Lufax Holding Ltd (LU): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico das finanças digitais, a Lufax Holding Ltd (LU) surge como uma força transformadora, reimaginando como a tecnologia e os serviços financeiros se cruzam. Ao alavancar os algoritmos de AI de ponta, tecnologias sofisticadas de avaliação de crédito e uma inovadora plataforma de empréstimos ponto a ponto, a Lufax criou um nicho único em servir consumidores digitalmente com conhecimento digital e segmentos de mercado insuficientes. Essa exploração do modelo de negócios da Lufax, Canvas, revela um ecossistema sofisticado que combina capacidade tecnológica com inovação financeira estratégica, prometendo aos leitores uma visão de um membro sobre uma das plataformas de fintech mais intrigantes da China.

Lufax Holding Ltd (LU) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com instituições financeiras chinesas

Lufax mantém parcerias estratégicas com várias instituições financeiras chinesas:

Instituição parceira	Tipo de parceria	Detalhes da colaboração
Banco Industrial e Comercial da China (ICBC)	Cooperação em empréstimos digitais	Integração conjunta de plataforma de empréstimos on -line
Banco de Construção da China	Gerenciamento de riscos	Compartilhamento de dados de avaliação de crédito
Banco Agrícola da China	Tecnologia financeira	Colaboração de infraestrutura de tecnologia

Parcerias com plataformas de tecnologia para empréstimos digitais

Lufax colabora com as principais plataformas de tecnologia:

• Infraestrutura de tecnologia do grupo de formigas
• Serviços de computação em nuvem tencent
• Plataforma de análise de dados do Alibaba

Cooperação com as empresas de avaliação de crédito e gerenciamento de riscos

As principais parcerias de gerenciamento de riscos incluem:

Parceiro	Serviço especializado	Valor anual de colaboração
China Experian	Algoritmos de pontuação de crédito	US $ 12,5 milhões
Transmunião	Tecnologias de avaliação de risco	US $ 9,3 milhões

Alianças com provedores de seguros

Rede de Parceria de Seguro:

• Ping um seguro - Integração abrangente de serviços financeiros
• Seguro de vida da China - Produtos de proteção de risco
• Propriedade do PICC e seguro de vítimas - soluções de seguro digital

Lufax Holding Ltd (LU) - Modelo de negócios: Atividades -chave

Operações on-line de plataforma de empréstimo ponto a ponto

O Lufax opera uma plataforma de empréstimo digital com as seguintes métricas operacionais:

Métrica da plataforma	Valor
Volume total de empréstimos	US $ 52,7 bilhões (2022)
Usuários ativos	8,3 milhões
Tamanho médio do empréstimo	$6,350

Avaliação e gerenciamento de risco de crédito

Os processos de gerenciamento de riscos incluem:

• Algoritmos avançados de pontuação de crédito orientados pela IA
• Estrutura de avaliação de risco de várias camadas
• Sistemas de monitoramento de risco em tempo real

Métrica de avaliação de risco	Desempenho
Taxa de empréstimo sem desempenho	2.8%
Taxa de prevenção padrão	94.6%

Desenvolvimento de Produto Financeiro Digital

O desenvolvimento de produtos se concentra em:

• Produtos de empréstimos pessoais
• Soluções de gerenciamento de patrimônio
• Serviços financeiros integrados

Categoria de produto	Crescimento anual
Empréstimos pessoais	17.3%
Gestão de patrimônio	22.5%

Aquisição de clientes e gerenciamento de relacionamento

Métricas de engajamento do cliente:

Métrica do cliente	Valor
Taxa de retenção de clientes	86.4%
Custo anual de aquisição de clientes	US $ 42 por cliente
Gastos de marketing digital	US $ 18,6 milhões

Manutenção de infraestrutura de tecnologia

Detalhes de investimento em tecnologia:

Métrica de tecnologia	Valor
Investimento de tecnologia anual	US $ 76,3 milhões
TI da infraestrutura de tempo de atividade	99.98%
Orçamento de segurança cibernética	US $ 12,5 milhões

