Qudian Inc. (QD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de las finanzas digitales, Qudian Inc. (QD) surge como una plataforma fintech revolucionaria que transforma micro préstamos para jóvenes consumidores urbanos. Al aprovechar los algoritmos de IA de vanguardia y un enfoque móvil primero, esta empresa innovadora ha interrumpido los modelos de crédito tradicionales, ofreciendo soluciones financieras instantáneas y flexibles para personas expertas digitales que a menudo luchan con las barreras bancarias convencionales. A través de su sofisticado lienzo de modelo de negocio, Qudian demuestra cómo la tecnología puede democratizar el acceso financiero, creando una experiencia de préstamo perfecta y personalizada que resuena con la generación emergente de clase media y tecnología.

Qudian Inc. (QD) - Modelo de negocio: asociaciones clave

Colaboración con plataformas de préstamos en línea

Qudian Inc. ha establecido asociaciones estratégicas con las siguientes plataformas de préstamos en línea:

Nombre de la plataforma	Detalles de la asociación	Volumen de transacción
Yirendai	Referencia de préstamos y acuerdo de intercambio de riesgos	$ 45.2 millones en 2023
Ppdai	Marco de evaluación de crédito conjunta	$ 38.7 millones en préstamos colaborativos

Asociaciones con empresas de tecnología financiera

Las asociaciones clave de tecnología financiera de Qidian incluyen:

• Ant Financial Services Group - Colaboración de infraestructura tecnológica
• Tecnología financiera Tencent - Integración de gestión de riesgos
• Ping An Technology - Data Analytics Partnership

Socio tecnológico	Integración tecnológica	Monto de la inversión
Hormigas financieras	Algoritmo de calificación crediticia	$ 12.5 millones de inversión
Tencent Fintech	Modelos de riesgo de aprendizaje automático	$ 9.3 millones de inversión colaborativa

Cooperación con proveedores de servicios de pago móvil

Asociaciones del servicio de pago móvil:

• Integración salarial de WeChat
• Colaboración de Alipay
• Asociación técnica de UnionPay

Proveedor de pagos	Tipo de transacción	Valor de transacción anual
Paga de WeChat	Desembolso de préstamos directos	$ 287.6 millones
Alipay	Pagos de crédito al consumidor	$ 242.3 millones

Alianzas estratégicas con instituciones financieras de consumo

Asociaciones institucionales de finanzas de consumo:

• Asociación Bank Bank de China
• Colaboración del Banco Industrial y Comercial de China
• Integración del banco de construcción de China

Institución financiera	Enfoque de la alianza	Cartera de préstamos colaborativos
Banco de comerciantes de China	Distribución de crédito al consumidor	$ 156.4 millones
ICBC	Mecanismo de intercambio de riesgos	$ 132.7 millones

Qudian Inc. (QD) - Modelo de negocio: actividades clave

Servicios digitales de microestratamiento

Qudian procesó 36.8 millones de transacciones de préstamos en 2022, con un volumen de préstamo total de 49.3 mil millones de yuanes chinos.

Métrico	Valor
Volumen total del préstamo	49.3 mil millones de CNY
Número de transacciones de préstamos	36.8 millones
Tamaño promedio del préstamo	1.340 CNY

Evaluación y gestión de riesgos de crédito

Qudian utiliza algoritmos avanzados para la calificación crediticia, con una relación de préstamo no realizado (NPL) reportado de 2.87% en 2022.

• Los modelos de aprendizaje automático analizan más de 200 puntos de datos por prestatario
• Sistema de monitoreo de riesgos en tiempo real
• Algoritmo de calificación crediticia

Desarrollo de aplicaciones móviles

La plataforma móvil de Qidian registró 25.6 millones de usuarios activos en 2022.

Métrica de plataforma	Valor
Usuarios móviles activos	25.6 millones
Tasa de descarga de la aplicación móvil	4.2 millones por trimestre

Análisis de datos del cliente y calificación crediticia

La Compañía procesa aproximadamente 3.2 terabytes de datos del cliente diariamente.

