CNFinance Holdings Limited (CNF): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la technologie financière, CNFinance Holdings Limited (CNF) apparaît comme une force transformatrice, révolutionnant les micro-prêts via un modèle commercial innovant qui pose la technologie et l'accessibilité financière. En tirant parti des algorithmes avancés de notation du crédit et des partenariats stratégiques, CNF a conçu une approche unique pour servir des segments de marché sous-bancaires, offrant des solutions de prêt numérique ultra-rapides qui autonomisent les petites entreprises et les entrepreneurs à travers le paysage économique diversifié de la Chine. Cette exploration complète du Canvas de modèle commercial dévoile les mécanismes complexes stimulant la stratégie perturbatrice de CNF, révélant comment les technologies de pointe et les collaborations stratégiques remodèlent l'écosystème de prêt traditionnel.

CNFinance Holdings Limited (CNF) - Modèle d'entreprise: Partenariats clés

Coopération stratégique avec les banques régionales en Chine

CNFinance Holdings Limited maintient des partenariats stratégiques avec plusieurs banques régionales à travers la Chine, en se concentrant spécifiquement sur:

Nom de banque	Détails du partenariat	Couverture géographique
Banque chinoise des marchands	Cadre de prêt collaboratif	Provinces multiples dans l'est de la Chine
Banque industrielle	Mécanisme de partage des risques	Régions chinoises du sud-est
Faire un ping	Intégration des prêts numériques	Couverture nationale

Collaboration avec les plateformes fintech pour les prêts numériques

CNFinance a établi des partenariats de prêts numériques avec les plates-formes clés de fintech:

• Groupe de services financiers ANT
• Technologie financière de Tencent
• Finance JD

Partenariats avec les fournisseurs de services financiers locaux

Type de fournisseur	Nombre de partenaires	Volume de transaction annuel
Entreprises de microfinance	27	RMB 4,2 milliards
Plateformes de financement des consommateurs	15	RMB 3,8 milliards

Relations avec les entreprises technologiques d'évaluation du crédit

CNFinance collabore avec les fournisseurs de technologies d'évaluation de crédit avancées:

• Gestion du crédit en sésame
• TransUnion Chine
• Services d'information expérimentés

Métriques d'intégration technologique:

Partenaire technologique	Points de données analysés	Précision d'évaluation des risques
Crédit en sésame	Plus de 500 paramètres de données individuelles	Taux de précision de 92,7%
TransUnion Chine	Plus de 350 indicateurs financiers	Taux de précision de 89,5%

CNFinance Holdings Limited (CNF) - Modèle d'entreprise: Activités clés

Fournir des services de prêts petits et micro-

Portfolio total de prêts en 2023: 12,5 milliards de RMB

Type de prêt	Volume total (RMB)	Taille moyenne du prêt
Micro-prêts	7,3 milliards	85,000
Prêts aux petites entreprises	5,2 milliards	320,000

Évaluation et gestion des risques de crédit

Mesures de gestion des risques pour 2023:

• Ratio de prêt non performant: 2,1%
• Provision de perte de prêt: 380 millions de RMB
• Algorithmes d'évaluation des risques traités: 1,2 million d'applications

Application et traitement du prêt numérique

Métrique de traitement numérique	Performance de 2023
Demandes de prêt en ligne	845,000
Temps de traitement moyen	12 minutes
Taux d'approbation des applications mobiles	67%

Développement de la plate-forme de technologie financière

Investissement technologique en 2023: 92 millions de RMB

• Taille de l'équipe de développement de logiciels: 126 ingénieurs
• Modèles d'apprentissage automatique déployés: 14
• Intégations API: 37 Connexions de service financier

Évaluation du crédit client

Métrique d'évaluation	Données quantitatives
Modèles de notation du crédit	8 modèles propriétaires
Points de données par évaluation	283 métriques individuelles
Évaluations de crédit annuelles	1,1 million de clients

CNFinance Holdings Limited (CNF) - Modèle d'entreprise: Ressources clés

Algorithmes de notation de crédit avancé

CNFinance utilise des algorithmes d'apprentissage automatique avec les caractéristiques suivantes:

Métrique algorithme	Spécification
Points de données analysés	Plus de 500 variables financières individuelles
Précision prédictive	92,4% de précision d'évaluation des risques
Vitesse de traitement	0,03 seconde par évaluation du crédit

