Six months after the implementation of new lending assistance regulations, several lending platforms are experiencing a decline in loan disbursement volume and profits in Q4 2025.

【Caixin Network】 With several factors combining—such as the formal implementation of new regulations for loan facilitation and the slowdown in demand for consumer lending—many consumer-loan and loan-facilitation platforms in the fourth quarter of 2025 have shown a consistent trend: year-on-year declines in revenue and loan-disbursement scale, alongside a sharp drop in net profit. As the loan-facilitation business enters a period of contraction, each platform is looking for a second growth curve, such as “going overseas” or investing in “crypto circles.”

Recently, seven loan-facilitation platforms listed in the United States and Hong Kong released their 2025 financial reports one after another. These include the operating entity of “Qifu Borrowing Note,” Qifu Technology (formerly 360 Digitech, 03660.HK); the operating entity of “Instalment by Le,” Lexin (LX.NASDAQ); the parent company of “PPDai,” Xin Yike Technology (FINV.NYSE); the parent company of “Xiaoying Card Loan,” Xiaoying Technology (XYF.NYSE); the parent company of “Youwoidai Borrowing,” JYGC Technology (JFIN.NASDAQ); the parent company of “Yixianhua,” Yiren ZhiKe (YRD.NYSE); and the operating entity of “Doudouqian,” Weixin Jin Ke (02003.HK).