<ul>
<li>制药狂潮：波动性点燃生物科技行业</li>
</ul>
<p>乐信集团 NASDAQ: LX 报告称，第一季度贷款量和收入均有所增加，管理层表示其多元化生态系统业务的增长帮助抵消了宏观经济和行业挑战下在线消费金融的压力。</p>
<p>在公司 2026 年第一季度的财报电话会议上，董事长兼首席执行官肖文杰表示，乐信的分期电商、线下普惠金融和金融科技赋能业务在本季度占总贷款量的近 50%。他将这些业务描述为新的增长动力，并表示它们在充满挑战的环境中展现了 “强大的运营韧性”。</p>
<p>乐信报告的总贷款量为 579 亿元人民币，环比增长 15.9%，同比增长 12.2%。收入达到 33 亿元人民币，净利润为 2.01 亿元人民币。活跃用户总数为 517 万人，环比增长 14.1%，同比增长 8.6%。新增活跃用户达到 144 万人，环比增长 63.3%，同比增长 101.6%。</p>
<h2>多元化业务抵消消费金融压力</h2>
<p>肖表示，公司多元化生态系统战略开始显现成效，生态系统业务的增长速度超过了在线贷款服务业务。他强调金融科技赋能、分期电商和线下普惠金融是本季度增加动力的领域。</p>
<p>首席财务官郑杰表示，行业仍在经历调整期，乐信的在线消费金融业务仍受到宏观经济不确定性的压力。然而，他表示生态系统细分领域的增长，特别是金融科技赋能服务，支持了总贷款量的增长。</p>
<p>郑表示，非在线消费金融的商品交易总额，包括线下普惠金融、金融科技赋能服务和电商，已接近总 GMV 的 50%，环比增长 42%。他表示，金融科技赋能（或称 “数科”）模式涉及与互联网平台和银行在风险评估和信用风险承担方面的合作，贷款量上升至约 310 亿元人民币。</p>
<p>“数科模式的建立创造了强大的收入管道，它将改善我们的长期资产质量，并确保在市场周期中保持稳定的盈利能力，” 郑说。</p>
<h2>电商毛利上升，公司优先考虑资产质量</h2>
<p>乐信的分期电商业务也为本季度的业绩做出了贡献。肖表示，该业务在食品、服装、交通、旅行、购物、娱乐和宠物等多个类别扩展了其供应链和产品供应。在本季度，公司新增近 150 个品牌，并为部分商家推出了奥特莱斯渠道，签约了 20 多个国内外时尚和体育品牌。</p>
<p>郑表示，分期电商的 GMV 保持在 22 亿元人民币，来自该业务的毛利达到 2.08 亿元人民币，环比增长 24%。毛利率扩大了 169 个基点，达到 9.4%。</p>
<p>管理层表示，公司故意放缓该细分市场的增长，以保持信用风险在其风险承受范围内，即使需求依然强劲。</p>
<h2>风险指标持续改善</h2>
<p>首席风险官乔振文表示，随着新行业法规的影响逐渐减弱，行业整体风险开始下降，乐信的资产质量在第一季度有所改善。与 2025 年第四季度相比，乐信的总资产首日逾期率下降了约 7%，而 30 天回收率持续逐月恢复。乔表示，第一季度新发放贷款的 FPD30 预计将下降约 6%。</p>
<p>乔表示，公司扩大了在风险管理中使用大模型的范围，包括对高风险资产管理工具和自动化风险检查系统的升级。他还表示，乐信利用大模型支持实时互动的信用额度增加，帮助公司更好地识别风险并量身定制信用报价。</p>
<p>公司还专注于优质白领客户和小微企业主。乔表示，优质白领客户的贷款量环比增长 56%，而优质小微企业客户的贷款量增长了 30%。</p>
<p>在线下普惠金融方面，乔表示乐信继续通过本地化风险模型和信用策略开发县级市场。他表示，公司已覆盖近 100 个县，服务超过 400 万小微商户和个体经营者，同时保持稳定的风险表现。</p>
<h2>财务结果显示收入增长，净收入下降</h2>
<p>郑表示，扣除信用成本和融资成本后的信贷业务净收入为 15 亿元人民币，环比增长 7.2%。他说，增长主要得益于技术赋能服务收入增加 3.82 亿元人民币，得益于资产质量改善导致的拨备补充减少。信用促进服务收入下降约 10%，即 2.53 亿元人民币，反映了在线消费金融的交易量和定价压力。</p>
<p>信贷和分期电商业务的总净收入为 17 亿元人民币，环比增长 9.1%。运营费用增长 13.8%，达到 14 亿元人民币，主要由于销售和市场费用的增加以及对用户参与、服务基础设施、消费者保护和用户体验的投资。净收入环比下降 5.9%，至 2.01 亿元人民币。</p>
<p>乐信的总信用成本为 13 亿元人民币，环比增长 0.8%。郑表示，增长主要是由交易量驱动，并与新贷款发放增长相一致。他表示，公司新资本密集型贷款的毛拨备率约为 7.2%，覆盖率在第一季度为 258%。</p>
<p>截至 3 月 31 日，乐信的现金状况，包括现金等价物和受限现金，约为 33 亿元人民币。</p>
<h2>管理层对前景和回购持谨慎态度</h2>
<p>在回应分析师提问时，肖表示行业正变得更加成熟和有序，越来越重视合规性和用户体验。他表示乐信将继续专注于客户体验、高质量资产、资产组合优化和风险韧性，同时发展其多元化生态系统业务。</p>
<p>郑拒绝提供具体的全年财务目标，理由是宏观经济不确定性。他表示，预计总贷款量将在季度间保持相对稳定，受到生态系统业务的支持，尽管在线消费金融可能仍面临压力。他表示，如果风险持续下降，信用成本应该会降低，前提是没有重大宏观经济或监管变化。</p>
<p>关于股东回报，肖表示乐信计划取消 2000 万份美国存托股票，约占总流通股的 12%。他说，由于宏观不确定性，公司已暂时暂停新的股票回购，但在市场条件合适时可能会重新启动该计划。</p>
<h2>关于乐信科技 NASDAQ: LX</h2>
<p>乐信科技控股有限公司 NASDAQ: LX 是一家总部位于中国的消费金融和数字银行平台，主要服务于年轻的、未充分服务的消费者。公司的核心产品是销售点分期融资，使符合条件的客户能够将购买分成固定的月付款，并收取透明的费用。乐信科技利用专有的数据分析和信用评分模型，为在线购买提供消费贷款，并提供支持各种零售和电子商务交易的信用额度。</p>
