Qfin Holdings (QFIN) reconciles 2024–2025 results under IFRS and U.S. GAAP

Rhea-AI Filing Summary

Qfin Holdings, Inc. provides a reconciliation of its consolidated financial statements prepared under U.S. GAAP to IFRS Accounting Standards for 2024 and 2025. For 2024, net income was RMB6,248,116 thousand under U.S. GAAP versus RMB5,757,885 thousand under IFRS, mainly due to differing treatments of expected credit losses and financial guarantees. For 2025, net income was RMB5,975,643 thousand under U.S. GAAP and RMB6,277,418 thousand under IFRS, reflecting adjustments for credit losses, effective interest rate on loans, share-based compensation, financial guarantees and convertible senior notes.

Key Figures

Net income (U.S. GAAP) 2024: RMB6,248,116 thousand Net income (IFRS) 2024: RMB5,757,885 thousand Net income (U.S. GAAP) 2025: RMB5,975,643 thousand +5 more

8 metrics

Net income (U.S. GAAP) 2024 RMB6,248,116 thousand Year ended December 31, 2024

Net income (IFRS) 2024 RMB5,757,885 thousand Year ended December 31, 2024

Net income (U.S. GAAP) 2025 RMB5,975,643 thousand Year ended December 31, 2025

Net income (IFRS) 2025 RMB6,277,418 thousand Year ended December 31, 2025

Total assets (U.S. GAAP) 2025 RMB56,949,795 thousand As of December 31, 2025

Total assets (IFRS) 2025 RMB55,424,783 thousand As of December 31, 2025

Fair value changes of convertible notes (IFRS) 2025 RMB540,021 thousand Included in income before tax under IFRS 2025

Total equity (IFRS) 2025 RMB25,210,991 thousand As of December 31, 2025

Key Terms

expected credit losses, effective interest rate, share-based compensation, financial guarantee, +2 more

6 terms

expected credit losses financial

"only the portion of lifetime expected credit loss (“ECL”) that results from default events"

Expected credit losses are an accounting estimate of how much a lender or company expects to lose when borrowers or customers don’t fully pay what they owe, combining how likely nonpayment is with how big the loss would be. Investors care because these estimates determine how much a firm must set aside from earnings as a reserve, directly affecting reported profits, balance-sheet strength and perceptions of credit risk—like setting aside a rainy-day fund for unpaid bills.

effective interest rate financial

"the effective interest rate is computed on the basis of the estimated cash flows"

share-based compensation financial

"The Group granted options and restricted shares with service condition only to employees and the share-based compensation expenses"

Share-based compensation is when a company pays employees, executives or directors with its own stock or rights to buy stock instead of, or in addition to, cash. Think of it like receiving store gift cards instead of extra paycheck — it can motivate staff to boost the company’s value, but it also increases the number of shares outstanding and can shrink each existing owner’s slice of profits and voting power. Investors watch it because it affects reported earnings, share count and the alignment between management and shareholders.

financial guarantee financial

"Accordingly, the reconciliation includes a difference in financial guarantee to reduce the liabilities recorded."

A financial guarantee is a promise from a third party—often a bank or insurer—to pay a debt or meet an obligation if the original borrower does not, similar to a cosigner stepping in to cover a loan. Investors pay attention because guarantees reduce the chance of loss, can improve a borrower’s credit standing and borrowing costs, and act like insurance that makes a company’s cash flows and risk profile more predictable.

convertible senior notes financial

"Under U.S. GAAP, the convertible senior notes of the Group were measured as a liability."

Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.

IFRS 9 financial

"Under IFRS Accounting Standards, in accordance with IFRS 9, only the portion of lifetime expected credit loss"

IFRS 9 is an international accounting rule for how companies record and report financial instruments such as loans, bonds and derivatives. It sets standards for how assets are classified and measured, how expected credit losses are estimated and when hedge protections can be shown, which affects reported profits and balance-sheet strength. For investors, it matters because it changes when and how quickly credit problems or market risks appear in financial statements—like updating a household budget to reflect likely future bills sooner.

