<p>乐信集团（Lexinfintech (LX)）已举行其第四季度财报电话会议。以下是会议的主要亮点。</p>
<h3>季末促销 - TipRanks 50% 折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>乐信集团最新的财报电话会议描绘了一幅谨慎韧性的画面，尽管强劲的全年盈利能力和用户活动的反弹与第四季度收入压缩和更高的信贷成本形成对比。管理层强调风险控制、多元化和慷慨的股东回报，同时承认宏观和监管的逆风使 2026 年的前景变得不明朗。</p>
<h2>全年盈利能力和增长</h2>
<p>乐信集团在 2025 年以 17 亿人民币的净利润收官，同比增长 52.4%，这凸显了其核心业务的强劲，尽管面临监管和信贷的逆风。这一盈利势头为公司在消费金融领域应对价格上限和流动性收紧提供了缓冲。</p>
<h2>贷款量和用户反弹</h2>
<p>第四季度季度贷款发放达到 500 亿人民币，推动 2025 年全年贷款总量达到 2053 亿人民币，显示出持续的需求。活跃用户增至 453 万，季度新增活跃用户 88.4 万，表明平台在收紧风险管理的同时正在重新获得吸引力。</p>
<h2>多元化生态系统稳定业绩</h2>
<p>管理层强调，分期电商、线下普惠金融、技术赋能和海外业务均实现稳定增长，帮助平衡了在线消费金融业务萎缩带来的拖累。这一多元化生态系统正成为关键的稳定器，减少了在监管变化中对任何单一贷款领域的依赖。</p>
<h2>电商利润率扩张</h2>
<p>公司的电商部门显示出显著的盈利改善，第四季度毛利润为 1.67 亿人民币，毛利率上升至 7.8%。这一季度环比毛利率扩张 295 个基点，表明产品组合更优、效率提升以及零售平台流量的变现改善。</p>
<h2>人工智能和自动化推动效率</h2>
<p>乐信集团在客户服务、信贷审批和质量控制等运营环节大力依赖大型模型人工智能和自动化。AI 客服代理的响应准确率超过 90%，响应时间在三秒以内，而信贷审批中的人工干预降至仅 3.4%，质量控制的准确率上升至 89%。</p>
<h2>保守的拨备策略</h2>
<p>第四季度新贷款的毛拨备比率上升至 7.24%，较第三季度上升 27 个基点，显著高于公司历史最高的约 6.1% 的逾期贷款率。这一保守立场旨在未来保障资产质量，因为公司正在消化更高的逾期率，并为信贷表现的逐步正常化做准备。</p>
<h2>降低融资成本和稳健资本</h2>
<p>融资成本显著改善，从第三季度的 4.4% 降至第四季度的 3.8%，部分抵消了来自较低贷款收益的压力。流动性和资本状况良好，年末现金和受限现金约为 40 亿人民币，股东权益约为 120 亿人民币，支持持续运营和股东分配。</p>
<h2>增强股东回报</h2>
<p>股东回报成为亮点，公司回购了 3900 万美元的美国存托股票（ADS），约占其计划的 80%，同时首席执行官个人购买超过 1000 万美元的股份。董事会批准了每股 ADS 0.188 美元的股息，使 2025 年总额达到每股 ADS 0.2382 美元，超过前一年，并将下半年的派息比例提升至 30%。</p>
<h2>季度收入和利润压力</h2>
<p>第四季度凸显了短期压力，总净收入降至 15 亿人民币，环比下降 26%，减少了 5.3 亿人民币。净收入滑落至 2.14 亿人民币，环比下降 3.07 亿人民币，反映了监管驱动的收入压缩和上升的信贷成本。</p>
<h2>信贷业务收入压缩</h2>
<p>信贷业务的净收入，即公司的主要盈利引擎，在第四季度降至 14 亿人民币，较第三季度减少 5.86 亿人民币。下降的原因是贷款量收缩和监管上限后的定价降低，表明新贷款的盈利能力结构性变得更加艰难。</p>
<h2>在监管上限下降低年利率</h2>
<p>新贷款的加权平均年利率在第四季度降至 21.7%，环比下降 140 个基点，因为乐信集团与 24% 的定价上限保持一致，并主动降低利率。虽然较低的年利率有助于合规和吸引客户，但也压缩了利润率，并提高了融资成本控制和运营效率的重要性。</p>
<h2>信贷成本和拨备上升</h2>
<p>第四季度信贷成本急剧上升，增加约 1.85 亿人民币，总信贷成本（包括拨备和公允价值变动）达到 13 亿人民币。这一激增反映了在过渡期间逾期指标的恶化，以及公司故意选择提前拨备以吸收潜在损失。</p>
<h2>逾期指标恶化后稳定</h2>
<p>在第四季度，所有资产的第一天逾期率环比上升 7%，90 天以上逾期率上升 3%，表明公司在调整定价和承保时面临压力。管理层指出，11 月和 12 月开始出现环比改善，但到季度末逾期水平仍然较高，使风险管理保持在高度关注之中。</p>
<h2>技术赋能的减弱影响收入</h2>
<p>技术赋能服务收入在第四季度下降了 2.86 亿人民币，主要是由于 ICP 业务的停滞，这也导致了收入确认的暂时滞后。这一变化突显了战略组合调整带来的短期收入冲击，即使公司在寻求更健康、更合规的长期业务组合。</p>
<h2>运营成本下降，但速度不够快</h2>
<p>运营费用环比下降 11%，至 12 亿人民币，反映了持续的成本控制和效率提升努力。然而，成本降低的速度落后于 26% 的收入下降，加大了季度盈利的压力，并突显了在收入保持低迷的情况下，进一步结构性节省的必要性。</p>
<h2>行业流动性收紧和有限的可见性</h2>
<p>管理层指出，近期监管后行业普遍流动性收紧是影响融资和发放的主要外部阻力。鉴于这种不确定性，公司未能发布 2026 财年的全面财务指引，并预计 2026 年第一季度的贷款发放将大致与第四季度持平，显示出谨慎的态度。</p>
<h2>前瞻性指引和战略优先事项</h2>
<p>展望未来，管理层预计 2026 年第一季度的贷款量将保持在约 500 亿人民币的第四季度水平，而定价预计将低于第四季度的 21.7% 年利率，融资成本仍然是关键的波动因素。他们旨在逐步优化信贷成本，并在 2026 年下半年将贷款风险控制在目标范围内，同时加强高质量用户获取，维持成本控制，并在强大的现金和股本基础上保持股东回报。</p>
<p>乐信集团的财报电话会议展示了一个正在转型的业务，在强劲的全年利润增长和效率提升与来自监管、流动性收紧和更高信贷成本的短期压力之间取得平衡。对于投资者而言，故事的关键在于保守的拨备、人工智能驱动的生产力和多元化生态系统是否能够抵消较低的收益，并为 2026 年及以后更健康、更可持续的增长轨迹奠定基础。</p>

金融科技指数 ETF - GlobalX

乐信集团

金融科技创新 ETF - ARK

<p>乐信集团的第四季度财报电话会议强调了在收入压缩和更高信贷成本下的谨慎韧性。公司报告全年净利润为 17 亿元人民币，同比增长 52.4%。第四季度贷款发放达到 500 亿元人民币，活跃用户增至 453 万人。电商部门显示出盈利改善，而人工智能和自动化提升了运营效率。然而，第四季度净收入下降至 15 亿元人民币，净利润因监管压力降至 2.14 亿元人民币。公司还增加了信贷损失准备金，并回购了 3900 万美元的股票，同时提高了股息</p>

