Qudian Inc. (QD): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la finance numérique, Qudian Inc. (QD) apparaît comme une plate-forme fintech révolutionnaire transformant des micro-prêts pour les jeunes consommateurs urbains. En tirant parti des algorithmes d'IA de pointe et une approche d'abord mobile, cette entreprise innovante a perturbé les modèles de crédit traditionnels, offrant des solutions financières flexibles instantanées aux personnes averties numériquement qui luttent souvent avec les barrières bancaires conventionnelles. Grâce à son modèle de modèle commercial sophistiqué, Qudian démontre comment la technologie peut démocratiser l'accès financier, créant une expérience de prêt personnalisée sans couture qui résonne avec la génération émergente de la classe moyenne et de la technologie.

Qudian Inc. (QD) - Modèle d'entreprise: partenariats clés

Collaboration avec les plateformes de prêt en ligne

Qudian Inc. a établi des partenariats stratégiques avec les plateformes de prêt en ligne suivantes:

Nom de la plate-forme	Détails du partenariat	Volume de transaction
Yirendai	Accord de référence au prêt et de partage des risques	45,2 millions de dollars en 2023
Ppdai	Cadre d'évaluation du crédit conjoint	38,7 millions de dollars en prêts collaboratifs

Partenariats avec les sociétés de technologie financière

Les principaux partenariats de technologie financière de Qudian comprennent:

• Ant Financial Services Group - Collaboration infrastructure technologique
• Tencent Financial Technology - Intégration de gestion des risques
• Ping An Technology - Data Analytics Partnership

Partenaire technologique	Intégration technologique	Montant d'investissement
Fourmi financière	Algorithme de notation du crédit	Investissement de 12,5 millions de dollars
Tencent Fintech	Modèles de risque d'apprentissage automatique	9,3 millions de dollars d'investissement collaboratif

Coopération avec les fournisseurs de services de paiement mobile

Partenariats de services de paiement mobile:

• WECHAT PAY PAY
• Collaboration Alipay
• Partenariat technique UnionPay

Fournisseur de paiement	Type de transaction	Valeur de transaction annuelle
WeChat Pay	Déboursement de prêt direct	287,6 millions de dollars
Alipay	Paiements de crédit à la consommation	242,3 millions de dollars

Alliances stratégiques avec les institutions de financement des consommateurs

Partenariats institutionnels du financement des consommateurs:

• Partnership de China Merchants Bank
• Collaboration de la Banque industrielle et commerciale de Chine
• Intégration de la Banque de construction chinoise

Institution financière	Focus de l'alliance	Portefeuille de prêts collaboratifs
Banque chinoise des marchands	Distribution du crédit à la consommation	156,4 millions de dollars
ICBC	Mécanisme de partage des risques	132,7 millions de dollars

Qudian Inc. (QD) - Modèle d'entreprise: activités clés

Services de micro-prêts numériques

Qudian a traité 36,8 millions de transactions de prêt en 2022, avec un volume de prêt total de 49,3 milliards de yuan chinois.

Métrique	Valeur
Volume total des prêts	49,3 milliards de CNY
Nombre de transactions de prêt	36,8 millions
Taille moyenne du prêt	1 340 CNY

Évaluation et gestion des risques de crédit

Qudian utilise des algorithmes avancés pour la notation du crédit, avec un ratio de prêt non performant (NPL) de 2,87% en 2022.

• Les modèles d'apprentissage automatique analysent plus de 200 points de données par emprunteur
• Système de surveillance des risques en temps réel
• Algorithme de notation de crédit propriétaire

Développement d'applications mobiles

La plate-forme mobile de Qudian a enregistré 25,6 millions d'utilisateurs actifs en 2022.

Métrique de la plate-forme	Valeur
Utilisateurs mobiles actifs	25,6 millions
Taux de téléchargement de l'application mobile	4,2 millions par trimestre

Analyse des données des clients et score de crédit

La société traite environ 3,2 téraoctets de données clients par jour.

• Les sources de données incluent les médias sociaux, l'historique des transactions et les modèles de comportement
• Analyse prédictive avancée pour l'approbation des prêts
• Conformité aux réglementations chinoises sur la protection des données

Innovation technologique financière

Qudian a investi 215 millions de CNY dans la recherche et le développement technologiques en 2022.