<p>除了其旗舰分期贷款服务外，乐信科技还开发了财富管理和金融科技即服务产品。</p>
<p><em>此即时新闻提醒由叙事科学技术和 MarketBeat 的金融数据生成，以便为读者提供最快的报道和公正的覆盖。如对本故事有任何问题或意见，请发送邮件至 contact@marketbeat.com。</em></p>
<h2>你现在应该投资 1000 美元在乐信科技吗？</h2>
<p>在考虑乐信科技之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐在更广泛的市场注意到之前立即购买……而乐信科技并不在名单上。</p>
<p>虽然乐信科技目前在分析师中获得持有评级，但顶级分析师认为这五只股票更值得购买。</p>
<p>在这里查看这五只股票</p>

乐信集团

金融科技指数 ETF - GlobalX

<p>乐信集团 (NASDAQ:LX) 报告称，第一季度贷款金额增长了 15.9%，达到 579 亿元人民币，收入为 33 亿元人民币，尽管在线消费金融面临压力。首席执行官肖文杰强调了多元化生态系统业务的增长，这些业务现在占总贷款金额的近 50%。公司的资产质量有所改善，首日逾期率下降了 7%。首席财务官郑杰表示，尽管在线消费金融面临挑战，但金融科技赋能服务支持了整体增长</p>

<ul>
<li>Pharma Frenzy: Volatility Ignites Biotech Sector</li>
</ul>
<div class="lb-trans"><ul>
<li>制药狂潮：波动性点燃生物科技行业</li>
</ul>
</div><p>LexinFintech NASDAQ: LX reported higher first-quarter loan volume and revenue as management said growth in its diversified ecosystem businesses helped offset pressure in online consumer finance amid macroeconomic and industry challenges.</p>
<div class="lb-trans"><p>乐信集团 NASDAQ: LX 报告称，第一季度贷款量和收入均有所增加，管理层表示其多元化生态系统业务的增长帮助抵消了宏观经济和行业挑战下在线消费金融的压力。</p>
</div><p>On the company’s first-quarter 2026 earnings call, Chairman and Chief Executive Officer Jay Wenjie Xiao said Lexin’s installment e-commerce, offline inclusive finance and fintech empowerment businesses accounted for nearly 50% of total loan volume during the quarter. He described those businesses as new growth drivers and said they showed “strong operational resilience” in a challenging environment.</p>
<div class="lb-trans"><p>在公司 2026 年第一季度的财报电话会议上，董事长兼首席执行官肖文杰表示，乐信的分期电商、线下普惠金融和金融科技赋能业务在本季度占总贷款量的近 50%。他将这些业务描述为新的增长动力，并表示它们在充满挑战的环境中展现了 “强大的运营韧性”。</p>
</div><p>Lexin reported total loan volume of RMB 57.9 billion, up 15.9% quarter over quarter and 12.2% year over year. Revenue reached RMB 3.3 billion, while net profit was RMB 201 million. Active users totaled 5.17 million, up 14.1% sequentially and 8.6% from a year earlier. New active users reached 1.44 million, rising 63.3% quarter over quarter and 101.6% year over year.</p>
<div class="lb-trans"><p>乐信报告的总贷款量为 579 亿元人民币，环比增长 15.9%，同比增长 12.2%。收入达到 33 亿元人民币，净利润为 2.01 亿元人民币。活跃用户总数为 517 万人，环比增长 14.1%，同比增长 8.6%。新增活跃用户达到 144 万人，环比增长 63.3%，同比增长 101.6%。</p>
</div><h2>Diversified businesses offset consumer finance pressure</h2>
<div class="lb-trans"><h2>多元化业务抵消消费金融压力</h2>
</div><p>Xiao said the company’s diversified ecosystem strategy is beginning to show results, with ecosystem businesses growing faster than the online loan facilitation business. He highlighted fintech empowerment, installment e-commerce and offline inclusive finance as areas that added momentum in the quarter.</p>
