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WEKA Maximizes Token Output With Lower Cost Per Token on NVIDIA BlueField-4 STX

NeuralMesh and Augmented Memory Grid Integration with NVIDIA STX Increases Token Production by 6.5x in the Same GPU Footprint, Slashing Cost of Inference for AI-Driven Organizations

SAN JOSE, Calif. and CAMPBELL, Calif., March 17, 2026 /PRNewswire/ — From GTC 2026: WEKA, the AI storage and memory systems company, today announced the integration of its NeuralMesh™ software with the NVIDIA STX reference architecture. WEKA’s breakthrough Augmented Memory Grid™ memory extension technology running on NeuralMesh will support NVIDIA STX to bring high-throughput context memory storage to agentic AI factories, making long-context reasoning seamless across sessions, tools, and tasks. Leveraging NVIDIA Vera Rubin NVL72, NVIDIA BlueField-4, and NVIDIA Spectrum-X Ethernet, the NeuralMesh solution based on NVIDIA STX will deliver an estimated increase of 4-10x more tokens per second for context memory while supporting at least 320 GB read and 150 GB write throughput per second for AI workloads, more than double the throughput of conventional AI storage platforms.

WEKA and NVIDIA unlock cost-efficient AI inference at scale
WEKA and NVIDIA unlock cost-efficient AI inference at scale

Solving the Inference Cost Problem with Shared KV Cache Infrastructure
Scaling agentic systems, especially for software engineering applications, exposes a hard truth: today’s AI economics are decided at the memory infrastructure layer. Every large-scale inference fleet hits the memory wall: limited high-bandwidth memory (HBM) on the GPU is rapidly exhausted, key-value (KV) cache is evicted, context is lost, and the system is forced to repeat work it already completed. This architectural inefficiency sends inference costs soaring. The answer is a shared KV cache infrastructure that keeps context live across agents, users, and sessions. It eliminates redundant computation, sustains token throughput, and maintains predictable performance. Without shared KV cache infrastructure, every increase in concurrent users and agents becomes a liability — costs rise, experiences degrade, and the inference fleet becomes harder to operate the larger it grows. With STX for context memory, NVIDIA is introducing a blueprint to address these core inference bottlenecks.

Context Memory Storage: The Foundation of Agentic AI Factories
With co-designed WEKA solutions based on NVIDIA STX architecture, AI clouds, enterprises, and AI model builders can deploy the infrastructure foundation they need to run GPUs at peak productivity, sustain high-volume token production, and make large-scale inference more energy and cost-efficient.

Leading AI innovators and cloud providers, such as Firmus, are already transforming their inference economics with Augmented Memory Grid on NeuralMesh.

“Real-world AI doesn’t run in a lab— it has power constraints, cooling limits, and relentless workload demand. Firmus is built for exactly that. Paired with NVIDIA AI infrastructure, WEKA Augmented Memory Grid delivers up to 6.5x higher tokens per second and 4x faster TTFT at scale, proving we can get more performance from the same GPU footprint. With NeuralMesh and Augmented Memory Grid integrated into our NVIDIA-aligned AI Factory and NVIDIA STX reference architecture, we’ll be able to deliver the fastest context memory network for predictable and efficient inference at scale,” said Daniel Kearney, Chief Technology Officer at Firmus.

NeuralMesh and NVIDIA STX: Purpose-Built for Agentic AI
NeuralMesh is WEKA’s intelligent, adaptive storage system built on over 170 patents. It will run across the full-stack STX reference architecture, providing the next-generation storage organizations need to standardize high-performance AI data services and accelerate agentic AI outcomes. WEKA’s Augmented Memory Grid is a purpose-built memory extension layer that pools and persists KV cache outside of GPU memory, keeping long-context sessions stable and concurrency high as inference workloads grow. First unveiled at GTC 2025 and generally available to NeuralMesh customers today, Augmented Memory Grid has been validated with Supermicro on NVIDIA Grace CPUs and BlueField-3 DPUs to deliver numerous benefits that improve AI economics, including:

  • Faster User Experiences: Augmented Memory Grid on NeuralMesh delivers up to 4-20x improvement in time-to-first-token, keeping AI agents and applications responsive under real-world load.
  • More Revenue from the Same Hardware: Serve 6.5x more tokens per GPU — without adding infrastructure.
  • Sustained Performance at Scale: Augmented Memory Grid maintains high KV cache hit rates even as sessions, agents, and context windows grow — preventing the performance cliff that hits DRAM-only architectures.
  • GPU-Native Efficiency: BlueField-4 integration offloads the storage data path from the CPU, keeping GPUs fully productive and eliminating I/O bottlenecks.

“With coding LLMs advancing, we’re seeing unprecedented adoption of Agentic AI use cases for software engineering, where productivity increases by 100-1000x. As coding assistants make repeated calls against largely unchanged codebases and prompts, WEKA’s Augmented Memory Grid reuses cached context instead of forcing redundant prefill, even as context windows grow to incredible lengths. This provides a major boost in response times and greatly increases the number of concurrent users running on the same infrastructure,” said Liran Zvibel, co-founder and CEO at WEKA. “WEKA first identified this need for context memory storage more than a year ago and launched Augmented Memory Grid at GTC 2025. Now, NVIDIA STX opens the door to organizations running their storage and memory extension infrastructure on state-of-the-art NVIDIA Vera Rubin architecture, including NVIDIA BlueField-4 and NVIDIA Spectrum-X Ethernet. Running Augmented Memory Grid on NeuralMesh for NVIDIA STX delivers extreme performance and efficiency that translates directly to game-changing AI economics.”

Availability

WEKA’s Augmented Memory Grid is commercially available with NeuralMesh today.

Organizations that don’t address the memory wall today will find it harder and more expensive to scale tomorrow. As agentic workloads grow and context windows expand, DRAM-only architectures face a compounding cost problem: each additional concurrent user or session increases recomputation overhead, GPU idle time, and operational cost. The organizations that architect for persistent KV cache now will have a structural cost and performance advantage over those that wait.

For more information about NeuralMesh, visit: weka.io/NeuralMesh.
For more information about Augmented Memory Grid, visit: weka.io/augmented-memory-grid.

Organizations can learn more at weka.io/nvidia or visit WEKA at GTC 2026, booth #1034.

About WEKA
WEKA is transforming how organizations build, run, and scale AI workflows with NeuralMesh™ by WEKA®, its intelligent, adaptive mesh storage system. Unlike traditional data infrastructure, which becomes slower and more fragile as workloads expand, NeuralMesh becomes faster, stronger, and more efficient as it scales, dynamically adapting to AI environments to provide a flexible foundation for enterprise AI and agentic AI innovation. Trusted by 30% of the Fortune 50, NeuralMesh helps leading enterprises, AI cloud providers, and AI builders optimize GPUs, scale AI faster, and reduce innovation costs. Learn more at www.weka.io or connect with us on LinkedIn and X.

WEKA and the W logo are registered trademarks of WekaIO, Inc. Other trade names herein may be trademarks of their respective owners.

WEKA_v1_Logo_new
WEKA_v1_Logo_new

LX Pantos Accelerates Global Expansion with Acquisition of Logistics Center in Poland

SEOUL, South Korea and KATOWICE, Poland, March 17, 2026 /PRNewswire/ — LX Pantos, a leading global logistics company (Global CEO: Lee Yong-ho), is accelerating its global expansion through strategic partnerships and infrastructure investments.

On March 16, LX Pantos announced that a consortium including the Korea Overseas Infrastructure & Urban Development Corporation (KIND) and the PIS No. 2 Fund, a policy fund under Korea’s Ministry of Land, Infrastructure and Transport, has acquired a newly built logistics complex in Katowice, southern Poland, in a transaction valued at approximately USD 148 million.

The Katowice Logistics Center consists of five buildings with a combined total floor area of 109,000㎡. The complex is being developed and brought into operation in phases, with full completion scheduled for the first half of 2026. Several global and local companies have already secured leases.

Through the Katowice Logistics Center, LX Pantos plans to establish an Eastern European logistics hub and expand services for key industries such as automotive parts, consumer goods, and home appliances. The facility is also expected to serve as a forward logistics base to support reconstruction-driven demand in Ukraine once rebuilding begins.

Beyond Europe, the company is actively expanding its global operations in key strategic markets, including the United States and Asia. In the United States, LX Pantos established Boxlinks LLC, a joint venture with Ocean Network Express (ONE), and acquired a large-scale logistics center in Georgia with a site area of 304,769 m², equivalent to approximately 43 soccer fields, to strengthen its intermodal operations. In Northeast Asia, the company formed FutureLinks with Sinotrans to expand China–Korea multimodal transport and tap the fast-growing Sea & Air market driven by China-origin e-commerce cargo.

