$QFIN-S(03660.HK)

1. The management has withdrawn its commitment to return 70% of profits to shareholders through share repurchases or dividends.

2. The lending rate in 2027 may drop to as low as 4 times the one-year loan rate, which is a shocking bombshell. How can we even play this game now?

I was originally prepared to tough it out, but it feels like the underlying logic is about to change.

First: The management doesn’t keep its word—high risk.

Second: There’s still room for some strategic play. The end of 2027 is still far away. Let’s see if the government continues to suppress lending rates in the microfinance industry. No position increase until things become clearer.