Qudian Inc. Reports Third Quarter 2025 Unaudited Financial Results

Financial Performance: Qudian Inc. reported total revenues of RMB8.5 million (US$1.2 million) for Q3 2025, a significant decrease from RMB55.0 million in the same quarter last year, primarily due to the winding down of its last-mile delivery business. However, net income attributable to shareholders rose to RMB409.9 million (US$57.6 million) compared to RMB131.9 million in Q3 2024.

Cost Management: Total operating costs decreased by 2.3% to RMB119.1 million (US$16.7 million), with a notable 86.6% drop in the cost of revenues, reflecting the reduced service costs associated with the last-mile delivery business. General and administrative expenses increased by 41.1% due to higher depreciation and property tax expenses.

Cash Flow and Investments: As of September 30, 2025, Qudian had cash and cash equivalents of RMB7,010.6 million (US$948.8 million) and net cash provided by operating activities was RMB384.0 million (US$53.9 million), largely from interest and investment income. The company also reported significant net cash from investing activities due to short-term investment redemptions.

Share Repurchase Program: Qudian's Board approved a share repurchase program in March 2024, allowing for the purchase of up to US$300 million in shares over 36 months. As of November 18, 2025, the company had repurchased 180.6 million ADSs for approximately US$765.3 million, averaging $4.2 per ADS.