<div class="lb-trans"><p>肖表示，公司多元化生态系统战略开始显现成效，生态系统业务的增长速度超过了在线贷款服务业务。他强调金融科技赋能、分期电商和线下普惠金融是本季度增加动力的领域。</p>
</div><p>Chief Financial Officer James Zheng said the industry continued to operate through a period of adjustment, and Lexin’s online consumer finance business remained under pressure from macroeconomic uncertainty. However, he said growth in ecosystem segments, particularly fintech empowerment services, supported total loan volume.</p>
<div class="lb-trans"><p>首席财务官郑杰表示，行业仍在经历调整期，乐信的在线消费金融业务仍受到宏观经济不确定性的压力。然而，他表示生态系统细分领域的增长，特别是金融科技赋能服务，支持了总贷款量的增长。</p>
</div><p>Zheng said non-online consumer finance gross merchandise volume, including offline inclusive finance, fintech empowerment services and e-commerce, grew to nearly 50% of total GMV and was up 42% sequentially. He said the fintech empowerment, or ShuKe, model involved partnerships with internet platforms and banks on risk assessment and credit risk assumption, with loan volume rising to around RMB 31 billion.</p>
<div class="lb-trans"><p>郑表示，非在线消费金融的商品交易总额，包括线下普惠金融、金融科技赋能服务和电商，已接近总 GMV 的 50%，环比增长 42%。他表示，金融科技赋能（或称 “数科”）模式涉及与互联网平台和银行在风险评估和信用风险承担方面的合作，贷款量上升至约 310 亿元人民币。</p>
</div><p>“The build-up of the ShuKe model creates a robust revenue pipeline, and it will improve our long-term asset quality and ensure steady profitability across market cycles,” Zheng said.</p>
<div class="lb-trans"><p>“数科模式的建立创造了强大的收入管道，它将改善我们的长期资产质量，并确保在市场周期中保持稳定的盈利能力，” 郑说。</p>
</div><h2>E-commerce gross profit rises as company prioritizes asset quality</h2>
<div class="lb-trans"><h2>电商毛利上升，公司优先考虑资产质量</h2>
</div><p>Lexin’s installment e-commerce business also contributed to the quarter’s performance. Xiao said the business expanded its supply chain and product offerings across categories including food, apparel, transportation, travel, shopping, entertainment and pets. During the quarter, the company added nearly 150 brands and launched an outlet channel for select merchants, signing more than 20 domestic and international fashion and sports brands.</p>
<div class="lb-trans"><p>乐信的分期电商业务也为本季度的业绩做出了贡献。肖表示，该业务在食品、服装、交通、旅行、购物、娱乐和宠物等多个类别扩展了其供应链和产品供应。在本季度，公司新增近 150 个品牌，并为部分商家推出了奥特莱斯渠道，签约了 20 多个国内外时尚和体育品牌。</p>
</div><p>Zheng said installment e-commerce GMV remained steady at RMB 2.2 billion, while gross profit from the business reached RMB 208 million, up 24% sequentially. Gross margin expanded by 169 basis points to 9.4%.</p>
<div class="lb-trans"><p>郑表示，分期电商的 GMV 保持在 22 亿元人民币，来自该业务的毛利达到 2.08 亿元人民币，环比增长 24%。毛利率扩大了 169 个基点，达到 9.4%。</p>
