0001493152-26-019597 | 20-F | XBRL Viewer

Ordinary shares and treasury stock	12 Months Ended
Dec. 31, 2025
Equity [Abstract]
Ordinary shares and treasury stock	13. Ordinary shares and treasury stock FinVolution Group adopted a dual class share structure. For the years ended December 31, 2023, 2024 and 2025, the Company repurchased 107,601,530, 88,949,555 and 72,918,190 Class A ordinary shares on the open market for an aggregate cash consideration of US$97.9 million (RMB691.5 million), US$90.6 million (RMB643.2 million) and US$107.2 million (RMB767.0 million). The weighted average price of these shares repurchased were US$0.91, US$1.02 and US$1.47 per share. These issued and repurchased shares are considered not outstanding and therefore were accounted for under the cost method and includes such treasury stock as a component of the shareholder’s equity. For the years ended December 31, 2023, 2024 and 2025, certain Class B ordinary shareholders sold nil, 2,500,000 and nil Class B ordinary shares on the open market which were automatically transferred into Class A ordinary shares upon completion of the transactions. As of December 31, 2025, 1,550,071,169 ordinary shares have been issued at par value of US$0.00001, including (i) 983,371,169 Class A ordinary shares and (ii) 566,700,000 Class B ordinary shares.

Ordinary shares and treasury stock

12 Months Ended

Dec. 31, 2025

13. Ordinary shares and treasury stock

FinVolution Group adopted a dual class share structure. For the years ended December 31, 2023, 2024 and 2025, the Company repurchased 107,601,530, 88,949,555 and 72,918,190 Class A ordinary shares on the open market for an aggregate cash consideration of US$97.9 million (RMB691.5 million), US$90.6 million (RMB643.2 million) and US$107.2 million (RMB767.0 million). The weighted average price of these shares repurchased were US$0.91, US$1.02 and US$1.47 per share. These issued and repurchased shares are considered not outstanding and therefore were accounted for under the cost method and includes such treasury stock as a component of the shareholder’s equity.

For the years ended December 31, 2023, 2024 and 2025, certain Class B ordinary shareholders sold nil, 2,500,000 and nil Class B ordinary shares on the open market which were automatically transferred into Class A ordinary shares upon completion of the transactions.

As of December 31, 2025, 1,550,071,169 ordinary shares have been issued at par value of US$0.00001, including (i) 983,371,169 Class A ordinary shares and (ii) 566,700,000 Class B ordinary shares.

- Definition

The entire disclosure for equity.

+ References

+ Details

Intangible assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets

Intangible assets consist of the following:

Schedule of intangible assets


	As of December 31,
	2024		2025
	RMB		RMB

Micro-Lending Licenses		77,760		88,360
Insurance Brokerage License		34,667		34,667
Multi-finance License		19,490		18,653
Collection License		5,116		5,116
Factoring License		265		265
Australian Credit License¹		-		123,450
Total		137,298		270,511
Less: impairment		-		(265	)
Intangible assets		137,298		270,246

Australian Credit License was acquired through the Group’s acquisition with Fundo (Note 3).

Pay vs Performance Disclosure ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ 363,560	¥ 2,542,405	¥ 2,383,146	¥ 2,340,835

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Subsequent events (Details Narrative) $ / shares in Units, ¥ in Millions, $ in Millions	Mar. 16, 2026 $ / shares	Mar. 31, 2026 CNY (¥)	Mar. 31, 2026 IDR (Rp)	Dec. 31, 2025 CNY (¥)	Jun. 19, 2025 USD ($)
Subsequent Event [Line Items]
Debt Instrument, Face Amount				¥ 89.6	$ 150
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share	$ 0.306
Debt Instrument, Face Amount		¥ 41.7	Rp 102,300,000,000
Subsequent Event [Member] \| 2025 Dividends [Member]
Subsequent Event [Line Items]
Dividends Payable, Date to be Paid	May 07, 2026
Dividends Payable, Date of Record	Apr. 16, 2026

Taxation (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of current and deferred portions of income tax expenses

The current and deferred portions of income tax expenses included in the consolidated statements of comprehensive income during the years ended December 31, 2023, 2024 and 2025 are as follows:

	2023			2024			2025
	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB

Current income tax expenses		991,644			1,179,042			784,463
Deferred income tax expense		(596,544	)		(721,637	)		(228,220	)
Total		395,100			457,405			556,243

Schedule of computed expected tax expenses (benefit) rate and the effective income tax rate

The following table sets forth reconciliation between the computed expected tax expenses (benefit) rate and the effective income tax rate for the years ended December 31, 2024 and 2023.

	RMB			RMB
	For the years ended December 31,
	2023			2024
	RMB			RMB

Statutory tax rate¹		25	%		25	%
Research and development tax credit		(2	)%		(2	)%
Effect of tax holiday		(13	)%		(9	)%
Change in valuation allowance		(1	)%		0	%
Non-deductible expenses		1	%		2	%
Withholding tax		4	%		0	%
Research and development tax credit
Others, percentage
Effective income tax rate		14	%		16	%

The PRC statutory income tax rate is used for the reconciliation as the majority of the Group’s operations are based in the PRC.

In accordance with the updated requirements of ASU No. 2023-09 for the year ended December 31, 2025, a reconciliation between the statutory rate and the Group’s effective tax rate is as follows:

	Amount			Percent
	For the year ended December 31,2025
	Amount			Percent

Statutory tax rate¹		775,361			25.0	%
Foreign Tax Effects
Indonesia
Statutory tax rate difference between Indonesia and Chinese mainland		(10,447	)		(0.2	)%
Change in valuation allowance		2,640			0.1	%
Hong Kong
Statutory tax rate difference between Hong Kong and Chinese mainland		22,563			0.7	%
Change in valuation allowance		10,633			0.3	%
Cayman Islands
Statutory tax rate difference between Cayman and Chinese mainland		(57,443	)		(1.9	)%
Other foreign jurisdictions		(1,371	)		(0.0	)%
Change in valuation allowance		(25,645	)		(0.8	)%
Nontaxable or nondeductible items		46,841			1.5	%
Other reconciling items
Research and development tax credit		(50,921	)		(1.7	)%
Effect of tax holiday		(265,448	)		(8.6	)%
Withholding tax		84,662			2.7	%
Others		24,818			0.8	%
Effective income tax rate		556,243			17.9	%

The PRC statutory income tax rate is used for the reconciliation as the majority of the Group’s operations are based in the PRC.

Schedule of aggregate amount and per share effect of tax holidays

The aggregate amount and per share effect of the tax holidays are as follows:

	2023		2024		2025
	For the years ended December 31,
	2023		2024		2025
	RMB		RMB		RMB

Tax holiday effect		356,159		259,755		265,448
Net profit per share effect
- Basic		0.27		0.20		0.21
- Diluted		0.26		0.20		0.20

Schedule of Significant components of deferred tax assets

The following table sets forth the significant components of the deferred tax assets:

	2024			2025
	As of December 31,
	2024			2025
	RMB			RMB

Deferred tax assets:
Timing difference in revenue recognition		2,375,253			3,345,949
Provision for accounts receivable and contract assets and loans receivable		330,493			75,036
Accumulated tax losses-carry forward		179,809			155,457
Payroll and welfare payable and other temporary differences		69,024			114,981
Quality assurance obligations		126,706			173,337
Less: Valuation allowance		(75,810	)		(63,439	)
Total deferred tax assets		3,005,475			3,801,321

Deferred tax liabilities:
Intangible assets arisen from business combination and asset acquisition		(33,520	)		(73,205	)
Fair value adjustment to assets and liabilities during business combination and asset acquisition		-			(5,043	)
Timing difference in revenue recognition		(140,144	)		(244,834	)
Quality assurance obligations		(395,868	)		(748,066	)
Fair value changes and other temporary difference		(35,949	)		(19,541	)
Unrealized gain in consolidated trusts		(110,783	)		(173,470	)
Withholding tax for undistributed earnings		(266,559	)		(331,647	)
Total deferred tax liabilities		(982,823	)		(1,595,806	)

Schedule of valuation allowance

Movement of valuation allowances

Schedule of valuation allowance

	2023			2024			2025
	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB

At beginning of year		115,754			94,926			75,810
Current year additions		44,113			34,490			17,964
Current year reversals		(64,941	)		(53,606	)		(30,335	)
At end of year		94,926			75,810			63,439

Prepaid expenses and other assets (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of receivables, prepayments and other assets

Receivables, prepayments and other assets consist of the following:


	As of December 31,
	2024		2025
	RMB		RMB

Security deposits and other deposits¹		848,495		649,704
Deductible value-added taxes		78,310		64,300
Prepaid online marketing expenses		12,417		17,207
Advances		93,190		110,674
Trust statutory deposits		46,488		105,319
Others		192,773		223,862
Prepaid expense and other assets		1,271,673		1,171,066

Security deposits and other deposits primarily include security deposits and rental deposits. Security deposits were set aside as requested by certain institutional funding partners, held in deposit accounts with the institutional funding partners. As of December 31, 2024 and 2025, security deposits set aside by the Group amounted to RMB785,348 and RMB643,571 respectively.

Bank Borrowings

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Bank Borrowings

17. Bank Borrowings

The following table presents bank borrowings as of December 31, 2024 and 2025:

Schedule of bank borrowings

	2024		2025
	As of December 31,
	2024		2025

Current portion:
Short-term borrowings¹		5,594		170,408
Non-current portion:
Long-term borrowings²		-		89,590

As of December 31, 2024 and 2025, the Group had short-term borrowings primarily from banks with terms within one year and charged interest rates were 9% per annum for 2024 and ranged from 9% to 13% per annum for 2025. As of December 31, 2024 and 2025, the weighted average interest rate of these borrowings was 9% and 12% per annum, respectively. The borrowings are denominated in IDR and PHP.

As of December 31, 2025, the Group had a long-term borrowing from a financial institution assumed from the business combination with Fundo (Note 3). The interest rates were 13.04% per annum per annum for 2025. The borrowings are primarily denominated in AUD.

As of December 31, 2025, the loan is repayable in 36 months following the date of the first advance. The principal amount of RMB89.6 million is due for repayment on April 24, 2028.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Consolidated Balance Sheets
¥ in Thousands, $ in Thousands

Dec. 31, 2025

USD ($)

Dec. 31, 2025

CNY (¥)

Dec. 31, 2024

CNY (¥)

Assets

Cash and cash equivalents

$ 612,764

¥ 4,285,121

¥ 4,672,772

Restricted cash

273,534

1,912,850

2,074,300

Short-term investments

431,172

3,015,226

2,832,382

Accounts receivable and contract assets, net of credit loss allowance for accounts receivable and contract assets of RMB290,267 and RMB340,816 as of December 31, 2024 and 2025, respectively

290,084

2,028,585

2,405,880

Quality assurance receivable, net of credit loss allowance for quality assurance receivable of RMB426,949 and RMB581,475 as of December 31, 2024 and 2025, respectively

188,069

1,315,184

1,639,591

Loans receivable, net of credit loss allowance for loans receivable of RMB226,467 and RMB544,905 as of December 31, 2024 and 2025, respectively

925,429

6,471,619

4,157,621

Property, equipment and software, net

91,707

641,316

623,792

Right of use assets

7,439

52,020

36,826

Intangible assets

38,645

270,246

137,298

Goodwill

11,405

79,759

50,411

Investments

163,278

1,141,816

1,173,003

Deferred tax assets

427,860

2,992,071

2,513,865

Prepaid expenses and other assets

167,460

1,171,066

1,271,673

Total assets

3,634,098

25,413,604

23,607,121

Liabilities and Shareholders’ Equity:

Deferred guarantee income (including deferred guarantee income of the consolidated VIE and VIE’s subsidiaries including consolidated trusts without recourse to the Company of RMB1,283,000 and RMB893,602 as of December 31, 2024 and 2025, respectively)

160,015

1,119,004

1,515,950

Liability from quality assurance commitment (including liability from quality assurance commitment of the consolidated VIE and VIE’s subsidiaries including consolidated trusts without recourse to the Company of RMB2,591,768 and RMB1,796,856 as of December 31, 2024 and 2025, respectively)

368,198

2,574,842

2,964,116

Payroll and welfare payable (including payroll and welfare payable of the consolidated VIE and VIE’s subsidiaries including consolidated trusts without recourse to the Company of RMB153,686 and RMB179,883 as of December 31, 2024 and 2025, respectively)

51,649

361,188

290,389

Taxes payable (including taxes payable of the consolidated VIE and VIE’s subsidiaries including consolidated trusts without recourse to the Company of RMB561,475 and RMB43,657 as of December 31, 2024 and 2025, respectively)

25,320

177,064

705,928

Funds payable to investors of consolidated trusts (including funds payable to investors of consolidated trusts of the consolidated VIE and VIE’s subsidiaries including consolidated trusts without recourse to the Company of RMB793,720 and RMB778,531 as of December 31, 2024 and 2025, respectively)

111,328

778,531

796,122

Contract liabilities (including contract liabilities of the consolidated VIE and VIE’s subsidiaries including consolidated trusts without recourse to the Company of RMB10,185 and RMB226 as of December 31, 2024 and 2025, respectively)

226

10,185

Short-term borrowings

24,368

170,408

^[1]

5,594

^[1]

Amounts due to related parties (including amounts due to related parties of the consolidated VIE and VIE’s subsidiaries including consolidated trusts without recourse to the Company of RMB130 and RMB5,809 as of December 31, 2024 and 2025, respectively)

2,674

18,700

13,314

Leasing liabilities (including leasing liabilities of the consolidated VIE and VIE’s subsidiaries including consolidated trusts without recourse to the Company of RMB22,673 and RMB26,420 as of December 31, 2024 and 2025, respectively)

6,394

44,711

28,765

Deferred tax liabilities (including deferred tax liabilities of the consolidated VIE and VIE’s subsidiaries including consolidated trusts without recourse to the Company of RMB112,604 and RMB238,650 as of December 31, 2024 and 2025, respectively)

112,476

786,556

491,213

Accrued expenses and other liabilities (including accrued expenses and other liabilities of the consolidated VIE and VIE’s subsidiaries including consolidated trusts without recourse to the Company of RMB878,881 and RMB967,257 as of December 31, 2024 and 2025, respectively)

204,420

1,429,531

1,231,870

Convertible senior notes

145,753

1,019,266

Long-term borrowings

12,811

89,590

^[2]

Total liabilities

1,225,438

8,569,617

8,053,446

Commitments and contingencies

FinVolution Group shareholders’ equity:

Additional paid-in capital

844,917

5,908,586

5,815,437

Treasury stock (283,820,445 and 333,628,335 shares as of December 31, 2024 and 2025, respectively)

(352,527)

(2,465,259)

(1,765,542)

Statutory reserves

149,049

1,042,312

852,723

Accumulated other comprehensive income

1,863

13,027

92,626

Retained earnings

1,723,318

12,051,332

10,208,717

Total FinVolution Group shareholders’ equity

2,366,635

16,550,101

15,204,064

Non-controlling interest

42,025

293,886

349,611

Total shareholders’equity

2,408,660

16,843,987

15,553,675

Total liabilities and shareholders’ equity

3,634,098

25,413,604

23,607,121

Common Class A [Member]

FinVolution Group shareholders’ equity:

Ordinary shares

Common Class B [Member]

FinVolution Group shareholders’ equity:

Ordinary shares

Related Party [Member]

Assets

Amounts due from related parties (including amounts due to related parties of the consolidated VIE and VIE’s subsidiaries including consolidated trusts without recourse to the Company of RMB952 and RMB20,343 as of December 31, 2024 and 2025, respectively)

$ 5,252

¥ 36,725

¥ 17,707

[1]	As of December 31, 2024 and 2025, the Group had short-term borrowings primarily from banks with terms within one year and charged interest rates were 9% per annum for 2024 and ranged from 9% to 13% per annum for 2025. As of December 31, 2024 and 2025, the weighted average interest rate of these borrowings was 9% and 12% per annum, respectively. The borrowings are denominated in IDR and PHP.
[2]	As of December 31, 2025, the Group had a long-term borrowing from a financial institution assumed from the business combination with Fundo (Note 3). The interest rates were 13.04% per annum per annum for 2025. The borrowings are primarily denominated in AUD.

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of significant accounting policies

2. Summary of significant accounting policies

(a) Basis of presentation

The Group’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and related disclosures. Actual results may differ from those estimates.

(b) Principle of consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiaries, which include the WOFEs and the consolidated VIEs, for which the Company is the ultimate primary beneficiary. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.

The Company depends on a series of contractual arrangements to provide the WOEFs with a “controlling financial interest” in the VIEs, as defined in FASB ASC 810, making it the primary beneficiary of the VIEs. The contractual arrangements provide the Company with the power to direct the activities that most significantly impact the economic performance of the VIEs and with the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs and as such they are the primary beneficiary and consolidate the VIEs for financial reporting.

All transactions and balances among the Company, its subsidiaries, the VIEs and the VIEs’ subsidiaries have been eliminated upon consolidation.

Details of the VIE structure are set forth below:

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(b) Principle of consolidation (continued)

i) VIE Agreements that give the Company the power to direct the activities that most significantly impact the economic performance of the VIEs

Business Operation Agreement

Pursuant to the relevant business operation agreements, the shareholders of the VIEs agree that to the extent permitted by law, they will accept and unconditionally execute the WOFEs’ instructions on business operations, such as appointment of directors and executive officers. They further agree that, without the WOFEs’ prior written consent, the VIEs will not take any action that may have material adverse effects on their assets, businesses, human resources, rights, obligations, or business operations. The shareholders of the VIEs agree to transfer any dividends or other similar income or interests they receive as the shareholders of the VIEs, if any, immediately and unconditionally to the WOFEs. This agreement also requires each of the shareholders of the VIEs to issue an irrevocable power of attorney authorizing the WOFEs or any person(s) designated by the WOFEs to execute shareholders’ rights on behalf of such shareholder. Unless the WOFEs terminate this agreement in advance, the agreement will remain effective until the VIEs are dissolved pursuant to PRC law.

Power of Attorney

Pursuant to each power of attorney, each shareholder of the VIEs have irrevocably appointed the WOFEs or any persons designated by the WOFEs to act as such shareholder’s attorney-in-fact to exercise all shareholder rights under PRC law and the relevant articles of association, including but not limited to, appointing directors, supervisors and officers of the VIEs as well as the right to sell, transfer, pledge and dispose all or a portion of the shares held by Nominee Shareholder. The power of attorney will remain in force for ten years unless early terminated by the WOFEs. The term of the power of attorney can be extended at the WOFEs’ option until the VIEs are dissolved in accordance with PRC law and regulation.

Exclusive Option Agreement

Pursuant to the exclusive option agreements, the Nominee Shareholders of the VIEs granted the WOFEs or any third party designated by the WOFEs the exclusive and irrevocable right to purchase from the Nominee Shareholders, to the extent permitted by PRC law and regulations, all or part of its respective equity interests in the VIEs for a purchase price equal to the registered capital. The Nominee Shareholders will then return the purchase price to the WOFEs or any third party designated by the WOFEs after the option is exercised. The WOFEs may transfer all or part of its option to a third party at its own option. The VIEs and the Nominee Shareholders agree that without prior written consent of the WOFEs, they may not transfer or otherwise dispose the equity interests or declare any dividend. The exclusive option agreement will remain effective until the WOFEs or any third party designated by the WOFEs acquire all equity interest of the VIEs.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(b) Principle of consolidation (continued)

i) VIE Agreements that give the Company the power to direct the activities that most significantly impact the economic performance of the VIEs (continued)

Equity Pledge Agreement

Pursuant to relevant equity pledge agreements, each shareholder of the VIEs has pledged all of his or her equity interest held in the VIEs to the WOFEs to guarantee his or her obligations under the business operation agreement, the power of attorney, exclusive option agreement and the exclusive technology consulting and service agreement. In the event that the VIEs breach any obligations under these agreements, the WOFEs as the pledgee, will be entitled to request immediate disposal of the pledged equity interests and have priority to be compensated by the proceeds from the disposal of the pledged equity. The Nominee Shareholders may not dispose of the equity interests or create or permit any pledges which may have an adverse effect on the rights or benefits of the WOFEs without the prior written consent of the WOFEs. The relevant share pledge agreements will remain effective until the VIEs and its Nominee Shareholders discharge all of their obligations under the VIE Agreements and the pledgee consents such discharge in writing.

ii) VIE Agreement that give the Company the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs

Exclusive technology consulting and service agreement

Pursuant to the exclusive technology consulting and service agreements, WOFEs have the exclusive right to provide the VIEs and their subsidiaries (as designated in the agreement) with technical support, consulting services and other services. The WOFEs shall exclusively own any intellectual property arising from the performance of the agreement. During the term of this agreement, the VIEs and their designated subsidiaries may not accept any services covered by this agreement provided by any third party. The VIEs and their designated subsidiaries agree to pay service fees equal to 100% of the net profit generated or otherwise determined by the WOFEs. Except by mutual agreement upon early termination by parties in writing, the exclusive business cooperation agreement will remain effective until the VIEs and their designated subsidiaries are dissolved in accordance with PRC law and regulation.

Based on these contractual agreements, the Company believes that the VIEs as described above should be considered as VIEs because the equity holders do not have significant equity at risk nor do they have the characteristics of a controlling financial interest. Given that the Company, through the WOFEs, is the primary beneficiary of these VIEs, the Company believes that these VIEs should be consolidated based on the structure as described above.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(b) Principle of consolidation (continued)

The Group has established a series of trusts administrated by third-party trust companies. Since these trusts make loans solely to borrowers referred by the Group to provide returns to the trust beneficiaries, the Group has power to direct the activities of the trusts. In addition, the Group has the obligation to absorb losses or the right to receive benefits from the trusts that could potentially be significant to the trusts. As a result, the Group is considered the primary beneficiary of the trusts and their assets including loans receivable (Note 4), liabilities, results of operations and cash flows are consolidated under Accounting Standards Codification (“ASC”) 810.

The following table sets forth the assets, liabilities, results of operations and cash flows of the VIEs and their subsidiaries (including the consolidated trusts), which are included in the Group’s consolidated financial statements. Transactions between the VIEs (including the consolidated trusts) and their subsidiaries are eliminated in the balances presented below:

	2024		2025
	As of December 31,
	2024		2025
	RMB		RMB

Cash and cash equivalents		2,343,220		1,692,232
Restricted cash		1,889,665		1,597,209
Short-term investments		1,653,847		1,918,459
Accounts receivable and contract assets		2,106,533		1,625,773
Quality assurance receivable		1,100,960		446,375
Property, equipment and software, net		489,931		480,684
Intangible assets		48,932		59,267
Right of use assets		23,995		27,768
Loans and receivables, net of credit loss allowance for loans receivables		3,499,667		5,597,757
Investments		972,952		924,062
Investment in subsidiaries		113,571		103,510
Deferred tax assets		2,042,468		2,540,051
Amounts due from Group companies		2,457,600		2,380,916
Amounts due from related parties		952		20,343
Prepaid expenses and other assets		816,569		699,202
Total assets		19,560,862		20,113,608

Deferred guarantee income		1,283,000		893,602
Liability from quality assurance commitment		2,591,768		1,796,856
Payroll and welfare payable		153,686		179,883
Taxes payable		561,475		43,657
Funds payable to investors of consolidated trusts		793,720		778,531
Contract liabilities		10,185		226
Deferred tax liabilities		112,604		238,650
Leasing liabilities		22,673		26,420
Amounts due to Group companies		7,533,335		8,963,834
Amounts due to related parties		130		5,809
Accrued expenses and other liabilities		878,881		967,257
Total liabilities		13,941,457		13,894,725

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(b) Principle of consolidation (continued)

	2023			2024			2025
	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB

Third-party revenues		9,859,539			9,796,032			9,646,881
Group company revenues		498,189			391,348			584,994
Net revenues		10,357,728			10,187,380			10,231,875
Third-party expenses		(3,633,284	)		(3,777,621	)		(4,341,436	)
Group company expenses		(3,542,004	)		(2,414,323	)		(3,011,047	)
Related party expenses		-			-			(29,928	)
Provision for accounts receivable and contract assets		(78,148	)		(137,321	)		(147,532	)
Provision for loans receivable		(30,394	)		(38,823	)		(246,003	)
Credit losses for quality assurance commitment		(3,557,174	)		(3,584,954	)		(1,981,868	)
Impairment of goodwill and intangible assets		-			-			(265	)
Total operating expenses		(10,841,004	)		(9,953,042	)		(9,758,079	)
Income from subsidiaries		3,719			6,099			24
(Loss) income from operations		(479,557	)		240,437			473,820
Net interest expenses and other income		232,074			197,116			96,419
(Loss) profit before income tax expense		(247,483	)		437,553			570,239
Income tax expenses		(35,112	)		(88,667	)		(161,888	)
Net (loss) profit		(282,595	)		348,886			408,351
Net profit attributable to non-controlling interest shareholders		-			-			(19,946	)
Net (loss) profit attributable to FinVolution Group’s ordinary shareholders		(282,595	)		348,886			388,405

	2023			2024			2025
	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB

Net cash (used in) provided by operating activities		(591,538	)		2,917,058			(1,181,457	)
Net cash provided by (used in) investing activities		1,293,373			(2,554,190	)		(1,414,963	)
Net cash (used in) provided by financing activities		(1,773,279	)		261,705			1,652,976

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(b) Principle of consolidation (continued)

Under the VIE Arrangements, the Company has the power to direct activities of the VIEs and can have assets transferred out of the VIEs. Therefore, the Company considers that there is no asset in the VIEs that can be used only to settle obligations of the VIEs, except for registered capital and PRC statutory reserves, if any. As the VIEs are incorporated as limited liability company under the Company Law of the PRC, creditors of the VIEs do not have recourse to the general credit of the Company for any of the liabilities of the VIEs.

Currently there is no contractual arrangement which requires the Company to provide additional financial support to the VIEs. However, as the Company conducts its businesses primarily based on the licenses and approvals held by the VIEs and their subsidiaries, the Company has provided and will continue to provide financial support to the VIEs. VIEs’ assets comprise both recognized and unrecognized revenue-producing assets. The recognized revenue-producing assets include leasehold improvements, computers and network equipment and purchased intangible assets which are recognized in the Company’s consolidated balance sheet. The unrecognized revenue-producing assets mainly consist of copyrights, trademarks and operation licenses which are not recorded in the financial statements of VIEs as they did not meet the recognition criteria set in ASC 350-30-25.

(c) Business combinations and non-controlling interests

The Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805 “Business Combinations.” The cost of an acquisition is measured as the aggregate of the acquisition date fair values of the assets transferred and liabilities incurred by the Company to the sellers and equity instruments issued. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated income statements. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of operations.

In a business combination achieved in stages, the Company re-measures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition-date fair value and the re-measurement gain or loss, if any, is recognized in the consolidated income statements.

When there is a change in ownership interests that result in a loss of control of a subsidiary, the Company deconsolidates the subsidiary from the date control is lost. Any retained non-controlling investment in the former subsidiary is measured at fair value and is included in the calculation of the gain or loss upon deconsolidation of the subsidiary.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(c) Business combinations and non-controlling interests (continued)

For the Company’s majority-owned subsidiaries and the consolidated VIEs, a non-controlling interest is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Company. Consolidated net income (loss) on the consolidated income statements includes the net income (loss) attributable to non-controlling interests and mezzanine equity holders when applicable. Net income (loss) attributable to mezzanine equity holders is included in net income (loss) attributable to non-controlling interests on the consolidated income statements, while it is excluded from the consolidated statements of changes in shareholders’ equity. The cumulative results of operations attributable to non-controlling interests, along with adjustments for share-based compensation expense arising from outstanding share-based awards relating to subsidiaries’ shares, are also recorded as non-controlling interests in the Company’s consolidated balance sheets. Cash flows related to transactions with non-controlling interests are presented under financing activities in the consolidated statements of cash flows.

(d) Use of estimates

The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes.

Financial statements amounts that reflect accounting estimates and assumptions include revenue recognition, measurement for provisions and liabilities in scope for ASC Topic 326 including credit loss provision for quality assurance receivables, loan receivables and accounts receivable and contract assets as well as liability from quality assurance commitment, valuation allowance for deferred tax assets, determination of uncertain tax positions, and valuation of share-based awards. Such accounting estimates are impacted by judgments and assumptions used in the preparation of the Group’s consolidated financial statements, and actual results could differ materially from these estimates. Changes in estimates are recorded in the period they are identified.

(e) Foreign currency and foreign currency translation

The Group uses Renminbi (“RMB”) as its reporting currency. The US$ is the functional currency of the Group’s entities incorporated in Cayman Islands and Hong Kong, the Indonesian Rupiah (IDR Rp) is the functional currency of the Group’s Indonesia subsidiaries, the Philippines Peso (PHP) is the functional currency of the Group’s Philippines subsidiaries and the RMB is the functional currency of the Group’s PRC subsidiaries.

Transactions denominated in other than the functional currencies are re-measured into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Financial assets and liabilities denominated in other than the functional currency are re-measured at the balance sheet date exchange rate. The resulting exchange differences are recorded in the consolidated statements of comprehensive income.

The financial statements of the Group are translated from the functional currency to the reporting currency, RMB assets and liabilities of the subsidiaries are translated into RMB using the exchange rate in effect at each balance sheet date. Income and expenses items are generally translated at the average exchange rates prevailing during the fiscal year. Foreign currency translation adjustments arising from these are accumulated as a separate component of shareholders’ equity on the consolidated financial statements. The exchange rates used for translation on December 31, 2024 and 2025 were US$1.00= RMB7.1884 and RMB7.0288, IDR Rp1.00= RMB0.000451 and RMB0.000417, PHP1.00= RMB0.1243 and PHP1.00= RMB0.1195 respectively, representing the index rates stipulated by the People’s Bank of China.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(f) Convenience translation

Translations of balances in the Group’s consolidated balance sheet, consolidated statement of operations and comprehensive income and consolidated statement of cash flows from RMB into US$ as of and for year ended December 31, 2025 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.9931, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 31, 2024. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2025, or at any other rate.

(g) Significant risks and uncertainties

Risk of concentration

As of December 31, 2024 and 2025, the majority of the Group’s cash and cash equivalents, restricted cash and short-term investments were held in major financial institutions located in the PRC, Indonesia and the Philippines, which management considers to be of high credit quality. Accounts receivable and contract assets are generally unsecured and denominated in RMB, and are derived from revenues earned from operations arising primarily in the PRC. No individual customer accounted for more than 10% of net revenues for the years ended December 31, 2023, 2024 and 2025. No individual customer accounted for more than 10% of accounts receivable and contract assets as of December 31, 2024 and 2025. As of December 31, 2025, approximately 85% of the Group’s cash and cash equivalents, restricted cash and short-term investments were held in the financial institutions in the PRC and the remaining cash and cash equivalents and restricted cash were held in financial institutions outside the PRC.