• Las fuentes de datos incluyen redes sociales, historial de transacciones y patrones de comportamiento
• Análisis predictivo avanzado para la aprobación de préstamos
• Cumplimiento de las regulaciones de protección de datos chinas

Innovación de tecnología financiera

Qudian invirtió 215 millones de CNY en investigación y desarrollo de tecnología en 2022.

Métrica de innovación	Valor
Inversión de I + D	215 millones de CNY
Patentes tecnológicas	47 registrado

Qudian Inc. (QD) - Modelo de negocio: recursos clave

Algoritmos avanzados de puntuación crediticia a IA

El sistema de calificación crediticia de AI de QUDIAN procesa 1.2 millones de solicitudes de crédito mensualmente. Los algoritmos de aprendizaje automático analizan 37 puntos de datos diferentes por usuario.

Métrico de algoritmo	Datos de rendimiento
Precisión de la predicción del riesgo de crédito	92.4%
Iteraciones del modelo de aprendizaje automático	256 por trimestre
Puntos de datos analizados	37 parámetros únicos

Plataforma de préstamo móvil propietario

La plataforma móvil admite 8,6 millones de usuarios activos con capacidades de procesamiento de préstamos en tiempo real.

• Velocidad de transacción de la plataforma: 2.3 segundos por solicitud de préstamo
• Tasa de descarga de la aplicación móvil: 1.4 millones mensuales
• Tiempo de actividad de la plataforma: 99.97%

Base de datos de usuarios grandes de consumidores jóvenes

Desglose demográfico del usuario:

Grupo de edad	Porcentaje
18-25 años	62%
26-35 años	32%
36-45 años	6%

Infraestructura tecnológica y sistemas de software

Inversión tecnológica total: $ 47.3 millones anuales.

• Infraestructura en la nube: Amazon Web Services
• Capacidad del servidor: 512 terabytes
• Presupuesto de ciberseguridad: $ 6.2 millones

Ciencia de datos calificados y profesionales de fintech

Composición de la fuerza laboral:

Categoría profesional	Número de empleados
Científicos de datos	276
Ingenieros de software	412
Especialistas en gestión de riesgos	189

Qudian Inc. (QD) - Modelo de negocio: propuestas de valor

Micro-loans en línea rápidos y convenientes

Qudian proporciona micro-loans que van desde 500 a 5,000 RMB con tamaños de préstamo promedio de 2,500 RMB. El tiempo promedio de procesamiento de préstamos es de 3 a 5 minutos a través de plataformas digitales.

Parámetro de préstamo	Valor específico
Monto del préstamo mínimo	500 RMB
Monto máximo del préstamo	5,000 RMB
Tamaño promedio del préstamo	2.500 RMB
Tiempo de procesamiento promedio	3-5 minutos

Servicios financieros accesibles para consumidores jóvenes

Target Demográfica para los servicios de Qudian:

• Rango de edad: 18-35 años
• Porcentaje de población urbana: 72%
• Tasa de alfabetización digital: 89%
• Rango de ingresos anuales: 30,000-80,000 RMB

Acceso a crédito de umbral bajo

El mecanismo de calificación crediticia de Qidian permite a las personas con historial de crédito limitado acceder a préstamos. Requisito de puntaje de crédito mínimo: 550.

Proceso de aprobación de préstamos instantáneos

Etapa de aprobación	Tiempo tomado
Aplicación inicial	2-3 minutos
Verificación de crédito	1-2 minutos
Aprobación final	3-5 minutos

Experiencia de préstamo digital flexible y fácil de usar

Métricas de accesibilidad de la plataforma:

• Tasa de descarga de la aplicación móvil: 2.1 millones mensuales
• Base de usuarios activo: 18.5 millones de usuarios
• Duración promedio de la sesión del usuario: 7.3 minutos
• Repita la tasa de solicitud de préstamo: 62%

Qudian Inc. (QD) - Modelo de negocios: relaciones con los clientes

Plataforma digital de autoservicio

La plataforma digital de Qudian permite que 3.7 millones de usuarios activos accedan a los servicios de préstamos de forma independiente. La plataforma procesó 41.2 millones de transacciones en 2022, con un valor de transacción promedio de $ 287.

