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Silly Nice Partners with The Cannabis Justice & Equity Initiative to Advance Social Change in New York

New York, NY, March 16, 2025 (GLOBE NEWSWIRE) — In a bold move to promote equity and economic empowerment in New York’s legal cannabis market, Silly Nice, a Black and Veteran-owned cannabis brand, has joined forces with The Cannabis Justice & Equity Initiative (CJEI). This partnership is dedicated to supporting communities disproportionately impacted by past cannabis prohibition through education, training, and employment opportunities.

A Commitment to Equity and Inclusion

Since launching in 2024, Silly Nice has grown rapidly, becoming a staple in over 100 licensed dispensaries across New York State. Known for its commitment to quality, sustainability, and community engagement, the brand actively seeks to create an inclusive industry that provides opportunities for justice-impacted individuals.

For LeVar Thomas, Co-Founder of Silly Nice, this mission is personal. A Harlem resident, Thomas has witnessed firsthand the discriminatory enforcement of cannabis laws, with family members directly affected by the prison system for cannabis-related offenses. By collaborating with CJEI, Thomas and the Silly Nice team are working to empower individuals from disproportionately impacted communities and ensure they have access to the emerging opportunities in the legal cannabis market.

CJEI’s Mission to Create Lasting Change

The Cannabis Justice & Equity Initiative is a community-based organization committed to removing systemic barriers that prevent marginalized groups from entering the cannabis industry. Through education, workforce training, and employment support, CJEI equips individuals with the tools needed to build sustainable careers in the regulated market.

At the heart of CJEI’s efforts is the Training, Education & Employment (TEE) Program, a free, 16-week training and certification initiative. Designed to develop a skilled labor force of 1,500 individuals annually, the program provides education on:

  • Cultivation and processing
  • Workforce protections and labor rights
  • Retail and dispensary operations
  • Career development and entrepreneurship
  • Ancillary opportunities in the cannabis industry

By providing direct pathways to employment and business ownership, CJEI is working to ensure that the communities most impacted by past cannabis laws can benefit from the industry’s economic growth.

Building a More Equitable Cannabis Market

The collaboration between Silly Nice and CJEI is driven by a shared commitment to economic justice. As New York’s cannabis industry is projected to generate $3.5 billion annually and create over 60,000 jobs, the need for inclusive hiring, equitable access, and workforce development has never been greater.

However, the industry’s rapid expansion exists alongside stark racial disparities. In 2020, 94% of marijuana-related arrests by the NYPD involved people of color, underscoring the importance of initiatives that address past injustices while creating tangible opportunities for those most affected.

By combining Silly Nice’s industry expertise with CJEI’s education and workforce training programs, this partnership is designed to drive systemic change, increase diversity in the cannabis sector, and create lasting economic opportunities for justice-impacted communities.

LeVar Thomas on the Future of Cannabis Equity

For Thomas, this partnership represents more than just business—it’s a step toward righting historical wrongs. Reflecting on the collaboration, he states:

“The cannabis industry cannot truly thrive unless it includes those who were most affected by prohibition. Partnering with CJEI allows us to take real action—providing education, training, and opportunities for individuals who deserve a fair shot at success. Our goal is to grow, but more importantly, to grow alongside the community.”

Expanding Opportunities for Justice-Impacted Communities

Looking ahead, Silly Nice and CJEI plan to expand their initiatives, reaching more individuals who can benefit from job placement, skills training, and entrepreneurship support. Through ongoing collaboration, they aim to bridge the gap between social equity initiatives and real economic empowerment in New York’s cannabis sector.

For those interested in learning more about the TEE Program, employment opportunities, or supporting this initiative, visit:


LeVar Thomas
Silly Nice
929-375-6940
info@sillynice.com

© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Finance News

Could Buying Nio Stock Today Set You Up for Life?

Nio (NYSE: NIO) has been a wildly volatile stock since its IPO in 2018. The Chinese maker of electric vehicles went public at $6.26 per share, and it skyrocketed tenfold to a record high of $62.84 during the buying frenzy in meme stocks in February 2021.

However, as of this writing, Nio’s stock trades at about $5 per share. The bulls retreated as its deliveries cooled off, its margins shrank, and it racked up steep losses. Could scooping up some shares of this unloved stock below its IPO price help set you up for life?

Nio's Eve concept car.
Nio’s Eve concept car. Image source: Nio.

Nio produces a wide range of electric sedans and SUVs. It differentiates itself from its competitors with its swappable batteries, which can be quickly replaced at its own battery swapping stations as a faster alternative to traditional chargers.

Nio delivered its first vehicles in 2018, and its annual deliveries surged nearly 11-fold from 2019 to 2024. But after more than doubling its annual deliveries in 2020 and 2021, its deliveries decelerated significantly in 2022 and 2023 as it struggled with supply chain constraints, tougher competition, and China’s economic slowdown.

Metric

2019

2020

2021

2022

2023

2024

Deliveries

20,565

43,728

91,429

122,486

160,038

221,970

Growth (YOY)

81%

113%

109%

34%

31%

39%

Data source: Nio. YOY = Year over year.

Nio’s annual vehicle margin, which had reached a record high of 20.2% in 2021, also shrank to 13.7% in 2022 and 9.5% in 2023 as its pricing power waned. Its annual net loss more than quadrupled from 2021 to 2023. All of those challenges — along with trade tensions and rising interest rates — drove away bulls.

After two years of slowing growth, Nio’s growth in deliveries accelerated again in 2024. Its business stabilized as it grew its market share in China and expanded in Europe.

That recovery was driven by its stable sales of its ET sedans, ES SUVs, and EC crossovers, as well as the launch of its lower-end Onvo L60, which resembles Tesla‘s (NASDAQ: TSLA) Model Y but starts at just 149,900 yuan ($20,646). It also continues to expand across Europe even as it faces higher tariffs on Chinese-made EVs across the region.

But despite that pressure, Nio’s quarterly vehicle margins stabilized in 2024, growing from 9.2% in the first quarter to 12.2% in the second quarter and 13.1% in the third quarter. It expects that figure to rise again to 15% when it posts its fourth-quarter earnings report on March 21. It attributes that recovery to its lower material costs and its rising sales of premium vehicles (including its ET7 Executive Edition sedan) in China, which largely offset its lower average selling prices.

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Finance News

Tesla Stock Has Lost More Than a Third of Its Value in 2025: Time to Buy?

Things have changed rapidly for Tesla (NASDAQ: TSLA) stock in 2025. Just a few weeks ago, I assessed whether shares were worth buying after losing a fifth of their value this year. I concluded that buying the dip didn’t make sense; the valuation relative to the company’s underlying fundamentals simply seemed too high. But what about now? As of this writing, shares are down about 39% year to date. Facing an even steeper decline, is now a good time to buy into this growth story?

To help us consider whether Tesla stock is a buy after falling so sharply, let’s examine the company’s recent performance, its key catalysts, and the stock’s current valuation.

Recent business performance for Tesla (NASDAQ: TSLA) has been downright disappointing when measured against the stock’s current valuation. A high-interest-rate environment weighed on Tesla’s automotive demand during 2024, pressuring both unit sales volume and pricing. The electric carmaker‘s automotive revenue fell 6% year over year in 2024, putting total revenue up just 1% for the year. But it gets worse. Net income for the period fell 53% year over year, and free cash flow declined 18%.

Not every Tesla segment, however, is suffering. Driven by sharp growth in sales of its energy storage products for homes and utilities, Tesla’s energy generation and storage business segment saw revenue rise 67% year over year. Growth for the segment was even faster in Q4, coming in at 113%.

Still, at about 10% of revenue, this segment remains small compared to Tesla’s overall business. Weakness in autos, therefore, is weighing heavily on the overall business.

However, investors can’t define Tesla entirely by its recent results. A potential return to the high growth rates of its past (Tesla used to often grow revenue at a rate of around 50% year over year) shouldn’t be ruled out. The company could potentially turn up the speed on its growth rate with the help of a lower-interest-rate environment or new products and services.