Risk of uncertainties

In October 2019, the China Banking and Insurance Regulatory Commission, together with eight other regulatory agencies jointly promulgated the Supplemental Rules to the Administration of Financing Guarantee Companies (“Circular 37”), which provides that any entity providing client referral or credit assessment services to the lending institutions may not provide financing guarantee services in a direct or a disguised form without the regulatory approval. If any entity operates financing guarantee business or provide financing guarantee services in a disguised form without appropriate approval, its business operations will be banned by the regulatory authorities and it will be required to properly settle existing business. Such entity might also be subject to penalties including fines and confiscation of illegal gains if applicable. In the Group’s collaboration with institutional funding partners, in order to attract and maintain such business relationship, the Group currently provides quality assurance commitment mainly through (i) repurchase of default loans from third-party guarantee companies which provide guarantee for the loans from institutional funding partners and (ii) setting aside security deposits with third-party guarantee companies to ensure the Group has enough cash to perform its repurchase obligation if the borrowers introduced by the Group default. Due to the lack of legal interpretation for financing guarantee in a disguised form, there is uncertainty related to whether such quality assurance commitment provided to institutional funding partners constitutes a financing guarantee in a disguised form. If the quality assurance commitment provided by the Group were determined to be a financing guarantee in a disguised form, the Group’s business, financial condition, results of operations and liquidity will be materially and adversely affected.

In order to reduce the compliance risk under Circular 37, the Group incorporated three licensed financial guarantee companies since 2019, which, since the incorporation, provide direct guarantees for certain loans funded by the institutional funding partners. The Group increased the registered capital of the guarantee subsidiaries from RMB1.9 billion as of December 31, 2020 to RMB2.9 billion as of December 31, 2024 and 2025. The Group will continue its effort to increase its guarantee capability by increasing the capital of its financial guarantee subsidiaries to continue reducing its risk of noncompliance.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(h) Cash and cash equivalents

Cash and cash equivalents represent cash on hand, demand deposits placed with banks or other financial institutions, which are unrestricted to withdrawal or use. As of December 31, 2024 and 2025, the Group did not have any cash equivalents.

(i) Restricted cash

Restricted cash includes:

	(i)	Cash held in escrow accounts that is jointly managed by the Group and institutional funding partners. As of December 31, 2024 and 2025, the restricted cash managed by the Group and institutional funding partners amounted to RMB864,440 and RMB810,959, respectively.

	(ii)	Cash received via consolidated trusts that has not yet been distributed. As of December 31, 2024 and 2025, the restricted cash related to cash not yet distributed amounted to RMB701,928 and RMB600,346, respectively.

	(iii)	Cash received from borrowers that has not yet been disbursed to institutional funding partners. As of December 31, 2024 and 2025, the restricted cash held as related to cash not yet disbursed amounted to RMB396,523 and RMB381,154, respectively.

The rest of the balance in restricted cash also includes cash received from investors or borrowers that has not yet been disbursed due to a settlement time lag.

(j) Short-term Investments

Short-term investments consist of investments in time deposits and wealth management products. Time deposits can be withdrawn at any time in full before maturity, and the interest rate would be different from the original agreed rate. The wealth management products are certain financial products with variable interest rates and principal not guaranteed with certain financial institutions. As of December 31, 2024 and 2025, the balance of short-term investments are RMB2,832,382 and RMB3,015,226, respectively, of which, the restricted balances are RMB412,974 and RMB396,165, respectively.

Realized and unrealized gain related to the short-term investments is recorded as other income in the consolidated statements of comprehensive income. RMB110,831, RMB104,842 and RMB94,694 was recognized for the years ended December 31, 2023, 2024 and 2025, respectively.

(k) Accounts receivable, contract assets and credit loss allowance

Accounts receivable and contract assets is related to the facilitation and post-facilitation service in relation to loans facilitated by the Group. Contract assets represent the Group’s right to consideration in exchange for services that the Group has transferred to the customer before payment is due. The Group only recognizes accounts receivable and contract assets to the extent that the Group believes it is probable that it will collect substantially all of the consideration to which it will be entitled to in exchange for the services transferred to the customer.

Accounts receivable and contract assets is stated at the historical carrying amount net of write-offs and credit risk allowance. The Group establishes a credit loss allowance based on expectations of lifetime credit losses based on historical default experience, known or inherent risks in the portfolio, current economic conditions and macroeconomics forecasts as well as other factors surrounding the credit risk of borrowers.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(l) Investments

The Group has classified its investments into equity method investments and non-marketable equity investments.

The Group applies equity method in accounting for its investments in entities in which the Group has the ability to exercise significant influence but does not have control and the investments are in either common stock or in-substance common stock. Unrealized gains on transactions between the Group and an affiliated entity are eliminated to the extent of the Group’s interest in the affiliated entity, unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. The Group accounts for private equity funds using the equity method of accounting unless the Group’s interest is so minor that the Group may have virtually no influence over partnership operating and financial policies.

Non-marketable equity investments are investments in privately held companies without readily determinable market values. They are measured at cost minus impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or a similar investment of the same issuer. The changes in the fair value of non-marketable equity investments are recognized in the consolidated statement of comprehensive income.

The following table sets forth the investments that the Group holds as of December 31, 2024 and 2025, respectively.

Schedule of investments

	2024		2025
	As of December 31,
	2024		2025

Equity method investments		193,062		141,492
Non-marketable equity investments		979,941		1,000,324
Investments		1,173,003		1,141,816

Equity method investments

For the years ended December 31, 2023, 2024 and 2025, the Group made investments in several private equity funds and accounted these investments as equity method investments as the Group has ability to significantly influence the operations or financial activities of the investees. For the years ended December 31, 2023, 2024 and 2025, no impairment loss was recognized for equity method investments.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(l) Investments (continued)

Non-marketable equity investments

For the years ended December 31, 2023, 2024 and 2025, the Group primarily made investments of no more than 10% of equity interest in several non-listed companies. These investments were accounted for as non-marketable equity investment using measurement alternative because these investments do not have readily determinable fair value and the Group does not have significant influence over the investees. For the years ended December 31, 2023, 2024 and 2025, the Group recognized an impairment loss of RMB2,479, nil and nil for non-marketable equity investments, respectively.

(m) Fair value measurement

Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The three levels of inputs that may be used to measure fair value include:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.

Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

The Group does not have any non-financial assets or liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis.

The Group’s financial instruments consist principally of cash and cash equivalents, restricted cash, short-term investments, quality assurance receivable, loans receivable, accounts receivable, quality assurance payable, deferred guarantee income, liability from quality assurance commitment, short-term borrowings and other liabilities.

Short-term investments

The short-term investments consist of time deposits and wealth management products. The short-term investments are measured at fair value.

Other financial instruments

The carrying amounts of financial instruments other than short-term investments, approximate their fair values due to the short-term maturities of these instruments.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(m) Fair value measurement (continued)

Assets and liabilities measured at fair value on a recurring basis

The following table sets forth the Group’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:

December 31, 2024

Level 1 Inputs

Level 2 Inputs

Level 3 Inputs

Balance at Fair value

RMB

Assets

Short-term investments

2,832,382

December 31, 2025

Level 1 Inputs

Level 2 Inputs

Level 3 Inputs

Balance at Fair value

RMB

Assets

Short-term investments

3,015,226

The Group values its short-term investments held in certain banks using quoted rate of return or quoted subscription/redemption prices published by the banks for these products, and accordingly, the Group classifies such short-term investments as Level 2 within the fair value hierarchy based on the nature of the fair value inputs.

Assets and liabilities measured at fair value on a non-recurring basis

Non-marketable equity investments are measured at fair value on a non-recurring basis. The following table sets forth the unrealized gains and losses from remeasurement (referred to as upward or downward adjustments) recorded as adjustments to the carrying value of non-marketable equity investments held as of December 31, 2023, 2024 and 2025 based on the observable price in an orderly transaction for the same or similar security of the same issuers:

	2023			2024		2025
	For the years ended December 31,
	2023			2024		2025

Upward adjustments		-			-		-
Downward adjustments (including impairment)		(2,479	)		-		-
Total unrealized gain (losses)		(2,479	)		-		-

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(m) Fair value measurement (continued)

Assets and liabilities measured at fair value on a non-recurring basis (continued)

The following table sets forth the total carrying value of the Group’s non-marketable equity investments at fair value on a non-recurring basis held as of December 31, 2024 and 2025 including cumulative unrealized upward and downward adjustments made to the initial cost basis of the securities:

	2024			2025
	As of December 31,
	2024			2025

Initial cost basis		1,015,701			1,036,084
Upward adjustments		3,319			3,319
Downward adjustments (including impairment)		(39,079	)		(39,079	)
Total carrying value at the end of the period		979,941			1,000,324

(n) Net interest income

The Group, through consolidated trust plans (See Note 4), subsidiaries and consolidated VIEs, originate and hold loans.

Interest on loans receivable is accrued based on the contractual interest rates of the loan as earned. Accrual of interest is generally discontinued when reasonable doubt exists as to the full, timely collection of interest or principal. When a loan is discontinued from interest accrual, the Group stops accruing interest and reverses all accrued but unpaid interest as of such date.

As the Group is the primary beneficiary of the trusts, the return of the other trust parties is recorded as interest expense. The interest expense is accrued based on the expected rate of return during the contractual term of the alternative investment products and the trusts.

The net interest income recorded in the consolidated statement of comprehensive income related to the loans originated by the Group recorded for the years ended December 31, 2023, 2024 and 2025 are as follows:

	2023			2024			2025
	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB

Interest income		1,102,493			873,148			1,373,377
Less: Interest expense		(53,114	)		(19,369	)		(36,918	)
Net interest income		1,049,379			853,779			1,336,459

(o) Property and equipment, net

Property and equipment are stated at cost less accumulated depreciation and amortization. Property and equipment are depreciated over the estimated useful lives of the assets using the straight-line method taking into account the estimated residual value, if any. The following table sets forth the estimated useful life and residual value:

Category	Estimated useful life	Residual value

Office building	30 years	5%
Office building improvement	10 years	Nil
Office furniture and equipment	3-5 years	5%
Computer and electronic equipment	3-5 years	5%
Leasehold improvement	shorter of remaining lease period or estimated useful life	Nil
Software	1-5 years	Nil

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(o) Property and equipment, net (continued)

Expenditures for maintenance and repairs are expensed as incurred. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation amortization are removed from the accounts and any resulting gain or loss is recognized in consolidated statement of comprehensive income.

(p) Intangible assets

As of December 31, 2025, the intangible assets held by the Group includes Australian credit license, micro-lending license, factoring license, multi-finance license, collection license and insurance brokerage license which have indefinite useful life. The Group evaluates these indefinite-lived intangible assets each reporting period to determine whether events and circumstances continue to support an indefinite useful life. If an intangible asset that is not being amortized is subsequently determined to have a finite useful life, the asset is tested for impairment. Impairment losses of long-lived assets related to intangible assets recognized for the years ended December 31, 2023, 2024 and 2025 were nil, nil and RMB265 respectively.

(q) Goodwill

Goodwill represents the excess of the purchase consideration over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed of the acquired entity as a result of the Company’s acquisitions of interests in its subsidiaries and the consolidated VIEs. Goodwill is not amortized but is tested for impairment in accordance with ASC Subtopic 350-20 (“ASC 350-20”), Intangibles - Goodwill and Other: Goodwill on an annual basis, or more frequently if events or changes in circumstances indicate that it might be impaired. The guidance provides option that the Company may first assess qualitative factors to determine whether it is necessary to perform quantitative goodwill impairment test. In the qualitative assessment, the Company considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. Based on the qualitative assessment, if it is more likely than not that the fair value of each reporting unit is less than the carrying amount, the quantitative impairment test is performed. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss equal to the difference between the fair value and the carrying value is recognized. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit. During the year ended 2025, the Company concluded that the carrying amounts of certain reporting unit exceeded its respective fair values and recorded impairment losses of RMB50,411. Considering the less than expected performance related to a certain micro-lending company acquired by the Group in 2017, the Company performed a quantitative impairment test on the reporting unit and provided a full impairment charge against the balance of goodwill. Consequently, as of December 31, 2025, the carrying value of the Group’s goodwill was RMB 79,759, in relation to the business combination as disclosed in Note 3.

(r) Impairment of long-lived assets other than goodwill

The Group evaluates its long-lived assets other than goodwill and intangible assets with indefinite useful life for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amounts to the expected future undiscounted cash flows attributable to these assets. If it is determined that an asset is not recoverable, an impairment loss is recorded in the amount by which the carrying amount of the assets exceeds the expected discounted cash flows arising from those assets.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(s) Quality assurance obligations

For off-balance sheet loans funded by institutional funding partners, the Group provides quality assurance commitment to compensate them in the event of borrowers’ default in the form of 1) guarantee provided by third-party financial guarantee companies or financial guarantee company within the Group; or 2) insurance provided by third-party insurance company, if the insurance coverage is exhausted, a third party guarantee company will repay the institutional funding partner in full. In either cases, after the third-party guarantee companies repay the overdue amount, the Group is obligated to compensate the third-party guarantee companies at an amount equal to the repayment made to the institutional funding partners. In certain cases, the Group is also required to provide a security deposit at an amount equal to a certain percentage of the outstanding balance of loans the institutional funding partners funded to the borrowers referred by the Group. The Group might also be required to replenish such security deposit in the event the security deposit is used by the institutional funding partners to make up for the loss they incurred.

Deferred guarantee income and liability from quality assurance commitment

In accordance with ASC Topic 326, deferred guarantee income represents the stand ready component of the guarantee contracts that are determined in accordance with ASC Topic 460. At initial recognition, deferred guarantee income is recorded at the fair value of the guarantee contract. Subsequent to initial recognition, deferred guarantee income is released systematically as guarantee income in revenue in the consolidated statement of comprehensive income as the Group is released from the underlying risk.

Liability from quality assurance commitment represents the expected life time credit losses of the guarantee contract that are determined in accordance with ASC Topic 326, which are initially recorded separate from and in addition to deferred guarantee income at the amount equal to the expected lifetime credit losses of the underlying loans covered by the quality assurance obligation. The expected credit losses are determined based on historical default experience, known and inherent risks in the portfolio, current economic conditions and future macroeconomic forecasts as well as other factors surrounding the credit risk of borrowers. The liability is calculated at portfolio-level since the loan portfolio is typically of smaller balance homogenous loans and is collectively evaluated for impairment. Subsequent to initial recognition, the expected credit losses are adjusted for changes in expected lifetime credit losses. The initial recognition and adjustments made to liability from quality assurance commitment are recorded as provision for quality assurance commitment in the consolidated statement of comprehensive income. The table below sets forth the movement of deferred guarantee income and liability from quality assurance commitment for the years ended December 31, 2023, 2024 and 2025:

	2023			2024			2025
Deferred guarantee income:	For the years ended December 31,
	2023			2024			2025

Opening balance		1,805,164			1,882,036			1,515,950
Newly undertaken quality assurance obligations		4,555,867			4,719,210			3,727,988
Release of quality assurance obligations upon repayment		(4,478,995	)		(5,085,296	)		(4,124,934	)
Ending balance		1,882,036			1,515,950			1,119,004

	2023			2024			2025
Liability from quality assurance commitment:	For the years ended December 31,
	2023			2024			2025

Opening balance		3,555,618			3,306,132			2,964,116
Provision for credit losses of quality assurance obligations		4,068,436			4,208,559			3,006,918
Payouts during the year		(11,440,275	)		(11,035,006	)		(7,735,108	)
Recoveries during the year		7,122,353			6,484,431			4,338,916
Ending balance		3,306,132			2,964,116			2,574,842

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(s) Quality assurance obligations (continued)

As of December 31, 2025, the maximum potential future payments, including all principal and interests covered by the quality assurance obligations were RMB29,676,722.

Quality assurance receivable

A quality assurance receivable is recognized at loan inception at its fair value on a loan-by-loan basis. The Group establishes a credit loss allowance based on expectations of lifetime credit losses based on historical default experience, known or inherent risks in the portfolio, current economic conditions and macroeconomics forecasts as well as other factors surrounding the credit risk of borrowers.

The following table presents the Group’s quality assurance receivable as of December 31, 2024 and 2025:

	2024			2025
	For the years ended December 31,
	2024			2025

Quality assurance receivable		2,066,540			1,896,659
Allowance for credit losses for quality assurance receivable		(426,949	)		(581,475	)
Quality assurance receivable, net		1,639,591			1,315,184

The Group evaluates expected credit losses of quality assurance receivable on a collective basis based on the type of borrowers and delinquency pattern. Credit quality indicators are updated quarterly, and the credit quality of any given customer can change during the life of the portfolio. The following table presents quality assurance receivables based on type of borrowers and delinquency as of December 31, 2024 and 2025:

	1-89 days past due		90-119 days past due		120-149 days past due		150-179 days past due		Total past due		Current		Total quality assurance receivable
December 31, 2024
New borrowers		15,289		1,980		1,878		1,990		21,137		545,255		566,392
Repeat borrowers		44,905		10,349		10,177		10,422		75,853		1,424,295		1,500,148
Total		60,194		12,329		12,055		12,412		96,990		1,969,550		2,066,540

December 31, 2025
New borrowers		15,447		2,647		2,153		2,004		22,251		619,165		641,416
Repeat borrowers		48,351		11,554		9,395		8,372		77,672		1,177,571		1,255,243
Total		63,798		14,201		11,548		10,376		99,923		1,796,736		1,896,659

As the average tenor of loans facilitated on domestic and overseas platform are around 8.4 months and 90.9 days, respectively, substantially all of the quality assurance receivable balance as of December 31, 2025 are originated in 2025.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(s) Quality assurance obligations (continued)

The following table sets forth the movement in the allowance for credit losses for quality assurance receivable as of December 31, 2024 and 2025, respectively:

	2023			2024			2025
	For the years ended December 31,
	2023			2024			2025

Beginning balance		374,304			529,392			426,949
Provision for credit losses		354,366			378,695			455,466
Write-offs		(199,278	)		(481,138	)		(300,940	)
Ending balance		529,392			426,949			581,475

(t) Bank borrowings and unsecured senior notes

Bank borrowings and unsecured senior notes are recognized initially at fair value, net of upfront fees, debt discounts or premiums, debt issuance costs and other incidental fees. Convertible unsecured senior notes are accounted for in its entirety as liabilities, and the embedded conversion feature is not required to be accounted for separately under ASC 815. Upfront fees, debt discounts or premiums, debt issuance costs and other incidental fees are recorded as a reduction of the proceeds received and the related accretion is recorded as interest expense in the consolidated income statements over the estimated term of the facilities using the effective interest method.

(u) Revenue recognition

The Group engages primarily in operating an online consumer finance marketplace by providing an online platform which matches borrowers with institutional funding partners, and assisting facilitation of loans to institutional funding partners on certain third-party online platforms. The Group determines that it is not the legal lender or legal borrower in the above process. Therefore, the Group generally does not record loan receivable and payable arising from the loans between institutional funding partners and borrowers on its balance sheets other than consolidated trusts (Note 4). Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Group’s activities and is recorded net of value-added tax (“VAT”).

Revenue recognition policies for each type of services under ASC Topic 606 are discussed as follows:

Revenue from Single Loans

In accordance with a series contracts entered into among the borrowers, institutional funding partners and the Group, the Group generally provides the following services to the borrowers and institutional funding partners:

	●	The Group operates a platform that enables borrowers and institutional funding partners to exchange information;
	●	The Group collects information from borrowers, conduct credit assessment and match borrowers with institutional funding partners;
	●	Once borrowers and institutional funding partners are matched, the Group is responsible for collect and transfer funds between borrowers and institutional funding partners;
	●	The Group will also provide institutional funding partners with collection services upon borrowers’ default;
	●	On monthly basis, the borrowers are obligated to pay transaction service fee and quality assurance contribution/guarantee fee on top of the principle and interest payment. In the event of early prepayment, the service fee and quality assurance contribution are adjusted accordingly.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(u) Revenue recognition (continued)

The Group determines its customers to be both institutional funding partners and borrowers. The Group charges the transaction service fee as part of the borrowers’ monthly repayment. In accordance with the relevant guidance in ASC Topic 606, the amounts associated with the quality assurance obligation is within the scope of ASC Topic 460 and should be accounted for in accordance with the provisions of that Topic. The services not within the scope of other Topics should be accounted for in accordance with the remaining provisions of ASC Topic 606 and the applicable revenue recognition guidance. The Group considers loan facilitation services (covering matching of institutional funding partners to borrowers and facilitating the execution of loan agreement between institutional funding partners and borrowers) and post-facilitation services (covering cash processing services and collection services) as two distinctive performance obligations in accordance with ASC Topic 606. The transaction price is first allocated to the quality assurance commitment and quality assurance program, if any, which is recorded at fair value in accordance with ASC Topic 460. Then the remaining considerations are allocated to the loan facilitation and post-facilitation services using their relative standalone selling prices. When estimating total consideration, the Group considers early termination scenarios based on historical early payment and other termination scenarios as the Group cannot receive the full contractual service fee amount under early termination, given the service fee is collected on a pro-rata basis upon early loan termination. Such service fee is determined to be variable consideration that meets the “probable of not reversing” threshold. As such, the Group recognizes revenue related to early termination based on its best estimate and true up adjustments are made from time to time. The Group does not have observable standalone selling price for the loan facilitation services or post-facilitation services because it does not provide loan facilitation services or post-facilitation services on a standalone basis in similar circumstances to similar customers. There is no direct observable standalone selling price for similar services in the market that is reasonably available to the Group. As a result, the estimation of standalone selling price involves management judgment. The Group uses an expected cost plus margin approach to estimate the standalone selling prices of loan facilitation services and post facilitation services as the basis of revenue allocation. When estimating the selling prices, the Group makes certain assumptions mainly including estimates of the cost of providing the services.

The transaction price allocated to loan facilitation is recognized as revenue upon execution of loan agreements between institutional funding partners and borrowers; the consideration allocated to post-facilitation services is recognized over the period of the loan on a straight line method, which approximates the pattern of when the underlying services are performed.

In addition to transaction service fee, the Group also receives fees on future events, such as collection fees. For loans with quality assurance obligation, as the quality assurance will compensate the institutional funding partners should the borrowers are delinquent, the collection fee is considered a variable consideration for the loan facilitation and post-facilitation performance obligations and therefore is included in the total transaction price which is allocated to these two performance obligations based on their relative standalone selling price. The collection fee is only probable of not reversing upon successful collection and as such is not included in the transaction price until then.

For the off-balance sheet loans funded by certain other institutional funding partners, where the Group does not provide credit enhancement to the institutional funding partners for the borrowers referred by the Group and takes no credit risks of borrowers in respect of principal and interests, the Group charges the service fees for loan facilitation at predetermined rates based on the performance of the underlying off-balance sheet loans. Such service fee is determined to be variable consideration that meets the “probable of not reversing” threshold. As such, the Group recognizes revenue related to such services based on its best estimate and true up adjustments are made when service fee amounts are confirmed by institutional funding partners.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(u) Revenue recognition (continued)

Other revenue

Other revenue primarily includes borrower referral fees and other valued-added services. The Group refers borrowers that do not meet the Group’s risk appetite to other lending platforms, and charges a referral fee based on the loan origination volume, cost per-click or other performance based criteria. Such fee is recognized as other revenue upon loan origination, each click or other performance obligation is satisfied.

Revenue disaggregation analysis

The following table sets forth the Group’s operating revenue from different service types:

Schedule of disaggregation of revenue

	For the years ended December 31,
	2023				2024				2025
	With quality assurance obligation		Without quality assurance obligation		With quality assurance obligation		Without quality assurance obligation		With quality assurance obligation		Without quality assurance obligation

Loan facilitation service fees		4,187,976		332,528		3,951,236		743,144		3,601,135		1,575,322
Post-facilitation service fees		1,869,214		100,491		1,610,744		129,497		1,155,562		474,215
Other revenue
-borrowers referral fee		-		220,480		-		269,536		-		226,471
-others		101,293		207,089		115,538		307,054		101,930		973,455
		6,158,483		860,588		5,677,518		1,449,231		4,858,627		3,249,463

Interest income (Note 2(n)) and guarantee income (Note 2(s)) is not included in the table above as it is not accounted for under ASC Topic 606.

Contract balances

Contract assets represent the Group’s right to consideration in exchange for facilitation and post-facilitation service that the Company has transferred to the customer before payment is due. Contract liabilities represent the Group’s obligation to transfer facilitation and post-facilitation service to the customer due to received payment. The timing of revenue recognition, scheduled payments, and cash collections results in contract assets and contract liabilities.

Practical expedient and exemptions

The Group generally expenses sales commission when incurred for loans with a term for one year or less. These costs are recorded within sales and marketing expenses.

The Group does not disclose the value of unsatisfied performance obligation as most of the loans facilitated through its platform with an original term of one year or less.

(v) Origination, servicing expenses and other cost of revenue

Origination, servicing expenses and other cost of revenue primarily consist of salaries and benefits of employees who facilitate loan origination, which include performing risk pricing, debt-collection service, customer service data processing, and data analysis, collection expenses for outsourced services, and other cost of revenue.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(w) Sales and marketing expenses

Sales and marketing expenses consist primarily of advertising and online marketing promotion expenses. Advertising and online marketing expenses, amounting to approximately RMB1,871,392, RMB1,994,134 and RMB2,183,896 for the years ended December 31, 2023, 2024 and 2025, respectively, are charged to the consolidated statements of comprehensive income as incurred.

(x) General and administrative expenses

General and administrative expenses consist primarily of salaries and benefits for general management, finance and administrative personnel, share-based compensation expenses, rental, professional service fees and other expenses.

(y) Research and development expenses

Research and development expenses consist primarily of payroll and related expenses for IT professionals involved in developing technology platform and website, server and other equipment depreciation, bandwidth and data center costs. All research and development costs have been expensed as incurred as the costs qualifying for capitalization have been insignificant.

(z) Share-based compensation

The Group follows ASC Topic 718, which requires all share-based payments to employees and directors, including grants of employee stock options, to be recognized as share-based compensation expense in the financial statements over the vesting period of the award based on the fair value of the award determined at the grant date. Under ASC Topic 718, the number of share-based awards for which the service is not expected to be rendered for the requisite period should be estimated, and the related compensation cost is not recorded for that number of awards.

In accordance with ASC Topic 718, the Group recognize share-based compensation expenses, net of a forfeiture rate, using the straight-line method for awards with services conditions only, and using the graded-vesting attribution method for awards with graded vesting features and performance conditions. Compensation cost is accrued if it is probable that a performance condition will be achieved.

(aa) Leases

The Group determines if an arrangement is a lease or contains a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities, in the Group’s consolidated balance sheets. The Group does not have any finance leases for the years ended December 31, 2023, 2024 and 2025.

ROU assets represent the Group’s right to use an underlying asset for the lease term and lease liabilities represent the Group’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Group includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Group’s leases do not provide an implicit rate, the Group uses its incremental borrowing rate, which it calculates based on the credit quality of the Group and by comparing interest rates available in the market for similar borrowings, and adjusting this amount based on the impact of collateral over the term of each lease.

The Group has elected to adopt the following lease practical expedients: (i) elect for each lease to not separate non-lease components from lease components and instead to account for each separate lease component and the non-lease components associated with that lease component as a single lease component; (ii) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Group elected not to apply ASC 842 recognition requirements.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(ab) Government grants and subsidy income

The Group receives government grants and subsidies in the PRC from various levels of local governments from time to time which are granted for general corporate purposes and to support its ongoing operations in the region. The grants are determined at the discretion of the relevant government authority and there are no restrictions on their use. The government subsidies are recorded as other income in the consolidated statement of comprehensive income in the period the cash is received. The government grants received by the Group amounting to RMB164,907, RMB150,685 and RMB118,141 for the years ended December 31, 2023, 2024 and 2025, respectively.

(ac) Taxation

Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions.

Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be received or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the statement of comprehensive income in the period of the enactment of the change.

The Group considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Group has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry.

The Group recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Group initially and subsequently measures the tax benefit as the largest amount that the Group judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The Group’s liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Group’s effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Group classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expenses.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(ad) Net profit per share

Basic net profit per share is computed by dividing net profit attributable to FinVolution Group’s ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net profit is allocated between ordinary shares and other participating securities based on their participating rights. Net loss is not allocated to other participating securities if based on their contractual terms they are not obligated to share in the losses. Diluted net profit per share is calculated by dividing net profit attributable to FinVolution Group’s ordinary shareholders by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the conversion of the preferred shares using the if-converted method and shares issuable upon the exercise of share options using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such shares would be anti-dilutive.

(ae) Segment reporting

The Group’s chief operating decision maker (CODM), the Chief Executive Officer, reviews the consolidated results when making decisions about allocating resources and assessing performance of the Group as a whole and therefore, the Group only has one reportable segment at the consolidated level. Accordingly, the Group’s CODM uses consolidated net profit to measure segment profit or loss, allocate resources and assess performance. Significant segment expenses are the same as these presented under operating expenses in the consolidated statements of comprehensive income, and the difference between net revenue less the significant segment expenses and consolidated net profit are the other segment items. Most of the Group’s long-lived assets are located in the PRC and most of the Group’s revenues are derived from within the PRC. For geographic information, please refer to Note 22.

(af) Treasury shares

The Group accounts for treasury shares using the cost method. Under this method, the cost incurred to purchase the shares is recorded in the treasury shares account in the consolidated balance sheets. At retirement, the ordinary shares account is charged only for the aggregate par value of the shares. The excess of the acquisition cost of treasury shares over the aggregate par value is allocated between additional paid-in capital (up to the amount credited to the additional paid-in capital upon original issuance of the shares) and retained earnings. In the event that treasury shares are reissued at an amount different from the cost the Company paid to repurchase the treasury shares, the Company will recognize the difference in additional paid-in capital by using first-in, first-out method. The treasury shares account includes 283,820,445 and 333,628,335 ordinary shares mainly for the purpose of exercise of share-based compensation plans as of December 31, 2024 and 2025, respectively.

