Qfin Q2 FY26 net income drops to RMB 401.4 million; revenue falls 31.63% year-on-year to RMB 3.57 billion

• Qfin Holdings posted Q2 net revenue of RMB 3.57 billion, down 31.62% year over year.
• Net income fell to RMB 401.4 million from RMB 1.73 billion a year earlier, hit by a non-recurring RMB 500 million tax expense.
• Operating income dropped to RMB 1.16 billion from RMB 2.14 billion; operating margin narrowed to 32.6% from 41%.
• Loan facilitation and origination volume slid 25.1% to RMB 63.38 billion; outstanding loan balance fell 23.2% to RMB 107.56 billion.
• Management cited industry contraction, tighter regulatory oversight, a late-June liquidity shock; Q3 net income seen at RMB 360 million to RMB 460 million.

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