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE
13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

For the month of April 2026

Commission File Number 001-38752

Qfin Holdings, Inc. 

(Translation of registrant’s name into English)

Building 1, No. 98 Qingyijiang Road 

Putuo District, Shanghai 200333 

People’s Republic of China 

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.  Form 20-F  x Form 40-F  ¨

EXPLANATORY NOTE

Qfin Holdings, Inc. (the “Company”) filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the United States Securities and Exchange Commission on April 27, 2026, U.S. Eastern Time. On April 28, 2026, Hong Kong Time, the Company also published its annual report for the fiscal year ended December 31, 2025 (the “HK Annual Report”) pursuant to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “HKEX Listing Rules”). Pursuant to the HKEX Listing Rules, the HK Annual Report contains supplemental disclosure of reconciliation of the material differences between the consolidated financial statements of the Company prepared under the U.S. GAAP and International Financial Reporting Standards, which has been attached hereto as exhibit 99.1.

Exhibit Index

Exhibit 99.1 — Supplemental Disclosure—Reconciliation Between U.S. GAAP and International Financial Reporting Standards

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Qfin Holdings, Inc.
	By:	/s/ Alex Xu
	Name:	Alex Xu
	Title:	Director and Chief Financial Officer
Date: April 27, 2026

Exhibit 99.1

RECONCILIATION BETWEEN U.S. GAAP AND IFRS ACCOUNTING STANDARDS

The consolidated financial statements are prepared in accordance with U.S. GAAP, which differ in certain respects from IFRS Accounting Standards issued by the International Accounting Standards Board. The effects of material differences between the financial statements of the Group prepared under U.S. GAAP and IFRS Accounting Standards are as follows:

		Year ended December 31, 2024
					IFRS adjustments
Consolidated Statement of Operations		Amounts as reported under U.S. GAAP			Expected credit losses, net of tax			Effective interest rate on loans receivable, net of tax			Share-based compensation			Financial guarantee, net of tax			Amounts as reported under IFRS
		(In thousands of Renminbi (“RMB”))
					(Note i)			(Note ii)			(Note iii)			(Note iv)
		RMB			RMB			RMB			RMB			RMB			RMB
Revenue, net of value-added tax and related surcharges:
Credit driven services		11,719,027			-			(105,947	)		-			-			11,613,080
Financing income		6,636,511			-			(105,947	)		-			-			6,530,564
Total net revenue		17,165,656			-			(105,947	)		-			-			17,059,709
Operating costs and expenses:
Facilitation, origination and servicing		2,900,704			-			-			(24,992	)		-			2,875,712
Sales and marketing		1,725,877			-			-			(2,352	)		-			1,723,525
General and administrative		449,505			-			-			(8,028	)		-			441,477
Provision for loans receivable		2,773,323			(75,771	)		-			-			-			2,697,552
Provision for financial assets receivable		296,857			-			-			-			68,598			365,455
Provision for contingent liabilities		478,404			518,454			-			-			-			996,858
Total operating costs and expenses		9,637,086			442,683			-			(35,372	)		68,598			10,112,995
Income from operations		7,528,570			(442,683	)		(105,947	)		35,372			(68,598	)		6,946,714
Income before income tax expense		7,892,422			(442,683	)		(105,947	)		35,372			(68,598	)		7,310,566
Income tax expense		(1,644,306	)		65,872			15,546			-			10,207			(1,552,681	)
Net income		6,248,116			(376,811	)		(90,401	)		35,372			(58,391	)		5,757,885
Net income attributable to ordinary shareholders of the Company		6,264,314			(376,811	)		(90,401	)		35,372			(58,391	)		5,774,083