(ag) Statutory reserves

In accordance with the relevant regulations and their articles of association, subsidiaries of the Company incorporated in the PRC are required to allocate at least 10% of their after-tax profit determined based on the PRC accounting standards and regulations to the general reserve until such reserve has reached 50% of the relevant subsidiary’s registered capital. These reserves can only be used for specific purposes and are not transferable to the Company in the form of loans, advances or cash dividends. During the years ended December 31, 2023, 2024 and 2025, appropriations to the general reserve amounted to RMB64,071, RMB90,251 and RMB 189,589, respectively.

(ah) Recently issued accounting standards

Adoption of new accounting standards

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)-Improvements to Income Tax Disclosures. ASU No. 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Group adopted this guidance prospectively. Details of income tax disclosures are set out in Note 12.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(ah) Recently issued accounting standards (continued)

New accounting standards not yet adopted

In November 2024, the FASB issued ASU No. 2024-03, Income Statement (Topic 220)- Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40). ASU No. 2024-03 requires publicly-traded business entities to disclose specified information about the components of certain costs and expenses that are currently disclosed in the financial statements. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Group does not expect to adopt ASU No. 2024-03 early and is currently evaluating the impact of adopting this standard on its consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-04, “Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments,” which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The amendments also clarify some specific applications of induced conversion guidance and that the guidance applies to a convertible debt instrument that is not currently convertible as long as it had a substantive conversion feature as of both its issuance date and the date the inducement offer is accepted. The new guidance is required to be applied either prospectively or retrospectively. The guidance is effective for annual reporting periods beginning after December 15, 2025, including interim periods within those fiscal years. Early adoption is permitted for all entities that have adopted the amendments in ASU No. 2020-06. The Group did not adopt ASU No. 2024-04 early and is currently evaluating the impact of adopting this standard on its consolidated financial statements.

In May 2025, the FASB issued ASU No. 2025-03, “Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity,” which requires an entity involved in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a VIE that meets the definition of a business to consider specific factors to determine the accounting acquirer and removes the requirement that the primary beneficiary always is the acquirer for certain transactions. Under the amendments, acquisition transactions in which the legal acquiree is a VIE will, in more instances, result in the same accounting outcomes as economically similar transactions in which the legal acquiree is a voting interest entity. The amendments do not change the accounting for a transaction determined to be a reverse acquisition or a transaction in which the legal acquirer is not a business and is determined to be the accounting acquiree. The new guidance is required to be applied prospectively to any acquisition transaction that occurs after the initial application date. The guidance is effective for annual reporting periods beginning after December 15, 2026, including interim periods within those fiscal years. The Group does not expect to adopt ASU No. 2025-03 early and is currently evaluating the impact of adopting this standard on its consolidated financial statements.

In July 2025, the FASB issued ASU No. 2025-05, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets”. The amendments provide an optional practical expedient for estimating future credit losses based on current conditions as of the balance sheet date and assuming those conditions do not change over the remaining life of the accounts receivable. The guidance is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, on a prospective basis. Early adoption is permitted. The Group did not adopt ASU No. 2025-05 early and is currently evaluating the impact of adopting this standard on its consolidated financial statements.

In November 2025, the FASB issued ASU No. 2025-08, “Financial Instruments—Credit Losses (Topic 326): Purchased Loans”. The amendments expand the population of acquired financial assets subject to the gross-up approach in Topic 326. Loans (excluding credit cards) acquired without credit deterioration and deemed “seasoned” are purchased seasoned loans and accounted for using the gross-up approach at acquisition. The guidance is effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, on a prospective basis. Early adoption is permitted. The Group does not expect to adopt ASU No. 2025-08 early and is currently evaluating the impact of adopting this standard on its consolidated financial statements.

In December 2025, the FASB issued ASU No. 2025-10, “Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities”. The guidance provides recognition, measurement, and presentation guidance, as well as additional disclosure requirements, for government grants. The guidance is effective for annual reporting periods beginning after December 15, 2028, including interim periods within those fiscal years. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Group does not expect to adopt ASU No. 2025-10 early and is currently evaluating the impact of adopting this standard on its consolidated financial statements.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of presentation

(a) Basis of presentation

Principle of consolidation

(b) Principle of consolidation

All transactions and balances among the Company, its subsidiaries, the VIEs and the VIEs’ subsidiaries have been eliminated upon consolidation.

Details of the VIE structure are set forth below:

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(b) Principle of consolidation (continued)

i) VIE Agreements that give the Company the power to direct the activities that most significantly impact the economic performance of the VIEs

Business Operation Agreement

Power of Attorney

Exclusive Option Agreement

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(b) Principle of consolidation (continued)

i) VIE Agreements that give the Company the power to direct the activities that most significantly impact the economic performance of the VIEs (continued)

Equity Pledge Agreement

ii) VIE Agreement that give the Company the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs

Exclusive technology consulting and service agreement

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(b) Principle of consolidation (continued)

	2024		2025
	As of December 31,
	2024		2025
	RMB		RMB

Cash and cash equivalents		2,343,220		1,692,232
Restricted cash		1,889,665		1,597,209
Short-term investments		1,653,847		1,918,459
Accounts receivable and contract assets		2,106,533		1,625,773
Quality assurance receivable		1,100,960		446,375
Property, equipment and software, net		489,931		480,684
Intangible assets		48,932		59,267
Right of use assets		23,995		27,768
Loans and receivables, net of credit loss allowance for loans receivables		3,499,667		5,597,757
Investments		972,952		924,062
Investment in subsidiaries		113,571		103,510
Deferred tax assets		2,042,468		2,540,051
Amounts due from Group companies		2,457,600		2,380,916
Amounts due from related parties		952		20,343
Prepaid expenses and other assets		816,569		699,202
Total assets		19,560,862		20,113,608

Deferred guarantee income		1,283,000		893,602
Liability from quality assurance commitment		2,591,768		1,796,856
Payroll and welfare payable		153,686		179,883
Taxes payable		561,475		43,657
Funds payable to investors of consolidated trusts		793,720		778,531
Contract liabilities		10,185		226
Deferred tax liabilities		112,604		238,650
Leasing liabilities		22,673		26,420
Amounts due to Group companies		7,533,335		8,963,834
Amounts due to related parties		130		5,809
Accrued expenses and other liabilities		878,881		967,257
Total liabilities		13,941,457		13,894,725

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(b) Principle of consolidation (continued)

	2023			2024			2025
	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB

Third-party revenues		9,859,539			9,796,032			9,646,881
Group company revenues		498,189			391,348			584,994
Net revenues		10,357,728			10,187,380			10,231,875
Third-party expenses		(3,633,284	)		(3,777,621	)		(4,341,436	)
Group company expenses		(3,542,004	)		(2,414,323	)		(3,011,047	)
Related party expenses		-			-			(29,928	)
Provision for accounts receivable and contract assets		(78,148	)		(137,321	)		(147,532	)
Provision for loans receivable		(30,394	)		(38,823	)		(246,003	)
Credit losses for quality assurance commitment		(3,557,174	)		(3,584,954	)		(1,981,868	)
Impairment of goodwill and intangible assets		-			-			(265	)
Total operating expenses		(10,841,004	)		(9,953,042	)		(9,758,079	)
Income from subsidiaries		3,719			6,099			24
(Loss) income from operations		(479,557	)		240,437			473,820
Net interest expenses and other income		232,074			197,116			96,419
(Loss) profit before income tax expense		(247,483	)		437,553			570,239
Income tax expenses		(35,112	)		(88,667	)		(161,888	)
Net (loss) profit		(282,595	)		348,886			408,351
Net profit attributable to non-controlling interest shareholders		-			-			(19,946	)
Net (loss) profit attributable to FinVolution Group’s ordinary shareholders		(282,595	)		348,886			388,405

	2023			2024			2025
	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB

Net cash (used in) provided by operating activities		(591,538	)		2,917,058			(1,181,457	)
Net cash provided by (used in) investing activities		1,293,373			(2,554,190	)		(1,414,963	)
Net cash (used in) provided by financing activities		(1,773,279	)		261,705			1,652,976

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(b) Principle of consolidation (continued)

Business combinations and non-controlling interests

(c) Business combinations and non-controlling interests

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(c) Business combinations and non-controlling interests (continued)

Use of estimates

(d) Use of estimates

Foreign currency and foreign currency translation

(e) Foreign currency and foreign currency translation

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

Convenience translation

(f) Convenience translation

Significant risks and uncertainties

(g) Significant risks and uncertainties

Risk of concentration

Risk of uncertainties

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

Cash and cash equivalents

(h) Cash and cash equivalents

Restricted cash

(i) Restricted cash

Restricted cash includes:

	(i)	Cash held in escrow accounts that is jointly managed by the Group and institutional funding partners. As of December 31, 2024 and 2025, the restricted cash managed by the Group and institutional funding partners amounted to RMB864,440 and RMB810,959, respectively.

	(ii)	Cash received via consolidated trusts that has not yet been distributed. As of December 31, 2024 and 2025, the restricted cash related to cash not yet distributed amounted to RMB701,928 and RMB600,346, respectively.

	(iii)	Cash received from borrowers that has not yet been disbursed to institutional funding partners. As of December 31, 2024 and 2025, the restricted cash held as related to cash not yet disbursed amounted to RMB396,523 and RMB381,154, respectively.

The rest of the balance in restricted cash also includes cash received from investors or borrowers that has not yet been disbursed due to a settlement time lag.

Short-term Investments

(j) Short-term Investments

Accounts receivable, contract assets and credit loss allowance

(k) Accounts receivable, contract assets and credit loss allowance

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

Investments

(l) Investments

The Group has classified its investments into equity method investments and non-marketable equity investments.

The following table sets forth the investments that the Group holds as of December 31, 2024 and 2025, respectively.

Schedule of investments

	2024		2025
	As of December 31,
	2024		2025

Equity method investments		193,062		141,492
Non-marketable equity investments		979,941		1,000,324
Investments		1,173,003		1,141,816

Equity method investments

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(l) Investments (continued)

Non-marketable equity investments

Fair value measurement

(m) Fair value measurement

The three levels of inputs that may be used to measure fair value include:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.

Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Group does not have any non-financial assets or liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis.

Short-term investments

The short-term investments consist of time deposits and wealth management products. The short-term investments are measured at fair value.

Other financial instruments

The carrying amounts of financial instruments other than short-term investments, approximate their fair values due to the short-term maturities of these instruments.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(m) Fair value measurement (continued)

Assets and liabilities measured at fair value on a recurring basis

The following table sets forth the Group’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:

December 31, 2024

Level 1 Inputs

Level 2 Inputs

Level 3 Inputs

Balance at Fair value

RMB

Assets

Short-term investments

2,832,382

December 31, 2025

Level 1 Inputs

Level 2 Inputs

Level 3 Inputs

Balance at Fair value

RMB

Assets

Short-term investments

3,015,226

Assets and liabilities measured at fair value on a non-recurring basis

	2023			2024		2025
	For the years ended December 31,
	2023			2024		2025

Upward adjustments		-			-		-
Downward adjustments (including impairment)		(2,479	)		-		-
Total unrealized gain (losses)		(2,479	)		-		-

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(m) Fair value measurement (continued)

Assets and liabilities measured at fair value on a non-recurring basis (continued)

	2024			2025
	As of December 31,
	2024			2025

Initial cost basis		1,015,701			1,036,084
Upward adjustments		3,319			3,319
Downward adjustments (including impairment)		(39,079	)		(39,079	)
Total carrying value at the end of the period		979,941			1,000,324

Net interest income

(n) Net interest income

The Group, through consolidated trust plans (See Note 4), subsidiaries and consolidated VIEs, originate and hold loans.

	2023			2024			2025
	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB

Interest income		1,102,493			873,148			1,373,377
Less: Interest expense		(53,114	)		(19,369	)		(36,918	)
Net interest income		1,049,379			853,779			1,336,459

Property and equipment, net

(o) Property and equipment, net

Category	Estimated useful life	Residual value

Office building	30 years	5%
Office building improvement	10 years	Nil
Office furniture and equipment	3-5 years	5%
Computer and electronic equipment	3-5 years	5%
Leasehold improvement	shorter of remaining lease period or estimated useful life	Nil
Software	1-5 years	Nil

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(o) Property and equipment, net (continued)

Intangible assets

(p) Intangible assets

Goodwill

(q) Goodwill

Impairment of long-lived assets other than goodwill

(r) Impairment of long-lived assets other than goodwill

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

Quality assurance obligations

(s) Quality assurance obligations

Deferred guarantee income and liability from quality assurance commitment

	2023			2024			2025
Deferred guarantee income:	For the years ended December 31,
	2023			2024			2025

Opening balance		1,805,164			1,882,036			1,515,950
Newly undertaken quality assurance obligations		4,555,867			4,719,210			3,727,988
Release of quality assurance obligations upon repayment		(4,478,995	)		(5,085,296	)		(4,124,934	)
Ending balance		1,882,036			1,515,950			1,119,004

	2023			2024			2025
Liability from quality assurance commitment:	For the years ended December 31,
	2023			2024			2025

Opening balance		3,555,618			3,306,132			2,964,116
Provision for credit losses of quality assurance obligations		4,068,436			4,208,559			3,006,918
Payouts during the year		(11,440,275	)		(11,035,006	)		(7,735,108	)
Recoveries during the year		7,122,353			6,484,431			4,338,916
Ending balance		3,306,132			2,964,116			2,574,842

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(s) Quality assurance obligations (continued)

As of December 31, 2025, the maximum potential future payments, including all principal and interests covered by the quality assurance obligations were RMB29,676,722.

Quality assurance receivable

The following table presents the Group’s quality assurance receivable as of December 31, 2024 and 2025:

	2024			2025
	For the years ended December 31,
	2024			2025

Quality assurance receivable		2,066,540			1,896,659
Allowance for credit losses for quality assurance receivable		(426,949	)		(581,475	)
Quality assurance receivable, net		1,639,591			1,315,184

	1-89 days past due		90-119 days past due		120-149 days past due		150-179 days past due		Total past due		Current		Total quality assurance receivable
December 31, 2024
New borrowers		15,289		1,980		1,878		1,990		21,137		545,255		566,392
Repeat borrowers		44,905		10,349		10,177		10,422		75,853		1,424,295		1,500,148
Total		60,194		12,329		12,055		12,412		96,990		1,969,550		2,066,540

December 31, 2025
New borrowers		15,447		2,647		2,153		2,004		22,251		619,165		641,416
Repeat borrowers		48,351		11,554		9,395		8,372		77,672		1,177,571		1,255,243
Total		63,798		14,201		11,548		10,376		99,923		1,796,736		1,896,659

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(s) Quality assurance obligations (continued)

The following table sets forth the movement in the allowance for credit losses for quality assurance receivable as of December 31, 2024 and 2025, respectively:

	2023			2024			2025
	For the years ended December 31,
	2023			2024			2025

Beginning balance		374,304			529,392			426,949
Provision for credit losses		354,366			378,695			455,466
Write-offs		(199,278	)		(481,138	)		(300,940	)
Ending balance		529,392			426,949			581,475

Bank borrowings and unsecured senior notes

(t) Bank borrowings and unsecured senior notes

Revenue recognition

(u) Revenue recognition

Revenue recognition policies for each type of services under ASC Topic 606 are discussed as follows:

Revenue from Single Loans

	●	The Group operates a platform that enables borrowers and institutional funding partners to exchange information;
	●	The Group collects information from borrowers, conduct credit assessment and match borrowers with institutional funding partners;
	●	Once borrowers and institutional funding partners are matched, the Group is responsible for collect and transfer funds between borrowers and institutional funding partners;
	●	The Group will also provide institutional funding partners with collection services upon borrowers’ default;
	●	On monthly basis, the borrowers are obligated to pay transaction service fee and quality assurance contribution/guarantee fee on top of the principle and interest payment. In the event of early prepayment, the service fee and quality assurance contribution are adjusted accordingly.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(u) Revenue recognition (continued)

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(u) Revenue recognition (continued)

Other revenue

Revenue disaggregation analysis

The following table sets forth the Group’s operating revenue from different service types:

Schedule of disaggregation of revenue

	For the years ended December 31,
	2023				2024				2025
	With quality assurance obligation		Without quality assurance obligation		With quality assurance obligation		Without quality assurance obligation		With quality assurance obligation		Without quality assurance obligation

Loan facilitation service fees		4,187,976		332,528		3,951,236		743,144		3,601,135		1,575,322
Post-facilitation service fees		1,869,214		100,491		1,610,744		129,497		1,155,562		474,215
Other revenue
-borrowers referral fee		-		220,480		-		269,536		-		226,471
-others		101,293		207,089		115,538		307,054		101,930		973,455
		6,158,483		860,588		5,677,518		1,449,231		4,858,627		3,249,463

Interest income (Note 2(n)) and guarantee income (Note 2(s)) is not included in the table above as it is not accounted for under ASC Topic 606.

Contract balances

Practical expedient and exemptions

The Group generally expenses sales commission when incurred for loans with a term for one year or less. These costs are recorded within sales and marketing expenses.

The Group does not disclose the value of unsatisfied performance obligation as most of the loans facilitated through its platform with an original term of one year or less.

Origination, servicing expenses and other cost of revenue

(v) Origination, servicing expenses and other cost of revenue

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

Sales and marketing expenses

(w) Sales and marketing expenses

General and administrative expenses

(x) General and administrative expenses

Research and development expenses

(y) Research and development expenses

Share-based compensation

(z) Share-based compensation

Leases

(aa) Leases

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

Government grants and subsidy income

(ab) Government grants and subsidy income

Taxation

(ac) Taxation

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

Net profit per share

(ad) Net profit per share

Segment reporting

(ae) Segment reporting

Treasury shares

(af) Treasury shares

Statutory reserves

(ag) Statutory reserves

Recently issued accounting standards

(ah) Recently issued accounting standards

Adoption of new accounting standards

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(ah) Recently issued accounting standards (continued)

New accounting standards not yet adopted

Schedule of aging of loans (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, Past Due [Line Items]
Total loans receivable	¥ 7,016,524	¥ 4,384,088
New borrowers [Member]
Financing Receivable, Past Due [Line Items]
Total loans receivable	1,773,609	565,152
Repeat Borrowers [Member]
Financing Receivable, Past Due [Line Items]
Total loans receivable	5,242,915	3,818,936
1-89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans receivable	425,187	78,216
1-89 Days Past Due [Member] \| New borrowers [Member]
Financing Receivable, Past Due [Line Items]
Total loans receivable	112,984	23,755
1-89 Days Past Due [Member] \| Repeat Borrowers [Member]
Financing Receivable, Past Due [Line Items]
Total loans receivable	312,203	54,461
90-119 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans receivable	92,869	6,067
90-119 Days Past Due [Member] \| New borrowers [Member]
Financing Receivable, Past Due [Line Items]
Total loans receivable	19,557	1,422
90-119 Days Past Due [Member] \| Repeat Borrowers [Member]
Financing Receivable, Past Due [Line Items]
Total loans receivable	73,312	4,645
120-149 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans receivable	76,242	5,188
120-149 Days Past Due [Member] \| New borrowers [Member]
Financing Receivable, Past Due [Line Items]
Total loans receivable	16,339	1,501
120-149 Days Past Due [Member] \| Repeat Borrowers [Member]
Financing Receivable, Past Due [Line Items]
Total loans receivable	59,903	3,687
150-179 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans receivable	57,596	5,129
150-179 Days Past Due [Member] \| New borrowers [Member]
Financing Receivable, Past Due [Line Items]
Total loans receivable	12,524	1,427
150-179 Days Past Due [Member] \| Repeat Borrowers [Member]
Financing Receivable, Past Due [Line Items]
Total loans receivable	45,072	3,702
Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans receivable	651,894	94,600
Financial Asset, Past Due [Member] \| New borrowers [Member]
Financing Receivable, Past Due [Line Items]
Total loans receivable	161,404	28,105
Financial Asset, Past Due [Member] \| Repeat Borrowers [Member]
Financing Receivable, Past Due [Line Items]
Total loans receivable	490,490	66,495
Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans receivable	6,364,630	4,289,488
Financial Asset, Not Past Due [Member] \| New borrowers [Member]
Financing Receivable, Past Due [Line Items]
Total loans receivable	1,612,205	537,047
Financial Asset, Not Past Due [Member] \| Repeat Borrowers [Member]
Financing Receivable, Past Due [Line Items]
Total loans receivable	¥ 4,752,425	¥ 3,752,441

Accounts receivable and contract assets (Tables)

12 Months Ended

Dec. 31, 2025

Credit Loss [Abstract]

Schedule of accounts receivable and contract assets

The following table presents the accounts receivable and contract assets as of December 31, 2024 and 2025:

	2024			2025
	As of December 31,
	2024			2025
	RMB			RMB

Accounts receivable and contract assets		2,696,147			2,369,401
Credit loss allowance for accounts receivable and contract assets		(290,267	)		(340,816	)
Accounts receivable and contract assets, net		2,405,880			2,028,585

Schedule of aging of past-due accounts receivable and contract assets

	1-89 days past due		90-119 days past due		120-149 days past due		150-179 days past due		Total past due		Current		Total accounts receivable and contract assets
December 31,2024
New borrowers		14,634		2,221		2,027		2,013		20,895		255,828		276,723
Repeat borrowers		59,548		13,705		13,259		13,479		99,991		1,695,512		1,795,503
Institutions		-		-		-		-		-		623,921		623,921
Total		74,182		15,926		15,286		15,492		120,886		2,575,261		2,696,147

December 31,2025
New borrowers		13,134		2,884		2,612		2,613		21,243		144,674		165,917
Repeat borrowers		73,654		16,643		14,117		12,742		117,156		998,304		1,115,460
Institutions		-		-		-		-		-		1,088,024		1,088,024
Total		86,788		19,527		16,729		15,355		138,399		2,231,002		2,369,401

Schedule of movement of provision for accounts receivable and contract assets

The following table sets forth the movement of credit loss allowance for accounts receivable and contract assets for the years ended December 31, 2023, 2024 and 2025, respectively:

	2023			2024			2025
	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB

Beginning balance		496,918			310,394			290,267
Provision for accounts receivable and contract assets		253,948			317,049			425,966
Current period write-off		(440,472	)		(337,176	)		(375,417	)
Ending balance		310,394			290,267			340,816

Schedule of amount incurred by the group (Details) - CNY (¥)
¥ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Operation and Support Services [Member] | Smart Frontier Technology Co Ltd [Member]

Operation and support services expenses

^[1]

¥ 29,928

[1]	Smart Frontier (Shanghai) Technology Co., Ltd. (“Smart Frontier”) is an equity method investee of the Group. The subsidiaries of Smart Frontier provide operation and support services to the Group.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(k)(2))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Schedule of bank borrowings (Details)
¥ in Thousands, $ in Thousands

Dec. 31, 2025

USD ($)

Dec. 31, 2025

CNY (¥)

Dec. 31, 2024

CNY (¥)

Debt Disclosure [Abstract]

Short-term borrowings

$ 24,368

¥ 170,408

^[1]

¥ 5,594

^[1]

Long-term borrowings

$ 12,811

¥ 89,590

^[2]

[1]	As of December 31, 2024 and 2025, the Group had short-term borrowings primarily from banks with terms within one year and charged interest rates were 9% per annum for 2024 and ranged from 9% to 13% per annum for 2025. As of December 31, 2024 and 2025, the weighted average interest rate of these borrowings was 9% and 12% per annum, respectively. The borrowings are denominated in IDR and PHP.
[2]	As of December 31, 2025, the Group had a long-term borrowing from a financial institution assumed from the business combination with Fundo (Note 3). The interest rates were 13.04% per annum per annum for 2025. The borrowings are primarily denominated in AUD.

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

Schedule of movement of provision for accounts receivable and contract assets (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Credit Loss [Abstract]
Beginning balance	¥ 290,267	¥ 310,394	¥ 496,918
Provision for accounts receivable and contract assets	425,966	317,049	253,948
Current period write-off	(375,417)	(337,176)	(440,472)
Ending balance	¥ 340,816	¥ 290,267	¥ 310,394

Schedule of property, equipment and software, net (Details) (Parenthethical) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 9,507	¥ 66,484	¥ 69,491	¥ 22,515

Schedule of receivables, prepayments and other assets (Details) (Parenthethical) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Security deposits	¥ 643,571	¥ 785,348

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Abstract]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We have implemented robust processes for assessing, identifying and managing material risks from cybersecurity threats and monitoring the prevention, detection, mitigation and remediation of material cybersecurity incident. We have also integrated cybersecurity risk management into our overall enterprise risk management system. We have established a multi-layered cybersecurity defense system to mitigate both internal and external cyber threats. This comprehensive system spans multiple security domains, including network, host, and application layers. It integrates a range of security capabilities such as threat defense, continuous monitoring, in-depth analysis, rapid response, as well as strategic deception and countermeasures. Our approach to managing cybersecurity risks and safeguarding sensitive data is multi-faceted, involving technological safeguards, procedural protocols, a rigorous program of surveillance on our corporate network, ongoing internal evaluations of our security measures, external evaluations conducted by third-party vendors, a solid incident response framework, and regular cybersecurity training sessions for our employees. Our IT department is actively engaged in continuous monitoring of our applications, platforms and infrastructure to ensure prompt identification and response to potential issues, including emerging cybersecurity threats. As of the date of this annual report, we have not experienced any material cybersecurity incidents or identified any material cybersecurity threats that have affected or are reasonably likely to materially affect us, our business strategy, results of operations or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance Our nominating and corporate governance committee of the board of directors is responsible for overseeing our cybersecurity risk management. Our nominating and corporate governance committee shall (i) maintain oversight of the disclosure related to cybersecurity matters in current reports or periodic reports of our company, (ii) review updates to the status of any material cybersecurity incidents or material risks from cybersecurity threats to our company, and the associated disclosure issues, if any, presented by our chief executive officer, chief financial officer and cybersecurity officer on a quarterly basis, and (iii) review disclosure concerning cybersecurity matters in our annual report on Form 20-F presented by our chief executive officer, chief financial officer and cybersecurity officer. At management level, our chief executive officer, chief financial officer, and the principal officer in charge of the cybersecurity matters who has experience in dealing with information security and cybersecurity issues, which are collectively referred to as the Cybersecurity Risk Management Officers, are responsible for assessing, identifying and managing material risks from cybersecurity threats to our company and monitoring the prevention, detection, mitigation and remediation of material cybersecurity incident. Our Cybersecurity Risk Management Officers report to our nominating and corporate governance committee on (i) a quarterly basis on updates to the status of any material cybersecurity incidents or material risks from cybersecurity threats to our company, and the associated disclosure issues, if any, and (ii) on disclosure concerning cybersecurity matters in our annual report on Form 20-F. If a cybersecurity incident occurs, our Cybersecurity Risk Management Officers will promptly organize personnel for internal assessment and if it is determined that the incident could potentially be a material cybersecurity event, our Cybersecurity Risk Management Officers will promptly report the incident and assessment results to our disclosure committee, our nominating and corporate governance committee, and other members of senior management and external legal counsel, to the extent appropriate. Our Cybersecurity Risk Management Officers shall prepare disclosure material on the cybersecurity incident for review and approval by the disclosure committee and cybersecurity committee, and other members of senior management (if necessary), before it is disseminated to the public.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our nominating and corporate governance committee of the board of directors is responsible for overseeing our cybersecurity risk management.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	At management level, our chief executive officer, chief financial officer, and the principal officer in charge of the cybersecurity matters who has experience in dealing with information security and cybersecurity issues, which are collectively referred to as the Cybersecurity Risk Management Officers, are responsible for assessing, identifying and managing material risks from cybersecurity threats to our company and monitoring the prevention, detection, mitigation and remediation of material cybersecurity incident.

Schedule of expected credit losses for quality assurance commitment (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Opening balance		¥ 2,964,116
Ending balance	$ 368,198	2,574,842	¥ 2,964,116
Expected Credit Losses For Quality Assurance [Member]
Opening balance		2,964,116	3,306,132	¥ 3,555,618
Provision for credit losses of quality assurance obligations		3,006,918	4,208,559	4,068,436
Payouts during the year		(7,735,108)	(11,035,006)	(11,440,275)
Recoveries during the year		4,338,916	6,484,431	7,122,353
Ending balance		¥ 2,574,842	¥ 2,964,116	¥ 3,306,132

Commitments and contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

19. Commitments and contingencies

(a) Capital and other commitments

The Group was obligated to pay up to RMB59 million and RMB40 million for equity investments under various arrangements as of December 31, 2024 and 2025, respectively. The commitment balance as of December 31, 2024 and 2025 primarily includes the remaining committed capital of certain investment funds. The Group has also entered into business acquisition agreements under which the Group was obligated to pay up to RMB400 million and RMB59 million as of December 31, 2024 and 2025, respectively.

(b) Contingencies

From time to time, the Group is involved in claims and legal proceedings that arise in the ordinary course of business. Based on currently available information, management does not believe that the ultimate outcome of these unresolved matters, individually and in the aggregate, is likely to have a material adverse effect on the Group’s financial position, results of operations or cash flows. However, litigation is subject to inherent uncertainties and the Group’s view of these matters may change in the future. If an unfavorable outcome were to occur, there exists the possibility of a material adverse impact on the Group’s financial position, results of operations and cash flows for the periods in which the unfavorable outcome occurs.

The Group accounts for loss contingencies in accordance with ASC Topic 450 “Contingencies” and other related guidance. Set forth below is a description of certain loss contingencies as well as the opinion of management as to the likelihood of loss.

VIE Arrangements

Current PRC laws and regulations include limitations on foreign ownership in PRC companies that conduct online business. Specifically, foreign investors are not allowed to own any equity interests in any entity conducting online business. Since the Company is incorporated in the Cayman Islands, neither the Company nor its PRC subsidiary is eligible to conduct online business in the PRC. To comply with PRC laws and regulations, the Company conducts its operations in China through a series of contractual arrangements entered into among its wholly owned PRC subsidiaries, the WOFEs, its affiliated PRC entities, the VIEs and the VIEs’ shareholders.

The VIEs and their subsidiaries hold the licenses that are essential to the operation of the Group’s business. In the opinion of management and the Company’s PRC legal counsel, (i) the ownership structure of the Company, the WOFE and the VIEs are in compliance with existing PRC laws and regulations; (ii) the contractual arrangements with the VIEs and their shareholders are valid and binding, and will not result in any violation of PRC laws or regulations currently in effect; and (iii) the Group’s business operations are in compliance with existing PRC laws and regulations in all material respects. However, there are uncertainties regarding the interpretation and application of current and future PRC laws and regulations. Accordingly, the Company cannot be assured that PRC regulatory authorities will not ultimately take a contrary view to its opinion. If the current ownership structure of the Company and its contractual arrangements with the VIEs were found to be in violation of any existing or future PRC laws and regulations, the Company may be required to restructure its ownership structure and operations in the PRC to comply with the changing and new PRC laws and regulations.