“LX Pantos operates subsidiaries in 40 countries and more than 380 global networks, delivering integrated sea, air, rail, and contract logistics solutions,” said Lee Yong-ho, Global CEO of LX Pantos. “Against this backdrop, the Katowice Logistics Center represents a strategic milestone in strengthening our presence in the European logistics market.”

  • About LX Pantos

Established in 1977, LX Pantos is a leading global logistics provider headquartered in Korea. It delivers comprehensive logistics solutions across sea, air, rail, and contract logistics through a worldwide network spanning more than 40 countries.

Rendering of the LX Pantos Katowice Logistics Center
Rendering of the LX Pantos Katowice Logistics Center

 

Lee Yong-ho, Global CEO of LX Pantos
Lee Yong-ho, Global CEO of LX Pantos

 

WEKA Accelerates AI Factory Deployment Times From Months to Minutes with Turnkey NVIDIA AI Data Platform Solution

New NeuralMesh AI Data Platform Closes the Gap Between AI Proof-of-Concept and Profitable Production, Delivering Scalable Business Intelligence and Faster AI Outcomes with NVIDIA

SAN JOSE, Calif. and CAMPBELL, Calif., March 17, 2026 /PRNewswire/ — From GTC 2026: WEKA, the AI storage and memory systems company, today announced general availability of its enterprise-ready NeuralMesh™ AI Data Platform (AIDP), which delivers composable, high-performance infrastructure optimized for AI Factory deployments. Based on NVIDIA AI Data Platform reference design, the solution is an end-to-end system that accelerates the delivery of AI-ready data to AI factories. The result: AI project timelines speed up from months to minutes, empowering organizations to deliver production-scale agentic AI applications using best-in-class technologies across their ecosystem.

WEKA and NVIDIA accelerate enterprise-ready AI factories
WEKA and NVIDIA accelerate enterprise-ready AI factories

Leveraging NeuralMesh’s uniquely adaptive architecture, the solution addresses the most persistent obstacle in enterprise AI: organizations can demonstrate AI concepts work in proof-of-concept (POC) but consistently struggle to reach production scale.

Built on more than 170 patents and over a decade of AI-native storage innovation, a foundation no competing storage platform can replicate, NeuralMesh is the only solution that gets faster and more resilient as AI environments scale to exabytes and beyond. As AI Factory data infrastructure becomes a critical layer in enterprise AI architecture, NeuralMesh is helping customers to close the gap between POC and production deployments today. Customers running NeuralMesh with Augmented Memory Grid™ can achieve 6.5x more tokens per GPU for inference workloads, reflecting the compounding advantage of a purpose-built architecture over retrofitted infrastructure.

“Enterprises are now deploying AI Factories internally, driving a major shift to inference throughout the ecosystem. These companies require rapid AI outcomes and need turnkey solutions that come with the enterprise table-stakes of reliability, security, and optimal price-performance and cost-effectiveness,” said Liran Zvibel, cofounder & CEO at WEKA. “WEKA’s NeuralMesh AIDP gives organizations everything they need to run always-on AI factories: extreme storage performance and the flexible architecture required to operationalize AI at production scale. Whether an organization is just beginning its AI journey or running full-stack NVIDIA deployments, NeuralMesh AIDP scales seamlessly as they grow.”

“The deployment of agentic AI in production demands a new focus on managing the continuous, coherent flow of data and inference context,” said Jason Hardy, vice president, storage technologies at NVIDIA. “By leveraging the NVIDIA AI Data Platform, solutions like WEKA’s NeuralMesh AIDP deliver the persistent context tier necessary for stable and high-scale agentic inference.”

One System, Every AI Workload: Delivering End-to-End AI Factories

AI factories provide enterprises with purpose-built production systems designed to operate AI at scale, but they demand storage capabilities that extend beyond where data sits to actively support context and continuous data movement. NeuralMesh, WEKA’s intelligent, adaptive storage system, delivers the continuous data-loop performance that AI factory workloads demand.

Out-of-the-Box AI Applications Designed to Accelerate Business Outcomes

NeuralMesh AIDP enables enterprises and AI cloud providers to unify AI operations from retrieval to inference on a single, ready-to-deploy platform. With pre-integrated hardware and software options from NVIDIA (including NVIDIA RTX 6000 PRO Server Edition GPUs and the newly announced NVIDIA RTX 4500 PRO Server Edition GPUs) alongside Red Hat, Spectro Cloud and Supermicro, organizations can eliminate months of AI integration work.

The platform provides a simplified solution that allows teams to focus on intelligence output rather than managing underlying infrastructure. It delivers ready-to-use pipelines for a spectrum of business use cases that work across verticals, including: Semantic Search, Video Search & Summarization (VSS), AlphaFold for drug discovery, AIQ/Agentic RAG and more.  

These AI applications are already being used by enterprise and research customers to drive outcomes across high-priority sectors:

  • Health & Life Sciences: Identify patient subgroups across multiple studies and accelerate discovery in data-intensive workflows such as cryo-EM.
  • Financial Services: Get early market signal detection as data lands and institutionalize knowledge access into a shared, secure resource.
  • Public Sector: Detect potential threats based on context and meaning, not keywords, and automate evidence synthesis across sources to improve decision-making cycles.
  • Physical AI & Robotics: Shorten the loop from real-world data capture to retrained model deployment, improving fleet performance, reliability, and time to market.

“The missing piece in production AI isn’t reasoning models or compute power. It’s having an efficient platform that unifies the AI Factory pipeline and makes it truly scalable,” said Shimon Ben-David, CTO at WEKA. “The NeuralMesh AIDP was designed to close AI’s production and profitability gap, taking enterprise experiments to full-scale operations and making AI economically viable for everything from next-generation agents to healthcare applications.”

Supporting Partner & Customer Quotes

“Getting AI to production requires more than technology— it requires consistency and control. By using the NeuralMesh AI Data Platform with Red Hat AI Enterprise, based on Red Hat OpenShift, organizations can run data-intensive AI pipelines across on-premises and cloud environments at the scale that enterprise production demands, without sacrificing governance or security,” said Ryan King, vice president, AI and Infrastructure Partners at Red Hat.

“The real challenge in AI is no longer training models. It is running them reliably in production, at scale, with predictable performance and cost. That’s where most AI initiatives stall. The NeuralMesh AI Data Platform integrates with our AI Acceleration Cloud, Neysa Velocis, to solve that problem directly. It gives teams a way to run AI workloads as dependable systems, without carrying the operational burden of stitching together complex infrastructure,” said Anindya Das, cofounder and CTO at Neysa.

Availability
The NeuralMesh AI Data Platform solution is available now, delivered as an appliance-style system. Organizations can learn more at weka.io/nvidia or visit WEKA at GTC 2026, booth #1034 for a demo.

For more information on the NeuralMesh AIDP:

About WEKA

WEKA is transforming how organizations build, run, and scale AI workflows with NeuralMesh™ by WEKA®, its intelligent, adaptive mesh storage system. Unlike traditional data infrastructure, which becomes slower and more fragile as workloads expand, NeuralMesh becomes faster, stronger, and more efficient as it scales, dynamically adapting to AI environments to provide a flexible foundation for enterprise AI and agentic AI innovation. Trusted by 30% of the Fortune 50, NeuralMesh helps leading enterprises, AI cloud providers, and AI builders optimize GPUs, scale AI faster, and reduce innovation costs. Learn more at www.weka.io or connect with us on LinkedIn and X.

WEKA and the W logo are registered trademarks of WekaIO, Inc. Other trade names herein may be trademarks of their respective owners.

WEKA: The Foundation for Enterprise AI
WEKA: The Foundation for Enterprise AI

 

FinVolution Group Reports Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results

-Full Year 2025 Revenue reached RMB13.6 billion, up 3.8% year-over-year-

-Full Year 2025 International Transaction Volume reached RMB14.0 billion, up 38.6% year-over-year-

– Full Year International Revenues reached RMB3.3 billion, up 32.0% year-over-year and representing 24.6% of total net revenues-

SHANGHAI, March 17, 2026 /PRNewswire/ — FinVolution Group (“FinVolution” or the “Company”) (NYSE: FINV), a leading fintech platform across China and international markets, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025.