</div><p>Management said the company deliberately moderated growth in the segment to keep credit risk within its risk appetite, even as demand remained strong.</p>
<div class="lb-trans"><p>管理层表示，公司故意放缓该细分市场的增长，以保持信用风险在其风险承受范围内，即使需求依然强劲。</p>
</div><h2>Risk indicators continue to improve</h2>
<div class="lb-trans"><h2>风险指标持续改善</h2>
</div><p>Chief Risk Officer Arvin Zhanwen Qiao said Lexin’s asset quality improved in the first quarter as the impact of new industry regulations gradually subsided and industry-wide risk began to decline. Compared with the fourth quarter of 2025, Lexin’s day-one delinquency ratio for total assets declined by about 7%, while the 30-day collection rate continued to recover month over month. Qiao said FPD30 for new loans originated in the first quarter is expected to decline by about 6%.</p>
<div class="lb-trans"><p>首席风险官乔振文表示，随着新行业法规的影响逐渐减弱，行业整体风险开始下降，乐信的资产质量在第一季度有所改善。与 2025 年第四季度相比，乐信的总资产首日逾期率下降了约 7%，而 30 天回收率持续逐月恢复。乔表示，第一季度新发放贷款的 FPD30 预计将下降约 6%。</p>
</div><p>Qiao said the company expanded the use of large models in risk management, including upgrades to high-risk asset management tools and automated risk inspection systems. He also said Lexin used large models to support real-time interactive credit line increases, helping the company better identify risk and tailor credit offers.</p>
<div class="lb-trans"><p>乔表示，公司扩大了在风险管理中使用大模型的范围，包括对高风险资产管理工具和自动化风险检查系统的升级。他还表示，乐信利用大模型支持实时互动的信用额度增加，帮助公司更好地识别风险并量身定制信用报价。</p>
</div><p>The company also focused on prime white-collar customers and small and microbusiness owners. Qiao said loan volume from prime white-collar customers rose 56% quarter over quarter, while volume from prime small and microbusiness customers increased 30%.</p>
<div class="lb-trans"><p>公司还专注于优质白领客户和小微企业主。乔表示，优质白领客户的贷款量环比增长 56%，而优质小微企业客户的贷款量增长了 30%。</p>
</div><p>In offline inclusive finance, Qiao said Lexin continued to develop county-level markets through localized risk models and credit strategies. He said the company has covered nearly 100 counties and served more than 4 million small and micro merchants and individual operators, while maintaining stable risk performance.</p>
<div class="lb-trans"><p>在线下普惠金融方面，乔表示乐信继续通过本地化风险模型和信用策略开发县级市场。他表示，公司已覆盖近 100 个县，服务超过 400 万小微商户和个体经营者，同时保持稳定的风险表现。</p>
</div><h2>Financial results show higher revenue, lower net income</h2>
<div class="lb-trans"><h2>财务结果显示收入增长，净收入下降</h2>
