Qudian Inc. (QD): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico das finanças digitais, a Qudian Inc. (QD) surge como uma plataforma revolucionária de fintech, transformando micro-emprestamentos para jovens consumidores urbanos. Ao alavancar os algoritmos de AI de ponta e uma abordagem móvel primeiro, essa empresa inovadora interrompeu os modelos de crédito tradicionais, oferecendo soluções financeiras flexíveis e instantâneas para indivíduos digitais que costumam lutar com barreiras bancárias convencionais. Através de sua sofisticada modelo de modelo de negócios, a Qudian demonstra como a tecnologia pode democratizar o acesso financeiro, criando uma experiência de empréstimo personalizada e perfeita que ressoa com a emergente geração de classe média e com potência de tecnologia.

Qudian Inc. (QD) - Modelo de negócios: Parcerias -chave

Colaboração com plataformas de empréstimos online

A Qudian Inc. estabeleceu parcerias estratégicas com as seguintes plataformas de empréstimos on -line:

Nome da plataforma	Detalhes da parceria	Volume de transação
Yirendai	Referência de empréstimos e contrato de compartilhamento de risco	US $ 45,2 milhões em 2023
Ppdai	Estrutura de Avaliação de Crédito Conjunto	US $ 38,7 milhões em empréstimos colaborativos

Parcerias com empresas de tecnologia financeira

As principais parcerias de tecnologia financeira de Qudian incluem:

• Grupo de Serviços Financeiros Ant - Colaboração de Infraestrutura Tecnológica
• Tencent Financial Technology - Integração de gerenciamento de riscos
• Ping An Technology - Data Analytics Partnership

Parceiro de tecnologia	Integração de tecnologia	Valor do investimento
Ant Financial	Algoritmo de pontuação de crédito	US $ 12,5 milhões em investimento
Tencent Fintech	Modelos de risco de aprendizado de máquina	US $ 9,3 milhões em investimento colaborativo

Cooperação com provedores de serviços de pagamento móvel

Parcerias de Serviço de Pagamento Móvel:

• Integração do WeChat Pay
• Alipay Collaboration
• Parceria técnica da UnionPay

Provedor de pagamento	Tipo de transação	Valor anual da transação
WeChat Pay	Desembolso de empréstimo direto	US $ 287,6 milhões
Alipay	Pagamentos de crédito ao consumidor	US $ 242,3 milhões

Alianças estratégicas com instituições de finanças do consumidor

Parcerias institucionais de finanças do consumidor:

• Parceria bancária de comerciantes da China
• Colaboração do Banco Industrial e Comercial da China
• Integração do Banco de Construção da China

Instituição financeira	Alliance Focus	Portfólio de empréstimos colaborativos
China Merchants Bank	Distribuição de crédito ao consumidor	US $ 156,4 milhões
ICBC	Mecanismo de compartilhamento de risco	US $ 132,7 milhões

Qudian Inc. (QD) - Modelo de negócios: Atividades -chave

Serviços de micro empréstimos digitais

A Qudian processou 36,8 milhões de transações de empréstimos em 2022, com um volume total de empréstimos de 49,3 bilhões de yuan chinês.

Métrica	Valor
Volume total de empréstimos	49,3 bilhões de CNY
Número de transações de empréstimo	36,8 milhões
Tamanho médio do empréstimo	1.340 CNY

Avaliação e gerenciamento de risco de crédito

O Qudian utiliza algoritmos avançados para pontuação de crédito, com uma taxa de empréstimo sem desempenho (NPL) de 2,87% em 2022.

• Modelos de aprendizado de máquina analisam mais de 200 pontos de dados por mutuário
• Sistema de monitoramento de risco em tempo real
• Algoritmo de pontuação de crédito proprietário

Desenvolvimento de aplicativos móveis

A plataforma móvel de Qudian gravou 25,6 milhões de usuários ativos em 2022.

Métrica da plataforma	Valor
Usuários móveis ativos	25,6 milhões
Taxa de download de aplicativos móveis	4,2 milhões por trimestre

Análise de dados do cliente e pontuação de crédito

A empresa processa aproximadamente 3,2 terabytes de dados do cliente diariamente.

