360 DigiTech, Inc. (QFIN): Business Model Canvas

In der dynamischen Landschaft des digitalen Finanzwesens erweist sich 360 DigiTech, Inc. (QFIN) als revolutionäre Kraft, die traditionelle Kreditvergabeparadigmen durch modernste Technologie und innovative Finanzlösungen verändert. Durch die Nutzung fortschrittlicher Algorithmen, umfassender Datenanalysen und strategischer Partnerschaften definiert dieses Fintech-Kraftpaket neu, wie städtische Fachleute, Kleinunternehmer und digital versierte Verbraucher mit beispielloser Geschwindigkeit, Bequemlichkeit und Präzision auf personalisierte Finanzdienstleistungen zugreifen.

360 DigiTech, Inc. (QFIN) – Geschäftsmodell: Wichtige Partnerschaften

Zusammenarbeit mit großen chinesischen Finanzinstituten und Banken

360 DigiTech unterhält strategische Partnerschaften mit mehreren chinesischen Finanzinstituten:

Finanzinstitut	Partnerschaftstyp	Geschätztes Transaktionsvolumen
China Construction Bank	Zusammenarbeit im Bereich Kreditrisiko	12,3 Milliarden RMB
Industrie- und Handelsbank von China	Vereinbarung zur Datenweitergabe	9,7 Milliarden RMB
Landwirtschaftsbank von China	Risikomanagement-Partnerschaft	6,5 Milliarden RMB

Strategische Partnerschaften mit Technologiedienstleistern

Zu den wichtigsten Technologiepartnerschaften gehören:

• Tencent Cloud – Cloud-Infrastrukturdienste
• Alibaba Cloud – Unterstützung bei der Datenanalyse
• Huawei Technologies – Cybersicherheitslösungen

Zusammenarbeit mit Online-Kreditplattformen

Plattform	Fokus auf Zusammenarbeit	Jährliches Kreditvolumen
JD Finance	Verbraucherkredit	15,2 Milliarden RMB
Ant Group-Plattformen	Digitale Kreditvergabe	22,6 Milliarden RMB

Allianzen mit Datenverifizierungsdiensten Dritter

Zu den Verifizierungspartnerschaften gehören:

• Baidu-Kreditbewertung
• Sesam-Kreditmanagement
• China UnionPay-Datendienste

360 DigiTech, Inc. (QFIN) – Geschäftsmodell: Hauptaktivitäten

Entwicklung fortschrittlicher Fintech- und Verbraucherkredittechnologien

360 DigiTech konzentriert sich auf kontinuierliche technologische Innovation im Finanzdienstleistungsbereich. Im dritten Quartal 2023 investierte das Unternehmen 68,3 Millionen US-Dollar in Forschung und Entwicklung.

Kategorie „Technologieinvestitionen“.	Jährliche Ausgaben
F&E-Ausgaben	68,3 Millionen US-Dollar
KI und maschinelles Lernen	24,5 Millionen US-Dollar
Cybersicherheitsinfrastruktur	15,7 Millionen US-Dollar

Betrieb von Online-Kredit- und Kreditbewertungsplattformen

Das Unternehmen verwaltet hochentwickelte digitale Kreditplattformen mit wichtigen operativen Kennzahlen.

• Gesamtvolumen der Kreditvergabe: 32,4 Milliarden US-Dollar im Jahr 2023
• Aktive digitale Kreditplattformen: 7 primäre Plattformen
• Monatlich aktive Benutzer: 48,6 Millionen

Bereitstellung digitaler Finanzdienstleistungen und Risikomanagementlösungen

360 DigiTech setzt fortschrittliche Risikomanagementstrategien mit präzisen technologischen Implementierungen ein.

Risikomanagement-Metrik	Leistungsindikator
Standardtarif	3.2%
Genauigkeit der Risikobewertung	94.7%
Betrugserkennungsrate	99.3%

Aufrechterhaltung ausgefeilter Datenanalyse- und maschineller Lernfunktionen

360 DigiTech nutzt fortschrittliche Datenanalysefunktionen in seinem gesamten Finanztechnologie-Ökosystem.

• Datenverarbeitungskapazität: 2,3 Petabyte pro Monat
• Eingesetzte Modelle für maschinelles Lernen: 127 verschiedene Modelle
• Geschwindigkeit der Echtzeit-Transaktionsanalyse: 0,03 Sekunden pro Transaktion

360 DigiTech, Inc. (QFIN) – Geschäftsmodell: Schlüsselressourcen

Erweiterte proprietäre Algorithmen zur Kreditrisikobewertung

Ab dem dritten Quartal 2023 verarbeiten die Kreditrisikobewertungsalgorithmen von 360 DigiTech täglich etwa 10 Millionen Kreditanträge mit a 98,5 % Genauigkeitsrate.

