Lucide Ledger

A filing-first public record from Lucide House.

Issue 015 | U.S. Pilot | US

QFIN

Qfin Holdings, Inc.

Screen state: Needs Review Source state: Stale Filing 20-F | 2026-04-27 Filing currency: CNY
Open Filing Back to Register Report a correction
Internal NCAV Discount 49.7%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
49,481,458,000CNY
Total Liabilities
32,792,752,000CNY
NCAV
2,505,435,605CNY
Cash
4,696,817,000CNY
NCAV per share
68.45CNY/share
Evidence
8 annual | 0 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated
12
Triggered
4
Unavailable
3
Requires inspection High NCAV Burn since the previous filing 16,688,706,000
Latest
16,688,706,0002025-12-31
Comparison
18,894,169,0002024-12-31
Change
-11.7%

Basis: NCAV burn since previous filing >= 10%; previous NCAV must be positive

Source periods: SEC 20-F 2025-12-31 · 0001104659-26-049501; REPORTED_FILING 20-F 2024-12-31

Supporting observation Positive OCF 11,083,748,000
Latest
11,083,748,0002025-12-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations > 0

Source periods: SEC 20-F 2025-12-31 · 0001104659-26-049501

Supporting observation Share Count Reduced 243,823,900
Latest
243,823,9002025-12-31
Comparison
283,981,3202024-12-31
Change
-14.1%

Basis: 1Y share change <= -2% using the same share-count source

Source periods: SEC 20-F 2025-12-31 · 0001104659-26-049501; REPORTED_FILING 20-F 2024-12-31

Supporting observation Current Ratio > 1.5 2.43
Latest
2.432025-12-31
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 20-F 2025-12-31 · 0001104659-26-049501

3 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Non-Positive Equity ordinary shareholders equity <= 0

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources
Source Filing Date Type Status Provenance
S1 0001410578-25-000441 2025-03-25 20-F Missing Source Data Vault | sec/cleaned/cik=0001741530/accession=0001410578-25-000441/parser=html-cleaner-v1/full.txt
Share Count & Per-Share Comparability

Data Vault has not published the normalized share-count artifact for this company.

Known Unknowns

Only 0 quarterly periods available from Data Vault for this company.

quarterly periods are missing

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Medium | Filing

Some rows are based on older filing data and require manual freshness review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-12-31
20-F
CNY
2024-12-31
20-F
CNY
2023-12-31
20-F
CNY
2022-12-31
20-F
CNY
2021-12-31
20-F
CNY
2020-12-31
20-F
CNY
2019-12-31
20-F
CNY
2018-12-31
20-F
CNY
Revenue 19,205,059,000 17,165,656,000 16,290,027,000 16,553,930,000 16,635,645,000 13,563,954,000 9,219,847,000 4,447,018,000
Operating Income 6,678,419,000 7,528,570,000 4,856,964,000 4,472,184,000 6,786,199,000 3,790,158,000 2,893,591,000 1,644,512,000
Net Income 5,975,643,000 6,248,116,000 4,268,577,000 4,005,568,000 5,764,513,000 3,495,709,000 2,501,304,000 1,193,311,000
Cash From Operations 11,083,748,000 9,343,311,000 7,118,350,000 5,922,515,000 5,789,700,000 5,325,810,000 2,973,075,000 285,116,000
Capex -240,542,000 -153,150,000 -84,554,000 -26,973,000 -25,307,000 -15,272,000 -25,558,000 -8,551,000
Free Cash Flow 10,843,206,000 9,190,161,000 7,033,796,000 5,895,542,000 5,764,393,000 5,310,538,000 2,947,517,000 276,565,000
Cash And Equivalents 4,696,817,000 4,452,416,000 4,177,890,000 7,165,584,000 6,116,360,000 4,418,416,000 2,108,123,000 1,445,802,000
Accounts Receivable n/a n/a n/a n/a n/a n/a n/a n/a
Inventory n/a n/a n/a n/a n/a n/a n/a n/a
Total Current Assets 49,481,458,000 42,780,568,000 39,796,028,000 34,097,466,000 27,757,223,000 21,876,042,000 19,503,488,000 7,342,019,000
Total Assets 56,949,795,000 48,132,618,000 45,818,572,000 40,343,170,000 33,504,995,000 24,387,305,000 20,355,601,000 7,349,735,000
Total Current Liabilities 20,359,829,000 17,472,209,000 19,899,619,000 16,749,918,000 14,143,186,000 13,384,508,000 9,667,187,000 2,893,781,000
Total Liabilities 32,792,752,000 23,886,399,000 23,808,715,000 21,411,873,000 18,288,386,000 14,906,215,000 13,140,871,000 2,909,539,000
Shareholders Equity 24,114,915,000 24,190,043,000 21,937,483,000 18,847,156,000 15,203,863,000 9,480,578,000 7,213,442,000 4,440,196,000
Shares Outstanding 243,823,900 283,981,320 315,226,128 322,792,063 310,486,975 304,453,780 293,420,800 287,652,707
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 272,171,878 303,449,864 328,508,945 322,018,510 321,397,753 306,665,099 300,938,470 202,751,277
Weighted Avg Shares Basic 266,496,992 298,012,150 320,749,805 312,589,273 307,265,600 298,222,207 288,827,604 202,751,277
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 0 quarterly periods available from Data Vault for this company.