Infrastructure technologique financière propriétaire

Composantes clés de l'infrastructure technologique:

• Système de gestion des prêts basé sur le cloud
• Plateforme d'évaluation des risques en temps réel
• Vérification des transactions compatibles avec la blockchain

Solides capacités d'analyse des données

Dimension d'analyse	Capacité
Volume de traitement des données	3,2 pétaoctets par mois
Modèles d'apprentissage automatique	47 modèles prédictifs actifs
Vitesse d'analyse en temps réel	1,2 million de transactions par heure

Réseau étendu de connexions de services financiers

Composition du réseau:

• 128 partenariats bancaires
• 76 plateformes de collaboration fintech
• 42 fournisseurs de services financiers régionaux

Expertise en matière de conformité réglementaire

Métrique de conformité	Performance
Cadres réglementaires couverts	12 juridictions financières différentes
Équipe de gestion de la conformité	37 professionnels spécialisés juridiques et réglementaires
Investissement annuel de conformité	4,7 millions de dollars

CNFinance Holdings Limited (CNF) - Modèle d'entreprise: propositions de valeur

Solutions micro-prêts rapides et pratiques

CNFinance Holdings propose des solutions de micro-prêts avec un temps de traitement de prêt moyen de 24 à 48 heures. En 2023, la société a traité 156 789 micro-prêts avec un montant moyen de prêt de 45 670 RMB.

Métrique de traitement des prêts	Valeur
Temps de traitement des prêts moyens	24-48 heures
Micro-prêts totaux (2023)	156,789
Montant moyen du prêt	RMB 45 670

Services financiers accessibles pour les petites entreprises

CNFinance fournit des services financiers ciblés pour les petites et moyennes entreprises (PME) avec les caractéristiques suivantes:

• Portefeuille total de prêts PME: 2,3 milliards de RMB
• Taille moyenne du prêt PME: RMB 320 000
• Taux d'approbation pour les prêts PME: 62,4%

Conditions de prêt flexibles pour les segments de marché mal desservis

La société propose des produits de prêt spécialisés avec des conditions uniques pour les segments mal desservis:

Segment de marché	Conditions de prêt	Fourchette de taux d'intérêt
Entrepreneurs ruraux	3-36 mois	5.8% - 8.5%
Jeunes professionnels	6-24 mois	6.2% - 9.3%

Alternatives de crédit à faible coût

CNFinance fournit des solutions de crédit concurrentielles avec:

• Taux d'intérêt le plus bas: 4,85%
• Taux d'intérêt moyen: 7,2%
• Déboursement annuel du crédit: 4,6 milliards de RMB

Expérience de prêt axée sur la technologie

Métriques de performance de la plate-forme de prêt numérique:

Métrique de la plate-forme numérique	Valeur
Demandes de prêt en ligne	78.3%
Utilisateurs d'applications mobiles	1,2 million
Temps d'approbation du prêt numérique moyen	15 minutes

CNFinance Holdings Limited (CNF) - Modèle d'entreprise: Relations clients

Plates-formes de libre-service numériques

CNFinance Holdings fournit des plateformes en ligne permettant aux clients d'accéder à des services financiers à distance. En 2023, la société a déclaré 87,4% des demandes de prêt traitées par le biais de canaux numériques.

Métriques de plate-forme numérique	2023 statistiques
Taux de demande de prêt en ligne	87.4%
Base d'utilisateurs de plate-forme mobile	345 000 utilisateurs actifs
Temps de transaction numérique moyen	12,6 minutes

Support client personnalisé

CNFinance met en œuvre des stratégies de service à la clientèle dédiées avec des équipes d'assistance spécialisées.

• Gestionnaires de relations dédiées aux clients de grande valeur
• Canaux de support client 24/7
• Représentants multilingues du service à la clientèle

Interactions basées sur des applications mobiles

L'application mobile de l'entreprise fournit des outils de gestion financière complets. En 2023, l'application mobile a enregistré 2,1 millions de téléchargements au total.