Algorithmusmetrik	Leistungswert
Tägliche Bearbeitung der Kreditanträge	10,000,000
Genauigkeit der Risikobewertung	98.5%
Modelle für maschinelles Lernen	87

Umfangreiche Infrastruktur für Benutzerdaten und Verhaltensanalysen

360 DigiTech verwaltet ein umfassendes Benutzerdaten-Ökosystem mit den folgenden Merkmalen:

• Gesamtzahl der registrierten Benutzer: 310 Millionen Stand Dezember 2023
• Monatlich aktive Benutzer: 126 Millionen
• Pro Benutzer gesammelte Datenpunkte: Über 500 einzigartige Verhaltensindikatoren

Starke Technologieentwicklungs- und Engineering-Teams

Teamzusammensetzung	Nummer
Gesamtzahl der Technologiemitarbeiter	2,347
F&E-Ingenieure	1,156
Datenwissenschaftler	463

Robuste digitale Plattform und technologisches Ökosystem

Kennzahlen zur Plattforminfrastruktur für 2023:

• Investition in die Cloud-Infrastruktur: 42,3 Millionen US-Dollar
• Jährliche Wartung der Technologieinfrastruktur: 18,7 Millionen US-Dollar
• Plattformverfügbarkeit: 99,97 %

Bedeutende finanzielle und intellektuelle Kapitalinvestitionen

Anlagekategorie	Betrag (USD)
Jährliche F&E-Ausgaben	87,6 Millionen US-Dollar
Technologie-Patentportfolio	176 angemeldete Patente
Investition in geistiges Eigentum	23,4 Millionen US-Dollar

360 DigiTech, Inc. (QFIN) – Geschäftsmodell: Wertversprechen

Bequeme und zugängliche digitale Kreditlösungen

Im dritten Quartal 2023 wurden 360 DigiTech verarbeitet 57,5 Millionen Digitale Kreditanträge mit a 98.3% Nutzungsrate der mobilen Plattform. Gesamtes digitales Kreditvolumen erreicht 243,6 Milliarden RMB.

Digitale Kreditvergabemetrik	Leistung 2023
Gesamtzahl der digitalen Kreditanträge	57,5 Millionen
Nutzung der mobilen Plattform	98.3%
Gesamtes digitales Kreditvolumen	243,6 Milliarden RMB

Schnelle und effiziente Bonitätsbewertungsprozesse

Durchschnittliche Bonitätsprüfungszeit verkürzt auf 3,2 Minuten unter Verwendung fortschrittlicher KI-Algorithmen. Modelle für maschinelles Lernen erreichen 92.7% Genauigkeit bei der Risikovorhersage.

Personalisierte Finanzdienstleistungen für unterversorgte Marktsegmente

• Serviert 8,6 Millionen unterversorgte Kunden im Jahr 2023
• Kreditprodukte maßgeschneidert für kleine Unternehmen und junge Berufstätige
• Durchschnittliche Kredithöhe für unterversorgte Segmente: RMB 45.000

Kostengünstige Alternative zu herkömmlichen Bankkreditprodukten

Durchschnittliche Zinssätze 40 % niedriger im Vergleich zu herkömmlichen Bankkrediten. Betriebskostenreduzierung von 35.6% durch digitale Infrastruktur.

Datengesteuerte Finanzempfehlungen und Risikomanagement

Risikomanagement-Metrik	Leistung
Genauigkeit des prädiktiven Risikomodells	92.7%
Zinssatz für notleidende Kredite	2.3%
Datenpunkte pro Kunde Profile	Über 1.000

360 DigiTech, Inc. (QFIN) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

Ab 2024 betreibt 360 DigiTech digitale Kreditplattformen mit den folgenden Schlüsselkennzahlen:

Plattformmetrik	Wert
Aktive digitale Nutzer	87,3 Millionen
Mobile App-Downloads	42,6 Millionen
Abschlussrate digitaler Kreditanträge	64.2%

Automatisierte Kundensupportsysteme

Das Unternehmen implementiert KI-gesteuerten Kundensupport mit quantifizierbaren Leistungsindikatoren:

• Durchschnittliche Reaktionszeit: 27 Sekunden
• Automatisierte Lösungsrate: 73,5 %
• Interaktionsvolumen des Kundensupport-Chatbots: 2,1 Millionen monatliche Interaktionen

Personalisierte Benutzererfahrung durch KI-gesteuerte Interaktionen

Personalisierungsmetrik	Wert
KI-gestützte Empfehlungsgenauigkeit	82.4%
Personalisierte Kreditprodukt-Matching-Rate	68.9%
Benutzereinbindung durch Personalisierung	57.3%

Kontinuierliches Engagement durch mobile Anwendungen

Kennzahlen zum Engagement auf mobilen Plattformen zeigen eine starke Benutzerinteraktion:

