Lufax Holding Ltd (LU): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de la finance numérique, Lufax Holding Ltd (LU) apparaît comme une force transformatrice, réinvenant comment la technologie et les services financiers se croisent. En tirant parti des algorithmes d'IA de pointe, des technologies sophistiquées d'évaluation du crédit et une plate-forme de prêt innovante entre pairs, Lufax a taillé un créneau unique pour servir les consommateurs avertis numériquement et les segments de marché sous-bancaires. Cette exploration de la toile des modèles commerciaux de Lufax révèle un écosystème sophistiqué qui mélange les prouesses technologiques à l'innovation financière stratégique, promettant aux lecteurs un point de vue d'initié sur l'une des plateformes de finch les plus intrigantes de la Chine.

Lufax Holding Ltd (LU) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les institutions financières chinoises

Lufax entretient des partenariats stratégiques avec plusieurs institutions financières chinoises:

Institution partenaire	Type de partenariat	Détails de collaboration
Banque industrielle et commerciale de Chine (ICBC)	Coopération des prêts numériques	Intégration conjointe de la plate-forme de prêt en ligne
Banque de construction chinoise	Gestion des risques	Partage de données d'évaluation du crédit
Banque agricole de Chine	Technologie financière	Collaboration infrastructure technologique

Partenariats avec les plateformes technologiques pour les prêts numériques

Lufax collabore avec les principales plateformes technologiques:

• Infrastructure technologique de groupe de fourmis
• Services de cloud computing Tencent
• Plateforme Alibaba Data Analytics

Coopération avec les sociétés d'évaluation du crédit et de gestion des risques

Les partenariats clés de gestion des risques comprennent:

Partenaire	Service spécialisé	Valeur de collaboration annuelle
Experian China	Algorithmes de notation du crédit	12,5 millions de dollars
Transunion	Technologies d'évaluation des risques	9,3 millions de dollars

Alliances avec les assureurs

Réseau de partenariat d'assurance:

• Ping une assurance - Intégration complète des services financiers
• Assurance-vie en Chine - Produits de protection des risques
• PICC Property and Casualty Insurance - Solutions d'assurance numérique

Lufax Holding Ltd (LU) - Modèle d'entreprise: Activités clés

Opérations de plate-forme de prêt entre pairs en ligne

Lufax exploite une plate-forme de prêt numérique avec les mesures opérationnelles suivantes:

Métrique de la plate-forme	Valeur
Volume total des prêts	52,7 milliards de dollars (2022)
Utilisateurs actifs	8,3 millions
Taille moyenne du prêt	$6,350

Évaluation et gestion des risques de crédit

Les processus de gestion des risques comprennent:

• Algorithmes avancés de notation de crédit axés sur l'IA
• Cadre d'évaluation des risques multicouches
• Systèmes de surveillance des risques en temps réel

Métrique d'évaluation des risques	Performance
Ratio de prêts non performants	2.8%
Taux de prévention par défaut	94.6%

Développement de produits financiers numériques

Le développement de produits se concentre sur:

• Produits de prêt personnel
• Solutions de gestion de patrimoine
• Services financiers intégrés

Catégorie de produits	Croissance annuelle
Prêts personnels	17.3%
Gestion de la richesse	22.5%

Acquisition de clients et gestion des relations

Métriques d'engagement client:

Métrique client	Valeur
Taux de rétention de la clientèle	86.4%
Coût annuel d'acquisition des clients	42 $ par client
Dépenses de marketing numérique	18,6 millions de dollars

Maintenance des infrastructures technologiques

Détails de l'investissement technologique:

Métrique technologique	Valeur
Investissement technologique annuel	76,3 millions de dollars
Infrastructure informatique de disponibilité	99.98%
Budget de cybersécurité	12,5 millions de dollars

Lufax Holding Ltd (LU) - Modèle d'entreprise: Ressources clés

Algorithmes avancés de l'IA et de l'apprentissage automatique

Lufax exploite les technologies de l'IA sophistiquées avec les spécifications suivantes:

Métrique technologique de l'IA	Valeur quantitative
Précision du modèle d'apprentissage automatique	92.5%
Transactions de traitement de l'IA quotidiennes	1,2 million
Investissement annuel d'IA	47,3 millions de dollars

Technologie de notation de crédit propriétaire

Les capacités de notation du crédit comprennent:

• Algorithme d'évaluation des risques Précision: 89,7%
• Vitesse d'évaluation des risques de crédit: 0,03 seconde par profile
• Points de données de notation du crédit total: 327 paramètres uniques

Grande base de données des profils d'utilisateurs financiers

Métrique de la base de données	Valeur quantitative
Profils d'utilisateur total	43,6 millions
Utilisateurs financiers actifs	22,1 millions
Croissance annuelle de collecte de données	17.3%

Infrastructure de plate-forme numérique robuste

Plateforme Spécifications techniques:

• Capacité de cloud computing: 99,99% de disponibilité
• Emplacements du centre de données: 7 régions
• Investissement annuel d'infrastructure numérique: 62,5 millions de dollars

Main-d'œuvre technologique et financière qualifiée

Métrique de la main-d'œuvre	Valeur quantitative
Total des employés	4,237
Professionnels de la technologie	2,156
Expérience moyenne des employés	6,4 ans
Investissement de formation annuelle	18,7 millions de dollars

Lufax Holding Ltd (LU) - Modèle d'entreprise: propositions de valeur

Solutions de prêt en ligne pratique et accessible

Lufax fournit des plateformes de prêt numérique avec un taux d'achèvement de l'application de prêt en ligne de 98,6%. Le volume total des prêts numériques a atteint 259,4 milliards de RMB en 2023.