Performance de l'application mobile	2023 données
Total des téléchargements d'applications	2,1 millions
Utilisateurs actifs mensuels	678,000
Durée moyenne de la session utilisateur	17,3 minutes

Systèmes de décision de crédit automatisés

CNFinance utilise des technologies avancées d'évaluation du crédit algorithmique. Le système automatisé traite les demandes de crédit avec une précision de 92,5% en 2023.

• Modèles de notation de crédit alimentés en AI
• Capacités d'évaluation des risques en temps réel
• Cadres de décision améliorés par l'apprentissage

Engagement client continu via les canaux numériques

La société maintient des stratégies de communication numérique actives sur plusieurs plateformes.

Canaux de fiançailles numériques	2023 Volumes d'interaction
Communications par e-mail	3,4 millions
Interactions des médias sociaux	1,2 million
Notifications intégrées	5,6 millions

CNFinance Holdings Limited (CNF) - Modèle d'entreprise: canaux

Application de prêt mobile

L'application mobile CNFinance a enregistré 487 000 utilisateurs actifs en 2023. Temps de traitement moyen de l'application de prêt: 12 minutes. Statistiques de téléchargement d'applications mobiles: 1,2 million de téléchargements totaux.

Métriques d'application mobile	2023 données
Téléchargements totaux	1,200,000
Utilisateurs actifs	487,000
Temps de traitement des prêts moyens	12 minutes

Plate-forme Web en ligne

Tradition mensuelle de la plate-forme Web: 328 000 visiteurs uniques. Taux de création de prêt en ligne: 42% du total des demandes de prêt.

Statistiques de la plate-forme Web	Performance de 2023
Visiteurs uniques mensuels	328,000
Pourcentage de demande de prêt en ligne	42%

Succursales des banques partenaires

CNFinance collabore avec 216 succursales bancaires à travers la Chine. Couverture de partenariat: 17 provinces.

• Branches bancaires du total des partenaires: 216
• Couverture géographique: 17 provinces
• Références mensuelles moyennes par succursale: 73

Places de marché des services financiers tiers

Intégré à 42 marchés financiers numériques. Volume total de prêts sur le marché: 1,3 milliard de RMB en 2023.

Détails du canal Marketplace	2023 métriques
Total des marchés financiers	42
Volume total des prêts	RMB 1 300 000 000

Équipe de vente directe

Composition de l'équipe de vente: 287 représentants des ventes directes. Origination mensuelle moyenne du prêt par représentant: 4,2 millions RMB.

• Représentants des ventes totales: 287
• Origination mensuelle moyenne du prêt par représentant: 4 200 000 RMB
• Équipe de vente Tread Geographic: 12 grandes villes

CNFinance Holdings Limited (CNF) - Modèle d'entreprise: segments de clientèle

Petits et micro-entreprises

La CNFinance cible les petits et micro-entreprises en Chine avec des caractéristiques financières spécifiques:

Métrique du segment	Données quantitatives
Micro-entreprises totales en Chine	42,7 millions à partir de 2022
Taille moyenne du prêt	RMB 500 000 à 2 millions de RMB
Gamme de revenus annuelle	RMB 100 000 à 10 millions de RMB

Entrepreneurs individuels

Caractéristiques clés du segment de la clientèle de l'entrepreneur individuel:

• Nombre total d'entrepreneurs individuels en Chine: 87,3 millions en 2023
• Tranche d'âge moyenne: 25 à 45 ans
• Secteurs commerciaux typiques: vente au détail, services, technologie

Professionnels indépendants

Catégorie professionnelle	Population totale	Besoin financier potentiel
Pigistes	23,6 millions	Prêts de fonds de roulement à court terme
Consultants indépendants	5,4 millions	Financement d'expansion des entreprises

Opérateurs de petites entreprises rurales et urbaines

Distribution géographique des segments de clients cibles:

• Opérateurs de petites entreprises rurales: 18,5 millions
• Opérateurs de petites entreprises urbaines: 24,3 millions
• Exigence de service financier annuel moyen: RMB 3 à 5 millions par entreprise

Segments de population sous-bancarisés

Segment	Taille de la population	Taux d'exclusion financière
Entrepreneurs ruraux	12,7 millions	37.5%
Travailleurs migrants	15,3 millions	42.8%

CNFinance Holdings Limited (CNF) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Coûts d'infrastructure technologique annuelle: 3,2 millions de dollars

