360 DigiTech, Inc. (QFIN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de las finanzas digitales, 360 Digitech, Inc. (QFIN) surge como una fuerza revolucionaria, transformando los paradigmas de préstamos tradicionales a través de tecnología de vanguardia y soluciones financieras innovadoras. Al aprovechar los algoritmos avanzados, el análisis de datos extenso y las asociaciones estratégicas, esta potencia de FinTech está redefiniendo cómo los profesionales urbanos, los propietarios de pequeñas empresas y los consumidores expertos en digitalmente acceden a servicios financieros personalizados con velocidad, conveniencia y precisión sin precedentes.

360 Digitech, Inc. (QFIN) - Modelo de negocios: asociaciones clave

Colaboración con las principales instituciones y bancos financieros chinos

360 Digitech mantiene asociaciones estratégicas con múltiples instituciones financieras chinas:

Institución financiera	Tipo de asociación	Volumen de transacción estimado
Banco de Construcción de China	Colaboración de riesgos de crédito	RMB 12.3 mil millones
Banco Industrial y Comercial de China	Acuerdo de intercambio de datos	RMB 9.7 mil millones
Banco Agrícola de China	Asociación de gestión de riesgos	RMB 6.5 mil millones

Asociaciones estratégicas con proveedores de servicios de tecnología

Las asociaciones de tecnología clave incluyen:

• Tencent Cloud - Servicios de infraestructura en la nube
• Alibaba Cloud - Soporte de análisis de datos
• Huawei Technologies - Soluciones de ciberseguridad

Cooperación con plataformas de préstamos en línea

Plataforma	Enfoque de colaboración	Volumen de préstamo anual
JD Finanzas	Crédito de consumo	RMB 15.2 mil millones
Plataformas de grupo de hormigas	Préstamo digital	RMB 22.6 mil millones

Alianzas con servicios de verificación de datos de terceros

Las asociaciones de verificación incluyen:

• Puntuación de crédito de Baidu
• Gestión de crédito sésamo
• Servicios de datos de China UnionPay

360 Digitech, Inc. (QFIN) - Modelo de negocio: actividades clave

Desarrollo de tecnologías avanzadas de préstamos fintech y de consumo

360 Digitech se centra en la innovación tecnológica continua en los servicios financieros. A partir del tercer trimestre de 2023, la compañía invirtió $ 68.3 millones en investigación y desarrollo.

Categoría de inversión tecnológica	Gasto anual
Gastos de I + D	$ 68.3 millones
AI y aprendizaje automático	$ 24.5 millones
Infraestructura de ciberseguridad	$ 15.7 millones

Operar plataformas de préstamos en línea y calificación crediticia

La compañía administra sofisticadas plataformas de préstamos digitales con significativas métricas operativas.

• Volumen de origen total del préstamo: $ 32.4 mil millones en 2023
• Plataformas de préstamos digitales activos: 7 plataformas principales
• Usuarios activos mensuales: 48.6 millones

Proporcionar servicios financieros digitales y soluciones de gestión de riesgos

360 Digitech emplea estrategias avanzadas de gestión de riesgos con implementaciones tecnológicas precisas.

Métrica de gestión de riesgos	Indicador de rendimiento
Tasa de incumplimiento	3.2%
Precisión de la evaluación de riesgos	94.7%
Tasa de detección de fraude	99.3%

Mantenimiento de capacidades sofisticadas de análisis de datos y aprendizaje automático

360 Digitech aprovecha las capacidades avanzadas de análisis de datos en su ecosistema de tecnología financiera.

• Capacidad de procesamiento de datos: 2.3 petabytes por mes
• Modelos de aprendizaje automático implementado: 127 modelos distintos
• Velocidad de análisis de transacciones en tiempo real: 0.03 segundos por transacción

360 Digitech, Inc. (QFIN) - Modelo de negocio: recursos clave

Algoritmos avanzados de evaluación de riesgo de crédito patentado

A partir del tercer trimestre de 2023, los algoritmos de evaluación de riesgo de crédito de 360 ​​Digitech procesan aproximadamente 10 millones de solicitudes de crédito diarias con un Tasa de precisión del 98.5%.