		Year ended December 31, 2025
					IFRS adjustments
Consolidated Statement of Operations		Amounts as reported under U.S. GAAP			Expected credit losses, net of tax			Effective interest rate on loans receivable, net of tax			Share-based compensation			Financial guarantee, net of tax			Convertible senior notes			Amounts as reported under IFRS
		(In thousands of Renminbi (“RMB”))
					(Note i)			(Note ii)			(Note iii)			(Note iv)			(Note v)
		RMB			RMB			RMB			RMB			RMB			RMB			RMB
Revenue, net of value-added tax and related surcharges:
Credit driven services		13,977,218			—			(38,962	)		—			—			—			13,938,256
Financing income		8,569,063			—			(38,962	)		—			—			—			8,530,101
Total net revenue		19,205,059			—			(38,962	)		—			—			—			19,166,097
Operating costs and expenses:
Facilitation, origination and servicing		3,001,938			—			—			7,435			—			—			3,009,373
Sales and marketing		2,469,546			—			—			35			—			—			2,469,581
General and administrative		658,980			—			—			(16,107	)		—			—			642,873
Provision for loans receivable		3,625,042			(123,936	)		—			—			—			—			3,501,106
Provision for financial assets receivable		234,924			—			—			—			101,516			—			336,440
Provision for contingent liabilities		1,667,742			2,715			—			—			—			—			1,670,457
Total operating costs and expenses		12,526,640			(121,221	)		—			(8,637	)		101,516			—			12,498,298
Income from operations		6,678,419			121,221			(38,962	)		8,637			(101,516	)		—			6,667,799
Interest income, net		278,626			—			—			—			—			39,602			318,228
Fair value changes of convertible senior notes		—			—			—			—			—			540,021			540,021
Gain on debt extinguishment		270,135			—			—			—			—			(270,135	)		—
Income before income tax expense		7,376,135			121,221			(38,962	)		8,637			(101,516	)		309,488			7,675,003
Income tax expense		(1,400,492	)		(18,298	)		5,881			—			15,324			—			(1,397,585	)
Net income		5,975,643			102,923			(33,081	)		8,637			(86,192	)		309,488			6,277,418
Net income attributable to ordinary shareholders of the Company		5,989,691			102,923			(33,081	)		8,637			(86,192	)		309,488			6,291,466

2

		As of December 31, 2024
					IFRS adjustments
Consolidated Balance Sheet		Amounts as reported under U.S. GAAP			Expected credit losses, net of tax			Effective interest rate on loans receivable, net of tax			Share-based compensation			Financial guarantee, net of tax			Amounts as reported under IFRS
		(In thousands of Renminbi (“RMB”))
					(Note i)			(Note ii)			(Note iii)			(Note iv)
		RMB			RMB			RMB			RMB			RMB			RMB
ASSETS
Current assets:
Financial assets receivable, net		1,553,912			—			—			—			(1,545,875	)		8,037
Amounts due from related parties		8,510			—			—			—			168			8,678
Loans receivable, net		26,714,428			—			(140,502	)		—			—			26,573,926
Total current assets		42,780,568			—			(140,502	)		—			(1,545,707	)		41,094,359
Non-current assets:
Financial assets receivable, net-non current		170,779			—			—			—			(170,779	)		—
Amounts due from related parties		51			—			—			—			—			51
Loans receivable, net-noncurrent		2,537,749			224,446			(17,023	)		—			—			2,745,172
Deferred tax assets		1,206,325			135,222			—			—			(124,964	)		1,216,583
Total non-current assets		5,352,050			359,668			(17,023	)		—			(295,743	)		5,398,952
TOTAL ASSETS		48,132,618			359,668			(157,525	)		—			(1,841,450	)		46,493,311
LIABILITIES AND EQUITY
LIABILITIES
Current liabilities:
Contract liabilities		—			—			—			—			295,578			295,578
Guarantee liabilities-stand ready		2,383,202			—			—			—			(2,383,202	)		—
Guarantee liabilities-contingent		1,820,350			(284,558	)		—			—			—			1,535,792
Other tax payable		109,161			—			(8,917	)		—			—			100,244
Total current liabilities		17,472,209			(284,558	)		(8,917	)		—			(2,087,624	)		15,091,110
Non-current liabilities:
Deferred tax liabilities		439,435			—			(23,202	)		—			—			416,233
Total non-current liabilities		6,414,190			—			(23,202	)		—			—			6,390,988
TOTAL LIABILITIES		23,886,399			(284,558	)		(32,119	)		—			(2,087,624	)		21,482,098
SHAREHOLDERS' EQUITY
Additional paid-in capital		4,339,413			—			—			(17,867	)		—			4,321,546
Retained earnings		20,952,340			644,226			(125,406	)		17,867			246,174			21,735,201
TOTAL QFIN HOLDINGS, INC. EQUITY		24,190,043			644,226			(125,406	)		—			246,174			24,955,037
TOTAL EQUITY		24,246,219			644,226			(125,406	)		—			246,174			25,011,213
TOTAL LIABILITIES AND EQUITY		48,132,618			359,668			(157,525	)		—			(1,841,450	)		46,493,311

