Qudian Inc. (QD): Business Model Canvas [Dec-2025 Updated]

You're looking at Qudian Inc. (QD) right now not as the high-growth lending platform it once was, but as a surprisingly cash-rich entity in a deliberate holding pattern, which is a defintely different model for a public company. After winding down unprofitable segments, like the last-mile delivery business, the focus has clearly shifted to capital preservation and shareholder return; for instance, Q3 2025 saw US$59.2 million in interest and investment income, dwarfing the residual sales income of US$1.2 million. That's the quick math: they are now an investment manager with legacy tech optionality, not an operator seeking scale. I've analyzed dozens of these pivots, and understanding this shift from operations to asset management is key to valuing the stock today. Dive in below to see how this new structure maps across the entire Business Model Canvas.

Qudian Inc. (QD) - Canvas Business Model: Key Partnerships

You're looking at the partnerships Qudian Inc. (QD) relies on as it pivots its business focus in late 2025. Honestly, the key relationships now revolve around managing the substantial cash pile from its previous lending operations while navigating a strategic shift away from last-mile delivery.

Financial institutions for cash deposits and short-term investments

Qudian Inc. maintains significant liquidity, which is partnered with various financial institutions for safekeeping and generating passive income. This strategy allows the company to offset operating losses through non-operating income. As of September 30, 2025, the balance sheet showed RMB7,010.6 million (US$948.8 million) in cash and cash equivalents, plus RMB1,518.7 million (US$213.3 million) in restricted cash. This restricted cash primarily sits in designated bank accounts as security deposits guaranteeing short-term borrowings. The reliance on these safe havens is clear from the income generated; for the third quarter of 2025, interest and investment income, net, reached RMB421.3 million (US$59.2 million).

Here's a quick look at how the liquid assets have been managed across the mid-year quarters:

The shift from net cash used in investing activities in Q2 to net cash provided by investing activities in Q3 suggests active management or redemption of these short-term investment vehicles, which are likely held with various financial counterparties.

Brokerage firms for derivative instrument trading

Qudian Inc. engages with brokerage firms, evidenced by its holdings in derivative instruments. The performance of these instruments is a key, albeit volatile, component of the net income. For the third quarter of 2025, the gain on derivative instruments was RMB73.9 million (US$10.4 million), a significant increase of 144.4% compared to the prior year period. This gain was directly linked to the increase in the quoted price of the underlying equity securities held in these instruments.

The quarterly performance of these derivative partnerships shows variability:

• Q1 2025: Loss of RMB36,517 thousand (approx. $5.0 million).
• Q2 2025: Gain of RMB30.2 million (US$4.2 million).
• Q3 2025: Gain of RMB73.9 million (US$10.4 million).

These figures definitely show that the relationship with the counterparties managing these equity-linked derivatives is material to the bottom line.

Potential partners for future, yet-to-be-announced business ventures

The current partnership strategy centers on a transition. Qudian Inc. is executing the winding down of its last-mile delivery business to its final stage. Historically, the consumer finance model relied heavily on partnerships with e-commerce platforms and social media channels to reach its target clientele. Now, the focus is on exploring innovative business opportunities leveraging its technology capabilities. While specific new partners aren't announced, the company's intent is to build long-term value through new business capitalization.

The company's historical partnership ecosystem included:

• E-commerce platforms for distribution.
• Social media channels for customer acquisition.
• Last-mile delivery services (now being phased out).

Regulatory bodies in China for compliance and licensing

As a China-based technology company, Qudian Inc. operates under the purview of Chinese regulatory frameworks. A key administrative partnership involves the management of its US listing structure. Holders of the Company's American Depositary Shares (ADSs) must act through Deutsche Bank Trust Company Americas, the depositary of the ADS program. Furthermore, the company is actively engaging with its shareholder base regarding corporate governance changes, scheduling an Extraordinary General Meeting (EGM) for December 10, 2025, to approve changing the English name to High Templar Tech Limited and the ticker symbol to HTT. This corporate restructuring signals a formal engagement with listing requirements and governance standards.

The key administrative and governance touchpoints include:

• Shareholder approval required for the name and ticker change.
• Record Date for voting set as November 17, 2025.
• The depositary bank for ADS holders is Deutsche Bank Trust Company Americas.

Finance: draft 13-week cash view by Friday.

Qudian Inc. (QD) - Canvas Business Model: Key Activities

You're looking at the core actions Qudian Inc. (QD) is taking to manage its capital structure and pivot its business focus as of late 2025. It's all about capital preservation and strategic pruning right now.

Prudent management of substantial cash and investment portfolio

Qudian Inc. (QD) is managing a significant balance sheet, heavily weighted toward liquid assets, which is a key activity supporting all other operations. The focus is clearly on safeguarding this capital.

The cash position as of the end of the third quarter of fiscal year 2025 (September 30, 2025) shows substantial liquidity:

This balance sheet strength is monetized through investments, as seen in recent income figures:

• Interest and investment income, net for Q3 FY 2025 was RMB421.6 million.
• Interest and investment income, net for Q2 FY 2025 was RMB440.5 million.
• Interest and investment income, net for Q1 FY 2025 was RMB165.4 million.