<p>Lexinfintech ((LX)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>乐信集团（Lexinfintech (LX)）已举行其第四季度财报电话会议。以下是会议的主要亮点。</p>
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<div class="lb-trans"><h3>季末促销 - TipRanks 50% 折扣</h3>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Lexinfintech’s latest earnings call painted a picture of cautious resilience, as strong full‑year profitability and a rebound in user activity contrasted with a tougher fourth quarter marked by revenue compression and higher credit costs. Management stressed risk control, diversification and generous shareholder returns, while acknowledging macro and regulatory headwinds that cloud visibility into 2026.</p>
<div class="lb-trans"><p>乐信集团最新的财报电话会议描绘了一幅谨慎韧性的画面，尽管强劲的全年盈利能力和用户活动的反弹与第四季度收入压缩和更高的信贷成本形成对比。管理层强调风险控制、多元化和慷慨的股东回报，同时承认宏观和监管的逆风使 2026 年的前景变得不明朗。</p>
</div><h2>Full-Year Profitability and Growth</h2>
<div class="lb-trans"><h2>全年盈利能力和增长</h2>
</div><p>Lexinfintech closed 2025 with net profit of RMB 1.7 billion, a robust 52.4% increase year on year that underscores the strength of its core franchise despite regulatory and credit headwinds. This earnings momentum provides a cushion as the company navigates pricing caps and liquidity tightening across the consumer finance sector.</p>
<div class="lb-trans"><p>乐信集团在 2025 年以 17 亿人民币的净利润收官，同比增长 52.4%，这凸显了其核心业务的强劲，尽管面临监管和信贷的逆风。这一盈利势头为公司在消费金融领域应对价格上限和流动性收紧提供了缓冲。</p>
</div><h2>Loan Volume and User Rebound</h2>
<div class="lb-trans"><h2>贷款量和用户反弹</h2>
</div><p>Quarterly loan originations reached RMB 50 billion in Q4, contributing to a full‑year 2025 total loan volume of RMB 205.3 billion and signaling continued demand. Active users climbed to 4.53 million with 884,000 new active users in the quarter, suggesting the platform is regaining traction even as it tightens risk management.</p>
<div class="lb-trans"><p>第四季度季度贷款发放达到 500 亿人民币，推动 2025 年全年贷款总量达到 2053 亿人民币，显示出持续的需求。活跃用户增至 453 万，季度新增活跃用户 88.4 万，表明平台在收紧风险管理的同时正在重新获得吸引力。</p>
</div><h2>Diversified Ecosystem Stabilizes Results</h2>
<div class="lb-trans"><h2>多元化生态系统稳定业绩</h2>
</div><p>Management highlighted that installment e‑commerce, offline inclusive finance, tech empowerment and overseas operations all posted steady growth, helping to balance the drag from a shrinking online consumer finance business. This diversified ecosystem is becoming a key stabilizer, reducing reliance on any single lending vertical amid shifting regulations.</p>
<div class="lb-trans"><p>管理层强调，分期电商、线下普惠金融、技术赋能和海外业务均实现稳定增长，帮助平衡了在线消费金融业务萎缩带来的拖累。这一多元化生态系统正成为关键的稳定器，减少了在监管变化中对任何单一贷款领域的依赖。</p>
</div><h2>E-commerce Margin Expansion</h2>
<div class="lb-trans"><h2>电商利润率扩张</h2>
</div><p>The company’s e‑commerce arm showed meaningful profitability improvement, with Q4 gross profit of RMB 167 million and gross margin rising to 7.8%. That 295‑basis‑point quarter‑on‑quarter margin expansion indicates better product mix, enhanced efficiency and improved monetization of traffic on the retail platform.</p>