With the interest rate environment out of Tesla’s control, the only thing to say regarding this is that the automotive business has always been sensitive to interest rates since many customers finance their purchases. Lower interest rates, therefore, could help fuel sales. But since this is an external factor that is difficult to predict, investors should focus on the main catalysts the electric carmaker has in its product pipeline: autonomous driving, a lower-cost electric car, and its energy storage business.

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Finance News

Can This Unstoppable Stock Join Apple, Microsoft, Nvidia, Amazon, Alphabet, and Meta Platforms in the $1 Trillion Club by 2035?

In the past couple of decades, the stock market has had a tremendous run. That tailwind has been the perfect recipe for the creation of numerous trillion-dollar companies. These businesses are in an elite category.

Investors are certainly familiar with a smaller innovative, industry-leading enterprise that currently has a market cap of $384 billion (as of March 13). It has quickly climbed up the ranks. And I believe it deserves to be mentioned as a potential new entrant to the trillion-dollar club at some point in the future.

Can this one unstoppable stock join Apple, Microsoft, Nvidia, Amazon, Alphabet, and Meta Platforms in the $1 trillion club by 2035?

If it’s not already, Netflix (NASDAQ: NFLX) should be on investors’ radars. Its shares have catapulted 66,600% higher in the past 20 years, undoubtedly making it one of the best performers during that time.

That monumental rise only happened because Netflix completely disrupted the traditional media market. The company deserves credit for having created the streaming industry as we know it today.

It focused intensely on innovation to find a way to offer customers a better experience compared to cable TV. As a result, Netflix surely should be talked about in the same breath as those other tech titans.

The company’s growth has been unbelievable. Five years ago, it counted 167 million customers. Today, that figure has ballooned to 302 million, with a presence in 190 countries. Revenue has soared as well, going from $20 billion in 2019 to $39 billion last year.

Even at its current size, the business is trying new things to keep the growth going. Netflix has cracked down on password-sharing households. It has introduced a cheaper ad-based tier to target a price-sensitive customer. And it’s starting to get more involved in live events and sports.

Netflix’s profitability is noteworthy. The company’s huge scale, which comes from its first-mover advantage, puts it well ahead of its rivals in the industry.

In 2025, executives are targeting a 29% operating margin, with free cash flow expected to total $8 billion. These numbers would represent an improvement from the prior year.

Netflix has also proved that it has pricing power. The leadership team strives to keep adding more value for subscribers, providing the confidence needed to occasionally raise prices.

The market cap only needs to rise 160% to reach $1 trillion in 10 years. In the past decade, Netflix’s market cap has climbed 1,320%. Expecting a slowdown is reasonable, in my opinion.

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Finance News

How Does Your Wealth Stack Up Against Your Peers? Here's the Net Worth You'll Need To Be Among The Richest 10% At Each Age

How Does Your Wealth Stack Up Against Your Peers? Here's the Net Worth You'll Need To Be Among The Richest 10% At Each Age
How Does Your Wealth Stack Up Against Your Peers? Here’s the Net Worth You’ll Need To Be Among The Richest 10% At Each Age

When it comes to money, it’s easy to fall into the comparison trap—especially in the age of social media flexing and financial “glow-ups.” But let’s be real: comparing your net worth to someone twice your age isn’t exactly useful. The real question is, how do you stack up against people your age?

Net worth is a key measure of financial standing, calculated by subtracting what you owe (liabilities) from what you own (assets). Assets include cash, investments, real estate, and valuable possessions, while liabilities cover debts like mortgages, student loans, and credit card balances. The higher your assets and the lower your debt, the stronger your net worth.

Don’t Miss:

According to Federal Reserve data, here’s what it takes to land in the top 10% of net worth in the U.S. at different age groups:

• Ages 18–29: $281,550

• Ages 30–39: $711,400

• Ages 40–49: $1,313,700

• Ages 50–59: $2,629,060

• Ages 60–69: $2,808,600

• Ages 70+: $2,547,700

Across all age groups, reaching the top 10% of net worth in the U.S. requires at least $1.94 million.

These numbers might seem discouraging or motivating, depending on where you stand. But hitting the top 10% isn’t about luck; it’s about consistently making smart financial moves. Whether you’re just starting out or looking to level up, here are some key strategies to build your net worth over time.

Trending: The secret weapon in billionaire investor portfolios that you almost certainly don’t own yet. See which asset class has outpaced the S&P 500 (1995-2024) – and with near-zero correlation.

1. Knock Out High-Interest Debt

Debt is the biggest drag on net worth. Prioritize high-interest balances like credit cards first, then move on to lower-interest loans. If your student loans have a low rate, it may make sense to invest instead of rushing to pay them off.

2. Max Out Retirement Contributions

If your job offers a 401(k) match, take it—it’s free money. Even beyond that, contributing to tax-advantaged accounts like IRAs or HSAs can boost your wealth without giving extra cash to the IRS.

3. Cut Back on Spending That Doesn’t Add Value

You don’t have to give up your favorite coffee or stop traveling, but tracking your expenses will show where your money is disappearing. Small tweaks—like canceling unused subscriptions or negotiating bills—can free up cash for saving and investing.

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Earnings News

Qifu Technology Announces Fourth Quarter and Full Year 2024 Unaudited Financial Results and Raises Semi-Annual Dividend

SHANGHAI, China, March 16, 2025 (GLOBE NEWSWIRE) — Qifu Technology, Inc. QFIN HKEx: 3660)) (“Qifu Technology” or the “Company”), a leading AI-empowered Credit-Tech platform in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024 and raised semi-annual dividend.

Fourth Quarter 2024 Business Highlights

  • As of December 31, 2024, our platform has connected 162 financial institutional partners and 261.2 million consumers*1 with potential credit needs, cumulatively, an increase of 11.0% from 235.4 million a year ago.
  • Cumulative users with approved credit lines*2 were 56.9 million as of December 31, 2024, an increase of 11.8% from 50.9 million as of December 31, 2023.
  • Cumulative borrowers with successful drawdown, including repeat borrowers was 34.4 million as of December 31, 2024, an increase of 13.1% from 30.4 million as of December 31, 2023.
  • In the fourth quarter of 2024, financial institutional partners originated 24,814,923 loans*3 through our platform.
  • Total facilitation and origination loan volume*4 reached RMB89,885 million, an increase of 0.4% from RMB89,561 million in the same period of 2023 and an increase of 9.0% from RMB82,436 million in the prior quarter. RMB47,796 million of such loan volume was under capital-light model, Intelligence Credit Engine (“ICE”) and total technology solutions*5, representing 53.2% of the total, an increase of 23.2% from RMB38,798 million in the same period of 2023 and an increase of 5.3% from RMB45,396 million in the prior quarter.
  • Total outstanding loan balance*6 was RMB137,014 million as of December 31, 2024, a decrease of 5.7% from RMB145,270 million as of December 31, 2023 and an increase of 7.3% from RMB127,727 million as of September 30, 2024. RMB79,599 million of such loan balance was under capital-light model, “ICE” and total technology solutions, an increase of 8.6% from RMB73,268 million as of December 31, 2023 and an increase of 7.5% from RMB74,078 million as of September 30, 2024.
  • The weighted average contractual tenor of loans originated by financial institutions across our platform in the fourth quarter of 2024 was approximately 10.00 months, compared with 11.47 months in the same period of 2023.
  • 90 day+ delinquency rate*7 of loans originated by financial institutions across our platform was 2.09% as of December 31, 2024.
  • Repeat borrower contribution*8 of loans originated by financial institutions across our platform for the fourth quarter of 2024 was 93.9%.