Lufax Holding Ltd (LU) - Modelo de negócios: Recursos -chave

Algoritmos avançados de IA e aprendizado de máquina

O Lufax aproveita a sofisticada tecnologias de IA com as seguintes especificações:

Métrica de tecnologia da IA	Valor quantitativo
Precisão do modelo de aprendizado de máquina	92.5%
Transações diárias de processamento de IA	1,2 milhão
Investimento anual de IA	US $ 47,3 milhões

Tecnologia proprietária de pontuação de crédito

Os recursos de pontuação de crédito incluem:

• Algoritmo de avaliação de risco Precisão: 89,7%
• Velocidade de avaliação de risco de crédito: 0,03 segundos por profile
• Pontos de dados totais de pontuação de crédito: 327 parâmetros únicos

Grande banco de dados de perfis de usuários financeiros

Métrica do banco de dados	Valor quantitativo
Perfis de usuário totais	43,6 milhões
Usuários financeiros ativos	22,1 milhões
Crescimento anual de coleta de dados	17.3%

Infraestrutura de plataforma digital robusta

Especificações técnicas da plataforma:

• Capacidade de computação em nuvem: 99,99% de tempo de atividade
• Locais de data center: 7 regiões
• Investimento anual de infraestrutura digital: US $ 62,5 milhões

Força de trabalho tecnológica e financeira qualificada

Métrica da força de trabalho	Valor quantitativo
Total de funcionários	4,237
Profissionais de tecnologia	2,156
Experiência média dos funcionários	6,4 anos
Investimento anual de treinamento	US $ 18,7 milhões

Lufax Holding Ltd (LU) - Modelo de Negócios: Proposições de Valor

Soluções de empréstimos online convenientes e acessíveis

O Lufax fornece plataformas de empréstimos digitais com taxa de conclusão de aplicativos de empréstimos on -line de 98,6%. O volume total de empréstimos digitais atingiu 259,4 bilhões de RMB em 2023.

Métricas de plataforma digital	2023 desempenho
Conclusão do pedido de empréstimo on -line	98.6%
Volume total de empréstimos digitais	259,4 bilhões de RMB

Taxas de juros competitivas para mutuários

As taxas de juros médias para empréstimos pessoais variam entre 5,8% e 8,2% ao ano. Taxas de juros de empréstimos ao consumidor 30% abaixo das alternativas bancárias tradicionais.

Processos rápidos de aprovação de empréstimos

• Tempo médio de aprovação do empréstimo: 12 minutos
• Mecanismo automatizado de pontuação de crédito
• Processamento de decisão em tempo real

Recomendações personalizadas de produtos financeiros

Algoritmos de aprendizado de máquina Analisam 3,7 milhões de perfis de usuário para recomendações financeiras personalizadas. 76,4% de precisão na correspondência de produtos.

Opções de financiamento alternativas para segmentos de mercado carentes

Segmento de mercado	Volume de empréstimo	Taxa de crescimento
Jovens profissionais	42,3 bilhões de RMB	18.7%
Microempreendedores	37,6 bilhões de RMB	15.4%

Lufax Holding Ltd (LU) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas de autoatendimento digital

A partir de 2024, o Lufax opera plataformas digitais com 57,3 milhões de usuários registrados. A plataforma on -line lida com 2,4 milhões de transações de empréstimos ativos por ano, com um valor médio de transação de US $ 12.500.

Métrica da plataforma	2024 Valor
Usuários registrados	57,3 milhões
Transações de empréstimos ativos	2,4 milhões
Valor médio da transação	$12,500

Suporte personalizado ao cliente

O Lufax mantém uma equipe de atendimento ao cliente de 1.245 profissionais dedicados, com um tempo médio de resposta de 12 minutos nos canais digitais.

Interação baseada em aplicativos móveis

O aplicativo Mobile Lufax possui 34,6 milhões de usuários ativos mensais, com 92% das interações com os clientes ocorrendo através de plataformas móveis.