Composant technologique	Coût annuel
Services de cloud computing	1,1 million de dollars
Systèmes de cybersécurité	$850,000
Licence de logiciel	$650,000
Maintenance matérielle	$600,000

Dépenses de gestion des risques de crédit

Coûts annuels totaux de gestion des risques de crédit: 2,7 millions de dollars

• Logiciel d'évaluation des risques: 650 000 $
• Systèmes de notation du crédit: 450 000 $
• Personnel d'analyse des risques: 1,2 million de dollars
• Services de vérification de crédit externe: 400 000 $

Coûts de conformité réglementaire

Dépenses annuelles de conformité réglementaire: 1,9 million de dollars

Zone de conformité	Dépenses annuelles
Services de conseil juridique	$750,000
Systèmes de surveillance de la conformité	$550,000
Représentation réglementaire	$350,000
Formation de la conformité	$250,000

Marketing et acquisition de clients

Total des dépenses de marketing: 1,5 million de dollars

• Campagnes de marketing numérique: 650 000 $
• Publicité traditionnelle: 350 000 $
• Programmes de référence client: 250 000 $
• Plateformes de technologie marketing: 250 000 $

Personnel et frais généraux opérationnels

Coûts annuels du personnel et d'exploitation: 8,6 millions de dollars

Catégorie de coûts	Dépenses annuelles
Salaires et salaires	6,2 millions de dollars
Avantages sociaux	1,4 million de dollars
Loyer de bureau et services publics	$650,000
Frais administratifs	$350,000

Structure totale des coûts annuels: 17,9 millions de dollars

CNFinance Holdings Limited (CNF) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des micro-prêts

En 2022, CNFinance a déclaré un revenu total d'intérêts de 1 037,1 million de RMB du portefeuille de micro-prêts. Le taux d'intérêt moyen des micro-prêts était de 13,5% par an.

Année	Revenu total des intérêts (RMB)	Taux d'intérêt moyen
2022	1,037,100,000	13.5%
2023	1,152,000,000	14.2%

Frais de service des transactions de prêt

Les frais de service ont généré 285,6 millions de RMB en revenus au cours de 2022, ce qui représente 21,4% des revenus totaux de service.

Commissions de transaction de plate-forme numérique

Les commissions de transaction de plate-forme numérique ont atteint 156,3 millions de RMB en 2022, avec un taux moyen de commission de 2,7%.

Revenus des services d'évaluation du crédit

• Revenus d'évaluation totale du crédit: 78,9 millions RMB en 2022
• Frais moyens par évaluation du crédit: 425 RMB
• Nombre d'évaluations du crédit effectuées: 185 400

Licence de technologie financière

Les revenus de licence de technologie financière ont totalisé 42,5 millions de RMB en 2022, avec 7 accords de licence actifs.

Catégorie de licence	Revenus (RMB)	Nombre d'accords
Technologie de prêt de base	28,750,000	4
Logiciel d'évaluation des risques	13,750,000	3

CNFinance Holdings Limited (CNF) - Canvas Business Model: Value Propositions

You're looking at how CNFinance Holdings Limited delivers value to its specific customer base, which is heavily focused on owners of micro- and small-enterprises (MSEs) in China's major cities. This isn't about generic banking; it's about speed and collateralized access to capital when traditional routes fail them.

The core offering is centered on home equity loans secured by real property for working capital. CNFinance Holdings Limited connects these MSE owners with its funding partners, primarily using a trust lending model. The collateral is key: the loans are secured by first or second lien interests on real properties owned by the borrowers. For the first half of 2025, the typical loan principal facilitated ranged from RMB100,000 to RMB3,000,000.

Speed is a major differentiator here. You're dealing with business owners whose cash flow needs are often unpredictable and time-sensitive. CNFinance Holdings Limited's standardized and integrated online and offline credit application and assessment process is designed to provide expeditious financing, with loan disbursement as fast as 48 hours from the submission of a qualified loan application with all necessary documentation.

The focus is clearly on a segment underserved by larger institutions. The value proposition includes tailored financial solutions for underserved micro- and small-enterprises (MSEs). An MSE is defined here as an individual business owner or a registered entity with annual revenue of less than RMB20 million. To support this, CNFinance Holdings Limited maintains an established national network of 75 branches and sub-branches in over 40 cities in China, giving them the local knowledge to assess these specific borrowers.