1 Refers to cumulative registered users across our platform.
2 “Cumulative users with approved credit lines” refers to the total number of users who had submitted their credit applications and were approved with a credit line at the end of each period.
3 Including 2,799,208 loans across “V-pocket”, and 22,015,715 loans across other products.
4 Refers to the total principal amount of loans facilitated and originated during the given period. Retrospectively excluding the impact of discontinued service, which did not have and is not expected to have a material impact on our overall business, financial condition, and results of operations.
5 “ICE” is an open platform primarily on our “Qifu Jietiao” APP (previously known as “360 Jietiao”), we match borrowers and financial institutions through big data and cloud computing technology on “ICE”, and provide pre-loan investigation report of borrowers. For loans facilitated through “ICE”, the Company does not bear principal risk.
Under total technology solutions, we have been offering end-to-end technology solutions to financial institutions based on on-premise deployment, SaaS or hybrid model since 2023.
6 “Total outstanding loan balance” refers to the total amount of principal outstanding for loans facilitated and originated at the end of each period, excluding loans delinquent for more than 180 days. Retrospectively excluding the impact of discontinued service, which did not have and is not expected to have a material impact on our overall business, financial condition, and results of operations.
7 “90 day+ delinquency rate” refers to the outstanding principal balance of on- and off-balance sheet loans that were 91 to 180 calendar days past due as a percentage of the total outstanding principal balance of on- and off-balance sheet loans across our platform as of a specific date. Loans that are charged-off and loans under “ICE” and total technology solutions are not included in the delinquency rate calculation.
8 “Repeat borrower contribution” for a given period refers to (i) the principal amount of loans borrowed during that period by borrowers who had historically made at least one successful drawdown, divided by (ii) the total loan facilitation and origination volume through our platform during that period.

Fourth Quarter 2024 Financial Highlights

  • Total net revenue was RMB4,482.3 million (US$614.1 million), compared to RMB4,370.2 million in the prior quarter.
  • Net income was RMB1,912.7 million (US$262.0 million), compared to RMB1,798.8 million in the prior quarter.
  • Non-GAAP*9 net income was RMB1,972.4 million (US$270.2 million), compared to RMB1,825.1 million in the prior quarter.
  • Net income per fully diluted American depositary share (“ADS”) was RMB13.24 (US$1.82), compared to RMB12.18 in the prior quarter.
  • Non-GAAP net income per fully diluted ADS was RMB13.66 (US$1.87), compared to RMB12.35 in the prior quarter.

9 Non-GAAP income from operations, Non-GAAP net income, Non-GAAP operating margin, Non-GAAP net income margin and Non-GAAP net income per fully diluted ADS are Non-GAAP financial measures. For more information on these Non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures Statement” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

Full Year 2024 Operational Highlights

  • Total loan facilitation and origination volume*4 in 2024 was RMB321,969 million, representing a decrease of 12.8% from RMB369,132 million in 2023. Loan facilitation volume*4 under Platform Services was RMB170,589 million, an increase of 3.8% from RMB164,321 million in 2023.
  • The weighted average contractual tenor of loans facilitated and originated was 10.05 months in full year 2024, compared with 11.21 months in 2023.
  • Repeat borrower contribution was 93.1% in full year 2024, compared with 91.6% in 2023.

Full Year 2024 Financial Highlights

  • Total net revenue was RMB17,165.7 million (US$2,351.7 million), compared to RMB16,290.0 million in 2023.
  • Net income was RMB6,248.1 million (US$856.0 million), compared to RMB4,268.6 million in 2023.
  • Non-GAAP net income was RMB6,415.7 million (US$879.0 million), compared to RMB4,454.2 million in 2023.
  • Net income per fully diluted ADS was RMB41.28 (US$5.66), compared to RMB26.08 in 2023.
  • Non-GAAP net income per fully diluted ADS was RMB42.39 (US$5.81), compared to RMB27.22 in 2023.

Mr. Haisheng Wu, Chief Executive Officer and Director of Qifu Technology, commented, “Although 2024 was a challenging year as macro-economic headwinds persisted, we have made timely adjustments to our operations throughout the year and focused our effort on improving the quality and sustainability of our business. With consistent execution, we closed the year with strong operational and financial results. Throughout 2024, we proactively expanded the scope of our platform services, which makes our business model more resilient and forms a solid foundation for high quality growth in 2025.

Approximately 58% of the year-end loan balance was under the capital-light model, ICE and total technology solutions. The strong contribution from non-credit risk bearing services helped us mitigate some risks in a challenging environment and demonstrated the efficiency of our platform services. In 2024, we further diversified our user acquisition channels and in the fourth quarter, approximately 47% of our new credit line users were acquired through embedded finance channels. Meanwhile, we continued to solidify our relationships with financial institution partners. With record-setting ABS issuance, we further optimized our funding structure.

While we started to see some tentative signs of improvement in user activities late in 2024, we will continue to take a prudent approach in our business planning in 2025. We will remain focused on quality growth and further empower our partners and users through our open platform. With the increasing maturity and efficiency of large language models, we expect to allocate more resources to the application of AI across the credit scenarios in the future. We believe such efforts will enable us to better navigate through the current environment and position us well to capture long-term opportunities through innovative technologies, enhanced products and collaborative models.”

“We are pleased to report another quarter of solid financial results and close the year on a strong note in a still uncertain macro environment. For 2024, total revenue was RMB17.17 billion and Non-GAAP net income was RMB6.42 billion,” Mr. Alex Xu, Chief Financial Officer, commented. “Meanwhile, we generated a record-breaking RMB9.34 billion cash from operations in 2024. Our strong financial positions not only allow us to consistently execute our strategy and support business initiatives, but also enable us to further enhance returns to our shareholders by actively executing 2025 share repurchase plan and significantly raising semi-annual dividends.”

Mr. Yan Zheng, Chief Risk Officer, added, “Despite facing macro uncertainties, we significantly reduced our overall portfolio risks through 2024 by decisively tightening risk standards early in the year. Overall risk performance reached the best level for the year in the fourth quarter. Among key leading indicators, Day-1 delinquency rate*10 was 4.8% in the fourth quarter, and 30-day collection rate*11 was 88.1%. We feel comfortable with current risk levels and expect to see relatively stable risk performance in the coming quarters as we seek growth opportunities in a changing environment in 2025.”

10 “Day-1 delinquency rate” is defined as (i) the total amount of principal that became overdue as of a specified date, divided by (ii) the total amount of principal that was due for repayment as of such specified date.
11 “30-day collection rate” is defined as (i) the amount of principal that was repaid in one month among the total amount of principal that became overdue as of a specified date, divided by (ii) the total amount of principal that became overdue as of such specified date.

Fourth Quarter 2024 Financial Results

Total net revenue was RMB4,482.3 million (US$614.1 million), compared to RMB4,495.5 million in the same period of 2023, and RMB4,370.2 million in the prior quarter.

Net revenue from Credit Driven Services was RMB2,889.5 million (US$395.9 million), compared to RMB3,248.3 million in the same period of 2023, and RMB2,901.0 million in the prior quarter.

Loan facilitation and servicing fees-capital heavy were RMB363.0 million (US$49.7 million), compared to RMB481.2 million in the same period of 2023 and RMB258.7 million in the prior quarter. The year-over-year and sequential changes were primarily due to the changes in capital-heavy loan facilitation volume.

Financing income*12 was RMB1,667.3 million (US$228.4 million), compared to RMB1,485.4 million in the same period of 2023 and RMB1,744.1 million in the prior quarter. The year-over-year increase was primarily due to the growth in average outstanding balance of the on-balance-sheet loans.

Revenue from releasing of guarantee liabilities was RMB761.8 million (US$104.4 million), compared to RMB1,211.8 million in the same period of 2023, and RMB794.6 million in the prior quarter. The year-over-year decrease was mainly due to the decrease in average outstanding balance of off-balance-sheet capital-heavy loans during the period.

Other services fees were RMB97.4 million (US$13.3 million), compared to RMB69.8 million in the same period of 2023, and RMB103.7 million in the prior quarter. The year-over-year increase reflected the increase in late payment fees under the credit driven services due to improvement in collection rates of late paid loans.

Net revenue from Platform Services was RMB1,592.8 million (US$218.2 million), compared to RMB1,247.2 million in the same period of 2023 and RMB1,469.1 million in the prior quarter.

Loan facilitation and servicing fees-capital light were RMB515.1 million (US$70.6 million), compared to RMB697.0 million in the same period of 2023 and RMB574.6 million in the prior quarter. The year-over-year and sequential decreases were primarily due to the decreases in capital-light loan facilitation volume.

Referral services fees were RMB907.2 million (US$124.3 million), compared to RMB446.5 million in the same period of 2023 and RMB763.1 million in the prior quarter. The year-over-year and sequential increases were mainly due to the increases in loan facilitation volume through ICE.

