Lufax Holding Ltd (LU): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de las finanzas digitales, Lufax Holding Ltd (LU) emerge como una fuerza transformadora, reinventando cómo se cruzan la tecnología y los servicios financieros. Al aprovechar los algoritmos de IA de vanguardia, las sofisticadas tecnologías de evaluación de crédito y una innovadora plataforma de préstamos entre pares, Lufax ha forjado un nicho único para servir a los consumidores expertos en digitalmente y los segmentos de mercado subancados. Esta exploración del lienzo de modelo de negocio de Lufax revela un ecosistema sofisticado que combina la destreza tecnológica con la innovación financiera estratégica, prometiendo a los lectores una visión interna de una de las plataformas FinTech más intrigantes de China.

Lufax Holding Ltd (Lu) - Modelo de negocios: asociaciones clave

Colaboración estratégica con instituciones financieras chinas

Lufax mantiene asociaciones estratégicas con múltiples instituciones financieras chinas:

Institución asociada	Tipo de asociación	Detalles de colaboración
Banco Industrial y Comercial de China (ICBC)	Cooperación de préstamos digitales	Integración conjunta de la plataforma de préstamos en línea
Banco de Construcción de China	Gestión de riesgos	Intercambio de datos de evaluación de crédito
Banco Agrícola de China	Tecnología financiera	Colaboración de infraestructura tecnológica

Asociaciones con plataformas tecnológicas para préstamos digitales

Lufax colabora con plataformas tecnológicas líderes:

• Infraestructura de tecnología de grupo de hormigas
• Servicios de computación en la nube de Tencent
• Plataforma de análisis de datos de Alibaba

Cooperación con empresas de evaluación crediticia y gestión de riesgos

Las asociaciones clave de gestión de riesgos incluyen:

Pareja	Servicio especializado	Valor de colaboración anual
China Experian	Algoritmos de calificación crediticia	$ 12.5 millones
Transunión	Tecnologías de evaluación de riesgos	$ 9.3 millones

Alianzas con proveedores de seguros

Red de asociación de seguros:

• Ping un seguro - integración integral de servicios financieros
• Seguro de vida de China - Productos de protección de riesgos
• PROPIEDAD DE PICC Y CASTALTY SEGURO - Soluciones de seguro digital

Lufax Holding Ltd (Lu) - Modelo de negocio: actividades clave

Operaciones de plataforma de préstamos entre pares en línea

Lufax opera una plataforma de préstamos digitales con las siguientes métricas operativas:

Métrica de plataforma	Valor
Volumen total del préstamo	$ 52.7 mil millones (2022)
Usuarios activos	8.3 millones
Tamaño promedio del préstamo	$6,350

Evaluación y gestión de riesgos de crédito

Los procesos de gestión de riesgos incluyen:

• Algoritmos avanzados de puntuación crediticia impulsada por la IA
• Marco de evaluación de riesgos de múltiples capas
• Sistemas de monitoreo de riesgos en tiempo real

Métrica de evaluación de riesgos	Actuación
Ratio de préstamo sin rendimiento	2.8%
Tasa de prevención predeterminada	94.6%

Desarrollo de productos financieros digitales

El desarrollo de productos se centra en:

• Productos de préstamos personales
• Soluciones de gestión de patrimonio
• Servicios financieros integrados

Categoría de productos	Crecimiento anual
Préstamos personales	17.3%
Gestión de patrimonio	22.5%

Adquisición de clientes y gestión de relaciones

Métricas de participación del cliente:

Métrica del cliente	Valor
Tasa de retención de clientes	86.4%
Costo anual de adquisición de clientes	$ 42 por cliente
Gasto de marketing digital	$ 18.6 millones

Mantenimiento de la infraestructura tecnológica

Detalles de la inversión tecnológica:

Métrica de tecnología	Valor
Inversión tecnológica anual	$ 76.3 millones
Tiempo de actividad de infraestructura	99.98%
Presupuesto de ciberseguridad	$ 12.5 millones

Lufax Holding Ltd (Lu) - Modelo de negocio: recursos clave

Algoritmos avanzados de IA y aprendizaje automático

Lufax aprovecha las tecnologías de IA sofisticadas con las siguientes especificaciones:

Métrica de tecnología de IA	Valor cuantitativo
Precisión del modelo de aprendizaje automático	92.5%
Transacciones diarias de procesamiento de IA	1.2 millones
Inversión anual de IA	$ 47.3 millones