Métrico de algoritmo	Valor de rendimiento
Solicitudes de crédito diarias procesadas	10,000,000
Precisión de la evaluación de riesgos	98.5%
Modelos de aprendizaje automático	87

Datos de usuario extensos e infraestructura de análisis de comportamiento

360 Digitech administra un ecosistema integral de datos de usuario con las siguientes características:

• Total de usuarios registrados: 310 millones a diciembre de 2023
• Usuarios activos mensuales: 126 millones
• Puntos de datos recopilados por usuario: más de 500 indicadores de comportamiento únicos

Fuertes equipos de desarrollo de tecnología e ingeniería

Composición del equipo	Número
Empleados de tecnología total	2,347
Ingenieros de I + D	1,156
Científicos de datos	463

Plataforma digital robusta y ecosistema tecnológico

Métricas de infraestructura de plataforma para 2023:

• Inversión en la infraestructura en la nube: $ 42.3 millones
• Mantenimiento anual de infraestructura tecnológica: $ 18.7 millones
• Tiempo de actividad de la plataforma: 99.97%

Importantes inversiones de capital financiero e intelectual

Categoría de inversión	Cantidad (USD)
Gastos anuales de I + D	$ 87.6 millones
Cartera de patentes de tecnología	176 patentes registradas
Inversión inmobiliaria intelectual	$ 23.4 millones

360 Digitech, Inc. (QFIN) - Modelo de negocio: propuestas de valor

Soluciones de préstamos digitales convenientes y accesibles

A partir del tercer trimestre de 2023, 360 Digitech procesó 57.5 millones solicitudes de préstamos digitales con un 98.3% Tasa de uso de la plataforma móvil. Volumen total de préstamos digitales alcanzado RMB 243.6 mil millones.

Métrica de préstamos digitales	2023 rendimiento
Solicitudes totales de préstamos digitales	57.5 millones
Uso de la plataforma móvil	98.3%
Volumen total de préstamos digitales	RMB 243.6 mil millones

Procesos de evaluación de crédito rápidos y eficientes

Tiempo de evaluación de crédito promedio reducido a 3.2 minutos Usando algoritmos AI avanzados. Los modelos de aprendizaje automático logran 92.7% precisión en la predicción del riesgo.

Servicios financieros personalizados para segmentos de mercado desatendidos

• Servido 8.6 millones clientes subancados en 2023 en 2023
• Productos de crédito diseñados para pequeñas empresas y jóvenes profesionales
• Tamaño promedio del préstamo para segmentos desatendidos: RMB 45,000

Alternativa de bajo costo a los productos tradicionales de crédito bancario

Tasas de interés promedio 40% más bajo en comparación con los préstamos bancarios tradicionales. Reducción de costos operativos de 35.6% a través de infraestructura digital.

Recomendaciones financieras y gestión de riesgos basadas en datos

Métrica de gestión de riesgos	Actuación
Precisión del modelo de riesgo predictivo	92.7%
Tasa de préstamo sin rendimiento	2.3%
Puntos de datos por cliente Profile	Más de 1,000

360 Digitech, Inc. (QFIN) - Modelo de negocios: relaciones con los clientes

Plataformas digitales de autoservicio

A partir de 2024, 360 Digitech opera plataformas de préstamos digitales con las siguientes métricas clave:

Métrica de plataforma	Valor
Usuarios digitales activos	87.3 millones
Descargas de aplicaciones móviles	42.6 millones
Tasa de finalización de la solicitud de préstamo digital	64.2%

Sistemas automatizados de atención al cliente

La Compañía implementa la atención al cliente impulsada por la IA con indicadores de rendimiento cuantificables:

• Tiempo de respuesta promedio: 27 segundos
• Tasa de resolución automatizada: 73.5%
• Volumen de interacción de chatbot de soporte al cliente: 2.1 millones de interacciones mensuales

Experiencia de usuario personalizada a través de interacciones impulsadas por IA

Métrico de personalización	Valor
Precisión de recomendación con IA	82.4%
Tasa de coincidencia de productos de préstamo personalizado	68.9%
Participación del usuario a través de la personalización	57.3%

Compromiso continuo a través de aplicaciones móviles

Las métricas de participación de la plataforma móvil demuestran una fuerte interacción del usuario:

