360 Digitech, Inc. (QFIN): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la finance numérique, 360 Digitech, Inc. (QFIN) émerge comme une force révolutionnaire, transformant les paradigmes de prêt traditionnels grâce à la technologie de pointe et aux solutions financières innovantes. En tirant parti des algorithmes avancés, de la vaste analyse de données et des partenariats stratégiques, cette centrale fincale est de redéfinir la façon dont les professionnels urbains, les propriétaires de petites entreprises et les consommateurs avertis d'accompagnement d'accéder à des services financiers personnalisés avec une vitesse, une commodité et une précision sans précédent.

360 Digitech, Inc. (QFIN) - Modèle commercial: partenariats clés

Collaboration avec les grandes institutions financières chinoises et banques

360 Digitech maintient des partenariats stratégiques avec plusieurs institutions financières chinoises:

Institution financière	Type de partenariat	Volume de transaction estimé
Banque de construction chinoise	Collaboration des risques de crédit	RMB 12,3 milliards
Banque industrielle et commerciale de Chine	Accord de partage de données	RMB 9,7 milliards
Banque agricole de Chine	Partenariat de gestion des risques	RMB 6,5 milliards

Partenariats stratégiques avec les fournisseurs de services technologiques

Les partenariats technologiques clés comprennent:

• Tencent Cloud - Cloud Infrastructure Services
• Cloud Alibaba - Support d'analyse des données
• Huawei Technologies - Solutions de cybersécurité

Coopération avec les plateformes de prêt en ligne

Plate-forme	Focus de la collaboration	Volume de prêt annuel
Finance JD	Crédit de consommation	RMB 15,2 milliards
Plates-formes de groupe de fourmis	Prêts numériques	RMB 22,6 milliards

Alliances avec des services de vérification des données tiers

Les partenariats de vérification comprennent:

• Scoring de crédit Baidu
• Gestion du crédit en sésame
• Services de données China UnionPay

360 Digitech, Inc. (QFIN) - Modèle d'entreprise: Activités clés

Développer des technologies avancées de prêt fintech et de consommation

360 Digitech se concentre sur l'innovation technologique continue dans les services financiers. Au troisième trimestre 2023, la société a investi 68,3 millions de dollars dans la recherche et le développement.

Catégorie d'investissement technologique	Dépenses annuelles
Dépenses de R&D	68,3 millions de dollars
IA et apprentissage automatique	24,5 millions de dollars
Infrastructure de cybersécurité	15,7 millions de dollars

Exploitation de plateformes de prêts et de notation en ligne

La société gère des plateformes de prêt numérique sophistiquées avec des mesures opérationnelles importantes.

• Volume total de création de prêt: 32,4 milliards de dollars en 2023
• Plates-formes de prêt numérique actives: 7 plates-formes primaires
• Utilisateurs actifs mensuels: 48,6 millions

Fournir des services financiers numériques et des solutions de gestion des risques

360 Digitech utilise des stratégies avancées de gestion des risques avec des implémentations technologiques précises.

Métrique de gestion des risques	Indicateur de performance
Taux par défaut	3.2%
Précision d'évaluation des risques	94.7%
Taux de détection de fraude	99.3%

Maintenir une analyse des données sophistiquée et des capacités d'apprentissage automatique

360 Digitech exploite les capacités avancées d'analyse des données à travers son écosystème de technologie financière.

• Capacité de traitement des données: 2,3 pétaoctets par mois
• Modèles d'apprentissage machine déployé: 127 modèles distincts
• Vitesse d'analyse des transactions en temps réel: 0,03 seconde par transaction

360 Digitech, Inc. (QFIN) - Modèle d'entreprise: Ressources clés

Algorithmes avancés d'évaluation des risques de crédit propriétaire

Au troisième trime Taux de précision de 98,5%.