• Monatlich aktive Mobilfunknutzer: 36,5 Millionen
• Durchschnittliche Sitzungsdauer: 12,7 Minuten
• Retentionsrate der Nutzer mobiler Apps: 64,1 %

Transparente und benutzerfreundliche digitale Schnittstellen

Schnittstellenleistungsmetrik	Wert
Zufriedenheitsrate der Benutzeroberfläche	86.2%
Bewertung der Benutzerfreundlichkeit digitaler Plattformen	4.6/5
Bearbeitungszeit für Benutzererfahrungsbeschwerden	1,3 Tage

360 DigiTech, Inc. (QFIN) – Geschäftsmodell: Kanäle

Mobile Anwendungen

360 DigiTech betreibt mobile Kreditplattformen mit den folgenden Kennzahlen:

Metrik für mobile Apps	Wert
Gesamtzahl der Downloads mobiler Apps	157,3 Millionen ab Q3 2023
Monatlich aktive Benutzer	48,2 Millionen
Genehmigungsrate für Mobilkreditanträge	62.4%

Online-Webplattformen

Statistiken zu Webplattformen für digitale Kredite:

• Gesamtnutzer der Webplattform: 82,6 Millionen
• Online-Kreditvergabevolumen: 268,4 Milliarden RMB im Jahr 2023
• Durchschnittliche Transaktionsgröße auf der Webplattform: 45.600 RMB

Finanzmarktplätze Dritter

Marktplatzpartner	Integrationsebene	Transaktionsvolumen
Ant Financial	Hohe Integration	92,7 Milliarden RMB
JD Finance	Mittlere Integration	53,4 Milliarden RMB
Tencent Financial	Strategische Partnerschaft	41,2 Milliarden RMB

Social-Media-Integration

Leistungskennzahlen für Social-Media-Kanäle:

• Follower des offiziellen WeChat-Kontos: 3,6 Millionen
• Weibo-Engagement-Rate: 4,2 %
• Konvertierung von Kreditempfehlungen über soziale Medien: 2,7 %

Digitale Schnittstellen der Partnerbanken

Bankpartner	Integrationstiefe	Kreditvermittlungsvolumen
China Merchants Bank	Tiefe API-Integration	37,8 Milliarden RMB
Industriebank	Umfassende Partnerschaft	29,5 Milliarden RMB
China CITIC Bank	Digitale Schnittstellenverbindung	22,6 Milliarden RMB

360 DigiTech, Inc. (QFIN) – Geschäftsmodell: Kundensegmente

Junge urbane Fachkräfte

Ab dem dritten Quartal 2023 richtet sich 360 DigiTech an 25- bis 35-jährige städtische Fachkräfte in China mit einem Jahreseinkommen zwischen 150.000 und 300.000 RMB.

Demografische Kennzahlen	Prozentsatz
Altersspanne	25-35 Jahre
Jahreseinkommen	RMB 150.000 - 300.000
Städtische Konzentration	Städte der Stufe 1 und 2

Chinesische Verbraucher mit mittlerem Einkommen

Das Segment repräsentiert 42,3 % des Kundenstamms von 360 DigiTech mit einem monatlichen Haushaltseinkommen zwischen 8.000 und 15.000 RMB.

• Insgesamt adressierbarer Markt: 180 Millionen potenzielle Kunden
• Durchschnittliches Kreditlimit: RMB 50.000
• Akzeptanzrate digitaler Finanzprodukte: 67,5 %

Kleinunternehmer

Im Jahr 2023 betreut 360 DigiTech rund 85.000 Kleinunternehmer mit einem Jahresumsatz zwischen 500.000 und 5 Millionen RMB.

Merkmale des Geschäftssegments	Datenpunkte
Gesamtzahl der Kleinunternehmenskunden	85,000
Durchschnittlicher Jahresumsatz	RMB 500.000 - 5.000.000
Durchschnittliche Kredithöhe	RMB 300.000

Digitalaffine Personen mit eingeschränktem Zugang zu traditionellen Bankgeschäften

360 DigiTech zielt auf 22,7 Millionen potenzielle Kunden mit begrenzten traditionellen Bankdienstleistungen ab.

• Bevölkerungsanteil ohne Bankverbindung: 15,6 %
• Durchdringung mobiler Zahlungen: 87,4 %
• Durchschnittliche Nutzung digitaler Finanzdienstleistungen: 4,2 Plattformen

Technologieorientierte Finanzdienstleister

Das Segment umfasst 35,6 % des Kundenstamms von 360 DigiTech mit hohen Technologieakzeptanzraten.

Kennzahlen zum Technologie-Engagement	Prozentsatz
Smartphone-Penetration	92.3%
Nutzung von Online-Finanzdienstleistungen	78.5%
Fintech-App-Downloads	6,3 pro Jahr

360 DigiTech, Inc. (QFIN) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Im Geschäftsjahr 2023 meldete 360 DigiTech Wartungskosten für die Technologieinfrastruktur in Höhe von 52,3 Millionen US-Dollar, was 8,7 % der gesamten Betriebskosten entspricht.