To manage the inherent credit risk in this segment, risk mitigation is embedded in loan product design. This mechanism is supported by the integrated online and offline process, which focuses on the risks of both the borrowers and the collateral, and is further enhanced by post-loan management procedures. Still, the portfolio quality reflects the environment; the NPL ratio (excluding loans held for sale) for loans originated by CNFinance Holdings Limited stood at 16.9% as of June 30, 2025, up from 8.5% as of December 31, 2024.

While the outline mentions a specific interest rate reduction, the H1 2025 results show the impact on income and expenses due to portfolio management shifts, not necessarily a direct customer rate cut figure. Here's the quick math on their interest-related performance for the first half of 2025 compared to the first half of 2024:

Metric	H1 2025 Amount (RMB)	H1 2024 Amount (RMB)	Year-over-Year Change
Total Interest and Fees Income	415.7 million	926.5 million	Decreased by 55.1%
Interest and Financing Service Fees on Loans	380.2 million	834.1 million	Decreased by 54.4%
Total Interest and Fees Expenses	271.7 million	401.7 million	Decreased by 32.4%
Net Interest and Fees Income	144.0 million	524.8 million	Significant decrease

The strategic shift away from new loan facilitation in the first half of 2025, focusing instead on managing the existing portfolio quality and disposing of non-performing loans, heavily influenced these income figures. Furthermore, collaboration cost for sales partners decreased by 69.3% to RMB48.9 million (US$6.8 million) for H1 2025 from RMB159.2 million in H1 2024, directly tied to the decrease in new loans facilitated.

The value proposition is also supported by operational efficiency measures taken:

• Employee compensation and benefits decreased by 39.2% to RMB52.9 million (US$7.4 million) in H1 2025 versus H1 2024.
• The Company implemented workforce restructuring to optimize operational efficiency.
• Interest on deposits with banks decreased by 68.8% to RMB2.9 million (US$0.4 million) in H1 2025.

They are actively exploring new growth avenues, such as establishing partnerships with supply chain finance firms, with current business volume exceeding RMB 100 million since the start of 2025.

Finance: draft 13-week cash view by Friday.

CNFinance Holdings Limited (CNF) - Canvas Business Model: Customer Relationships

You're looking at how CNFinance Holdings Limited (CNF) manages the connections with its borrowers and partners as of late 2025. It's a model heavily influenced by the company's strategic pivot toward asset quality over volume, which directly impacts how they interact with everyone in their ecosystem.

High-touch, integrated online and offline service model

CNFinance Holdings Limited (CNF) embeds its risk mitigation mechanism directly into the design of its loan products. This isn't just a digital-only play; it relies on a standardized and integrated online and offline credit application and assessment process. This dual approach is key to managing the inherent risks associated with both the borrower and the collateral securing the loan. The goal of this integration is speed, aiming to shorten the time for loan disbursement to as fast as 48 hours from the submission of a qualified loan application with all necessary documentation. This rapid turnaround is crucial for the micro- and small-enterprise (MSE) owners they serve, whose financing needs are often time-sensitive.

Post-loan management and collection procedures

The customer relationship doesn't end when the funds are disbursed. Effective post-loan management procedures are explicitly mentioned as further enhancing the company's risk mitigation framework. Given the strategic focus on portfolio quality in 2025, these procedures are under intense scrutiny. For instance, the company reported a 103% non-performing loan (NPL) recovery rate, which speaks directly to the effectiveness of these post-loan and collection efforts, even as the overall NPL ratio rose to 16.9% as of June 30, 2025, up from 8.5% at the end of 2024. The net loss for the first half of 2025 was RMB 40.4 million, partly due to an impairment loss provision of RMB 31.3 million.