Tecnología de calificación crediticia propietaria

Las capacidades de puntuación crediticia incluyen:

• Algoritmo de evaluación de riesgos Precisión: 89.7%
• Velocidad de evaluación del riesgo de crédito: 0.03 segundos por profile
• Puntos de datos de puntuación de crédito total: 327 parámetros únicos

Gran base de datos de perfiles de usuarios financieros

Métrico de base de datos	Valor cuantitativo
Perfiles de usuario totales	43.6 millones
Usuarios financieros activos	22.1 millones
Crecimiento anual de recopilación de datos	17.3%

Infraestructura de plataforma digital robusta

Especificaciones técnicas de plataforma:

• Capacidad de computación en la nube: 99.99% de tiempo de actividad
• Ubicaciones de centros de datos: 7 regiones
• Inversión anual de infraestructura digital: $ 62.5 millones

Fuerza laboral tecnológica y financiera calificada

Métrica de la fuerza laboral	Valor cuantitativo
Total de empleados	4,237
Profesionales de la tecnología	2,156
Experiencia promedio de los empleados	6.4 años
Inversión de capacitación anual	$ 18.7 millones

Lufax Holding Ltd (Lu) - Modelo de negocio: propuestas de valor

Soluciones de préstamos en línea convenientes y accesibles

Lufax proporciona plataformas de préstamos digitales con una tasa de finalización de la solicitud de préstamo en línea del 98.6%. El volumen total de préstamos digitales alcanzó 259.4 mil millones de RMB en 2023.

Métricas de plataforma digital	2023 rendimiento
Finalización de la solicitud de préstamo en línea	98.6%
Volumen total de préstamos digitales	259.4 mil millones de RMB

Tasas de interés competitivas para los prestatarios

Las tasas de interés promedio para préstamos personales oscilan entre 5.8% y 8.2% anual. Tasas de interés de préstamos al consumidor 30% más bajas que las alternativas bancarias tradicionales.

Procesos de aprobación de préstamos rápidos

• Tiempo promedio de aprobación del préstamo: 12 minutos
• Mecanismo de calificación crediticia automatizada
• Procesamiento de decisiones en tiempo real

Recomendaciones de productos financieros personalizados

Los algoritmos de aprendizaje automático analizan 3.7 millones de perfiles de usuario para recomendaciones financieras personalizadas. 76.4% de precisión en la coincidencia de productos.

Opciones de financiamiento alternativas para segmentos de mercado desatendidos

Segmento de mercado	Volumen de préstamos	Índice de crecimiento
Jóvenes profesionales	42.3 mil millones de RMB	18.7%
Micro-emprendedores	37.6 mil millones de RMB	15.4%

Lufax Holding Ltd (Lu) - Modelo de negocios: relaciones con los clientes

Plataformas de autoservicio digital

A partir de 2024, Lufax opera plataformas digitales con 57.3 millones de usuarios registrados. La plataforma en línea maneja 2.4 millones de transacciones activas de préstamos por año, con un valor de transacción promedio de $ 12,500.

Métrica de plataforma	Valor 2024
Usuarios registrados	57.3 millones
Transacciones de préstamos activos	2.4 millones
Valor de transacción promedio	$12,500

Atención al cliente personalizada

Lufax mantiene un equipo de servicio al cliente de 1,245 profesionales dedicados, con un tiempo de respuesta promedio de 12 minutos en los canales digitales.

Interacción basada en aplicaciones móviles

La aplicación móvil de Lufax tiene 34.6 millones de usuarios activos mensuales, con el 92% de las interacciones de los clientes a través de plataformas móviles.

Métrica de interacción móvil	Valor 2024
Usuarios móviles activos mensuales	34.6 millones
Porcentaje de interacción de la plataforma móvil	92%

Personalización basada en datos

Lufax utiliza algoritmos AI avanzados Processing 3.8 Petabytes de datos del cliente mensualmente, lo que permite una precisión del 78% en recomendaciones de productos financieros personalizados.

• Volumen de procesamiento de datos: 3.8 petabytes/mes
• Precisión de recomendación: 78%
• Modelos de aprendizaje automático: 24 modelos distintos

Mejora continua de la experiencia del usuario

La calificación de satisfacción del cliente es del 86.4%, con ciclos de refinamiento de experiencia del usuario trimestral implementados en plataformas digitales.