• Usuarios móviles activos mensuales: 36.5 millones
• Duración promedio de la sesión: 12.7 minutos
• Tasa de retención del usuario de la aplicación móvil: 64.1%

Interfaces digitales transparentes y fáciles de usar

Métrica de rendimiento de la interfaz	Valor
Tasa de satisfacción de la interfaz de usuario	86.2%
Puntuación de usabilidad de la plataforma digital	4.6/5
Tiempo de resolución de la queja de experiencia del usuario	1.3 días

360 Digitech, Inc. (QFIN) - Modelo de negocio: canales

Aplicaciones móviles

360 Digitech opera plataformas de préstamos móviles con las siguientes métricas:

Módulo de aplicación móvil	Valor
Descargas totales de aplicaciones móviles	157.3 millones a partir del tercer trimestre de 2023
Usuarios activos mensuales	48.2 millones
Tasa de aprobación de la solicitud de préstamo móvil	62.4%

Plataformas web en línea

Estadísticas de plataformas web de préstamos digitales:

• Plataforma web Total Usuarios: 82.6 millones
• Volumen de origen del préstamo en línea: RMB 268.4 mil millones en 2023
• Tamaño promedio de la transacción de la plataforma web: RMB 45,600

Mercados financieros de terceros

Socio del mercado	Nivel de integración	Volumen de transacción
Hormigas financieras	Alta integración	RMB 92.7 mil millones
JD Finanzas	Integración media	RMB 53.4 mil millones
Tencent Financial	Asociación estratégica	RMB 41.2 mil millones

Integración de redes sociales

Métricas de rendimiento del canal de redes sociales:

• Seguidores de cuentas oficiales de WeChat: 3.6 millones
• Tasa de compromiso de Weibo: 4.2%
• Conversión de referencia de préstamos de redes sociales: 2.7%

Interfaces digitales del banco de socios

Socio bancario	Profundidad de integración	Volumen de referencia de préstamos
Banco de comerciantes de China	Integración de API profunda	RMB 37.8 mil millones
Banco industrial	Asociación integral	RMB 29.5 mil millones
Banco Citic de China	Conexión de interfaz digital	RMB 22.6 mil millones

360 Digitech, Inc. (QFIN) - Modelo de negocio: segmentos de clientes

Jóvenes profesionales urbanos

A partir del tercer trimestre de 2023, 360 Digitech se dirige a profesionales urbanos de 25 a 35 años en China con ingresos anuales entre RMB 150,000 a RMB 300,000.

Métricas demográficas	Porcentaje
Rango de edad	25-35 años
Renta anual	RMB 150,000 - 300,000
Concentración urbana	Ciudades de nivel 1 y nivel 2

Consumidores chinos de ingresos medios

El segmento representa el 42.3% de la base de clientes de 360 ​​Digitech con ingresos familiares mensuales entre RMB 8,000-15,000.

• Mercado total direccionable: 180 millones de clientes potenciales
• Límite de crédito promedio: RMB 50,000
• Tasa de adopción del producto financiero digital: 67.5%

Propietarios de pequeñas empresas

A partir de 2023, 360 Digitech atiende a aproximadamente 85,000 propietarios de pequeñas empresas con ingresos anuales entre RMB 500,000 y RMB 5 millones.

Características del segmento de negocios	Puntos de datos
Total de clientes de pequeñas empresas	85,000
Ingresos anuales promedio	RMB 500,000 - 5,000,000
Tamaño promedio del préstamo	RMB 300,000

Individuos expertos en digital con acceso bancario tradicional limitado

360 Digitech se dirige a 22.7 millones de clientes potenciales con servicios bancarios tradicionales limitados.

• Porcentaje de población no bancarizado: 15.6%
• Penetración de pago móvil: 87.4%
• Uso promedio del servicio financiero digital: 4.2 plataformas

Usuarios de servicios financieros orientados a la tecnología

El segmento comprende el 35.6% de la base de clientes de 360 ​​Digitech con altas tasas de adopción de tecnología.