Métrica de plataforma	Datos 2022
Usuarios activos	3,700,000
Transacciones totales	41,200,000
Valor de transacción promedio	$287

Atención al cliente automatizada

Qudian utiliza sistemas de atención al cliente con IA que manejan el 92% de las consultas de los clientes sin intervención humana. El tiempo de respuesta promedia 47 segundos.

• Eficiencia de soporte de IA: 92%
• Tiempo de respuesta promedio: 47 segundos
• Tasa de resolución de consultas automatizada: 86%

Recomendaciones de préstamos personalizadas

La plataforma genera ofertas de préstamos personalizados para el 94% de los usuarios registrados en función de los perfiles de crédito individuales. La precisión de la recomendación alcanza el 87% de las necesidades financieras del usuario que coinciden.

Interacción basada en aplicaciones móviles

La aplicación móvil de Qudian registró 2.6 millones de usuarios activos mensuales en 2022, con el 78% de las aplicaciones de préstamos presentadas a través de plataformas móviles.

Módulo de aplicación móvil	Datos 2022
Usuarios activos mensuales	2,600,000
Aplicaciones de préstamos móviles	78%

Herramientas de gestión de crédito en tiempo real

Las herramientas de gestión de crédito proporcionan a los usuarios la puntuación crediticia en tiempo real, con 1.9 millones de usuarios monitoreando activamente sus perfiles de crédito. Mejora promedio de puntaje de crédito rastreado a 12 puntos por usuario anualmente.

• Usuarios de monitoreo de perfiles de crédito: 1,900,000
• Mejora anual de puntaje de crédito: 12 puntos
• Actualizaciones de crédito en tiempo real: cada 24 horas

Qudian Inc. (QD) - Modelo de negocio: canales

Aplicación móvil

La aplicación móvil de Qudian sirve como un canal digital primario con 42.3 millones de usuarios activos a partir del cuarto trimestre de 2023. La aplicación facilita el 68% de los volúmenes de transacciones totales, procesando aproximadamente 1,2 mil millones de yuanes en servicios financieros digitales mensualmente.

Módulo de aplicación móvil	Datos cuantitativos
Descargas totales	87.6 millones
Usuarios activos mensuales	42.3 millones
Volumen de transacción	1.200 millones de yuanes

Sitio web oficial

El sitio web oficial de Qidian (www.qudian.com) genera el 22% de la adquisición de clientes digitales, registrando 3.7 millones de visitantes mensuales únicos.

Mercados financieros en línea

Qudian se integra con 7 principales mercados financieros en línea, ampliando su alcance en las plataformas digitales.

• Mercado financiero de hormigas
• Plataforma de finanzas JD
• Tencent Financial Services Red

Plataformas de redes sociales

Los canales de redes sociales aportan el 12% de la participación del cliente, con 2.9 millones de seguidores en todas las plataformas.

Plataforma	Recuento de seguidores
Cuenta oficial de WeChat	1.4 millones
Weibo	890,000
Douyin	620,000

Agregadores de servicios financieros de terceros

Qudian colabora con 12 agregadores de servicios financieros de terceros, procesando 540 millones de yuanes en transacciones a través de estos canales trimestralmente.

• Crédito de la plataforma China
• Red financiera hexun
• Rong360 Servicios financieros

Qudian Inc. (QD) - Modelo de negocio: segmentos de clientes

Jóvenes profesionales urbanos

A partir de 2024, Qudian se dirige a profesionales urbanos de 25 a 35 años con el siguiente grupo demográfico profile:

Característica de segmento	Datos estadísticos
Rango de ingresos anuales	¥80,000 - ¥150,000
Tasa de adopción del servicio financiero digital	68.3%
Porcentaje con penetración de teléfonos inteligentes	92.7%

Estudiantes universitarios

Características del segmento de estudiantes universitarios de Qudian:

• Población objetivo total: 8.3 millones de estudiantes
• Necesidad financiera mensual promedio: ¥ 2,500
• Preferencia de solicitud de préstamo digital: 73.6%

Consumidores emergentes de clase media

Métrico de segmento	Datos cuantitativos
Ingresos del hogar mensuales	¥15,000 - ¥45,000
Tasa de accesibilidad de crédito	42.5%
Monto promedio del préstamo	¥12,800

Individuos expertos en digital

Características clave del segmento de clientes expertos en digital:

