Lufax Holding Ltd (LU): Business Model Canvas [Dec-2025 Updated]

You're looking for the real engine behind Lufax Holding Ltd's recent performance, and frankly, the Business Model Canvas reveals a company that has firmly pivoted its focus to facilitating credit for Small Business Owners (SBOs) in China. As of Q1 2025, they've served roughly 27.0 million borrowers, a massive scale supported by deep ties to Ping An Group and over 85 financial institutions for funding. What matters most for your analysis is the revenue shift: Net Interest Income accounted for 48.5% of Q3 2024 revenue, even as the company retains significant credit risk on 79.9% of the outstanding balance. Check out the full breakdown below to map out the key activities and resources driving this complex, high-volume operation.

Lufax Holding Ltd (LU) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep Lufax Holding Ltd's platform funded and running, especially as of late 2025. These partnerships are the backbone for enabling financing to small business owners across China.

Ping An Group remains the controlling shareholder, and the relationship is definitely deepening through a series of agreements designed to support Lufax Holding Ltd's business growth. The current framework agreements governing these continuing connected transactions with Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries are set to expire on December 31, 2025, with renewal being sought at the Extraordinary General Meeting scheduled for December 29, 2025. This relationship is critical, as any potential divorce could remove vital business support and relationships with the resource-rich parent.

The collaboration with Ping An Consumer Finance (PPCF) is formalized through specific service agreements, which shareholders approved revised annual caps for on September 30, 2025, covering the year ending December 31, 2025. These revised caps reflect first-half transaction growth and anticipated expansion.

Service Type	2025 Revised Annual Cap	Previous Cap
General Services Fees	1.84 billion yuan	1.18 billion yuan
Guarantee Service Fees	1.15 billion yuan	749.3 million yuan
Maximum Monthly Average Loan Principal Covered by Guarantees	18.16 billion yuan	14.97 billion yuan

These figures show a clear increase in the expected volume of services flowing between Lufax Holding Ltd and PPCF for 2025. To give you some context on the scale, the total balance of retail credit enabled by Lufax Holding Ltd reached RMB213.1 billion as of September 30, 2024.

Lufax Holding Ltd relies heavily on external capital sources to fund the loans it enables. This is managed through a broad network of institutional funders.

• Lufax Holding Ltd has established relationships with over 85 financial institutions in China as funding partners.
• Many of these funding partnerships have been in place for over three years.
• The company's role is to connect borrowers with these institutional funding partners, leveraging its technology for credit assessment and risk management.

Risk sharing is a key component of the funding structure, involving credit enhancement partners. As of September 30, 2024, credit enhancement partners bore risk on 35.1% of the outstanding balance. One notable partner in this risk-sharing arrangement is Ping An Property & Casualty Insurance Company of China, Ltd., which was involved in covering a portion of the risk.

Finance: draft 13-week cash view by Friday.

Lufax Holding Ltd (LU) - Canvas Business Model: Key Activities

You're looking at how Lufax Holding Ltd is actively running its business as of late 2025, which is heavily focused on shifting its core from wealth management platform services to consumer finance enablement. Honestly, the numbers from the first half of 2025 really show this pivot in action.

Retail Credit Facilitation for Small Business Owners (SBOs).

Lufax Holding Ltd remains a key financial services enabler for small business owners in China, but the focus is clearly moving. You can see the scale of their lending operations in the first half of 2025, even as they emphasize other customer segments.

Here's a quick look at the loan book activity through the second quarter of 2025:

Metric	Q1 2025 Value (RMB Billion)	Q2 2025 Value (RMB Billion)	As of June 30, 2025 Value (RMB Billion)
Total New Loans Enabled	57.3	48.9	N/A
Total Outstanding Balance of Loans	N/A	N/A	193.4
DPD 30+ Delinquency Rate (Excl. Consumer Finance)	4.5% (as of Mar 31, 2025)	4.6% (as of Jun 30, 2025)	N/A

The DPD 30+ delinquency rate for total loans enabled, excluding the consumer finance subsidiary, stood at 4.6% as of June 30, 2025, up slightly from 4.5% at the end of Q1 2025. That's the kind of detail you need to watch for asset quality on the SBO side.

Rapid expansion of the consumer finance enablement business.

This is where the growth engine is firing. Lufax Holding Ltd is aggressively scaling its consumer finance arm, which is a direct response to policy tailwinds and a strategic shift. The growth rates are quite stark when you compare year-over-year figures from the first two quarters of 2025.

The expansion is clear in the new loan origination figures:

• New consumer finance loans in Q1 2025 reached RMB 30.4 billion, a 50.0% increase from Q1 2024.
• New consumer finance loans in Q2 2025 reached RMB 28.9 billion, a 30.6% increase from Q2 2024.
• The outstanding balance of consumer finance loans grew to RMB 54.5 billion as of June 30, 2025, up 29.8% from June 30, 2024.

The cumulative number of borrowers also jumped by 23.9% to approximately 27.0 million as of March 31, 2025, showing a broader customer base expansion.

Developing and maintaining proprietary risk control systems (KYC/KYB).

Underpinning this lending is the continuous work on risk systems. While specific KYC/KYB development spend isn't itemized, the performance of the risk metrics reflects the system's operation. You defintely see the focus on asset quality maintenance, especially as the mix shifts.

Key risk control indicators as of mid-2025 include:

• Non-performing loan (NPL) ratio for consumer finance loans was 1.2% as of March 31, 2025.
• The C-M3 flow rate for total loans enabled (excluding the consumer finance subsidiary) was 0.9% in Q2 2025.
• The percentage of the outstanding balance where Lufax Holding Ltd bore risk, including the consumer finance subsidiary, increased to 83.7% as of June 30, 2025, up from 56.7% a year prior.