3

		As of December 31, 2025
					IFRS adjustments
Consolidated Balance Sheet		Amounts as reported under U.S. GAAP			Expected credit losses, net of tax			Effective interest rate on loans receivable, net of tax			Share-based compensation			Financial guarantee, net of tax			Convertible senior notes			Amounts as reported under IFRS
		(In thousands of Renminbi (“RMB”))
					(Note i)			(Note ii)			(Note iii)			(Note iv)			(Note v)
		RMB			RMB			RMB			RMB			RMB			RMB			RMB
ASSETS
Current assets:
Financial assets receivable, net		1,510,205			—			—			—			(1,474,316	)		—			35,889
Loans receivable, net		34,680,954			—			(195,477	)		—			—			—			34,485,477
Prepaid expenses and other assets		772,999			—			1,921			—			—			—			774,920
Total current assets		49,481,458			—			(193,556	)		—			(1,474,316	)		—			47,813,586
Non-current assets:
Financial assets receivable, net-noncurrent		209,459			—			—			—			(209,459	)		—			-
Loans receivable, net-noncurrent		4,002,159			348,382			(3,347	)		—			—			—			4,347,194
Deferred tax assets		1,379,933			116,924			—			—			(109,640	)		—			1,387,217
Total non-current assets		7,468,337			465,306			(3,347	)		—			(319,099	)		—			7,611,197
TOTAL ASSETS		56,949,795			465,306			(196,903	)		—			(1,793,415	)		—			55,424,783
LIABILITIES AND EQUITY
LIABILITIES
Current liabilities:
Accrued expenses and other current liabilities		2,935,726			—			—			—			—			(3,300	)		2,932,426
Contract liabilities		—			—			—			—			361,468			—			361,468
Convertible senior notes-current		1,019,130			—			—			—			—			(1,019,130	)		—
Guarantee liabilities-stand ready		2,314,865			—			—			—			(2,314,865	)		—			—
Guarantee liabilities-contingent		1,872,149			(281,843	)		—			—			—			—			1,590,306
Other tax payable		9,333			—			(9,333	)		—			—			—			—
Total current liabilities		20,359,829			(281,843	)		(9,333	)		—			(1,953,397	)		(1,022,430	)		17,092,826
Non-current liabilities:
Deferred tax liabilities		320,149			—			(29,083	)		—			—			—			291,066
Convertible senior notes-noncurrent		1,583,213			—			—			—			—			717,126			2,300,339
Total non-current liabilities		12,432,923			—			(29,083	)		—			—			717,126			13,120,966
TOTAL LIABILITIES		32,792,752			(281,843	)		(38,416	)		—			(1,953,397	)		(305,304	)		30,213,792
SHAREHOLDERS' EQUITY
Additional paid-in capital		3,874,816			—			—			(26,504	)		—			—			3,848,312
Retained earnings		24,502,158			747,149			(158,487	)		26,504			159,982			309,488			25,586,794
Other comprehensive loss		(195,694	)		—			—			—			—			(4,184	)		(199,878	)
TOTAL QFIN HOLDINGS, INC. EQUITY		24,114,915			747,149			(158,487	)		—			159,982			305,304			25,168,863
TOTAL EQUITY		24,157,043			747,149			(158,487	)		—			159,982			305,304			25,210,991
TOTAL LIABILITIES AND EQUITY		56,949,795			465,306			(196,903	)		—			(1,793,415	)		—			55,424,783