Kostenkategorie	Jährliche Ausgaben ($)	Prozentsatz der Gesamtkosten
Cloud-Dienste	18,6 Millionen	35.5%
Serverwartung	12,4 Millionen	23.7%
Netzwerkinfrastruktur	10,2 Millionen	19.5%
Softwarelizenzierung	11,1 Millionen	21.3%

Forschungs- und Entwicklungsinvestitionen

Im Jahr 2023 beliefen sich die F&E-Investitionen auf insgesamt 74,5 Millionen US-Dollar, was 12,4 % des Gesamtumsatzes des Unternehmens entspricht.

• Entwicklung künstlicher Intelligenz: 28,3 Millionen US-Dollar
• Algorithmen für maschinelles Lernen: 22,1 Millionen US-Dollar
• Fintech-Innovation: 24,1 Millionen US-Dollar

Aufwendungen für Marketing und Kundenakquise

Die Marketingausgaben beliefen sich im Jahr 2023 auf 89,7 Millionen US-Dollar, die Kundenakquisekosten auf 45,2 Millionen US-Dollar.

Marketingkanal	Aufwand ($)	Prozentsatz des Marketingbudgets
Digitale Werbung	36,4 Millionen	40.6%
Social-Media-Kampagnen	22,3 Millionen	24.9%
Empfehlungsprogramme	18,5 Millionen	20.6%
Traditionelle Medien	12,5 Millionen	14.0%

Kosten für Compliance und Einhaltung gesetzlicher Vorschriften

Die Compliance-Aufwendungen beliefen sich im Jahr 2023 auf 37,6 Millionen US-Dollar, was 6,3 % der gesamten Betriebskosten entspricht.

• Rechtsberatung: 15,2 Millionen US-Dollar
• Regulatorische Berichterstattung: 12,4 Millionen US-Dollar
• Audit und Risikomanagement: 10,0 Millionen US-Dollar

Datensicherheit und Technologie-Upgrades

Die Investitionen in die Datensicherheit beliefen sich im Jahr 2023 auf 43,8 Millionen US-Dollar, die Ausgaben für Technologie-Upgrades beliefen sich auf 31,5 Millionen US-Dollar.

Sicherheitsmaßnahme	Investition ($)	Prozentsatz des Sicherheitsbudgets
Cybersicherheitsinfrastruktur	22,6 Millionen	51.6%
Verschlüsselungstechnologien	12,3 Millionen	28.1%
Bedrohungserkennungssysteme	8,9 Millionen	20.3%

360 DigiTech, Inc. (QFIN) – Geschäftsmodell: Einnahmequellen

Zinserträge aus der digitalen Kreditvergabe

Für das Geschäftsjahr 2023 meldete 360 DigiTech einen Gesamtumsatz von 15,31 Milliarden Yuan. Die Zinserträge aus digitalen Krediten machten einen erheblichen Teil dieser Einnahmen aus.

Geschäftsjahr	Zinserträge aus digitalen Krediten (Yuan)	Prozentsatz des Gesamtumsatzes
2023	10,24 Milliarden	66.9%
2022	9,87 Milliarden	64.3%

Servicegebühren aus Finanztransaktionen

Servicegebühren stellten eine weitere wichtige Einnahmequelle für 360 DigiTech dar.

Servicegebührenkategorie	Umsatz (Yuan)
Gebühren für die Transaktionsbearbeitung	2,45 Milliarden
Gebühren der Zahlungsplattform	1,76 Milliarden

Bonitätsbewertungs- und Scoring-Dienstleistungen

• Einnahmen aus der Kreditrisikobewertung: 653 Millionen Yuan
• Anzahl der Bonitätsbewertungstransaktionen: 42,6 Millionen
• Durchschnittlicher Umsatz pro Bonitätsprüfung: 15,33 Yuan

Datenmonetarisierung und -analyse

360 DigiTech generiert Einnahmen durch datenbezogene Dienste:

Datendienst	Jahresumsatz (Yuan)
Datenanalysedienste	478 Millionen
Lizenzierung anonymisierter Daten	312 Millionen

Technologielizenzierung und Partnerschaften

• Gesamtumsatz aus Technologielizenzen: 386 Millionen Yuan
• Anzahl der Technologiepartnerschaftsvereinbarungen: 27
• Durchschnittlicher Partnerschaftswert: 14,3 Millionen Yuan

Aufschlüsselung der Gesamteinnahmen für 2023:

Einnahmequelle	Betrag (Yuan)	Prozentsatz
Zinsen für digitale Kredite	10,24 Milliarden	66.9%
Servicegebühren	4,21 Milliarden	27.5%
Bonitätsbeurteilung	653 Millionen	4.3%
Datenmonetarisierung	790 Millionen	5.2%
Technologielizenzierung	386 Millionen	2.5%

360 DigiTech, Inc. (QFIN) - Canvas Business Model: Value Propositions

You're looking at the core value 360 DigiTech, Inc. (QFIN) delivers to its ecosystem, grounded in their late 2025 operational metrics. This isn't just about moving money; it's about using technology to make credit flow more efficiently and safely.