For the Three Months
Ended/As of

YoY

Change

For the Full
Year Ended /
As of December
31,

 

YoY

Change

December 31, 
2024

December
31
, 2025

2024

2025

Total Transaction Volume (RMB in
billion
s)1          

56.9

42.8

-24.8 %

206.2

200.3

-2.9 %

Transaction Volume (China’s Mainland)2

54.0

38.7

-28.3 %

196.1

186.3

-5.0 %

Transaction Volume (International)3

2.9

4.1

41.4 %

10.1

14.0

38.6 %

Total Outstanding Loan Balance (RMB in
billion
s)

71.5

70.9

-0.8 %

71.5

70.9

-0.8 %

Outstanding Loan Balance (China’s Mainland)4  

69.8

68.3

-2.1 %

69.8

68.3

-2.1 %

Outstanding Loan Balance (International)5

1.7

2.6

52.9 %

1.7

2.6

52.9 %

Fourth Quarter 2025 China Market Operational Highlights

  • Cumulative registered users6 reached 187.4 million as of December 31, 2025, an increase of 8.6% compared with December 31, 2024.
  • Cumulative borrowers7 reached 29.0 million as of December 31, 2025, an increase of 8.2% compared with December 31, 2024.
  • Number of unique borrowers8 for the fourth quarter of 2025 was 1.5 million, a decrease of 28.6% compared with the same period of 2024.
  • Transaction volume2 was RMB38.7 billion for the fourth quarter of 2025, a decrease of 28.3% compared with the same period of 2024.
  • Transaction volume facilitated for repeat individual borrowers9 for the fourth quarter of 2025 was RMB30.8 billion, a decrease of 34.0% compared with the same period of 2024.
  • Outstanding loan balance4 was RMB68.3 billion as of December 31, 2025, a decrease of 2.1% compared with December 31, 2024.
  • Average loan size10 was RMB12,877 for the fourth quarter of 2025, compared with RMB11,466 for the same period of 2024.
  • Average loan tenure11 was 8.2 months for the fourth quarter of 2025, compared with 8.0 months for the same period of 2024.
  • 90 day+ delinquency ratio12 was 2.85% as of December 31, 2025.

Fourth Quarter 2025 International Market Operational Highlights

  • Cumulative registered users13 reached 52.1 million as of December 31, 2025, an increase of 45.9% compared with December 31, 2024.
  • Cumulative borrowers14 for the international markets reached 11.7 million as of December 31, 2025, an increase of 67.1% compared with December 31, 2024.
  • Number of unique borrowers15 for the fourth quarter of 2025 was 3.8 million, an increase of 133.8% compared with the same period of 2024.
  • Number of new borrowers16 for the fourth quarter of 2025 was 1.6 million, an increase of 117.3% compared with the same period of 2024.
  • Transaction volume3 reached RMB4.1 billion for the fourth quarter of 2025, an increase of 41.4% compared with the same period of 2024.
  • Outstanding loan balance5 reached RMB2.6 billion as of December 31, 2025, an increase of 52.9% compared with December 31, 2024.
  • International business revenue was RMB950.9 million (US$136.0 million) for the fourth quarter of 2025, an increase of 28.6% compared with the same period of 2024, representing 31.4% of total revenue for the fourth quarter of 2025.

Fourth Quarter 2025 Financial Highlights

  • Net revenue was RMB3,023.9 million (US$432.4 million) for the fourth quarter of 2025, compared with RMB3,456.7 million for the same period of 2024.
  • Net profit was RMB415.5 million (US$59.4 million) for the fourth quarter of 2025, compared with RMB680.8 million for the same period of 2024.
  • Non-GAAP adjusted operating income,17 which excludes share-based compensation expenses before tax, was RMB519.8 million (US$74.3 million) for the fourth quarter of 2025, compared with RMB822.0 million for the same period of 2024.
  • Diluted net profit per American depositary share (“ADS”) was RMB1.63 (US$0.23) and diluted net profit per share was RMB0.33 (US$0.05) for the fourth quarter of 2025, compared with RMB2.61 and RMB0.52 for the same period of 2024, respectively.
  • Non-GAAP diluted net profit per ADS was RMB1.77 (US$0.25) and non-GAAP diluted net profit per share was RMB0.35 (US$0.05) for the fourth quarter of 2025, compared with RMB2.74 and RMB0.55 for the same period of 2024, respectively. Each ADS of the Company represents five Class A ordinary shares of the Company.

________________________________________________________________

1 Represents the total transaction volume facilitated in China’s Mainland and the international markets on the Company’s platforms during the period presented.

2 Represents our transaction volume facilitated in China’s Mainland during the period presented. During the fourth quarter, RMB19.0 billion was facilitated under the capital-light model, for which the Company does not bear principal risk.

3 Represents our transaction volume facilitated in markets outside China’s Mainland during the period presented. These operating data include those of Fundo Loans Pty Ltd, an Australian company acquired in October 2025, for the period after its acquisition.

4 Outstanding loan balance (China’s Mainland) as of any date refers to the balance of outstanding loans in China’s Mainland market excluding loans delinquent for more than 180 days from such date. As of December 31, 2025, RMB37.8 billion was facilitated under the capital-light model, for which the Company does not bear principal risk.

5 Outstanding loan balance (international) as of any date refers to the balance of outstanding loans in the international markets excluding loans delinquent for more than 30 days from such date. These operating data include those of Fundo Loans Pty Ltd, an Australian company acquired in October 2025, as of December 31, 2025, covering both pre- and post-acquisition periods.

6 On a cumulative basis, the total number of users in China’s Mainland market registered on the Company’s platform as of December 31, 2025.

7 On a cumulative basis, the total number of borrowers in China’s Mainland market registered on the Company’s platform as of December 31, 2025.

8 Represents the total number of borrowers in China’s Mainland who successfully borrowed on the Company’s platform during the period presented.

9 Represents the transaction volume facilitated for repeat borrowers in China’s Mainland who successfully completed a transaction on the Company’s platform during the period presented.

10 Represents the average loan size on the Company’s platform in China’s Mainland during the period presented.

11 Represents the average loan tenor on the Company’s platform in China’s Mainland during the period presented.

12 “90 day+ delinquency ratio” refers to the outstanding principal balance of loans, excluding loans facilitated under the capital-light model, that were 90 to 179 calendar days past due as a percentage of the total outstanding principal balance of loans, excluding loans facilitated under the capital-light model on the Company’s platform as of a specific date. Loans that originated outside China’s Mainland are not included in the calculation.

13 On a cumulative basis, the total number of users registered on the Company’s platforms outside China’s Mainland market, as of December 31, 2025. These operating data include those of Fundo Loans Pty Ltd, an Australian company acquired in October 2025, as of December 31, 2025, covering both pre- and post-acquisition periods.

14 On a cumulative basis, the total number of borrowers on the Company’s platforms outside China’s Mainland market, as of December 31, 2025. These operating data include those of Fundo Loans Pty Ltd, an Australian company acquired in October 2025, as of December 31, 2025, covering both pre- and post-acquisition periods.

15 Represents the total number of borrowers outside China’s Mainland who successfully borrowed on the Company platforms during the period presented. These operating data include those of Fundo Loans Pty Ltd, an Australian company acquired in October 2025, for the period after its acquisition.

16 Represents the total number of new borrowers outside China’s Mainland whose transactions were facilitated on the Company’s platforms during the period presented. These operating data include those of Fundo Loans Pty Ltd, an Australian company acquired in October 2025, for the period after its acquisition.

17 Please refer to “UNAUDITED Reconciliation of GAAP and Non-GAAP Results” for reconciliation between GAAP and Non-GAAP adjusted operating income.

Mr. Tiezheng Li, Vice Chairman and Chief Executive Officer of FinVolution, commented, “In 2025, we proudly celebrated FinVolution’s 18th anniversary, marking a milestone in our evolution from a passionate Chinese fintech pioneer to a regional platform expanding responsible credit access across Asia and beyond. Despite a challenging macro and regulatory environment in China, we delivered resilient full-year results, with Group revenue of RMB13.6 billion, up 3.8% year over year, and net profit rising 6.6% to RMB2.5 billion. Our effective ‘Local Excellence, Global Outlook’ strategy drove international revenue to a record 31.4% contribution in the fourth quarter, highlighted by full-year profitability in Indonesia and the Philippines.

“We also made a strategic entry into our first developed market, Australia, employing the regulatory maturity and consumer-first mindset we have developed in China alongside our successful experience scaling in Southeast Asia. Going forward, our resilient risk management, ongoing AI innovation investments, and responsible growth will ensure prudent management of our China business while continue to accelerate sustainable international expansion. As we build on our international momentum, we remain committed to delivering growth and enduring value for our users, partners, and shareholders through disciplined execution,” concluded Mr. Li.