Also, the company appointed Deloitte Consulting (Shanghai) Co., Ltd. as an Independent Internal Control Consultant to review policies in areas like corporate governance and financial reporting.

Providing General and Guarantee Services to Ping An Consumer Finance.

This activity is formalized through ongoing collaboration agreements, which were recently updated and approved by shareholders in late September 2025. The scale of the intended activity for 2026 signals its importance, building on 2024 realized figures.

The scale of the relationship, based on the 2026 proposed annual caps following the September 30, 2025 EGM approval, is massive:

Service Type	2024 Actual (RMB Million)	Proposed 2026 Annual Cap (RMB Billion)
General Services Fees (to Ping An Consumer Finance)	723	4.1
Guarantee Service Fees (to Ping An Consumer Finance)	513	2.4

This planned increase in service capacity to Ping An Consumer Finance to a combined RMB 6.5 billion in 2026 caps shows management's commitment to this revenue stream.

Executing cost rationalization strategies to enhance margins.

Cost control is a major theme, evidenced by the sharp reduction in expenses tied to the legacy wealth management platform business. You see the results of past rationalization efforts in the 2024 expense reports, which set the stage for 2025.

For instance, in Q3 2024, sales and marketing expenses dropped by 49.9% to RMB 1,148 million (US$164 million) compared to Q3 2023. Total expenses for that quarter were down 19.2%.

The strategic wind-down confirms this activity:

• The 2026 revenue cap for the Provision of Services and Products Framework Agreement (legacy platform services) is set at only RMB 208 million.
• This represents a reduction of over 84% from the RMB 1.35 billion recognized in 2024.

They are actively shrinking the old business to improve the overall margin profile.

Lufax Holding Ltd (LU) - Canvas Business Model: Key Resources

You're looking at the core assets Lufax Holding Ltd uses to run its business as of late 2025. These aren't just line items on a balance sheet; they are the engines driving their financial services platform.

Technology platform with AI integration and predictive analytics.

Lufax Holding Ltd relies heavily on its digital infrastructure. The firm introduced a new AI feature around April 2025 designed to facilitate seamless transactions using predictive analytics, which supports their digital-first strategy. This technology underpins their ability to serve a growing borrower base. For context on the platform's revenue contribution, technology platform-based income represented 29.5% of total revenue in the third quarter of 2024, a shift from the 40.5% seen in the same period the year prior. Also, the cumulative number of borrowers served grew to approximately 27.0 million as of March 31, 2025, up from approximately 21.7 million as of March 31, 2024. That's a lot of users relying on the tech stack.

Nationwide small lending license (acquired July 2024) to reduce funding costs.

Securing the nationwide small lending license in July 2024 was a strategic move to control funding costs directly. By the end of the third quarter of 2024, this license had already enabled over RMB 1 billion in new loans. The expectation is that this license will continue to lower the cost of funds deployed in their lending operations.

Proprietary credit analytics and data-driven risk management systems.

Managing risk is central to their model, especially with the shift in loan mix. The non-performing loan (NPL) ratio for consumer finance loans held steady at 1.2% as of December 31, 2024, and again as of March 31, 2025. The company is increasingly taking on the risk itself; as of March 31, 2025, Lufax Holding Ltd bore risk on 79.9% of its outstanding balance, a significant increase from 48.3% as of March 31, 2024. This demonstrates a deeper reliance on their internal analytics to manage a larger, self-retained risk portfolio.

Substantial cash reserves for low-risk internal financial deployment.

Liquidity remains a key asset. Based on the latest available comprehensive balance sheet data covering the preceding twelve months, Lufax Holding Ltd held $8.24 billion in cash and cash equivalents, against total debt of $6.79 billion, resulting in a net cash position of $1.46 billion. This provides a solid foundation for internal deployment, though you should note that retained earnings were reported as $0 for the quarter ending June 30, 2025.

Strong institutional relationship and brand trust from Ping An Group.

The institutional backing from Ping An Insurance (Group) Company of China, Ltd. provides significant brand trust and funding access. Lufax Holding Ltd has built relationships with over 85 financial institutions in China, many of which have been partners for over three years. The continuing connected transactions with Ping An Consumer Finance are critical; for the six months ended June 30, 2025, the maximum monthly average balance of the principal amount guaranteed by Lufax Holding Ltd for Ping An Consumer Finance reached RMB 13,657.0 million, for which Lufax received guarantee service fees of RMB 452.0 million. Shareholders approved the renewal of framework agreements governing these transactions in late 2025, set to expire on December 31, 2025.

Key Resource Metric	Value/Amount	Reporting Period/Context
Technology Income Share	29.5%	Q3 2024 Total Revenue
Nationwide License Initial Loan Enablement	RMB 1 billion	By end of Q3 2024
Consumer Finance NPL Ratio	1.2%	As of March 31, 2025
Self-Bore Risk Percentage (Total Loans)	83.7%	As of June 30, 2025
Cash & Cash Equivalents (Latest Aggregate)	$8.24 billion	Last 12 months data context
Guaranteed Principal for Ping An CF (Max Avg)	RMB 13,657.0 million	Six months ended June 30, 2025
Total Financial Institution Partners	Over 85	As of late 2024/2025 context

• Cumulative Borrowers: 27.0 million as of March 31, 2025.
• Consumer Finance Loan Balance: RMB 54.5 billion as of June 30, 2025.
• Total Debt: $6.79 billion.

Finance: draft 13-week cash view by Friday.

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.