Other services fees were RMB170.5 million (US$23.4 million), compared to RMB103.8 million in the same period of 2023 and RMB131.4 million in the prior quarter.

Total operating costs and expenses were RMB2,591.9 million (US$355.1 million), compared to RMB3,215.9 million in the same period of 2023 and RMB2,081.0 million in the prior quarter.

Facilitation, origination and servicing expenses were RMB734.7 million (US$100.6 million), compared to RMB731.8 million in the same period of 2023 and RMB707.9 million in the prior quarter.

Funding costs were RMB126.8 million (US$17.4 million), compared to RMB161.0 million in the same period of 2023 and RMB146.8 million in the prior quarter. The year-over-year decrease was mainly due to the lower average costs of ABS and trusts. The sequential decrease was mainly due to the decline in funding from ABS and trusts and lower average costs.

Sales and marketing expenses were RMB523.9 million (US$71.8 million), compared to RMB551.6 million in the same period of 2023 and RMB419.9 million in the prior quarter. The year-over-year decrease was primarily due to improved efficiency in acquiring new customers. The sequential increase was primarily due to a more proactive customer acquisition effort and seasonal factors.

General and administrative expenses were RMB156.1 million (US$21.4 million), compared to RMB108.0 million in the same period of 2023 and RMB92.0 million in the prior quarter.

Provision for loans receivable was RMB598.4 million (US$82.0 million), compared to RMB639.9 million in the same period of 2023 and RMB477.5 million in the prior quarter. The year-over-year and sequential changes reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile and changes in loan origination volume of on-balance-sheet loans.

Provision for financial assets receivable was RMB63.3 million (US$8.7 million), compared to RMB148.2 million in the same period of 2023 and RMB64.4 million in the prior quarter. The year-over-year decrease was mainly due to the decline in capital-heavy loan facilitation volume and reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile. The sequential decrease was mainly due to reversal of prior quarters’ provision in the quarter, offsetting by the increase in capital-heavy loan facilitation volume.

Provision for accounts receivable and contract assets was RMB77.5 million (US$10.6 million), compared to RMB91.1 million in the same period of 2023 and RMB108.8 million in the prior quarter. The year-over-year and sequential decreases reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile.

Provision for contingent liability was RMB311.4 million (US$42.7 million), compared to RMB784.3 million in the same period of 2023 and RMB63.6 million in the prior quarter. The year-over-year and sequential changes reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile as well as the changes in capital-heavy loan facilitation volume.

Income from operations was RMB1,890.3 million (US$259.0 million), compared to RMB1,279.6 million in the same period of 2023 and RMB2,289.2 million in the prior quarter.

Non-GAAP income from operations was RMB1,950.0 million (US$267.2 million), compared to RMB1,322.1 million in the same period of 2023 and RMB2,315.5 million in the prior quarter.

Operating margin was 42.2%. Non-GAAP operating margin was 43.5%.

Income before income tax expense was RMB1,932.7 million (US$264.8 million), compared to RMB1,330.9 million in the same period of 2023 and RMB2,356.9 million in the prior quarter.

Income taxes expense was RMB20.0 million (US$2.7 million), compared to RMB 223.2 million in the same period of 2023 and RMB558.1 million in the prior quarter. The year-over-year and sequential changes were mainly due the writeback of withholding taxes related to the Company’s dividend and share repurchase plans, as the Company became eligible to a lower tax rate in the fourth quarter.

Net income was RMB1,912.7 million (US$262.0 million), compared to RMB1,107.7 million in the same period of 2023 and RMB1,798.8 million in the prior quarter.

Non-GAAP net income was RMB1,972.4 million (US$270.2 million), compared to RMB1,150.3 million in the same period of 2023 and RMB1,825.1 million in the prior quarter.

Net income margin was 42.7%. Non-GAAP net income margin was 44.0%.

Net income attributed to the Company was RMB1,916.6 million (US$262.6 million), compared to RMB1,111.7 million in the same period of 2023 and RMB1,802.9 million in the prior quarter.

Non-GAAP net income attributed to the Company was RMB1,976.4 million (US$270.8 million), compared to RMB1,154.3 million in the same period of 2023 and RMB1,829.2 million in the prior quarter.

Net income per fully diluted ADS was RMB13.24 (US$1.82).

Non-GAAP net income per fully diluted ADS was RMB13.66 (US$1.87).

Weighted average basic ADS used in calculating GAAP net income per ADS was 142.94 million.

Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 144.71 million.

12 “Financing income” is generated from loans facilitated through the Company’s platform funded by the consolidated trusts and Fuzhou Microcredit, which charge fees and interests from borrowers.

Full Year 2024 Financial Results

Total net revenue was RMB17,165.7 million (US$2,351.7 million), compared to RMB16,290.0 million in 2023.

Net revenue from Credit Driven Services was RMB11,719.0 million (US$1,605.5 million), compared to RMB11,738.6 million in 2023.

Loan facilitation and servicing fees-capital heavy were RMB1,016.5 million (US$139.3 million), compared to RMB1,667.1 million in 2023. The year-over-year decrease was primarily due to a decline in capital-heavy loan facilitation volume.

Financing income was RMB6,636.5 million (US$909.2 million), compared to RMB5,109.9 million in 2023. The year-over-year increase was primarily due to the growth in average outstanding balance of on-balance-sheet loans.

Revenue from releasing of guarantee liabilities was RMB3,695.0 million (US$506.2 million), compared to RMB4,745.9 million in 2023. The year-over-year decrease was mainly due to decrease in average outstanding balance of off-balance-sheet capital-heavy loans during the period.

Other services fees were RMB371.0 million (US$50.8 million), compared to RMB215.6 million in 2023. The year-over-year increase was mainly due to an increase in late payment fees in connection with improvement in collection rate of late paid loans under the credit driven services.

Net revenue from Platform Services was RMB5,446.6 million (US$746.2 million), compared to RMB4,551.5 million in 2023.

Loan facilitation and servicing fees-capital light were RMB2,116.8 million (US$290.0 million), compared to RMB3,214.0 million in 2023. The year-over-year decrease was primarily due to a decline in loan facilitation volume under the capital-light model.

Referral services fees were RMB2,842.6 million (US$389.4 million), compared to RMB950.0 million in 2023. The year-over-year increase was primarily due to an increase in the loan facilitation volume through ICE.

Other services fees were RMB487.2 million (US$66.7 million), compared to RMB387.5 million in 2023.

Total operating costs and expenses were RMB9,637.1 million (US$1,320.3 million), compared to RMB11,433.1 million in 2023.

Facilitation, origination and servicing expenses were RMB2,900.7 million (US$397.4 million), compared to RMB2,659.9 million in 2023. The year-over-year increase was primarily due to higher collection fees.

Funding costs were RMB590.9 million (US$81.0 million), compared to RMB645.4 million in 2023. The year-over-year decrease was mainly due to the lower average cost of ABS and trusts, partially offset by the growth in funding from ABS and trusts.

Sales and marketing expenses were RMB1,725.9 million (US$236.4 million), compared to RMB1,939.9 million in 2023. The year-over-year decrease was mainly due to our prudent customer acquisition approach and lower unit customer acquisition cost.

General and administrative expenses were RMB449.5 million (US$61.6 million), compared to RMB421.1 million in 2023.

Provision for loans receivable was RMB2,773.3 million (US$379.9 million), compared to RMB2,151.0 million in 2023. The year-over-year increase was mainly due to the growth in loan origination volume of on-balance-sheet loans.

Provision for financial assets receivable was RMB296.9 million (US$40.7 million), compared to RMB386.1 million in 2023. The year-over-year decrease was mainly due to a decline in capital-heavy loan facilitation volume.

Provision for accounts receivable and contract assets was RMB421.5 million (US$57.7 million), compared to RMB175.8 million in 2023. The year-over-year increase reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile.

Provision for contingent liability was RMB478.4 million (US$65.5 million), compared to RMB3,053.8 million in 2023. The year-over-year decrease was mainly due to a decline in capital-heavy loan facilitation volume and the reversal of prior provision as loans facilitated in previous period performed better than expected.

Income from operations was RMB7,528.6 million (US$1,031.4 million), compared to RMB4,857.0 million in 2023.