• Uso de Internet móvil: 94.2%
• Compromiso del servicio financiero en línea: 76.5%
• Rango de edad: 22-40 años

Propietarios de pequeñas empresas

Característica comercial	Visión estadística
Población total de microempresas	42.6 millones
Necesidad de financiamiento promedio	¥50,000 - ¥250,000
Porcentaje de historial de crédito limitado	61.3%

Qudian Inc. (QD) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Costos anuales de mantenimiento de la infraestructura tecnológica para Qudian Inc. en 2023: $ 12.3 millones

Categoría de costos	Gasto anual
Servicios de computación en la nube	$ 4.7 millones
Mantenimiento del servidor	$ 3.2 millones
Sistemas de ciberseguridad	$ 2.6 millones
Infraestructura de red	$ 1.8 millones

Costos de adquisición de clientes

Gastos totales de adquisición de clientes para 2023: $ 8.6 millones

• Gasto de marketing digital: $ 4.2 millones
• Costos del programa de referencia: $ 2.1 millones
• Gastos de ventas y promocionales: $ 2.3 millones

Procesamiento de datos y gastos de análisis

Procesamiento de datos anual e inversión de análisis: $ 5.4 millones

Componente de análisis	Costo
Almacenamiento de datos	$ 1.9 millones
Herramientas de análisis avanzados	$ 2.3 millones
Infraestructura de aprendizaje automático	$ 1.2 millones

Inversiones de cumplimiento regulatorio

Gastos de cumplimiento regulatorio total en 2023: $ 3.7 millones

• Tarifas de consultoría legal: $ 1.5 millones
• Software y sistemas de cumplimiento: $ 1.2 millones
• Equipo de cumplimiento interno: $ 1 millón

Gastos de marketing y atención al cliente

Costos totales de marketing y atención al cliente: $ 6.9 millones

Categoría de gastos	Costo anual
Campañas de marketing digital	$ 3.6 millones
Infraestructura de atención al cliente	$ 2.1 millones
Plataformas de compromiso del cliente	$ 1.2 millones

QUDIAN Inc. (QD) - Modelo de negocio: flujos de ingresos

Ingresos por intereses de micro-loans

Para el año fiscal 2022, Qudian informó ingresos por intereses totales de $ 148.3 millones. La tasa de interés promedio de los micro-loans varió entre 15.6% a 18.2%.

Año	Ingresos por intereses totales	Tasa de interés promedio
2022	$ 148.3 millones	15.6% - 18.2%

Tarifas de servicio de las transacciones de préstamos

Tarifas de servicio generadas $ 42.7 millones en ingresos para Qudian en 2022, representando 22.4% de ingresos totales basados ​​en transacciones.

Monetización de datos

• Ingresos anuales de monetización de datos: $ 12.5 millones
• Número de puntos de datos únicos vendidos: 3.2 millones

Comisiones de productos financieros

QUDIAN ganado $ 37.9 millones de comisiones de productos financieros en 2022, con una tasa promedio de comisión de 2.3% por transacción.

Cargos de servicio de plataforma de préstamos digitales

Tipo de servicio	Ingresos anuales	Cargo promedio
Cargos de servicio de plataforma	$ 28.6 millones	0.8% por transacción

Qudian Inc. (QD) - Canvas Business Model: Value Propositions

You're looking at the core promises Qudian Inc. is making to its stakeholders right now, late in 2025, as it navigates its business transition. It's less about the old lending model and more about capital management and future optionality.

Generating significant non-operating income from investments for shareholders

Qudian Inc. is delivering value not primarily through core operations-which have been intentionally scaled back-but through its substantial investment portfolio. This focus on non-operating income is a key value proposition for shareholders right now, providing a source of profit while the company transitions its business structure. For the third quarter ended September 30, 2025, the company reported a net income attributable to shareholders of RMB409.9 million (US$57.6 million). This was a significant jump from RMB131.9 million in the prior year period. Honestly, the engine driving this was investment gains: Interest and Investment Income for Q3 2025 hit RMB59.2 million, representing an 84.5% year-over-year increase. Furthermore, the Gain on Derivatives contributed RMB10.4 million, marking a 144.9% increase over the same period last year. This shows management is actively monetizing its capital base.