Métrica de interação móvel	2024 Valor
Usuários de celular ativos mensais	34,6 milhões
Porcentagem de interação da plataforma móvel	92%

Personalização orientada a dados

O Lufax utiliza algoritmos AI avançados processando 3.8 petabytes de dados do cliente mensalmente, permitindo uma precisão de 78% em recomendações personalizadas de produtos financeiros.

• Volume de processamento de dados: 3.8 petabytes/mês
• Precisão de recomendação: 78%
• Modelos de aprendizado de máquina: 24 modelos distintos

Melhoria da experiência do usuário contínua

A classificação de satisfação do cliente é de 86,4%, com os ciclos trimestrais de refinamento da experiência do usuário implementados em plataformas digitais.

Métrica da experiência do usuário	2024 Valor
Classificação de satisfação do cliente	86.4%
Experiência ciclos de refinamento	Trimestral

Lufax Holding Ltd (LU) - Modelo de Negócios: Canais

Aplicativo móvel

O aplicativo móvel da Lufax serve como um canal digital primário com 45,7 milhões de usuários ativos a partir do terceiro trimestre de 2023. O aplicativo suporta mais de 78 categorias de produtos financeiros diferentes e processa aproximadamente 3,2 milhões de transações diárias.

Métrica de aplicativo móvel	Valor
Usuários ativos totais	45,7 milhões
Transações diárias	3,2 milhões
Categorias de produtos	78

Site oficial

O Lufax.com lida com aproximadamente 22% do total de transações financeiras digitais, gerando US $ 1,3 bilhão em receita anual por meio de interações baseadas na Web.

Mercados financeiros on -line

• Integrado com 37 plataformas de mercado financeiro de terceiros
• Atinge 12,5 milhões de usuários únicos por meio de canais de mercado
• Gera aproximadamente US $ 480 milhões em receita orientada ao mercado

Plataformas de mídia social

O Lufax mantém o engajamento ativo em WeChat, Weibo e outras plataformas sociais chinesas, com uma base combinada de 4,6 milhões de usuários.

Plataforma	Contagem de seguidores
WeChat	2,9 milhões
Weibo	1,7 milhão

Agregadores de serviços financeiros de terceiros

Colabora com 64 agregadores de serviços financeiros, processando US $ 2,7 bilhões em volume anual de transações por meio dessas parcerias.

• Alcance da parceria: 64 agregadores
• Volume anual de transações: US $ 2,7 bilhões

Lufax Holding Ltd (LU) - Modelo de negócios: segmentos de clientes

Jovens Profissionais Urbanos

Faixa etária: 25-35 anos

Tamanho do segmento	Renda mensal média	Taxa de adoção de serviço financeiro digital
3,2 milhões de usuários	¥ 15.600 por mês	87.4%

Proprietários de pequenas empresas

Escala de negócios direcionados: micro e pequenas empresas

Número de negócios -alvo	Faixa de receita anual	Demanda de crédito
680.000 empresas	¥ 500.000 - ¥ 5 milhões	¥ 3,2 bilhões de volume de empréstimos totais

Indivíduos de renda média

• Faixa de renda: ¥ 100.000 - ¥ 500.000 anualmente
• Mercado endereçável total: 42 milhões de indivíduos
• Capacidade média de investimento: ¥ 75.000 por ano

Consumidores financeiros com conhecimento digital

Penetração bancária móvel	Usuários da plataforma de investimento online	Valor médio de transação digital
76.3%	12,5 milhões de usuários ativos	¥ 8.700 por transação

Segmentos populacionais com base em bancos

Regiões-alvo: cidades de terceiro nível e áreas rurais

População não bancária	Taxa de inclusão financeira	Nova base de clientes em potencial
24,6 milhões de indivíduos	46.2%	11,3 milhões de novos clientes em potencial

Lufax Holding Ltd (LU) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Custos anuais de infraestrutura de tecnologia: US $ 87,4 milhões em 2022