Métrique algorithme	Valeur de performance
Demandes de crédit quotidien traitées	10,000,000
Précision d'évaluation des risques	98.5%
Modèles d'apprentissage automatique	87

INFRASTRUCTURE DES DONNÉES DE L'UTILISATEUR UTILISATEUR

360 Digitech gère un écosystème complet de données utilisateur avec les caractéristiques suivantes:

• Total des utilisateurs enregistrés: 310 millions en décembre 2023
• Utilisateurs actifs mensuels: 126 millions
• Points de données collectés par utilisateur: plus de 500 indicateurs comportementaux uniques

Solides équipes de développement technologique et d'ingénierie

Composition de l'équipe	Nombre
Employés de la technologie totale	2,347
Ingénieurs de R&D	1,156
Data scientifiques	463

Plate-forme numérique robuste et écosystème technologique

Métriques d'infrastructure de plate-forme pour 2023:

• Investissement d'infrastructure cloud: 42,3 millions de dollars
• Maintenance annuelle des infrastructures technologiques: 18,7 millions de dollars
• Temps de disponibilité de la plate-forme: 99,97%

Investissements financiers et intellectuels importants

Catégorie d'investissement	Montant (USD)
Dépenses annuelles de R&D	87,6 millions de dollars
Portefeuille de brevets technologiques	176 brevets enregistrés
Investissement de propriété intellectuelle	23,4 millions de dollars

360 Digitech, Inc. (QFIN) - Modèle d'entreprise: propositions de valeur

Solutions de prêt numérique pratique et accessible

Au troisième trimestre 2023, 360 Digitech traité 57,5 millions Applications de prêt numérique avec un 98.3% Taux d'utilisation de la plate-forme mobile. Le volume total des prêts numériques atteint RMB 243,6 milliards.

Métrique de prêt numérique	Performance de 2023
Applications totales de prêt numérique	57,5 millions
Utilisation de la plate-forme mobile	98.3%
Volume total de prêts numériques	RMB 243,6 milliards

Processus d'évaluation du crédit rapides et efficaces

Le temps moyen d'évaluation du crédit réduit à 3,2 minutes en utilisant des algorithmes AI avancés. Les modèles d'apprentissage automatique réalisent 92.7% précision de la prédiction des risques.

Services financiers personnalisés pour les segments de marché mal desservis

• Servi 8,6 millions Clients sous-bancés en 2023
• Produits de crédit adaptés aux petites entreprises et aux jeunes professionnels
• Taille moyenne du prêt pour les segments mal desservis: RMB 45 000

Alternative à faible coût aux produits de crédit bancaire traditionnels

Taux d'intérêt moyens 40% inférieur par rapport aux prêts bancaires traditionnels. Réduction des coûts opérationnels de 35.6% par l'infrastructure numérique.

Recommandations financières basées sur les données et gestion des risques

Métrique de gestion des risques	Performance
Précision du modèle de risque prédictif	92.7%
Taux de prêt non performant	2.3%
Points de données par client Profile	Plus de 1 000

360 Digitech, Inc. (QFIN) - Modèle d'entreprise: relations avec les clients

Plates-formes numériques en libre-service

En 2024, 360 Digitech exploite des plateformes de prêt numériques avec les mesures clés suivantes:

Métrique de la plate-forme	Valeur
Utilisateurs numériques actifs	87,3 millions
Téléchargements d'applications mobiles	42,6 millions
Taux d'achèvement de la demande de prêt numérique	64.2%

Systèmes de support client automatisé

La société met en œuvre le support client axé sur l'IA avec des indicateurs de performance quantifiables:

• Temps de réponse moyen: 27 secondes
• Taux de résolution automatisée: 73,5%
• Volume d'interaction CHATBOT SUPPORT

Expérience utilisateur personnalisée à travers des interactions axées sur l'IA

Métrique de personnalisation	Valeur
Précision des recommandations alimentées par l'IA	82.4%
Taux de correspondance du produit de prêt personnalisé	68.9%
Engagement des utilisateurs par la personnalisation	57.3%

Engagement continu à travers les applications mobiles

Les métriques d'engagement de la plate-forme mobile démontrent une interaction solide des utilisateurs:

• Utilisateurs mobiles actifs mensuels: 36,5 millions
• Durée moyenne de la session: 12,7 minutes
• Taux de rétention des utilisateurs de l'application mobile: 64,1%

Interfaces numériques transparentes et conviviales

Métrique de performance d'interface	Valeur
Taux de satisfaction de l'interface utilisateur	86.2%
Score d'utilisation de la plate-forme numérique	4.6/5
Expérience utilisateur Temps de résolution des plaintes	1,3 jours

360 Digitech, Inc. (QFIN) - Modèle d'entreprise: canaux

Applications mobiles

360 Digitech exploite des plates-formes de prêt mobiles avec les mesures suivantes:

Métrique de l'application mobile	Valeur
Téléchargements totaux d'applications mobiles	157,3 millions au troisième trimestre 2023
Utilisateurs actifs mensuels	48,2 millions
Taux d'approbation de la demande de prêt mobile	62.4%