Under PRC Ministry of Commerce (“MOFCOM”) security review rules promulgated in September 2011, a national security review is required for certain mergers and acquisitions by foreign investors raising concerns regarding national defense and security. Foreign investors are prohibited from circumventing the national security review requirements by structuring transactions through proxies, trusts, indirect investment, leases, loans, control through contractual arrangements, or offshore transactions. Management, in conjunction with its PRC legal counsel, has concluded there is no need to submit the existing contractual arrangements with consolidated VIEs and its shareholders to the MOFCOM for national security review based upon analysis of the rules. However, there are uncertainties regarding the interpretation and application of the MOFCOM security review rules, and any new laws, rules, regulations or detailed implementation measures in any form relating to such rules. Therefore, the Company cannot be assured that the relevant PRC regulatory authorities, such as the MOFCOM, would not ultimately take a contrary view to the opinion of management and the Company’s PRC legal counsel. If the MOFCOM or other PRC regulatory authority determines that the Company needs to submit the existing contractual arrangements with the VIEs and its shareholders for national security review, the Company may face sanctions by the MOFCOM or other PRC regulatory authority, which may include, among others, requiring the Company to restructure its ownership structure, discontinuation or restriction of operations in the PRC, or invalidation of the agreements that the VIEs have entered into with the VIEs and its shareholders.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

19. Commitments and contingencies (continued)

(b) Contingencies (continued)

VIE Arrangements (continued)

In such case, the Company may not be able to operate or control business in the same manner as it currently does, and therefore, may not be able to consolidate the VIEs and their subsidiaries. In addition, the relevant regulatory authorities would have broad discretion in dealing with such violations which may adversely impact the financial statements, operations and cash flows of the Company (including restrictions on the Company to carry out business).

If the VIEs and their respective shareholders fail to perform their respective obligations under the current contractual arrangements, the Company may have to incur substantial costs and expend significant resources to enforce those arrangements and rely on legal remedies under PRC laws. Because of the limited volume of published decisions and their non-binding nature, the interpretation and enforcement of these laws, rules and regulations involve uncertainties. These uncertainties may impede the ability of the Company to enforce these contractual arrangements or suffer significant delay or other obstacles in the process of enforcing these contractual arrangements and may materially and adversely affect the results of operations and the financial position of the Company.

In the opinion of management, the likelihood of loss in respect of the Company’s contractual arrangements with the VIEs is remote.

ii)

VIE Enforceability

In the opinion of management and the Company’s PRC legal counsel, (i) the ownership structure of the Company, the WOFEs and the VIEs are in compliance with existing PRC laws and regulations; (ii) the contractual arrangements with the VIEs and their shareholders are valid and binding and enforceable. However, uncertainties in the interpretation and enforcement of the PRC laws, regulations and policies could limit the Company’s ability to enforce these contractual arrangements. In addition, shareholders of certain VIEs are founders of the Group, who collectively controls more than 50% of total voting power. Therefore, the enforceability of the contractual agreements between VIEs and their shareholders depends on whether shareholders or their PRC holding entities will fulfill these contractual agreements. As a result, the Company may be unable to consolidate the VIEs and VIEs’ subsidiaries in the consolidated financial statements in the future.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

Condensed financial information of the parent company

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Condensed financial information of the parent company

21. Condensed financial information of the parent company

The Company performed a test on the restricted net assets of consolidated subsidiaries in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements’ and concluded that it was applicable for the Company to disclose the financial statements for the parent company.

The subsidiaries did not pay any dividend to the Company for the years presented. For the purpose of presenting parent only financial information, the Company records its investments in its subsidiaries under the equity method of accounting. Such investments are presented on the separate condensed balance sheets of the Company as “Investments in subsidiaries” and the profit of the subsidiaries is presented as “share of profit of subsidiaries”. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. These statements should be read in conjunction with the notes to the consolidated financial statements of the Company.

The Company did not have significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2024 and 2025.

Schedule of condensed balance sheet

	RMB			RMB			US$ Note2(e)
	As of December 31,
	2024			2025
	RMB			RMB			US$ Note2(e)

Assets
Cash and cash equivalents		76,052			97,932			14,004
Short-term investments		14,566			14,810			2,118
Prepaid expenses and other assets		34,812			7,267			1,041
Amounts due from Group companies		870,209			950,887			135,975
Amounts due from related parties		16,726			16,355			2,339
Investment in subsidiaries¹		17,900,257			20,458,617			2,925,543
Total assets		18,912,622			21,545,868			3,081,020
Liabilities and Shareholders’ Equity
Accrued expenses and other liabilities		1,493			5,833			834
Convertible senior notes		-			1,019,266			145,753
Amounts due to Group companies		3,707,065			3,970,668			567,798
Total liabilities		3,708,558			4,995,767			714,385
Shareholders’ equity :
Class A ordinary shares (US$0.00001 par value; 10,000,000,000 shares authorized as of December 31, 2024 and 2025; 983,371,169 and 983,371,169 issued as of December 31, 2024 and 2025; 699,550,724 and 649,742,834 outstanding as of December 31, 2024 and 2025)		64			64			9
Class B ordinary shares (US$0.00001 par value; 10,000,000,000 shares authorized as of December 31, 2024 and 2025; 566,700,000 and 566,700,000 issued and outstanding as of December 31, 2024 and 2025)		39			39			6
Additional paid-in capital		5,815,437			5,908,586			844,917
Treasury stock (283,820,445 and 333,628,335 shares as of December 31, 2024 and 2025)		(1,765,542	)		(2,465,259	)		(352,527	)
Statutory reserves		852,723			1,042,312			149,049
Accumulated other comprehensive income		92,626			13,027			1,863
Retained earnings		10,208,717			12,051,332			1,723,318
Total shareholders’ equity		15,204,064			16,550,101			2,366,635
Total liabilities and shareholders’ equity		18,912,622			21,545,868			3,081,020

The subsidiaries consolidate the VIEs and their subsidiaries (including the consolidated trusts).

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

21. Condensed financial information of the parent company (continued)

Statements of comprehensive income

Schedule of comprehensive income

	RMB			RMB			RMB			US$ Note 2(e)
	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB			US$ Note 2(e)

Operating expenses
General and administrative expenses		(19,446	)		(11,636	)		(12,708	)		(1,817	)
Profits from operations
Interest expenses		-			-			(17,453	)		(2,496	)
Other income, net		34,670			12,161			19,015			2,720
Income from subsidiaries		2,325,611			2,382,621			2,553,551			365,153
Net profit		2,340,835			2,383,146			2,542,405			363,560
Net profit attributable to ordinary shareholders		2,340,835			2,383,146			2,542,405			363,560

Statements of cash flows

Schedule of cash flow statement

	RMB			RMB			RMB			US$ Note 2(e)
	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB			US$ Note 2(e)

Net cash provided by (used in) operating activities for Third-parties		9,545			(14,877	)		17,407			2,489
Net cash provided by (used in) operating activities		9,545			(14,877	)		17,407			2,489
Collection of loans from Group companies		32,913			251,998			20,892			2,988
Cash paid as loans extended to Group companies		(499,562	)		(14,009	)		(101,571	)		(14,524	)
Other investing activities		-			(14,379	)		333			48
Net cash (used in) provided by investing activities		(466,649	)		223,610			(80,346	)		(11,488	)
Repayment of loans to Group companies		(74,346	)		(12,708	)		(8,481	)		(1,213	)
Cash received as loans from Group companies		1,491,485			902,451			272,083			38,907
Other financing activities		(1,110,984	)		(1,084,539	)		(222,404	)		(31,803	)
Net cash provided by (used in) financing activities		306,155			(194,796	)		41,198			5,891

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

Schedule of computed expected tax expenses (benefit) rate and the effective income tax rate (Details)
¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2025

USD ($)

Dec. 31, 2025

CNY (¥)

Dec. 31, 2024

CNY (¥)

Dec. 31, 2023

CNY (¥)

Statutory tax rate

^[1]

25.00%

Research and development tax credit

(2.00%)

Effect of tax holiday, percentage

(8.60%)

(9.00%)

(13.00%)

Change in valuation allowance, percentage

0.00%

(1.00%)

Nontaxable or nondeductible items, percentage

2.00%

1.00%

Others, percentage

2.70%

0.00%

4.00%

Research and development tax credit, percentage

(1.70%)

Others, percentage

0.80%

Effective income tax rate, percentage

17.90%

16.00%

14.00%

Statutory tax rate difference between Cayman and Chinese mainland

^[2]

¥ 775,361

Statutory tax rate, percentage

^[2]

25.00%

Research and development tax credit

¥ (50,921)

Effect of tax holiday

(265,448)

Withholding tax

84,662

Others

24,818

Total

$ 79,542

¥ 556,243

¥ 457,405

¥ 395,100

Indonesia [Member]

Change in valuation allowance, percentage

0.10%

Effective income tax rate, percentage

22.00%

Statutory tax rate difference between Cayman and Chinese mainland

¥ (10,447)

Statutory tax rate, percentage

0.20%

Change in valuation allowance

¥ 2,640

HONG KONG

Change in valuation allowance, percentage

0.30%

Effective income tax rate, percentage

16.50%

Statutory tax rate difference between Cayman and Chinese mainland

¥ 22,563

Statutory tax rate, percentage

0.70%

Change in valuation allowance

¥ 10,633

CAYMAN ISLANDS

Change in valuation allowance, percentage

0.80%

Nontaxable or nondeductible items, percentage

1.50%

Statutory tax rate difference between Cayman and Chinese mainland

¥ (57,443)

Statutory tax rate, percentage

1.90%

Change in valuation allowance

¥ (25,645)

Other foreign jurisdictions

¥ (1,371)

Other foreign jurisdictions, percentage

(0.00%)

Nontaxable or nondeductible items

¥ 46,841

[1]	The PRC statutory income tax rate is used for the reconciliation as the majority of the Group’s operations are based in the PRC.
[2]	The PRC statutory income tax rate is used for the reconciliation as the majority of the Group’s operations are based in the PRC.

Schedule of bank borrowings (Details) (Parenthetical)	12 Months Ended
Schedule of bank borrowings (Details) (Parenthetical)	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Debt interest rate		9.00%
Weighted average interest rate	12.00%	9.00%
Long term debt interest rate	13.04%
Minimum [Member]
Debt Instrument [Line Items]
Debt interest rate	9.00%
Maximum [Member]
Debt Instrument [Line Items]
Debt interest rate	13.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Schedule of condensed balance sheet (Details)
¥ in Thousands, $ in Thousands

Dec. 31, 2025

USD ($)

Dec. 31, 2025

CNY (¥)

Dec. 31, 2024

CNY (¥)

Dec. 31, 2023

CNY (¥)

Dec. 31, 2022

CNY (¥)

Assets

Cash and cash equivalents

$ 612,764

¥ 4,285,121

¥ 4,672,772

Short-term investments

431,172

3,015,226

2,832,382

Prepaid expenses and other assets

167,460

1,171,066

1,271,673

Investment in subsidiaries

141,492

193,062

Total assets

3,634,098

25,413,604

23,607,121

Liabilities and Shareholders’ Equity

Accrued expenses and other liabilities

204,420

1,429,531

1,231,870

Convertible senior notes

145,753

1,019,266

Total liabilities

1,225,438

8,569,617

8,053,446

Amounts due to Group companies

1,225,438

8,569,617

8,053,446

Shareholders’ equity :

Additional paid-in capital

844,917

5,908,586

5,815,437

Treasury stock

(352,527)

(2,465,259)

(1,765,542)

Statutory reserves

149,049

1,042,312

852,723

Accumulated other comprehensive income

1,863

13,027

92,626

Retained earnings

1,723,318

12,051,332

10,208,717

Total shareholders’equity

2,408,660

16,843,987

15,553,675

¥ 13,870,898

¥ 12,444,489

Total liabilities and shareholders’ equity

3,634,098

25,413,604

23,607,121

Parent Company [Member]

Assets

Cash and cash equivalents

14,004

97,932

76,052

Short-term investments

2,118

14,810

14,566

Prepaid expenses and other assets

1,041

7,267

34,812

Amounts due from Group companies

135,975

950,887

870,209

Amounts due from related parties

2,339

16,355

16,726

Investment in subsidiaries

^[1]

2,925,543

20,458,617

17,900,257

Total assets

3,081,020

21,545,868

18,912,622

Liabilities and Shareholders’ Equity

Accrued expenses and other liabilities

834

5,833

1,493

Convertible senior notes

145,753

1,019,266

Amounts due to Group companies

567,798

3,970,668

3,707,065

Total liabilities

714,385

4,995,767

3,708,558

Amounts due to Group companies

714,385

4,995,767

3,708,558

Shareholders’ equity :

Additional paid-in capital

844,917

5,908,586

5,815,437

Treasury stock

(352,527)

(2,465,259)

(1,765,542)

Statutory reserves

149,049

1,042,312

852,723

Accumulated other comprehensive income

1,863

13,027

92,626

Retained earnings

1,723,318

12,051,332

10,208,717

Total shareholders’equity

2,366,635

16,550,101

15,204,064

Total liabilities and shareholders’ equity

3,081,020

21,545,868

18,912,622

Common Class A [Member]

Shareholders’ equity :

Ordinary shares

Common Class B [Member]

Shareholders’ equity :

Ordinary shares

$ 6

¥ 39

[1]	The subsidiaries consolidate the VIEs and their subsidiaries (including the consolidated trusts).

Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2024 CNY (¥) shares
Provision for doubtful accounts	¥ 340,816	¥ 290,267
Quality assurance receivable, net of credit loss allowance	581,475	426,949
Provision for loan losses	544,905	226,467
Deferred guarantee income	1,119,004	1,515,950
Expected credit losses	2,574,842	2,964,116
Payroll and welfare payable	361,188	290,389
Taxes payable	177,064	705,928
Funds payable to investors of consolidated trusts	778,531	796,122
Contract liabilities	226	10,185
Amounts due to related parties	18,700	13,314
Leasing liabilities	44,711	28,765
Deferred tax liabilities	786,556	491,213
Accrued expenses and other liabilities	¥ 1,429,531	¥ 1,231,870
Ordinary stock, shares issued \| shares	1,550,071,169
Treasury stock, common shares \| shares	333,628,335	283,820,445
Common Class A [Member]
Ordinary stock, authorized \| shares	10,000,000,000	10,000,000,000
Ordinary stock, shares issued \| shares	983,371,169	983,371,169
Ordinary stock, shares outstanding \| shares	649,742,834	699,550,724
Common Class B [Member]
Ordinary stock, authorized \| shares	10,000,000,000	10,000,000,000
Ordinary stock, shares issued \| shares	566,700,000	566,700,000
Ordinary stock, shares outstanding \| shares	566,700,000	566,700,000
Consolidated Trust [Member]
Amounts due to related parties	¥ 20,343	¥ 952
Deferred guarantee income	893,602	1,283,000
Expected credit losses	1,796,856	2,591,768
Payroll and welfare payable	179,883	153,686
Taxes payable	43,657	561,475
Funds payable to investors of consolidated trusts	778,531	793,720
Contract liabilities	226	10,185
Amounts due to related parties	5,809	130
Leasing liabilities	26,420	22,673
Deferred tax liabilities	238,650	112,604
Accrued expenses and other liabilities	967,257	878,881
Variable Interest Entity, Primary Beneficiary [Member]
Amounts due to related parties	20,343	952
Deferred guarantee income	893,602	1,283,000
Expected credit losses	1,796,856	2,591,768
Payroll and welfare payable	179,883	153,686
Taxes payable	43,657	561,475
Funds payable to investors of consolidated trusts	778,531	793,720
Contract liabilities	226	10,185
Amounts due to related parties	5,809	130
Leasing liabilities	26,420	22,673
Deferred tax liabilities	238,650	112,604
Accrued expenses and other liabilities	967,257	878,881
Variable Interest Entity Subsidiaries [Member]
Amounts due to related parties	20,343	952
Deferred guarantee income	893,602	1,283,000
Expected credit losses	1,796,856	2,591,768
Payroll and welfare payable	179,883	153,686
Taxes payable	43,657	561,475
Funds payable to investors of consolidated trusts	778,531	793,720
Contract liabilities	226	10,185
Amounts due to related parties	5,809	130
Leasing liabilities	26,420	22,673
Deferred tax liabilities	238,650	112,604
Accrued expenses and other liabilities	¥ 967,257	¥ 878,881

Schedule of allocation of purchase price in aggregate (Details)
¥ in Thousands, $ in Thousands

1 Months Ended

12 Months Ended

Oct. 31, 2025

CNY (¥)

Dec. 31, 2024

CNY (¥)

Dec. 31, 2025

USD ($)

Dec. 31, 2025

CNY (¥)

Business Combination [Line Items]

Identifiable intangible asset

^[1]

¥ 38,606

Identifiable intangible asset, Amortization years

Indefinite

Cash

¥ 552,685

Deferred tax asset

26,237

Other assets

104,896

Deferred tax liability

(8,940)

Other liabilities

(14,425)

Non-controlling interest

(222,941)

Total purchase price is comprised of:

476,118

Goodwill

¥ 50,411

$ 11,405

¥ 79,759

Fundo Loans Pty Ltd [Member]

Business Combination [Line Items]

Identifiable intangible asset

^[2]

¥ 123,450

Identifiable intangible asset, Amortization years

Indefinite

Cash

¥ 17,564

Other assets

141,537

Deferred tax liability

(42,078)

Other liabilities

(105,648)

Total purchase price is comprised of:

231,395

Fair value adjustment of property, equipment and software

16,811

Goodwill

79,759

cash consideration

159,861

fair value of previously held equity interests

¥ 71,534

[1]	The intangible asset refers to the Micro-Lending License of Yonghui Small Loan and the Multi-finance License of PIF that qualify the “contractual-legal” criterion. They are recognized at fair value.
[2]	The intangible asset refers to the Australian Credit License of Fundo that qualify the “contractual-legal” criterion. It is recognized at fair value.

Business Combination (Details Narrative) ¥ in Millions, $ in Millions, Rp in Billions	1 Months Ended						12 Months Ended
	Oct. 31, 2025 CNY (¥)	Oct. 31, 2025 AUD ($)	Sep. 30, 2025 CNY (¥)	Jul. 31, 2025 CNY (¥)	Jul. 31, 2025 AUD ($)	Jun. 30, 2024 CNY (¥)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2024 IDR (Rp)	Dec. 31, 2023 CNY (¥)	Jul. 01, 2025
Business Combination [Line Items]
Other immaterial acquisitions								¥ 4.0
Immaterial goodwill and intangible assets								¥ 5.1
Yonghui Yunjin Technology Co., Ltd [Member]
Business Combination [Line Items]
Equity interest percentage			6.905%			65.00%
Other immaterial acquisitions			¥ 41.5			¥ 382.8
PT Pratama Interdana Finance [Member]
Business Combination [Line Items]
Equity interest percentage							16.25%	83.75%
Other immaterial acquisitions							¥ 12.3	¥ 89.4	Rp 197.2
Fundo Loans Pty Ltd [Member]
Business Combination [Line Items]
Equity interest percentage	100.00%	100.00%									40.00%
Other immaterial acquisitions	¥ 159.9	$ 33.1		¥ 74.8	$ 16.0
Equity interest percentage	60.00%	60.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

+ Details

Accrued expenses and other liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of accrued expenses and other liabilities

Accrued expenses and other liabilities consist of the following:

	2024		2025
	As of December 31,
	2024		2025
	RMB		RMB

Funds payable to institutional funding partners¹		504,353		492,479
Accrued marketing expense		312,749		345,245
Accrued credit reference expense		67,146		90,805
Accrued collection service fee		41,975		69,836
Accrued technical services expense		43,697		44,383
Accrued payment channel expenses		35,426		26,167
Accrued professional service fee		37,527		55,943
Payable to platform users		111,409		142,628
Others		77,588		162,045
Total		1,231,870		1,429,531

1	The balance of payable mainly includes funds received from borrowers but not yet transferred to the institutional funding partners due to the settlement time lag.

Schedule of financial information of operations (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Net revenues	$ 1,940,411	¥ 13,569,483	¥ 13,065,824	¥ 12,547,445
Provision for accounts receivable and contract assets		(425,966)	(317,049)	(253,948)
Provision for loans receivable	(91,190)	(637,700)	(320,013)	(586,843)
Impairment of goodwill and intangible assets	(7,247)	(50,676)
Total operating expenses	(1,523,813)	(10,656,183)	(10,530,697)	(10,163,558)
Net interest expenses and other income	30,975	216,617	310,123	394,698
Profit before income tax expenses	443,502	3,101,445	2,845,250	2,778,585
Income tax expenses	(79,542)	(556,243)	(457,405)	(395,100)
Net profit	363,960	2,545,202	2,387,845	2,383,485
Net profit attributable to non-controlling interest shareholders	(400)	(2,797)	(4,699)	(42,650)
Net profit attributable to FinVolution Group’s ordinary shareholders	$ 363,560	2,542,405	2,383,146	2,340,835
Beijing Paipairongxin Investment Consulting Company Limited [Member]
Net revenues		10,231,875	10,187,380	10,357,728
Related party expenses		(29,928)
Provision for accounts receivable and contract assets		(147,532)	(137,321)	(78,148)
Provision for loans receivable		(246,003)	(38,823)	(30,394)
Credit losses for quality assurance commitment		(1,981,868)	(3,584,954)	(3,557,174)
Impairment of goodwill and intangible assets		(265)
Total operating expenses		(9,758,079)	(9,953,042)	(10,841,004)
Income from subsidiaries		24	6,099	3,719
(Loss) income from operations		473,820	240,437	(479,557)
Net interest expenses and other income		96,419	197,116	232,074
Profit before income tax expenses		570,239	437,553	(247,483)
Income tax expenses		(161,888)	(88,667)	(35,112)
Net profit		408,351	348,886	(282,595)
Net profit attributable to non-controlling interest shareholders		(19,946)
Net profit attributable to FinVolution Group’s ordinary shareholders		388,405	348,886	(282,595)
Net cash (used in) provided by operating activities		(1,181,457)	2,917,058	(591,538)
Net cash provided by (used in) investing activities		(1,414,963)	(2,554,190)	1,293,373
Net cash (used in) provided by financing activities		1,652,976	261,705	(1,773,279)
Beijing Paipairongxin Investment Consulting Company Limited [Member] \| Third Party Revenues [Member]
Net revenues		9,646,881	9,796,032	9,859,539
Related party expenses		(4,341,436)	(3,777,621)	(3,633,284)
Beijing Paipairongxin Investment Consulting Company Limited [Member] \| Group Company Revenues [Member]
Net revenues		584,994	391,348	498,189
Related party expenses		¥ (3,011,047)	¥ (2,414,323)	¥ (3,542,004)

Schedule of intangible assets (Details) - CNY (¥)
¥ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Indefinite-Lived Intangible Assets [Line Items]

Total

¥ 270,511

¥ 137,298

Less: impairment

(265)

Intangible assets

270,246

137,298

Micro Lending License [Member]

Indefinite-Lived Intangible Assets [Line Items]

Total

88,360

77,760

Insurance Brokerage License [Member]

Indefinite-Lived Intangible Assets [Line Items]

Total

34,667

Multi Finance License [Member]

Indefinite-Lived Intangible Assets [Line Items]

Total

18,653

19,490

Collection License [Member]

Indefinite-Lived Intangible Assets [Line Items]

Total

5,116

Factoring License [Member]

Indefinite-Lived Intangible Assets [Line Items]

Total

265

Australian Credit License [Member]

Indefinite-Lived Intangible Assets [Line Items]

Total

^[1]

¥ 123,450

[1]	Australian Credit License was acquired through the Group’s acquisition with Fundo (Note 3).

Employee benefits

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Employee benefits

9. Employee benefits

The full time employees of the Group are entitled to staff welfare benefits, including medical insurance, basic pensions, unemployment insurance, work injury insurance, maternity insurance and housing funds. The Group is required to accrue for these benefits based on certain percentages of the employees’ salaries in accordance with the relevant regulations and to make contribution to the state-sponsored pension and medical plans. The total amounts charged to the consolidated statements of comprehensive income for such employee benefits amounted to approximately RMB199,002, RMB224,170 and RMB235,155 for the years ended December 31, 2023, 2024 and 2025, respectively.

Schedule of stock option shares activities (Details) - Share-Based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options Outstanding, Beginning Balance	5,094,600	7,898,740
Outstanding, Weighted Average Exercise Price, Beginning balance	$ 0.8773	$ 0.7983
Outstanding, Weighted Average Remaining Contractual Life	2 years 3 months 10 days	2 years 9 months 29 days	2 years 10 months 24 days
Outstanding, Aggregate Intrinsic Value	$ 1,942	$ 1,782
Options, Expired		(125,000)
Expired, Weighted Average Exercise Price		$ 1.4000
Options, Exercised	(1,236,150)	(2,679,140)
Exercised, Weighted Average Exercise Price	$ 1.1372	$ 0.6201
Options Outstanding, Ending Balance	3,858,450	5,094,600	7,898,740
Outstanding, Weighted Average Exercise Price, Ending balance	$ 0.7940	$ 0.8773	$ 0.7983
Outstanding, Aggregate Intrinsic Value	$ 995	$ 1,942	$ 1,782
Options Outstanding, Vested and expected to vest	3,858,450
Vested and expected to vest, Weighted Average Exercise Price	$ 0.7940
Vested and expected to vest, Weighted Average Remaining Contractual Life	2 years 3 months 10 days
Vested and expected to vest, Aggregate Intrinsic Value	$ 995
Options Outstanding, Exercisable	1,286,150
Exercisable, Weighted Average Exercise Price	$ 0.7940
Exercisable, Weighted Average Remaining Contractual Life	2 years 3 months 10 days
Exercisable, Aggregate Intrinsic Value	$ 332

Schedule of quality assurance obligation and receivables (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
Quality assurance receivable	$ 188,069	¥ 1,315,184	¥ 1,639,591
Allowance for credit losses for quality assurance receivable		(581,475)	(426,949)
Quality Assets Receivable [Member]
Quality assurance receivable		1,896,659	2,066,540
Allowance for credit losses for quality assurance receivable		(581,475)	(426,949)
Quality assurance receivable, net		¥ 1,315,184	¥ 1,639,591

Schedule of comprehensive income (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Operating expenses
General and administrative expenses	$ (63,226)	¥ (442,148)	¥ (413,548)	¥ (390,022)
Profits from operations
Interest expenses		(17,453)
Other income, net	30,975	216,617	310,123	394,698
Net profit attributable to FinVolution Group’s ordinary shareholders	363,560	2,542,405	2,383,146	2,340,835
Net profit attributable to ordinary shareholders		2,542,405	2,383,146	2,340,835
Parent Company [Member]
Operating expenses
General and administrative expenses	(1,817)	(12,708)	(11,636)	(19,446)
Profits from operations
Interest expenses	(2,496)	(17,453)
Other income, net	2,720	19,015	12,161	34,670
Income from subsidiaries	365,153	2,553,551	2,382,621	2,325,611
Net profit attributable to FinVolution Group’s ordinary shareholders	363,560	2,542,405	2,383,146	2,340,835
Net profit attributable to ordinary shareholders	$ 363,560	¥ 2,542,405	¥ 2,383,146	¥ 2,340,835

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)(d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 6.B)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-11

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

+ Details

Loans receivable, net (Details Narrative) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Receivables [Abstract]
Loans receivable	¥ 226,707	¥ 16,384

Schedule of computation of earnings per share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Numerator:
Net profit attributable to FinVolution Group’s ordinary shareholders	$ 363,560	¥ 2,542,405	¥ 2,383,146	¥ 2,340,835
Denominator:
Weighted average number of ordinary shares outstanding—basic	1,259,849,521	1,259,849,521	1,287,853,207	1,374,713,018
Net profit per share attributable to FinVolution Group’s ordinary shareholders —basic \| (per share)	$ 0.29	¥ 2.02	¥ 1.85	¥ 1.70
Net profit attributable to FinVolution Group’s ordinary shareholders \| ¥		¥ 2,542,405	¥ 2,383,146	¥ 2,340,835
Interest expense attributable to convertible senior notes \| ¥		17,453
Net profit attributable to FinVolution Group’s ordinary shareholders —diluted \| ¥		¥ 2,559,858	¥ 2,383,146	¥ 2,340,835
Weighted average number of ordinary shares outstanding—diluted	1,334,237,985	1,334,237,985	1,320,229,492	1,402,947,561
Net profit per share attributable to FinVolution Group’s ordinary shareholders —diluted \| (per share)	$ 0.27	¥ 1.92	¥ 1.81	¥ 1.67
Senior Subordinated Notes [Member]
Denominator:
Ordinary shares issuable upon convertible senior notes using the if-converted method	31,586,647	31,586,647
Share-Based Payment Arrangement, Option [Member]
Denominator:
Ordinary shares issuable upon convertible senior notes using the if-converted method	1,444,254	1,444,254	814,226	1,395,803
Restricted Stock Units (RSUs) [Member]
Denominator:
Ordinary shares issuable upon convertible senior notes using the if-converted method	41,357,563	41,357,563	31,562,059	26,838,740

Schedule of Significant components of deferred tax assets (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Timing difference in revenue recognition	¥ 3,345,949	¥ 2,375,253
Provision for accounts receivable and contract assets and loans receivable	75,036	330,493
Accumulated tax losses-carry forward	155,457	179,809
Payroll and welfare payable and other temporary differences	114,981	69,024
Quality assurance obligations	173,337	126,706
Less: Valuation allowance	(63,439)	(75,810)	¥ (94,926)	¥ (115,754)
Total deferred tax assets	3,801,321	3,005,475
Intangible assets arisen from business combination and asset acquisition	(73,205)	(33,520)
Fair value adjustment to assets and liabilities during business combination and asset acquisition	(5,043)
Timing difference in revenue recognition	(244,834)	(140,144)
Quality assurance obligations	(748,066)	(395,868)
Fair value changes and other temporary difference	(19,541)	(35,949)
Unrealized gain in consolidated trusts	(173,470)	(110,783)
Withholding tax for undistributed earnings	(331,647)	(266,559)
Total deferred tax liabilities	¥ (1,595,806)	¥ (982,823)

Geographic information (Tables)

12 Months Ended

Dec. 31, 2025

Geographic Information

Schedule of revenue by geographic area

The PRC [Member]	2023			2024		2025
Indonesia [Member]
Total Revenue
The PRC		10,410,574			10,533,327		10,238,018
Indonesia		1,885,586			1,887,770		2,039,063
Philippines		251,719			639,510		1,192,287
Others		(434	)		5,217		100,115
Total Revenue		12,547,445			13,065,824		13,569,483

Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of stock option shares activities

The following table sets forth the stock option shares activities under all the option plans for the years ended December 31, 2023, 2024 and 2025:

	Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
				US$				US$

Outstanding at December 31, 2023		7,898,740			0.7983		2.90		1,782
Expired		(125,000	)		1.4000		-		-
Exercised		(2,679,140	)		0.6201		-		-
Outstanding at December 31, 2024		5,094,600			0.8773		2.83		1,942
Exercised		(1,236,150	)		1.1372				-
Outstanding at December 31, 2025		3,858,450			0.7940		2.28		995
Vested and expected to vest at December 31, 2025		3,858,450			0.7940		2.28		995
Exercisable as of December 31, 2025		1,286,150			0.7940		2.28		332

Schedule of restricted stock units activities under all incentive plans

The following table sets forth the Company’s RSUs activities under all incentive plans for the years ended December 31, 2023, 2024 and 2025:

	Number of RSUs			Weighted- average grant date fair value
					US$

Unvested at December 31, 2023		68,194,310			0.7724
Granted		39,910,390			1.0244
Vested		(26,126,200	)		0.6618
Canceled/Forfeited		(6,633,360	)		0.7744
Unvested at December 31, 2024		75,345,140			0.9374
Granted		13,557,410			1.6210
Vested		(21,874,150	)		0.9337
Canceled/Forfeited		(2,119,440	)		1.0367
Unvested at December 31, 2025		64,908,960			1.0782

Geographic information

12 Months Ended

Dec. 31, 2025

Geographic Information

Geographic information

22. Geographic information

The following table presents revenue by geographic area, the PRC, Indonesia, Philippines and all other countries, based on the geographic location for the years ended December 31, 2023, 2024 and 2025. No revenue resulting from an individual country other than the PRC and Indonesia accounted for more than 10% of revenue for the presented years.