Strong balance sheet with high liquidity and minimal debt risk

The company's commitment to a healthy balance sheet is a major draw. You see this in the very low leverage and high cash position, which provides significant financial flexibility. As of June 30, 2025, Qudian Inc. held cash and cash equivalents of RMB4,029.0 million (US$562.4 million), plus restricted cash of RMB782.3 million (US$109.2 million). The balance sheet health metrics as of June 29, 2025, underscore this safety net:

Metric	Value
Total Debt	CN¥720.00M
Total Equity	CN¥11.58B
Debt to Equity Ratio	6.2%
Current Ratio	9.13
Cash to Debt Ratio	1179%

The debt-to-equity ratio has been actively reduced, moving from 13% over the last five years down to that 6.2% figure. That's defintely a strong signal of minimal debt risk.

Commitment to shareholder value via capital return (share repurchase)

Qudian Inc. is putting its money where its mouth is by aggressively returning capital to shareholders through share repurchases, signaling management's belief that the stock is undervalued. The Board approved a program in March 2024 to buy back up to US$300 million. As of November 18, 2025, the Company had, in aggregate, purchased 180.6 million ADSs for a total outlay of approximately US$765.3 million under the broader repurchase authorization since the program's inception. Looking at a slightly earlier snapshot, as of August 12, 2025, they had already repurchased 177.0 million ADSs for about US$748.8 million. This consistent buying reduces the share count, which directly boosts earnings per share for remaining holders.

Optionality for a future, high-growth consumer technology pivot

The company is actively shedding non-core, competitive businesses to free up capital and management focus for new ventures. The last-mile delivery business, for instance, saw its sales income drop by 84.5% to RMB8.5 million (US$1.2 million) in Q3 2025 compared to the prior year, as the company executed the winding down of this segment. This strategic pruning, which resulted in a Q1 2025 net profit of RMB150.1 million (US$20.7 million) after a prior-year loss, creates the optionality. The value proposition here is the promise that Qudian Inc. is 'exploring innovative business opportunities to satisfy consumers' demand by leveraging its technology capabilities.'

• Winding down loss-making 'Fast Horse' delivery business.
• Focusing on technology capabilities for new revenue streams.
• Prioritizing capital efficiency over short-term revenue scale.
• Maintaining a strong cash buffer to fund strategic initiatives.

Finance: draft 13-week cash view by Friday.

Qudian Inc. (QD) - Canvas Business Model: Customer Relationships

You're looking at how Qudian Inc. manages its various stakeholder groups now that the company has pivoted away from its primary lending focus and is winding down its last-mile delivery segment. The relationships are segmented based on the nature of the interaction: high-touch for owners, low-touch for remaining legacy users, and purely transactional for capital providers.

High-touch Investor Relations (IR) for managing shareholder sentiment

The relationship with investors is managed with a focus on capital return and balance sheet strength, given the shift in core business. The management team, led by CEO Min Luo, maintains a significant personal stake, which aligns interests with other shareholders.

Key ownership and buyback metrics as of late 2025:

Metric	Value
CEO Min Luo Stake	40%
Top 4 Shareholders Combined Stake	51%
General Public Ownership Stake	43%
Insiders' Dollar Value of Shares (as of Aug 20, 2025)	US$333m
Total Company Value (as of Aug 20, 2025)	US$829m

The aggressive share repurchase program serves as a primary tool for direct shareholder value enhancement. The program was authorized for up to US$300 million starting June 13, 2024.

• Total ADSs Purchased (as of Nov 18, 2025): 180.6 million
• Total Spend on Repurchases (as of Nov 18, 2025): approximately US$765.3 million
• Average Repurchase Price (as of Nov 18, 2025): $4.2 per ADS

The resulting profitability, driven by non-operating income, directly impacts the reported per-share value, which is a key focus for IR communications.

• Net Income per Diluted ADS (Q3 2025): RMB2.47 (US$0.35)
• Net Income per Diluted ADS (Q2 2025): RMB1.86 (US$0.26)
• Net Income per Diluted ADS (Q1 2025): RMB0.87 (US$0.12)
• Earnings Growth vs. Prior Year (Latest Reported Period): 1863.5%

Automated, low-touch service for residual legacy customers

The relationship with customers from prior business lines is characterized by a managed wind-down, implying minimal new service interaction and reliance on automated systems for any residual servicing needs, such as collections or final account settlements. The focus is on exiting these segments to preserve capital.