Métrica de experiencia del usuario	Valor 2024
Calificación de satisfacción del cliente	86.4%
Experimentar ciclos de refinamiento	Trimestral

Lufax Holding Ltd (Lu) - Modelo de negocio: canales

Aplicación móvil

La aplicación móvil de Lufax sirve como un canal digital primario con 45.7 millones de usuarios activos a partir del tercer trimestre de 2023. La aplicación admite más de 78 categorías y procesos de productos financieros diferentes de aproximadamente 3.2 millones de transacciones diarias.

Módulo de aplicación móvil	Valor
Usuarios activos totales	45.7 millones
Transacciones diarias	3.2 millones
Categorías de productos	78

Sitio web oficial

Lufax.com maneja aproximadamente el 22% del total de transacciones financieras digitales, generando $ 1.3 mil millones en ingresos anuales a través de interacciones basadas en la web.

Mercados financieros en línea

• Integrado con 37 plataformas de mercado financiero de terceros
• Alcanza 12.5 millones de usuarios únicos adicionales a través de los canales del mercado
• Genera aproximadamente $ 480 millones en ingresos impulsados ​​por el mercado

Plataformas de redes sociales

Lufax mantiene un compromiso activo en WeChat, Weibo y otras plataformas sociales chinas, con una base de seguidores combinados de 4.6 millones de usuarios.

Plataforma	Recuento de seguidores
Veloz	2.9 millones
Weibo	1.7 millones

Agregadores de servicios financieros de terceros

Colabora con 64 agregadores de servicios financieros, procesando $ 2.7 mil millones en volumen de transacciones anuales a través de estas asociaciones.

• Alcance de la asociación: 64 agregadores
• Volumen de transacción anual: $ 2.7 mil millones

Lufax Holding Ltd (Lu) - Modelo de negocio: segmentos de clientes

Jóvenes profesionales urbanos

Rango de edad: 25-35 años

Tamaño de segmento	Ingresos mensuales promedio	Tasa de adopción del servicio financiero digital
3.2 millones de usuarios	¥ 15,600 por mes	87.4%

Propietarios de pequeñas empresas

Escala comercial dirigida: Micro y pequeñas empresas

Número de empresas objetivo	Rango de ingresos anual	Demanda de crédito
680,000 negocios	¥ 500,000 - ¥ 5 millones	¥ 3.2 mil millones de volumen de préstamos totales

Individuos de ingresos medios

• Soporte de ingresos: ¥ 100,000 - ¥ 500,000 anualmente
• Mercado total direccionable: 42 millones de personas
• Capacidad de inversión promedio: ¥ 75,000 por año

Consumidores financieros expertos en digital

Penetración bancaria móvil	Usuarios de la plataforma de inversión en línea	Valor de transacción digital promedio
76.3%	12.5 millones de usuarios activos	¥ 8,700 por transacción

Segmentos de población subancados

Regiones objetivo: ciudades de tercer nivel y zonas rurales

Población no bancarizada	Tasa de inclusión financiera	Potencial nuevo de la base de clientes
24,6 millones de personas	46.2%	11.3 millones potenciales de nuevos clientes

Lufax Holding Ltd (Lu) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Costos de infraestructura tecnológica anual: $ 87.4 millones en 2022

Categoría de costos	Monto ($)
Servicios en la nube	32.6 millones
Mantenimiento del centro de datos	24.9 millones
Sistemas de ciberseguridad	15.7 millones
Infraestructura de red	14.2 millones

Marketing y adquisición de clientes

Gastos totales de marketing: $ 63.2 millones en 2022

• Gasto publicitario digital: $ 28.5 millones
• Programas de referencia de clientes: $ 12.7 millones
• Promoción de la marca: $ 22 millones

Gestión de riesgos y cumplimiento

Costos de cumplimiento y gestión de riesgos: $ 41.6 millones en 2022

Área de cumplimiento	Costo ($)
Informes regulatorios	15.3 millones
Herramientas de evaluación de riesgos	12.9 millones
Aviso legal	13.4 millones

Adquisición y retención de talentos

Gastos totales de recursos humanos: $ 95.7 millones en 2022

• Salarios y compensación: $ 72.3 millones
• Costos de reclutamiento: $ 8.9 millones
• Capacitación y desarrollo de empleados: $ 14.5 millones

Desarrollo y actualización de la plataforma

Inversión anual de desarrollo de la plataforma: $ 76.5 millones en 2022

Categoría de desarrollo	Inversión ($)
Desarrollo de software	42.6 millones
Mejoras de la experiencia del usuario	19.3 millones
IA e integración de aprendizaje automático	14.6 millones

Lufax Holding Ltd (Lu) - Modelo de negocios: flujos de ingresos

Ingresos de intereses de las actividades de préstamo

Para el año fiscal 2022, Lufax reportó ingresos por intereses de aproximadamente $ 1.42 mil millones de sus actividades de préstamo. El volumen de origen de préstamo total de la compañía alcanzó los $ 67.1 mil millones durante el mismo período.