4

Notes:

(i) Expected credit losses, net of tax

Under U.S. GAAP, ASC 326 requires recognition of allowances upon origination or acquisition of financial assets at an estimate to reflect expected credit losses over the contractual term of the financial assets (the current expected credit loss or the “CECL” model) and adjusted as of each subsequent reporting period. Under IFRS Accounting Standards, in accordance with IFRS 9, only the portion of lifetime expected credit loss (“ECL”) that results from default events that are possible within 12 months after the reporting date is recorded (“stage 1”) upon initial recognition. Lifetime expected credit losses are subsequently recorded only if there is a significant increase in the credit risk of the asset (“stage 2”). Once there is objective evidence of impairment (“stage 3”), lifetime ECL continues to be recognized, but interest revenue is calculated on the net carrying amount (that is, amortized cost net of the credit allowance). Accordingly, the reconciliation includes a difference in the credit losses for loans receivable and guarantee liabilities to reflect the difference between IFRS 9 and ASC 326.

(ii) Effective interest rate on loans receivable, net of tax

The Group recognizes revenue fees and interests charged to the borrowers over the lifetime of the loans using the effective interest method under “financing income” in the consolidated statement of operations. Under U.S. GAAP, the effective interest rate is computed on the basis of the contractual cash flows over the contractual term of the loan. Under IFRS Accounting Standards, the effective interest rate is computed on the basis of the estimated cash flows that are expected to be received over the expected life of a loan by considering all of the loan's contractual terms (e.g., prepayment and similar options). Accordingly, the reconciliation includes a difference in financing income and loans receivable as a result.

(iii) Share-based compensation

The Group granted options and restricted shares with service condition only to employees and the share-based compensation expenses were recognized over the vesting period using straight-line method under U.S. GAAP. The Group is allowed to make an accounting policy election to account for awards forfeitures as they occur or by estimating expected forfeitures as compensation cost is recognized. The Group elects to account for forfeitures of all the rewards in the period they occur as a deduction to expense. While under IFRS Accounting Standards, the graded vesting method must be applied and in regard of forfeitures of the awards, the Group is required to estimate the forfeitures. Accordingly, the reconciliation includes an income of RMB35,372 and RMB8,637 in the consolidated statements of operations for each of the years ended December 31, 2024 and 2025, respectively.

(iv) Financial guarantee, net of tax

Under U.S. GAAP, the Group adopted ASC 326, Financial Instruments – Credit Losses, which requires gross accounting for guarantee liability. As a result, at inception of the guarantee, the Group will recognize both a stand-ready guarantee liability under ASC 460 with an associated financial assets receivable, and a contingent guarantee liability with an allowance under CECL model. Subsequent to the initial recognition, the ASC 460 stand-ready guarantee liability is released into guarantee revenue on a straight-line basis over the term of the guarantee, while the contingent guarantee is reduced by the payouts made by the Group to compensate the investors upon borrowers' default. Under IFRS Accounting Standards, according to IFRS 9 and IFRS 15, the Group chose to apply the accounting policy that guarantee premium receivable is accrued and the corresponding revenue recognized on a monthly basis as the service fees are due and collected by installment rather than upfront. After initial recognition, the Group subsequently measure the financial guarantees at the higher of (1) the amount of the loss allowance and (2) the amount initially recognized less, when appropriate, the cumulative amount of income recognized in accordance with the principles of IFRS 15. Accordingly, the reconciliation includes a difference in financial guarantee to reduce the liabilities recorded.

