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Qudian Inc. Reports Second Quarter 2025 Financial Results

Qudian Inc., a consumer-focused technology company based in China, has disclosed its unaudited financial results for the quarter ending June 30, 2025. The results indicate a notable contraction in revenue but also a positive net income attributable to shareholders.

Financial Highlights

In Q2 2025, Qudian reported total revenues amounting to RMB 3.5 million (US$ 0.5 million), which is a stark decline from the RMB 53.3 million generated in the same quarter of the previous year. This decrease can mainly be attributed to the reduction in sales from their last-mile delivery segment, a strategic part of their service offerings that faced intense competitive pressures.

Despite the drop in revenue, Qudian showcased a robust net income of RMB 311.8 million (US$ 43.5 million) for the same period, reflecting an increase from RMB 99.8 million in Q2 2024. This resulted in a diluted net income per American Depositary Share (ADS) of RMB 1.86 (US$ 0.26).

Decision to Wind Down Business Segments

After thorough evaluation of its business landscape, Qudian decided to discontinue its last-mile delivery services. This pivot is intended to align with the company’s focus on sustainable growth while maximizing shareholder value. Maintaining careful cash management remains a priority as Qudian transitions into new business avenues.

Detailed Financial Analysis

The second quarter’s financial results reveal a substantial decline in sales income which plummeted by 93.5% to RMB 3.5 million from the previous year. The winds of change signify a decisive move as Qudian ceases its last-mile service due to escalating industry competition.

On the expense front, total operating costs increased to RMB 117.7 million (US$ 16.4 million) compared to RMB 110.8 million in the same quarter last year. This uptick is a consequence of rising operational costs, notably in general and administrative areas, which saw a 39.6% increase due to heightened depreciation costs and property taxes linked to the completion of the corporate headquarters.

Furthermore, research and development expenditures decreased by 25.5%, amounting to RMB 11.3 million (US$ 1.6 million) compared to RMB 15.2 million the previous year, reflecting a reduced workforce contributing to lower salary expenses.

Despite the operational losses amounting to RMB 113.9 million (US$ 15.9 million), Qudian saw an impressive surge in interest and investment income, which rose by 392.3% to RMB 440.5 million (US$ 61.5 million), primarily due to significant gains from investment activities.

Investment Insights and Cash Flow Management

As of June 30, 2025, Qudian possessed cash and cash equivalents of RMB 4,029.0 million (US$ 562.4 million). The company reported a net cash utilization from operational activities of RMB 1.1 million (US$ 0.2 million) in the second quarter, attributed to labor-related and general expenses. From investment activities, the outflow totaled RMB 698.2 million (US$ 97.5 million), chiefly for short-term investment acquisitions.

The firm also updated its shareholder repurchase initiative, which began in March 2024, where it has bought back 22.7 million ADSs worth approximately US$ 54.6 million during the period leading to August 12, 2025.

Looking Ahead

With a clear mission to better navigate through ongoing changes in the market, Qudian is actively exploring innovative business models to continue meeting consumer needs while optimizing their technological advantage. This strategic shift is vital in positioning Qudian for robust future growth beyond its current operational restructuring.

For further inquiries and updates, please visit Qudian Inc.'s Investor Relations page.