Plateformes Web en ligne

Statistiques sur les plates-formes Web de prêt numérique:

• Plateforme Web Total utilisateurs: 82,6 millions
• Volume d'origine du prêt en ligne: RMB 268,4 milliards en 2023
• Taille de transaction de plate-forme Web moyenne: 45 600 RMB

Places de marchés financiers tiers

Partenaire de marché	Niveau d'intégration	Volume de transaction
Fourmi financière	Intégration élevée	RMB 92,7 milliards
Finance JD	Intégration moyenne	RMB 53,4 milliards
Tencent Financial	Partenariat stratégique	RMB 41,2 milliards

Intégration des médias sociaux

Métriques de performance des canaux de médias sociaux:

• Les abonnés du compte officiel de WeChat: 3,6 millions
• Taux d'engagement de Weibo: 4,2%
• Conversion de référence sur le prêt sur les réseaux sociaux: 2,7%

Interfaces numériques de banque partenaire

Partenaire bancaire	Profondeur d'intégration	Volume de référence au prêt
Banque chinoise des marchands	Intégration profonde de l'API	RMB 37,8 milliards
Banque industrielle	Partenariat complet	RMB 29,5 milliards
Banque de citique chinoise	Connexion d'interface numérique	RMB 22,6 milliards

360 Digitech, Inc. (QFIN) - Modèle d'entreprise: segments de clientèle

Jeunes professionnels urbains

Au troisième trimestre 2023, 360 Digitech cible des professionnels urbains de 25 à 35 ans en Chine avec un revenu annuel entre 150 000 RMB et 300 000 RMB.

Métriques démographiques	Pourcentage
Tranche d'âge	25-35 ans
Revenu annuel	RMB 150 000 - 300 000
Concentration urbaine	Villes de niveau 1 et de niveau 2

Consommateurs chinois à revenu moyen

Le segment représente 42,3% de la clientèle de 360 ​​Digitech avec un revenu mensuel des ménages entre 8 000 et 15 000 RM.

• Marché total adressable: 180 millions de clients potentiels
• Limite de crédit moyenne: 50 000 RMB
• Taux d'adoption des produits financiers numériques: 67,5%

Propriétaires de petites entreprises

En 2023, 360 Digitech dessert environ 85 000 propriétaires de petites entreprises avec des revenus annuels entre 500 000 RMB à 5 millions de RMB.

Caractéristiques du segment d'entreprise	Points de données
Clients totaux de petites entreprises	85,000
Revenus annuels moyens	RMB 500 000 - 5 000 000
Taille moyenne du prêt	RMB 300 000

Des personnes averties du numérique avec un accès bancaire traditionnel limité

360 Digitech cible 22,7 millions de clients potentiels avec des services bancaires traditionnels limités.

• Pourcentage de population non bancarisée: 15,6%
• Pénétration du paiement mobile: 87,4%
• Utilisation moyenne du service financier numérique: 4.2 plateformes

Utilisateurs de services financiers axés sur la technologie

Le segment représente 35,6% de la clientèle de 360 ​​Digitech avec des taux d'adoption de haute technologie.

Métriques de l'engagement technologique	Pourcentage
Pénétration des smartphones	92.3%
Utilisation du service financier en ligne	78.5%
Téléchargements d'applications fintech	6,3 par an

360 Digitech, Inc. (QFIN) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Depuis 2023, 360 Digitech ont déclaré des coûts de maintenance des infrastructures technologiques de 52,3 millions de dollars, ce qui représente 8,7% du total des dépenses d'exploitation.

Catégorie de coûts	Dépenses annuelles ($)	Pourcentage des coûts totaux
Services cloud	18,6 millions	35.5%
Maintenance du serveur	12,4 millions	23.7%
Infrastructure réseau	10,2 millions	19.5%
Licence de logiciel	11,1 millions	21.3%

Investissements de recherche et développement

En 2023, les investissements en R&D ont totalisé 74,5 millions de dollars, soit 12,4% du chiffre d'affaires total de la société.

• Développement de l'intelligence artificielle: 28,3 millions de dollars
• Algorithmes d'apprentissage automatique: 22,1 millions de dollars
• Innovation fintech: 24,1 millions de dollars

Frais de marketing et d'acquisition des clients

Les dépenses de marketing en 2023 étaient de 89,7 millions de dollars, avec des coûts d'acquisition des clients à 45,2 millions de dollars.