Mr. Jiayuan Xu, Chief Financial Officer of FinVolution, continued, “In the fourth quarter, we navigated a complex environment, prioritizing portfolio quality in China while sustaining strong growth internationally. Group net revenue was RMB3.0 billion and net income was RMB415.5 million, reflecting the near-term impact of tighter underwriting in China, offset by a 28.6% year-over-year increase in international revenues. We also recorded robust international transaction volume growth of 41.4% year over year to RMB4.1 billion and unique borrowers up 133.8% to 3.8 million, underscoring the resilience of our diversified model and our ability to adapt quickly in a dynamic landscape.

“Meanwhile, we continued to deliver meaningful shareholder returns, executing US$107.2 million in full-year buybacks, including a record US$40.7 million in the fourth quarter, and increasing our dividend per ADS by 10.5% to US$0.306, totaling approximately US$74.5 million for 2025. Our Chairman and senior management team recently invested an additional US$1.9 million of their own capital, reflecting strong internal confidence in our valuation and long-term prospects. We will continue to advance our strategy with a clear emphasis on execution quality and portfolio resilience, balancing growth and risk management to drive sustainable returns and value creation,” concluded Mr. Xu.

Fourth Quarter 2025 Financial Results

Net revenue for the fourth quarter of 2025 was RMB3,023.9 million (US$432.4 million), compared with RMB3,456.7 million for the same period of 2024. This decrease was primarily due to decreases in loan facilitation service fees, post-facilitation service fees and guarantee income, partially offset by increases in net interest income and other revenue.

Loan facilitation service fees were RMB848.9 million (US$121.4 million) for the fourth quarter of 2025, compared with RMB1,344.8 million for the same period of 2024. The decrease was primarily due to decreases in the transaction volume and average rate of transaction service fees in the China market, partially offset by the increase in transaction volume in international markets.

Post-facilitation service fees were RMB392.8 million (US$56.2 million) for the fourth quarter of 2025, compared with RMB460.5 million for the same period of 2024. This decrease was primarily due to the rolling impact of deferred transaction fees. 

Guarantee income was RMB948.5 million (US$135.6 million) for the fourth quarter of 2025, compared with RMB1,205.5 million for the same period of 2024. This decrease was primarily due to the decrease in risk-bearing loans in the China market, as well as the rolling impact of deferred guarantee income. The fair value of quality assurance commitment upon loan origination is released as guarantee income systematically over the term of the loans subject to quality assurance commitment. 

Net interest income was RMB471.9 million (US$67.5 million) for the fourth quarter of 2025, compared with RMB217.9 million for the same period of 2024. This increase mainly resulted from the increase in the average outstanding loan balances of on-balance sheet loans in both China and the international markets, partially offset by the decrease in interest yield in the China market.

Other revenue was RMB361.8 million (US$51.7 million) for the fourth quarter of 2025, compared with RMB228.0 million for the same period of 2024. This increase was primarily due to the increase in the contributions from other revenue streams including other value-added services.

Origination, servicing expenses and other costs of revenue were RMB847.3 million (US$121.2 million) for the fourth quarter of 2025, compared with RMB664.0 million for the same period of 2024. This increase was primarily driven by the increase in employee expenditures and higher loan collection expenses in both China and the international markets.

Sales and marketing expenses were RMB512.4 million (US$73.3 million) for the fourth quarter of 2025, compared with RMB531.5 million for the same period of 2024. This decrease was primarily due to improved efficiency and decreased investment in marketing activities in China.

Research and development expenses were RMB142.6 million (US$20.4 million) for the fourth quarter of 2025, compared with RMB126.3 million for the same period of 2024. This increase was primarily due to increased investments in technology development.        

General and administrative expenses were RMB124.5 million (US$17.8 million) for the fourth quarter of 2025, compared with RMB112.6 million for the same period of 2024, primarily due to higher professional service fees in the international market.

Provision for accounts receivable and contract assets was RMB106.4 million (US$15.2 million) for the fourth quarter of 2025, compared with RMB95.1 million for the same period of 2024. The increase was primarily due to increased transaction volume of off-balance sheet loans in the international market, partially offset by decrease in volume of off-balance sheet loans in the China market. 

Provision for loans receivable was RMB261.7 million (US$37.4 million) for the fourth quarter of 2025, compared with RMB64.3 million for the same period of 2024. This increase was primarily due to the increase in the outstanding loan balance of on-balance sheet loans in both China and the international markets.

Credit losses for quality assurance commitment were RMB546.4 million (US$78.1 million) for the fourth quarter of 2025, compared with RMB1,075.0 million for the same period of 2024. The decrease was primarily due to the decrease in risk-bearing loans in the China market.

Operating profit was RMB482.7 million (US$69.0 million) for the fourth quarter of 2025, compared with RMB787.9 million for the same period of 2024.

Non-GAAP adjusted operating income, which excludes share-based compensation expenses before tax, was RMB519.8 million (US$74.3 million) for the fourth quarter of 2025, compared with RMB822.0 million for the same period of 2024.

Other income was RMB20.8 million (US$3.0 million) for the fourth quarter of 2025, compared with RMB25.9 million for the same period of 2024. The decrease was mainly due to lower gains from a reduction in investment products.

Income tax expense was RMB87.9 million (US$12.6 million) for the fourth quarter of 2025, compared with RMB133.1 million for the same period of 2024. This decrease was mainly due to the decrease in pre-tax profit.

Net profit was RMB415.5 million (US$59.4 million) for the fourth quarter of 2025, compared with RMB680.8 million for the same period of 2024.

Net profit attributable to ordinary shareholders of the Company was RMB424.7 million (US$60.7 million) for the fourth quarter of 2025, compared with RMB680.7 million for the same period of 2024.

Diluted net profit per ADS was RMB1.63 (US$0.23) and diluted net profit per share was RMB0.33 (US$0.05) for the fourth quarter of 2025, compared with RMB2.61 and RMB0.52 for the same period of 2024, respectively.

Non-GAAP diluted net profit per ADS was RMB1.77 (US$0.25) and non-GAAP diluted net profit per share was RMB0.35 (US$0.05) for the fourth quarter of 2025, compared with RMB2.74 and RMB0.55 for the same period of 2024, respectively. Each ADS represents five Class A ordinary shares of the Company.

As of December 31, 2025, the Company had cash and cash equivalents of RMB 4,285.1 million (US$612.8 million) and short-term investments, mainly in wealth management products and term deposits, of RMB3,015.2 million (US$431.2 million).

The following chart shows the historical cumulative 30-day plus past due delinquency rates by loan origination vintage for loan products facilitated through the Company’s platform in China’s Mainland as of December 31, 2025. Loans facilitated under the capital-light model, for which the Company does not bear principal risk, are excluded from the chart.

Click here to view the chart.

Fiscal Year 2025 Financial Results

Net revenue for 2025 was RMB13,569.5 million (US$ 1,940.4 million), compared with RMB13,065.8 million in 2024. This increase was primarily due to increases in loan facilitation service fees, net interest income and other revenue, partially offset by decreases in guarantee income and post-facilitation service fees.

Loan facilitation service fees were RMB5,176.5 million (US$740.2 million) for 2025, compared with RMB4,694.4 million in 2024. The increase was primarily due to increases in transaction volume and average rate of transaction service fees in the international markets, partially offset by the decreases in transaction volume and average rate of transaction service fees in the China market.

Post-facilitation service fees were RMB1,629.8 million (US$233.1 million) for 2025, compared with RMB1,740.2 million in 2024. This decrease was primarily due to the rolling impact of deferred transaction fees. 

Guarantee income was RMB4,124.9 million (US$589.9 million) for 2025, compared with RMB5,085.3 million in 2024. This decrease was primarily due to the decrease in risk-bearing loans in the China market, partially offset by an increase in such loans in international markets, as well as the rolling impact of deferred guarantee income. The fair value of quality assurance commitment upon loan origination is released as guarantee income systematically over the term of the loans subject to quality assurance commitment. 

Net interest income was RMB1,336.5 million (US$191.1 million) for 2025, compared with RMB853.8 million in 2024. This increase mainly resulted from the increase in the average outstanding loan balances of on-balance sheet loans in both China and the international markets.

Other revenue was RMB1,301.9 million (US$186.2 million) for 2025, compared with RMB692.1 million in 2024. This increase was primarily due to the increase in the contributions from other revenue streams including other value-added services.

Origination, servicing expenses and other costs of revenue were RMB2,900.1 million (US$414.7 million) for 2025, compared with RMB2,381.8 million in 2024. This increase was primarily driven by higher facilitation costs in both China and international markets.

Sales and marketing expenses were RMB2,200.5 million (US$314.7 million) for 2025, compared with RMB2,014.3 million in 2024 as a result of our more proactive customer acquisition efforts focusing on quality borrowers in both China and the international markets.