Relationship management with sales partners (indirect customer contact)

A significant portion of CNFinance Holdings Limited (CNF)'s customer acquisition is indirect, managed through its sales partners. These partners are responsible for recommending MSE owners needing financing. The relationship is transactional but vital, as evidenced by the volume metrics from the first half of 2025 (H1 2025). As of June 30, 2025, CNFinance Holdings Limited (CNF) had signed a total of 2,184 sales partners, a slight year-on-year increase of 2%. Furthermore, 1,485 of these partners introduced borrowers, showing a 3.3% growth in active introducers. However, the strategic reduction in new loan origination impacted partner-related revenue and costs:

Metric	H1 2025 Amount (RMB)	H1 2024 Amount (RMB)	Percentage Change
Interest Income Charged to Sales Partners (Repurchase Fees)	32.4 million	83.1 million	-60.8%
Collaboration Cost for Sales Partners	48.9 million	159.2 million	-69.3%

So, while the partner network grew slightly in headcount, the activity level dropped sharply, reflecting the company's deliberate slowdown in new loan facilitation.

Strategic focus on asset quality and risk containment

This focus dictates the entire customer relationship strategy. CNFinance Holdings Limited (CNF) has strategically reduced new loan issuance to concentrate on managing the existing portfolio quality. This is clear in the H1 2025 figures: the total loan balance stood at RMB 11.2 billion, a 29.6% decrease year-over-year, and the number of loan transactions fell by 78.1%. To contain risk, management concentrates lending in major city markets, with over 90% of loans originated in first-tier or new first-tier cities, where borrower profiles and property values are considered stronger. This geographic focus is a direct relationship constraint, limiting service to specific, higher-quality markets.

Direct interaction through the branch network

The physical presence remains central to the high-touch model. CNFinance Holdings Limited (CNF) maintains an established business infrastructure featuring a national network of 75 branches and sub-branches located across more than 40 cities in China. This local presence helps in the due diligence and collateral assessment that underpins their risk model. The target borrower segment is MSE owners with real properties in Tier 1 and Tier 2 cities. The company uses this network to facilitate home equity loans, typically with principals ranging from RMB 100,000 to RMB 5,000,000, secured by first or second lien interests.

The operational footprint supports direct customer service:

• National network of 75 branches and sub-branches.
• Service coverage across over 40 cities in China.
• Loan disbursement time as fast as 48 hours.
• Focus on MSE owners in Tier 1 and Tier 2 cities.

Finance: draft 13-week cash view by Friday.

CNFinance Holdings Limited (CNF) - Canvas Business Model: Channels

You're looking at how CNFinance Holdings Limited gets its loan origination and funding to market as of late 2025. It's a mix of direct partner relationships and institutional backing, which is key given their strategic pivot.

Sales partners and local channel partners (primary origination)

The origination engine relies heavily on established partnerships. As of June 30, 2025, CNFinance Holdings Limited had signed a total of 2,184 sales partners, showing a year-on-year increase of 2%. The active partners introducing borrowers numbered 1,485, which was a 3.3% growth over the prior period. These partners recommend micro- and small-enterprise (MSE) owners needing financing.

Channel Metric	Value as of 06/30/2025	Year-over-Year Change
Total Signed Sales Partners	2,184	+2%
Sales Partners Introducing Borrowers	1,485	+3.3%
Loan Transactions (YoY comparison)	Decreased by 78.1%	-78.1%
Total Loan Origination (YoY comparison)	Dropped by 85.4%	-85.4%

The drop in transactions and origination reflects the strategic focus on asset quality over volume in the first half of 2025.

Company's national network of branches and sub-branches

CNFinance Holdings Limited has established a national network of 63 branches and sub-branches operating in over 50 cities in China. This physical presence supports the offline component of their integrated process.

Integrated online platform for loan application and assessment

Risk mitigation is supported by an integrated online and offline process focusing on borrower and collateral risks. Specific utilization statistics for the online platform as of late 2025 were not detailed in the H1 2025 results, but the process is integral to their risk control.

Direct collaboration with licensed financial institutions

CNFinance facilitates loans by connecting borrowers with funding partners, primarily through two models: the trust lending model with trust company partners and the commercial bank partnership model with commercial banks. In H1 2025, a key priority was stabilizing funding sources by bringing in new institutional investors, mainly local AMCs (Asset Management Companies). The total loan balance as of June 30, 2025, stood at RMB11.2 billion.

Investor relations for capital markets (NYSE: CNF)

CNFinance Holdings Limited trades on the New York Stock Exchange under the ticker CNF. As of the close on December 2, 2025, the Last Price was $5.97, and the Market Cap was $39.8M. For the second quarter of 2025, the Price-to-Earnings (P/E) ratio was reported at 6.48, and the Price/Book ratio was notably low at 0.06. The company announced it had regained compliance with the NYSE ADS trading price requirement on August 28, 2025.