Canal de marketing	Dépenses ($)	Pourcentage du budget marketing
Publicité numérique	36,4 millions	40.6%
Campagnes de médias sociaux	22,3 millions	24.9%
Programmes de référence	18,5 millions	20.6%
Médias traditionnels	12,5 millions	14.0%

Coûts de conformité et d'adhésion réglementaire

Les dépenses de conformité en 2023 s'élevaient à 37,6 millions de dollars, ce qui représente 6,3% des coûts opérationnels totaux.

• Conseil juridique: 15,2 millions de dollars
• Représentation réglementaire: 12,4 millions de dollars
• Audit et gestion des risques: 10,0 millions de dollars

Sécurité des données et améliorations technologiques

Les investissements en matière de sécurité des données en 2023 ont atteint 43,8 millions de dollars, avec des dépenses de mise à niveau technologique à 31,5 millions de dollars.

Mesure de sécurité	Investissement ($)	Pourcentage du budget de sécurité
Infrastructure de cybersécurité	22,6 millions	51.6%
Technologies de chiffrement	12,3 millions	28.1%
Systèmes de détection des menaces	8,9 millions	20.3%

360 Digitech, Inc. (QFIN) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des prêts numériques

Pour l'exercice 2023, 360 Digitech a déclaré un chiffre d'affaires total de 15,31 milliards de yuans. Les revenus d'intérêts des prêts numériques constituaient une partie importante de ces revenus.

Exercice fiscal	Revenu des intérêts des prêts numériques (yuan)	Pourcentage du total des revenus
2023	10,24 milliards	66.9%
2022	9,87 milliards	64.3%

Frais de service des transactions financières

Les frais de service représentaient une autre source de revenus clé pour 360 Digitech.

Catégorie de frais de service	Revenus (yuan)
Frais de traitement des transactions	2,45 milliards
Frais de plate-forme de paiement	1,76 milliard

Services d'évaluation et de notation du crédit

• Revenus d'évaluation des risques de crédit: 653 millions de yuans
• Nombre de transactions de notation du crédit: 42,6 millions
• Revenu moyen par évaluation du crédit: 15,33 yuans

Monétisation des données et analyses

360 Digitech génère des revenus grâce à des services liés aux données:

Service de données	Revenus annuels (yuan)
Services d'analyse de données	478 millions
Licence de données anonymisée	312 millions

Licence et partenariats technologiques

• Revenu total des licences technologiques: 386 millions de yuans
• Nombre d'accords de partenariat technologique: 27
• Valeur du partenariat moyen: 14,3 millions de yuans

Répartition totale des revenus pour 2023:

Flux de revenus	Montant (yuan)	Pourcentage
Intérêt des prêts numériques	10,24 milliards	66.9%
Frais de service	4,21 milliards	27.5%
Évaluation du crédit	653 millions	4.3%
Monétisation des données	790 millions	5.2%
Licence de technologie	386 millions	2.5%

360 DigiTech, Inc. (QFIN) - Canvas Business Model: Value Propositions

You're looking at the core value 360 DigiTech, Inc. (QFIN) delivers to its ecosystem, grounded in their late 2025 operational metrics. This isn't just about moving money; it's about using technology to make credit flow more efficiently and safely.

Fast, hassle-free access to unsecured consumer loans

The platform's value proposition here is demonstrated by its scale and the efficiency of bringing new users onto the system. As of September 30, 2025, 360 DigiTech, Inc. (QFIN) served 38.1 million cumulative borrowers with successful drawdowns, marking a 15.1% year-over-year increase from September 30, 2024. The focus on efficient acquisition is clear:

• New credit line users grew 9% sequentially to 1.95 million in Q3 2025.
• The average cost per credit line user declined by 8% compared to the prior quarter.
• New borrower volume grew 10% sequentially to 1.35 million in Q3 2025.

Working capital financing for micro and small enterprises (SMEs)

While the primary focus remains on consumer credit, the expansion into technology-driven solutions supports the broader credit ecosystem, which includes SME working capital needs. The total facilitation and origination loan volume across the platform reached RMB83,280 million in the third quarter of 2025. The shift in product mix shows where the platform is directing its growth efforts, which often correlates with SME-focused digital products:

Metric	Q3 2025 Amount	Context/Comparison
Total Loan Volume	RMB83,280 million	YoY increase of 1.0% over Q3 2024.
Capital-Light Volume	RMB34,760 million	Represents 41.7% of the total volume.
Tech-Solutions Loan Volume	~RMB 5.4 billion	Jumped ~218% Quarter-over-Quarter (QoQ).