Non-GAAP income from operations was RMB7,696.2 million (US$1,054.4 million), compared to RMB5,042.6 million in 2023.

Operating margin was 43.9%. Non-GAAP operating margin was 44.8%.

Income before income tax expense was RMB7,892.4 million (US$1,081.3 million), compared to RMB5,277.5 million in 2023.

Income taxes expense was RMB1,644.3 million (US$225.3 million). Effective tax rate was 20.4%, compared to 18.5% in 2023. The increase in effective tax rate was mainly due to withholding taxes related to the Company’s dividend and share repurchase plan.

Net income attributed to the Company was RMB6,264.3 million (US$858.2 million), compared to RMB4,285.3 million in 2023.

Non-GAAP net income attributed to the Company was RMB6,431.9 million (US$881.2 million), compared to RMB4,470.9 million in 2023.

Net income margin was 36.4%. Non-GAAP net income margin was 37.4%.

Net income per fully diluted ADS was RMB41.28 (US$5.66).

Non-GAAP net income per fully diluted ADS was RMB42.39 (US$5.81).

Weighted average basic ADS used in calculating GAAP net income per ADS was 149.01 million.

Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 151.72 million.

30 Day+ Delinquency Rate by Vintage and 180 Day+ Delinquency Rate by Vintage

The following charts and tables display the historical cumulative 30 day+ delinquency rates by loan facilitation and origination vintage and 180 day+ delinquency rates by loan facilitation and origination vintage for all loans facilitated and originated through the Company’s platform. Loans under “ICE” and total technology solutions are not included in the 30 day+ charts and the 180 day+ charts:

http://ml.globenewswire.com/Resource/Download/2a5d124f-5f90-4a71-a264-908b101a7e87

http://ml.globenewswire.com/Resource/Download/95f56823-ce1f-4ade-baf5-cdc0bcf8526c

Semi-Annual Dividend for the Second Half of 2024

The board of directors of the Company (the “Board”) has approved a dividend of US$0.35 per Class A ordinary share, or US$0.70 per ADS for the second half of 2024 to holders of record of Class A ordinary shares and ADSs as of the close of business on April 23, 2025 Hong Kong Time and New York Time, respectively, in accordance with the Company’s dividend policy. For holder of Class A ordinary shares, in order to qualify for the dividend, all valid documents for the transfers of shares accompanied by the relevant share certificates must be lodged for registration with the Company’s Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Hong Kong no later than 4:30 p.m. on April 23, 2025 (Hong Kong Time). The payment date is expected to be on May 28, 2025 for holders of Class A ordinary shares and around June 2, 2025 for holders of ADSs.

Update on Share Repurchase

On March 12, 2024, the Board approved a share repurchase plan (the “2024 Share Repurchase Plan”) whereby the Company is authorized to repurchase its ADSs or Class A ordinary shares with an aggregate value of up to US$350 million during the 12-month period from April 1, 2024.

In the fourth quarter, the Company had in aggregate purchased approximately 3.1 million ADSs in the open market for a total amount of approximately US$107 million (inclusive of commissions) at an average price of US$34.5 per ADS. As of December 30, 2024, the Company had utilized substantially all of the total authorized value for the 2024 Share Repurchase Plan.

On November 19, 2024, the Board approved a new share repurchase plan (the “2025 Share Repurchase Plan”) whereby the Company is authorized to repurchase up to US$450 million worth of its ADSs or Class A ordinary shares over the next 12 months starting from January 1, 2025.

As of March 14, 2025, the Company had in aggregate purchased approximately 2.2 million ADSs in the open market for a total amount of approximately US$86 million (inclusive of commissions) at an average price of US$39.7 per ADS pursuant to the 2025 Share Repurchase Plan.

Business Outlook

As macro-economic uncertainties persist, the Company intends to maintain a prudent approach in its business planning for 2025. Management will continue to focus on enhancing efficiency of the Company’s operations. As such, for the first quarter of 2025, the Company expects to generate a net income between RMB1.75 billion and RMB1.85 billion and a non-GAAP net income*13 between RMB1.80 billion and RMB1.90 billion, representing a year-on-year growth between 49% and 58%. This outlook reflects the Company’s current and preliminary views, which is subject to material changes.

13 Non-GAAP net income represents net income excluding share-based compensation expenses.

Conference Call Preregistration

Qifu Technology’s management team will host an earnings conference call at 7:30 AM U.S. Eastern Time on Monday, March 17, 2025 (7:30 PM Beijing Time on the same day).

All participants wishing to join the conference call must pre-register online using the link provided below.

Registration Link: https://s1.c-conf.com/diamondpass/10045854-hg6t5r.html

Upon registration, each participant will receive details for the conference call, including dial-in numbers and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of the Company’s website at https://ir.qifu.tech.

About Qifu Technology

Qifu Technology is a leading AI-empowered Credit-Tech platform in China. By leveraging its sophisticated machine learning models and data analytics capabilities, the Company provides a comprehensive suite of technology services to assist financial institutions and consumers and SMEs in the loan lifecycle, ranging from borrower acquisition, preliminary credit assessment, fund matching and post-facilitation services. The Company is dedicated to making credit services more accessible and personalized to consumers and SMEs through Credit-Tech services to financial institutions.

For more information, please visit: https://ir.qifu.tech.

Use of Non-GAAP Financial Measures Statement

To supplement our financial results presented in accordance with U.S. GAAP, we use Non-GAAP financial measure, which is adjusted from results based on U.S. GAAP to exclude share-based compensation expenses. Reconciliations of our Non-GAAP financial measures to our U.S. GAAP financial measures are set forth in tables at the end of this earnings release, which provide more details on the Non-GAAP financial measures.

We use Non-GAAP income from operation, Non-GAAP operating margin, Non-GAAP net income, Non-GAAP net income margin, Non-GAAP net income attributed to the Company and Non-GAAP net income per fully diluted ADS in evaluating our operating results and for financial and operational decision-making purposes. Non-GAAP income from operation represents income from operation excluding share-based compensation expenses. Non-GAAP operating margin is equal to Non-GAAP income from operation divided by total net revenue. Non-GAAP net income represents net income excluding share-based compensation expenses. Non-GAAP net income margin is equal to Non-GAAP net income divided by total net revenue. Non-GAAP net income attributed to the Company represents net income attributed to the Company excluding share-based compensation expenses. Non-GAAP net income per fully diluted ADS represents net income excluding share-based compensation expenses per fully diluted ADS. Such adjustments have no impact on income tax. We believe that Non-GAAP income from operation, Non-GAAP operating margin, Non-GAAP net income, Non-GAAP net income margin, Non-GAAP net income attributed to the Company and Non-GAAP net income per fully diluted ADS help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in results based on U.S. GAAP. We believe that Non-GAAP income from operation and Non-GAAP net income provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. Our Non-GAAP financial information should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP results. In addition, our calculation of Non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB 7.2993 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 31, 2024.

Safe Harbor Statement

Any forward-looking statements contained in this announcement are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. Qifu Technology may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including the Company’s business outlook, beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, which factors include but not limited to the following: the Company’s growth strategies, the Company’s cooperation with 360 Group, changes in laws, rules and regulatory environments, the recognition of the Company’s brand, market acceptance of the Company’s products and services, trends and developments in the credit-tech industry, governmental policies relating to the credit-tech industry, general economic conditions in China and around the globe, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks and uncertainties is included in Qifu Technology’s filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Qifu Technology does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For more information, please contact:

Qifu Technology
E-mail: ir@360shuke.com

Unaudited Condensed Consolidated Balance Sheets
(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
except for number of shares and per share data, or otherwise noted)
       