<div class="lb-trans"><p>公司的电商部门显示出显著的盈利改善，第四季度毛利润为 1.67 亿人民币，毛利率上升至 7.8%。这一季度环比毛利率扩张 295 个基点，表明产品组合更优、效率提升以及零售平台流量的变现改善。</p>
</div><h2>AI and Automation Drive Efficiency</h2>
<div class="lb-trans"><h2>人工智能和自动化推动效率</h2>
</div><p>Lexinfintech is leaning heavily on large‑model AI and automation to boost efficiency across operations, from customer service to credit approval and quality control. AI customer agents now achieve over 90% response accuracy with sub‑three‑second response times, while human intervention in credit approvals has dropped to just 3.4% and QA accuracy has risen to 89%.</p>
<div class="lb-trans"><p>乐信集团在客户服务、信贷审批和质量控制等运营环节大力依赖大型模型人工智能和自动化。AI 客服代理的响应准确率超过 90%，响应时间在三秒以内，而信贷审批中的人工干预降至仅 3.4%，质量控制的准确率上升至 89%。</p>
</div><h2>Conservative Provisioning Strategy</h2>
<div class="lb-trans"><h2>保守的拨备策略</h2>
</div><p>The gross provision ratio on new loans rose to 7.24% in Q4, up 27 basis points from Q3 and notably above the company’s historical peak vintage charge‑off rate of about 6.1%. This conservative stance is designed to future‑proof asset quality as the firm digests higher delinquencies and prepares for a gradual normalization in credit performance.</p>
<div class="lb-trans"><p>第四季度新贷款的毛拨备比率上升至 7.24%，较第三季度上升 27 个基点，显著高于公司历史最高的约 6.1% 的逾期贷款率。这一保守立场旨在未来保障资产质量，因为公司正在消化更高的逾期率，并为信贷表现的逐步正常化做准备。</p>
</div><h2>Lower Funding Cost and Solid Capital</h2>
<div class="lb-trans"><h2>降低融资成本和稳健资本</h2>
</div><p>Funding costs improved meaningfully, falling from 4.4% in Q3 to 3.8% in Q4, which partly offsets the pressure from lower lending yields. Liquidity and capital appear solid, with around RMB 4.0 billion in cash and restricted cash and approximately RMB 12 billion in shareholders’ equity at year‑end, supporting ongoing operations and shareholder distributions.</p>
<div class="lb-trans"><p>融资成本显著改善，从第三季度的 4.4% 降至第四季度的 3.8%，部分抵消了来自较低贷款收益的压力。流动性和资本状况良好，年末现金和受限现金约为 40 亿人民币，股东权益约为 120 亿人民币，支持持续运营和股东分配。</p>
</div><h2>Enhanced Shareholder Returns</h2>
<div class="lb-trans"><h2>增强股东回报</h2>
</div><p>Shareholder rewards were a highlight, with the company repurchasing USD 39 million of ADS, about 80% of its program, alongside more than USD 10 million in personal share purchases by the CEO. The board approved a dividend of USD 0.188 per ADS for the period, taking the 2025 total to USD 0.2382 per ADS, more than doubling the prior year and lifting the H2 payout ratio to 30%.</p>
<div class="lb-trans"><p>股东回报成为亮点，公司回购了 3900 万美元的美国存托股票（ADS），约占其计划的 80%，同时首席执行官个人购买超过 1000 万美元的股份。董事会批准了每股 ADS 0.188 美元的股息，使 2025 年总额达到每股 ADS 0.2382 美元，超过前一年，并将下半年的派息比例提升至 30%。</p>
</div><h2>Quarterly Revenue and Profit Squeeze</h2>
<div class="lb-trans"><h2>季度收入和利润压力</h2>
</div><p>The fourth quarter underscored near‑term pressure as total net revenue dropped to RMB 1.5 billion, a 26% sequential decline of RMB 530 million. Net income slid to RMB 214 million, down RMB 307 million quarter on quarter, reflecting both regulatory‑driven revenue compression and rising credit costs.</p>