Research and development expenses were RMB536.6 million (US$76.7 million) for 2025, compared with RMB496.7 million in 2024. This increase was primarily due to increased investments in technology development.

General and administrative expenses were RMB442.1 million (US$63.2 million) for 2025, compared with RMB413.5 million in 2024, primarily due to increases in rents and renovation expenses, professional service fees and miscellaneous administrative expenses.

Provision for accounts receivable and contract assets was RMB426.0 million (US$60.9 million) for 2025, compared with RMB317.0 million in 2024. The increase was primarily due to increased transaction volume of off-balance sheet loans in the international market. 

Provision for loans receivable was RMB637.7 million (US$91.2 million) for 2025, compared with RMB320.0 million in 2024. This increase was primarily due to the increase in the outstanding loan balance of on-balance sheet loans in both China and the international markets.

Credit losses for quality assurance commitment were RMB3,462.4 million (US$495.1 million) for 2025, compared with RMB4,587.3 million in 2024. The decrease was primarily due to the decrease in risk-bearing loans in the China market, partially offset by the increase in risk-bearing loans in the international markets.

Impairment of goodwill and intangible assets was RMB50.7 million (US$7.2 million) for 2025, compared with nil for the same period of 2024. The increase was primarily due to an impairment of goodwill related to a certain micro-lending company acquired by the Group in 2017, following a performance review during the year.

Operating profit was RMB2,913.3 million (US$416.6 million) for 2025, compared with RMB2,535.1 million in 2024.

Non-GAAP adjusted operating income, which excludes share-based compensation expenses before tax, was RMB3,062.3 million (US$437.9 million) for 2025, compared with RMB2,679.2 million in 2024.

Other income was RMB188.1 million (US$26.9 million) for 2025, compared with RMB310.1 million in 2024. The decrease was mainly due to lower gains from a reduction in investment products, reduced income from investments, and the reduction in government subsidies.

Income tax expense was RMB556.2 million (US$79.5 million) for 2025, compared with RMB457.4 million in 2024. This increase was mainly due to the increase in pre-tax profit and the increase in effective tax rate.

Net profit was RMB2,545.2 million (US$364.0 million) for 2025, compared with RMB2,387.8 million in 2024.

Net profit attributable to ordinary shareholders of the Company was RMB2,542.4 million (US$363.6 million) for 2025, compared with RMB2,383.1 million in 2024.

Shares Repurchase Update and Management Purchase

For the full year of 2025, the Company deployed approximately US$107.2 million to repurchase its own Class A ordinary shares in the form of ADSs. These repurchases included US$60.7 million worth of ADSs that were repurchased concurrently with the offering of convertible senior notes in June. As of December 31, 2025, in combination with the Company’s historical and existing share repurchase programs, the Company had cumulatively repurchased its own Class A ordinary shares in the form of ADSs with a total aggregate value of approximately US$477.3 million since 2018.

In December 2025, Chairman of the Board Mr. Shaofeng Gu and other senior management of the Company, purchased in their personal capacity approximately 0.37 million of the Company’s ADS, with a total aggregate value of approximately US$1.9 million, independently of the Company’s share repurchase programs. The share purchases by senior management reflect strong conviction in the Company’s resilient business model, solid fundamentals, and accelerating international expansion. We believe these strengths, supported by the current valuation, position the Company well to execute its “Local Excellence, Global Outlook” strategy and deliver sustainable value to all stakeholders.

Business Outlook

Through prudent navigation of a complex environment, the Company delivered solid results in 2025. As a result of the near-term uncertainties introduced by recent regulatory changes in China, the Company expects its full-year 2026 total revenue guidance to be in the range of approximately RMB11.5 billion to RMB12.9 billion, representing a year-over-year decline of approximately 5% to 15%.

The above forecast is based on the current market conditions and reflects the Company’s current preliminary views and expectations on market and operational conditions and the regulatory and operating environment, as well as customers’ and institutional partners’ demands, all of which are subject to change.

Conference Call

The Company’s management will host an earnings conference call at 8:30 PM U.S. Eastern Time on March 16, 2026 (8:30 AM Beijing/Hong Kong Time on March 17, 2026).

Dial-in details for the earnings conference call are as follows:

United States (toll free):

+1-888-346-8982

Canada (toll free):

+1-855-669-9657

International:

+1-412-902-4272

Hong Kong, China (toll free):

800-905-945

Mainland, China:

400-120-1203

Participants should dial in at least five minutes before the scheduled start time and ask to be connected to the call for “FinVolution Group”.

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.finvgroup.com.

A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until March 23, 2026, by dialing the following telephone numbers:

United States / Canada (toll free):                

+1-855-669-9658

International:

+1-412-317-0088

Replay Access Code:

9046716

About FinVolution Group

FinVolution Group is a leading fintech platform with strong brand recognition across China and international markets, connecting borrowers of the young generation with financial institutions. Established in 2007, the Company is a pioneer in China’s online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company’s platforms, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of December 31, 2025, the Company had 239.6 million cumulative registered users across China and international markets.

For more information, please visit https://ir.finvgroup.com

Use of Non-GAAP Financial Measures

We use non-GAAP adjusted operating income, non-GAAP operating margin, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. We believe that these non-GAAP financial measures help identify underlying trends in our business by excluding the impact of share-based compensation expenses and expected discretionary measures. We believe that non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

Non-GAAP adjusted operating income, non-GAAP operating margin, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tool, and when assessing our operating performance, cash flows or our liquidity, investors should not consider it in isolation, or as a substitute for net income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review our financial information in its entirety and not rely on a single financial measure.

For more information on this non-GAAP financial measure, please see the table captioned “Reconciliations of GAAP and Non-GAAP results” set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.9931 to US$1.00, the rate in effect as of December 31, 2025 as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company’s ability to attract and retain borrowers and investors on its marketplace, its ability to increase volume of loans facilitated through the Company’s marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer finance industry in China, general economic conditions in China, and the Company’s ability to meet the standards necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and FinVolution does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
FinVolution Group
Head of Capital Markets
Yam Cheng
Tel: +86 (21) 8030-3200 Ext. 8601
E-mail: ir@xinye.com 

Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: finv@tpg-ir.com   

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: finv@tpg-ir.com

 

 

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

 

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

As of December 31,

As of December 31,

2024

2025

RMB

RMB

USD

Assets

Cash and cash equivalents

4,672,772

4,285,121

612,764

Restricted cash

2,074,300

1,912,850

273,534

Short-term investments

2,832,382

3,015,226

431,172

Investments

1,173,003

1,141,816

163,278

Quality assurance receivable, net of credit loss allowance for
quality assurance receivable of RMB426,949 and RMB
581,475 as of December 31, 2024 and December 31, 2025,
respectively

1,639,591

1,315,184

188,069

Intangible assets

137,298

270,246

38,645

Property, equipment and software, net

623,792

641,316

91,707

Loans receivable, net of credit loss allowance for loans
receivable of RMB226,467 and RMB 544,905 as of
December 31, 2024 and December 31, 2025,
respectively

4,157,621

6,471,619

925,429

Accounts receivable and contract assets, net of credit loss
allowance for accounts receivable and contract assets of
RMB290,267 and RMB 340,816 as of December 31, 2024
and December 31, 2025, respectively

2,405,880

2,028,585

290,084

Deferred tax assets

2,513,865

2,992,071

427,860

Right of use assets

36,826

52,020

7,439

Prepaid expenses and other assets

1,289,380

1,207,791

172,712

Goodwill

50,411

79,759

11,405

Total assets

23,607,121

25,413,604

3,634,098

Liabilities and Shareholders’ Equity

Deferred guarantee income

1,515,950

1,119,004

160,015

Liability from quality assurance commitment

2,964,116

2,574,842

368,198

Payroll and welfare payable

290,389

361,188

51,649

Taxes payable

705,928

177,064

25,320

Short-term borrowings

5,594

170,408

24,368

Funds payable to investors of consolidated trusts

796,122

778,531

111,328

Contract liability

10,185

226

32

Deferred tax liabilities

491,213

786,556

112,476

Accrued expenses and other liabilities

1,245,184

1,448,231

207,094

Leasing liabilities

28,765

44,711

6,394

Convertible senior notes

–

1,019,266

145,753

Long-term borrowings

–

89,590

12,811

Total liabilities

8,053,446

8,569,617

1,225,438

Commitments and contingencies

FinVolution Group Shareholders’ equity

Ordinary shares

103

103

15

Additional paid-in capital

5,815,437

5,908,586

844,917

Treasury stock

(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 FinVolution Group shareholders’ equity