Metric
Revenue
Operating Income
Net Income
Cash From Operations
Capex
Free Cash Flow
Cash And Equivalents
Total Current Assets
Total Liabilities
Shares Outstanding
Shares Outstanding Diluted
Weighted Avg Shares Diluted
Weighted Avg Shares Basic
Net Share Count Change (Normalized)
Ownership Claim Change (Normalized)
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets 49,481,458,000CNY us-gaap:AssetsCurrent 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0001741530/companyfacts.json
Data Vault | sec/companyfacts/cik=0001741530/companyfacts.json
Total Liabilities 32,792,752,000CNY us-gaap:Liabilities 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0001741530/companyfacts.json
Data Vault | sec/companyfacts/cik=0001741530/companyfacts.json
Cash 4,696,817,000CNY us-gaap:CashAndCashEquivalentsAtCarryingValue 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0001741530/companyfacts.json
Data Vault | sec/companyfacts/cik=0001741530/companyfacts.json
Shares Outstanding 243,823,900 dei:EntityCommonStockSharesOutstanding 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0001741530/companyfacts.json
Data Vault | sec/companyfacts/cik=0001741530/companyfacts.json
NCAV 16,688,706,000CNY derived 2025-12-31 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 68.45CNY derived 2025-12-31 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 49.7% derived 2025-12-31 n/a gnni_publication_pack | internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0001741530
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001741530/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001741530/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
8
Imported At
2026-11-01T11:37:16+00:00
Rendered At
2026-11-01T14:57:29+00:00

Run Audit

Mary Run
96f10914845d4a63bf1f2ca5985451b2
Mary As Of
2026-10-30
Accession
0001104659-26-049501
CIK
0001741530
Mary Filing Date
2026-04-27
Filing Currency
CNY
Internal Discount
49.7%
Source State
Stale Filing
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=96f10914845d4a63bf1f2ca5985451b2; mary_as_of=2026-10-30; mary_filing_date=2026-04-27; mary_accession=0001104659-26-049501; mary_cik=0001741530; gnni_supporting_filing_date=2026-04-27; internal_discount=0.496866; mary_reason=Required return hurdle = 8.98% (10Y_TBILL_PLUS_SPREAD). | After-SBC owner FCF yield passes in: 3y, 5y. | TTM after-SBC owner FCF yield also passes the hurdle. | ROIC capital-efficiency q=15.62% set the curve spread at 3.41%; owner FCF yi...; source requires review

Back to Register Report a correction Archive