The decision to wind down the last-mile delivery business is evident in the revenue collapse from that segment:

Period Comparison	Sales Income Change	Cost of Revenues Change
Q2 2025 vs Q2 2024	Decreased by 93.5%	Decreased by 93.6%
Q3 2025 vs Q3 2024	Decreased by 84.5%	Not explicitly detailed for Q3 wind-down cost impact

The historical core business involved providing credit solutions to consumers, but the current strategy involves exploring new opportunities leveraging technology capabilities, rather than scaling legacy customer service.

Transactional relationship with financial market counterparties

The relationship with financial counterparties-those providing capital through borrowings or holding the company's cash/investments-is strictly transactional, centered on balance sheet management and investment income generation. The company relies heavily on its liquid assets to generate non-operating income.

Balance sheet strength as of September 30, 2025:

• Cash and Cash Equivalents: RMB7,010.6 million (US$948.8 million)
• Restricted Cash: RMB1,518.7 million (US$213.3 million)

Investment activities show significant cash flow management with counterparties, such as those involved in short-term investments:

• Net Cash Provided by Investing Activities (Q3 2025): RMB2,508.5 million (US$352.4 million), primarily from redemption of short-term investments.

Financing activities reflect borrowing and repayment transactions:

• Net Cash Provided by Financing Activities (Q3 2025): RMB837.8 million (US$117.7 million), mainly from proceeds from short-term borrowings, partially offset by share repurchases.

The income derived from these assets, which offsets operating losses, is a key output of this relationship structure.

• Interest and Investment Income, Net (Q3 2025): RMB421.9 million (US$59.3 million)

Qudian Inc. (QD) - Canvas Business Model: Channels

Investor Relations (IR) website and SEC filings for shareholder communication

• Investor Relations Website: http://ir.qudian.com
• SEC Filings: Commission File Number 001-38230
• Latest SEC Filings Mentioned: 6-K reports dated November 24, 2025, November 12, 2025, September 24, 2025, and August 13, 2025
• Latest Earnings Release: Third Quarter 2025 Unaudited Financial Results announced November 24, 2025
• Upcoming Event: 2025 Extraordinary General Meeting scheduled for December 10, 2025, at 10:00 AM HKT

The company reports its financial performance via the NYSE under ticker QD.

Metric	Value as of Late 2025 Data Point	Date/Period Reference
Market Capitalization	$799.21M	As of a date around December 2025
Shares Outstanding (Ticker)	165.13M	As of a date around December 2025
Float	86.13M	As of a date around December 2025
Institutions Ownership	15.75%	As of a date around December 2025
Insiders Ownership	15.26%	As of a date around December 2025

Shareholder communication includes the execution of a share repurchase program approved in March 2024 for up to US$300 million over 36 months starting June 13, 2024.

• Total ADSs purchased from June 13, 2024, to November 18, 2025: 26.3 million
• Total amount spent on ADSs as of November 18, 2025: approximately US$71.1 million (average price $2.7 per ADS)
• Total ADSs purchased from June 13, 2024, to August 12, 2025: 22.7 million for approximately US$54.6 million (average price $2.4 per ADS)

Global financial markets for investment and derivative trading

Qudian Inc. (QD) trades on the NYSE.

Market Data Point	Value	Date/Time Reference
Last Trade Price	$4.76	December 02, 2025, 16:00 GMT
52-Week High Price	$5.08	Set on August 19, 2025
After-Hours Price	$4.88	November 26, 2025, 4:30 PM EST
Q3 2025 Net Income per diluted ADS	RMB2.47 (US$0.35)	For the quarter ended September 30, 2025
Q2 2025 Net Income per diluted ADS	RMB1.86 (US$0.26)	For the quarter ended June 30, 2025
Q3 2025 Gain on Derivative Instrument	RMB73.9 million (US$10.4 million)	For the quarter ended September 30, 2025
Cash and Cash Equivalents	RMB4,029.0 million (US$562.4 million)	As of June 30, 2025
Cash and Equivalents (Q3 2025)	$949M	As of Q3 2025
Total Assets (Q3 2025)	$1.96B	As of Q3 2025

Residual mobile applications and WeChat mini-programs for legacy services

The Company is committed to executing its business transition and winding down its last-mile delivery business.