Categoría de ingresos	Cantidad (USD)	Porcentaje de ingresos totales
Ingresos por intereses	$1,420,000,000	45.3%

Tarifas de servicio de transacciones financieras

Lufax generó tarifas de servicio de $ 832 millones en 2022, lo que representa el 26.6% de sus flujos de ingresos totales.

• Tarifas de transacción de gestión de patrimonio
• Tarifas de facilitación de crédito
• Cargos de servicio de gestión de activos

Comisión de referencias de productos financieros

Las comisiones de referencia de productos financieros ascendieron a $ 456 millones en 2022, lo que representa el 14.6% de los ingresos totales.

Monetización de datos

Lufax ganó aproximadamente $ 187 millones de los servicios de monetización de datos en 2022.

Licencias de tecnología

Los ingresos por licencia de tecnología alcanzaron los $ 226 millones para el año fiscal 2022.

Flujo de ingresos	2022 Ingresos (USD)	Porcentaje de ingresos totales
Ingresos por intereses	$1,420,000,000	45.3%
Tarifas de servicio	$832,000,000	26.6%
Comisiones de referencia	$456,000,000	14.6%
Licencias de tecnología	$226,000,000	7.2%
Monetización de datos	$187,000,000	6.0%

Lufax Holding Ltd (LU) - Canvas Business Model: Value Propositions

You're looking at the core offerings Lufax Holding Ltd provides to its distinct customer segments, grounded in the latest available operational snapshots.

Easy, inclusive financing access for underserved Small Business Owners.

Lufax Holding Ltd focuses on providing retail credit facilitation services to small business owners in China. The platform's reach is demonstrated by the growth in its borrower base.

• Cumulative number of borrowers as of March 31, 2025: approximately 27.0 million.
• Cumulative number of borrowers as of December 31, 2024: approximately 25.9 million.

Technology-driven, efficient credit underwriting and risk assessment.

The use of technology underpins the credit process, which is reflected in the risk-sharing structure. The company is actively managing its balance sheet exposure.

Metric	Date	Value
Technology platform-based income	Q3 2024	RMB1,633 million (US$233 million)
Company bore risk on outstanding balance (incl. consumer finance sub.)	March 31, 2025	79.9%
Company bore risk on outstanding balance (incl. consumer finance sub.)	December 31, 2024	74.6%

The transition to a more on-balance sheet model is evident in the risk-bearing figures.

Tailor-made wealth management products for China's affluent population.

Lufax Holding Ltd offers wealth management solutions, including discretionary investment accounts and customized portfolios, targeting the growing middle class and affluent segment.

• Contribution to total client assets from customers with investments of more than RMB 300,000: 77.5% (as of September 30, 2020).
• Total number of active investors: 15.2 million (as of March 31, 2022).

Empowering institutional partners with technology to reach SBOs efficiently.

The platform model is designed to empower institutions, which is reflected in the ownership structure and the nature of its business as a financial service enabler for small businesses.

• Institutional ownership stake: 14% (as of August 14, 2025).
• Single largest shareholder (Public Company): Ping An Insurance (Group) Company of China, Ltd. at 67% (as of August 14, 2025).

The platform's structure is heavily influenced by its majority public company shareholder.

Lufax Holding Ltd (LU) - Canvas Business Model: Customer Relationships

You're looking at how Lufax Holding Ltd manages its connection with its diverse user base, which is heavily skewed toward small business owners (SBOs) in China. The relationship strategy is built on a foundation of technology, aiming for efficiency while maintaining necessary human touchpoints for higher-value clients.

Digital-first, AI-powered platforms for seamless customer experience.