Schedule of revenue by geographic area

The PRC [Member]	2023			2024		2025
Indonesia [Member]
Total Revenue
The PRC		10,410,574			10,533,327		10,238,018
Indonesia		1,885,586			1,887,770		2,039,063
Philippines		251,719			639,510		1,192,287
Others		(434	)		5,217		100,115
Total Revenue		12,547,445			13,065,824		13,569,483

Restricted net assets

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Restricted net assets

20. Restricted net assets

Relevant PRC laws and regulations permit PRC companies to pay dividends only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Additionally, the Company’s PRC subsidiaries can only distribute dividends upon approval of the shareholders after they have met the PRC requirements for appropriation to statutory reserves. The statutory general reserve fund requires annual appropriations of 10% of net after-tax income prior to payment of any dividends. Furthermore, registered share capital and capital reserve accounts are also restricted from distribution. As a result of these and other restrictions under PRC laws and regulations, the PRC subsidiaries and affiliates are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances, which restricted portion amounted to approximately RMB9,328,872 or 55.4% of the consolidated net assets of the Group as of December 31, 2025. Even though the Company currently does not require any such dividends, loans or advances from the PRC subsidiaries and affiliates for working capital and other funding purposes, the Company may in the future require additional cash resources from its PRC subsidiaries and affiliates due to changes in business conditions, to fund future acquisitions and developments, or merely declare and pay dividends or distributions to the Company’s shareholders. Furthermore, cash transfers from the Group’s PRC subsidiaries to their parent companies outside of China are subject to PRC government control of currency conversion. Shortages in the availability of foreign currency may temporarily delay the ability of the PRC subsidiaries and consolidated affiliated entities to remit sufficient foreign currency to pay dividends or other payments to the Group, or otherwise satisfy their foreign currency denominated obligations.

Summary of significant accounting policies (Details Narrative) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) Segments shares	Dec. 31, 2025 CNY (¥) Segments	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2020 CNY (¥)
Product Information [Line Items]
Convenience translation rate	6.9931				6.9931
Registered capital of subsidiary			¥ 2,900,000		¥ 2,900,000	¥ 1,900,000
Cash and cash equivalents			0		0
Escrow deposit			864,440		810,959
Restricted cash	$ 273,534		2,074,300		1,912,850
Short-term investments	431,172		2,832,382		3,015,226
Restricted investments			412,974		396,165
Gain (loss) on investments	$ (4,111)	¥ (28,742)	7,752	¥ (722)
Equity method investments, impairment loss		¥ 0	0	0
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment of goodwill and intangible assets	Impairment of goodwill and intangible assets
Impairment losses of long-lived assets		¥ 265
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment of goodwill and intangible assets	Impairment of goodwill and intangible assets
Goodwill, Impairment Loss		¥ 50,411,000
Goodwill	$ 11,405		50,411		¥ 79,759
Tenor of loans description	the average tenor of loans facilitated on domestic and overseas platform are around 8.4 months and 90.9 days, respectively, substantially all of the quality assurance receivable balance as of December 31, 2025 are originated in 2025.	the average tenor of loans facilitated on domestic and overseas platform are around 8.4 months and 90.9 days, respectively, substantially all of the quality assurance receivable balance as of December 31, 2025 are originated in 2025.
Government grants received	$ 1,940,411	¥ 13,569,483	¥ 13,065,824	12,547,445
Number of reportable segments \| Segments	1	1
Treasury shares \| shares	333,628,335		283,820,445		333,628,335
Percentage on statutory reserve contribution from net profit	50.00%	50.00%
Appropriations to general reserve		¥ 189,589	¥ 90,251	64,071
Minimum [Member]
Product Information [Line Items]
Statutory reserve percentage	10.00%	10.00%
Grant [Member]
Product Information [Line Items]
Government grants received		¥ 118,141	150,685	164,907
Non Marketable Equity Method Investments [Member]
Product Information [Line Items]
Equity method investments, impairment loss				2,479
Other Income Expense [Member]
Product Information [Line Items]
Gain (loss) on investments		94,694	104,842	110,831
Selling and Marketing Expenses [Member]
Product Information [Line Items]
Marketing and Advertising Expense		¥ 2,183,896	1,994,134	¥ 1,871,392
Cash Received Via Consolidated Trust Not Yet Distributed [Member]
Product Information [Line Items]
Restricted cash			701,928		¥ 600,346
Cash Received from Borrowers Not Yet Distributed [Member]
Product Information [Line Items]
Restricted cash			¥ 396,523		381,154
Guarantee and Quality Assurance Fund [Member
Product Information [Line Items]
Restricted cash					¥ 29,676,722
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| No Individual Customer [Member]
Product Information [Line Items]
Concentration risk, percentage	10.00%	10.00%	10.00%	10.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| No Individual Customer [Member]
Product Information [Line Items]
Concentration risk, percentage	10.00%	10.00%	10.00%
Cash and Cash Equivalents and Restricted Cash [Member] \| Geographic Concentration Risk [Member] \| The PRC [Member]
Product Information [Line Items]
Concentration risk, percentage	85.00%	85.00%
US $1.00
Product Information [Line Items]
Foreign currency exchange rate translation	7.0288		7.1884		7.0288
IDR Rp1.00
Product Information [Line Items]
Foreign currency exchange rate translation	0.000417		0.000451		0.000417
PHP 1.00
Product Information [Line Items]
Foreign currency exchange rate translation	0.1195		0.1243		0.1195
Beijing Prosper Investment Consulting Co., Ltd. [Member]
Product Information [Line Items]
Service fees percentage	100.00%	100.00%

Schedule of information about movement of quality assurance receivable (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Beginning balance	¥ 426,949	¥ 529,392	¥ 374,304
Provision for credit losses	455,466	378,695	354,366
Write-offs	(300,940)	(481,138)	(199,278)
Ending balance	¥ 581,475	¥ 426,949	¥ 529,392

Taxation (Details Narrative)
$ in Thousands, $ in Millions, Rp in Billions

1 Months Ended

12 Months Ended

Apr. 14, 2008

Mar. 16, 2007

Dec. 31, 2025

CNY (¥)

Dec. 31, 2024

CNY (¥)

Nov. 30, 2023

Jul. 31, 2023

Dec. 31, 2025

USD ($)

Dec. 31, 2025

CNY (¥)

Dec. 31, 2025

IDR (Rp)

Dec. 31, 2025

PHP (₱)

Dec. 31, 2024

CNY (¥)

Dec. 31, 2023

CNY (¥)

Dec. 31, 2025

IDR (Rp)

Dec. 31, 2025

PHP (₱)

Dec. 31, 2018

HKD ($)

Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]

Effective income tax rate

17.90%

16.00%

14.00%

Cash paid for income taxes

$ 192,963

¥ 1,349,411,000

Rp 4.8

¥ 673,736,000

¥ 960,477,000

Statutory tax rate

^[1]

25.00%

Preferential statutory tax rate for high and new technology enterprises

15.00%

25.00%

Significant change in unrecognized tax benefits within 12 months

¥ 0

Tax loss carry-forward limitation period

The applicable carry-forward limitation period is 5 years under the PRC EIT law.

Significant unrecognized tax benefits

¥ 0

Earliest Tax Year [Member]

Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]

Operating loss carryforwards, expiration year

2026

Latest Tax Year [Member]

Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]

Operating loss carryforwards, expiration year

2030

Subsidiaries [Member]

Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]

Operating Loss Carryforwards

512,507,000

¥ 512,507,000

PRC Subsidiary [Member]

Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]

Statutory tax rate

25.00%

Preferential statutory tax rate for high and new technology enterprises

15.00%

Percentage of income tax rate for its global income

25.00%

Foreign investment enterprise tax withholding rate

10.00%

Dividend withholding tax

¥ 65,000,000

7,000,000

Deferred tax liabilities

¥ 0

Accumulated undistributed profits

¥ 5,687,000,000

Maximum [Member]

Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]

Cash paid for income taxes | Rp

Rp 50.0

Tax Slab Rate One [Member]

Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]

Income tax slab limit

Rp 4.8

$ 2

HONG KONG

Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]

Effective income tax rate

16.50%

Cash paid for income taxes

¥ 0

Estimated assessable profits tax

¥ 0

Statutory tax rate

0.70%

Income tax paid

¥ 1,246,000,000.0

HONG KONG | Tax Slab Rate One [Member]

Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]

Effective income tax rate

8.25%

HONG KONG | Tax Slab Rate Two [Member]

Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]

Effective income tax rate

16.50%

Indonesia [Member]

Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]

Effective income tax rate

22.00%

Statutory tax rate

0.20%

Indonesia [Member] | Tax Slab Rate One [Member]

Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]

Effective income tax rate

11.00%

PHILIPPINES

Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]

Effective income tax rate

25.00%

Income tax slab limit | ₱

₱ 5,000,000

Estimated assessable profits tax | ₱

₱ 100,000,000

Income tax paid

¥ 88,500,000

PHILIPPINES | Tax Slab Rate One [Member]

Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]

Effective income tax rate

20.00%

Other Countries [Member]

Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]

Income tax paid

¥ 14,900,000

[1]	The PRC statutory income tax rate is used for the reconciliation as the majority of the Group’s operations are based in the PRC.

Restricted net assets (Details Narrative) ¥ in Thousands	12 Months Ended
Restricted net assets (Details Narrative) ¥ in Thousands	Dec. 31, 2025 CNY (¥)
Receivables [Abstract]
Percentage of annual appropriations net of tax income prior to payment of dividends as the statutory general reserve	10.00%
Restricted net assets	¥ 9,328,872
Percentage of restricted net assets	55.40%

Schedule of revenue by geographic area (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Total Revenue	¥ 13,569,483	¥ 13,065,824	¥ 12,547,445
The PRC [Member]
Total Revenue	10,238,018	10,533,327	10,410,574
Indonesia [Member]
Total Revenue	2,039,063	1,887,770	1,885,586
PHILIPPINES
Total Revenue	1,192,287	639,510	251,719
Others [Member]
Total Revenue	¥ 100,115	¥ 5,217	¥ (434)

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 15: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Schedule of Information about movement of right of use assets (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
Leases
Beginning balance		¥ 36,826	¥ 38,110
Recognition of additional leasing contract		39,873	20,467
De-recognition of leasing contract		(6,331)	(9,312)
Amortization of right of use assets		(18,532)	(12,646)
Business combination		184	207
Ending balance	$ 7,439	¥ 52,020	¥ 36,826

Schedule of principal subsidiaries and consolidated VIEs' (Details)

12 Months Ended

Dec. 31, 2025

Finvolution Hk Limited [Member]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Percentage of direct or indirect economic interest

100.00%

Date of incorporation

Jun. 12, 2012

Place of incorporation

Hong Kong, China

Bluebottle Limited [Member]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Percentage of direct or indirect economic interest

100.00%

Date of incorporation

Dec. 12, 2017

Place of incorporation

Hong Kong, China

Beijing Prosper Investment Consulting Co., Ltd. [Member]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Percentage of direct or indirect economic interest

100.00%

Date of incorporation

Aug. 21, 2012

Place of incorporation

Beijing, China

Shanghai Guangjian Information Technology Co., Ltd. [Member]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Percentage of direct or indirect economic interest

100.00%

Date of incorporation

Jun. 05, 2017

Place of incorporation

Shanghai, China

Shanghai Shanghu Information Technology Co., Ltd. [Member]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Percentage of direct or indirect economic interest

100.00%

Date of incorporation

Jun. 15, 2017

Place of incorporation

Shanghai, China

Shanghai Manyin Information Technology Co., Ltd. [Member]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Percentage of direct or indirect economic interest

100.00%

Date of incorporation

Feb. 12, 2018

Place of incorporation

Shanghai, China

PT Pembiayaan Digital Indonesia [Member]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Percentage of direct or indirect economic interest

80.00%

Date of incorporation

Jun. 05, 2018

Place of incorporation

Jakarta, Indonesia

Hainan Shanghu Information Technology Co., Ltd. [Member]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Percentage of direct or indirect economic interest

100.00%

Date of incorporation

Aug. 01, 2018

Place of incorporation

Hainan, China

Wefund Lending Corp [Member]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Percentage of direct or indirect economic interest

100.00%

Date of incorporation

Dec. 12, 2018

Place of incorporation

Pasig City, Philippines

Beijing Paipairongxin Investment Consulting Company Limited [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Percentage of direct or indirect economic interest

100.00%

^[1]

Date of incorporation

Jun. 15, 2012

Place of incorporation

Beijing, China

Shanghai Zihe Information Technology Group Co., Ltd. [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Percentage of direct or indirect economic interest

100.00%

^[1]

Date of incorporation

Jul. 06, 2017

Place of incorporation

Shanghai, China

Shanghai Ledao Technology Co., Ltd. [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Percentage of direct or indirect economic interest

100.00%

^[1]

Date of incorporation

Jan. 10, 2019

Place of incorporation

Shanghai, China

Shanghai PPDai Financial Information Services Co., Ltd. [Member] | Variable Interest Entity, Primary Beneficiary [Member]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Percentage of direct or indirect economic interest

100.00%

^[1]

Date of incorporation

Jan. 18, 2011

Place of incorporation

Shanghai, China

Hefei PPDai Information Technology Co., Ltd. [Member] | Variable Interest Entity, Primary Beneficiary [Member]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Percentage of direct or indirect economic interest

100.00%

^[1]

Date of incorporation

Dec. 19, 2016

Place of incorporation

Anhui, China

Shanghai Erxu Information Technology Co., Ltd. [Member] | Variable Interest Entity, Primary Beneficiary [Member]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Percentage of direct or indirect economic interest

100.00%

^[1]

Date of incorporation

Apr. 28, 2018

Place of incorporation

Shanghai, China

Fujian Zhiyun Financing Guarantee Co., Ltd. [Member] | Variable Interest Entity, Primary Beneficiary [Member]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Percentage of direct or indirect economic interest

100.00%

^[1]

Date of incorporation

Nov. 21, 2019

Place of incorporation

Fujian, China

[1]	Have power to direct activities via contractual relationships

Principal activities and organization (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of principal subsidiaries and consolidated VIEs'

As of December 31, 2025, the Company’s principal subsidiaries and the consolidated VIEs are as follows:

Name	Percentage of direct or indirect economic interest			Date of incorporation	Place of incorporation

Subsidiaries
FinVolution (HK) Limited (“FinVolution HK”)		100	%	June 12, 2012	Hong Kong, China
Bluebottle Limited		100	%	December 12, 2017	Hong Kong, China
Beijing Prosper Investment Consulting Co., Ltd. (“Beijing Prosper”)		100	%	August 21, 2012	Beijing, China
Shanghai Guangjian Information Technology Co., Ltd. (“Shanghai Guangjian”)		100	%	June 5, 2017	Shanghai, China
Shanghai Shanghu Information Technology Co., Ltd. (“Shanghai Shanghu”)		100	%	June 15, 2017	Shanghai, China
Shanghai Manyin Information Technology Co., Ltd. (“Shanghai Manyin”)		100	%	February 12, 2018	Shanghai, China
PT Pembiayaan Digital Indonesia		80	%	June 5, 2018	Jakarta, Indonesia
Hainan Shanghu Information Technology Co., Ltd. (“Hainan Shanghu”)		100	%	August 1, 2018	Hainan, China
Wefund Lending Corp		100	%	December 12, 2018	Pasig City, Philippines
Consolidated VIEs
Beijing Paipairongxin Investment Consulting Co., Ltd. (“Beijing Paipairongxin”)		100	%*	June 15, 2012	Beijing, China
Shanghai Zihe Information Technology Group Co., Ltd. (“Shanghai Zihe”)		100	%*	July 6, 2017	Shanghai, China
Shanghai Ledao Technology Co., Ltd. (“Shanghai Ledao”)		100	%*	January 10, 2019	Shanghai, China
Consolidated VIEs’ principal subsidiaries
Shanghai PPDai Financial Information Services Co., Ltd. (“Shanghai PPDai”)		100	%*	January 18, 2011	Shanghai, China
Hefei PPDai Information Technology Co., Ltd.		100	%*	December 19, 2016	Anhui, China
Shanghai Erxu Information Technology Co., Ltd. (“Shanghai Erxu”)		100	%*	April 28, 2018	Shanghai, China
Fujian Zhiyun Financing Guarantee Co., Ltd. (“Fujian Zhiyun”)		100	%*	November 21, 2019	Fujian, China

*	Have power to direct activities via contractual relationships

Property, equipment and software, net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, equipment and software, net

6. Property, equipment and software, net

Property, equipment and software, net consist of the following:


	As of December 31,
	2024			2025
	RMB			RMB

Computer and electronic equipment		314,619			326,220
Office building²		483,817			483,817
Office building improvement		-			11,258
Office furniture and equipment		29,027			29,408
Leasehold improvement		33,708			9,625
Software		78,011			135,882
Total		939,182			996,210
Less: Accumulated depreciation and amortization¹		(315,390	)		(354,894	)
Property, equipment and software, net		623,792			641,316

Depreciation and amortization expenses for the years ended December 31, 2023, 2024 and 2025 was RMB22,515, RMB69,491 and RMB 66,484 respectively.

The Company purchased the building of the Group’s principle executive offices in Shanghai, the People’s Republic of China in 2024.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

Schedule of accounts receivable and contract assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Credit Loss [Abstract]
Accounts receivable and contract assets		¥ 2,369,401	¥ 2,696,147
Credit loss allowance for accounts receivable and contract assets		(340,816)	(290,267)	¥ (310,394)	¥ (496,918)
Accounts receivable and contract assets, net	$ 290,084	¥ 2,028,585	¥ 2,405,880

Schedule of estimated useful life and residual value of property and equipment, net (Details)	Dec. 31, 2025
Office Building [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	30 years
Residual value	5.00%
Office Building Improvement [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Office Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Office Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Residual value	5.00%
Computer Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Computer Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	Useful Life, Shorter of Lease Term or Asset Utility [Member]
Software Development [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	1 year
Software Development [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

Schedule of aging of past-due accounts receivable and contract assets (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets	¥ 2,369,401	¥ 2,696,147
Accounts receivable and contract assets, Current	2,231,002	2,575,261
1-89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets	86,788	74,182
90-119 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets	19,527	15,926
120-149 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets	16,729	15,286
150-179 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets	15,355	15,492
Financing Receivables Total Past Due [Member]
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets	138,399	120,886
New borrowers [Member]
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets	165,917	276,723
Accounts receivable and contract assets, Current	144,674	255,828
New borrowers [Member] \| 1-89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets	13,134	14,634
New borrowers [Member] \| 90-119 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets	2,884	2,221
New borrowers [Member] \| 120-149 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets	2,612	2,027
New borrowers [Member] \| 150-179 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets	2,613	2,013
New borrowers [Member] \| Financing Receivables Total Past Due [Member]
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets	21,243	20,895
Repeat Borrowers [Member]
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets	1,115,460	1,795,503
Accounts receivable and contract assets, Current	998,304	1,695,512
Repeat Borrowers [Member] \| 1-89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets	73,654	59,548
Repeat Borrowers [Member] \| 90-119 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets	16,643	13,705
Repeat Borrowers [Member] \| 120-149 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets	14,117	13,259
Repeat Borrowers [Member] \| 150-179 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets	12,742	13,479
Repeat Borrowers [Member] \| Financing Receivables Total Past Due [Member]
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets	117,156	99,991
Institutions [Member]
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets	1,088,024	623,921
Accounts receivable and contract assets, Current	1,088,024	623,921
Institutions [Member] \| 1-89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets
Institutions [Member] \| 90-119 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets
Institutions [Member] \| 120-149 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets
Institutions [Member] \| 150-179 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets
Institutions [Member] \| Financing Receivables Total Past Due [Member]
Financing Receivable, Past Due [Line Items]
Accounts receivable and contract assets

Accounts receivable and contract assets

12 Months Ended

Dec. 31, 2025

Credit Loss [Abstract]

Accounts receivable and contract assets

8. Accounts receivable and contract assets

The following table presents the accounts receivable and contract assets as of December 31, 2024 and 2025:

	2024			2025
	As of December 31,
	2024			2025
	RMB			RMB

Accounts receivable and contract assets		2,696,147			2,369,401
Credit loss allowance for accounts receivable and contract assets		(290,267	)		(340,816	)
Accounts receivable and contract assets, net		2,405,880			2,028,585

The Group evaluates expected credit losses of accounts receivable and contract assets on a collective basis based on the type of customers and delinquency pattern. Credit quality indicators are updated quarterly, and the credit quality of any given customer may change during the life of the portfolio. The following table presents accounts receivable and contract assets based on type of customers and delinquency as of December 31, 2024 and 2025:

	1-89 days past due		90-119 days past due		120-149 days past due		150-179 days past due		Total past due		Current		Total accounts receivable and contract assets
December 31,2024
New borrowers		14,634		2,221		2,027		2,013		20,895		255,828		276,723
Repeat borrowers		59,548		13,705		13,259		13,479		99,991		1,695,512		1,795,503
Institutions		-		-		-		-		-		623,921		623,921
Total		74,182		15,926		15,286		15,492		120,886		2,575,261		2,696,147

December 31,2025
New borrowers		13,134		2,884		2,612		2,613		21,243		144,674		165,917
Repeat borrowers		73,654		16,643		14,117		12,742		117,156		998,304		1,115,460
Institutions		-		-		-		-		-		1,088,024		1,088,024
Total		86,788		19,527		16,729		15,355		138,399		2,231,002		2,369,401

As the average tenor of loans facilitated on domestic and overseas platform are around 8.8 months and 91.2 days, respectively, substantially all of the accounts receivable and contract assets balance as of December 31, 2025 are originated in 2025.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

8. Accounts receivable and contract assets (continued)

As disclosed in note 2(k), the Group writes-off the domestic and overseas accounts receivable and contract assets and the related allowance when the accounts receivables and contract assets are delinquent for 180 days or more and 30 days or more, respectively.

The following table sets forth the movement of credit loss allowance for accounts receivable and contract assets for the years ended December 31, 2023, 2024 and 2025, respectively:

	2023			2024			2025
	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB

Beginning balance		496,918			310,394			290,267
Provision for accounts receivable and contract assets		253,948			317,049			425,966
Current period write-off		(440,472	)		(337,176	)		(375,417	)
Ending balance		310,394			290,267			340,816

Loans receivable, net

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Loans receivable, net

4. Loans receivable, net

Loans receivable originated and retained by the Group consist of the following:


	As of December 31,
	2024			2025
	RMB			RMB

Loans		4,384,088			7,016,524
Credit loss allowance for loans receivable		(226,467	)		(544,905	)
Loans receivable, net		4,157,621			6,471,619

As of December 31, 2024 and 2025, the entire loans receivable balance represents the outstanding loans made to the borrowers from consolidated trusts and subsidiaries of the Group. As part of the Group’s efforts to develop new product offerings, a series of trusts were established and administrated by third-party trust companies. These trusts make loans solely to borrowers referred by the Group to provide returns to the trust beneficiaries. As such, the Group has power to direct the activities of the trusts. In addition, the Group has the obligation to absorb losses or the right to receive residual benefits from certain trusts that could potentially be significant to these trusts. As a result, the Group is considered the primary beneficiary of the trusts and their assets, liabilities, results of operations and cash flows are consolidated accordingly.

The following table sets forth the activity in the allowance for loan losses for the years ended December 31, 2023, 2024 and 2025.

Schedule of allowance for loan losses


	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB

Beginning balance		294,355			214,550			226,467
Impact of business combination		-			-			7,152
Provision for loans receivable		586,843			320,013			637,700
Current period write off		(666,648	)		(308,096	)		(326,414	)
Ending balance		214,550			226,467			544,905

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

4. Loans receivable, net (continued)

The Group evaluates expected credit losses of loans receivable on a collective basis based on the type of borrowers and delinquency pattern. Credit quality indicators are updated quarterly, and the credit quality of any given customer can change during the life of the portfolio. The following table presents loans receivable based on type of borrowers and delinquency as of December 31, 2024 and December 31, 2025:

Schedule of aging of loans

	1-89 days past due		90-119 days past due		120-149 days past due		150-179 days past due		Total past due		Current		Total loans receivable
December 31, 2024
New borrowers		23,755		1,422		1,501		1,427		28,105		537,047		565,152
Repeat borrowers		54,461		4,645		3,687		3,702		66,495		3,752,441		3,818,936
Total		78,216		6,067		5,188		5,129		94,600		4,289,488		4,384,088

December 31, 2025
New borrowers		112,984		19,557		16,339		12,524		161,404		1,612,205		1,773,609
Repeat borrowers		312,203		73,312		59,903		45,072		490,490		4,752,425		5,242,915
Total		425,187		92,869		76,242		57,596		651,894		6,364,630		7,016,524

As the average tenor of loans facilitated on domestic and overseas platform are around 8.3 months and 91.0 days, respectively, substantially all of the loans receivable balance as of December 31, 2025 are originated in 2025.

As of December 31, 2024 and 2025, loans receivable amounting to RMB16,384 and RMB226,707 were past due for 90 days or more with no interest accrued. Interest income for non-accrual loans receivable is recognized on a cash basis. For the years ended December 31, 2023, 2024 and 2025, interest income earned from non-accrual loans receivable were not material.

Management performs a quarterly evaluation of the adequacy of credit loss allowance for loans receivable based on expectations of lifetime credit losses based on historical default experience, known or inherent risks in the portfolio, current economic conditions and macroeconomic forecasts as well as other factors surrounding the credit risk of borrowers. When forecasting macroeconomic factors, management primarily considered gross domestic product, consumer price index and other pertinent factors such as money supply wherein M1 money supply was determined to be the most relevant to the Group’s business. The allowance is calculated at portfolio-level since the loan portfolio is typically of smaller balance homogenous loans and is collectively evaluated for impairment.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of investments

The following table sets forth the investments that the Group holds as of December 31, 2024 and 2025, respectively.