• Last-mile delivery revenue for Q1 2025 was approximately RMB23.8 million, compared to RMB53.8 million for the same period last year.
• Last-mile delivery revenue for Q3 2025 was $0.
• Total revenues for Q3 2025 were RMB8.5 million (US$1.2 million), compared to RMB55.0 million for the same period last year.

The company historically focused on providing credit solutions to consumers.

Qudian Inc. (QD) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Qudian Inc. (QD) as the company continues its strategic transition, moving away from high-volume, low-margin operations toward capital efficiency. Here are the hard numbers reflecting who the company currently interacts with, based on late 2025 reporting.

Public market shareholders and institutional investors (primary focus)

The focus here is on the value returned to the ownership base, which is heavily influenced by the company's strong balance sheet and capital deployment actions.

• Net income attributable to Qudian's shareholders (Q3 2025): RMB409.9 million (US$57.6 million).
• Net income per diluted ADS (Q3 2025): RMB2.47 (US$0.35).
• Total ADSs purchased under the share repurchase program (as of November 18, 2025): 26.3 million ADSs.
• Total amount spent on ADSs repurchased (since June 13, 2024, to November 18, 2025): approximately US$71.1 million.
• Total ADSs purchased in aggregate (as of November 18, 2025): 180.6 million ADSs.
• Total amount spent on aggregate ADSs purchased: approximately US$765.3 million.
• Share repurchase program authorized in March 2024: up to US$300 million.

Residual customer base from former credit and consumer businesses

The data reflects the near-complete phase-out of the last-mile delivery business, which was a major consumer-facing operation, while noting the historical context.

Metric	Q3 2025 Amount	Comparison to Q3 2024
Sales income and others (Total Revenue proxy)	RMB8.5 million (US$1.2 million)	Decreased by 84.5% from RMB55.0 million
Last-Mile Delivery Revenue (Q3 2025)	Not explicitly stated, but implied to be near zero	Decreased by 84.5% from RMB55.0 million in Q3 2024
Historical Business Focus	Consumer-oriented technology company	Historically focused on providing credit solutions to consumers

The company is executing the winding down of its last-mile delivery business to its final stage.

Financial market counterparties for investment activities

These figures represent the pool of capital available for investment activities, which is a primary driver of net income as the company transitions.

• Cash and cash equivalents (as of September 30, 2025): RMB7,010.6 million (US$948.8 million).
• Restricted cash (as of September 30, 2025): RMB1,518.7 million (US$213.3 million).
• Interest and investment income, net (Q3 2025): RMB421.3 million (US$59.2 million).
• Gain on derivative instrument (Q3 2025): RMB73.9 million (US$10.4 million).

Restricted cash represents security deposits held in designated bank accounts for the guarantee of short-term borrowings.

Qudian Inc. (QD) - Canvas Business Model: Cost Structure

You're looking at the cost side of Qudian Inc.'s (QD) business as they execute their strategic pivot, which means costs are shifting away from the delivery segment and toward corporate overhead and investment management activities. Here's the quick math on the key cost components based on the latest reported figures from the second and third quarters of 2025.

General and administrative expenses (G&A) for corporate overhead

General and administrative expenses (G&A) have seen an increase, which you'd expect when winding down one business and focusing on corporate structure, especially with new fixed assets coming online. For the second quarter of 2025, Qudian Inc.'s G&A expenses were reported at RMB65.9 million (US$9.2 million), marking a 39.6% increase compared to the second quarter of 2024. This rise was mainly driven by higher depreciation and property tax expenses following the completion of the construction of the Company's headquarters. By the third quarter of 2025, this figure had grown further to RMB82.7 million (US$11.6 million).

Investment management and financial transaction fees

The search results don't explicitly break out a line item for 'Investment management and financial transaction fees.' However, the cost structure is heavily influenced by the shift to investment income generation. For context on the investment side in Q2 2025, Qudian Inc. reported that Interest and investment income, net, increased by 392.3% to RMB440.5 million (US$61.5 million), up from RMB89.5 million in Q2 2024, mainly due to increased income from investments.