Métricas de participación tecnológica	Porcentaje
Penetración de teléfonos inteligentes	92.3%
Uso del servicio financiero en línea	78.5%
Descargas de aplicaciones Fintech	6.3 por año

360 Digitech, Inc. (QFIN) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

A partir del año financiero 2023, 360 Digitech informó costos de mantenimiento de la infraestructura tecnológica de $ 52.3 millones, lo que representa el 8.7% de los gastos operativos totales.

Categoría de costos	Gasto anual ($)	Porcentaje de costos totales
Servicios en la nube	18.6 millones	35.5%
Mantenimiento del servidor	12.4 millones	23.7%
Infraestructura de red	10.2 millones	19.5%
Licencia de software	11.1 millones	21.3%

Inversiones de investigación y desarrollo

En 2023, R&D Investments totalizaron $ 74.5 millones, que era del 12.4% de los ingresos totales de la compañía.

• Desarrollo de inteligencia artificial: $ 28.3 millones
• Algoritmos de aprendizaje automático: $ 22.1 millones
• Innovación Fintech: $ 24.1 millones

Gastos de marketing y adquisición de clientes

El gasto de marketing en 2023 fue de $ 89.7 millones, con costos de adquisición de clientes en $ 45.2 millones.

Canal de marketing	Gasto ($)	Porcentaje del presupuesto de marketing
Publicidad digital	36.4 millones	40.6%
Campañas de redes sociales	22.3 millones	24.9%
Programas de referencia	18.5 millones	20.6%
Medios tradicionales	12.5 millones	14.0%

Costos de cumplimiento y adherencia regulatoria

Los gastos de cumplimiento en 2023 ascendieron a $ 37.6 millones, lo que representa el 6.3% de los costos operativos totales.

• Aviso legal: $ 15.2 millones
• Informes regulatorios: $ 12.4 millones
• Auditoría y gestión de riesgos: $ 10.0 millones

Seguridad de datos y actualizaciones de tecnología

Las inversiones de seguridad de datos en 2023 alcanzaron los $ 43.8 millones, con gastos de actualización tecnológica en $ 31.5 millones.

Medida de seguridad	Inversión ($)	Porcentaje de presupuesto de seguridad
Infraestructura de ciberseguridad	22.6 millones	51.6%
Tecnologías de cifrado	12.3 millones	28.1%
Sistemas de detección de amenazas	8.9 millones	20.3%

360 Digitech, Inc. (QFIN) - Modelo de negocios: flujos de ingresos

Ingresos de intereses de los préstamos digitales

Para el año fiscal 2023, 360 Digitech reportó ingresos totales de 15.31 mil millones de yuanes. Los ingresos por intereses de préstamos digitales constituyeron una parte significativa de este ingreso.

Año fiscal	Ingresos por intereses de préstamos digitales (yuan)	Porcentaje de ingresos totales
2023	10.24 mil millones	66.9%
2022	9.87 mil millones	64.3%

Tarifas de servicio de transacciones financieras

Las tarifas de servicio representaban otro flujo de ingresos clave para 360 Digitech.

Categoría de tarifa de servicio	Ingresos (yuan)
Tarifas de procesamiento de transacciones	2.45 mil millones
Tarifas de plataforma de pago	1.76 mil millones

Servicios de evaluación de crédito y calificación

• Ingresos de evaluación del riesgo de crédito: 653 millones de yuanes
• Número de transacciones de calificación crediticia: 42.6 millones
• Ingresos promedio por evaluación de crédito: 15.33 yuanes

Monetización y análisis de datos

360 Digitech genera ingresos a través de servicios relacionados con los datos:

Servicio de datos	Ingresos anuales (yuan)
Servicios de análisis de datos	478 millones
Licencias de datos anónimas	312 millones

Licencias de tecnología y asociaciones

• Ingresos de licencia de tecnología total: 386 millones de yuanes
• Número de acuerdos de asociación tecnológica: 27
• Valor de asociación promedio: 14.3 millones de yuanes

Desglose total de ingresos para 2023:

Flujo de ingresos	Cantidad (yuan)	Porcentaje
Interés de préstamos digitales	10.24 mil millones	66.9%
Tarifas de servicio	4.21 mil millones	27.5%
Evaluación de crédito	653 millones	4.3%
Monetización de datos	790 millones	5.2%
Licencias de tecnología	386 millones	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.