</div><p>Zheng said net revenue from the credit business, after credit costs and funding costs, was RMB 1.5 billion, up 7.2% sequentially. He said the increase was largely driven by a RMB 382 million rise in tech empowerment service income, supported by lower provision top-ups as asset quality improved. Credit facilitation service income declined by about 10%, or RMB 253 million, reflecting volume and pricing headwinds in online consumer finance.</p>
<div class="lb-trans"><p>郑表示，扣除信用成本和融资成本后的信贷业务净收入为 15 亿元人民币，环比增长 7.2%。他说，增长主要得益于技术赋能服务收入增加 3.82 亿元人民币，得益于资产质量改善导致的拨备补充减少。信用促进服务收入下降约 10%，即 2.53 亿元人民币，反映了在线消费金融的交易量和定价压力。</p>
</div><p>Total net revenue from the credit and installment e-commerce businesses was RMB 1.7 billion, up 9.1% quarter over quarter. Operating expenses rose 13.8% to RMB 1.4 billion, mainly due to higher sales and marketing expenses and investments in user engagement, service infrastructure, consumer protection and user experience. Net income fell 5.9% sequentially to RMB 201 million.</p>
<div class="lb-trans"><p>信贷和分期电商业务的总净收入为 17 亿元人民币，环比增长 9.1%。运营费用增长 13.8%，达到 14 亿元人民币，主要由于销售和市场费用的增加以及对用户参与、服务基础设施、消费者保护和用户体验的投资。净收入环比下降 5.9%，至 2.01 亿元人民币。</p>
</div><p>Lexin’s total credit cost was RMB 1.3 billion, up 0.8% sequentially. Zheng said the increase was primarily volume-driven and aligned with new loan origination growth. He said the company’s gross provision ratio for new capital-heavy loans was about 7.2%, and its coverage ratio was 258% in the first quarter.</p>
<div class="lb-trans"><p>乐信的总信用成本为 13 亿元人民币，环比增长 0.8%。郑表示，增长主要是由交易量驱动，并与新贷款发放增长相一致。他表示，公司新资本密集型贷款的毛拨备率约为 7.2%，覆盖率在第一季度为 258%。</p>
</div><p>As of March 31, Lexin’s cash position, including cash equivalents and restricted cash, was approximately RMB 3.3 billion.</p>
<div class="lb-trans"><p>截至 3 月 31 日，乐信的现金状况，包括现金等价物和受限现金，约为 33 亿元人民币。</p>
</div><h2>Management remains cautious on outlook and buybacks</h2>
<div class="lb-trans"><h2>管理层对前景和回购持谨慎态度</h2>
</div><p>In response to analyst questions, Xiao said the industry is becoming more mature and organized, with greater emphasis on compliance and user experience. He said Lexin will continue to focus on customer experience, high-quality assets, asset mix optimization and risk resilience while developing its diversified ecosystem businesses.</p>
<div class="lb-trans"><p>在回应分析师提问时，肖表示行业正变得更加成熟和有序，越来越重视合规性和用户体验。他表示乐信将继续专注于客户体验、高质量资产、资产组合优化和风险韧性，同时发展其多元化生态系统业务。</p>
</div><p>Zheng declined to provide specific full-year financial targets, citing macroeconomic uncertainty. He said total loan volume is expected to remain relatively stable quarter over quarter, supported by ecosystem businesses, though online consumer finance may remain under pressure. He said credit costs should come down if risk continues to decline, assuming no major macroeconomic or regulatory changes.</p>