The company generated RMB384.0 million ($53.9 million) in net cash from operating activities in Q3 FY 2025, largely attributable to proceeds from interest and investment income.

Execution of the ongoing share repurchase program

Qudian Inc. (QD) is aggressively returning capital to shareholders via buybacks, using its cash reserves to reduce the outstanding share count. The program was approved in March 2024 to purchase up to US$300 million of Class A ordinary shares or ADSs over 36 months starting June 13, 2024.

The latest reported progress on this activity shows significant execution:

The activity between August 12, 2025, and November 18, 2025, involved purchasing 3.6 million ADSs for approximately US$16.5 million.

Winding down of the unprofitable last-mile delivery business

This activity represents a strategic retreat from a loss-making venture, which has caused a massive drop in revenue but improved net income quality. The winding down process is nearing completion.

The impact on revenue shows the scale of the exit:

• Q3 FY 2025 revenue was RMB8.5 million ($1.2 million), a decrease of 84.5% from Q3 FY 2024's RMB55.0 million.
• Q2 FY 2025 revenue was RMB3.5 million ($0.5 million), a decrease of 93.5% year-over-year from Q2 FY 2024's RMB53.3 million.
• Q1 FY 2025 revenue was RMB25.8 million ($3.6 million), down from RMB55.8 million in Q1 FY 2024.

The financial benefit of this exit is evident in profitability metrics:

• Q3 FY 2025 net income attributable to shareholders was RMB409.9 million ($57.6 million).
• Q1 FY 2025 non-GAAP net income was RMB150.1 million ($20.7 million), reversing a non-GAAP net loss of RMB73.5 million in Q1 FY 2024.

Research and development of new, high-margin consumer technology opportunities

While the company is cutting costs, R&D spending is being managed, reflecting a shift in focus away from the delivery segment and toward technology leverage.

Reported R&D expenses show a reduction, likely due to the cessation of last-mile delivery related R&D:

The Q3 FY 2025 R&D expense of RMB11.1 million represents a decrease of 23.8% compared to the prior year period.

Maintaining legacy technology platform for optionality

This activity is implied by the continued existence of the company as a consumer-oriented technology firm, historically focused on credit solutions, and its current focus on leveraging technology capabilities.

The company's Q2 FY 2025 loss from operations was RMB113.9 million ($15.9 million), while Q1 FY 2025 loss from operations was RMB65.5 million ($9.0 million), indicating operational costs remain, even as core revenue shrinks.

Finance: draft 13-week cash view by Friday.

Qudian Inc. (QD) - Canvas Business Model: Key Resources

You're looking at the core assets Qudian Inc. (QD) is relying on as it navigates its business transition, which is heavily focused on cash management and exploring new avenues after winding down its last-mile delivery segment. These resources are what keep the lights on and provide the foundation for any future moves.

The most immediate and tangible resource is the company's liquidity position. As of the end of the third quarter of 2025 (September 30, 2025), Qudian Inc. held US$948.8 million in cash and cash equivalents. This substantial war chest is a key enabler for their current strategy of efficient cash management and exploring new opportunities. However, not all cash is immediately available for general operations; the balance sheet also showed restricted cash of US$213.3 million, which is earmarked primarily as security deposits held for the guarantee of short-term borrowings. This means that for day-to-day needs, the immediately accessible cash is lower than the headline figure.

The company's technological backbone, developed during its prior fintech operations, remains a critical, albeit less tangible, resource. Qudian Inc. is fundamentally a consumer-oriented technology company that historically focused on credit solutions. This history means they possess proprietary technology platform and data from those prior operations. Specifically, this includes big data-enabled technologies, like artificial intelligence and machine learning, which were used to assess credit profiles. This capability is what the company intends to leverage as it explores new business opportunities.

Ownership structure provides significant alignment and commitment from the top. Founder, Chairman, and CEO Min Luo is the largest shareholder, directly owning 40.17% of the company's shares, valued at approximately US$317.04 million as of late 2025. This concentration of insider ownership, where the top 4 shareholders collectively hold 51% of the shares, suggests that founder-aligned interests heavily influence strategic decisions. To be fair, the general public, comprising mostly individual investors, still holds a considerable 43% stake.

The human capital, particularly in finance and investment, is another core asset. The management team is seasoned, boasting an average tenure of 10.9 years. Mr. Min Luo himself has been the chief executive officer since the company's inception in 2014, giving him a tenure of nearly 12 years as of late 2025. This deep institutional knowledge is vital when managing a significant investment portfolio, which contributed substantially to recent profitability, with Interest & Investment Income reaching US$59.2 million in Q3 2025.

Here's a quick look at the key financial resource snapshot as of September 30, 2025:

The company has also actively managed its capital structure through buybacks. From the program launch in June 2024 through November 18, 2025, Qudian Inc. spent approximately US$71.1 million repurchasing ordinary shares or ADSs.

You can also see the depth of the team's experience in the context of their roles:

• CEO Min Luo tenure: 11.92 years.
• Management team average tenure: 10.9 years.
• Board of Directors average tenure: 7.1 years.
• Insider ownership: 40%.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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.

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.

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.

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:

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:

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.