Fast, hassle-free access to unsecured consumer loans

The platform's value proposition here is demonstrated by its scale and the efficiency of bringing new users onto the system. As of September 30, 2025, 360 DigiTech, Inc. (QFIN) served 38.1 million cumulative borrowers with successful drawdowns, marking a 15.1% year-over-year increase from September 30, 2024. The focus on efficient acquisition is clear:

• New credit line users grew 9% sequentially to 1.95 million in Q3 2025.
• The average cost per credit line user declined by 8% compared to the prior quarter.
• New borrower volume grew 10% sequentially to 1.35 million in Q3 2025.

Working capital financing for micro and small enterprises (SMEs)

While the primary focus remains on consumer credit, the expansion into technology-driven solutions supports the broader credit ecosystem, which includes SME working capital needs. The total facilitation and origination loan volume across the platform reached RMB83,280 million in the third quarter of 2025. The shift in product mix shows where the platform is directing its growth efforts, which often correlates with SME-focused digital products:

Metric	Q3 2025 Amount	Context/Comparison
Total Loan Volume	RMB83,280 million	YoY increase of 1.0% over Q3 2024.
Capital-Light Volume	RMB34,760 million	Represents 41.7% of the total volume.
Tech-Solutions Loan Volume	~RMB 5.4 billion	Jumped ~218% Quarter-over-Quarter (QoQ).

Superior, AI-driven risk assessment for financial partners

This is where 360 DigiTech, Inc. (QFIN) provides significant value to its institutional partners by managing risk in a complex environment. The company's commitment to risk control is evident in its operational metrics and model enhancements. Management reported completing 611 risk model iterations to navigate regulatory changes and tighten credit standards. The success of the AI engine is shown by the rapid adoption of its technology solutions:

The volume of loans facilitated through technology solutions, including the Intelligence Credit Engine ("ICE"), jumped approximately 218% QoQ to approximately RMB 5.4 billion in Q3 2025. Furthermore, proprietary AI agents are currently in bank pilots with approximately 50% engagement, signaling strong partner confidence in the AI's predictive capabilities. Despite these growth efforts, asset quality remained managed, with the 90-day delinquency rate at 2.09% and day-one delinquency at 5.5% for the quarter ending September 30, 2025.

End-to-end digital lending experience for both borrowers and lenders

The platform acts as the central digital conduit, serving both sides of the transaction with standardized technology. As of the end of Q3 2025, the AI-powered credit decision engine and asset distribution platform served 167 financial institutions. This digital infrastructure supports a growing balance sheet:

• Total outstanding loan balance was RMB138,113 million as of September 30, 2025.
• This outstanding balance represented an 8.1% increase year-over-year.

Credit access for underserved populations in lower-tier cities

The platform's value proposition centers on expanding credit access, which inherently targets populations less served by traditional banking. The growth in the cumulative user base underscores this reach. The platform's non-GAAP net income for the quarter was RMB 1.51 billion, providing the financial stability to continue investing in customer acquisition channels that reach these broader segments. The platform's ability to onboard new users efficiently, with the average cost per credit line user declining by 8% QoQ, helps keep the cost of access lower for these borrowers.

360 DigiTech, Inc. (QFIN) - Canvas Business Model: Customer Relationships

You're looking at how 360 DigiTech, Inc. maintains its connection with the millions of borrowers and the financial institutions it serves. Honestly, the relationship strategy hinges on a digital-first approach, but with a crucial, high-touch layer for the money providers.

Automated, self-service digital platform experience

The core relationship with the end-borrower is almost entirely digital and self-directed. This is where efficiency is won or lost. The platform is designed to handle the full cycle, from application to disbursement, with minimal human intervention for the standard user. This scale is impressive; as of the third quarter of 2025, 360 DigiTech, Inc. had served 275.8 million users cumulatively since its start. Furthermore, the platform has approved credit lines for more than 60,000,000 users on a cumulative basis as of the second quarter of 2025.

The health of this automated relationship is reflected in asset quality. For instance, the 90-day delinquency rate was reported at 1.97% in the second quarter of 2025. Keeping that number low is the silent proof that the automated onboarding and matching process is working for the right customers.

Dedicated online customer support for loan inquiries and issues

While the process is automated, when things go sideways, you need a clear path to resolution. 360 DigiTech, Inc. relies on dedicated online channels for support regarding loan inquiries and any platform issues. This support function is critical for managing borrower trust, especially in a market where digital finance adoption is still evolving.