<div class="lb-trans"><p>郑拒绝提供具体的全年财务目标，理由是宏观经济不确定性。他表示，预计总贷款量将在季度间保持相对稳定，受到生态系统业务的支持，尽管在线消费金融可能仍面临压力。他表示，如果风险持续下降，信用成本应该会降低，前提是没有重大宏观经济或监管变化。</p>
</div><p>On shareholder returns, Xiao said Lexin plans to cancel 20 million American depositary shares, representing about 12% of total outstanding shares. He said the company has temporarily suspended new share repurchases because of macro uncertainty but may restart the program when market conditions are appropriate.</p>
<div class="lb-trans"><p>关于股东回报，肖表示乐信计划取消 2000 万份美国存托股票，约占总流通股的 12%。他说，由于宏观不确定性，公司已暂时暂停新的股票回购，但在市场条件合适时可能会重新启动该计划。</p>
</div><h2>About LexinFintech NASDAQ: LX</h2>
<div class="lb-trans"><h2>关于乐信科技 NASDAQ: LX</h2>
</div><p>LexinFintech Holdings Ltd. NASDAQ: LX is a China-based consumer finance and digital banking platform primarily serving young, underbanked consumers. The company's core offering is point-of-sale installment financing, enabling eligible customers to split purchases into fixed monthly payments with transparent fees. Leveraging proprietary data analytics and credit scoring models, LexinFintech underwrites consumer loans for online purchases and provides credit lines that support a variety of retail and e-commerce transactions.</p>
<div class="lb-trans"><p>乐信科技控股有限公司 NASDAQ: LX 是一家总部位于中国的消费金融和数字银行平台，主要服务于年轻的、未充分服务的消费者。公司的核心产品是销售点分期融资，使符合条件的客户能够将购买分成固定的月付款，并收取透明的费用。乐信科技利用专有的数据分析和信用评分模型，为在线购买提供消费贷款，并提供支持各种零售和电子商务交易的信用额度。</p>
</div><p>In addition to its flagship installment loan service, LexinFintech has developed wealth management and fintech-as-a-service products.</p>
<div class="lb-trans"><p>除了其旗舰分期贷款服务外，乐信科技还开发了财富管理和金融科技即服务产品。</p>
</div><p><em>This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.</em></p>
<div class="lb-trans"><p><em>此即时新闻提醒由叙事科学技术和 MarketBeat 的金融数据生成，以便为读者提供最快的报道和公正的覆盖。如对本故事有任何问题或意见，请发送邮件至 contact@marketbeat.com。</em></p>
</div><h2>Should You Invest $1,000 in LexinFintech Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1000 美元在乐信科技吗？</h2>
</div><p>Before you consider LexinFintech, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑乐信科技之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and LexinFintech wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐在更广泛的市场注意到之前立即购买……而乐信科技并不在名单上。</p>
</div><p>While LexinFintech currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然乐信科技目前在分析师中获得持有评级，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在这里查看这五只股票</p>
</div>

乐信集团第一季度财报电话会议亮点