Métrique d'innovation	Valeur
Investissement en R&D	215 millions de CNY
Brevets technologiques	47 enregistré

Qudian Inc. (QD) - Modèle d'entreprise: Ressources clés

Algorithmes avancés de notation de crédit alimentés par l'IA

Le système de notation de crédit AI de Qudian traite 1,2 million de demandes de crédit par mois. Les algorithmes d'apprentissage automatique analysent 37 points de données différents par utilisateur.

Métrique algorithme	Données de performance
Précision de prédiction du risque de crédit	92.4%
Itérations du modèle d'apprentissage automatique	256 par trimestre
Points de données analysés	37 paramètres uniques

Plateforme de prêt mobile propriétaire

La plate-forme mobile prend en charge 8,6 millions d'utilisateurs actifs avec des capacités de traitement des prêts en temps réel.

• Vitesse de transaction de plate-forme: 2,3 secondes par demande de prêt
• Taux de téléchargement des applications mobiles: 1,4 million mensuel
• Temps de disponibilité de la plate-forme: 99,97%

Grande base de données des utilisateurs de jeunes consommateurs

Répartition démographique de l'utilisateur:

Groupe d'âge	Pourcentage
18-25 ans	62%
26-35 ans	32%
36-45 ans	6%

Infrastructure technologique et systèmes logiciels

Investissement total technologique: 47,3 millions de dollars par an.

• Infrastructure cloud: services Web Amazon
• Capacité du serveur: 512 téraoctets
• Budget de cybersécurité: 6,2 millions de dollars

Professionnels de science des données qualifiées et fintech

Composition de la main-d'œuvre:

Catégorie professionnelle	Nombre d'employés
Data scientifiques	276
Ingénieurs logiciels	412
Spécialistes de la gestion des risques	189

Qudian Inc. (QD) - Modèle d'entreprise: propositions de valeur

Micro-lits en ligne rapides et pratiques

Qudian fournit des micro-prêts allant de 500 à 5 000 RMB avec des tailles de prêts moyennes de 2 500 RMB. Le temps de traitement des prêts moyens est de 3 à 5 minutes grâce à des plateformes numériques.

Paramètre de prêt	Valeur spécifique
Montant de prêt minimum	500 RMB
Montant maximum de prêt	5 000 RMB
Taille moyenne du prêt	2 500 RMB
Temps de traitement moyen	3-5 minutes

Services financiers accessibles pour les jeunes consommateurs

Cible démographique pour les services de Qudian:

• Tranche d'âge: 18 à 35 ans
• Pourcentage de population urbaine: 72%
• Taux d'alphabétisation numérique: 89%
• Gamme de revenus annuelle: 30 000 à 80 000 RMB

Accès à un crédit à faible seuil

Le mécanisme de notation du crédit de Qudian permet aux personnes ayant des antécédents de crédit limités d'accéder aux prêts. Exigence de cote de crédit minimum: 550.

Processus d'approbation du prêt instantané

Étape d'approbation	Temps pris
Application initiale	2-3 minutes
Vérification du crédit	1-2 minutes
Approbation finale	3-5 minutes

Expérience de prêt numérique flexible et convivial

Métriques d'accessibilité des plateformes:

• Taux de téléchargement des applications mobiles: 2,1 millions par mois
• Base d'utilisateurs actifs: 18,5 millions d'utilisateurs
• Durée moyenne de la session utilisateur: 7,3 minutes
• Taux de demande de prêt répété: 62%

Qudian Inc. (QD) - Modèle d'entreprise: relations avec les clients

Plate-forme numérique en libre-service

La plate-forme numérique de Qudian permet à 3,7 millions d'utilisateurs actifs d'accéder à des services de prêt indépendamment. La plate-forme a traité 41,2 millions de transactions en 2022, avec une valeur de transaction moyenne de 287 $.

Métrique de la plate-forme	2022 données
Utilisateurs actifs	3,700,000
Total des transactions	41,200,000
Valeur de transaction moyenne	$287

Support client automatisé

Qudian utilise des systèmes de support client alimentés par l'IA qui gèrent 92% des demandes des clients sans intervention humaine. Le temps de réponse est en moyenne de 47 secondes.