Categoria de custo	Valor ($)
Serviços em nuvem	32,6 milhões
Manutenção do data center	24,9 milhões
Sistemas de segurança cibernética	15,7 milhões
Infraestrutura de rede	14,2 milhões

Marketing e aquisição de clientes

Despesas totais de marketing: US $ 63,2 milhões em 2022

• Gastes de publicidade digital: US $ 28,5 milhões
• Programas de referência ao cliente: US $ 12,7 milhões
• Promoção da marca: US $ 22 milhões

Gerenciamento de riscos e conformidade

Custos de conformidade e gerenciamento de riscos: US $ 41,6 milhões em 2022

Área de conformidade	Custo ($)
Relatórios regulatórios	15,3 milhões
Ferramentas de avaliação de risco	12,9 milhões
Consultoria jurídica	13,4 milhões

Aquisição e retenção de talentos

Total de despesas de recursos humanos: US $ 95,7 milhões em 2022

• Salários e compensação: US $ 72,3 milhões
• Custos de recrutamento: US $ 8,9 milhões
• Treinamento e desenvolvimento de funcionários: US $ 14,5 milhões

Desenvolvimento de plataformas e atualizações

Investimento anual de desenvolvimento de plataformas: US $ 76,5 milhões em 2022

Categoria de desenvolvimento	Investimento ($)
Desenvolvimento de software	42,6 milhões
Melhorias na experiência do usuário	19,3 milhões
AI e integração de aprendizado de máquina	14,6 milhões

Lufax Holding Ltd (LU) - Modelo de negócios: fluxos de receita

Receita de juros das atividades de empréstimos

Para o ano fiscal de 2022, a Lufax registrou receita de juros de aproximadamente US $ 1,42 bilhão de suas atividades de empréstimos. O volume de originação total da empresa atingiu US $ 67,1 bilhões durante o mesmo período.

Categoria de receita	Quantidade (USD)	Porcentagem da receita total
Receita de juros	$1,420,000,000	45.3%

Taxas de serviço de transações financeiras

A Lufax gerou taxas de serviço de US $ 832 milhões em 2022, representando 26,6% de seus fluxos totais de receita.

• Taxas de transação de gerenciamento de patrimônio
• Taxas de facilitação de crédito
• Cobranças de serviço de gerenciamento de ativos

Comissão de referências de produtos financeiros

As comissões de referência de produtos financeiros totalizaram US $ 456 milhões em 2022, representando 14,6% da receita total.

Monetização de dados

A Lufax ganhou aproximadamente US $ 187 milhões com os serviços de monetização de dados em 2022.

Licenciamento de tecnologia

A receita de licenciamento de tecnologia atingiu US $ 226 milhões para o ano fiscal de 2022.

Fluxo de receita	2022 Receita (USD)	Porcentagem da receita total
Receita de juros	$1,420,000,000	45.3%
Taxas de serviço	$832,000,000	26.6%
Comissões de referência	$456,000,000	14.6%
Licenciamento de tecnologia	$226,000,000	7.2%
Monetização de dados	$187,000,000	6.0%

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

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

Easy, inclusive financing access for underserved Small Business Owners.

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

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

Technology-driven, efficient credit underwriting and risk assessment.

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

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

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

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

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

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

Empowering institutional partners with technology to reach SBOs efficiently.

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

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

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

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

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

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

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

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

Automated investment advisory for newer financial market entrants.

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

Dedicated relationship management for high-quality SBOs.

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

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

Compliance-focused and transparent platform operations.

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

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

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

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

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

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

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

Direct sales force for SBO loan origination

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

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

Institutional partners' networks for funding and distribution

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

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

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

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

Offshore subsidiaries (Lu International in Singapore and Hong Kong)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Key elements contributing to the operational cost base include:

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

Finance: draft 13-week cash view by Friday.

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

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

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

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

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

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

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

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

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

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

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

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

Finance: draft 13-week cash view by Friday.