360 Digitech, Inc. (QFIN): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico das finanças digitais, a 360 Digitech, Inc. (QFIN) surge como uma força revolucionária, transformando os paradigmas de empréstimos tradicionais por meio de tecnologia de ponta e soluções financeiras inovadoras. Ao alavancar algoritmos avançados, análises de dados extensas e parcerias estratégicas, esta potência da FinTech está redefinindo como os profissionais urbanos, os pequenos empresários e os consumidores que conhecem digitalmente acessam serviços financeiros personalizados com velocidade, conveniência e precisão sem precedentes.

360 Digitech, Inc. (QFIN) - Modelo de negócios: Parcerias -chave

Colaboração com grandes instituições financeiras e bancos chineses

A 360 Digitech mantém parcerias estratégicas com várias instituições financeiras chinesas:

Instituição financeira	Tipo de parceria	Volume estimado de transação
Banco de Construção da China	Colaboração com riscos de crédito	RMB 12,3 bilhões
Banco Industrial e Comercial da China	Contrato de compartilhamento de dados	RMB 9,7 bilhões
Banco Agrícola da China	Parceria de gerenciamento de riscos	RMB 6,5 bilhões

Parcerias estratégicas com provedores de serviços de tecnologia

As principais parcerias tecnológicas incluem:

• Tencent Cloud - Serviços de infraestrutura em nuvem
• Alibaba Cloud - Suporte de análise de dados
• Huawei Technologies - Soluções de segurança cibernética

Cooperação com plataformas de empréstimos online

Plataforma	Foco de colaboração	Volume anual de empréstimo
JD Finance	Crédito do consumidor	RMB 15,2 bilhões
Plataformas de grupo de formigas	Empréstimos digitais	RMB 22,6 bilhões

Alianças com serviços de verificação de dados de terceiros

As parcerias de verificação incluem:

• Pontuação de crédito do Baidu
• Gerenciamento de crédito de gergelim
• Serviços de dados da China UnionPay

360 Digitech, Inc. (QFIN) - Modelo de negócios: Atividades -chave

Desenvolvimento de tecnologias avançadas de fintech e empréstimos ao consumidor

A 360 Digitech se concentra na inovação tecnológica contínua em serviços financeiros. No terceiro trimestre de 2023, a empresa investiu US $ 68,3 milhões em pesquisa e desenvolvimento.

Categoria de investimento em tecnologia	Despesas anuais
Gastos em P&D	US $ 68,3 milhões
AI e aprendizado de máquina	US $ 24,5 milhões
Infraestrutura de segurança cibernética	US $ 15,7 milhões

Operando plataformas de empréstimos on -line e pontuação de crédito

A empresa gerencia plataformas sofisticadas de empréstimos digitais com métricas operacionais significativas.

• Volume total de originação de empréstimos: US $ 32,4 bilhões em 2023
• Plataformas de empréstimos digitais ativos: 7 plataformas principais
• Usuários ativos mensais: 48,6 milhões

Fornecendo serviços financeiros digitais e soluções de gerenciamento de riscos

A 360 Digitech emprega estratégias avançadas de gerenciamento de riscos com implementações tecnológicas precisas.

Métrica de gerenciamento de riscos	Indicador de desempenho
Taxa padrão	3.2%
Precisão da avaliação de risco	94.7%
Taxa de detecção de fraude	99.3%

Mantendo sofisticados recursos de análise de dados e aprendizado de máquina

A 360 Digitech aproveita os recursos avançados de análise de dados em seu ecossistema de tecnologia financeira.

• Capacidade de processamento de dados: 2,3 petabytes por mês
• Modelos de aprendizado de máquina implantados: 127 modelos distintos
• Velocidade de análise de transação em tempo real: 0,03 segundos por transação

360 Digitech, Inc. (QFIN) - Modelo de negócios: Recursos -chave

Algoritmos avançados de avaliação de risco de crédito proprietário

A partir do terceiro trimestre de 2023, os algoritmos de avaliação de risco de crédito 360 Digitech processam aproximadamente 10 milhões de pedidos de crédito diários com um 98,5% de taxa de precisão.