<div class="lb-trans"><p>第四季度凸显了短期压力，总净收入降至 15 亿人民币，环比下降 26%，减少了 5.3 亿人民币。净收入滑落至 2.14 亿人民币，环比下降 3.07 亿人民币，反映了监管驱动的收入压缩和上升的信贷成本。</p>
</div><h2>Credit Business Revenue Compression</h2>
<div class="lb-trans"><h2>信贷业务收入压缩</h2>
</div><p>Net revenue from the credit business, the company’s main earnings engine, fell to RMB 1.4 billion in Q4, down RMB 586 million from Q3. The decline was driven by both contracted loan volumes and lower pricing following regulatory caps, signaling a structurally tougher profitability profile on new lending.</p>
<div class="lb-trans"><p>信贷业务的净收入，即公司的主要盈利引擎，在第四季度降至 14 亿人民币，较第三季度减少 5.86 亿人民币。下降的原因是贷款量收缩和监管上限后的定价降低，表明新贷款的盈利能力结构性变得更加艰难。</p>
</div><h2>APR Reduction Under Regulatory Cap</h2>
<div class="lb-trans"><h2>在监管上限下降低年利率</h2>
</div><p>The weighted‑average APR on new loans declined to 21.7% in Q4, a drop of 140 basis points quarter on quarter as Lexinfintech aligned with the 24% pricing ceiling and made proactive rate cuts. While lower APRs support compliance and customer appeal, they also squeeze margins and heighten the importance of funding cost control and operational efficiency.</p>
<div class="lb-trans"><p>新贷款的加权平均年利率在第四季度降至 21.7%，环比下降 140 个基点，因为乐信集团与 24% 的定价上限保持一致，并主动降低利率。虽然较低的年利率有助于合规和吸引客户，但也压缩了利润率，并提高了融资成本控制和运营效率的重要性。</p>
</div><h2>Higher Credit Costs and Provisions</h2>
<div class="lb-trans"><h2>信贷成本和拨备上升</h2>
</div><p>Credit costs rose sharply in Q4, increasing by about RMB 185 million, with total credit costs including provisions and fair value changes reaching RMB 1.3 billion. This jump reflects both the deterioration in delinquency metrics during the transition and the company’s deliberate choice to front‑load reserves to absorb potential losses.</p>
<div class="lb-trans"><p>第四季度信贷成本急剧上升，增加约 1.85 亿人民币，总信贷成本（包括拨备和公允价值变动）达到 13 亿人民币。这一激增反映了在过渡期间逾期指标的恶化，以及公司故意选择提前拨备以吸收潜在损失。</p>
</div><h2>Delinquency Metrics Deteriorate, Then Stabilize</h2>
<div class="lb-trans"><h2>逾期指标恶化后稳定</h2>
</div><p>During Q4, the day‑1 delinquency ratio of total assets climbed 7% sequentially, and 90‑plus‑day delinquencies rose 3%, signalling stress as the firm adjusted pricing and underwriting. Management noted that month‑over‑month improvement began in November and December, but delinquency levels remained elevated by quarter‑end, keeping risk management in sharp focus.</p>
<div class="lb-trans"><p>在第四季度，所有资产的第一天逾期率环比上升 7%，90 天以上逾期率上升 3%，表明公司在调整定价和承保时面临压力。管理层指出，11 月和 12 月开始出现环比改善，但到季度末逾期水平仍然较高，使风险管理保持在高度关注之中。</p>
</div><h2>Tech Empowerment Wind-Down Hits Revenue</h2>
<div class="lb-trans"><h2>技术赋能的减弱影响收入</h2>
</div><p>Tech empowerment service income declined by RMB 286 million in Q4, mainly due to the wind‑down of the ICP business, which also created a temporary lag in revenue recognition. This shift underscores the short‑term revenue hit from strategic portfolio adjustments even as the company seeks a healthier, more compliant long‑term business mix.</p>
