Review of 7 publicly listed assist-lending companies in 2025: Saying goodbye to scale expansion, collectively deploying overseas, only Weixin Jinke turned losses

Recently, the performance data for all seven listed assist-lending platforms for the year 2025 has been fully disclosed. From core indicators such as revenue, profit, business scale, and asset quality, the industry has maintained a steady operational trend amid intensified regulation and market environment adjustments, while also showing clear structural differentiation features, with leading platforms continuing to lead, and small- to medium-sized platforms facing various challenges.

In terms of revenue scale, the revenue hierarchy of listed assist-lending platforms in 2025 remains stable, with leading platforms continuing to leverage their scale advantages.

Qifu ranks first in the industry with revenue of 19.2B yuan, an 11.88% year-over-year increase; Xin Ye and Lexin respectively hold second and third place with revenues of 13.57 billion yuan and 13.15B yuan, with Xin Ye achieving a 3.87% YoY growth, and Lexin’s revenue decreasing slightly by 7.40% YoY.

Among the second-tier platforms, Xiaoying and Jiayin have revenues of 7.64B yuan and 6.22B yuan, respectively, with significant year-over-year growth of 30.10% and 7.26%; Yiren Zhike and Weixin have revenues of 5.72B yuan and 3.87B yuan, respectively, with slight declines of 1.00% and 1.50%, maintaining overall stability.

On the profit side, six out of seven platforms achieved profitability for the full year, with the industry’s overall profit fundamentals remaining solid, though with notable differentiation among platforms. Qifu’s net profit of 5.98B yuan remains at the top of the industry profit list, despite a slight decrease of 4.57% YoY, with net profit far exceeding other platforms, solidifying its leading position; Xin Ye and Lexin achieved net profits of 2.55B yuan and 1.68B yuan, with Lexin’s net profit growing significantly by 52.45% YoY, and Xin Ye increasing by 6.57%; Jiayin and Xiaoying’s net profits were 1.54B yuan and 1.47B yuan, respectively, with Jiayin surging 45.32% YoY, and Xiaoying decreasing slightly by 4.87%; Yiren Zhike’s full-year net profit was 41 million yuan, a sharp decline of 97.41% YoY, with profit scale shrinking significantly; Weixin recorded a full-year net loss of 560 million yuan, shifting from profit to loss.

Overall, leading platforms have significant advantages in profit scale, while small- and medium-sized platforms’ profits are more affected by asset quality and business adjustments, resulting in greater volatility.

Regarding business scale, in 2025, listed assist-lending platforms actively optimized their business structures, generally showing stable loan disbursement scales and a common trend of reduced loan balances.

Qifu disbursed 327.07B yuan in loans throughout the year, a slight increase of 1.60% YoY; the loan balance was 126.01B yuan, down 8.00% YoY, making it the only platform with a loan disbursement exceeding 300 billion yuan; Lexin and Xin Ye disbursed 205 billion yuan and 200.3 billion yuan, respectively, with decreases of 3.20% and 2.90% YoY, and their loan balances were 96.6 billion yuan and 70.9 billion yuan, down 12.40% and 0.80%, respectively.

Xiaoying, Jiayin, and Yiren Zhike saw their disbursed loan scales grow by 24.50%, 28.00%, and 26.00%, respectively; Weixin disbursed 58.45B yuan, up 4.84% YoY, with a loan balance of 21.78B yuan, down 16.94% YoY.

Data shows that leading platforms actively reduced their existing scale and optimized asset structures, while small- and medium-sized platforms focused on high-quality customer groups to achieve structural growth in disbursed loans. The industry has shifted away from a “scale expansion” focus toward high-quality development.

In terms of asset quality, the overall overdue rate of listed assist-lending platforms in 2025 has significantly increased.

Jiayin’s overdue rate is the lowest at 2.03%; Qifu, Xin Ye, and Lexin have overdue rates of 2.71%, 2.85%, and 3.10%, respectively, compared to 2.09%, 2.13%, and 3.60% in 2024. Only Lexin’s overdue rate decreased YoY; the other leading platforms saw slight increases but remain at low levels industry-wide. Weixin’s overdue rate surged to 5.99%, up sharply from 3.02% in 2024, indicating significant pressure on asset quality.

Overall, with mature risk control systems, leading platforms maintain stable asset quality, while small- and medium-sized platforms face greater upward pressure on overdue rates due to customer structure and market environment factors.

Expanding overseas has become an important strategy for most platforms to cope with domestic market pressures.

Looking at specific data, Xin Ye Technology’s overseas business achieved profitability for the full year, with Q4 2025 international revenue increasing by 28.6% YoY, accounting for 31.4% of total revenue; markets in Indonesia and the Philippines achieved full-year profitability. Jiayin Jinke’s Indonesia operations grew 187% YoY, and its total disbursed loans in Mexico increased by 105% YoY; Weixin Jinke completed licensing in the Indonesian market.

Currently, overseas businesses of listed assist-lending platforms show clear common features. In terms of market selection, most platforms focus on emerging markets such as Indonesia, the Philippines, and Mexico, where traditional financial penetration is relatively low, leaving certain market gaps.

At the same time, overseas expansion faces significant challenges. Regulatory policies in emerging markets are tightening, with some countries implementing restrictions on interest rates and data localization, increasing compliance costs for platforms; additionally, competition from local financial institutions and differences in culture and consumer habits also demand higher localization operational capabilities.

Overall, in 2025, the listed assist-lending industry remains steady amid regulatory and market adjustments. Leading platforms continue to consolidate their scale and profit advantages, further increasing industry concentration. Meanwhile, the structural differentiation in asset quality and profitability highlights the challenges and opportunities during the industry’s transformation. Future success will depend on compliant operations and risk control capabilities as core pillars of platform development.

Reporter: Liu Jinyang Editor: Yang Zimeng Proofreader: Yang Hefang