15,204,064

16,550,101

2,366,635

Non-controlling interest

349,611

293,886

42,025

Total shareholders’ equity

15,553,675

16,843,987

2,408,660

Total liabilities and shareholders’ equity

23,607,121

25,413,604

3,634,098

 

 

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

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

For the Three Months Ended December 31,

For the Year Ended December 31,

2024

2025

2024

2025

RMB

RMB

USD

RMB

RMB

USD

Operating revenue:

Loan facilitation service fees

1,344,799

848,943

121,397

4,694,380

5,176,457

740,224

Post-facilitation service fees

460,465

392,756

56,163

1,740,241

1,629,777

233,055

Guarantee income

1,205,502

948,461

135,628

5,085,296

4,124,934

589,858

        Net interest income

217,927

471,922

67,484

853,779

1,336,459

191,111

Other Revenue

227,999

361,802

51,737

692,128

1,301,856

186,163

Net revenue

3,456,692

3,023,884

432,409

13,065,824

13,569,483

1,940,411

Operating expenses:

       Origination, servicing expenses and other cost of
revenue

(663,982)

(847,318)

(121,165)

(2,381,839)

(2,900,149)

(414,716)

Sales and marketing expenses

(531,530)

(512,448)

(73,279)

(2,014,254)

(2,200,543)

(314,673)

Research and development expenses

(126,257)

(142,573)

(20,388)

(496,740)

(536,617)

(76,735)

General and administrative expenses

(112,570)

(124,454)

(17,797)

(413,548)

(442,148)

(63,226)

Provision for accounts receivable and contract
assets

(95,132)

(106,405)

(15,216)

(317,049)

(425,966)

(60,912)

Provision for loans receivable

(64,346)

(261,657)

(37,416)

(320,013)

(637,700)

(91,190)

Credit losses for quality assurance commitment

(1,074,955)

(546,374)

(78,130)

(4,587,254)

(3,462,384)

(495,114)

Impairment of goodwill and intangible assets

–

–

–

–

(50,676)

(7,247)

Total operating expenses

(2,668,772)

(2,541,229)

(363,391)

(10,530,697)

(10,656,183)

(1,523,813)

Operating profit

787,920

482,655

69,018

2,535,127

2,913,300

416,598

Other income, net

25,945

20,776

2,971

310,123

188,145

26,904

Profit before income tax expense

813,865

503,431

71,989

2,845,250

3,101,445

443,502

Income tax expenses

(133,110)

(87,904)

(12,570)

(457,405)

(556,243)

(79,542)

Net profit

680,755

415,527

59,419

2,387,845

2,545,202

363,960

          Less: Net profit/(loss) attributable to non-
controlling interest shareholders

50

(9,186)

(1,314)

4,699

2,797

400

Net profit attributable to FinVolution Group

680,705

424,713

60,733

2,383,146

2,542,405

363,560

          Foreign currency translation adjustment, net of
nil tax

28,205

(18,371)

(2,627)

12,620

(79,599)

(11,383)

Total comprehensive income attributable

to FinVolution Group

708,910

406,342

58,106

2,395,766

2,462,806

352,177

Weighted average number of ordinary shares used
      in
computing net income per share

Basic

1,266,235,809

1,240,449,252

1,240,449,252

1,287,853,207

1,259,849,521

1,259,849,521

Diluted

1,303,393,465

1,328,365,218

1,328,365,218

1,320,229,492

1,334,237,985

1,334,237,985

Net profit per share attributable to FinVolution
      Group’s ordinary shareholders

Basic

0.54

0.34

0.05

1.85

2.02

0.29

Diluted

0.52

0.33

0.05

1.81

1.92

0.27

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

Basic

2.69

1.71

0.24

9.25

10.09

1.44

Diluted

2.61

1.63

0.23

9.03

9.59

1.37

 

 

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

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

Three Months Ended December 31,

Year Ended December 31,

2024

2025

2024

2025

RMB

RMB

USD

RMB

RMB

USD

Net cash provided by operating
activities

419,707

464,913

66,482

2,893,160

1,867,600

267,064

Net cash used in investing
activities

(737,991)

(330,241)

(47,222)

(2,295,816)

(2,183,697)

(312,263)

Net cash provided by/(used in)
financing activities

127,539

(530,864)

(75,912)

(622,715)

(194,696)

(27,841)

Effect of exchange rate changes
on cash and cash equivalents

5,407

(13,185)

(1,888)

3,053

(38,308)

(5,480)

Net decrease in cash, cash
equivalent and restricted cash

(185,338)

(409,377)

(58,540)

(22,318)

(549,101)

(78,520)

Cash, cash equivalent and
restricted cash at beginning of
period

6,932,410

6,607,348

944,838

6,769,390

6,747,072

964,818

Cash, cash equivalent and
restricted cash at end of period

6,747,072

6,197,971

886,298

6,747,072

6,197,971

886,298

 

 

FinVolution Group

UNAUDITED Reconciliation of GAAP and Non-GAAP Results

 

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

For the Three Months Ended December 31,

For the Year Ended December 31,

2024

2025

2024

2025

RMB

RMB

USD

RMB

RMB

USD

Net Revenues

3,456,692

3,023,884

432,409

13,065,824

13,569,483

1,940,411

Less: total operating expenses

(2,668,772)

(2,541,229)

(363,391)

(10,530,697)

(10,656,183)

(1,523,813)

Operating Income

787,920

482,655

69,018

2,535,127

2,913,300

416,598

Add: share-based compensation expenses

34,064

37,183

5,317

144,052

149,045

21,313

Non-GAAP adjusted operating income

821,984

519,838

74,335

2,679,179

3,062,345

437,911

Operating Margin

22.8 %

16.0 %

16.0 %

19.4 %

21.5 %

21.5 %

Non-GAAP operating margin

23.8 %

17.2 %

17.2 %

20.5 %

22.6 %

22.6 %

Non-GAAP adjusted operating income

821,984

519,838

74,335

2,679,179

3,062,345

437,911

Add: other income, net

25,945

20,776

2,971

310,123

188,145

26,904

Less: income tax expenses

(133,110)

(87,904)

(12,570)

(457,405)

(556,243)

(79,542)

Non-GAAP net profit

714,819

452,710

64,736

2,531,897

2,694,247

385,273

Net profit/(loss) attributable to non-controlling interest

shareholders

50

(9,186)

(1,314)

4,699

2,797

400

Non-GAAP net profit attributable to FinVolution Group

714,769

461,896

66,050

2,527,198

2,691,450

384,873

Weighted average number of ordinary
shares used in computing net income
per share

Basic

1,266,235,809

1,240,449,252

1,240,449,252

1,287,853,207

1,259,849,521

1,259,849,521

Diluted

1,303,393,465

1,328,365,218

1,328,365,218

1,320,229,492

1,334,237,985

1,334,237,985

Non-GAAP net profit per share
attributable to FinVolution Group’s
ordinary shareholders

Basic

0.56

0.37

0.05

1.96

2.14

0.31

Diluted

0.55

0.35

0.05

1.91

2.03

0.29

Non-GAAP net profit per ADS
attributable to    FinVolution Group’s
ordinary shareholders (one ADS equal
five ordinary shares)

Basic

2.82

1.86

0.27

9.81

10.68

1.53

Diluted

2.74

1.77

0.25

9.57

10.15

1.44

 

5 Reasons To Smile – Tineco Delivers Up To 56% Off On Amazon This Week

The global #1 in wet and dry hard floor cleaning goes big for the Amazon Big Smile Sale

SYDNEY, March 17, 2026 /PRNewswire/ — Tineco, the global #1 leader in wet and dry hard floor cleaning, is bringing a smile to the faces of house-proud Australians this week, with up to 56% off its wet and dry floor cleaners and stick vacuums range as part of the Amazon Big Smile Sale.

5 Reasons To Smile – Tineco Delivers Up To 56% Off On Amazon This Week
5 Reasons To Smile – Tineco Delivers Up To 56% Off On Amazon This Week

The start of autumn, wet weather and the extra dirt and mud coming through the house means it’s a great time to invest in convenient, deep and hygienic cleaning at home. Running from today through to Sunday, March 22, the Amazon Big Smile Sale will give Australians access to Tineco’s leading cleaning features, including its renowned HyperSteam, HyperStretch and FlashDry self-cleaning technologies, all at a fraction of the normal recommended retail prices.

Tineco’s model line-up for this year’s Amazon Big Smile Sale deals combine design and performance, with hard to beat savings:

A key feature that sets Tineco wet and dry floor cleaners apart is the brand’s proprietary MHCBS (Maintain Hygiene Clean Brush System) Technology, which involves a floating scraper continuously washing and rinsing the roller brush with fresh water while also keeping it free from tangles, to ensure a spotless finish and hygienic floor after cleaning. This makes a significant difference in the effectiveness of the floor clean, with only clean water used at all times of the cleaning process.