<div class="lb-trans"><p>技术赋能服务收入在第四季度下降了 2.86 亿人民币，主要是由于 ICP 业务的停滞，这也导致了收入确认的暂时滞后。这一变化突显了战略组合调整带来的短期收入冲击，即使公司在寻求更健康、更合规的长期业务组合。</p>
</div><h2>Operating Costs Fall, But Not Fast Enough</h2>
<div class="lb-trans"><h2>运营成本下降，但速度不够快</h2>
</div><p>Operating expenses decreased 11% quarter on quarter to RMB 1.2 billion, reflecting ongoing cost discipline and efficiency efforts. However, the pace of cost reduction lagged the 26% drop in revenue, amplifying pressure on quarterly profitability and highlighting the need for further structural savings if revenues stay subdued.</p>
<div class="lb-trans"><p>运营费用环比下降 11%，至 12 亿人民币，反映了持续的成本控制和效率提升努力。然而，成本降低的速度落后于 26% 的收入下降，加大了季度盈利的压力，并突显了在收入保持低迷的情况下，进一步结构性节省的必要性。</p>
</div><h2>Industry Liquidity Tightening and Limited Visibility</h2>
<div class="lb-trans"><h2>行业流动性收紧和有限的可见性</h2>
</div><p>Management pointed to sector‑wide liquidity tightening after recent regulation as a key external headwind weighing on funding and origination. Given this uncertainty, the company refrained from issuing full‑year 2026 financial guidance and expects Q1 2026 loan originations to stay roughly in line with Q4 levels, signaling a cautious stance.</p>
<div class="lb-trans"><p>管理层指出，近期监管后行业普遍流动性收紧是影响融资和发放的主要外部阻力。鉴于这种不确定性，公司未能发布 2026 财年的全面财务指引，并预计 2026 年第一季度的贷款发放将大致与第四季度持平，显示出谨慎的态度。</p>
</div><h2>Forward-Looking Guidance and Strategic Priorities</h2>
<div class="lb-trans"><h2>前瞻性指引和战略优先事项</h2>
</div><p>Looking ahead, management expects loan volume in Q1 2026 to remain around the Q4 level of RMB 50 billion, while pricing is set to trend lower from the 21.7% Q4 APR and funding costs remain a critical swing factor. They aim to gradually optimize credit costs and bring loan risk back within target appetite by the second half of 2026, while stepping up high‑quality user acquisition, sustaining cost discipline and maintaining shareholder returns supported by a strong cash and equity base.</p>
<div class="lb-trans"><p>展望未来，管理层预计 2026 年第一季度的贷款量将保持在约 500 亿人民币的第四季度水平，而定价预计将低于第四季度的 21.7% 年利率，融资成本仍然是关键的波动因素。他们旨在逐步优化信贷成本，并在 2026 年下半年将贷款风险控制在目标范围内，同时加强高质量用户获取，维持成本控制，并在强大的现金和股本基础上保持股东回报。</p>
</div><p>Lexinfintech’s earnings call showcased a business in transition, balancing robust full‑year profit growth and improving efficiency against near‑term pressure from regulation, tighter liquidity and higher credit costs. For investors, the story hinges on whether conservative provisioning, AI‑driven productivity and a diversified ecosystem can offset lower yields and set the stage for a healthier, more sustainable growth trajectory into 2026 and beyond.</p>
<div class="lb-trans"><p>乐信集团的财报电话会议展示了一个正在转型的业务，在强劲的全年利润增长和效率提升与来自监管、流动性收紧和更高信贷成本的短期压力之间取得平衡。对于投资者而言，故事的关键在于保守的拨备、人工智能驱动的生产力和多元化生态系统是否能够抵消较低的收益，并为 2026 年及以后更健康、更可持续的增长轨迹奠定基础。</p>
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乐信集团财报电话会议：在压力下实现盈利