Métriques de plate-forme numérique	Performance de 2023
Achèvement de la demande de prêt en ligne	98.6%
Volume total de prêts numériques	259,4 milliards de RMB

Taux d'intérêt concurrentiels pour les emprunteurs

Les taux d'intérêt moyens pour les prêts personnels varient entre 5,8% et 8,2% par an. Taux d'intérêt des prêts à la consommation 30% inférieurs aux alternatives bancaires traditionnelles.

Processus d'approbation des prêts rapides

• Temps d'approbation du prêt moyen: 12 minutes
• Mécanisme automatisé de notation du crédit
• Traitement de décision en temps réel

Recommandations de produits financiers personnalisés

Les algorithmes d'apprentissage automatique analysent 3,7 millions de profils d'utilisateurs pour les recommandations financières sur mesure. 76,4% de précision dans la correspondance des produits.

Options de financement alternatives pour les segments de marché mal desservis

Segment de marché	Volume de prêt	Taux de croissance
Jeunes professionnels	42,3 milliards de RMB	18.7%
Micro-entrépreneurs	37,6 milliards de RMB	15.4%

Lufax Holding Ltd (LU) - Modèle d'entreprise: relations avec les clients

Plates-formes de libre-service numériques

En 2024, Lufax exploite des plateformes numériques avec 57,3 millions d'utilisateurs enregistrés. La plate-forme en ligne gère 2,4 millions de transactions de prêt actif par an, avec une valeur de transaction moyenne de 12 500 $.

Métrique de la plate-forme	Valeur 2024
Utilisateurs enregistrés	57,3 millions
Transactions de prêt actif	2,4 millions
Valeur de transaction moyenne	$12,500

Support client personnalisé

Lufax maintient une équipe de service client de 1 245 professionnels dévoués, avec un temps de réponse moyen de 12 minutes sur les canaux numériques.

Interaction mobile basée sur des applications

L'application mobile LUFAX compte 34,6 millions d'utilisateurs actifs mensuels, avec 92% des interactions client sur les plateformes mobiles.

Métrique d'interaction mobile	Valeur 2024
Utilisateurs mobiles actifs mensuels	34,6 millions
Pourcentage d'interaction de plate-forme mobile	92%

Personnalisation axée sur les données

Lufax utilise des algorithmes AI avancés de traitement 3.8 pétaoctets de données clients mensuellement, permettant une précision de 78% dans les recommandations de produits financiers personnalisés.

• Volume de traitement des données: 3,8 pétaoctets / mois
• Précision de recommandation: 78%
• Modèles d'apprentissage automatique: 24 modèles distincts

Amélioration continue de l'expérience utilisateur

La cote de satisfaction du client s'élève à 86,4%, avec des cycles de raffinement de l'expérience utilisateur trimestriels mis en œuvre sur les plates-formes numériques.

Métrique de l'expérience utilisateur	Valeur 2024
Évaluation de satisfaction du client	86.4%
Expérience des cycles de raffinement	Trimestriel

Lufax Holding Ltd (LU) - Modèle d'entreprise: canaux

Application mobile

L'application mobile de Lufax sert de canal numérique principal avec 45,7 millions d'utilisateurs actifs au troisième trimestre 2023. L'application prend en charge plus de 78 catégories de produits financiers différentes et traite environ 3,2 millions de transactions quotidiennes.

Métrique de l'application mobile	Valeur
Total des utilisateurs actifs	45,7 millions
Transactions quotidiennes	3,2 millions
Catégories de produits	78

Site officiel

Lufax.com gère environ 22% du total des transactions financières numériques, générant 1,3 milliard de dollars de revenus annuels grâce à des interactions Web.

Marchés financiers en ligne

• Intégré avec 37 plateformes de marché financier tiers
• Atteint 12,5 millions d'utilisateurs uniques supplémentaires via les canaux du marché
• Génère environ 480 millions de dollars de revenus axés sur le marché

Plateformes de médias sociaux

Lufax maintient un engagement actif sur WeChat, Weibo et d'autres plateformes sociales chinoises, avec une base de disciples combinée de 4,6 millions d'utilisateurs.

Plate-forme	Nombre de suiveurs
Wechat	2,9 millions
Weibo	1,7 million

Agrégateurs de services financiers tiers

Collabore avec 64 agrégateurs de services financiers, traitant 2,7 milliards de dollars de volume de transactions annuel grâce à ces partenariats.