  December 31, December 31, December 31,
  2023 2024 2024
  RMB RMB USD
ASSETS      
Current assets:      
Cash and cash equivalents 4,177,890 4,452,416 609,978
Restricted cash 3,381,107 2,353,384 322,412
Short term investments 15,000 3,394,073 464,987
Security deposit prepaid to third-party guarantee companies 207,071 162,617 22,278
Funds receivable from third party payment service providers 1,603,419 462,112 63,309
Accounts receivable and contract assets, net 2,909,245 2,214,530 303,389
Financial assets receivable, net 2,522,543 1,553,912 212,885
Amounts due from related parties 45,346 8,510 1,166
Loans receivable, net 24,604,487 26,714,428 3,659,862
Prepaid expenses and other assets 329,920 1,464,586 200,647
Total current assets 39,796,028 42,780,568 5,860,913
Non-current assets:      
Accounts receivable and contract assets, net-noncurrent 146,995 27,132 3,717
Financial assets receivable, net-noncurrent 596,330 170,779 23,397
Amounts due from related parties 4,240 51 7
Loans receivable, net-noncurrent 2,898,005 2,537,749 347,670
Property and equipment, net 231,221 362,774 49,700
Land use rights,net 977,461 956,738 131,073
Intangible assets 13,443 11,818 1,619
Goodwill 41,210 42,414 5,811
Deferred tax assets 1,067,738 1,206,325 165,266
Other non-current assets 45,901 36,270 4,969
Total non-current assets 6,022,544 5,352,050 733,229
TOTAL ASSETS 45,818,572 48,132,618 6,594,142
       
LIABILITIES AND EQUITY      
Current liabilities:      
Payable to investors of the consolidated trusts-current 8,942,291 8,188,454 1,121,814
Accrued expenses and other current liabilities 2,016,039 2,492,921 341,529
Amounts due to related parties 80,376 67,495 9,247
Short term loans 798,586 1,369,939 187,681
Guarantee liabilities-stand ready 3,949,601 2,383,202 326,497
Guarantee liabilities-contingent 3,207,264 1,820,350 249,387
Income tax payable 742,210 1,040,687 142,574
Other tax payable 163,252 109,161 14,955
Total current liabilities 19,899,619 17,472,209 2,393,684
Non-current liabilities:      
Deferred tax liabilities 224,823 439,435 60,202
Payable to investors of the consolidated trusts-noncurrent 3,581,800 5,719,600 783,582
Other long-term liabilities 102,473 255,155 34,956
Total non-current liabilities 3,909,096 6,414,190 878,740
TOTAL LIABILITIES 23,808,715 23,886,399 3,272,424
TOTAL QIFU TECHNOLOGY INC EQUITY 21,937,483 24,190,043 3,314,022
Noncontrolling interests 72,374 56,176 7,696
TOTAL EQUITY 22,009,857 24,246,219 3,321,718
TOTAL LIABILITIES AND EQUITY 45,818,572 48,132,618 6,594,142
       
Unaudited Condensed Consolidated Statements of Operations
(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
except for number of shares and per share data, or otherwise noted)
               
  Three months ended December 31,   Year ended December 31,
  2023 2024 2024   2023 2024 2024
  RMB RMB USD   RMB RMB USD
Credit driven services 3,248,263   2,889,500   395,860     11,738,560   11,719,027   1,605,500  
Loan facilitation and servicing fees-capital heavy 481,195   362,958   49,725     1,667,119   1,016,514   139,262  
Financing income 1,485,446   1,667,340   228,425     5,109,921   6,636,511   909,198  
Revenue from releasing of guarantee liabilities 1,211,787   761,827   104,370     4,745,898   3,695,017   506,215  
Other services fees 69,835   97,375   13,340     215,622   370,985   50,825  
Platform services 1,247,240   1,592,752   218,206     4,551,467   5,446,629   746,185  
Loan facilitation and servicing fees-capital light 696,985   515,062   70,563     3,213,955   2,116,797   290,000  
Referral services fees 446,486   907,207   124,287     950,016   2,842,637   389,440  
Other services fees 103,769   170,483   23,356     387,496   487,195   66,745  
Total net revenue 4,495,503   4,482,252   614,066     16,290,027   17,165,656   2,351,685  
Facilitation, origination and servicing 731,787   734,659   100,648     2,659,912   2,900,704   397,395  
Funding costs 161,016   126,841   17,377     645,445   590,935   80,958  
Sales and marketing 551,590   523,936   71,779     1,939,885   1,725,877   236,444  
General and administrative 108,037   156,061   21,380     421,076   449,505   61,582  
Provision for loans receivable 639,886   598,353   81,974     2,151,046   2,773,323   379,944  
Provision for financial assets receivable 148,198   63,251   8,665     386,090   296,857   40,669  
Provision for accounts receivable and contract assets 91,105   77,450   10,611     175,799   421,481   57,743  
Provision for contingent liabilities 784,323   311,372   42,658     3,053,810   478,404   65,541  
Total operating costs and expenses 3,215,942   2,591,923   355,092     11,433,063   9,637,086   1,320,276  
Income from operations 1,279,561   1,890,329   258,974     4,856,964   7,528,570   1,031,409  
Interest income, net 46,970   74,951   10,268     217,307   237,015   32,471  
Foreign exchange (loss) gain (815 ) 2,680   367     2,356   1,512   207  
Other income, net 5,209   (35,251 ) (4,829 )   230,936   125,325   17,169  
Investment loss –   –   –     (30,112 ) –   –  
Income before income tax expense 1,330,925   1,932,709   264,780     5,277,451   7,892,422   1,081,256  
Income taxes expense (223,237 ) (20,042 ) (2,746 )   (1,008,874 ) (1,644,306 ) (225,269 )
Net income 1,107,688   1,912,667   262,034     4,268,577   6,248,116   855,987  
Net loss attributable to noncontrolling interests 4,052   3,970   544     16,759   16,198   2,219  
Net income attributable to ordinary shareholders of the Company 1,111,740   1,916,637   262,578     4,285,336   6,264,314   858,206  
Net income per ordinary share attributable to ordinary shareholders of Qifu Technology, Inc.
Basic 3.51   6.70   0.92     13.36   21.02   2.88  
Diluted 3.44   6.62   0.91     13.04   20.64   2.83  
               
Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc.
Basic 7.02   13.40   1.84     26.72   42.04   5.76  
Diluted 6.88   13.24   1.82     26.08   41.28   5.66  
               
Weighted average shares used in calculating net income per ordinary share
Basic 316,325,750   285,872,913   285,872,913     320,749,805   298,012,150   298,012,150  
Diluted 323,305,948   289,427,077   289,427,077     328,508,945   303,449,864   303,449,864  
               
Unaudited Condensed Consolidated Statements of Cash Flows
(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
except for number of shares and per share data, or otherwise noted)
               
  Three months ended December 31,   Year ended December 31,
  2023 2024 2024   2023 2024 2024
  RMB RMB USD   RMB RMB USD
Net cash provided by operating activities 2,351,791   3,051,606   418,067     7,118,350   9,343,311   1,280,027  
Net cash used in investing activities (1,885,694 ) (945,611 ) (129,548 )   (11,147,789 ) (7,994,081 ) (1,095,184 )
Net cash (used in) provided by financing activities (911,621 ) (1,873,516 ) (256,671 )   1,066,458   (2,114,463 ) (289,680 )
Effect of foreign exchange rate changes (877 ) 31,464   4,311     9,615   12,036   1,649  
Net (decrease) increase in cash and cash equivalents (446,401 ) 263,943   36,159     (2,953,366 ) (753,197 ) (103,188 )
Cash, cash equivalents, and restricted cash, beginning of period 8,005,398   6,541,857   896,231     10,512,363   7,558,997   1,035,578  
Cash, cash equivalents, and restricted cash, end of period 7,558,997   6,805,800   932,390     7,558,997   6,805,800   932,390  
               
Unaudited Condensed Consolidated Statements of Comprehensive (Loss)/Income
(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
except for number of shares and per share data, or otherwise noted)
       
  Three months ended December 31,
  2023 2024 2024
  RMB RMB USD
Net income 1,107,688   1,912,667 262,034
Other comprehensive income, net of tax of nil:      
Foreign currency translation adjustment (3,606 ) 145,610 19,948
Other comprehensive (loss) income (3,606 ) 145,610 19,948
Total comprehensive income 1,104,082   2,058,277 281,982
Comprehensive loss attributable to noncontrolling interests 4,052   3,970 544
Comprehensive income attributable to ordinary shareholders 1,108,134   2,062,247 282,526
       