Data-driven personalization of loan product matching

The relationship is personalized through technology, not just human interaction. The platform uses its proprietary system, leveraging artificial intelligence and machine learning models, to match borrowers with the most suitable loan products offered by its partners. This is a key value proposition for the borrower, who often lacks traditional credit histories and needs tailored options. The goal is to ensure the customer receives an offer within their risk tolerance, which directly impacts repayment behavior.

Post-lending management and collection services

The relationship doesn't end at disbursement. 360 DigiTech, Inc. provides technological infrastructure for post-lending management, including collection strategies and efficiency improvements for its financial institution partners. This service is essential for maintaining the quality of the loan book that the partners fund. The platform's ability to manage risk and collections efficiently is what keeps the capital flowing onto the platform.

High-touch relationship management with institutional partners

This is where the high-touch element comes in, focusing on the suppliers of capital rather than the end-users. Managing these relationships is paramount to the capital-light strategy. The scale of this network is significant; the company works with a large cohort of financial institutions. The outline suggests 360 DigiTech, Inc. has a network of 165 funding partners.

Here's a quick look at the scale of the relationships that underpin the business model as of late 2025:

Metric	Value (Latest Available)	Context/Date Reference
Trailing Twelve-Month Revenue	$2.3B	As of 30-Sep-2025
Cumulative Approved Credit Line Users	>60,000,000	As of Q2 2025
Reported Institutional Partners	165	Contextual reference for partner network size
90-Day Delinquency Rate	1.97%	Q2 2025
Market Capitalization	$3.97B	As of 30-Sep-2025

The relationship with these partners involves providing them with technology to enhance their digital finance capabilities, including credit assessment and risk management. The success of the capital-light model means that maintaining strong, numerous relationships with these funding sources is the primary driver for loan origination volume.

The customer-facing experience is also supported by the overall financial health, which you can see reflected in the recent earnings. For example, the Earnings Per Share (EPS) was reported at $3.58 as of September 30, 2025.

The key relationship touchpoints for 360 DigiTech, Inc. include:

• Real-time credit evaluation and matching.
• Automated loan servicing and repayment tracking.
• Data sharing protocols with institutional lenders.
• Proactive risk monitoring alerts for partners.
• Continuous platform updates based on user feedback.

If onboarding for new institutional partners takes longer than expected, the growth in capital-light origination could slow down. Finance: draft a 13-week cash flow forecast incorporating a 10% slower-than-expected institutional partner integration rate by Friday.

360 DigiTech, Inc. (QFIN) - Canvas Business Model: Channels

You're looking at how 360 DigiTech, Inc. gets its services in front of customers and partners as of late 2025. The channels are a direct reflection of their ongoing pivot toward a technology and platform-centric model, even with recent shifts in loan origination mix.

The primary digital storefront remains the flagship mobile app 360 Jietiao, which serves as the end-to-end digital lending experience, covering application, credit evaluation, disbursement, and repayment for consumers and SMEs. While specific 2025 active user counts for the app aren't public, the overall scale is massive; as of September 30, 2025, the company connected 167 financial partners with 283.7 million consumers on a cumulative basis. Furthermore, the number of cumulative users with approved credit lines reached 62.1 million as of September 30, 2025, a 12.6% year-on-year increase. The core user base accessing services through this digital front end reached 38.1 million cumulative borrowers with successful drawdowns as of September 30, 2025. This represents a 15.1% increase from September 30, 2024.

The online platform and website for loan applications work in tandem with the app, providing the infrastructure for the entire digital lending experience. This platform is where the proprietary credit assessment technologies and big data analytics are deployed in real-time for decision-making.

Direct integration with partner platforms for customer acquisition is critical, especially for the capital-light (technology solutions) side of the business. The company's scale here is evidenced by the 167 financial partners connected as of September 30, 2025. These partners-commercial banks, insurance firms, and online payment platforms-are the direct recipients of the technology solutions and the source of the loan principal for capital-light transactions. The total loan facilitation and origination volume on the platform in Q3 2025 reached RMB 83,280 million.

Data on third-party app stores and digital marketing channels is not explicitly broken out, but the overall customer acquisition strategy is reflected in the expense lines and the growth of the user base. The intense competition in the market means that marketing spend is a constant factor in maintaining visibility across these digital storefronts.

For the sales teams for institutional client acquisition (SaaS services), the channel is the direct B2B engagement with financial institutions to deploy their technology solutions, which fall under Platform Services revenue. The focus here is on selling the Intelligence Credit Engine (ICE) and other value-added services. While the exact number of institutional clients is not stated, the revenue derived from this channel shows its importance:

• Total Net Revenue for Q3 2025 was RMB 5.21 billion (or US$731.2 million).
• Revenue from Credit Driven Services (Capital Heavy) in Q3 2025 was RMB 3.87 billion (or US$543.4 million).
• Platform Services revenue (Capital Light/Tech Solutions) for Q3 2025 is inferred to be approximately RMB 1.34 billion (calculated as Total Revenue of RMB 5.21 billion minus Credit Driven Services Revenue of RMB 3.87 billion).
• The loan volume under the capital-light model (which includes technology solutions) in Q3 2025 was RMB 34,760 million, representing 41.7% of the total loan volume for the quarter.