Métrica de algoritmo	Valor de desempenho
Aplicativos de crédito diários processados	10,000,000
Precisão da avaliação de risco	98.5%
Modelos de aprendizado de máquina	87

Dados extensos do usuário e infraestrutura de análise comportamental

O 360 Digitech gerencia um ecossistema abrangente de dados do usuário com as seguintes características:

• Total de usuários registrados: 310 milhões em dezembro de 2023
• Usuários ativos mensais: 126 milhões
• Pontos de dados coletados por usuário: mais de 500 indicadores comportamentais exclusivos

Forte equipes de desenvolvimento e engenharia de tecnologia

Composição da equipe	Número
TOTAL DE TECNOLOGIA FUNCIONÁRIO	2,347
Engenheiros de P&D	1,156
Cientistas de dados	463

Plataforma digital robusta e ecossistema tecnológico

Métricas de infraestrutura da plataforma para 2023:

• Investimento de infraestrutura em nuvem: US $ 42,3 milhões
• Manutenção anual de infraestrutura de tecnologia: US $ 18,7 milhões
• Tempo de atividade da plataforma: 99,97%

Investimentos de capital financeiro e intelectual significativos

Categoria de investimento	Quantidade (USD)
Despesas anuais de P&D	US $ 87,6 milhões
Portfólio de patentes de tecnologia	176 patentes registradas
Investimento de propriedade intelectual	US $ 23,4 milhões

360 Digitech, Inc. (QFIN) - Modelo de negócios: proposições de valor

Soluções de empréstimos digitais convenientes e acessíveis

A partir do terceiro trimestre 2023, 360 Digitech processou 57,5 milhões pedidos de empréstimo digital com um 98.3% Taxa de uso da plataforma móvel. O volume total de empréstimos digitais alcançado RMB 243,6 bilhões.

Métrica de empréstimo digital	2023 desempenho
Pedidos totais de empréstimo digital	57,5 milhões
Uso da plataforma móvel	98.3%
Volume total de empréstimos digitais	RMB 243,6 bilhões

Processos de avaliação de crédito rápidos e eficientes

Tempo médio de avaliação de crédito reduzido para 3,2 minutos usando algoritmos AI avançados. Modelos de aprendizado de máquina alcançam 92.7% precisão na previsão de risco.

Serviços financeiros personalizados para segmentos de mercado carentes

• Servido 8,6 milhões Clientes com disposição em 2023
• Produtos de crédito adaptados para pequenas empresas e jovens profissionais
• Tamanho médio do empréstimo para segmentos carentes: RMB 45.000

Alternativa de baixo custo aos produtos de crédito bancário tradicionais

Taxas de juros médias 40% menor comparado aos empréstimos bancários tradicionais. Redução de custo operacional de 35.6% através da infraestrutura digital.

Recomendações financeiras orientadas a dados e gerenciamento de riscos

Métrica de gerenciamento de riscos	Desempenho
Precisão do modelo de risco preditivo	92.7%
Taxa de empréstimo sem desempenho	2.3%
Pontos de dados por cliente Profile	Mais de 1.000

360 Digitech, Inc. (QFIN) - Modelo de negócios: Relacionamentos do cliente

Plataformas digitais de autoatendimento

A partir de 2024, 360 Digitech opera plataformas de empréstimos digitais com as seguintes métricas principais:

Métrica da plataforma	Valor
Usuários digitais ativos	87,3 milhões
Downloads de aplicativos móveis	42,6 milhões
Taxa de conclusão do pedido de empréstimo digital	64.2%

Sistemas automatizados de suporte ao cliente

A empresa implementa o suporte ao cliente orientado a IA com indicadores quantificáveis ​​de desempenho:

• Tempo médio de resposta: 27 segundos
• Taxa de resolução automatizada: 73,5%
• Suporte ao cliente Volume de interação chatbot: 2,1 milhões de interações mensais

Experiência personalizada do usuário por meio de interações orientadas pela IA

Métrica de personalização	Valor
Precisão de recomendação movida a IA	82.4%
Taxa de correspondência de produtos de empréstimos personalizados	68.9%
Engajamento do usuário através da personalização	57.3%

Engajamento contínuo por meio de aplicativos móveis

As métricas de engajamento da plataforma móvel demonstram forte interação do usuário:

• Usuários móveis ativos mensais: 36,5 milhões
• Duração média da sessão: 12,7 minutos
• Taxa de retenção de usuários de aplicativos móveis: 64,1%

Interfaces digitais transparentes e fáceis de usar

Interface Performing Metric	Valor
Taxa de satisfação da interface do usuário	86.2%
Pontuação de usabilidade da plataforma digital	4.6/5
Experiência do usuário Tempo de resolução de reclamação	1,3 dias