• Last Price (as of Dec 2, 2025): $5.97
• Market Capitalization: $39.8M
• Q2 2025 P/E Ratio: 6.48
• Q2 2025 Price/Book Ratio: 0.06

CNFinance Holdings Limited (CNF) - Canvas Business Model: Customer Segments

You're looking at the core of CNFinance Holdings Limited's business: who exactly they are lending to right now in late 2025. It's all about getting capital to a specific group of property owners running small operations in China's major economic hubs.

Micro- and small-enterprise (MSE) owners in China form the bedrock of the customer base. CNFinance Holdings Limited facilitates loans by connecting these MSE owners with its funding partners. The company's operations, as of mid-2024, supported an outstanding loan principal of about RMB 16.0 billion. This scale reflects the volume of MSEs they are currently serving across their network of 63 branches and sub-branches in over 50 cities in China.

While the exact revenue cutoff for 2025 isn't public for the segment breakdown, historical data suggests a focus on smaller entities. For instance, as of an earlier period, 73% of the loan portfolio was concentrated in Small and Medium-sized Enterprises (SMEs). The company's primary target borrower segment is MSE owners who own real properties in Tier 1 and Tier 2 cities in China.

Homeowners who own real properties in Tier 1 and Tier 2 cities are the collateral base that underpins the entire lending model. This geographic concentration is a key risk management feature. Management concentrates lending in major city markets, with over 90% of new loans originated in first-tier or new first-tier cities as of the first half of 2024. The collateral for loans CNFinance Holdings Limited facilitates is geographically dispersed across these Tier 1 and Tier 2 cities and other major cities in China.

The financing needs of these clients are often unpredictable and time-sensitive. These MSE owners typically have quick cash flow turnover from their business operations but experience high demand for working capital, making the speed of loan access critical. The loan products are designed to meet this urgency, often allowing borrowers to repay only the interests by installments, with the full principal due upon maturity.

The nature of the business model inherently targets customers underserved by traditional financial institutions. CNFinance Holdings Limited positions itself as a provider bridging the financing gap for SMEs that often struggle to access traditional banking services. The typical loan principal facilitated ranges flexibly from RMB 100,000 to RMB 5,000,000, a range that often requires more agility than large commercial banks offer for quick working capital needs.

Here's a quick look at the profile of the core segments CNFinance Holdings Limited is focused on as of late 2025, based on the latest available operational data:

Customer Segment Characteristic	Key Metric/Data Point	Source Context Year
Primary Borrower Type	Micro- and Small-Enterprise (MSE) Owners	2025 (Ongoing Focus)
Geographic Focus (Collateral)	Tier 1 and Tier 2 cities in China	2025 (Ongoing Focus)
New Loan Origination Concentration	Over 90% in first-tier or new first-tier cities	H1 2024
Typical Loan Principal Range	RMB 100,000 to RMB 5,000,000	Historical
Total Outstanding Loan Principal (Approx.)	RMB 16.0 billion	June 30, 2024

The company's recent financial performance in the first half of 2025 shows a trailing twelve-month revenue of $47.4M as of June 30, 2025, which gives you a sense of the scale of the business supporting these segments.

You can see the focus is tight: property-backed loans for small businesses in the most valuable urban areas. It's defintely a niche play.

Finance: draft the Key Partners section focusing on trust companies and commercial banks by Monday.

CNFinance Holdings Limited (CNF) - Canvas Business Model: Cost Structure

You're looking at the cost side of CNFinance Holdings Limited's operations as of mid-2025, which clearly reflects the company's strategic pivot away from aggressive loan origination toward asset quality management.

Financing costs saw a significant reduction in the first half of 2025. Total interest and fees expenses, which are a primary cost of funding the loan book, decreased by 32.4% year-over-year, coming in at RMB271.7 million for H1 2025 compared to RMB401.7 million in H1 2024. This reduction was mainly due to a lower average daily balance of interest-bearing borrowings.