       
  Year ended December 31,
  2023 2024 2024
  RMB RMB USD
Net income 4,268,577   6,248,116 855,987
Other comprehensive income, net of tax of nil:      
Foreign currency translation adjustment 17,118   46,534 6,375
Other comprehensive income 17,118   46,534 6,375
Total comprehensive income 4,285,695   6,294,650 862,362
Comprehensive loss attributable to noncontrolling interests 16,759   16,198 2,219
Comprehensive income attributable to ordinary shareholders 4,302,454   6,310,848 864,581
Unaudited Reconciliations of GAAP and Non-GAAP Results
(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
except for number of shares and per share data, or otherwise noted)
       
  Three months ended December 31,
  2023 2024 2024
  RMB RMB USD
Reconciliation of Non-GAAP Net Income to Net Income      
Net income 1,107,688   1,912,667   262,034
Add: Share-based compensation expenses 42,572   59,720   8,182
Non-GAAP net income 1,150,260   1,972,387   270,216
GAAP net income margin 24.6 % 42.7 %  
Non-GAAP net income margin 25.6 % 44.0 %  
       
Net income attributable to shareholders of Qifu Technology, Inc. 1,111,740   1,916,637   262,578
Add: Share-based compensation expenses 42,572   59,720   8,182
Non-GAAP net income attributable to shareholders of Qifu Technology, Inc. 1,154,312   1,976,357   270,760
Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS -diluted 161,652,974   144,713,538   144,713,538
Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 6.88   13.24   1.82
Non-GAAP net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 7.14   13.66   1.87
       
Reconciliation of Non-GAAP Income from operations to Income from operations      
Income from operations 1,279,561   1,890,329   258,974
Add: Share-based compensation expenses 42,572   59,720   8,182
Non-GAAP Income from operations 1,322,133   1,950,049   267,156
GAAP operating margin 28.5 % 42.2 %  
Non-GAAP operating margin 29.4 % 43.5 %  
       
       
  Year ended December 31,
  2023 2024 2024
  RMB RMB USD
Reconciliation of Non-GAAP Net Income to Net Income      
Net income 4,268,577   6,248,116   855,987
Add: Share-based compensation expenses 185,604   167,613   22,963
Non-GAAP net income 4,454,181   6,415,729   878,950
GAAP net income margin 26.2 % 36.4 %  
Non-GAAP net income margin 27.3 % 37.4 %  
       
Net income attributable to shareholders of Qifu Technology, Inc. 4,285,336   6,264,314   858,206
Add: Share-based compensation expenses 185,604   167,613   22,963
Non-GAAP net income attributable to shareholders of Qifu Technology, Inc. 4,470,940   6,431,927   881,169
Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS -diluted 164,254,473   151,724,932   151,724,932
Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 26.08   41.28   5.66
Non-GAAP net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 27.22   42.39   5.81
       
Reconciliation of Non-GAAP Income from operations to Income from operations      
Income from operations 4,856,964   7,528,570   1,031,409
Add: Share-based compensation expenses 185,604   167,613   22,963
Non-GAAP Income from operations 5,042,568   7,696,183   1,054,372
GAAP operating margin 29.8 % 43.9 %  
Non-GAAP operating margin 31.0 % 44.8 %  
       


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National Australia Bank says Nathan Goonan resigns as group CFO

(Reuters) – National Australia Bank on Monday said Nathan Goonan has resigned as group chief financial officer amid other senior executive changes.

Nathan Goonan became the chief financial officer of the bank in July 2023 and previously served as executive general manager of group strategy and development, having been with the bank for about 15 years.

NAB added that Shaun Dooley, who is currently the group chief risk officer, will act as group CFO while NAB recruits a replacement.

Apart from the finance chief transition, the bank said Rachel Slade, who is currently the group executive for business and private banking, will leave NAB on 1 July, to be replaced by Andrew Auerbach, a business and wealth banker from Canada.

Australia’s Westpac on Monday said it had appointed Goonan as its chief financial officer.

(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Lisa Shumaker)

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ROSEN, TOP RANKED NATIONAL INVESTOR ATTORNEYS, Encourages Walgreens Boots Alliance, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action – WBA

NEW YORK, March 16, 2025 (GLOBE NEWSWIRE) —

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Walgreens Boots Alliance, Inc. WBA between April 2, 2020 and January 16, 2025, both dates inclusive (the “Class Period”), of the important March 31, 2025 lead plaintiff deadline.

SO WHAT: If you purchased Walgreens common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Walgreens class action, go to https://rosenlegal.com/submit-form/?case_id=27235 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 31, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants, throughout the Class Period, failed to disclose to investors that: (1) contrary to Walgreens’ purported commitment to improved regulatory compliance, Walgreens continued to engage in widespread violations of federal law governing the dispensation of prescription medication and reimbursement of the same; (2) the foregoing conduct, when revealed, would subject Walgreens to a heightened risk of further regulatory scrutiny, civil liability, and reputational harm; (3) Walgreens’ revenues from the sale of prescription medications were unsustainable to the extent that they derived from unlawful conduct; and (4) as a result, Walgreens’ public statements were materially false and misleading at all relevant times.   When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Walgreens class action, go to https://rosenlegal.com/submit-form/?case_id=27235 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action. A class action lawsuit has already been filed.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————-

Contact Information:

        Laurence Rosen, Esq.
        Phillip Kim, Esq.
        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
        Tel: (212) 686-1060
        Toll Free: (866) 767-3653
        Fax: (212) 202-3827
        case@rosenlegal.com
        www.rosenlegal.com


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Darker Than a Dark Pool? Welcome to Wall Street’s ‘Private Rooms’

(Bloomberg) — Wall Street’s infamous dark pools are getting even darker.

Most Read from Bloomberg

A decade after being engulfed by a controversy that culminated in multiple enforcement actions and a regulator clampdown, these off-exchange trading platforms are touting a way to buy and sell stocks that’s even more opaque.

They’re offering what are dubbed private rooms, gated venues that take the core benefit of a dark pool — the ability to hide big equity deals so they won’t impact prices — and add exclusivity, specifying exactly who can partake in any trade.

Created within the dark pools themselves, the rooms are independent from one another and each is invisible to anyone not invited, raising questions about both market transparency and fragmentation. But with more than half of all US stock trading now happening away from public exchanges, they’re in high demand from firms eager to choose whom they do business with, often to help them carry out individual orders more efficiently.

“It’s like shopping when you know exactly the item you want, and who and where you are buying or selling it from, instead of going to Walmart on Black Friday,” says David Cannizzo, the head of electronic trading at Raymond James and Associates. “You’re controlling the terms of engagement.”

Right now, it’s impossible to say how many private rooms exist, or how much activity is moving through them. Companies operating alternative trading systems, or ATS — the formal term for dark pools — say it’s a minority of their volumes at present, since the growth in demand is a relatively new phenomenon.

But they’re seeing rapid adoption by everyone from broker-dealers and market makers to hedge funds and asset managers, so much so that private-room volumes at one major ATS — Stamford, Connecticut-based IntelligentCross — now eclipse the total trading activity at nine rival dark-pool operators.

Dark pools are so-called because the trades they handle happen away from the “lit” public exchange. That helps prevent order details leaking to the broader market and triggering adverse price moves before they can be executed. But there’s still a downside: a pool is open to anyone, and firms inside never know who their counterparty is in any trade. Private rooms can be even more discreet.

“It’s about exercising control, what liquidity a broker wants to interact with to achieve better execution quality,” says Roman Ginis, CEO of Imperative Execution, the parent company of IntelligentCross.

There are myriad reasons why users may opt for private rooms. Take the case of CastleOak Securities, a New York-based minority-run brokerage. The firm wants to trade with similarly minded businesses, so it uses a private room provided by the ATS operator OneChronos.

“It’s about exercising control, what liquidity a broker wants to interact with”

Carlos Cabana, head of equity sales and trading at CastleOak, dubs the room a “diversity pool,” because the participants are all minority-operated brokerage firms. While in this instance CastleOak doesn’t know specifically who is on the other side of every trade, it knows it will be one of about 10 counterparties who meet certain eligibility criteria related to ownership and investment goals.

“Think of it as an apartment that’s hosting a party, and there’s one purpose for the party with only invited guests,” says Cabana.