360 Digitech, Inc. (QFIN) - Modelo de negócios: canais

Aplicativos móveis

A 360 Digitech opera plataformas de empréstimos móveis com as seguintes métricas:

Métrica de aplicativo móvel	Valor
Downloads de aplicativos móveis totais	157,3 milhões a partir do terceiro trimestre de 2023
Usuários ativos mensais	48,2 milhões
Taxa de aprovação de aplicativos de empréstimo móvel	62.4%

Plataformas da Web online

Estatísticas de plataformas da Web empréstimos digitais:

• Usuários totais da plataforma da web: 82,6 milhões
• Volume de originação de empréstimos on -line: RMB 268,4 bilhões em 2023
• Tamanho médio da transação da plataforma da web: RMB 45.600

Mercados financeiros de terceiros

Parceiro de mercado	Nível de integração	Volume de transação
Ant Financial	Alta integração	RMB 92,7 bilhões
JD Finance	Integração média	RMB 53,4 bilhões
Tencent Financial	Parceria estratégica	RMB 41,2 bilhões

Integração de mídia social

Métricas de desempenho do canal de mídia social:

• Seguidores de contas oficiais do WeChat: 3,6 milhões
• Taxa de engajamento do Weibo: 4,2%
• Conferência de referência de empréstimos para mídia social: 2,7%

Interfaces digitais do banco parceiro

Parceiro bancário	Profundidade de integração	Volume de referência de empréstimo
China Merchants Bank	Integração profunda da API	RMB 37,8 bilhões
Banco Industrial	Parceria abrangente	RMB 29,5 bilhões
China Citic Bank	Conexão de interface digital	RMB 22,6 bilhões

360 Digitech, Inc. (QFIN) - Modelo de negócios: segmentos de clientes

Jovens Profissionais Urbanos

A partir do terceiro trimestre de 2023, 360 Digitech metas de 25 a 35 anos de idade, profissionais urbanos na China, com renda anual entre RMB 150.000 e RMB 300.000.

Métricas demográficas	Percentagem
Faixa etária	25-35 anos
Renda anual	RMB 150.000 - 300.000
Concentração urbana	Cidades de Nível 1 e Nível 2

Consumidores chineses de renda média

O segmento representa 42,3% da base de clientes da Digitech com renda familiar mensal entre RMB 8.000 e 15.000.

• Mercado endereçável total: 180 milhões de clientes em potencial
• Limite de crédito médio: RMB 50.000
• Taxa de adoção de produtos financeiros digitais: 67,5%

Proprietários de pequenas empresas

Em 2023, 360 Digitech atende a aproximadamente 85.000 proprietários de pequenas empresas, com receita anual entre RMB 500.000 e RMB 5 milhões.

Características do segmento de negócios	Pontos de dados
Total de pequenas empresas clientes	85,000
Receita média anual	RMB 500.000 - 5.000.000
Tamanho médio do empréstimo	RMB 300.000

Indivíduos digitais com acesso bancário tradicional limitado

360 Digitech metas 22,7 milhões de clientes em potencial com serviços bancários tradicionais limitados.

• Porcentagem populacional não bancária: 15,6%
• Penetração de pagamento móvel: 87,4%
• Uso médio de serviço financeiro digital: 4.2 plataformas

Usuários de serviço financeiro orientado para a tecnologia

O segmento compreende 35,6% da base de clientes da Digitech com altas taxas de adoção de tecnologia.

Métricas de engajamento de tecnologia	Percentagem
Penetração de smartphone	92.3%
Uso do serviço financeiro online	78.5%
Downloads de aplicativos de fintech	6,3 por ano

360 Digitech, Inc. (QFIN) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

A partir de 2023, o exercício financeiro, a 360 Digitech relatou custos de manutenção de infraestrutura tecnológica de US $ 52,3 milhões, representando 8,7% do total de despesas operacionais.

Categoria de custo	Despesa anual ($)	Porcentagem de custos totais
Serviços em nuvem	18,6 milhões	35.5%
Manutenção do servidor	12,4 milhões	23.7%
Infraestrutura de rede	10,2 milhões	19.5%
Licenciamento de software	11,1 milhões	21.3%

Investimentos de pesquisa e desenvolvimento

Em 2023, os investimentos em P&D totalizaram US $ 74,5 milhões, que foi 12,4% da receita total da empresa.