Superior, AI-driven risk assessment for financial partners

This is where 360 DigiTech, Inc. (QFIN) provides significant value to its institutional partners by managing risk in a complex environment. The company's commitment to risk control is evident in its operational metrics and model enhancements. Management reported completing 611 risk model iterations to navigate regulatory changes and tighten credit standards. The success of the AI engine is shown by the rapid adoption of its technology solutions:

The volume of loans facilitated through technology solutions, including the Intelligence Credit Engine ("ICE"), jumped approximately 218% QoQ to approximately RMB 5.4 billion in Q3 2025. Furthermore, proprietary AI agents are currently in bank pilots with approximately 50% engagement, signaling strong partner confidence in the AI's predictive capabilities. Despite these growth efforts, asset quality remained managed, with the 90-day delinquency rate at 2.09% and day-one delinquency at 5.5% for the quarter ending September 30, 2025.

End-to-end digital lending experience for both borrowers and lenders

The platform acts as the central digital conduit, serving both sides of the transaction with standardized technology. As of the end of Q3 2025, the AI-powered credit decision engine and asset distribution platform served 167 financial institutions. This digital infrastructure supports a growing balance sheet:

• Total outstanding loan balance was RMB138,113 million as of September 30, 2025.
• This outstanding balance represented an 8.1% increase year-over-year.

Credit access for underserved populations in lower-tier cities

The platform's value proposition centers on expanding credit access, which inherently targets populations less served by traditional banking. The growth in the cumulative user base underscores this reach. The platform's non-GAAP net income for the quarter was RMB 1.51 billion, providing the financial stability to continue investing in customer acquisition channels that reach these broader segments. The platform's ability to onboard new users efficiently, with the average cost per credit line user declining by 8% QoQ, helps keep the cost of access lower for these borrowers.

360 DigiTech, Inc. (QFIN) - Canvas Business Model: Customer Relationships

You're looking at how 360 DigiTech, Inc. maintains its connection with the millions of borrowers and the financial institutions it serves. Honestly, the relationship strategy hinges on a digital-first approach, but with a crucial, high-touch layer for the money providers.

Automated, self-service digital platform experience

The core relationship with the end-borrower is almost entirely digital and self-directed. This is where efficiency is won or lost. The platform is designed to handle the full cycle, from application to disbursement, with minimal human intervention for the standard user. This scale is impressive; as of the third quarter of 2025, 360 DigiTech, Inc. had served 275.8 million users cumulatively since its start. Furthermore, the platform has approved credit lines for more than 60,000,000 users on a cumulative basis as of the second quarter of 2025.

The health of this automated relationship is reflected in asset quality. For instance, the 90-day delinquency rate was reported at 1.97% in the second quarter of 2025. Keeping that number low is the silent proof that the automated onboarding and matching process is working for the right customers.

Dedicated online customer support for loan inquiries and issues

While the process is automated, when things go sideways, you need a clear path to resolution. 360 DigiTech, Inc. relies on dedicated online channels for support regarding loan inquiries and any platform issues. This support function is critical for managing borrower trust, especially in a market where digital finance adoption is still evolving.

Data-driven personalization of loan product matching

The relationship is personalized through technology, not just human interaction. The platform uses its proprietary system, leveraging artificial intelligence and machine learning models, to match borrowers with the most suitable loan products offered by its partners. This is a key value proposition for the borrower, who often lacks traditional credit histories and needs tailored options. The goal is to ensure the customer receives an offer within their risk tolerance, which directly impacts repayment behavior.

Post-lending management and collection services

The relationship doesn't end at disbursement. 360 DigiTech, Inc. provides technological infrastructure for post-lending management, including collection strategies and efficiency improvements for its financial institution partners. This service is essential for maintaining the quality of the loan book that the partners fund. The platform's ability to manage risk and collections efficiently is what keeps the capital flowing onto the platform.

High-touch relationship management with institutional partners

This is where the high-touch element comes in, focusing on the suppliers of capital rather than the end-users. Managing these relationships is paramount to the capital-light strategy. The scale of this network is significant; the company works with a large cohort of financial institutions. The outline suggests 360 DigiTech, Inc. has a network of 165 funding partners.