Schedule of investments

	2024		2025
	As of December 31,
	2024		2025

Equity method investments		193,062		141,492
Non-marketable equity investments		979,941		1,000,324
Investments		1,173,003		1,141,816

Summary of assets and liabilities measured at fair value on recurring basis

The following table sets forth the Group’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:

December 31, 2024

Level 1 Inputs

Level 2 Inputs

Level 3 Inputs

Balance at Fair value

RMB

Assets

Short-term investments

2,832,382

December 31, 2025

Level 1 Inputs

Level 2 Inputs

Level 3 Inputs

Balance at Fair value

RMB

Assets

Short-term investments

3,015,226

Schedule of non-marketable equity investments fair value

	2023			2024		2025
	For the years ended December 31,
	2023			2024		2025

Upward adjustments		-			-		-
Downward adjustments (including impairment)		(2,479	)		-		-
Total unrealized gain (losses)		(2,479	)		-		-

	2024			2025
	As of December 31,
	2024			2025

Initial cost basis		1,015,701			1,036,084
Upward adjustments		3,319			3,319
Downward adjustments (including impairment)		(39,079	)		(39,079	)
Total carrying value at the end of the period		979,941			1,000,324

Schedule of interest income, interest expense and loan provision losses related to loans

	2023			2024			2025
	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB

Interest income		1,102,493			873,148			1,373,377
Less: Interest expense		(53,114	)		(19,369	)		(36,918	)
Net interest income		1,049,379			853,779			1,336,459

Schedule of estimated useful life and residual value of property and equipment, net

Category	Estimated useful life	Residual value

Office building	30 years	5%
Office building improvement	10 years	Nil
Office furniture and equipment	3-5 years	5%
Computer and electronic equipment	3-5 years	5%
Leasehold improvement	shorter of remaining lease period or estimated useful life	Nil
Software	1-5 years	Nil

Schedule of movement of deferred guarantee income

	2023			2024			2025
Deferred guarantee income:	For the years ended December 31,
	2023			2024			2025

Opening balance		1,805,164			1,882,036			1,515,950
Newly undertaken quality assurance obligations		4,555,867			4,719,210			3,727,988
Release of quality assurance obligations upon repayment		(4,478,995	)		(5,085,296	)		(4,124,934	)
Ending balance		1,882,036			1,515,950			1,119,004

Schedule of expected credit losses for quality assurance commitment

	2023			2024			2025
Liability from quality assurance commitment:	For the years ended December 31,
	2023			2024			2025

Opening balance		3,555,618			3,306,132			2,964,116
Provision for credit losses of quality assurance obligations		4,068,436			4,208,559			3,006,918
Payouts during the year		(11,440,275	)		(11,035,006	)		(7,735,108	)
Recoveries during the year		7,122,353			6,484,431			4,338,916
Ending balance		3,306,132			2,964,116			2,574,842

Schedule of quality assurance obligation and receivables

The following table presents the Group’s quality assurance receivable as of December 31, 2024 and 2025:

	2024			2025
	For the years ended December 31,
	2024			2025

Quality assurance receivable		2,066,540			1,896,659
Allowance for credit losses for quality assurance receivable		(426,949	)		(581,475	)
Quality assurance receivable, net		1,639,591			1,315,184

Schedule of quality assurance receivable

	1-89 days past due		90-119 days past due		120-149 days past due		150-179 days past due		Total past due		Current		Total quality assurance receivable
December 31, 2024
New borrowers		15,289		1,980		1,878		1,990		21,137		545,255		566,392
Repeat borrowers		44,905		10,349		10,177		10,422		75,853		1,424,295		1,500,148
Total		60,194		12,329		12,055		12,412		96,990		1,969,550		2,066,540

December 31, 2025
New borrowers		15,447		2,647		2,153		2,004		22,251		619,165		641,416
Repeat borrowers		48,351		11,554		9,395		8,372		77,672		1,177,571		1,255,243
Total		63,798		14,201		11,548		10,376		99,923		1,796,736		1,896,659

Schedule of information about movement of quality assurance receivable

The following table sets forth the movement in the allowance for credit losses for quality assurance receivable as of December 31, 2024 and 2025, respectively:

	2023			2024			2025
	For the years ended December 31,
	2023			2024			2025

Beginning balance		374,304			529,392			426,949
Provision for credit losses		354,366			378,695			455,466
Write-offs		(199,278	)		(481,138	)		(300,940	)
Ending balance		529,392			426,949			581,475

Schedule of disaggregation of revenue

The following table sets forth the Group’s operating revenue from different service types:

Schedule of disaggregation of revenue

	For the years ended December 31,
	2023				2024				2025
	With quality assurance obligation		Without quality assurance obligation		With quality assurance obligation		Without quality assurance obligation		With quality assurance obligation		Without quality assurance obligation

Loan facilitation service fees		4,187,976		332,528		3,951,236		743,144		3,601,135		1,575,322
Post-facilitation service fees		1,869,214		100,491		1,610,744		129,497		1,155,562		474,215
Other revenue
-borrowers referral fee		-		220,480		-		269,536		-		226,471
-others		101,293		207,089		115,538		307,054		101,930		973,455
		6,158,483		860,588		5,677,518		1,449,231		4,858,627		3,249,463

Beijing Paipairongxin Investment Consulting Company Limited [Member]

Schedule of financial information of VIE and its subsidiaries

	2024		2025
	As of December 31,
	2024		2025
	RMB		RMB

Cash and cash equivalents		2,343,220		1,692,232
Restricted cash		1,889,665		1,597,209
Short-term investments		1,653,847		1,918,459
Accounts receivable and contract assets		2,106,533		1,625,773
Quality assurance receivable		1,100,960		446,375
Property, equipment and software, net		489,931		480,684
Intangible assets		48,932		59,267
Right of use assets		23,995		27,768
Loans and receivables, net of credit loss allowance for loans receivables		3,499,667		5,597,757
Investments		972,952		924,062
Investment in subsidiaries		113,571		103,510
Deferred tax assets		2,042,468		2,540,051
Amounts due from Group companies		2,457,600		2,380,916
Amounts due from related parties		952		20,343
Prepaid expenses and other assets		816,569		699,202
Total assets		19,560,862		20,113,608

Deferred guarantee income		1,283,000		893,602
Liability from quality assurance commitment		2,591,768		1,796,856
Payroll and welfare payable		153,686		179,883
Taxes payable		561,475		43,657
Funds payable to investors of consolidated trusts		793,720		778,531
Contract liabilities		10,185		226
Deferred tax liabilities		112,604		238,650
Leasing liabilities		22,673		26,420
Amounts due to Group companies		7,533,335		8,963,834
Amounts due to related parties		130		5,809
Accrued expenses and other liabilities		878,881		967,257
Total liabilities		13,941,457		13,894,725

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

2. Summary of significant accounting policies (continued)

(b) Principle of consolidation (continued)

	2023			2024			2025
	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB

Third-party revenues		9,859,539			9,796,032			9,646,881
Group company revenues		498,189			391,348			584,994
Net revenues		10,357,728			10,187,380			10,231,875
Third-party expenses		(3,633,284	)		(3,777,621	)		(4,341,436	)
Group company expenses		(3,542,004	)		(2,414,323	)		(3,011,047	)
Related party expenses		-			-			(29,928	)
Provision for accounts receivable and contract assets		(78,148	)		(137,321	)		(147,532	)
Provision for loans receivable		(30,394	)		(38,823	)		(246,003	)
Credit losses for quality assurance commitment		(3,557,174	)		(3,584,954	)		(1,981,868	)
Impairment of goodwill and intangible assets		-			-			(265	)
Total operating expenses		(10,841,004	)		(9,953,042	)		(9,758,079	)
Income from subsidiaries		3,719			6,099			24
(Loss) income from operations		(479,557	)		240,437			473,820
Net interest expenses and other income		232,074			197,116			96,419
(Loss) profit before income tax expense		(247,483	)		437,553			570,239
Income tax expenses		(35,112	)		(88,667	)		(161,888	)
Net (loss) profit		(282,595	)		348,886			408,351
Net profit attributable to non-controlling interest shareholders		-			-			(19,946	)
Net (loss) profit attributable to FinVolution Group’s ordinary shareholders		(282,595	)		348,886			388,405

	2023			2024			2025
	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB

Net cash (used in) provided by operating activities		(591,538	)		2,917,058			(1,181,457	)
Net cash provided by (used in) investing activities		1,293,373			(2,554,190	)		(1,414,963	)
Net cash (used in) provided by financing activities		(1,773,279	)		261,705			1,652,976

Schedule of weighted-average remaining lease term and discount rate (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases
Weighted-average remaining lease term operating leases	2 years 1 month 20 days	1 year 8 months 15 days
Weighted-average discount rate operating leases	6.03%	4.99%

Loans receivable, net (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Schedule of loans receivable and related allowance for doubtful accounts

Loans receivable originated and retained by the Group consist of the following:


	As of December 31,
	2024			2025
	RMB			RMB

Loans		4,384,088			7,016,524
Credit loss allowance for loans receivable		(226,467	)		(544,905	)
Loans receivable, net		4,157,621			6,471,619

Schedule of allowance for loan losses

The following table sets forth the activity in the allowance for loan losses for the years ended December 31, 2023, 2024 and 2025.

Schedule of allowance for loan losses


	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB

Beginning balance		294,355			214,550			226,467
Impact of business combination		-			-			7,152
Provision for loans receivable		586,843			320,013			637,700
Current period write off		(666,648	)		(308,096	)		(326,414	)
Ending balance		214,550			226,467			544,905

Schedule of aging of loans

	1-89 days past due		90-119 days past due		120-149 days past due		150-179 days past due		Total past due		Current		Total loans receivable
December 31, 2024
New borrowers		23,755		1,422		1,501		1,427		28,105		537,047		565,152
Repeat borrowers		54,461		4,645		3,687		3,702		66,495		3,752,441		3,818,936
Total		78,216		6,067		5,188		5,129		94,600		4,289,488		4,384,088

December 31, 2025
New borrowers		112,984		19,557		16,339		12,524		161,404		1,612,205		1,773,609
Repeat borrowers		312,203		73,312		59,903		45,072		490,490		4,752,425		5,242,915
Total		425,187		92,869		76,242		57,596		651,894		6,364,630		7,016,524

Schedule of restricted stock units activities under all incentive plans (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of RSUs unvested at beginning of period	75,345,140	68,194,310
Weighted-average grant date fair value at beginning of period	$ 0.9374	$ 0.7724
Number of RSUs, granted	13,557,410	39,910,390
Weighted-average grant date fair value, granted	$ 1.6210	$ 1.0244
Number of RSUs, vested	(21,874,150)	(26,126,200)
Weighted-average grant date fair value, vested	$ 0.9337	$ 0.6618
Number of RSUs, Canceled/forfeited	(2,119,440)	(6,633,360)
Weighted-average grant date fair value, Canceled/forfeited	$ 1.0367	$ 0.7744
Number of RSUs unvested at end of period	64,908,960	75,345,140
Weighted-average grant date fair value at end of period	$ 1.0782	$ 0.9374

Schedule of current and deferred portions of income tax expenses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Income Tax Disclosure [Abstract]
Current income tax expenses		¥ 784,463	¥ 1,179,042	¥ 991,644
Deferred income tax expense		(228,220)	(721,637)	(596,544)
Total	$ 79,542	¥ 556,243	¥ 457,405	¥ 395,100

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

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-Subparagraph (i)
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-Subparagraph (ee)
-Publisher FASB
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

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-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

Related party balances and transactions (Details Narrative)	1 Months Ended
	Sep. 30, 2025	Jan. 31, 2025	Aug. 31, 2024
Shanghai Gouya Technology Co., Ltd. [Member]
Related Party Transaction [Line Items]
Percentage disposal of interest held in subsidairy			70.00%
Halodo Shanghai Gouya Technology Company Limited [Member]
Related Party Transaction [Line Items]
Percentage disposal of interest held in subsidairy	100.00%
Fuzhou Rongheng Information Technology Co., Ltd. [Member]
Related Party Transaction [Line Items]
Percentage disposal of interest held in subsidairy		40.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Schedule of non-marketable equity investments fair value (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Upward adjustments
Downward adjustments (including impairment)			(2,479)
Total unrealized gain (losses)			¥ (2,479)
Initial cost basis	1,036,084	1,015,701
Upward adjustments	3,319	3,319
Downward adjustments (including impairment)	(39,079)	(39,079)
Total carrying value at the end of the period	¥ 1,000,324	¥ 979,941

Share-based compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-based compensation

14. Share-based compensation

The Group recognizes share-based compensation, net of estimated forfeitures, on a straight line basis over the vesting term of the awards. All the share-based awards granted by the Group are service conditions only. There was no income tax benefit recognized on the consolidated statements of comprehensive income for share-based compensation and the Group did not capitalize any of the share-based compensation as part of the cost of any asset in the years ended December 31, 2023, 2024 and 2025.

In June 2013 and October 2017, the Group adopted 2013 Share Incentive Plan (the “2013 plan”) and 2017 Share Incentive Plan (the “2017 plan”), which allows the Group to offer share based incentive awards to employees, officers, directors and individual consultants who render services to the Group by granting options, restricted shares or restricted share units. Awards granted under 2013 plan or 2017 plan are generally subject to a four-year 4 vesting schedule as determined by the administrator of the plans.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

14. Share-based compensation (continued)

Share Options

The following table sets forth the stock option shares activities under all the option plans for the years ended December 31, 2023, 2024 and 2025:

	Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
				US$				US$

Outstanding at December 31, 2023		7,898,740			0.7983		2.90		1,782
Expired		(125,000	)		1.4000		-		-
Exercised		(2,679,140	)		0.6201		-		-
Outstanding at December 31, 2024		5,094,600			0.8773		2.83		1,942
Exercised		(1,236,150	)		1.1372				-
Outstanding at December 31, 2025		3,858,450			0.7940		2.28		995
Vested and expected to vest at December 31, 2025		3,858,450			0.7940		2.28		995
Exercisable as of December 31, 2025		1,286,150			0.7940		2.28		332

For the years ended December 31, 2023, 2024 and 2025, total share-based compensation expenses recognized related to the share options were RMB2,889, RMB2,894 and RMB3,311, respectively. As of December 31, 2025, the unrecognized compensation cost was RMB4,346. These amounts are expected to be recognized over a weighted average period of 1.92 years. Total compensation cost may be adjusted for future changes in estimated forfeitures.

The aggregate intrinsic value as of December 31, 2023, 2024 and 2025 is calculated as the difference between the exercise prices of the options and the per-share market price.

The weighted average grant-date per-share fair value of options granted during the years ended December 31, 2023, 2024 and 2025 was US$0.37, nil and nil, respectively.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

14. Share-based compensation (continued)

RSUs

The following table sets forth the Company’s RSUs activities under all incentive plans for the years ended December 31, 2023, 2024 and 2025:

	Number of RSUs			Weighted- average grant date fair value
					US$

Unvested at December 31, 2023		68,194,310			0.7724
Granted		39,910,390			1.0244
Vested		(26,126,200	)		0.6618
Canceled/Forfeited		(6,633,360	)		0.7744
Unvested at December 31, 2024		75,345,140			0.9374
Granted		13,557,410			1.6210
Vested		(21,874,150	)		0.9337
Canceled/Forfeited		(2,119,440	)		1.0367
Unvested at December 31, 2025		64,908,960			1.0782

Total share-based compensation cost for the RSUs amounted to RMB113,518 , RMB141,158 and RMB145,734 for the years ended December 31, 2023, 2024 and 2025, respectively. As of December 31, 2025, there was RMB323,259 unrecognized compensation cost, net of estimated forfeitures, related to unvested restricted shares, which are to be recognized over a weighted average vesting period of 3.26 years. Total unrecognized compensation cost may be adjusted for future changes in estimated forfeitures. The Company determined the fair value of RSUs based on its stock price on the date of grant.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

Schedule of condensed balance sheet (Details) (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Condensed Financial Statements, Captions [Line Items]
Ordinary stock, shares issued	1,550,071,169
Treasury stock,shares	333,628,335	283,820,445
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Treasury stock,shares	333,628,335	283,820,445
Common Class A [Member]
Condensed Financial Statements, Captions [Line Items]
Ordinary stock, par value	$ 0.00001	$ 0.00001
Ordinary stock, authorized	10,000,000,000	10,000,000,000
Ordinary stock, shares issued	983,371,169	983,371,169
Ordinary Stock, shares outstanding	649,742,834	699,550,724
Common Class A [Member] \| Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Ordinary stock, par value	$ 0.00001	$ 0.00001
Ordinary stock, authorized	10,000,000,000	10,000,000,000
Ordinary stock, shares issued	983,371,169	983,371,169
Ordinary Stock, shares outstanding	649,742,834	699,550,724
Common Class B [Member]
Condensed Financial Statements, Captions [Line Items]
Ordinary stock, par value	$ 0.00001	$ 0.00001
Ordinary stock, authorized	10,000,000,000	10,000,000,000
Ordinary stock, shares issued	566,700,000	566,700,000
Ordinary Stock, shares outstanding	566,700,000	566,700,000
Common Class B [Member] \| Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Ordinary stock, par value	$ 0.00001	$ 0.00001
Ordinary stock, authorized	10,000,000,000	10,000,000,000
Ordinary stock, shares issued	566,700,000	566,700,000
Ordinary Stock, shares outstanding	566,700,000	566,700,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Paragraph a
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 5
-Subsection 04
-Paragraph c
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-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 7
-Subsection 05
-Paragraph c
-Subparagraph Schedule II
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 9
-Subsection 06
-Publisher SEC

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481003/205-10-S50-2

+ Details

Convertible senior notes (Details Narrative) ¥ / shares in Units, $ / shares in Units, ¥ in Millions		12 Months Ended
	Jun. 19, 2025 USD ($) $ / shares	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Jun. 19, 2025 ¥ / shares
Convertible Senior Notes
Principal amount	$ 150,000,000		¥ 89.6
Maturity date	Jul. 01, 2030	Apr. 24, 2028
Debt interest rate	2.50%
Debt conversion price \| ¥ / shares				¥ 80.8865
Principal amount	$ 1,000
Debt conversion price \| $ / shares	$ 12.36
Repurchase of principal amount	$ 1,000
Repurchase amount	$ 1,000
Debt stated percentage	10.00%
Debt issuance costs		$ 5,500,000

Geographic information (Details Narrative)	12 Months Ended
Geographic information (Details Narrative)	Dec. 31, 2025
Revenue Benchmark [Member] \| Geographic Concentration Risk [Member] \| Indonesia [Member]
Product Information [Line Items]
Concentration risk, percentage	10.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Schedule of loans receivable and related allowance for doubtful accounts (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Receivables [Abstract]
Loans		¥ 7,016,524	¥ 4,384,088
Credit loss allowance for loans receivable		(544,905)	(226,467)	¥ (214,550)	¥ (294,355)
Loans receivable, net	$ 925,429	¥ 6,471,619	¥ 4,157,621

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479344/326-20-45-1

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-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

+ Details

Related party balances and transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of amount incurred by the group

Amounts incurred by the Group


	For the years ended December 31,
	2023		2024		2025
	RMB		RMB		RMB

Smart Frontier¹
Operation and support services expenses¹		-		-		29,928

1 Smart Frontier (Shanghai) Technology Co., Ltd. (“Smart Frontier”) is an equity method investee of the Group. The subsidiaries of Smart Frontier provide operation and support services to the Group.

Schedule of amounts due to related party

Amounts due to related parties


	As of December 31,
	2024		2025
	RMB		RMB

PPcredit²		6		-
Gouya³		124		124
Smart Frontier		-		5,685
Halodo⁴		13,184		12,891
Total		13,314		18,700
Amounts due to related parties		13,314		18,700

2 PPcredit Data Service (Shanghai) Co., Ltd. (“PPcredit”) was founded in April 2016 by the founders of the Group to provide data collection services. The Group mainly uses PPcredit as a data provider since PPcredit was established. The price for the service is determined based on the price charged by other market participants.

3 Shanghai Gouya Technology Co., Ltd. (“Gouya”) was founded in November 2020 by the founders of the Group to provide smart vending machine services. In August 2023, the Group disposed of 70% of the interest it held in Gouya and Gouya became one of the related parties of the Group thereof.

4 Halodo Limited (“Halodo”) was founded in 2019 as a holding company within the Group. In September 2024, the Group disposed of 100% of the interest in Halodo but still holds significant influence over its management and operating policies and Halodo became one of the related parties of the Group thereof.

Schedule of amount due from related parties

Amounts due from related parties


	As of December 31,
	2024		2025
	RMB		RMB

PPcredit²		444		-
Halodo⁴		16,755		16,382
Fuzhou Rongheng⁵		508		-
Smart Frontier		-		20,343
Total		17,707		36,725
Amounts due from related parties		17,707		36,725

5 Fuzhou Rongheng Information Technology Co., Ltd. (“Fuzhou Rongheng”) was founded in July 2023 to provide mediation service. In January 2024, the Group, through one of its subsidiaries, purchased 40% of the interest in Fuzhou Rongheng and Fuzhou Rongheng became one of the related parties of the Group thereof.

Schedule of allowance for loan losses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Beginning balance	¥ 226,467	¥ 214,550	¥ 294,355
Impact of business combination	7,152
Provision for loans receivable	637,700	320,013	586,843
Current period write off	(326,414)	(308,096)	(666,648)
Ending balance	¥ 544,905	¥ 226,467	¥ 214,550

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Principal activities and organization

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principal activities and organization

1. Principal activities and organization

FinVolution Group (the “Company”) is an investment holding company and with its consolidated subsidiaries and the consolidated variable interest entities (“VIEs”) (collectively referred to as the “Group”) operates an online consumer finance marketplace through its platform (www.ppdai.com) and PPDai mobile application registered in the People’s Republic of China (the “PRC” or “China”). The Company has been listed on the New York Stock Exchange in the United States of America since November 2017. The Company had power to direct activities of a number of VIEs through a series of commercial agreements (the “VIE Agreements”) entered into between certain subsidiaries of the Group (the “WOFEs”), the VIEs and nominal shareholders of the VIEs.

As of December 31, 2025, the Company’s principal subsidiaries and the consolidated VIEs are as follows:

Name	Percentage of direct or indirect economic interest			Date of incorporation	Place of incorporation

Subsidiaries
FinVolution (HK) Limited (“FinVolution HK”)		100	%	June 12, 2012	Hong Kong, China
Bluebottle Limited		100	%	December 12, 2017	Hong Kong, China
Beijing Prosper Investment Consulting Co., Ltd. (“Beijing Prosper”)		100	%	August 21, 2012	Beijing, China
Shanghai Guangjian Information Technology Co., Ltd. (“Shanghai Guangjian”)		100	%	June 5, 2017	Shanghai, China
Shanghai Shanghu Information Technology Co., Ltd. (“Shanghai Shanghu”)		100	%	June 15, 2017	Shanghai, China
Shanghai Manyin Information Technology Co., Ltd. (“Shanghai Manyin”)		100	%	February 12, 2018	Shanghai, China
PT Pembiayaan Digital Indonesia		80	%	June 5, 2018	Jakarta, Indonesia
Hainan Shanghu Information Technology Co., Ltd. (“Hainan Shanghu”)		100	%	August 1, 2018	Hainan, China
Wefund Lending Corp		100	%	December 12, 2018	Pasig City, Philippines
Consolidated VIEs
Beijing Paipairongxin Investment Consulting Co., Ltd. (“Beijing Paipairongxin”)		100	%*	June 15, 2012	Beijing, China
Shanghai Zihe Information Technology Group Co., Ltd. (“Shanghai Zihe”)		100	%*	July 6, 2017	Shanghai, China
Shanghai Ledao Technology Co., Ltd. (“Shanghai Ledao”)		100	%*	January 10, 2019	Shanghai, China
Consolidated VIEs’ principal subsidiaries
Shanghai PPDai Financial Information Services Co., Ltd. (“Shanghai PPDai”)		100	%*	January 18, 2011	Shanghai, China
Hefei PPDai Information Technology Co., Ltd.		100	%*	December 19, 2016	Anhui, China
Shanghai Erxu Information Technology Co., Ltd. (“Shanghai Erxu”)		100	%*	April 28, 2018	Shanghai, China
Fujian Zhiyun Financing Guarantee Co., Ltd. (“Fujian Zhiyun”)		100	%*	November 21, 2019	Fujian, China

*	Have power to direct activities via contractual relationships

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

Schedule of valuation allowance (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
At beginning of year	¥ 75,810	¥ 94,926	¥ 115,754
Current year additions	17,964	34,490	44,113
Current year reversals	(30,335)	(53,606)	(64,941)
At end of year	¥ 63,439	¥ 75,810	¥ 94,926

Taxation

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Taxation

12. Taxation

Cayman Islands

Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed.

Hong Kong

Under the current Hong Kong Inland Revenue Ordinance, the Company’s subsidiaries incorporated in Hong Kong are subject to 16.5% income tax on their taxable income generated from operations in Hong Kong. Additionally, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax. Commencing from the year of assessment of 2018, the first HK$2 million of profits earned by the Company’s subsidiaries incorporated in Hong Kong will be taxed at half the current tax rate (i.e. 8.25%) while the remaining profits will continue to be taxed at the existing 16.5% tax rate. No Hong Kong profits tax was provided for as there was no estimated assessable profits tax during the relevant periods.

Indonesia

Based on Income Tax Law of Indonesia, the subsidiaries incorporated in the Indonesia are subject to income tax of 22% for domestic operations in general and 11% for business entities with gross revenue below IDR 4.8 billion. The effective tax rate will be applied on a proportional basis if gross income is above IDR4.8 billion and below IDR50 billion.

Philippines

Under Philippines CREATE Law act of 2020, the subsidiaries incorporated in the Philippines are subject to income tax of 25% for domestic corporations in general and 20% for corporations with net taxable income not exceeding PHP5,000,000 and total assets excluding land not exceeding PHP100,000,000.

The PRC

On March 16, 2007, the National People’s Congress of the PRC enacted an Enterprise Income Tax Law (“EIT Law”), under which Foreign Investment Enterprises (“FIEs”) and domestic companies would be subject to EIT at a uniform rate of 25%. The EIT law became effective on January 1, 2008. On April 14, 2008, relevant governmental regulatory authorities released qualification criteria, application procedures and assessment processes for “high and new technology enterprises” (“HNTE”), which will be entitled to a favorable statutory tax rate of 15%. An enterprise’s qualification as a HNTE is reassessed by the relevant PRC governmental authorities every three years. In December 2024, Shanghai Shanghu was qualified as HNTE and was entitled to a preferential income tax rate of 15% from 2024 to 2026. In November 2023, Hainan Shanghu was qualified as HNTE and was entitled to a preferential income tax rate of 15% from 2023 to 2025. In December 2025, Shanghai Gami Technology Co., Ltd. (“Shanghai Gami”) was qualified as HNTE and was entitled to a preferential income tax rate of 15% from 2025 to 2027. In July 2023, Hainan Shenxin was recognized as Hainan encouraged industrial enterprise and was entitled to a preferential income tax rate of 15%. In 2025, tax benefit for Hainan Shenxin expired and the income tax rate reverted to 25%.

The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for the PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the EIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, properties, etc., of a non-PRC company is located.” Based on management’s review of surrounding facts and circumstances, the Group does not believe that it is likely that its entities registered outside of the PRC should be considered as resident enterprises for the PRC tax purposes.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

12. Taxation (continued)

The PRC (continued)

The EIT Law also imposes a withholding income tax of 10% on dividends distributed by a FIE to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. The Cayman Islands, where the Company incorporated, does not have such tax treaty with China. In accordance with accounting guidance, all undistributed earnings are presumed to be transferred to the parent company and are subject to the withholding taxes.

Starting from 2020, the Company decided to remit certain percentage of the annual profits of its PRC subsidiaries to their overseas parent company for dividend distribution purposes. As of December 31, 2025, the Company recognized the withholding tax at 10%. The Group accrued RMB7 million and RMB65 million withholding tax liabilities in 2024 and 2025, respectively. As of December 31, 2024 and 2025, apart from the subsidiaries mentioned above, no deferred tax liabilities were provided for the accumulated undistributed profits of PRC subsidiaries, respectively. The Group still intends to indefinitely reinvest these remaining undistributed earnings in its PRC subsidiaries.

The Group has not accrued any tax for the outside basis difference represented by the accumulated undistributed profits of the consolidated VIEs, which amounted to RMB5,687 million at December 31, 2025 as, after review, it was determined that relevant tax laws and regulations provide for tax-free transfer of such amounts to the Group’s PRC subsidiaries.

Composition of income tax expenses

The current and deferred portions of income tax expenses included in the consolidated statements of comprehensive income during the years ended December 31, 2023, 2024 and 2025 are as follows:

	2023			2024			2025
	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB

Current income tax expenses		991,644			1,179,042			784,463
Deferred income tax expense		(596,544	)		(721,637	)		(228,220	)
Total		395,100			457,405			556,243

Reconciliation of the differences between statutory tax rate and the effective tax rate

The Group did not identify significant unrecognized tax benefits for the years ended December 31, 2023, 2024 and 2025 and does not anticipate any significant change in unrecognized tax benefits within 12 months from December 31, 2025.

The following table sets forth reconciliation between the computed expected tax expenses (benefit) rate and the effective income tax rate for the years ended December 31, 2024 and 2023.

	RMB			RMB
	For the years ended December 31,
	2023			2024
	RMB			RMB

Statutory tax rate¹		25	%		25	%
Research and development tax credit		(2	)%		(2	)%
Effect of tax holiday		(13	)%		(9	)%
Change in valuation allowance		(1	)%		0	%
Non-deductible expenses		1	%		2	%
Withholding tax		4	%		0	%
Research and development tax credit
Others, percentage
Effective income tax rate		14	%		16	%

The PRC statutory income tax rate is used for the reconciliation as the majority of the Group’s operations are based in the PRC.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

12. Taxation (continued)

In accordance with the updated requirements of ASU No. 2023-09 for the year ended December 31, 2025, a reconciliation between the statutory rate and the Group’s effective tax rate is as follows:

	Amount			Percent
	For the year ended December 31,2025
	Amount			Percent

Statutory tax rate¹		775,361			25.0	%
Foreign Tax Effects
Indonesia
Statutory tax rate difference between Indonesia and Chinese mainland		(10,447	)		(0.2	)%
Change in valuation allowance		2,640			0.1	%
Hong Kong
Statutory tax rate difference between Hong Kong and Chinese mainland		22,563			0.7	%
Change in valuation allowance		10,633			0.3	%
Cayman Islands
Statutory tax rate difference between Cayman and Chinese mainland		(57,443	)		(1.9	)%
Other foreign jurisdictions		(1,371	)		(0.0	)%
Change in valuation allowance		(25,645	)		(0.8	)%
Nontaxable or nondeductible items		46,841			1.5	%
Other reconciling items
Research and development tax credit		(50,921	)		(1.7	)%
Effect of tax holiday		(265,448	)		(8.6	)%
Withholding tax		84,662			2.7	%
Others		24,818			0.8	%
Effective income tax rate		556,243			17.9	%

The PRC statutory income tax rate is used for the reconciliation as the majority of the Group’s operations are based in the PRC.

In 2025, the Group paid RMB1,246.0 million, RMB88.5 million and RMB14.9 million in income taxes (net of refunds received) in the Chinese mainland, Philippines and other countries.

The aggregate amount and per share effect of the tax holidays are as follows:

	2023		2024		2025
	For the years ended December 31,
	2023		2024		2025
	RMB		RMB		RMB

Tax holiday effect		356,159		259,755		265,448
Net profit per share effect
- Basic		0.27		0.20		0.21
- Diluted		0.26		0.20		0.20

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

12. Taxation (continued)

Deferred tax assets

The following table sets forth the significant components of the deferred tax assets:

	2024			2025
	As of December 31,
	2024			2025
	RMB			RMB

Deferred tax assets:
Timing difference in revenue recognition		2,375,253			3,345,949
Provision for accounts receivable and contract assets and loans receivable		330,493			75,036
Accumulated tax losses-carry forward		179,809			155,457
Payroll and welfare payable and other temporary differences		69,024			114,981
Quality assurance obligations		126,706			173,337
Less: Valuation allowance		(75,810	)		(63,439	)
Total deferred tax assets		3,005,475			3,801,321

Deferred tax liabilities:
Intangible assets arisen from business combination and asset acquisition		(33,520	)		(73,205	)
Fair value adjustment to assets and liabilities during business combination and asset acquisition		-			(5,043	)
Timing difference in revenue recognition		(140,144	)		(244,834	)
Quality assurance obligations		(395,868	)		(748,066	)
Fair value changes and other temporary difference		(35,949	)		(19,541	)
Unrealized gain in consolidated trusts		(110,783	)		(173,470	)
Withholding tax for undistributed earnings		(266,559	)		(331,647	)
Total deferred tax liabilities		(982,823	)		(1,595,806	)

Movement of valuation allowances

Schedule of valuation allowance

	2023			2024			2025
	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB

At beginning of year		115,754			94,926			75,810
Current year additions		44,113			34,490			17,964
Current year reversals		(64,941	)		(53,606	)		(30,335	)
At end of year		94,926			75,810			63,439

Valuation allowances have been provided on deferred tax assets due to the uncertainty surrounding their realization. As of December 31, 2024 and 2025, valuation allowances on deferred tax assets mainly arising from tax loss carry forwards were provided because it was more likely than not that the Group will not be able to utilize tax loss carry forwards and certain deductible expenses generated by certain unprofitable subsidiaries.