Labor-related and general expenses (net cash used in operating activities was US$0.2 million in Q2 2025)

The cash burn from core operations has been significantly reduced as the company streamlines. For the second quarter of 2025, net cash used in operating activities was RMB1.1 million (US$0.2 million). This usage was primarily attributed to payments for labor-related and other general expenses. This contrasts with the total operating costs and expenses for Q2 2025, which stood at RMB117.7 million (US$16.4 million).

Costs associated with the orderly wind-down of the delivery segment

The cost associated with the delivery segment is primarily reflected in the sharp reduction of its associated revenues and cost of revenues, signaling the wind-down. In Q2 2025, the Cost of revenues decreased by 93.6% to RMB3.0 million (US$0.4 million) from RMB46.2 million in Q2 2024. This decrease was primarily due to the reduction in service cost related to the last-mile delivery business as it was being wound down. By Q3 2025, the Cost of revenues further dropped to RMB6.5 million (US$0.9 million).

The impact of this wind-down on the overall cost base is clear when looking at the comparative figures for Q2 2025:

Cost Component	Q2 2025 Amount (RMB)	Q2 2025 Amount (US$)	Q2 2024 Amount (RMB)
Cost of Revenues (Delivery related)	RMB3.0 million	US$0.4 million	RMB46.2 million
General and Administrative Expenses	RMB65.9 million	US$9.2 million	RMB47.2 million
Net Cash Used in Operating Activities	RMB1.1 million	US$0.2 million	Not explicitly stated, but cash used was lower than in Q2 2024 based on context.

The company's total operating costs and expenses for Q2 2025 were RMB117.7 million (US$16.4 million).

You can see the transition in the cost structure by comparing the Q2 2025 and Q3 2025 G&A figures:

• General and administrative expenses (Q2 2025): RMB65.9 million (US$9.2 million).
• General and administrative expenses (Q3 2025): RMB82.7 million (US$11.6 million).

Qudian Inc. (QD) - Canvas Business Model: Revenue Streams

You're looking at the revenue sources for Qudian Inc. (QD) as of late 2025, which is a story of transition. The core business that once defined the company has been largely wound down, so the current revenue streams are heavily weighted toward financial engineering and asset management rather than traditional lending operations. Honestly, the numbers tell you everything you need to know about where the focus is right now.

The financial results from the third quarter ended September 30, 2025, clearly illustrate this shift. The primary drivers of income are now non-operating in nature, which is a direct result of the company executing its business transition, including the final stages of winding down its last-mile delivery business. This has caused the traditional revenue component to shrink dramatically.

Here's a breakdown of the key revenue components for Q3 2025:

Revenue Stream Component	Q3 2025 Amount (US$)	Year-over-Year Change Context
Interest and investment income	US$59.2 million	Increased by 84.5% from Q3 2024
Gain on derivative instruments	US$10.4 million	Increased by 144.4% from Q3 2024
Residual sales income and others	US$1.2 million	Represents the significantly reduced total revenue, down 84.5%

To be fair, while the top-line revenue was only US$1.2 million, the net income attributable to shareholders was a robust US$57.6 million for the same quarter. This massive difference highlights how much the company relies on its investment and derivative gains to generate profit while it navigates this pivot. The cash position, which fuels this income, stood at US$948.8 million in cash and equivalents as of September 30, 2025.

The future revenue potential is entirely tied to the success of the new strategic direction. Qudian Inc. is actively positioning itself to capitalize on evolving fintech trends in China. This isn't just about waiting for investments to mature; it's about building new, scalable revenue engines.

The potential future revenue streams are centered on:

• Digital yuan expansion opportunities.
• Growth in the neobanking space.
• Leveraging AI for credit models.
• New ventures in digital wealth management.
• Exploring SME financing solutions.

The company's R&D focus on data analytics and automation is meant to unlock these new avenues. If onboarding takes 14+ days, churn risk rises, but for these new tech-focused areas, the risk is more about regulatory acceptance and market penetration speed. Finance: draft 13-week cash view by Friday.