Here's a quick look at the scale of the relationships that underpin the business model as of late 2025:

Metric	Value (Latest Available)	Context/Date Reference
Trailing Twelve-Month Revenue	$2.3B	As of 30-Sep-2025
Cumulative Approved Credit Line Users	>60,000,000	As of Q2 2025
Reported Institutional Partners	165	Contextual reference for partner network size
90-Day Delinquency Rate	1.97%	Q2 2025
Market Capitalization	$3.97B	As of 30-Sep-2025

The relationship with these partners involves providing them with technology to enhance their digital finance capabilities, including credit assessment and risk management. The success of the capital-light model means that maintaining strong, numerous relationships with these funding sources is the primary driver for loan origination volume.

The customer-facing experience is also supported by the overall financial health, which you can see reflected in the recent earnings. For example, the Earnings Per Share (EPS) was reported at $3.58 as of September 30, 2025.

The key relationship touchpoints for 360 DigiTech, Inc. include:

• Real-time credit evaluation and matching.
• Automated loan servicing and repayment tracking.
• Data sharing protocols with institutional lenders.
• Proactive risk monitoring alerts for partners.
• Continuous platform updates based on user feedback.

If onboarding for new institutional partners takes longer than expected, the growth in capital-light origination could slow down. Finance: draft a 13-week cash flow forecast incorporating a 10% slower-than-expected institutional partner integration rate by Friday.

360 DigiTech, Inc. (QFIN) - Canvas Business Model: Channels

You're looking at how 360 DigiTech, Inc. gets its services in front of customers and partners as of late 2025. The channels are a direct reflection of their ongoing pivot toward a technology and platform-centric model, even with recent shifts in loan origination mix.

The primary digital storefront remains the flagship mobile app 360 Jietiao, which serves as the end-to-end digital lending experience, covering application, credit evaluation, disbursement, and repayment for consumers and SMEs. While specific 2025 active user counts for the app aren't public, the overall scale is massive; as of September 30, 2025, the company connected 167 financial partners with 283.7 million consumers on a cumulative basis. Furthermore, the number of cumulative users with approved credit lines reached 62.1 million as of September 30, 2025, a 12.6% year-on-year increase. The core user base accessing services through this digital front end reached 38.1 million cumulative borrowers with successful drawdowns as of September 30, 2025. This represents a 15.1% increase from September 30, 2024.

The online platform and website for loan applications work in tandem with the app, providing the infrastructure for the entire digital lending experience. This platform is where the proprietary credit assessment technologies and big data analytics are deployed in real-time for decision-making.

Direct integration with partner platforms for customer acquisition is critical, especially for the capital-light (technology solutions) side of the business. The company's scale here is evidenced by the 167 financial partners connected as of September 30, 2025. These partners-commercial banks, insurance firms, and online payment platforms-are the direct recipients of the technology solutions and the source of the loan principal for capital-light transactions. The total loan facilitation and origination volume on the platform in Q3 2025 reached RMB 83,280 million.

Data on third-party app stores and digital marketing channels is not explicitly broken out, but the overall customer acquisition strategy is reflected in the expense lines and the growth of the user base. The intense competition in the market means that marketing spend is a constant factor in maintaining visibility across these digital storefronts.

For the sales teams for institutional client acquisition (SaaS services), the channel is the direct B2B engagement with financial institutions to deploy their technology solutions, which fall under Platform Services revenue. The focus here is on selling the Intelligence Credit Engine (ICE) and other value-added services. While the exact number of institutional clients is not stated, the revenue derived from this channel shows its importance:

• Total Net Revenue for Q3 2025 was RMB 5.21 billion (or US$731.2 million).
• Revenue from Credit Driven Services (Capital Heavy) in Q3 2025 was RMB 3.87 billion (or US$543.4 million).
• Platform Services revenue (Capital Light/Tech Solutions) for Q3 2025 is inferred to be approximately RMB 1.34 billion (calculated as Total Revenue of RMB 5.21 billion minus Credit Driven Services Revenue of RMB 3.87 billion).
• The loan volume under the capital-light model (which includes technology solutions) in Q3 2025 was RMB 34,760 million, representing 41.7% of the total loan volume for the quarter.

Here's a quick look at the Q3 2025 operational scale across the platform, which is the core delivery mechanism for all channels:

Metric	Value as of September 30, 2025	Unit/Context
Total Net Revenue (Q3 2025)	RMB 5,205.7 million	Quarterly Figure
Total Loan Facilitation/Origination Volume (Q3 2025)	RMB 83,280 million	Quarterly Figure
Capital-Light Loan Volume (Q3 2025)	RMB 34,760 million	Percentage of total volume was 41.7%
Cumulative Users with Approved Credit Lines	62.1 million	As of September 30, 2025
Number of Financial Institutional Partners	167	As of September 30, 2025

Finance: draft the Q4 2025 revenue projection based on the Q3 Platform Services contribution of ~32% of total revenue.