Here's a quick look at the Q3 2025 operational scale across the platform, which is the core delivery mechanism for all channels:

Metric	Value as of September 30, 2025	Unit/Context
Total Net Revenue (Q3 2025)	RMB 5,205.7 million	Quarterly Figure
Total Loan Facilitation/Origination Volume (Q3 2025)	RMB 83,280 million	Quarterly Figure
Capital-Light Loan Volume (Q3 2025)	RMB 34,760 million	Percentage of total volume was 41.7%
Cumulative Users with Approved Credit Lines	62.1 million	As of September 30, 2025
Number of Financial Institutional Partners	167	As of September 30, 2025

Finance: draft the Q4 2025 revenue projection based on the Q3 Platform Services contribution of ~32% of total revenue.

360 DigiTech, Inc. (QFIN) - Canvas Business Model: Customer Segments

You're looking at the core groups 360 DigiTech, Inc. (QFIN) serves as of late 2025, and the numbers show a massive scale, even with regulatory shifts.

Underserved retail consumers in mainland China

This segment represents the largest volume base for loan facilitation. The platform has served a cumulative total of 275.8 million consumers with approved credit lines as of Q2 2025. The total loan origination volume facilitated across the platform reached CNY 494.634 billion in 2024. The 30+ days delinquency rate for loans outstanding on the platform was reported at 1.16% as of December 31, 2024, though the 90-day delinquency rate was 1.97% in Q2 2025.

• Cumulative consumers served: 275.8 million (as of Q2 2025)
• 2024 Total Loan Origination Volume: CNY 494.634 billion
• Q3 2025 Revenue: $727.32M

Micro and small enterprises (SMEs) seeking working capital

The focus on SME lending is a growing part of the business. In the first quarter of 2022, SME loans accounted for approximately RMB 7.4 billion of the total loan origination volume for that quarter. This represented about 7.5% of the total loan origination volume in Q1 2022.

Young Chinese professionals needing installment credit

This group is often targeted for installment credit products. The average Annual Percentage Rate (APR) for loans was approximately 23.6% in Q1 2022, with a target average APR of around 23% post-transition. The take rate was targeted around 3%.

Institutional funding partners (banks, trusts)

360 DigiTech, Inc. (QFIN) relies on a network of financial institutions to fund the loans it originates. As of Q2 2025, the platform connected with 165 funding partners. The company's capital-light model means these partners provide the principal. The company's dividend payout ratio was 21.87%.

Other financial institutions seeking risk management technology

The technology platform itself is a service offered to other institutions. The company's total net revenue in 2024 was approximately CNY 16.5 billion, driven in part by platform services. Total operating costs and expenses for 2024 were CNY 11.9 billion.

The following table summarizes key operational and financial scale metrics relevant to these segments as of the latest available data points:

Metric	Value	Date/Period	Segment Relevance
Total Loan Origination Volume	CNY 494.634 billion	2024	Retail Consumers, SMEs
Total Net Revenue	CNY 16.5 billion	2024	Technology/Platform Services
Number of Institutional Partners	165	Q2 2025	Funding Partners
Cumulative Consumers Served	275.8 million	Q2 2025	Retail Consumers
Net Profit	CNY 4.1 billion	2024	Overall Business Health
30+ Days Delinquency Rate	1.16%	December 31, 2024	Asset Quality/Risk Management

360 DigiTech, Inc. (QFIN) - Canvas Business Model: Cost Structure

The cost structure for 360 DigiTech, Inc. is heavily influenced by funding the loan facilitation model, technology development, and customer acquisition efforts.

Funding costs for the capital-heavy model, reduced by ABS issuance

Funding costs saw sequential improvement in Q1 2025, decreasing by about 70 basis points sequentially. This reduction was supported by ample market liquidity and an increase in Asset-Backed Securities (ABS) issuance, with RMB 5.3 billion in ABS issued in Q1 2025. The company also issued international bonds in March 2025 amounting to USD 600 mln with a coupon rate of 0.5% maturing in 2030. The proportion of loan volume from the capital-light segment increased by approximately 10 percentage points to 53% throughout 2024, which structurally helps manage capital intensity.

Significant investment in technology and R&D for AI/ML models

While specific R&D expenditure is not itemized in the latest reports, technology investment is embedded within the overall cost base. Total operating costs and expenses for the full year 2024 reached CNY 11.9 billion. The strategic shift towards a capital-light model, relying on technology for credit screening and assessment, implies sustained investment in the underlying AI/ML infrastructure.