Tineco’s ongoing commitment to provide feature-rich and value-for-money cleaning solutions for consumers has led the company to be recognised as the #1 global leader in the household wet & dry floor cleaner category* for the fourth consecutive year by Euromonitor International, the world’s leading independent provider of strategic market research.

Tineco has also been the #1 wet & dry floor cleaner brand on Amazon in Australia, United States, Canada, France, Italy, and Japan for three years running, with the brand working hard to deliver deep discounts once again as part of this year’s Big Smile Sale.

Chris Loong of Tineco says: “Millions of consumers around the world put their trust in the Tineco brand to deliver deep, effective floor cleaning solutions for their home. The Amazon Big Smile Sale is the ideal opportunity for Australians to secure significant savings on our range of wet and dry floor cleaners and stick vacuums, exclusively available through Amazon Australia.”

“Whether you live in an apartment or have a busy household with children and pets, our range of wet and dry floor cleaners integrate cleaning technologies such as steam power and HyperStretch Technology with 180° lay-flat design to ensure that dust, dirt and messes have nowhere to hide.”

Tineco’s FLOOR ONE Stretch S6 (RRP $899, now $399 – 56% OFF) cleans up wet and dry messes in one step and offers Dual-sided Edge Cleaning to get close up to skirtings and walls. Its 45° swivel design helps easily manoeuvre around furniture such as chairs and table legs and combined with a lay-flat design that reduces to just 13cm to get under low furniture, the Stretch S6 has daily spot cleaning covered. The inclusion of Tineco’s signature FlashDry self-cleaning system that uses 70° fresh water and air to clean and dry from the pipes to the rollers means hands-free maintenance and an appliance that is always at the ready for its next task.

Featuring Tineco’s premium HyperSteam Technology, the FLOOR ONE i7 Stretch Steam (RRP $999, now $599 – 40% OFF) uses super-heated steam (up to 140℃ and reaching the floor at no less than 99℃) to dissolve stubborn grease, stains and sticky residue from floor surfaces. The 180° lay-flat design effortlessly reaches low areas, enabling the cleaning of hidden dust at heights as low as 13 cm. An 80-min run time allows for whole-house cleaning on a single charge and FlashDry self-cleaning makes post-use clean up quick and easy.

Boasting an elegant design, Tineco’s FLOOR ONE S7 Artist (RRP $899, now $579 – 36% OFF) subtly blends into the aesthetic of modern homes while retaining high performance, effective deep cleaning with powerful 22kPa suction and a 50-min run time. Its ultra-slim lay-flat design means the appliance compresses to just 12.85cm to fit under beds and sofas, and DualBlock Anti-Tangle scrapers prevent hair tangling and clogging – ideal for homes with fur-friends sharing living areas. FlashDry self-cleaning also features in this model, giving consumers every reason to smile thanks to a value-packed deal.

Tineco’s FLOOR ONE Switch S7 Stretch (RRP $1,199, now $799 – 33% OFF) is a 5-in-1 multi-function cleaner that features a SwitchPro Motor to switch between floor washer and vacuum for whole-house cleaning on the go. DualBlock Anti-Tangle design and ZeroTangle Brush design targets hair messes and pet fur with ease and prevents tangling. An upgraded FlashDry self-cleaning system uses fresh water heated to 85°C to effectively dissolve stains from the pipe to the brush roller after use and the 85°C hot air effectively dries every part of the machine.

Tineco’s PURE ONE Station 5 (RRP $799, now $559 – 30% OFF) automatically self-cleans and recharges when returned to its station, saving users time and hassle of after-use cleaning. This model features full-path self-cleaning meaning the brush, tube, filter and dustbin are thoroughly cleaned after each use. Its Station Dura-cyclone System features multiple cyclones and a self-cleaning HEPA filter to maintain strong, consistent suction power over time, and a unique brush head design, combined with a wider tube and a larger connection port inside the vacuum, allows the Station5 to easily pick up large debris without clogging.

Tineco’s Amazon Big Smile Sale deals are available at www.amazon.com.au from 16th March to 22nd March 2026. To learn more about Tineco’s Amazon range of intelligent stick vacuums, floor washers, and carpet cleaners, visit https://www.amazon.com.au/tineco

ABOUT TINECO
Tineco (“tin-co”) was founded in 1998 with its first product launch as a vacuum cleaner and, in 2019, pioneered the first-ever smart vacuum. Today, the brand has evolved into a global leader in intelligent appliances spanning floor care, kitchen, and personal care categories. With a growing user base of over 23 million households and availability in approximately 30 countries worldwide, Tineco remains committed to its brand vision of making life easier through smart technology and continuous innovation. For more information, visit https://au.tineco.com/  

Nscale Acquires American Intelligence & Power Corporation, Creating a Full Stack AI Hyperscaler, Integrated from Energy to Compute

  • Nscale Acquires the Monarch Compute Campus — America’s First State-Certified AI Microgrid with a Potential of up to 8GW+ of Onsite Powered Microgrid

SAN JOSE, Calif., March 17, 2026 /PRNewswire/ — Nscale has signed an agreement to acquire American Intelligence & Power Corporation (“AIPCorp”), sponsored by Fidelis New Energy and 8090 Industries, including the Monarch Compute Campus in West Virginia — with plans to build one of the world’s largest AI Factories.

The acquisition secures the Monarch Compute Campus, a site with up to 2,250 acres in Mason County, West Virginia, and the United States’ first state-certified AI microgrid with a power runway scalable to over 8 gigawatts. It also establishes Nscale Energy & Power, a new global division of Nscale headquartered in Houston, Texas. The site has access to long-term, low-cost, onsite powered microgrid to support multi-gigawatt expansion over the long-term, a key bottleneck in the buildout of in-demand, cutting-edge AI compute.

The West Virginia campus is the first state-certified utility grid purpose-built for AI workloads in the United States. Initial power capacity of 2 gigawatts is expected to be online by the first half of 2028 with an expansion to approximately 8 gigawatts planned for 2031.

“Nscale is a global company, and the US is the world’s largest AI infrastructure market. AI infrastructure needs to be built where demand is, and right now a significant share of that demand is in the United States,” said Josh Payne, CEO of Nscale. “Monarch allows us to meet that demand. The acquisition builds on our existing US footprint and reflects the pace at which we are scaling to serve customers around the world.”

Nscale Energy & Power

Nscale Energy & Power will be led by veteran energy executive Daniel Shapiro as Chief

Power Officer, alongside Bengt Jarlsjo as Deputy Chief Power Officer. The full AIPCorp and Fidelis New Energy organization — leadership and staff — joins Nscale as part of the acquisition. AIPCorp’s team brings nearly a decade of experience and continuity in AI infrastructure development and will support Nscale’s development of the Monarch Compute Campus and Nscale’s future global development and expansion operations.

“The vision for AIPCorp was always to build the vertically integrated power-and-compute model that this combination achieves instantly. This combination — plus Nscale’s disciplined balance sheet — delivers exactly what the high-growth AI market demands: a debottlenecked, integrated neocloud platform built to scale,” said Daniel Shapiro, Chief Power Officer.

Morgan Stanley & Co. LLC acted as financial advisor, and Latham & Watkins served as legal counsel, each to Nscale. Greenhill, a Mizuho affiliate, acted as exclusive financial advisor to AIPCorp, and Vinson & Elkins LLP served as legal counsel to Fidelis New Energy.

About Nscale

Nscale is building the global hyperscaler engineered for AI infrastructure. Through vertically integrated AI solutions and modular, first-principles datacenter design across Europe and North America, Nscale delivers the compute foundation for enterprise AI training, fine-tuning, and inference at scale.

Media Contact: press@nscale.com 

Nscale and Microsoft Announce Collaboration with NVIDIA and Caterpillar to Deliver 1.35GW of NVIDIA Vera Rubin NVL72 GPUs at Flagship AI Factory Campus in West Virginia

  • Nscale Acquires the Monarch Compute Campus — America’s First State-Certified AI Microgrid with a potential of up to 8GW+ of onsite powered microgrid
  • Nscale Signs Letter of Intent with Microsoft for up to 1.35GW of AI Compute using NVIDIA Vera Rubin NVL72 GPUs
  • Establishes Nscale Energy & Power, Positions Nscale as Global Flagship Deployment Partner for NVIDIA Vera Rubin Architecture, NVIDIA DSX AI Factory

SAN JOSE, Calif., March 17, 2026 /PRNewswire/ — Nscale has signed a letter of intent with Microsoft to provide 1.35 gigawatts of AI compute capacity, setting up the West Virginia Monarch AI campus as a global flagship deployment of NVIDIA’s next-generation Vera Rubin GPUs as Vera Rubin NVL72 systems engineered with the NVIDIA Vera Rubin DSX AI Factory reference design.