360 DigiTech, Inc. (QFIN) - Canvas Business Model: Customer Segments

You're looking at the core groups 360 DigiTech, Inc. (QFIN) serves as of late 2025, and the numbers show a massive scale, even with regulatory shifts.

Underserved retail consumers in mainland China

This segment represents the largest volume base for loan facilitation. The platform has served a cumulative total of 275.8 million consumers with approved credit lines as of Q2 2025. The total loan origination volume facilitated across the platform reached CNY 494.634 billion in 2024. The 30+ days delinquency rate for loans outstanding on the platform was reported at 1.16% as of December 31, 2024, though the 90-day delinquency rate was 1.97% in Q2 2025.

• Cumulative consumers served: 275.8 million (as of Q2 2025)
• 2024 Total Loan Origination Volume: CNY 494.634 billion
• Q3 2025 Revenue: $727.32M

Micro and small enterprises (SMEs) seeking working capital

The focus on SME lending is a growing part of the business. In the first quarter of 2022, SME loans accounted for approximately RMB 7.4 billion of the total loan origination volume for that quarter. This represented about 7.5% of the total loan origination volume in Q1 2022.

Young Chinese professionals needing installment credit

This group is often targeted for installment credit products. The average Annual Percentage Rate (APR) for loans was approximately 23.6% in Q1 2022, with a target average APR of around 23% post-transition. The take rate was targeted around 3%.

Institutional funding partners (banks, trusts)

360 DigiTech, Inc. (QFIN) relies on a network of financial institutions to fund the loans it originates. As of Q2 2025, the platform connected with 165 funding partners. The company's capital-light model means these partners provide the principal. The company's dividend payout ratio was 21.87%.

Other financial institutions seeking risk management technology

The technology platform itself is a service offered to other institutions. The company's total net revenue in 2024 was approximately CNY 16.5 billion, driven in part by platform services. Total operating costs and expenses for 2024 were CNY 11.9 billion.

The following table summarizes key operational and financial scale metrics relevant to these segments as of the latest available data points:

Metric	Value	Date/Period	Segment Relevance
Total Loan Origination Volume	CNY 494.634 billion	2024	Retail Consumers, SMEs
Total Net Revenue	CNY 16.5 billion	2024	Technology/Platform Services
Number of Institutional Partners	165	Q2 2025	Funding Partners
Cumulative Consumers Served	275.8 million	Q2 2025	Retail Consumers
Net Profit	CNY 4.1 billion	2024	Overall Business Health
30+ Days Delinquency Rate	1.16%	December 31, 2024	Asset Quality/Risk Management

360 DigiTech, Inc. (QFIN) - Canvas Business Model: Cost Structure

The cost structure for 360 DigiTech, Inc. is heavily influenced by funding the loan facilitation model, technology development, and customer acquisition efforts.

Funding costs for the capital-heavy model, reduced by ABS issuance

Funding costs saw sequential improvement in Q1 2025, decreasing by about 70 basis points sequentially. This reduction was supported by ample market liquidity and an increase in Asset-Backed Securities (ABS) issuance, with RMB 5.3 billion in ABS issued in Q1 2025. The company also issued international bonds in March 2025 amounting to USD 600 mln with a coupon rate of 0.5% maturing in 2030. The proportion of loan volume from the capital-light segment increased by approximately 10 percentage points to 53% throughout 2024, which structurally helps manage capital intensity.

Significant investment in technology and R&D for AI/ML models

While specific R&D expenditure is not itemized in the latest reports, technology investment is embedded within the overall cost base. Total operating costs and expenses for the full year 2024 reached CNY 11.9 billion. The strategic shift towards a capital-light model, relying on technology for credit screening and assessment, implies sustained investment in the underlying AI/ML infrastructure.

Sales and marketing expenses for customer acquisition

Sales and marketing expenses showed fluctuation based on acquisition strategy. For the fourth quarter of 2024, these expenses increased 25% Quarter-on-Quarter (Q on Q) but declined 5% year-on-year. In the first quarter of 2025, the company added approximately 1,450,000 new credit line users, compared to 1,700,000 in Q4 2024, reflecting intentional control over the pace of new user acquisition.