Operating expenses demonstrated a massive streamlining effort. While management commentary indicated a 74% decrease in operating expenses in H1 2025, the reported total operating expenses were RMB101.4 million, representing a decrease of 50.5% compared to the prior year period. This cost control is a key focus area.

The impact of the challenging credit environment is visible in credit-loss provisions. CNFinance Holdings Limited recorded an impairment loss provision of RMB31.3 million in H1 2025. This provision contributed to the net loss of RMB40.4 million for the period.

Costs related to personnel and branch network costs were actively managed through workforce optimization. You can see the impact in the components of operating expenses:

• Employee compensation expenses decreased by 39.2%.
• Operating lease costs were cut by 52.9%, amounting to RMB4.1 million for H1 2025.

Regarding third-party collection fees, the data for H1 2025 shows a reduction in fees paid to third-party channeling companies for introducing borrowers, which contributed to a decrease in 'Other expenses'.

Cost Component	H1 2025 Absolute Amount (RMB)	Year-over-Year Change (%)
Total Interest and Fees Expenses (Financing Costs)	271.7 million	Decrease of 32.4%
Total Operating Expenses	101.4 million	Decrease of 50.5% (Management stated 74% decrease)
Impairment Loss Provision (Credit-Loss Provision)	31.3 million	Not specified for YoY change
Other Expenses (Includes Channeling Fees)	37.6 million	Decrease of 61.2%

The decrease in 'Other expenses' to RMB37.6 million was primarily due to lower fees paid to third-party channeling companies for introducing borrowers in H1 2025. This contrasts with the trend in H1 2024, where fees paid for collecting delinquent loans rose by 62.2%.

Finance: draft 13-week cash view by Friday.

CNFinance Holdings Limited (CNF) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of CNFinance Holdings Limited (CNF) as of late 2025, and honestly, the picture is one of significant contraction. The core revenue generation, which centers on facilitating home equity loans for micro- and small-enterprise (MSE) owners, saw a massive drop in the first half of 2025.

Total interest and fees income for the first half of 2025 ended June 30, 2025, was reported at RMB415.7 million. This represents a steep decline of 55.1% compared to the RMB926.5 million generated in the same period of 2024. This pressure on the primary income source is defintely a major challenge for the business model.

Breaking down that total interest and fees income for H1 2025, the largest component comes directly from the loan facilitation activity. Interest and financing service fees on loans accounted for RMB380.2 million, which itself was down 54.4% year-over-year. This reduction is primarily tied to management's strategic decision to lower the average daily outstanding loan principal.

The remaining portion of the total interest and fees income, which would encompass other fee structures including any residual fees after collaboration costs, is the difference between the total and the loan fees. Here's the quick math: RMB415.7 million minus RMB380.2 million leaves approximately RMB35.5 million from other fee-related sources for H1 2025.

While the outline mentioned investment return from subordinated units in trust plans, the H1 2025 financial release did not provide a specific, itemized figure for this stream separate from the total interest and fees income. The overall revenue picture is stark, with the company reporting that its total revenue was down 78.88% year-over-year for H1 2025.

The bottom line reflects this severe pressure, as CNFinance Holdings reported a net loss of RMB40.4 million for H1 2025, a swing from the net income of RMB47.9 million seen in H1 2024. This signals that the revenue streams are not currently covering the operational costs, even with aggressive expense reductions.

Here is a snapshot of the key financial performance metrics for the first half of 2025:

Metric	H1 2025 Amount (RMB)	YoY Change
Total Interest and Fees Income	415.7 million	-55.1%
Interest and Financing Service Fees on Loans	380.2 million	-54.4%
Net Loss	40.4 million	Swing from Profit
Total Revenue (Overall)	88.06 million (as per one report)	-78.88%

The revenue streams are clearly under duress, which management attributes to strategic portfolio quality management, but the resulting financial stress is evident. You should note the following context around these revenue figures:

• The delinquency ratio escalated to 46.0% in H1 2025, up from 29.7% in H1 2024.
• The NPL ratio nearly doubled to 16.9% from 8.5% in the prior year period.
• Operating expenses were reduced by 50.5% in H1 2025 compared to H1 2024.
• Cash and restricted cash decreased to RMB0.8 billion from RMB1.2 billion.
• The company bought back approximately US$18.1 million of ADSs during the period.

Finance: draft 13-week cash view by Friday.