• Efficacité de soutien à l'IA: 92%
• Temps de réponse moyen: 47 secondes
• Taux de résolution de requête automatisée: 86%

Recommandations de prêts personnalisés

La plate-forme génère des offres de prêt personnalisées pour 94% des utilisateurs enregistrés en fonction des profils de crédit individuels. La précision des recommandations atteint 87% des besoins financiers de l'utilisateur correspondant.

Interaction mobile basée sur des applications

L'application mobile de Qudian a enregistré 2,6 millions d'utilisateurs actifs mensuels en 2022, avec 78% des demandes de prêt soumises via des plateformes mobiles.

Métrique de l'application mobile	2022 données
Utilisateurs actifs mensuels	2,600,000
Applications de prêt mobile	78%

Outils de gestion du crédit en temps réel

Les outils de gestion du crédit offrent aux utilisateurs une notation en temps réel, 1,9 million d'utilisateurs surveillant activement leurs profils de crédit. L'amélioration moyenne des cotes de crédit a suivi 12 points par utilisateur par an.

• Les utilisateurs surveillant les profils de crédit: 1 900 000
• Amélioration annuelle des cotes de crédit: 12 points
• Mises à jour de crédit en temps réel: toutes les 24 heures

Qudian Inc. (QD) - Modèle d'entreprise: canaux

Application mobile

L'application mobile de Qudian sert de canal numérique principal avec 42,3 millions d'utilisateurs actifs au quatrième trimestre 2023. L'application facilite 68% du total des volumes de transactions, traitant environ 1,2 milliard de yuans dans les services financiers numériques mensuellement.

Métrique de l'application mobile	Données quantitatives
Téléchargements totaux	87,6 millions
Utilisateurs actifs mensuels	42,3 millions
Volume de transaction	1,2 milliard de yuans

Site officiel

Le site officiel de Qudian (www.qudian.com) génère 22% de l'acquisition numérique des clients, enregistrant 3,7 millions de visiteurs mensuels uniques.

Marchés financiers en ligne

Qudian s'intègre à 7 principaux marchés financiers en ligne, élargissant sa portée sur les plateformes numériques.

• Market financier de la fourmi
• Plateforme de finance JD
• Tencent Financial Services Network

Plateformes de médias sociaux

Les canaux de médias sociaux contribuent à 12% de l'engagement des clients, avec 2,9 millions d'abonnés sur toutes les plateformes.

Plate-forme	Nombre de suiveurs
Compte officiel de WeChat	1,4 million
Weibo	890,000
Douyin	620,000

Agrégateurs de services financiers tiers

Qudian collabore avec 12 agrégateurs de services financiers tiers, traitant 540 millions de yuans en transactions via ces canaux trimestriels.

• Créditer la plate-forme chinoise
• Réseau financier hexun
• Rong360 Services financiers

Qudian Inc. (QD) - Modèle d'entreprise: segments de clientèle

Jeunes professionnels urbains

En 2024, Qudian cible les professionnels urbains âgés de 25 à 35 ans avec la démographie suivante profile:

Caractéristique du segment	Données statistiques
Gamme de revenus annuelle	¥80,000 - ¥150,000
Taux d'adoption des services financiers numériques	68.3%
Pourcentage avec pénétration du smartphone	92.7%

Étudiants

Caractéristiques du segment des étudiants de Qudian's College:

• Population cible totale: 8,3 millions d'étudiants
• Besoin financier mensuel moyen: 2 500 ¥
• Préférence de demande de prêt numérique: 73,6%

Consommateurs de classe moyenne émergents

Métrique du segment	Données quantitatives
Revenu mensuel du ménage	¥15,000 - ¥45,000
Taux d'accessibilité au crédit	42.5%
Montant moyen du prêt	¥12,800

Individus avertis du numérique

Caractéristiques clés du segment de clientèle averti du numérique:

• Utilisation d'Internet mobile: 94,2%
• Engagement des services financiers en ligne: 76,5%
• Tranche d'âge: 22 à 40 ans

