On April 2 (U.S. Eastern Time), Lexin closed at USD 2.25, up 5.14%, having touched USD 2.30 intraday, showing a fluctuating upward trend. This reflects growing market attention to the company’s improving fundamentals. Against the backdrop of an overall still-recovering consumer finance sector, Lexin’s stock performance partly indicates a market reassessment of its profitability and growth logic.

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Sustained Earnings Recovery Highlights Operational Resilience

From a fundamentals perspective, Lexin’s Q4 2025 financial report shows that the company maintained a steady operational trajectory. The report indicates that in Q4, revenue reached CNY 3.0 billion, with Non-GAAP EBIT of CNY 299 million; for the full year 2025, Non-GAAP EBIT totaled CNY 2.216 billion, reflecting ongoing recovery in profitability. Despite tighter industry regulation and continued risk de-risking, the company sustained stable profits, demonstrating strong counter-cyclical capability. At the same time, the company continued shareholder returns: in H2 2025, dividends accounted for approximately 30% of net profit, and about 80% of the planned share repurchases have been completed, signaling management’s confidence in long-term development.

Dual Growth in Scale and Users Solidifies the Core Business

In terms of scale, the company’s core business continued to expand steadily. Q4 transaction volume reached CNY 50 billion, with managed loan balances of CNY 96.6 billion; for the full year, transaction volume totaled CNY 205.3 billion, maintaining a trillion-level scale. More importantly, the quality of user growth improved: Q4 active users reached 4.53 million, with 884,000 new active users. In a context of intensifying industry competition and rising customer acquisition costs, the quality of user growth has become increasingly significant. By optimizing products and services, Lexin continues to increase the proportion of high-quality users, laying the foundation for future profitability.

Diversified Ecosystem Drives Growth: Consumption and Inclusive Finance in Tandem

From a business structure perspective, the diversified ecosystem has become a key driver of company growth. In retail, leveraging the Fenqile platform, the company performed strongly during consumer events such as “Double 11” and “Double 12,” with Q4 platform transaction volume up 94.5% year-on-year. Growth in daily consumer goods was particularly notable, reflecting a gradual recovery in consumer demand. In inclusive finance, the company continued to support small and micro borrowers, providing CNY 4.73 billion in loans to nearly 140,000 users in Q4, further expanding services in lower-tier markets and real economy scenarios. Additionally, overseas operations in Mexico and Indonesia have gradually entered a harvesting phase, with scale, profitability, and asset quality improving simultaneously, becoming new sources of growth momentum.

AI Deep Integration Enhances Efficiency and Risk Management

On the technology front, AI has become a key variable in Lexin’s competitive edge. In Q4, the company applied AI large models and intelligent agents deeply across core functions such as risk management, customer service, and operations. In risk management, intelligent strategy systems significantly improved risk identification and decision-making efficiency; in customer service, AI-powered support now handles over 80% of user inquiries, effectively reducing labor costs and enhancing user experience. AI is gradually evolving from an auxiliary tool into a core infrastructure, reshaping operational efficiency and cost structure.

Outlook: Policy Tailwinds and Structural Optimization Clarify Growth Logic

Looking ahead to 2026, with ongoing “stimulate consumption” policies, consumer finance and installment retail are expected to see demand recovery. Coupled with an increase in high-quality users, synergy across diversified businesses, and continued AI empowerment, Lexin’s operational quality and growth certainty are likely to further strengthen. As fundamental improvement gradually materializes, the company’s valuation also has room for adjustment. Overall, following industry adjustment, Lexin is moving toward a stage of “stable growth + high quality,” and its subsequent performance remains worthy of market attention.

How to Buy Lexin Vision via on uSMART

After logging into the uSMART HK app, click the “Search” button in the top-right corner of the page, enter the ticker code (LX.US), and navigate to the details page to view transaction details and historical trends. Click the “Trade” button in the bottom-right corner, select the trade type, and submit your order after filling in the transaction conditions.

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