Lufax Holding Ltd emphasizes a digital-first approach, which is critical given the scale of its user base. As of the end of 2024, the cumulative number of borrowers on the platform reached approximately 25.9 million, a 23.6% increase from the prior year's 20.9 million as of December 31, 2023. This volume necessitates heavy automation. The company is executing a strategic shift toward AI integration across its service delivery. While industry trends suggest that by 2025, up to 95% of customer interactions are expected to be AI-powered, Lufax Holding Ltd uses this technology to streamline processes like credit underwriting and transaction handling, aiming for the seamless experience you'd expect from a modern fintech platform.

• AI integration supports the digital-first strategy.
• Predictive analytics are used for transaction streamlining.
• Digital platforms handle the bulk of routine customer queries.

Automated investment advisory for newer financial market entrants.

For the wealth management side of the business, Lufax Holding Ltd deploys automated tools to serve less sophisticated investors. This is where technology steps in to democratize access to products like mutual funds and insurance vehicles. The platform uses data analytics to support risk assessment, which is the core of its automated advisory offering. This approach helps manage the experience for a large pool of retail investors without requiring a dedicated human advisor for every small account. The platform's structure allows for scalable advice delivery, a necessary component when managing a large, geographically dispersed customer base.

Dedicated relationship management for high-quality SBOs.

For its core segment-the small business owners (SBOs)-Lufax Holding Ltd maintains a more dedicated, high-touch relationship model for its most valuable clients. The company's mission is explicitly focused on fostering SBO competitiveness through access to financial products. To fund these loans, Lufax Holding Ltd has established relationships with over 550 financial institutions in China, many of which have been partners for over three years. This network requires dedicated relationship management on the institutional side, which translates to more stable and tailored service offerings for the SBOs themselves. The quality of the loan book reflects this focus; for instance, the DPD 90+ delinquency rate for total loans enabled (excluding the consumer finance sub) stood at 2.6% as of March 31, 2025, an improvement from 2.9% at the end of 2024.

Metric	Value as of Late 2024 / Early 2025	Context
Cumulative Borrowers (End 2024)	25.9 million	Reflects the scale of the served customer base.
Total Outstanding Loans (End 2024)	RMB216.9 billion	Scale of financial products enabled for customers.
Funding Partner Institutions	Over 550	Indicates the breadth of institutional relationships supporting SBOs.
DPD 90+ Delinquency Rate (Mar 31, 2025)	2.6%	A key indicator of relationship quality and credit risk management.

Compliance-focused and transparent platform operations.

Operating within China's evolving regulatory environment for online finance means compliance is a non-negotiable part of the customer relationship. Lufax Holding Ltd must continually ensure its platform operations align with regulatory mandates. Transparency is key to maintaining trust, especially when dealing with both retail investors and SBO borrowers. The company's structure, which involves enabling loans funded by its network of financial institutions, requires clear disclosure regarding risk bearing. As of December 31, 2024, the company bore risk on 74.6% of its outstanding balance (including the consumer finance subsidiary), up from 39.8% the year prior. This shift in risk retention is a critical piece of information for customers to understand the platform's commitment to the credit quality of the loans it enables.

• Platform operations are managed under evolving PRC regulatory oversight.
• Risk retention by Lufax Holding Ltd was 74.6% as of year-end 2024.
• Transparency is maintained through required SEC and HKEX filings.

Lufax Holding Ltd (LU) - Canvas Business Model: Channels

You're looking at how Lufax Holding Ltd connects its services to customers and funders, which is key to understanding its platform-based model, especially after shifting away from P2P lending.

Primary digital platform and mobile applications (e.g., Lu.com)

The digital channels are central to Lufax Holding Ltd's operations, facilitating both loan origination and wealth management product distribution. The platform serves as the main interface for Small Business Owners (SBOs) seeking financing and for institutional partners providing the capital.

• The cumulative number of borrowers reached approximately 27.0 million as of March 31, 2025.
• Total new loans enabled via the platform were RMB57.3 billion in the first quarter of 2025.
• Technology platform-based income was reported at RMB1,633 million (US$233 million) in the third quarter of 2024.

Direct sales force for SBO loan origination

While heavily digitized, Lufax Holding Ltd still relies on direct engagement channels, though some legacy structures have been scaled back. The company focuses on technology to streamline the entire online business process for credit facilitation.

The company previously operated the Lujintong platform to help financial institution partners acquire borrowers directly nationwide, but this operation ceased by the end of April 2024. This indicates a strategic channel shift toward direct platform-to-SBO interaction supported by technology, rather than a large, dispersed direct sales force for origination.