Propriétaires de petites entreprises

Caractéristique des entreprises	Perspicacité statistique
Population totale de micro-entreprises	42,6 millions
Besoin de financement moyen	¥50,000 - ¥250,000
Pourcentage d'historique de crédit limité	61.3%

Qudian Inc. (QD) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Coûts de maintenance des infrastructures technologiques annuelles pour Qudian Inc. en 2023: 12,3 millions de dollars

Catégorie de coûts	Dépenses annuelles
Services de cloud computing	4,7 millions de dollars
Maintenance du serveur	3,2 millions de dollars
Systèmes de cybersécurité	2,6 millions de dollars
Infrastructure réseau	1,8 million de dollars

Coûts d'acquisition des clients

Total des dépenses d'acquisition des clients pour 2023: 8,6 millions de dollars

• Dépenses en marketing numérique: 4,2 millions de dollars
• Coûts du programme de référence: 2,1 millions de dollars
• Ventes et dépenses promotionnelles: 2,3 millions de dollars

Traitement des données et dépenses d'analyse

Investissement annuel de traitement des données et d'analyse: 5,4 millions de dollars

Composant d'analyse	Coût
Stockage de données	1,9 million de dollars
Outils d'analyse avancée	2,3 millions de dollars
Infrastructure d'apprentissage automatique	1,2 million de dollars

Investissements de conformité réglementaire

Total des dépenses de conformité réglementaire en 2023: 3,7 millions de dollars

• Frais de conseil juridique: 1,5 million de dollars
• Logiciel et systèmes de conformité: 1,2 million de dollars
• Équipe de conformité interne: 1 million de dollars

Dépenses de marketing et de support client

Total des frais de marketing et de support client: 6,9 millions de dollars

Catégorie de dépenses	Coût annuel
Campagnes de marketing numérique	3,6 millions de dollars
Infrastructure de support client	2,1 millions de dollars
Plateformes de fiançailles clients	1,2 million de dollars

Qudian Inc. (QD) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des micro-prêts

Pour l'exercice 2022, Qudian a déclaré un revenu d'intérêt total de 148,3 millions de dollars. Le taux d'intérêt moyen sur les micro-prêts variait entre 15,6% à 18,2%.

Année	Revenu total des intérêts	Taux d'intérêt moyen
2022	148,3 millions de dollars	15.6% - 18.2%

Frais de service des transactions de prêt

Frais de service générés 42,7 millions de dollars en revenus pour Qudian en 2022, représentant 22.4% du revenu total basé sur les transactions.

Monétisation des données

• Revenus de monétisation des données annuelles: 12,5 millions de dollars
• Nombre de points de données uniques vendus: 3,2 millions

Commissions de produits financiers

Qudian gagné 37,9 millions de dollars des commissions de produits financiers en 2022, avec un taux moyen de commission de 2.3% par transaction.

Frais de service de plate-forme de prêt numérique

Type de service	Revenus annuels	Charge moyenne
Frais de service de plate-forme	28,6 millions de dollars	0,8% par transaction

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

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

Generating significant non-operating income from investments for shareholders

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

Strong balance sheet with high liquidity and minimal debt risk

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

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

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

Commitment to shareholder value via capital return (share repurchase)

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

Optionality for a future, high-growth consumer technology pivot

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

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

Finance: draft 13-week cash view by Friday.

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

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

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

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

Key ownership and buyback metrics as of late 2025:

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

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

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

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

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

Automated, low-touch service for residual legacy customers

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

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

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

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

Transactional relationship with financial market counterparties

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

Balance sheet strength as of September 30, 2025:

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

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

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

Financing activities reflect borrowing and repayment transactions:

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

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

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

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

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

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

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

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

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

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

Global financial markets for investment and derivative trading

Qudian Inc. (QD) trades on the NYSE.

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

Residual mobile applications and WeChat mini-programs for legacy services

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

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

The company historically focused on providing credit solutions to consumers.

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

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

Public market shareholders and institutional investors (primary focus)

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

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

Residual customer base from former credit and consumer businesses

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

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

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

Financial market counterparties for investment activities

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

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

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

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

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

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

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

Investment management and financial transaction fees

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The potential future revenue streams are centered on:

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

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