Nscale today also announced the acquisition of American Intelligence & Power Corporation (“AIPCorp”), sponsored by Fidelis New Energy and 8090 Industries, which includes the Monarch Compute Campus, a site with up to 2,250 acres in Mason County, West Virginia, and the United States’ first state-certified AI microgrid with a power runway scalable to over eight gigawatts.

Under the collaboration with Microsoft, Nscale will construct and operate advanced AI data center infrastructure to host this large-scale GPU deployment based on the latest generation NVIDIA Vera Rubin NVL72 GPUs and future technologies. The deployment will be delivered across multiple tranches beginning in late 2027, creating one of the largest dedicated AI compute installations in the world.

The planned infrastructure will operate under a long-term framework that includes an initial multi-year compute services term alongside a long-term data centre lease structure, reflecting the scale and strategic importance of the facility. This positions the campus to be a cornerstone facility for next-generation AI training and inference capacity in the United States.

“This collaboration with Microsoft marks a pivotal milestone both for Nscale and the development of the Monarch Campus,” said Josh Payne, CEO of Nscale. “By integrating our specialized AI infrastructure with Microsoft’s global platform, we are creating a foundation for innovation that can scale alongside the most ambitious AI models in the world”.

This acquisition and collaboration comes at a crucial moment. AI is forecast to drive a sharp increase in global data center demand, but estimates suggest existing supply is constrained by the pace at which power and new capacity can be brought online. McKinsey estimates AI-related data center capacity demand could reach 156 GW by 2030. The Monarch Compute Campus will build on Nscale’s current capacity of over 1GW.

The expansion capabilities of this site — which has the potential for a total power draw of 8GW — will allow Nscale to develop power capacity rapidly while supporting one of the largest announced AI compute deployments in the market today.

The campus is also expected to provide high-speed fiber connectivity to some of the nation’s largest AI hubs. Its close proximity to major centers of AI and cloud infrastructure, including Ashburn and Chicago, will offer customers low latency and minimal delays for AI workloads.

“Microsoft’s datacenter approach is to build the best global infrastructure informed by near-term and long-term demand,” said Jon Tinter, President, Business Development and Ventures at Microsoft. “Our investments blend owned datacenters, leased facilities, and strategic collaborations. This collaboration with Nscale and NVIDIA is an important step to deliver meaningful AI innovation to our customers.”

“AI is becoming essential infrastructure for every industry,” said Nico Caprez, Vice President, Global AI Infrastructure Growth, NVIDIA. “With this large-scale NVIDIA DSX AI Factory Blueprint, Nscale is building the infrastructure required to produce intelligence at industrial scale and power the next wave of global innovation.”

Power collaboration with Caterpillar

Through a strategic collaboration with Caterpillar, Nscale will deploy Caterpillar G3500 series natural gas generator sets at sufficient scale to achieve two gigawatts of power generation by the first half of 2028, powering the NVIDIA Vera Rubin DSX AI Factory reference design.

“This collaboration reflects Caterpillar and our dealers’ continued focus on supporting customers that require primary, continuous-duty power at scale through our broad energy solutions portfolio,” said Melissa Busen, senior vice president of Electric Power, Caterpillar. “Projects like Monarch demonstrate how Caterpillar’s natural gas generation platforms are being deployed as core infrastructure for data centers and other power intensive applications where reliability, speed of deployment, and lifecycle performance are critical.”

The G3500 series units provide Nscale with a proven, rapid-deployment power solution that collapses traditional infrastructure timelines and accelerates the path from site to live compute.

Providing positive community impact

Nscale is working closely with state and local officials and community partners to ensure the development delivers lasting value for the region. The campus is being designed with local and environmental resources in mind. Power will be generated on-site as the facility operates independently of the local grid, eliminating the burden on existing utility customers and protecting ratepayers’ bills. The microgrid is also designed to enable future tie-in to the grid for export of power back to the grid.

Nscale is also pursuing carbon sequestration to offset emissions, with access to significant sequestration capacity in West Virginia. Even at full 8GW capacity, the campus will use a high-efficiency design that consumes less water with no impact on municipal water supply or residential users.

About Nscale

Nscale is building the global hyperscaler engineered for AI infrastructure. Through vertically integrated AI solutions and modular, first-principles datacenter design across Europe and North America, Nscale delivers the compute foundation for enterprise AI training, fine-tuning, and inference at scale.

Media Contact: press@nscale.com 

AIC to Showcase AI Storage Platforms for Scalable Inference at NVIDIA GTC 2026

SAN JOSE, Calif., March 17, 2026 /PRNewswire/ — AIC, a global leader in enterprise storage and server solutions, will exhibit at NVIDIA GTC 2026, taking place March 16-19 at the San Jose McEnery Convention Center. At booth #140, AIC will present its latest AI storage platforms designed to support CMX-aligned architectures for large-scale inference, enabling shared NVMe tiers that extend GPU memory for long-context and agent-based workloads.

AI inference requires high-density, low-latency storage to support KV cache, vector databases, and continuous data streams. AIC’s NVMe and DPU-enabled platforms provide the flash capacity and bandwidth needed to keep GPUs supplied with data across rack-scale deployments. In parallel, AIC is showcasing system designs that support GPU-initiated storage access models, where data is delivered directly from NVMe to accelerated compute to reduce CPU overhead and improve I/O efficiency for data-intensive workloads.

Featured Demonstrations at AIC’s Booth #140:

  • F2026-G5 JBOF with BlueField integration 
    A high-density, DPU-accelerated NVMe platform designed to support CMX-aligned shared flash tiers, enabling scalable NVMe-oF architectures for large-scale AI inference deployments.
  • CMX, 2U 24-bay Bluefield DPU Solution.
    A compact, high-performance NVMe platform populated with Solidigm PCIe Gen5 enterprise NVMe SSDs and powered by the NVIDIA BlueField DPU to accelerate KV cache access, enabling higher-performance and more efficient AI inference. The platform is optimized for high-capacity flash configurations that support KV cache expansion, vector database workloads, and CMX-aligned inference environments.
  • 3U SCADA-Optimized System 
    A 3U system configured to support GPU-driven storage access models, enabling accelerated data delivery for data-intensive AI workloads such as vector search and graph processing.
  • VAST Data CERES Platform 
    High-throughput NVMe storage supporting AI data pipelines, retrieval-augmented generation, and real-time analytics environments. Utilizing VAST’s Disaggregated Shared Everything (DASE) architecture.

In addition to the 2U 24-bay NVMe Storage System populated with Solidigm enterprise SSDs on display at AIC’s booth, an AIC F2032 platform will be featured in Micron Technology’s booth (#1407) as part of their SSD showcase. These collaborations reflect AIC’s continued work with leading flash vendors to deliver scalable NVMe platforms for next-generation AI infrastructure.

“Designed for the AI era, Solidigm’s eSSDs are uniquely positioned to power the next wave of AI infrastructure by delivering the performance, density, and efficiency required for emerging inference-centric architectures. The AIC F2026 platform with Solidigm eSSDs acts as a foundational context memory tier that helps operators extend GPU cache beyond traditional limits, accelerate throughput, and unlock scalable, long-context AI inference without compromising power or footprint,” said Greg Matson, SVP, Head of Products and Marketing, Solidigm.

“AI infrastructure is evolving rapidly, and storage architecture must evolve with it,” said Michael Liang, President and CEO of AIC. “Working closely with NVIDIA and our ecosystem partners, AIC is developing NVMe platforms aligned with CMX architectures and DPU-accelerated data paths to support emerging workloads such as KV cache expansion and GPU-driven AI pipelines. As AI systems scale toward multi-agent and large-context workloads, scalable and disaggregated storage becomes a critical part of the architecture. Our focus is ensuring the storage systems needed for the next generation of AI are being built today.”

Event Details:

NVIDIA GTC
March 16-19, 2026
AIC Booth #140

Attendees are invited to visit AIC’s booth to explore the showcased platforms and speak with AIC representatives about building scalable NVMe infrastructure for modern AI inference environments.

About AIC

AIC is a global leader in the design and manufacturing of enterprise storage and server solutions. With a focus on innovation, flexibility, and time-to-market, AIC delivers high-performance platforms for AI, cloud, HPC, and data center applications. By combining advanced system design, global manufacturing, and close collaboration with ecosystem partners, AIC enables customers to deploy scalable, efficient infrastructure for data-intensive workloads worldwide.