP net income/loss attributable to Qudian's shareholders provides useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

    Non-GAAP net income/loss attributable to Qudian's shareholders is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This Non-GAAP financial measure has limitations as an analytical tool, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for net loss /income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP.

    We mitigate these limitations by reconciling the Non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating our performance.

    For more information on this Non-GAAP financial measure, please see the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this press release.

    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 RMB7.2567 to US$1.00, the noon buying rate in effect on March 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ 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: [email protected] 

     

     

    QUDIAN INC.

    Unaudited Condensed Consolidated Statements of Operations





















    Three months ended March 31,

    (In thousands except for number



    2024



    2025

    of shares and per-share data)







    (Unaudited)



    (Unaudited)





    RMB



    RMB



    US$















    Revenues:













    Sales income and others



    55,849



    25,789



    3,554















    Total revenues



    55,849



    25,789



    3,554















    Operating cost and expenses:













    Cost of revenues



    (58,036)



    (26,239)



    (3,616)

    Sales and marketing



    (105)



    (1,448)



    (200)

    General and administrative



    (57,261)



    (48,344)



    (6,662)

    Research and development



    (15,853)



    (13,064)



    (1,800)

    Reversal of expected credit losses on receivables and other assets

    3,223



    957



    132

    Impairment loss from other assets



    (350)



    (3,160)



    (435)

    Total operating cost and expenses



    (128,382)



    (91,298)



    (12,581)

    Other operating income



    22



    35



    5















    Loss from operations



    (72,511)



    (65,474)



    (9,022)

    Interest and investment income, net



    54,187



    165,435



    22,798

    Loss from equity method investments



    (1,377)



    -



    -

    (Loss)/Gain on derivative instruments



    (36,517)



    47,328



    6,522

    Foreign exchange gain/(loss), net



    218



    (2,402)



    (331)

    Other income



    7,391



    5,666



    781

    Other expenses



    (247)



    (439)



    (60)















    Net (loss)/income before income taxes



    (48,856)



    150,114



    20,688

    Income tax expenses



    (24,754)



    (9)



    (1)















    Net (loss)/income



    (73,610)



    150,105



    20,687















    Net (loss)/income attributable to Qudian Inc.'s  shareholders



    (73,610)



    150,105



    20,687





























    (Loss)/Income per share for Class A and Class B ordinary shares:













    Basic



    (0.38)



    0.90



    0.12

    Diluted



    (0.38)



    0.87



    0.12















    (Loss)/Income per ADS (1 Class A ordinary share equals 1 ADSs):













    Basic



    (0.38)



    0.90



    0.12

    Diluted



    (0.38)



    0.87



    0.12















    Weighted average number of Class A and Class B ordinary shares outstanding:













    Basic



    194,517,922



    167,011,354



    167,011,354

    Diluted



    199,633,026



    171,896,551



    171,896,551















    Other comprehensive gain/(loss):













    Foreign currency translation adjustment



    24,076



    (9,307)



    (1,283)















    Total comprehensive (loss)/income



    (49,534)



    140,798



    19,404















    Total comprehensive (loss)/income attributable to Qudian Inc.'s shareholders 



    (49,534)



    140,798



    19,404

     

     

    QUDIAN INC.

    Unaudited Condensed Consolidated Balance Sheets



































    As of December 31,



    As of March 31,

    (In thousands except for number





    2024



    2025

    of shares and per-share data)









    (Unaudited)

    (Unaudited)







    RMB



    RMB

    US$

    ASSETS:













     Current assets:













     Cash and cash equivalents





    4,263,312



    4,822,853

    664,607

     Restricted cash





    781,187



    782,169

    107,786

     Time and structured deposit





    2,009,019



    2,203,627

    303,668

     Derivative instruments-asset





    -



    18,139

    2,500

     Short-term investments





    1,118,547



    1,430,652

    197,149

     Accounts receivables





    34,275



    15,068

    2,076

     Other current assets





    1,933,182



    1,098,972

    151,442

     Total current assets





    10,139,522



    10,371,480

    1,429,228















     Non-current assets:













     Right-of-use assets





    158,007



    123,731

    17,051

     Investment in equity method investee





    146,101



    146,012

    20,121

     Long-term investments





    78,987



    78,987

    10,885

     Property and equipment, net





    1,586,034



    1,584,931

    218,409

     Intangible assets





    2,207



    2,064

    284

     Other non-current assets





    353,369



    345,448

    47,604

     Total non-current assets





    2,324,705



    2,281,173

    314,354















    TOTAL ASSETS





    12,464,227



    12,652,653

    1,743,582





























    QUDIAN INC.