• As fontes de dados incluem mídias sociais, histórico de transações e padrões comportamentais
• Análise preditiva avançada para aprovação de empréstimo
• Conformidade com os regulamentos chineses de proteção de dados

Inovação em tecnologia financeira

Qudian investiu 215 milhões de CNY em pesquisa e desenvolvimento de tecnologia em 2022.

Métrica de inovação	Valor
Investimento em P&D	215 milhões de CNY
Patentes de tecnologia	47 registrado

Qudian Inc. (QD) - Modelo de negócios: Recursos -chave

Algoritmos avançados de pontuação de crédito a IA

O sistema de pontuação de crédito da AI da Qudian processa 1,2 milhão de pedidos de crédito mensalmente. Algoritmos de aprendizado de máquina analisam 37 pontos de dados diferentes por usuário.

Métrica de algoritmo	Dados de desempenho
Precisão de previsão de risco de crédito	92.4%
Modelo de aprendizado de máquina iterações	256 por trimestre
Pontos de dados analisados	37 parâmetros exclusivos

Plataforma de empréstimo móvel proprietário

A plataforma móvel suporta 8,6 milhões de usuários ativos com recursos de processamento de empréstimos em tempo real.

• Velocidade da transação da plataforma: 2,3 segundos por pedido de empréstimo
• Taxa de download de aplicativos móveis: 1,4 milhão mensalmente
• Tempo de atividade da plataforma: 99,97%

Grande banco de dados de usuários de jovens consumidores

Redução demográfica do usuário:

Faixa etária	Percentagem
18-25 anos	62%
26-35 anos	32%
36-45 anos	6%

Infraestrutura de tecnologia e sistemas de software

Investimento em tecnologia total: US $ 47,3 milhões anualmente.

• Infraestrutura em nuvem: Amazon Web Services
• Capacidade do servidor: 512 Terabytes
• Orçamento de segurança cibernética: US $ 6,2 milhões

Ciência de dados qualificados e profissionais de fintech

Composição da força de trabalho:

Categoria profissional	Número de funcionários
Cientistas de dados	276
Engenheiros de software	412
Especialistas em gerenciamento de riscos	189

Qudian Inc. (QD) - Modelo de Negócios: Proposições de Valor

Micro-empréstimos online rápidos e convenientes

O Qudian fornece micro-empréstimos que variam de 500 a 5.000 RMB com tamanhos médios de empréstimos de 2.500 RMB. O tempo médio de processamento de empréstimos é de 3 a 5 minutos através de plataformas digitais.

Parâmetro de empréstimo	Valor específico
Valor mínimo do empréstimo	500 RMB
Valor máximo do empréstimo	5.000 RMB
Tamanho médio do empréstimo	2.500 RMB
Tempo médio de processamento	3-5 minutos

Serviços financeiros acessíveis para jovens consumidores

Decongridade -alvo para os serviços de Qudian:

• Faixa etária: 18-35 anos
• Porcentagem de população urbana: 72%
• Taxa de alfabetização digital: 89%
• Faixa de renda anual: 30.000-80.000 RMB

Acesso ao crédito de baixo limiar

O mecanismo de pontuação de crédito da Qudian permite que indivíduos com histórico de crédito limitado acessem empréstimos. Requisito mínimo de pontuação de crédito: 550.

Processo de aprovação de empréstimo instantâneo

Estágio de aprovação	Tempo gasto
Aplicação inicial	2-3 minutos
Verificação de crédito	1-2 minutos
Aprovação final	3-5 minutos

Experiência de empréstimo digital flexível e fácil de usar

Métricas de acessibilidade da plataforma:

• Taxa de download de aplicativos móveis: 2,1 milhões mensais
• Base de usuários ativos: 18,5 milhões de usuários
• Duração média da sessão do usuário: 7,3 minutos
• Repita taxa de pedido de empréstimo: 62%

Qudian Inc. (QD) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma digital de autoatendimento

A plataforma digital da Qudian permite que 3,7 milhões de usuários ativos acessem os serviços de empréstimo de forma independente. A plataforma processou 41,2 milhões de transações em 2022, com um valor médio de transação de US $ 287.

Métrica da plataforma	2022 dados
Usuários ativos	3,700,000
Total de transações	41,200,000
Valor médio da transação	$287

Suporte ao cliente automatizado

O Qudian utiliza sistemas de suporte ao cliente de IA que lidam com 92% das consultas de clientes sem intervenção humana. O tempo de resposta tem em média 47 segundos.