Thanks to CastleOak’s increasing use of the diversity pool, OneChronos is now its third most-used trading venue, behind only the New York Stock Exchange and Nasdaq, Cabana says.

Execution Excellence

Private rooms are known by a slew of other names including hosted pools, restricted-access rooms, ATS pools, and custom counterparty groups. They’re gaining popularity in the huge, ultra-fast modern market as a way to help firms avoid losing out against players who may be able to move quicker or who have access to superior information.

For instance, many brokers and market makers are keen to take the other side of retail investor orders. Those small, less volatile trades are generally unlikely to impact prices — so a market maker won’t see an adverse move occur the instant it agrees to fill an order, as might happen with another type of counterparty.

High-Frequency Traders Love Business With Robinhood

Brokers who take orders to private rooms typically expect to fill the order at the midpoint of the national-best-bid and offer, or NBBO (assuming the rule of the room is set up that way, which is usually the case). If for some reason the order is not filled in the room at the midpoint, it can move to the broader ATS where multiple other parties can compete to fill it. And if a broker has bad experiences with a private room, they can change to another in the future, avoiding those counterparties.

“The problem we have is, how do we identify good versus bad liquidity?” says Jatin Suryawanshi, global head of quant strategy at Jefferies, who estimates that 15 in every 100 shares executed by the firm’s algorithms currently move via a room. “In using private rooms, you can prioritize who you want to interact with.”

Private room growth has accelerated amid the migration of stock trading away from public exchanges and as their use has become more common. They emerged at the ATS firm LeveL as far back as 18 years ago. LeveL started by allowing firms to match their own orders, in what’s known as internalization. That expanded to other forms of segmentation, including bi-lateral and multi-lateral agreements, where one party agrees to trade with another, or multiple parties agree to only interact with each other, within the same ATS.

Following requests from its own clients, IntelligentCross started offering its version of private rooms about a year-and-a-half ago, and OneChronos joined the party last year.

Private rooms are not generally needed by big banks or brokers who have the resources to create their own ATS or what are called single-dealer platforms. That’s another breed of off-exchange trading venue where the operator is always the counterparty to any trade.

But for smaller players, it’s too expensive and cumbersome to build and manage an ATS or SDP, meet the associated regulatory reporting requirements and set up the necessary connections. Arranging a private room at an established ATS is a solution.

“There are various factors of why a firm would want to outsource this activity than keep it in house,” says Steve Miele, CEO of Kezar Markets, the parent of LeveL. “It could be a cost, an overhead they don’t necessarily have to take on if we can build it, then scale it” using the existing network, he says. “We lower the barrier to entry.”

At IntelligentCross, the majority of rooms currently offered serve institutional brokers that don’t have capacity to conduct similar activities internally. Jefferies trades in a private room provided by the firm where it interacts with seven other brokers who don’t have their own ATS, but have institutional orders, according to Suryawanshi.

“These are always created at the request of a subscriber, who is the host that invites others to be guests in their book,” says Ginis at Imperative Execution.

Dark Disclosure

Not every ATS is rushing to embrace private rooms. New York-based PureStream offers “pools” that operate like rooms, but they are disclosed to all subscribers if they are created, and anyone can join. In essence, the room is open to all.

So far no one has asked to set up a pool at PureStream, so there is zero volume in so-called sub-pools, according to CEO Armando Diaz. He says offering a private room that isn’t open to all subscribers raises questions about the regulation. “The more the host controls the room, the more they are operating an ATS, and that opens up regulatory risk,” he says.

Perhaps the biggest criticism of private rooms is that they create phantom liquidity, because transactions taking place inside a room are simply lumped in with the total activity reported by its dark pool parent. That creates a misleading picture for anyone trying to gauge market depth, since reported trading volumes include activity not available to those outside the room.

ATS are regulated trading venues, overseen by the Securities and Exchange Commission, which in 2018 enhanced its supervision of such venues by imposing new disclosure requirements. Each dark pool must now file a form, ATS-N, which gives an overview about the specific trading mechanisms on its platform.

These publicly available forms go into various details, including whether private rooms are available. But they don’t say how many exist or who is in them, and the varying language and levels of disclosure used mean it can sometimes be difficult to determine if an ATS is even hosting any rooms.Wall Street Dark Pools to Come Out of Shadows Thanks to SEC

“There are no rules to force ATS to break out the identity of single-dealer rooms or their volume,” Larry Tabb, head of market structure at Bloomberg Intelligence, wrote in a May note. The Financial Industry Regulatory Authority “does a good job of ATS volume reporting on a post-execution basis. Yet there are no rules to aid analysts or users looking to break down the percentage of ATS volume executed in the open pool vs. the private room, or the volume executed using segmentation strategies,” he wrote.

“It’s about exercising control, what liquidity a broker wants to interact with”

Dark pools are no strangers to transparency worries. Their opacity provoked extensive media coverage and regulatory scrutiny about a decade ago amid speculation they gave high-frequency firms advantages against other investors — attention partly prompted by the bestselling book Flash Boys.

Representatives for both Finra and the SEC declined to comment.

‘Growth Mode’

For their users, private rooms are a handy tool, but still one of a set. Hosted pools represent a single-digit percentage of IntelligentCross’s overall volumes for now — an average of about 5.4% last year — because they’re so new, according to Ginis. “It will take brokers some time to optimize for this,” he says.

CEO of OneChronos Capital Markets Vlad Khandros says its rooms represent less than 5% of volume at present as “it’s newer for us, so it’s still in growth mode.” But demand is strong. “We’ve seen increased interest from both retail and institutional brokers,” Khandros says. “The focus on execution quality will continue to grow.”

LeveL declined to disclose the number of rooms it operates or how much activity takes place in them, with Miele saying the absence of industry-wide criteria for categorizing rooms means it could be “misleading to quantify.”

Mark Gurliacci, senior vice president and senior quantitative trader at AllianceBernstein, reckons up to 75% of the firm’s activity is now happening off-exchange, including in private rooms. While the latter is a small slice of their trading at present, he thinks it’s set to grow.

“Many firms are setting up private rooms these days,” says Gurliacci, who used to work for the NYSE. “They are innovative, and here to stay. There is more going on there than most people know.”

–With assistance from Lydia Beyoud.

Most Read from Bloomberg Businessweek

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Bitcoin Whale Takes $332 Million Short Position, Here's Where It Gets Liquidated

In a high-stakes gamble, a Bitcoin BTC/USD whale has initiated a short position of $332 million, facing potential liquidation if Bitcoin’s price surges to $85,000.

What Happened: A Bitcoin whale has opened a $332 million short position at an entry price of $84,040, as revealed by data from analytics platform Lookonchain. The position was leveraged 40 times, indicating that the trader borrowed 40 times the initial capital.

At the time of writing, Bitcoin was trading at $83,945, a 2.3% decrease over the past week, as per data from CoinGecko. If Bitcoin’s price hits the $85,000 mark, the trader’s massive position could face liquidation.

The trader, who previously netted a whopping $16.39 million within a month on the decentralized perpetual trading platform Hyperliquid, now finds himself in a precarious situation.

Also Read: Crypto Analyst Predicts 195% Bitcoin Rally, Says Bull Market Not Over Yet

Some observers anticipate an inevitable liquidation due to the high-risk nature of the 40x leverage, which could obliterate the entire position with a mere 2.5% price move.

Meanwhile, CoinGlass data reveals that crypto worth $94 million has been liquidated in the past 24 hours, with shorts making up the majority ($49 million).

The largest single liquidation happened on Binance ($582,130 with the BTC/USDT pair), accounting for 38.79% of total liquidations.

Why It Matters: This massive short position underscores the high-risk, high-reward nature of cryptocurrency trading. The trader’s previous success on the Hyperliquid platform demonstrates the potential for significant gains, but the current risk of liquidation highlights the potential for substantial losses.

This event serves as a stark reminder of the volatility inherent in the cryptocurrency market, and the potential consequences for traders who engage in high-leverage positions.

Read Next

Robert Kiyosaki Says ‘Everything Bubble’ Will Cause Historic Market Crash, Bitcoin Will Be Fastest To Recover

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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