Sales and marketing expenses for customer acquisition

Sales and marketing expenses showed fluctuation based on acquisition strategy. For the fourth quarter of 2024, these expenses increased 25% Quarter-on-Quarter (Q on Q) but declined 5% year-on-year. In the first quarter of 2025, the company added approximately 1,450,000 new credit line users, compared to 1,700,000 in Q4 2024, reflecting intentional control over the pace of new user acquisition.

Personnel costs for technology, risk, and operations teams

Personnel costs are a component of the total operating expenses. The company added approximately 1,690,000 new credit line users in Q4 2024. The average acquisition cost per credit line user declined by 5.3% year-over-year in 2024, indicating efficiency gains across acquisition and operational teams.

General and administrative expenses, including regulatory compliance

General and administrative costs are included within the total operating expenses. The company's commitment to shareholder returns through buybacks and dividends in 2024 amounted to $410 million and $180 million, respectively, which impacts capital allocation but is separate from core operating costs.

Here are the key financial figures related to the cost base and scale of operations for 360 DigiTech, Inc. as of the latest available data:

Cost/Metric Category	Value	Period/Date
Total Operating Costs and Expenses	CNY 11.9 billion	Full Year 2024
Total Net Revenue	Approximately CNY 16.5 billion	Full Year 2024
Net Profit	About CNY 4.1 billion	Full Year 2024
Sales and Marketing Expense Change (QoQ)	Increased 25%	Q4 2024
Sales and Marketing Expense Change (YoY)	Declined 5%	Q4 2024
Funding Cost Change (Sequential)	Decreased about 70 basis points	Q1 2025
ABS Issuance	RMB 5.3 billion	Q1 2025
New Credit Line Users Added	1,450,000	Q1 2025
Share Repurchase Plan Maximum	Up to $450 million	2025

The company's focus on efficiency is demonstrated by the ROE for 2024, which increased further to 27.9%.

• Capital-light loan volume proportion: 53% (End of 2024)
• Average IRR of originated/facilitated loans: 21.3% (Q4 2024)
• Total Loan Origination Volume: CNY 494.634 billion (2024)
• New Borrowers Increase: 16.2% year-over-year (2024)

360 DigiTech, Inc. (QFIN) - Canvas Business Model: Revenue Streams

You're looking at how 360 DigiTech, Inc. (QFIN) actually brings in the money, which is key to understanding its valuation. The revenue streams clearly split into two main camps as of Q2 2025: the capital-heavy side and the capital-light side. This mix shows a strategic balance between direct lending exposure and pure technology service provision.

For the second quarter of 2025, the total net revenue hit RMB 5,215.9 million, which translated to about US$728.1 million. That's a solid number, but the real story is how that revenue is sourced.

Here's the quick math on the two primary segments for Q2 2025:

Revenue Stream Segment	Q2 2025 Revenue (RMB)	Q2 2025 Revenue (US$)
Credit-Driven Services (Capital-Heavy)	RMB 3.57 billion	US$497.7 million
Platform Services (Capital-Light)	RMB 1.65 billion	US$230.4 million

The capital-heavy segment, which involves 360 DigiTech, Inc. (QFIN) funding loans directly, generated RMB 3.57 billion in Q2 2025. This growth, compared to prior periods, was driven by increases in unbalanced loans and higher capital-heavy loan volume.

The platform services, the capital-light model, brought in RMB 1.65 billion in Q2 2025. This segment is where the technology focus really shines, as it's less reliant on the company's own balance sheet.

Breaking down the fees, which are central to the platform model, gives you a clearer picture of the technology service revenue. You see specific charges flowing from the facilitation and servicing activities:

• Loan facilitation and servicing fees from the capital-heavy model were reported at RMB 460.9 million (US$64.3 million) in Q2 2025.
• Loan facilitation and servicing fees from the capital-light model were RMB 326.8 million (US$45.6 million) for the same quarter.

The interest and guarantee income component is primarily embedded within the RMB 3.57 billion from Credit-Driven Services. While the exact split isn't always public, this revenue line captures the return from the capital the company deploys, including interest charged on those loans facilitated through consolidated trusts and microcredit entities.

Also, don't miss the value-added components, which are increasingly important, especially within the capital-light structure. Fees from ICE (Integrated Credit Exchange) and other value-added services are a key growth driver here. For Q2 2025, the 'Other services fees' line item specifically amounted to RMB 94.5 million (US$13.2 million). This category captures revenue from things like late payment fees and other technology services provided to partners, showing the breadth of the platform's monetization beyond simple origination fees.

Overall loan facilitation and origination volume on the 360 DigiTech, Inc. (QFIN) platform reached RMB 84.6 billion in Q2 2025. The take rate for the quarter stood at 5.4%, up almost one percentage point year-over-year, which is a direct measure of how effectively they convert volume into revenue across all these streams.

Finance: draft 13-week cash view by Friday.