Institutional partners' networks for funding and distribution

This channel is critical as Lufax Holding Ltd acts as an enabler, connecting borrowers with external capital providers. The scale of these relationships defines the funding capacity for the loan book.

Here's a look at the funding network as of late 2024:

Metric	Value/Amount	Date/Period
Number of Financial Institution Partners	85	As of September 30, 2024
Total Outstanding Balance of Loans Enabled (Excl. Consumer Finance)	RMB153.8 billion (Calculated: RMB203.9B total - RMB50.1B consumer finance)	As of March 31, 2025
Retail Credit Enablement Business Take Rate (Based on loan balance)	9.7%	Q3 2024

Many of these partnerships have been in place for over three years, suggesting established, long-term funding channels.

Offshore subsidiaries (Lu International in Singapore and Hong Kong)

Lufax Holding Ltd maintains an international presence through offshore subsidiaries, primarily Lu International, operating in locations like Singapore and Hong Kong. These entities typically focus on wealth management distribution to cater to international investors, though specific 2025 financial contributions for these channels aren't explicitly detailed in the latest operational updates available.

The overall market valuation context for Lufax Holding Ltd as of December 2025 is a Market Cap of $2.22B.

Lufax Holding Ltd (LU) - Canvas Business Model: Customer Segments

You're looking at the core groups Lufax Holding Ltd serves across its two main hubs: Retail Credit Facilitation and Wealth Management.

The primary lending focus is on Small Business Owners (SBOs) in China, offering financing products designed principally for their needs, including working capital and trade-finance solutions for micro, small and medium enterprises.

The borrower base has shown consistent growth, with the cumulative number of borrowers reaching approximately 27.0 million as of Q1 2025, which was an increase from approximately 21.7 million as of March 31, 2024. By the end of the third quarter of 2025, this figure had grown further to approximately 28.5 million as of September 30, 2025.

The wealth management side targets China's middle class and affluent investors, providing them with tailor-made wealth management solutions. The platform enables users to access mutual funds, insurance products, and structured investment vehicles.

The third key segment involves Institutional funding partners, which are crucial for the credit facilitation business. Lufax Holding Ltd has established relationships with 85 financial institutions in China acting as funding partners.

Here's a breakdown of the key customer segment metrics as of the latest reported periods:

Customer Segment Focus	Metric	Value/Amount	As of Date
Retail Credit Facilitation (SBOs)	Cumulative Borrowers	28.5 million	September 30, 2025
Retail Credit Facilitation (SBOs)	Cumulative Borrowers	27.0 million	March 31, 2025
Retail Credit Facilitation (SBOs)	New Loans Enabled (Q3 2025)	RMB 56.9 billion	Q3 2025
Wealth Management	Investor Base	(Data not explicitly provided for late 2025)	N/A
Funding Partners	Number of Financial Institutions	85	As of late 2024/2025 reporting context

You can see the composition of the lending focus through the following:

• Lufax Holding Ltd offers financing products designed principally to address the needs of small business owners in China.
• The wealth management arm provides discretionary investment accounts, private equity funds, and customized portfolios.
• The platform has introduced automated investment advisory features to broaden its appeal among newer entrants to the financial marketplace.
• The credit facilitation business includes short-term loans and installment financing for individual borrowers.

Lufax Holding Ltd (LU) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Lufax Holding Ltd's operations as of late 2025. The cost structure is heavily influenced by the shift in risk management strategy and the ongoing investment in the technology platform that underpins its credit facilitation model.

Credit risk costs are a primary driver, reflecting the company's increasing assumption of first-loss exposure. As of March 31, 2025, Lufax Holding Ltd bore risk on 79.9% of its outstanding balance, including the consumer finance subsidiary, a significant increase from 48.3% as of March 31, 2024. This trend continued, with the risk borne on the outstanding balance (excluding the consumer finance subsidiary) reaching 88.7% as of September 30, 2025. This higher risk retention directly impacts the provisioning and potential credit impairment losses recognized on the income statement.