    Unaudited Condensed Consolidated Balance Sheets (Continued)



































    As of December 31,



    As of March 31,

    (In thousands except for number





    2024



    2025

    of shares and per-share data)









    (Unaudited)

    (Unaudited)







    RMB



    RMB

    US$















    LIABILITIES AND SHAREHOLDERS' EQUITY 













     Current liabilities: 













     Short-term borrowings and interest payables





    720,000



    720,000

    99,219

     Short-term lease liabilities





    18,697



    13,015

    1,793

     Derivative instruments-liability





    89,895



    129,436

    17,837

     Accrued expenses and other current liabilities 





    262,078



    377,375

    52,003

     Income tax payable 





    33,423



    33,313

    4,591

     Total current liabilities 





    1,124,093



    1,273,139

    175,443















     Non-current liabilities: 









     Long-term lease liabilities





    48,706



    20,795

    2,866

     Total non-current liabilities 





    48,706



    20,795

    2,866

     Total liabilities 





    1,172,799



    1,293,934

    178,309





























     Shareholders' equity: 













     Class A Ordinary shares 





    132



    132

    18

     Class B Ordinary shares 





    44



    44

    6

     Treasury shares 





    (1,419,286)



    (1,491,531)

    (205,538)

     Additional paid-in capital 





    4,026,668



    4,025,406

    554,716

     Accumulated other comprehensive loss 





    13,751



    4,444

    612

     Retained earnings 





    8,670,119



    8,820,224

    1,215,459















     Total shareholders' equity 





    11,291,428



    11,358,719

    1,565,273















    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 





    12,464,227



    12,652,653

    1,743,582

     

     

    QUDIAN INC.

    Unaudited Reconciliation of GAAP And Non-GAAP Results











    Three months ended March 31,







    2024



    2025

    (In thousands except for number









    (Unaudited)



    (Unaudited)

    of shares and per-share data)





    RMB



    RMB



    US$

































    Total net (loss)/income attributable to Qudian Inc.'s shareholders

    (73,610)



    150,105



    20,687

    Add: Share-based compensation expenses 





    107



    -



    -

    Non-GAAP net (loss)/income attributable to Qudian Inc.'s shareholders

    (73,503)



    150,105



    20,687

















    Non-GAAP net (loss)/income per share—basic





    (0.38)



    0.90



    0.12

    Non-GAAP net (loss)/income per share—diluted





    (0.38)



    0.87



    0.12

    Weighted average shares outstanding—basic





    194,517,922



    167,011,354



    167,011,354

    Weighted average shares outstanding—diluted





    199,633,026



    171,896,551



    171,896,551

     

     

     

    Cision View original content:https://www.prnewswire.com/news-releases/qudian-inc-reports-first-quarter-2025-unaudited-financial-results-302469345.html

    SOURCE Qudian Inc.

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      XIAMEN, China, Sept. 6, 2024 /PRNewswire/ -- Qudian Inc. ("Qudian" or "the Company" or "We") (NYSE:QD), a consumer-oriented technology company, today announced the appointment of BDO China Shu Lun Pan Certified Public Accountants LLP ("BDO") as the Company's independent registered public accounting firm, effective on September 6, 2024. BDO succeeds Ernst & Young Hua Ming LLP ("EY"), which previously was the independent auditor providing audit services to the Company. The change of the Company's independent auditor was made after careful consideration and was approved by the Audit Committee and the Board of Directors of the Company. The decision to change auditor was not as a result of any d

      9/6/24 5:00:00 AM ET
      $QD
      Finance: Consumer Services
      Finance
    • Mercurity Fintech Holding Inc. Announces Appointment of New Directors to the Board

      Shenzhen, China, Oct. 13, 2022 (GLOBE NEWSWIRE) -- Mercurity Fintech Holding Inc. (the "Company" or "MFH") (NASDAQ:MFH), a digital fintech group powered by blockchain technology, today announced that its Board of Directors (the "Board") has appointed Alan Curtis, Daniel Kelly Kennedy, Zheng Cui, Qian Sun and Hui Cheng as new directors of the Company effective as of October 9, 2022, among whom Alan Curtis, Zheng Cui and Hui Cheng are deemed independent under Nasdaq Rule 5605(a)(2). "We are pleased to welcome Alan, Daniel, Zheng, Qian and Hui as new directors to the Board at this important time. We are confident they will bring a wealth of knowledge and experience that further strengthe

      10/13/22 8:30:00 AM ET
      $MFH
      $QD
      Finance: Consumer Services
      Finance