• Partnership Reach: 64 agrégateurs
• Volume de transaction annuel: 2,7 milliards de dollars

Lufax Holding Ltd (LU) - Modèle d'entreprise: segments de clientèle

Jeunes professionnels urbains

Tranche d'âge: 25-35 ans

Taille du segment	Revenu mensuel moyen	Taux d'adoption des services financiers numériques
3,2 millions d'utilisateurs	15 600 ¥ par mois	87.4%

Propriétaires de petites entreprises

Échelle d'entreprise ciblée: micro et petites entreprises

Nombre d'entreprises cibles	Gamme de revenus annuelle	Demande de crédit
680 000 entreprises	500 000 ¥ - 5 millions de ¥	3,2 milliards de ¥ Volume de prêt total

Individus à revenu moyen

• Bracket de revenu: 100 000 ¥ - 500 000 ¥ par an
• Marché total adressable: 42 millions de personnes
• Capacité d'investissement moyenne: 75 000 ¥ par an

Consommateurs financiers avertis du numérique

Pénétration des services bancaires mobiles	Utilisateurs de plate-forme d'investissement en ligne	Valeur de transaction numérique moyenne
76.3%	12,5 millions d'utilisateurs actifs	8 700 ¥ par transaction

Segments de population sous-bancarisés

Régions cibles: villes de troisième niveau et zones rurales

Population non bancarisée	Taux d'inclusion financière	Nouvelle clientèle potentielle
24,6 millions d'individus	46.2%	11,3 millions de nouveaux clients potentiels

Lufax Holding Ltd (LU) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Coûts d'infrastructure technologique annuelle: 87,4 millions de dollars en 2022

Catégorie de coûts	Montant ($)
Services cloud	32,6 millions
Maintenance du centre de données	24,9 millions
Systèmes de cybersécurité	15,7 millions
Infrastructure réseau	14,2 millions

Marketing et acquisition de clients

Total des dépenses de marketing: 63,2 millions de dollars en 2022

• Dépenses publicitaires numériques: 28,5 millions de dollars
• Programmes de référence client: 12,7 millions de dollars
• Promotion de la marque: 22 millions de dollars

Gestion des risques et conformité

Coûts de conformité et de gestion des risques: 41,6 millions de dollars en 2022

Zone de conformité	Coût ($)
Représentation réglementaire	15,3 millions
Outils d'évaluation des risques	12,9 millions
Avis juridique	13,4 millions

Acquisition et rétention de talents

Dépenses totales de ressources humaines: 95,7 millions de dollars en 2022

• Salaires et compensation: 72,3 millions de dollars
• Coûts de recrutement: 8,9 millions de dollars
• Formation et développement des employés: 14,5 millions de dollars

Développement et mises à niveau de la plate-forme

Investissement annuel sur le développement de la plate-forme: 76,5 millions de dollars en 2022

Catégorie de développement	Investissement ($)
Développement de logiciels	42,6 millions
Améliorations de l'expérience utilisateur	19,3 millions
Intégration de l'IA et de l'apprentissage automatique	14,6 millions

Lufax Holding Ltd (LU) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des activités de prêt

Pour l'exercice 2022, Lufax a déclaré un revenu d'intérêt d'environ 1,42 milliard de dollars de ses activités de prêt. Le volume total de création de prêt de la société a atteint 67,1 milliards de dollars au cours de la même période.

Catégorie de revenus	Montant (USD)	Pourcentage du total des revenus
Revenu d'intérêt	$1,420,000,000	45.3%

Frais de service des transactions financières

Lufax a généré des frais de service de 832 millions de dollars en 2022, ce qui représente 26,6% de ses sources de revenus totaux.

• Frais de transaction de gestion de patrimoine
• Frais de facilitation de crédit
• Frais de service de gestion des actifs

Commission des références de produits financiers

Les commissions de référence du produit financier s'élevaient à 456 millions de dollars en 2022, représentant 14,6% des revenus totaux.

Monétisation des données

Lufax a gagné environ 187 millions de dollars des services de monétisation des données en 2022.

Licence de technologie

Les revenus des licences technologiques ont atteint 226 millions de dollars pour l'exercice 2022.

Flux de revenus	2022 Revenus (USD)	Pourcentage du total des revenus
Revenu d'intérêt	$1,420,000,000	45.3%
Frais de service	$832,000,000	26.6%
Commissions de référence	$456,000,000	14.6%
Licence de technologie	$226,000,000	7.2%
Monétisation des données	$187,000,000	6.0%

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

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

Easy, inclusive financing access for underserved Small Business Owners.

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

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

Technology-driven, efficient credit underwriting and risk assessment.

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

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

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

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

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

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

Empowering institutional partners with technology to reach SBOs efficiently.

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

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

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

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

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

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

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

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

Automated investment advisory for newer financial market entrants.

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

Dedicated relationship management for high-quality SBOs.

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

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

Compliance-focused and transparent platform operations.

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

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

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

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

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

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

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

Direct sales force for SBO loan origination

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

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

Institutional partners' networks for funding and distribution

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

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

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

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

Offshore subsidiaries (Lu International in Singapore and Hong Kong)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Key elements contributing to the operational cost base include:

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

Finance: draft 13-week cash view by Friday.

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

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

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

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

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

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

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

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

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

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

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

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

Finance: draft 13-week cash view by Friday.