As of December 31, 2025, total tax loss carry forwards of the Company’s subsidiaries in the PRC of approximately RMB512,507 will expire if not used between 2026 and 2030. The applicable carry-forward limitation period is 5 years under the PRC EIT law.

Uncertain tax positions

The Group evaluates the level of authority for each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2024 and 2025, the Group did not have any significant unrecognized uncertain tax positions.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Schedule of interest income, interest expense and loan provision losses related to loans (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Interest income	¥ 1,373,377	¥ 873,148	¥ 1,102,493
Less: Interest expense	(36,918)	(19,369)	(53,114)
Net interest income	¥ 1,336,459	¥ 853,779	¥ 1,049,379

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Schedule of disaggregation of revenue (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Quality Assurance Program [Member]
Product Information [Line Items]
Change in expected discretionary payment to investor reserve fund investors	¥ 4,858,627	¥ 5,677,518	¥ 6,158,483
Without Quality Assurance Program [Member]
Product Information [Line Items]
Change in expected discretionary payment to investor reserve fund investors	3,249,463	1,449,231	860,588
Loan Facilitation Service Fees [Member] \| Quality Assurance Program [Member]
Product Information [Line Items]
Change in expected discretionary payment to investor reserve fund investors	3,601,135	3,951,236	4,187,976
Loan Facilitation Service Fees [Member] \| Without Quality Assurance Program [Member]
Product Information [Line Items]
Change in expected discretionary payment to investor reserve fund investors	1,575,322	743,144	332,528
Postfacilitation Service Fees [Member \| Quality Assurance Program [Member]
Product Information [Line Items]
Change in expected discretionary payment to investor reserve fund investors	1,155,562	1,610,744	1,869,214
Postfacilitation Service Fees [Member \| Without Quality Assurance Program [Member]
Product Information [Line Items]
Change in expected discretionary payment to investor reserve fund investors	474,215	129,497	100,491
Financial Service, Other [Member] \| Quality Assurance Program [Member] \| Borrowers Referral Fee [Member]
Product Information [Line Items]
Change in expected discretionary payment to investor reserve fund investors
Financial Service, Other [Member] \| Quality Assurance Program [Member] \| Other Revenues [Member]
Product Information [Line Items]
Change in expected discretionary payment to investor reserve fund investors	101,930	115,538	101,293
Financial Service, Other [Member] \| Without Quality Assurance Program [Member] \| Borrowers Referral Fee [Member]
Product Information [Line Items]
Change in expected discretionary payment to investor reserve fund investors	226,471	269,536	220,480
Financial Service, Other [Member] \| Without Quality Assurance Program [Member] \| Other Revenues [Member]
Product Information [Line Items]
Change in expected discretionary payment to investor reserve fund investors	¥ 973,455	¥ 307,054	¥ 207,089

Schedule of accrued expenses and other liabilities (Details)
¥ in Thousands, $ in Thousands

Dec. 31, 2025

USD ($)

Dec. 31, 2025

CNY (¥)

Dec. 31, 2024

CNY (¥)

Payables and Accruals [Abstract]

Funds payable to institutional funding partners

^[1]

¥ 492,479

¥ 504,353

Accrued marketing expense

345,245

312,749

Accrued credit reference expense

90,805

67,146

Accrued collection service fee

69,836

41,975

Accrued technical services expense

44,383

43,697

Accrued payment channel expenses

26,167

35,426

Accrued professional service fee

55,943

37,527

Payable to platform users

142,628

111,409

Others

162,045

77,588

Total

$ 204,420

¥ 1,429,531

¥ 1,231,870

[1]	The balance of payable mainly includes funds received from borrowers but not yet transferred to the institutional funding partners due to the settlement time lag.

Schedule of financial information of assets and liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cash and cash equivalents	$ 612,764	¥ 4,285,121	¥ 4,672,772
Restricted cash	273,534	1,912,850	2,074,300
Short-term investments	431,172	3,015,226	2,832,382
Accounts receivable and contract assets	290,084	2,028,585	2,405,880
Property, equipment and software, net	91,707	641,316	623,792
Intangible assets	38,645	270,246	137,298
Right of use assets	7,439	52,020	36,826	¥ 38,110
Investments		141,492	193,062
Deferred tax assets	427,860	2,992,071	2,513,865
Prepaid expenses and other assets	167,460	1,171,066	1,271,673
Total assets	3,634,098	25,413,604	23,607,121
Deferred guarantee income	160,015	1,119,004	1,515,950
Liability from quality assurance commitment	368,198	2,574,842	2,964,116
Payroll and welfare payable	51,649	361,188	290,389
Taxes payable	25,320	177,064	705,928
Funds payable to investors of consolidated trusts	111,328	778,531	796,122
Contract liabilities	32	226	10,185
Deferred tax liabilities	112,476	786,556	491,213
Leasing liabilities	6,394	44,711	28,765
Amounts due to related parties	2,674	18,700	13,314
Accrued expenses and other liabilities	204,420	1,429,531	1,231,870
Total liabilities	$ 1,225,438	8,569,617	8,053,446
Beijing Paipairongxin Investment Consulting Company Limited [Member]
Cash and cash equivalents		1,692,232	2,343,220
Restricted cash		1,597,209	1,889,665
Short-term investments		1,918,459	1,653,847
Accounts receivable and contract assets		1,625,773	2,106,533
Quality assurance receivable		446,375	1,100,960
Property, equipment and software, net		480,684	489,931
Intangible assets		59,267	48,932
Right of use assets		27,768	23,995
Loans and receivables, net of credit loss allowance for loans receivables		5,597,757	3,499,667
Investments		924,062	972,952
Investment in subsidiaries		103,510	113,571
Deferred tax assets		2,540,051	2,042,468
Amounts due from Group companies		2,380,916	2,457,600
Amounts due from related parties		20,343	952
Prepaid expenses and other assets		699,202	816,569
Total assets		20,113,608	19,560,862
Deferred guarantee income		893,602	1,283,000
Liability from quality assurance commitment		1,796,856	2,591,768
Payroll and welfare payable		179,883	153,686
Taxes payable		43,657	561,475
Funds payable to investors of consolidated trusts		778,531	793,720
Contract liabilities		226	10,185
Deferred tax liabilities		238,650	112,604
Leasing liabilities		26,420	22,673
Amounts due to Group companies		8,963,834	7,533,335
Amounts due to related parties		5,809	130
Accrued expenses and other liabilities		967,257	878,881
Total liabilities		¥ 13,894,725	¥ 13,941,457

Business Combination (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of allocation of purchase price in aggregate

The allocation of the purchase price in aggregate is as follows:

	As of acquisition date			Amortization years
	RMB

Identifiable assets acquired
Identifiable intangible asset*		38,606		Indefinite
Cash		552,685
Deferred tax asset		26,237
Other asset		104,896
Identifiable liabilities assumed
Deferred tax liability		(8,940	)
Other liability		(14,425	)
Non-controlling interest		(222,941	)
Total purchase price		476,118

*	The intangible asset refers to the Micro-Lending License of Yonghui Small Loan and the Multi-finance License of PIF that qualify the “contractual-legal” criterion. They are recognized at fair value.

	As of acquisition date			Amortization years
	RMB
Identifiable assets acquired
Identifiable intangible asset*		123,450		Indefinite
Fair value adjustment of property, equipment and software		16,811
Cash		17,564
Goodwill		79,759
Other assets		141,537
Identifiable liabilities assumed
Deferred tax liability		(42,078	)
Other liabilities		(105,648	)
Total purchase price is comprised of:		231,395
- cash consideration		159,861
- fair value of previously held equity interests		71,534

*	The intangible asset refers to the Australian Credit License of Fundo that qualify the “contractual-legal” criterion. It is recognized at fair value.

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Schedule of Information about movement of leasing liabilities (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Leases
Beginning balance		¥ 28,765	¥ 35,878
Recognition of additional leasing contract		39,873	20,467
De-recognition of leasing contract		(2,378)	(6,015)
Interest of lease liabilities		2,334	1,263
Leasing payment	$ (3,452)	(24,126)	(22,908)	¥ (43,539)
Business combination		243	80
Ending balance		¥ 44,711	¥ 28,765	¥ 35,878

Accrued expenses and other liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued expenses and other liabilities

10. Accrued expenses and other liabilities

Accrued expenses and other liabilities consist of the following:

	2024		2025
	As of December 31,
	2024		2025
	RMB		RMB

Funds payable to institutional funding partners¹		504,353		492,479
Accrued marketing expense		312,749		345,245
Accrued credit reference expense		67,146		90,805
Accrued collection service fee		41,975		69,836
Accrued technical services expense		43,697		44,383
Accrued payment channel expenses		35,426		26,167
Accrued professional service fee		37,527		55,943
Payable to platform users		111,409		142,628
Others		77,588		162,045
Total		1,231,870		1,429,531

1	The balance of payable mainly includes funds received from borrowers but not yet transferred to the institutional funding partners due to the settlement time lag.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

Schedule of amounts due to related party (Details)
¥ in Thousands, $ in Thousands

Dec. 31, 2025

USD ($)

Dec. 31, 2025

CNY (¥)

Dec. 31, 2024

CNY (¥)

Amounts due to related parties

$ 2,674

¥ 18,700

¥ 13,314

PP Credit Data Service Shanghai Company Limited [Member]

Amounts due to related parties

^[1]

Shanghai Gouya Technology Co Ltd [Member]

Amounts due to related parties

^[2]

124

Smart Frontier Technology Co Ltd [Member]

Amounts due to related parties

5,685

Halodo Limited [Member]

Amounts due to related parties

^[3]

¥ 12,891

¥ 13,184

[1]	PPcredit Data Service (Shanghai) Co., Ltd. (“PPcredit”) was founded in April 2016 by the founders of the Group to provide data collection services. The Group mainly uses PPcredit as a data provider since PPcredit was established. The price for the service is determined based on the price charged by other market participants.
[2]	Shanghai Gouya Technology Co., Ltd. (“Gouya”) was founded in Novemeber 2020 by the founders of the Group to provide smart vending machine services. In August 2023, the Group disposed of 70% of the interest it held in Gouya and Gouya became one of the related parties of the Group thereof.
[3]	Halodo Limited (“Halodo”) was founded in 2019 as a holding company within the Group. In September 2024, the Group disposed of 100% of the interest in Halodo but still holds significant influence over its management and operating policies and Halodo became one of the related parties of the Group thereof.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Schedule of investments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
Accounting Policies [Abstract]
Equity method investments		¥ 141,492	¥ 193,062
Non-marketable equity investments		1,000,324	979,941
Investments	$ 163,278	¥ 1,141,816	¥ 1,173,003

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Schedule of property, equipment and software, net (Details)
¥ in Thousands, $ in Thousands

Dec. 31, 2025

USD ($)

Dec. 31, 2025

CNY (¥)

Dec. 31, 2024

CNY (¥)

Property, Plant and Equipment [Line Items]

Total

¥ 996,210

¥ 939,182

Less: Accumulated depreciation and amortization

^[1]

(354,894)

(315,390)

Property, equipment and software, net

$ 91,707

641,316

623,792

Computer and Electronic Equipment [Member]

Property, Plant and Equipment [Line Items]

Total

326,220

314,619

Building [Member]

Property, Plant and Equipment [Line Items]

Total

^[2]

483,817

Building Improvements [Member]

Property, Plant and Equipment [Line Items]

Total

11,258

Office Furniture and Equipment [Member]

Property, Plant and Equipment [Line Items]

Total

29,408

29,027

Leasehold Improvements [Member]

Property, Plant and Equipment [Line Items]

Total

9,625

33,708

Software Development [Member]

Property, Plant and Equipment [Line Items]

Total

¥ 135,882

¥ 78,011

[1]	Depreciation and amortization expenses for the years ended December 31, 2023, 2024 and 2025 was RMB22,515, RMB69,491 and RMB 66,484 respectively.
[2]	The Company purchased the building of the Group’s principle executive offices in Shanghai, the People’s Republic of China in 2024.

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases

Schedule of lease cost

(a) The following table sets forth the breakdown of leasing expenses：

Schedule of lease cost

	2024		2025
	For the years ended December 31,
	2024		2025
	RMB		RMB

Lease cost:
Amortization of right-of-use assets		12,646		18,532
Interest of lease liabilities		1,263		2,334
Expenses for short-term leases within 12 months		3,753		2,581
Total lease cost		17,662		23,447

Schedule of supplemental cash flow

(b) The following table sets forth the supplemental cash flow information related to leases:

Schedule of supplemental cash flow

	2024		2025
	For the years ended December 31,
	2024		2025
	RMB		RMB

Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease payments		22,908		24,126

Schedule of weighted-average remaining lease term and discount rate

	As of December 31,
	2024			2025

Weighted-average remaining lease term
Operating leases		1.71 years			2.14 years
Weighted-average discount rate
Operating leases		4.99	%		6.03	%

Schedule of Information about movement of right of use assets

(d) The following table sets forth the movement of right of use assets for the years ended December 31, 2024 and 2025:

	2024			2025
	For the years ended December 31,
	2024			2025
	RMB			RMB

Beginning balance		38,110			36,826
Recognition of additional leasing contract		20,467			39,873
De-recognition of leasing contract		(9,312	)		(6,331	)
Amortization of right of use assets		(12,646	)		(18,532	)
Business combination		207			184
Ending balance		36,826			52,020

Schedule of Information about movement of leasing liabilities

(e) The following table sets forth the movement of leasing liabilities for the years ended December 31, 2024 and 2025:

	2024			2025
	For the years ended December 31,
	2024			2025
	RMB			RMB

Beginning balance		35,878			28,765
Recognition of additional leasing contract		20,467			39,873
De-recognition of leasing contract		(6,015	)		(2,378	)
Interest of lease liabilities		1,263			2,334
Leasing payment		(22,908	)		(24,126	)
Business combination		80			243
Ending balance		28,765			44,711

Summary of maturities of lease liabilities

(f) The following table sets forth the maturities of lease liabilities：

	As of
	December 31, 2025
	RMB

2026		31,416
2027		10,760
2028		3,752
2029		2,471
2030		1,449
Total undiscounted lease payments		49,848
Less: Imputed interest		(5,137	)
Total lease liabilities		44,711

Cover

12 Months Ended

Dec. 31, 2025

$ / shares

Entity Addresses [Line Items]

Document Type

20-F

Amendment Flag

false

Document Registration Statement

false

Document Annual Report

true

Document Transition Report

false

Document Shell Company Report

false

Document Period End Date

Dec. 31, 2025

Document Fiscal Period Focus

Document Fiscal Year Focus

2025

Current Fiscal Year End Date

--12-31

Entity File Number

001-38269

Entity Registrant Name

FinVolution Group

Entity Central Index Key

0001691445

Entity Incorporation, State or Country Code

Entity Address, Address Line One

Building G1, No. 999 Dangui Road

Entity Address, City or Town

Shanghai

Entity Address, Country

Entity Address, Postal Zip Code

201203

Entity Well-known Seasoned Issuer

Entity Voluntary Filers

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Large Accelerated Filer

Entity Emerging Growth Company

false

Document Accounting Standard

U.S. GAAP

Entity Shell Company

false

ICFR Auditor Attestation Flag

true

Document Financial Statement Error Correction [Flag]

false

Auditor Firm ID

1424

Auditor Opinion [Text Block]

We have audited the accompanying consolidated balance sheets of FinVolution Group and its subsidiaries (the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of comprehensive income, of changes in shareholders’ equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Auditor Name

PricewaterhouseCoopers Zhong Tian LLP

Auditor Location

Shanghai, the People’s Republic of China

American depositary shares (one American depositary share representing five Class A ordinary shares, par value US$0.00001 per share)

Entity Addresses [Line Items]

Title of 12(b) Security

American depositary shares (one American depositary share representing five Class A ordinary shares, par value US$0.00001 per share)

Trading Symbol

FINV

Security Exchange Name

NYSE

Class A ordinary shares, par value US$0.00001

Entity Addresses [Line Items]

Title of 12(b) Security

Class A ordinary shares, par value US$0.00001 per share

^[1]

No Trading Symbol Flag

true

Security Exchange Name

NYSE

Common Class A And Class B [Member]

Entity Addresses [Line Items]

Entity Common Stock, Shares Outstanding

1,216,442,834

Entity Listing, Par Value Per Share | $ / shares

$ 0.00001

Common Class A [Member]

Entity Addresses [Line Items]

Entity Common Stock, Shares Outstanding

649,742,834

Common Class B [Member]

Entity Addresses [Line Items]

Entity Common Stock, Shares Outstanding

566,700,000

Business Contact [Member]

Entity Addresses [Line Items]

Entity Address, Address Line One

Building G1, No. 999 Dangui Road

Entity Address, City or Town

Shanghai

Entity Address, Country

Entity Address, Postal Zip Code

201203

City Area Code

+ 86

Local Phone Number

21 8030 3200

Contact Personnel Name

Jiayuan Xu, Chief Financial Officer

Contact Personnel Email Address

xujiayuan@xinye.com

[1]	Not for trading, but only in connection with the listing on the New York Stock Exchange of American depositary shares.

Subsequent events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent events

23. Subsequent events

On March 16, 2026, the Board of Directors of the Company unanimously approved a cash dividend of US$ 0.306 per ADS, and is expected to be distributed on or around May 7, 2026 to shareholders of record as of the close of business on April 16, 2026.

In March 2026, Indonesia’s antitrust agency, Komisi Pengawas Persaingan Usaha (“KPPU”), imposed administrative fines on 97 online lending firms operating in Indonesia, alleging violations of antitrust laws through alleged interest rate coordination. The Group’s operations conducted under the AdaKami brand in Indonesia were among the sanctioned entities and were fined an aggregate amount of IDR 102,300,000,000, approximately RMB41.7 million, in connection with the alleged coordination. On April 8, 2026, the Group has filed a formal appeal against the KPPU’s decision.

Related party balances and transactions

12 Months Ended

Dec. 31, 2025

Related party balances and transactions

11. Related party balances and transactions

The Group conducts transactions with multiple related parties, and only amounts and balances of major transactions are shown below:

Amounts incurred by the Group


	For the years ended December 31,
	2023		2024		2025
	RMB		RMB		RMB

Smart Frontier¹
Operation and support services expenses¹		-		-		29,928

Amounts due to related parties


	As of December 31,
	2024		2025
	RMB		RMB

PPcredit²		6		-
Gouya³		124		124
Smart Frontier		-		5,685
Halodo⁴		13,184		12,891
Total		13,314		18,700
Amounts due to related parties		13,314		18,700

Amounts due from related parties


	As of December 31,
	2024		2025
	RMB		RMB

PPcredit²		444		-
Halodo⁴		16,755		16,382
Fuzhou Rongheng⁵		508		-
Smart Frontier		-		20,343
Total		17,707		36,725
Amounts due from related parties		17,707		36,725

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases

Leases

16. Leases

The Group leases facilities under non-cancellable operating leases expiring on different dates. The terms of substantially all of these leases are four years or less. When determining the lease term, the Group includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. All of the Group’s leases qualify as operating leases. With the adoption of the new leasing standard, the Group has recorded a right-of-use asset and corresponding lease liability, by calculating the present value of future lease payments, discounted at additional borrowing rate.

(a) The following table sets forth the breakdown of leasing expenses：

Schedule of lease cost

	2024		2025
	For the years ended December 31,
	2024		2025
	RMB		RMB

Lease cost:
Amortization of right-of-use assets		12,646		18,532
Interest of lease liabilities		1,263		2,334
Expenses for short-term leases within 12 months		3,753		2,581
Total lease cost		17,662		23,447

(b) The following table sets forth the supplemental cash flow information related to leases:

Schedule of supplemental cash flow

	2024		2025
	For the years ended December 31,
	2024		2025
	RMB		RMB

Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease payments		22,908		24,126

	As of December 31,
	2024			2025

Weighted-average remaining lease term
Operating leases		1.71 years			2.14 years
Weighted-average discount rate
Operating leases		4.99	%		6.03	%

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

16. Leases (continued)

(d) The following table sets forth the movement of right of use assets for the years ended December 31, 2024 and 2025:

	2024			2025
	For the years ended December 31,
	2024			2025
	RMB			RMB

Beginning balance		38,110			36,826
Recognition of additional leasing contract		20,467			39,873
De-recognition of leasing contract		(9,312	)		(6,331	)
Amortization of right of use assets		(12,646	)		(18,532	)
Business combination		207			184
Ending balance		36,826			52,020

(e) The following table sets forth the movement of leasing liabilities for the years ended December 31, 2024 and 2025:

	2024			2025
	For the years ended December 31,
	2024			2025
	RMB			RMB

Beginning balance		35,878			28,765
Recognition of additional leasing contract		20,467			39,873
De-recognition of leasing contract		(6,015	)		(2,378	)
Interest of lease liabilities		1,263			2,334
Leasing payment		(22,908	)		(24,126	)
Business combination		80			243
Ending balance		28,765			44,711

(f) The following table sets forth the maturities of lease liabilities：

	As of
	December 31, 2025
	RMB

2026		31,416
2027		10,760
2028		3,752
2029		2,471
2030		1,449
Total undiscounted lease payments		49,848
Less: Imputed interest		(5,137	)
Total lease liabilities		44,711

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

Net profit per share (Tables)

12 Months Ended

Dec. 31, 2025

Net profit per ADS attributable to FinVolution Group’s ordinary shareholders (one ADS equals to five ordinary shares)

Schedule of computation of earnings per share

Basic net profit per share and diluted net profit per share have been calculated in accordance with ASC Topic 260 on computation of earnings per share for the years ended December 31, 2023, 2024 and 2025 as follows:

	2023		2024		2025
	For the years ended December 31,
	2023		2024		2025
	RMB		RMB		RMB

Basic net profit per share calculation:
Numerator:
Net profit attributable to FinVolution Group’s ordinary shareholders		2,340,835		2,383,146		2,542,405
Denominator:
Weighted average number of ordinary shares outstanding—basic		1,374,713,018		1,287,853,207		1,259,849,521
Net profit per share attributable to FinVolution Group’s ordinary shareholders —basic		1.70		1.85		2.02

Diluted net profit per share calculation:
Numerator:
Net profit attributable to FinVolution Group’s ordinary shareholders		2,340,835		2,383,146		2,542,405
Interest expense attributable to convertible senior notes		-		-		17,453
Net profit attributable to FinVolution Group’s ordinary shareholders —diluted		2,340,835		2,383,146		2,559,858

Denominator:
Weighted average number of ordinary shares outstanding—basic		1,374,713,018		1,287,853,207		1,259,849,521
Ordinary shares issuable upon the exercise of outstanding stock options using the treasury stock method		1,395,803		814,226		1,444,254
Ordinary shares issuable upon the vesting of outstanding RSUs using the treasury stock method		26,838,740		31,562,059		41,357,563
Ordinary shares issuable upon convertible senior notes using the if-converted method		-		-		31,586,647
Weighted average number of ordinary shares outstanding—diluted		1,402,947,561		1,320,229,492		1,334,237,985
Net profit per share attributable to FinVolution Group’s ordinary shareholders —diluted		1.67		1.81		1.92

Business Combination

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combination

3. Business Combination

In 2024 and 2025, the Group entered into share purchase agreements to purchase equity interest in several entities, of which major ones are described as follows. In accordance with ASC 805, the acquisition of those entities had been accounted for as a business combination. The Group has consolidated all of the relevant entities since their respective acquisition dates, and has incorporated the results of operations since the acquisition dates in the Group’s consolidated financial statements.

Acquisition of Yonghui Yunjin

In June 2024, the Group purchased 65% of the common shares of Yonghui Yunjin Technology Co., Ltd. and two of its wholly-owned subsidiaries, Chongqing Yonghui Small Loan Co., Ltd. (“Yonghui Small Loan”) and Yonghui Qinghe Commercial Factoring (Chongqing) Co., Ltd. (“Yonghui Qinghe”) (together as “Yonghui Yunjin”) for a total cash consideration of RMB382.8 million.

Acquisition of PIF

In 2024, the Group, through one of its subsidiaries, entered into a deal to purchase common shares of PT Pratama Interdana Finance (“PIF”). As of December 31, 2024, the Group paid cash consideration of IDR197.2 billion (around RMB89.4 million) and is entitled to 83.75% of interest in PIF.

The allocation of the purchase price in aggregate is as follows:

	As of acquisition date			Amortization years
	RMB

Identifiable assets acquired
Identifiable intangible asset*		38,606		Indefinite
Cash		552,685
Deferred tax asset		26,237
Other asset		104,896
Identifiable liabilities assumed
Deferred tax liability		(8,940	)
Other liability		(14,425	)
Non-controlling interest		(222,941	)
Total purchase price		476,118

*	The intangible asset refers to the Micro-Lending License of Yonghui Small Loan and the Multi-finance License of PIF that qualify the “contractual-legal” criterion. They are recognized at fair value.

In September 2025, the Group additional acquired the 6.905% of the equity interests in Yonghui Yunjin with a total cash consideration of approximately RMB 41.5 million.

In December 2025, the Group additional acquired the remaining 16.25% of the equity interests in PIF with a total cash consideration of approximately RMB 12.3 million.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

3. Business Combination (Continued)

Acquisition of Fundo

In July 2025, the Group acquired a 40% equity interest in Fundo Loans Pty Ltd (“Fundo”) with a cash consideration of AUD16.0 million (around RMB74.8 million). The 40% equity interest held in Fundo was accounted for under the equity method as the Group has the ability to exercise significant influence but does not have control.

In October 2025, the Group acquired 100% equity interests of Fundo by purchasing the remaining 60% interest with a cash consideration of AUD33.1 million (around RMB159.9 million). Upon the consummation of the acquisition, the Group effectively controls Fundo. Therefore, the financial statements of Fundo have been consolidated into the Group’s consolidated financial statements from the date control was obtained.

The Group accounted for the step acquisition using the acquisition method of accounting. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date. The excess of (i) the total costs of acquisition and acquisition date fair value of previously held equity interest in Fundo over (ii) the fair value of the identifiable net assets of Fundo is recorded as goodwill which was attributed to expected synergies arising from the acquisition. The allocation of the purchase price as of the date of acquisition is summarized as follows:

	As of acquisition date			Amortization years
	RMB
Identifiable assets acquired
Identifiable intangible asset*		123,450		Indefinite
Fair value adjustment of property, equipment and software		16,811
Cash		17,564
Goodwill		79,759
Other assets		141,537
Identifiable liabilities assumed
Deferred tax liability		(42,078	)
Other liabilities		(105,648	)
Total purchase price is comprised of:		231,395
- cash consideration		159,861
- fair value of previously held equity interests		71,534

*	The intangible asset refers to the Australian Credit License of Fundo that qualify the “contractual-legal” criterion. It is recognized at fair value.

Other than the acquisition disclosed above, none of other acquisition occurred during the periods presented was material to our business or financial results. Other immaterial acquisitions in 2023, 2024 and 2025 with total consideration of nil, RMB4.0 million and nil were immaterial that resulted in no recorded goodwill and recorded intangible assets of nil, RMB5.1 million and nil respectively.

Pro forma results of operations for all the acquisitions have not been presented because they were not material to the consolidated statements of operations and comprehensive income for the years ended December 31, 2023, 2024 and 2025, either individually or in aggregate.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Schedule of supplemental cash flow (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases
Operating lease payments	¥ 24,126	¥ 22,908

Employee benefits (Details Narrative) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Amount of employee benefits charged	¥ 235,155	¥ 224,170	¥ 199,002

Share-based compensation (Details Narrative) ¥ in Thousands	12 Months Ended
Share-based compensation (Details Narrative) ¥ in Thousands	Dec. 31, 2025 CNY (¥) ¥ / shares	Dec. 31, 2024 CNY (¥) ¥ / shares	Dec. 31, 2023 $ / shares	Dec. 31, 2023 CNY (¥)	Dec. 31, 2018
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expenses	¥ 3,311	¥ 2,894		¥ 2,889
Unrecognized compensation cost	¥ 4,346
Weighted average recognition period	1 year 11 months 1 day
Weighted average grant-date per-share fair value of options granted \| (per share)			$ 0.37
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expenses	¥ 145,734	¥ 141,158		¥ 113,518
Weighted average recognition period	3 years 3 months 3 days
Unrecognized compensation cost of unvested restricted shares	¥ 323,259
Restricted Stock Units (RSUs) [Member] \| 2017 Share Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period					4 years
Share-Based Payment Arrangement, Option [Member] \| 2017 Share Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period					4 years

Ordinary shares and treasury stock (Details Narrative) $ / shares in Units, ¥ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 CNY (¥) shares
Class of Stock [Line Items]
Repurchase of ordinary shares \| ¥		¥ 767,004		¥ 643,208		¥ 691,464
Ordinary stock, shares issued	1,550,071,169
Common Class A [Member]
Class of Stock [Line Items]
Repurchase of ordinary shares, shares	72,918,190	72,918,190	88,949,555	88,949,555	107,601,530	107,601,530
Repurchase of ordinary shares	$ 107.2	¥ 767,000	$ 90.6	¥ 643,200	$ 97.9	¥ 691,500
Weighted average price per shares \| $ / shares	$ 1.47		$ 1.02		$ 0.91
Ordinary stock, shares issued	983,371,169		983,371,169
Ordinary stock, par value \| $ / shares	$ 0.00001		$ 0.00001
Common Class B [Member]
Class of Stock [Line Items]
Ordinary stock, shares sold			2,500,000	2,500,000
Ordinary stock, shares issued	566,700,000		566,700,000
Ordinary stock, par value \| $ / shares	$ 0.00001		$ 0.00001

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Convertible senior notes

12 Months Ended

Dec. 31, 2025

Convertible Senior Notes

Convertible senior notes

18. Convertible senior notes

On June 19, 2025, the Group issued convertible senior notes for an aggregate principal amount of US$ 150 million due on July 1, 2030 unless earlier converted, redeemed or repurchased (the “2030 Note”). The 2030 Notes are senior, unsecured obligations of the Group and bear interest at a rate of 2.50% per year, payable semi-annually in arrears on January 1 and July 1 of each year, beginning on January 1, 2026. The initial conversion rate of the 2030 Notes is 80.8865 ADSs per US$1,000 principal amount of the Notes, which is equivalent to an initial conversion price of approximately US$12.36 per ADS.