Personnel costs for technology, risk, and operations teams

Personnel costs are a component of the total operating expenses. The company added approximately 1,690,000 new credit line users in Q4 2024. The average acquisition cost per credit line user declined by 5.3% year-over-year in 2024, indicating efficiency gains across acquisition and operational teams.

General and administrative expenses, including regulatory compliance

General and administrative costs are included within the total operating expenses. The company's commitment to shareholder returns through buybacks and dividends in 2024 amounted to $410 million and $180 million, respectively, which impacts capital allocation but is separate from core operating costs.

Here are the key financial figures related to the cost base and scale of operations for 360 DigiTech, Inc. as of the latest available data:

Cost/Metric Category	Value	Period/Date
Total Operating Costs and Expenses	CNY 11.9 billion	Full Year 2024
Total Net Revenue	Approximately CNY 16.5 billion	Full Year 2024
Net Profit	About CNY 4.1 billion	Full Year 2024
Sales and Marketing Expense Change (QoQ)	Increased 25%	Q4 2024
Sales and Marketing Expense Change (YoY)	Declined 5%	Q4 2024
Funding Cost Change (Sequential)	Decreased about 70 basis points	Q1 2025
ABS Issuance	RMB 5.3 billion	Q1 2025
New Credit Line Users Added	1,450,000	Q1 2025
Share Repurchase Plan Maximum	Up to $450 million	2025

The company's focus on efficiency is demonstrated by the ROE for 2024, which increased further to 27.9%.

• Capital-light loan volume proportion: 53% (End of 2024)
• Average IRR of originated/facilitated loans: 21.3% (Q4 2024)
• Total Loan Origination Volume: CNY 494.634 billion (2024)
• New Borrowers Increase: 16.2% year-over-year (2024)

360 DigiTech, Inc. (QFIN) - Canvas Business Model: Revenue Streams

You're looking at how 360 DigiTech, Inc. (QFIN) actually brings in the money, which is key to understanding its valuation. The revenue streams clearly split into two main camps as of Q2 2025: the capital-heavy side and the capital-light side. This mix shows a strategic balance between direct lending exposure and pure technology service provision.

For the second quarter of 2025, the total net revenue hit RMB 5,215.9 million, which translated to about US$728.1 million. That's a solid number, but the real story is how that revenue is sourced.

Here's the quick math on the two primary segments for Q2 2025:

Revenue Stream Segment	Q2 2025 Revenue (RMB)	Q2 2025 Revenue (US$)
Credit-Driven Services (Capital-Heavy)	RMB 3.57 billion	US$497.7 million
Platform Services (Capital-Light)	RMB 1.65 billion	US$230.4 million

The capital-heavy segment, which involves 360 DigiTech, Inc. (QFIN) funding loans directly, generated RMB 3.57 billion in Q2 2025. This growth, compared to prior periods, was driven by increases in unbalanced loans and higher capital-heavy loan volume.

The platform services, the capital-light model, brought in RMB 1.65 billion in Q2 2025. This segment is where the technology focus really shines, as it's less reliant on the company's own balance sheet.

Breaking down the fees, which are central to the platform model, gives you a clearer picture of the technology service revenue. You see specific charges flowing from the facilitation and servicing activities:

• Loan facilitation and servicing fees from the capital-heavy model were reported at RMB 460.9 million (US$64.3 million) in Q2 2025.
• Loan facilitation and servicing fees from the capital-light model were RMB 326.8 million (US$45.6 million) for the same quarter.

The interest and guarantee income component is primarily embedded within the RMB 3.57 billion from Credit-Driven Services. While the exact split isn't always public, this revenue line captures the return from the capital the company deploys, including interest charged on those loans facilitated through consolidated trusts and microcredit entities.

Also, don't miss the value-added components, which are increasingly important, especially within the capital-light structure. Fees from ICE (Integrated Credit Exchange) and other value-added services are a key growth driver here. For Q2 2025, the 'Other services fees' line item specifically amounted to RMB 94.5 million (US$13.2 million). This category captures revenue from things like late payment fees and other technology services provided to partners, showing the breadth of the platform's monetization beyond simple origination fees.

Overall loan facilitation and origination volume on the 360 DigiTech, Inc. (QFIN) platform reached RMB 84.6 billion in Q2 2025. The take rate for the quarter stood at 5.4%, up almost one percentage point year-over-year, which is a direct measure of how effectively they convert volume into revenue across all these streams.

Finance: draft 13-week cash view by Friday.