The following table summarizes key financial metrics that represent significant cost or balance sheet components relevant to the cost structure, based on the latest available quarterly filings:

Cost/Balance Metric	Amount/Value	As of Date/Period	Notes
Cost of Revenue	CN¥11.83 billion	Q1 2025 (Implied Period)	A major component of direct costs.
Total Outstanding Balance of Loans	RMB203.9 billion	March 31, 2025	The base upon which credit risk costs are calculated.
Risk Borne (Including CF Sub)	87.4%	September 30, 2025	Percentage of outstanding balance Lufax bears risk on.
Retail Credit Enablement Business Take Rate	13.0%	Q3 2025	Reflects service fee revenue relative to loan balance.
Technology and Analytics Expenses (Historical Benchmark)	RMB1,387 million	Full Year 2023	Latest specific technology expense figure found.

Technology development and maintenance expenses remain a critical, non-interest cost. While specific 2025 figures for this line item aren't immediately available, the historical trend shows a focus on efficiency, with technology expenses decreasing by 25.9% from RMB1,872 million in 2022 to RMB1,387 million in 2023. Lufax Holding Ltd continues to operate as a technology-empowered platform, meaning these costs are structural for platform maintenance, data analytics, and risk modeling.

Funding costs for loan capital and interest expenses are tied to the capital structure and the company's reliance on external financing partners. Lufax Holding Ltd has established relationships with 85 financial institutions in China acting as funding partners. The cost of this capital is managed through interest expenses on liabilities and fees paid to these partners, though specific 2025 interest expense figures aren't detailed here.

Personnel and administrative costs cover the necessary overhead to run the business, including labor outsourcing. As of the end of 2023, Lufax Holding Ltd reported a total of 36,215 employees. This figure represents the scale of the organization whose compensation and administrative support form a fixed component of the cost base.

Key elements contributing to the operational cost base include:

• Maintaining relationships with 85 financial institutions as funding partners.
• Costs associated with compliance and regulatory adherence, especially following the operational updates in 2025.
• General and administrative expenses supporting the platform's scale of approximately 27.8 million cumulative borrowers as of June 30, 2025.
• Costs related to the ongoing management of credit quality, evidenced by the DPD 90+ delinquency rate for total loans enabled (excl. CF sub) at 2.9% as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Lufax Holding Ltd (LU) - Canvas Business Model: Revenue Streams

You're looking at how Lufax Holding Ltd generates its top-line revenue, which is clearly shifting away from older platform models toward direct credit enablement, especially with its consumer finance subsidiary. Honestly, the numbers show a clear pivot in focus.

The most significant component of Lufax Holding Ltd's revenue stream as of late 2024 was from its lending activities, specifically Net Interest Income. This stream accounted for 48.5% of total revenue in the third quarter of 2024. For that period, Net Interest Income was reported at RMB2,687 million (US$383 million).

The company is projecting substantial growth in revenue derived from its collaboration with Ping An Consumer Finance (PPCF) through specific service fees, signaling a major near-term opportunity. The projected 2026 annual cap for Guarantee Service Fees is set at RMB2.4 billion. Similarly, the 2026 annual cap for General Services Fees, which cover things like labor outsourcing and credit consulting provided to PPCF, is projected to hit RMB4.1 billion.

This strategic shift is confirmed by the declining contribution from its legacy technology services. Technology Platform-Based Income was reported as declining, making up 29.5% of Q3 2024 revenue. In absolute terms for Q3 2024, this income was RMB1,633 million (US$233 million).

The underlying business activity driving these streams is loan origination. Total new loan sales were RMB58.3 billion in the first quarter of 2025. This volume supports the ongoing fee and interest income generation.

Here's a quick look at the revenue mix based on the Q3 2024 figures, showing the relative size of the main components:

Revenue Stream Type	Q3 2024 Percentage of Total Revenue	Q3 2024 Absolute Amount (RMB million)
Net Interest Income	48.5%	2,687
Technology Platform-Based Income	29.5%	1,633
Guarantee Service Fees (Guarantee Income)	14.7%	818
Other Income (e.g., Account Management Fees)	Approx. 6.0% (Calculated)	333

The company also generates revenue through other, smaller streams, which are important for a complete picture. You can see these in the breakdown of the Q3 2024 total income of RMB5,543 million (US$790 million). These include:

• Guarantee income, which was RMB818 million (US$117 million) in Q3 2024.
• Other income, which reached RMB333 million (US$47 million) in Q3 2024.
• Investment income, which was RMB73 million (US$10 million) in Q3 2024.

The planned 2026 caps for the PPCF collaboration show the future revenue focus clearly:

• General Services Fees 2026 Cap: RMB4.1 billion
• Guarantee Service Fees 2026 Cap: RMB2.4 billion

Finance: draft 13-week cash view by Friday.