Each holder of the 2030 Notes has a right at such holder’s option to require the Company to repurchase cash all or any portion of the principal that is equal to US$1,000 or a multiple of US$1,000, on July 3, 2028 (the “Repurchase Date”). In addition, if a fundamental change occurs, each holder has a right at such holder’s option to require the Company to repurchase for cash all or any portion of such holder’s 2030 Notes. The Company believes that the likelihood of occurrence of the fundamental change is remote.

The 2030 Notes are generally not redeemable prior to the maturity date on July 1, 2030, except that the Company may, at its option, redeem all but not part of the 2030 Notes if less than 10% of the aggregate principal amount of the Notes originally issued remains outstanding at such time or the Company has or will become obligated to pay holders additional amount due to certain changes in tax law of the relevant jurisdiction. As of December 31, 2025, there has been no such change in tax laws occurred.

The Company accounted for the 2030 Notes as a single instrument as a long-term debt measured at its amortized cost. The debt issuance cost of US$5.5 million was recorded as reduction to the long-term debts and are amortized as interest expense using the effective interest method.

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

Prepaid expenses and other assets

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid expenses and other assets

5. Prepaid expenses and other assets

Receivables, prepayments and other assets consist of the following:


	As of December 31,
	2024		2025
	RMB		RMB

Security deposits and other deposits¹		848,495		649,704
Deductible value-added taxes		78,310		64,300
Prepaid online marketing expenses		12,417		17,207
Advances		93,190		110,674
Trust statutory deposits		46,488		105,319
Others		192,773		223,862
Prepaid expense and other assets		1,271,673		1,171,066

Summary of maturities of lease liabilities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases
2026	¥ 31,416
2027	10,760
2028	3,752
2029	2,471
2030	1,449
Total undiscounted lease payments	49,848
Less: Imputed interest	(5,137)
Total lease liabilities	¥ 44,711	¥ 28,765	¥ 35,878

Schedule of amount due from related parties (Details)
¥ in Thousands, $ in Thousands

Dec. 31, 2025

USD ($)

Dec. 31, 2025

CNY (¥)

Dec. 31, 2024

CNY (¥)

PP Credit Data Service Shanghai Company Limited [Member]

Amounts due from related parties

^[1]

¥ 444

Halodo Limited [Member]

Amounts due from related parties

^[2]

16,382

16,755

Fuzhou Rongheng Information Technology Co Ltd [Member]

Amounts due from related parties

^[3]

508

Smart Frontier Technology Co Ltd [Member]

Amounts due from related parties

20,343

Related Party [Member]

Amounts due from related parties

$ 5,252

¥ 36,725

¥ 17,707

[1]	PPcredit Data Service (Shanghai) Co., Ltd. (“PPcredit”) was founded in April 2016 by the founders of the Group to provide data collection services. The Group mainly uses PPcredit as a data provider since PPcredit was established. The price for the service is determined based on the price charged by other market participants.
[2]	Halodo Limited (“Halodo”) was founded in 2019 as a holding company within the Group. In September 2024, the Group disposed of 100% of the interest in Halodo but still holds significant influence over its management and operating policies and Halodo became one of the related parties of the Group thereof.
[3]	Fuzhou Rongheng Information Technology Co., Ltd. (“Fuzhou Rongheng”) was founded in July 2023 to provide mediation service. In January 2024, the Group, through one of its subsidiaries, purchased 40% of the interest in Fuzhou Rongheng and Fuzhou Rongheng became one of the related parties of the Group thereof.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Schedule of receivables, prepayments and other assets (Details)
¥ in Thousands, $ in Thousands

Dec. 31, 2025

USD ($)

Dec. 31, 2025

CNY (¥)

Dec. 31, 2024

CNY (¥)

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Security deposits and other deposits

^[1]

¥ 649,704

¥ 848,495

Deductible value-added taxes

64,300

78,310

Prepaid online marketing expenses

17,207

12,417

Advances

110,674

93,190

Trust statutory deposits

105,319

46,488

Others

223,862

192,773

Prepaid expense and other assets

$ 167,460

¥ 1,171,066

¥ 1,271,673

[1]

Schedule of movement of deferred guarantee income (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Opening balance		¥ 1,515,950
Ending balance	$ 160,015	1,119,004	¥ 1,515,950
Deferred Guarantee Income [Member]
Opening balance		1,515,950	1,882,036	¥ 1,805,164
Newly undertaken quality assurance obligations		3,727,988	4,719,210	4,555,867
Release of quality assurance obligations upon repayment		(4,124,934)	(5,085,296)	(4,478,995)
Ending balance		¥ 1,119,004	¥ 1,515,950	¥ 1,882,036

Consolidated Statements of Comprehensive Income ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Operating revenue:
Net revenues	$ 1,940,411	¥ 13,569,483	¥ 13,065,824	¥ 12,547,445
Operating expenses:
Origination, servicing expenses and other cost of revenue	(410,436)	(2,870,221)	(2,381,839)	(2,111,515)
Origination, servicing expenses and other cost of revenue-related party	(4,280)	(29,928)
Sales and marketing expenses	(314,673)	(2,200,543)	(2,014,254)	(1,887,442)
General and administrative expenses	(63,226)	(442,148)	(413,548)	(390,022)
Research and development expenses	(76,735)	(536,617)	(496,740)	(510,986)
Credit losses for quality assurance commitment	(495,114)	(3,462,384)	(4,587,254)	(4,422,802)
Provision for loans receivable	(91,190)	(637,700)	(320,013)	(586,843)
Provision for accounts receivable and contract assets	(60,912)	(425,966)	(317,049)	(253,948)
Impairment of goodwill and intangible assets	(7,247)	(50,676)
Total operating expenses	(1,523,813)	(10,656,183)	(10,530,697)	(10,163,558)
Other income
Interest expenses	(4,071)	(28,472)
Other income, net	30,975	216,617	310,123	394,698
Profit before income tax expenses	443,502	3,101,445	2,845,250	2,778,585
Income tax expenses	(79,542)	(556,243)	(457,405)	(395,100)
Net profit	363,960	2,545,202	2,387,845	2,383,485
Net profit attributable to non-controlling interest shareholders	(400)	(2,797)	(4,699)	(42,650)
Net profit attributable to FinVolution Group’s ordinary shareholders	363,560	2,542,405	2,383,146	2,340,835
Net profit	363,960	2,545,202	2,387,845	2,383,485
Foreign currency translation adjustment, net of nil tax	(11,383)	(79,599)	12,620	27,769
Total comprehensive income	352,577	2,465,603	2,400,465	2,411,254
Total comprehensive income attributable to non-controlling interest shareholders	(400)	(2,797)	(4,699)	(42,650)
Total comprehensive income attributable to FinVolution Group’s ordinary shareholders	$ 352,177	¥ 2,462,806	¥ 2,395,766	¥ 2,368,604
Weighted average number of ordinary shares used in computing net profit per share
Basic	1,259,849,521	1,259,849,521	1,287,853,207	1,374,713,018
Diluted	1,334,237,985	1,334,237,985	1,320,229,492	1,402,947,561
Net profit per ADS attributable to FinVolution Group’s ordinary shareholders (one ADS equals to five ordinary shares)
Basic \| (per share)	$ 0.29	¥ 2.02	¥ 1.85	¥ 1.70
Diluted \| (per share)	0.27	1.92	1.81	1.67
American Depositary Share [Member]
Net profit per ADS attributable to FinVolution Group’s ordinary shareholders (one ADS equals to five ordinary shares)
Basic \| (per share)	1.44	10.09	9.25	8.51
Diluted \| (per share)	$ 1.37	¥ 9.59	¥ 9.03	¥ 8.34
Loan Facilitation Service Fees [Member]
Operating revenue:
Net revenues	$ 740,224	¥ 5,176,457	¥ 4,694,380	¥ 4,520,504
Postfacilitation Service Fees [Member
Operating revenue:
Net revenues	233,055	1,629,777	1,740,241	1,969,705
Guarantee Income [Member]
Operating revenue:
Net revenues	589,858	4,124,934	5,085,296	4,478,995
Net Interest Income [Member
Operating revenue:
Net revenues	191,111	1,336,459	853,779	1,049,379
Financial Service, Other [Member]
Operating revenue:
Net revenues	$ 186,163	¥ 1,301,856	¥ 692,128	¥ 528,862

Condensed financial information of the parent company (Tables)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Schedule of condensed balance sheet

The Company did not have significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2024 and 2025.

Schedule of condensed balance sheet

	RMB			RMB			US$ Note2(e)
	As of December 31,
	2024			2025
	RMB			RMB			US$ Note2(e)

Assets
Cash and cash equivalents		76,052			97,932			14,004
Short-term investments		14,566			14,810			2,118
Prepaid expenses and other assets		34,812			7,267			1,041
Amounts due from Group companies		870,209			950,887			135,975
Amounts due from related parties		16,726			16,355			2,339
Investment in subsidiaries¹		17,900,257			20,458,617			2,925,543
Total assets		18,912,622			21,545,868			3,081,020
Liabilities and Shareholders’ Equity
Accrued expenses and other liabilities		1,493			5,833			834
Convertible senior notes		-			1,019,266			145,753
Amounts due to Group companies		3,707,065			3,970,668			567,798
Total liabilities		3,708,558			4,995,767			714,385
Shareholders’ equity :
Class A ordinary shares (US$0.00001 par value; 10,000,000,000 shares authorized as of December 31, 2024 and 2025; 983,371,169 and 983,371,169 issued as of December 31, 2024 and 2025; 699,550,724 and 649,742,834 outstanding as of December 31, 2024 and 2025)		64			64			9
Class B ordinary shares (US$0.00001 par value; 10,000,000,000 shares authorized as of December 31, 2024 and 2025; 566,700,000 and 566,700,000 issued and outstanding as of December 31, 2024 and 2025)		39			39			6
Additional paid-in capital		5,815,437			5,908,586			844,917
Treasury stock (283,820,445 and 333,628,335 shares as of December 31, 2024 and 2025)		(1,765,542	)		(2,465,259	)		(352,527	)
Statutory reserves		852,723			1,042,312			149,049
Accumulated other comprehensive income		92,626			13,027			1,863
Retained earnings		10,208,717			12,051,332			1,723,318
Total shareholders’ equity		15,204,064			16,550,101			2,366,635
Total liabilities and shareholders’ equity		18,912,622			21,545,868			3,081,020

The subsidiaries consolidate the VIEs and their subsidiaries (including the consolidated trusts).

Schedule of comprehensive income

Statements of comprehensive income

Schedule of comprehensive income

	RMB			RMB			RMB			US$ Note 2(e)
	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB			US$ Note 2(e)

Operating expenses
General and administrative expenses		(19,446	)		(11,636	)		(12,708	)		(1,817	)
Profits from operations
Interest expenses		-			-			(17,453	)		(2,496	)
Other income, net		34,670			12,161			19,015			2,720
Income from subsidiaries		2,325,611			2,382,621			2,553,551			365,153
Net profit		2,340,835			2,383,146			2,542,405			363,560
Net profit attributable to ordinary shareholders		2,340,835			2,383,146			2,542,405			363,560

Schedule of cash flow statement

Statements of cash flows

Schedule of cash flow statement

	RMB			RMB			RMB			US$ Note 2(e)
	For the years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB			US$ Note 2(e)

Net cash provided by (used in) operating activities for Third-parties		9,545			(14,877	)		17,407			2,489
Net cash provided by (used in) operating activities		9,545			(14,877	)		17,407			2,489
Collection of loans from Group companies		32,913			251,998			20,892			2,988
Cash paid as loans extended to Group companies		(499,562	)		(14,009	)		(101,571	)		(14,524	)
Other investing activities		-			(14,379	)		333			48
Net cash (used in) provided by investing activities		(466,649	)		223,610			(80,346	)		(11,488	)
Repayment of loans to Group companies		(74,346	)		(12,708	)		(8,481	)		(1,213	)
Cash received as loans from Group companies		1,491,485			902,451			272,083			38,907
Other financing activities		(1,110,984	)		(1,084,539	)		(222,404	)		(31,803	)
Net cash provided by (used in) financing activities		306,155			(194,796	)		41,198			5,891

Intangible assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets

7. Intangible assets

Intangible assets consist of the following:

Schedule of intangible assets


	As of December 31,
	2024		2025
	RMB		RMB

Micro-Lending Licenses		77,760		88,360
Insurance Brokerage License		34,667		34,667
Multi-finance License		19,490		18,653
Collection License		5,116		5,116
Factoring License		265		265
Australian Credit License¹		-		123,450
Total		137,298		270,511
Less: impairment		-		(265	)
Intangible assets		137,298		270,246

Australian Credit License was acquired through the Group’s acquisition with Fundo (Note 3).

Schedule of aggregate amount and per share effect of tax holidays (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Tax holiday effect	¥ 265,448	¥ 259,755	¥ 356,159
- Basic	¥ 0.21	¥ 0.20	¥ 0.27
- Diluted	¥ 0.20	¥ 0.20	¥ 0.26

Schedule of quality assurance receivable (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Quality assurance receivable gross	¥ 1,896,659	¥ 2,066,540
Quality assurance receivable gross current	1,796,736	1,969,550
Accounts Receivables 1 to 89 Days Past Due [Member]
Quality assurance receivable gross	63,798	60,194
Accounts Receivables 90 to 119 Days Past Due [Member]
Quality assurance receivable gross	14,201	12,329
Accounts Receivables 120 to149 Days Past Due [Member]
Quality assurance receivable gross	11,548	12,055
Accounts Receivables 150 to179 Days Past Due [Member]
Quality assurance receivable gross	10,376	12,412
Accounts Receivables Total Past Due [Member]
Quality assurance receivable gross	99,923	96,990
New borrowers [Member]
Quality assurance receivable gross	641,416	566,392
Quality assurance receivable gross current	619,165	545,255
New borrowers [Member] \| Accounts Receivables 1 to 89 Days Past Due [Member]
Quality assurance receivable gross	15,447	15,289
New borrowers [Member] \| Accounts Receivables 90 to 119 Days Past Due [Member]
Quality assurance receivable gross	2,647	1,980
New borrowers [Member] \| Accounts Receivables 120 to149 Days Past Due [Member]
Quality assurance receivable gross	2,153	1,878
New borrowers [Member] \| Accounts Receivables 150 to179 Days Past Due [Member]
Quality assurance receivable gross	2,004	1,990
New borrowers [Member] \| Accounts Receivables Total Past Due [Member]
Quality assurance receivable gross	22,251	21,137
Repeat Borrowers [Member]
Quality assurance receivable gross	1,255,243	1,500,148
Quality assurance receivable gross current	1,177,571	1,424,295
Repeat Borrowers [Member] \| Accounts Receivables 1 to 89 Days Past Due [Member]
Quality assurance receivable gross	48,351	44,905
Repeat Borrowers [Member] \| Accounts Receivables 90 to 119 Days Past Due [Member]
Quality assurance receivable gross	11,554	10,349
Repeat Borrowers [Member] \| Accounts Receivables 120 to149 Days Past Due [Member]
Quality assurance receivable gross	9,395	10,177
Repeat Borrowers [Member] \| Accounts Receivables 150 to179 Days Past Due [Member]
Quality assurance receivable gross	8,372	10,422
Repeat Borrowers [Member] \| Accounts Receivables Total Past Due [Member]
Quality assurance receivable gross	¥ 77,672	¥ 75,853

Bank Borrowings (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of bank borrowings

The following table presents bank borrowings as of December 31, 2024 and 2025:

Schedule of bank borrowings

	2024		2025
	As of December 31,
	2024		2025

Current portion:
Short-term borrowings¹		5,594		170,408
Non-current portion:
Long-term borrowings²		-		89,590

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands, Rp in Billions	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cash flows from operating activities:
Net profit	$ 363,960	¥ 2,545,202	¥ 2,387,845	¥ 2,383,485
Adjustments to reconcile net profit to net cash provided by (used in) operating activities:
Provision for loans receivable	91,190	637,700	320,013	586,843
Provision for accounts receivable and contract assets	60,912	425,966	317,049	253,948
Provision for quality assurance receivable	65,131	455,466	378,695	354,366
Depreciation and amortization	9,507	66,484	69,491	22,515
Amortization of right-of-use asset and interest of leasing liabilities	3,200	22,374	16,761	46,575
Change in fair value of short-term investments	2,750	19,228	(45,589)	(32,462)
Gain or loss from investments	4,111	28,742	(7,752)	722
Net gain from investment in loans	(191,111)	(1,336,459)	(853,779)	(1,049,379)
Share-based compensation	21,313	149,045	144,052	116,407
Impairment of goodwill and intangible assets	7,247	50,676
Interest expense on borrowings	29	200	168
Changes in operating assets and liabilities:
Accounts receivable and contract assets	(6,760)	(47,276)	(514,391)	(245,041)
Quality assurance receivable	(18,741)	(131,059)	(262,671)	(440,126)
Deferred tax assets	(68,383)	(478,207)	(863,303)	(704,964)
Prepaid expenses and other assets	26,137	182,778	1,705,744	124,972
Deferred guarantee income	(56,763)	(396,946)	(366,086)	76,872
Liability from quality assurance commitment	(55,665)	(389,274)	(342,016)	(249,486)
Payroll and welfare payable	10,124	70,799	28,385	(12,880)
Taxes payable	(75,438)	(527,542)	499,086	73,450
Contract liabilities	(1,424)	(9,959)	5,076
Leasing liabilities	(3,452)	(24,126)	(22,908)	(43,539)
Deferred tax liabilities	41,887	292,917	141,665	108,420
Accrued expenses and other liabilities	37,303	260,871	157,625	(9,826)
Net cash provided by operating activities	267,064	1,867,600	2,893,160	1,360,872
Cash flows from investing activities:
Collection of loans originated and held by the Group	2,400,359	16,785,948	6,853,291	7,338,026
Investment in loans originated and held by the Group	(2,634,992)	(18,426,766)	(9,352,176)	(5,829,136)
Proceeds from disposal of investments	5,388	37,684	7,583	6,029
Purchase of investments	(5,039)	(35,240)	(35,165)	(67,800)
Proceeds from short-term investments	1,125,405	7,870,067	7,517,922	12,430,443
Purchase of short-term investments	(1,154,300)	(8,072,138)	(7,343,894)	(11,929,977)
Purchase of property, equipment and software	(12,039)	(84,191)	(27,757)	(538,095)
Purchase of intangible assets	(1,310)	(9,161)
Net funds paid on behalf of customers	(3,315)	(23,183)	(16,354)	(1,498)
Proceeds from disposal of a subsidiary	(1,416)	(9,905)	(703)	4,000
Cash paid for business combinations, net of cash acquired	(31,004)	(216,812)	101,437
Net cash provided by (used in) investing activities	(312,263)	(2,183,697)	(2,295,816)	1,411,992
Cash flows from financing activities:
Cash received from investors - consolidated trusts	220,396	1,541,250	780,000	1,272,700
Cash paid to investors - consolidated trusts	(228,186)	(1,595,731)	(439,599)	(2,735,478)
Net funds held for customers	(5,116)	(35,778)	121,733	54,049
Cash received from short-term borrowings	30,578	213,836	28,094	5,756
Repayment of short-term borrowings	(6,020)	(42,095)	(28,262)
Cash paid for dividends	(72,958)	(510,201)	(441,331)	(430,353)
Repurchase of ordinary shares	(109,680)	(767,004)	(643,208)	(694,521)
Proceeds from exercise of share options	1,468	10,264		2,280
Proceeds from convertible senior notes, net of issuance cost	149,367	1,044,537
Cash paid for acquisition of additional equity interests of subsidiaries	(7,691)	(53,784)
Capital injection from (reduction by) non-controlling interest shareholders	1	10	(142)	20,565
Net cash used in financing activities	(27,841)	(194,696)	(622,715)	(2,505,002)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(5,480)	(38,308)	3,053	22,441
Net increase (decrease) in cash, cash equivalents and restricted cash	(78,520)	(549,101)	(22,318)	290,303
Cash, cash equivalents and restricted cash at beginning of year	964,818	6,747,072	6,769,390	6,479,087
Cash, cash equivalents and restricted cash at end of year	886,298	6,197,971	6,747,072	6,769,390
Supplemental disclosure of cash investing and financing activities
Cash paid for interest including interest paid to investors of consolidated trusts	(6,544)	(45,765)	(38,310)	(87,100)
Cash paid for income taxes	(192,963)	(1,349,411)	(673,736)	(960,477)
Supplemental disclosure of non-cash investing and financing activities
Payable for purchase of intangible assets	715	5,000	5,000	5,000
Payable for convertible senior note issuance cost	637	¥ 4,455
Cash and cash equivalents	612,764
Restricted cash	273,534
Total cash, cash equivalents and restricted cash	$ 886,298			¥ 6,769,390

Property, equipment and software, net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of property, equipment and software, net

Property, equipment and software, net consist of the following:


	As of December 31,
	2024			2025
	RMB			RMB

Computer and electronic equipment		314,619			326,220
Office building²		483,817			483,817
Office building improvement		-			11,258
Office furniture and equipment		29,027			29,408
Leasehold improvement		33,708			9,625
Software		78,011			135,882
Total		939,182			996,210
Less: Accumulated depreciation and amortization¹		(315,390	)		(354,894	)
Property, equipment and software, net		623,792			641,316

Depreciation and amortization expenses for the years ended December 31, 2023, 2024 and 2025 was RMB22,515, RMB69,491 and RMB 66,484 respectively.

The Company purchased the building of the Group’s principle executive offices in Shanghai, the People’s Republic of China in 2024.

Schedule of lease cost (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Schedule of lease cost (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases
Amortization of right-of-use assets	¥ 18,532	¥ 12,646
Interest of lease liabilities	2,334	1,263
Expenses for short-term leases within 12 months	2,581	3,753
Total lease cost	¥ 23,447	¥ 17,662

Net profit per share

12 Months Ended

Dec. 31, 2025

Net profit per ADS attributable to FinVolution Group’s ordinary shareholders (one ADS equals to five ordinary shares)

Net profit per share

15. Net profit per share

Basic net profit per share is computed using the weighted average number of the ordinary shares outstanding during the period. Diluted net profit per share is computed using the weighted average number of ordinary shares and potential ordinary shares outstanding during the period.

	2023		2024		2025
	For the years ended December 31,
	2023		2024		2025
	RMB		RMB		RMB

Basic net profit per share calculation:
Numerator:
Net profit attributable to FinVolution Group’s ordinary shareholders		2,340,835		2,383,146		2,542,405
Denominator:
Weighted average number of ordinary shares outstanding—basic		1,374,713,018		1,287,853,207		1,259,849,521
Net profit per share attributable to FinVolution Group’s ordinary shareholders —basic		1.70		1.85		2.02

Diluted net profit per share calculation:
Numerator:
Net profit attributable to FinVolution Group’s ordinary shareholders		2,340,835		2,383,146		2,542,405
Interest expense attributable to convertible senior notes		-		-		17,453
Net profit attributable to FinVolution Group’s ordinary shareholders —diluted		2,340,835		2,383,146		2,559,858

Denominator:
Weighted average number of ordinary shares outstanding—basic		1,374,713,018		1,287,853,207		1,259,849,521
Ordinary shares issuable upon the exercise of outstanding stock options using the treasury stock method		1,395,803		814,226		1,444,254
Ordinary shares issuable upon the vesting of outstanding RSUs using the treasury stock method		26,838,740		31,562,059		41,357,563
Ordinary shares issuable upon convertible senior notes using the if-converted method		-		-		31,586,647
Weighted average number of ordinary shares outstanding—diluted		1,402,947,561		1,320,229,492		1,334,237,985
Net profit per share attributable to FinVolution Group’s ordinary shareholders —diluted		1.67		1.81		1.92

FINVOLUTION GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

Commitments and contingencies (Details Narrative) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Obligated to pay the capital and other commitments	¥ 40	¥ 59
Ownership percentage	50.00%
Bussiness Acquisition Agreements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Obligated to pay the capital and other commitments	¥ 59	¥ 400

Consolidated Statements of Changes in Shareholders' Equity ¥ in Thousands, $ in Thousands	Common Stock [Member] CNY (¥) shares	Additional Paid-in Capital [Member] CNY (¥)	Treasury Stock, Common [Member] CNY (¥) shares	AOCI Attributable to Parent [Member] CNY (¥)	Statutory Reserves [Member] CNY (¥)	Retained Earnings [Member] CNY (¥)	Noncontrolling Interest [Member] CNY (¥)	USD ($) shares	CNY (¥) shares
Beginning balance, value at Dec. 31, 2022	¥ 103	¥ 5,692,703	¥ (568,595)	¥ 52,237	¥ 698,401	¥ 6,496,852	¥ 72,788		¥ 12,444,489
Balance, shares at Dec. 31, 2022 \| shares	1,550,071,169
Treasury stock, shares at Dec. 31, 2022 \| shares			(136,874,400)
Repurchase of ordinary shares			¥ (691,464)						(691,464)
Repurchase of ordinary shares, shares \| shares			(107,601,530)
Share-based compensation		116,407							116,407
Exercise of share-based compensation plans		(60,376)	¥ 60,376
Exercise of share-based compensation plans, shares \| shares			20,799,700
Net profit						2,340,835	42,650		2,383,485
Dividends paid to shareholders						(416,463)	(13,890)		(430,353)
Foreign currency translation adjustment				27,769					27,769
Appropriation to statutory reserve					64,071	(64,071)
Capital reduction by non-controlling interest							20,565		20,565
Ending balance, value at Dec. 31, 2023	¥ 103	5,748,734	¥ (1,199,683)	80,006	762,472	8,357,153	122,113		13,870,898
Balance, shares at Dec. 31, 2023 \| shares	1,550,071,169
Treasury stock, shares at Dec. 31, 2023 \| shares			(223,676,230)
Repurchase of ordinary shares			¥ (643,208)						(643,208)
Repurchase of ordinary shares, shares \| shares			(88,949,555)
Share-based compensation		144,052							144,052
Exercise of share-based compensation plans		(77,349)	¥ 77,349
Exercise of share-based compensation plans, shares \| shares			28,805,340
Net profit						2,383,146	4,699		2,387,845
Dividends paid to shareholders						(441,331)			(441,331)
Foreign currency translation adjustment				12,620					12,620
Appropriation to statutory reserve					90,251	(90,251)
Capital reduction by non-controlling interest							(142)		(142)
Business combination							222,941		222,941
Ending balance, value at Dec. 31, 2024	¥ 103	5,815,437	¥ (1,765,542)	92,626	852,723	10,208,717	349,611		¥ 15,553,675
Balance, shares at Dec. 31, 2024 \| shares	1,550,071,169
Treasury stock, shares at Dec. 31, 2024 \| shares			(283,820,445)					283,820,445	283,820,445
Repurchase of ordinary shares			¥ (767,004)						¥ (767,004)
Repurchase of ordinary shares, shares \| shares			(72,918,190)
Share-based compensation		149,045							149,045
Exercise of share-based compensation plans		(57,023)	¥ 67,287						10,264
Exercise of share-based compensation plans, shares \| shares			23,110,300
Net profit						2,542,405	2,797	$ 363,960	2,545,202
Dividends paid to shareholders						(510,201)			(510,201)
Foreign currency translation adjustment				(79,599)				(11,383)	(79,599)
Appropriation to statutory reserve					189,589	(189,589)
Business combination							10		10
Acquisition of additional equity interests of subsidiaries		1,127					(58,532)		(57,405)
Ending balance, value at Dec. 31, 2025	¥ 103	¥ 5,908,586	¥ (2,465,259)	¥ 13,027	¥ 1,042,312	¥ 12,051,332	¥ 293,886	$ 2,408,660	¥ 16,843,987
Balance, shares at Dec. 31, 2025 \| shares	1,550,071,169
Treasury stock, shares at Dec. 31, 2025 \| shares			(333,628,335)					333,628,335	333,628,335

Summary of assets and liabilities measured at fair value on recurring basis (Details) - Fair Value, Recurring [Member] - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Platform Operator, Crypto Asset [Line Items]
Short-term investments	¥ 3,015,226	¥ 2,832,382
Fair Value, Inputs, Level 1 [Member]
Platform Operator, Crypto Asset [Line Items]
Short-term investments
Fair Value, Inputs, Level 2 [Member]
Platform Operator, Crypto Asset [Line Items]
Short-term investments	3,015,226	2,832,382
Fair Value, Inputs, Level 3 [Member]
Platform Operator, Crypto Asset [Line Items]
Short-term investments

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

Bank Borrowings (Details Narrative) ¥ in Millions, $ in Millions		12 Months Ended
	Jun. 19, 2025 USD ($)	Dec. 31, 2025 CNY (¥)
Debt Disclosure [Abstract]
Debt term		36 months
Principal amount	$ 150	¥ 89.6
Debt maturity date	Jul. 01, 2030	Apr. 24, 2028

Schedule of cash flow statement (Details) $ in Thousands	12 Months Ended
Schedule of cash flow statement (Details) $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	$ 267,064	¥ 1,867,600,000	¥ 2,893,160,000	¥ 1,360,872,000
Net cash provided by (used in) investing activities	(312,263)	(2,183,697,000)	(2,295,816,000)	1,411,992,000
Net cash (used in) provided by financing activities	(27,841)	(194,696,000)	(622,715,000)	(2,505,002,000)
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	2,489	17,407	(14,877)	9,545
Collection of loans from Group companies	2,988	20,892	251,998	32,913
Cash paid as loans extended to Group companies	(14,524)	(101,571)	(14,009)	(499,562)
Other investing activities	48	333	(14,379)
Net cash provided by (used in) investing activities	(11,488)	(80,346)	223,610	(466,649)
Repayment of loans to Group companies	(1,213)	(8,481)	(12,708)	(74,346)
Cash received as loans from Group companies	38,907	272,083	902,451	1,491,485
Other financing activities	(31,803)	(222,404)	(1,084,539)	(1,110,984)
Net cash (used in) provided by financing activities	5,891	41,198	(194,796)	306,155
Parent Company [Member] \| Third Party Revenues [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	$ 2,489	¥ 17,407	¥ (14,877)	¥ 9,545