Lost 770 million in half a year, expanding in Indonesia and the cryptocurrency circle. Weixin Jinke's monthly loans drop below 1 billion.

(Source: Hubo Finance)

On March 31, 2026, Weixing Jinke (02003.HK) released its 2025 full-year financial report, with performance undergoing a dramatic reversal. In the first half of the year, the company still achieved net profit of RMB 216 million; however, by year-end, it recorded a net loss of RMB 560 million directly.

This is the most difficult year the company has faced in recent times. Due to performance losses, the company’s board of directors does not recommend the payment of the interim dividend for the current year.

Bad loan ratio nearly doubles Single-month loan origination has fallen below 1 billion

In the first half of 2025, Weixing Jinke achieved total revenue of RMB 2.5 billion, up 43.8% year over year; net profit was RMB 216 million, up sharply 79.5% year over year, showing strong profit resilience.

But entering the second half, the industry environment and operating conditions turned sharply downward. Ultimately, Weixing Jinke recorded a net loss of RMB 560 million for the full year of 2025, which means the loss in a single quarter in the second half reached as much as RMB 776 million. This is equivalent to 1.6 times the RMB 478 million net profit for the full year of 2024, completely erasing the profit results.

In terms of scale, in 2025 Weixing Jinke’s full-year matched lending volume reached RMB 58.45 billion, up 4.8%. However, under the dual impact of the implementation of the new regulations for loan facilitation and the overall rise in market credit risk, the company’s lending volume in the second half saw a clear decline. As a result, the ending loan balance fell to RMB 21.78 billion, down 35.1% from the end of the first half of 2025.

Entering 2026, Weixing Jinke’s lending scale continued to shrink. As Bo Ge mentioned in “Balance falls below 20 billion, February new customer lending is 0.2 billion—struggling for survival among mid-tier loan facilitation,” Weixing’s January and February lending volumes were about RMB 1.2 billion and just over RMB 1.0 billion, respectively. Entering March, its lending volume further dropped to RMB 900 million, falling below the RMB 1 billion threshold.

Based on this calculation, the company’s lending volume in the first quarter was in the “tens of billions” range of yuan, not as high as the single-month lending volume of comparable companies.

Chart: Weixing Jinke’s bad loan ratio

Behind the shrinking scale is the massive pressure facing asset quality. Weixing Jinke’s various delinquency data has surged to the highest level in recent years. Among them, the first-delinquency rate rose to 1.01%, up 43 basis points from 0.58% in the same period last year; the delinquency rate for more than three months (i.e., the bad loan ratio) rose to 5.99%, nearly doubling from 3.02% in the same period last year.

In addition, according to multiple industry insiders, the company has recently jointly launched a “rolling over” business with multiple funding parties to delay the exposure of asset risk.

High growth in fee-based intermediary business Just entered Indonesia and already got a penalty notice

Although overall performance in 2025 came under pressure, Weixing Jinke’s business also has not been without highlights, including breakthroughs in fee-based intermediary income and overseas operations.

The financial report shows that under the company’s “Other income” line item, “technology and platform service fees” (previously listed as membership fees, lead-generation fees, and other service fees) saw a substantial increase, reaching RMB 577 million for the full year, up as much as 155% year over year. This was an important support for performance.

Chart: Fee-based intermediary business income of Weixing Jinke (RMB 100 million)

In terms of overseas business, Weixing Jinke also made progress in 2025. Currently, the company’s overseas layout consists of three parts: first, it successfully obtained a Hong Kong private debt lender license in 2023 and carries out online consumer finance business through “CreFIT Weixing,” but to date the company has not disclosed relevant operating data for that business;

Second, it launched an acquisition of Portugal bank BPG in 2023, and as of April 2026 the acquisition has still not been completed; third, in 2025 it officially entered the Indonesian market, becoming a new focus for the company’s overseas business.

More specifically, in 2025 Weixing Jinke acquired 85% of the shares of the Indonesian P2P company PT Doeku Peduli Indonesia at a price of 15.725 billion Indonesian rupiah (about RMB 6.5 million), successfully securing an entry ticket into the Indonesian market.

As Bo Ge understands, in the second half of 2025 Weixing Jinke had already scaled up its lending business locally in Indonesia, and the overseas expansion achieved some results.

However, Indonesia’s recent regulatory tightening casts a shadow over Weixing Jinke’s overseas layout. The Indonesia Competition and Market Supervision Authority (KPPU) recently imposed total fines of more than RMB 300 million on 97 P2P companies (“Indonesia’s 97 P2P firms fined 300 million; Xinsy also fined 41.65 million—Yang Qian Can 19.99 million ranks fourth”), and PT Doeku Peduli Indonesia, which Weixing Jinke just acquired, is also on the list of companies penalized.

Getting a penalty notice just after entering the Indonesian market makes Weixing Jinke’s “timing” hard not to raise questions.

Heavily deployed virtual asset platform

In addition to traditional consumer finance and overseas business, in recent years Weixing Jinke has continued to step up investment in the crypto and Web3.0 space, becoming an important direction for business transformation by strategically investing to build a virtual asset ecosystem.

In 2024, the company contributed about HKD 16 million and indirectly acquired 15% of the equity of Thousand Whales Technology (BVI) Limited. The target is a virtual asset trading platform and is an early-stage investment.

In 2025, Weixing Jinke further increased its investment, spending HKD 2.395 billion to invest in EXIO Group Limited (EX top IO blue). This platform is among the first batch of licensed virtual asset trading platforms (VATP) under the Hong Kong Securities and Futures Commission. It focuses on small loans and stablecoin business, and its official positioning is to integrate traditional finance with the Web3.0 ecosystem.

From the nature of the investment, Weixing Jinke did not acquire related crypto assets outright; it entered mainly through strategic equity participation. By relying on licensed platforms to explore compliant virtual asset financial services, it has attempted to create synergy with the company’s consumer finance core business.

More and more lending companies in the domestic market are rolling out their footprint in crypto assets and expanding overseas—for example, Yiren Dai mentioned a few days ago. This phenomenon is also accompanied by more and more domestic loan-facilitation executives traveling abroad and never returning. Bo Ge previously analyzed that part of it is indeed that domestic internet lending business has peaked; on the other hand, more of it is that there are channels for capital to go overseas.

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