(v) Convertible senior notes

Under U.S. GAAP, the convertible senior notes of the Group were measured as a liability. Issuance costs related to the convertible senior notes were recorded as a direct deduction from the principal amount of the convertible senior notes, and the discount caused by issuance cost is amortized over the period from the date of issuance to the maturity date of the convertible senior notes, using the effective interest method. Under IFRS Accounting Standards, the convertible senior notes are designated as financial liabilities at fair value through profit or loss such that the convertible senior notes are initially recognized at fair value. Issuance costs related to the convertible senior notes were charged into profit or loss initially. Subsequent to initial recognition, the Group considered that the amounts of changes in fair value of the convertible senior notes that are attributed to changes in own credit risk of the convertible senior notes recognized in other comprehensive income were insignificant. The amounts of changes in fair value of the convertible senior notes are recognized in the profit or loss.

As of December 31, 2025, under U.S. GAAP, the carrying amount of RMB1,019,130 of the convertible senior notes are recorded as current liabilities as the Group had a plan to repurchase such portion of the convertible senior notes within one year and the Group repurchased such portion of the convertible senior notes in January 2026. Under IFRS Accounting Standards, the classification liabilities as current or non-current should not be affected by the management intentions or expectations to settle the liability within 12 months. The convertible senior notes are recorded as non-current liabilities as there were no contractual obligations for the Group to repurchase within one year as of December 31, 2025.

Tax impacts for each difference have been reflected in respective columns.

5

FAQ

How did QFIN’s 2024 net income differ under U.S. GAAP and IFRS?

Qfin reported 2024 net income of RMB6,248,116 thousand under U.S. GAAP and RMB5,757,885 thousand under IFRS. The difference mainly reflects varying treatments of expected credit losses and financial guarantee accounting between ASC 326/460 and IFRS 9 and IFRS 15.

What were QFIN’s 2025 net income figures under U.S. GAAP and IFRS?

For 2025, Qfin’s net income was RMB5,975,643 thousand under U.S. GAAP and RMB6,277,418 thousand under IFRS. IFRS results incorporate adjustments for credit losses, effective interest on loans, share-based compensation, financial guarantees and fair value changes of convertible senior notes.

How do expected credit loss models differ for QFIN under U.S. GAAP and IFRS?

Under U.S. GAAP, Qfin applies the CECL model in ASC 326, recognizing lifetime expected credit losses at origination. Under IFRS 9, only 12‑month expected losses are recorded initially, with lifetime losses recognized later when credit risk significantly increases or objective impairment evidence exists.

How are QFIN’s convertible senior notes treated differently under IFRS?

Under U.S. GAAP, Qfin records convertible senior notes entirely as liabilities at amortized cost with issuance costs amortized using the effective interest method. Under IFRS, the notes are designated at fair value through profit or loss, with fair value changes recognized in profit or loss and issuance costs expensed initially.

What impact did IFRS adjustments have on QFIN’s 2025 total assets and equity?

As of December 31, 2025, total assets were RMB56,949,795 thousand under U.S. GAAP versus RMB55,424,783 thousand under IFRS. Total equity was RMB24,157,043 thousand under U.S. GAAP and RMB25,210,991 thousand under IFRS, reflecting reclassifications and valuation differences.

How does QFIN’s financial guarantee accounting differ between U.S. GAAP and IFRS?

Under U.S. GAAP, Qfin applies gross accounting with separate stand‑ready and contingent guarantee liabilities under ASC 460 and ASC 326. Under IFRS 9 and IFRS 15, it recognizes guarantee premium receivables and measures guarantees at the higher of loss allowance or amortized initial amount less recognized income.

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