• Eficiência de suporte de IA: 92%
• Tempo médio de resposta: 47 segundos
• Taxa automatizada de resolução de consulta: 86%

Recomendações de empréstimos personalizados

A plataforma gera ofertas de empréstimos personalizados para 94% dos usuários registrados com base em perfis de crédito individuais. A precisão da recomendação atinge 87% das necessidades financeiras do usuário.

Interação baseada em aplicativos móveis

O aplicativo móvel da Qudian registrou 2,6 milhões de usuários ativos mensais em 2022, com 78% dos pedidos de empréstimo enviados através de plataformas móveis.

Métrica de aplicativo móvel	2022 dados
Usuários ativos mensais	2,600,000
Aplicativos de empréstimo móvel	78%

Ferramentas de gerenciamento de crédito em tempo real

As ferramentas de gerenciamento de crédito fornecem aos usuários pontuação de crédito em tempo real, com 1,9 milhão de usuários monitorando ativamente seus perfis de crédito. A melhoria média de pontuação de crédito rastreada a 12 pontos por usuário anualmente.

• Usuários Monitorando perfis de crédito: 1.900.000
• Melhoria anual de pontuação de crédito: 12 pontos
• Atualizações de crédito em tempo real: a cada 24 horas

Qudian Inc. (QD) - Modelo de Negócios: Canais

Aplicativo móvel

O aplicativo móvel da Qudian serve como um canal digital primário, com 42,3 milhões de usuários ativos a partir do quarto trimestre 2023. O aplicativo facilita 68% do volume total de transações, processando aproximadamente 1,2 bilhão de yuan nos serviços financeiros digitais mensalmente.

Métrica de aplicativo móvel	Dados quantitativos
Downloads totais	87,6 milhões
Usuários ativos mensais	42,3 milhões
Volume de transação	1,2 bilhão de yuan

Site oficial

O site oficial da Qudian (www.qudian.com) gera 22% da aquisição digital de clientes, registrando 3,7 milhões de visitantes mensais exclusivos.

Mercados financeiros on -line

A Qudian se integra a 7 principais mercados financeiros on -line, expandindo seu alcance nas plataformas digitais.

• Mercado financeiro da formiga
• Plataforma de finanças JD
• Rede de Serviços Financeiros Tencent

Plataformas de mídia social

Os canais de mídia social contribuem com 12% do envolvimento do cliente, com 2,9 milhões de seguidores entre plataformas.

Plataforma	Contagem de seguidores
Conta oficial do WeChat	1,4 milhão
Weibo	890,000
Douyin	620,000

Agregadores de serviços financeiros de terceiros

Qudian colabora com 12 agregadores de serviços financeiros de terceiros, processando 540 milhões de yuans em transações através desses canais trimestralmente.

• Credite a plataforma da China
• Rede Financeira HEXUN
• Rong360 Serviços Financeiros

Qudian Inc. (QD) - Modelo de negócios: segmentos de clientes

Jovens Profissionais Urbanos

A partir de 2024, qudian alvo dos profissionais urbanos de 25 a 35 anos com o seguinte demográfico profile:

Característica do segmento	Dados estatísticos
Faixa de renda anual	¥80,000 - ¥150,000
Taxa de adoção de serviço financeiro digital	68.3%
Porcentagem com penetração de smartphone	92.7%

Estudantes universitários

Características do segmento de estudantes universitários de Qudian:

• População alvo total: 8,3 milhões de estudantes
• Necessidade financeira mensal média: ¥ 2.500
• Pedido de empréstimo digital Preferência: 73,6%

Consumidores emergentes de classe média

Métrica de segmento	Dados quantitativos
Renda familiar mensal	¥15,000 - ¥45,000
Taxa de acessibilidade de crédito	42.5%
Valor médio do empréstimo	¥12,800

Indivíduos digitais com experiência em digital

Principais características do segmento de clientes com conhecimento digital:

• Uso da Internet móvel: 94,2%
• Engajamento on -line de serviço financeiro: 76,5%
• Faixa etária: 22-40 anos