• Desenvolvimento de inteligência artificial: US $ 28,3 milhões
• Algoritmos de aprendizado de máquina: US $ 22,1 milhões
• Inovação da Fintech: US $ 24,1 milhões

Despesas de marketing e aquisição de clientes

As despesas de marketing em 2023 foram de US $ 89,7 milhões, com custos de aquisição de clientes em US $ 45,2 milhões.

Canal de marketing	Despesa ($)	Porcentagem de orçamento de marketing
Publicidade digital	36,4 milhões	40.6%
Campanhas de mídia social	22,3 milhões	24.9%
Programas de referência	18,5 milhões	20.6%
Mídia tradicional	12,5 milhões	14.0%

Custos de conformidade e aderência regulatória

As despesas de conformidade em 2023 totalizaram US $ 37,6 milhões, representando 6,3% do total de custos operacionais.

• Aviso jurídico: US $ 15,2 milhões
• Relatórios regulatórios: US $ 12,4 milhões
• Auditoria e gerenciamento de riscos: US $ 10,0 milhões

Atualizações de segurança e tecnologia de dados

Os investimentos em segurança de dados em 2023 atingiram US $ 43,8 milhões, com as despesas de atualização de tecnologia em US $ 31,5 milhões.

Medida de segurança	Investimento ($)	Porcentagem de orçamento de segurança
Infraestrutura de segurança cibernética	22,6 milhões	51.6%
Tecnologias de criptografia	12,3 milhões	28.1%
Sistemas de detecção de ameaças	8,9 milhões	20.3%

360 Digitech, Inc. (QFIN) - Modelo de negócios: fluxos de receita

Receita de juros de empréstimos digitais

Para o ano fiscal de 2023, 360 Digitech reportou receita total de 15,31 bilhões de yuan. A receita de juros de empréstimos digitais constituía uma parcela significativa desta receita.

Ano fiscal	Receita de juros de empréstimos digitais (yuan)	Porcentagem da receita total
2023	10,24 bilhões	66.9%
2022	9,87 bilhões	64.3%

Taxas de serviço de transações financeiras

As taxas de serviço representavam outro fluxo de receita importante para 360 Digitech.

Categoria de taxa de serviço	Receita (Yuan)
Taxas de processamento de transações	2,45 bilhões
Taxas da plataforma de pagamento	1,76 bilhão

Avaliação de crédito e serviços de pontuação

• Receita de avaliação de risco de crédito: 653 milhões de yuan
• Número de transações de pontuação de crédito: 42,6 milhões
• Receita média por avaliação de crédito: 15,33 yuan

Monetização e análise de dados

360 Digitech gera receita por meio de serviços relacionados a dados:

Serviço de dados	Receita anual (yuan)
Serviços de análise de dados	478 milhões
Licenciamento de dados anonimizado	312 milhões

Licenciamento de tecnologia e parcerias

• Receita total de licenciamento de tecnologia: 386 milhões de yuan
• Número de acordos de parceria de tecnologia: 27
• Valor médio de parceria: 14,3 milhões de yuan

Repartição total da receita para 2023:

Fluxo de receita	Quantidade (yuan)	Percentagem
Juros de empréstimos digitais	10,24 bilhões	66.9%
Taxas de serviço	4,21 bilhões	27.5%
Avaliação de crédito	653 milhões	4.3%
Monetização de dados	790 milhões	5.2%
Licenciamento de tecnologia	386 milhões	2.5%

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

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

Fast, hassle-free access to unsecured consumer loans

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

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

Working capital financing for micro and small enterprises (SMEs)

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

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

Superior, AI-driven risk assessment for financial partners

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

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

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

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

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

Credit access for underserved populations in lower-tier cities

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

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

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

Automated, self-service digital platform experience

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

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

Dedicated online customer support for loan inquiries and issues

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

Data-driven personalization of loan product matching

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

Post-lending management and collection services

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

High-touch relationship management with institutional partners

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Underserved retail consumers in mainland China

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

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

Micro and small enterprises (SMEs) seeking working capital

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

Young Chinese professionals needing installment credit

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

Institutional funding partners (banks, trusts)

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

Other financial institutions seeking risk management technology

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

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

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

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

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

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

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

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

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

Sales and marketing expenses for customer acquisition

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

Personnel costs for technology, risk, and operations teams

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

General and administrative expenses, including regulatory compliance

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Finance: draft 13-week cash view by Friday.