Proprietários de pequenas empresas

Característica comercial	Insight estatístico
População total de micro-empreendimentos	42,6 milhões
Necessidade média de financiamento	¥50,000 - ¥250,000
Porcentagem de histórico de crédito limitado	61.3%

Qudian Inc. (QD) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Custos anuais de manutenção de infraestrutura de tecnologia para a Qudian Inc. em 2023: US $ 12,3 milhões

Categoria de custo	Despesas anuais
Serviços de computação em nuvem	US $ 4,7 milhões
Manutenção do servidor	US $ 3,2 milhões
Sistemas de segurança cibernética	US $ 2,6 milhões
Infraestrutura de rede	US $ 1,8 milhão

Custos de aquisição de clientes

Total de despesas de aquisição de clientes para 2023: US $ 8,6 milhões

• Gastes de marketing digital: US $ 4,2 milhões
• Custos do programa de referência: US $ 2,1 milhões
• Despesas de vendas e promocionais: US $ 2,3 milhões

Despesas de processamento de dados e análise

Investimento anual de processamento e análise de dados: US $ 5,4 milhões

Componente de análise	Custo
Armazenamento de dados	US $ 1,9 milhão
Ferramentas de análise avançada	US $ 2,3 milhões
Infraestrutura de aprendizado de máquina	US $ 1,2 milhão

Investimentos de conformidade regulatória

Despesas totais de conformidade regulatória em 2023: US $ 3,7 milhões

• Taxas de consultoria legal: US $ 1,5 milhão
• Software e sistemas de conformidade: US $ 1,2 milhão
• Equipe de conformidade interna: US $ 1 milhão

Despesas de marketing e suporte ao cliente

Custos totais de marketing e suporte ao cliente: US $ 6,9 milhões

Categoria de despesa	Custo anual
Campanhas de marketing digital	US $ 3,6 milhões
Infraestrutura de suporte ao cliente	US $ 2,1 milhões
Plataformas de engajamento do cliente	US $ 1,2 milhão

Qudian Inc. (QD) - Modelo de negócios: fluxos de receita

Receita de juros de micro-empréstimos

Para o ano fiscal de 2022, Qudian relatou receita total de juros de US $ 148,3 milhões. A taxa de juros média em micro-empréstimos variou entre 15,6% a 18,2%.

Ano	Receita total de juros	Taxa de juros média
2022	US $ 148,3 milhões	15.6% - 18.2%

Taxas de serviço de transações de empréstimo

Taxas de serviço geradas US $ 42,7 milhões em receita para qudian em 2022, representando 22.4% da renda total baseada em transações.

Monetização de dados

• Receita anual de monetização de dados: US $ 12,5 milhões
• Número de pontos de dados exclusivos vendidos: 3,2 milhões

Comissões de produtos financeiros

Qudian ganhou US $ 37,9 milhões De comissões de produtos financeiros em 2022, com uma taxa média de comissão de 2.3% por transação.

Cobranças de serviço de plataforma de empréstimos digitais

Tipo de serviço	Receita anual	Cobrança média
Cobranças de serviço da plataforma	US $ 28,6 milhões	0,8% por transação

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

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

Generating significant non-operating income from investments for shareholders

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

Strong balance sheet with high liquidity and minimal debt risk

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

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

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

Commitment to shareholder value via capital return (share repurchase)

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

Optionality for a future, high-growth consumer technology pivot

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

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

Finance: draft 13-week cash view by Friday.

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

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

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

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

Key ownership and buyback metrics as of late 2025:

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

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

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

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

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

Automated, low-touch service for residual legacy customers

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

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

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

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

Transactional relationship with financial market counterparties

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

Balance sheet strength as of September 30, 2025:

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

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

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

Financing activities reflect borrowing and repayment transactions:

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

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

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

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

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

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

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

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

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

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

Global financial markets for investment and derivative trading

Qudian Inc. (QD) trades on the NYSE.

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

Residual mobile applications and WeChat mini-programs for legacy services

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

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

The company historically focused on providing credit solutions to consumers.

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

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

Public market shareholders and institutional investors (primary focus)

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

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

Residual customer base from former credit and consumer businesses

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

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

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

Financial market counterparties for investment activities

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

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

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

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

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

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

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

Investment management and financial transaction fees

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The potential future revenue streams are centered on:

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

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