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of Contents](#TOC)\n\n​\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\nFORM 20-F\n\n**(Mark One)**\n\n​\n\n​\n\n​\n\n**☐**\n\n**REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES********EXCHANGE ACT OF 1934**\n\n​\n\n**OR**\n\n​\n\n​\n\n​\n\n**☒**\n\n**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE********ACT OF 1934**\n\n​\n\n​\n\n​\n\n​\n\n**For the fiscal year ended****December 31****, 2025**\n\n​\n\n**OR**\n\n​\n\n​\n\n​\n\n**☐**\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES********EXCHANGE ACT OF 1934**\n\n​\n\n**OR**\n\n​\n\n​\n\n​\n\n**☐**\n\n**SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES********EXCHANGE ACT OF 1934**\n\n​\n\n**Date of event requiring this shell company report**\n\n​\n\n**For the transition period from            to**\n\n​\n\n**Commission file number:****001-38752**\n\n​\n\n​\n\n**Qfin Holdings, Inc.**\n\n(Exact Name of Registrant as Specified in Its Charter)\n\n​\n\n**N/A**\n\n(Translation of Registrant’s Name Into English)\n\n​\n\n**Cayman Islands**\n\n(Jurisdiction of Incorporation or Organization)\n\n​\n\n**Building 1****,**\n\n**No. 98 Qingyijiang Road****,**\n\n**Putuo District****,**\n\n**Shanghai********200331,**\n\n**People’s Republic of****China**\n\n(Address of Principal Executive Offices)\n\n​\n\n**Alex Xu****, Chief Financial Officer**\n\n**Building 1,******\n\n**No. 98 Qingyijiang Road****,**\n\n**Putuo District****,**\n\n**Shanghai********200331,**\n\n**People’s Republic of****China**\n\n**Phone: +****86********21********5835-7668**\n\n**Email:****ir@qfin.com**\n\n(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)\n\n​\n\nSecurities registered or to be registered pursuant to Section 12(b) of the Act:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTitle of each class\n\n  ​ ​ ​\n\nTrading Symbol (s)\n\n  ​ ​ ​\n\nName of each exchange on which registered\n\nAmerican depositary shares, each\nrepresenting two Class A ordinary shares, par value US$0.00001 per share\n\n​\n\nQFIN\n\n​\n\nThe Nasdaq Global Select Market\n\nClass A ordinary shares, par value\nUS$0.00001 per share\n\n​\n\n3660\n\n​\n\nThe Stock Exchange of Hong Kong Limited\n\n​\n\n[Table of Contents](#TOC)\n\nSecurities registered or to be registered pursuant to Section 12(g) of the Act:\n\n​\n\n​\n\n**None**\n\n(Title of Class)\n\n​\n\nSecurities for which there is a reporting obligation pursuant to Section 15(d) of the Act:\n\n​\n\n​\n\n**None**\n\n(Title of Class)\n\n​\n\nIndicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:\n\n​\n\nAs of December 31, 2025, there were 243,823,900 class A ordinary shares issued and outstanding, par value US$0.00001 per share.\n\n​\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.   ☒ Yes   ☐ No\n\n​\n\nIf this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.   ☐ Yes   ☒ No\n\n​\n\nNote — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.\n\n​\n\nIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   ☒ Yes   ☐ No\n\n​\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   ☒ Yes   ☐ No\n\n​\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLarge Accelerated Filer\n\n☒\n\nAccelerated Filer\n\n☐\n\nNon-Accelerated Filer\n\n☐\n\nEmerging Growth Company\n\n☐\n\n​\n\nIf an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.   ☐\n\n​\n\n† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.\n\n​\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ \n\n​\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\n​\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\n​\n\nIndicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:\n\n​\n\nU.S. GAAP ☒\n\nInternational Financial Reporting Standards as issued\nby the International Accounting Standards Board ☐\n\nOther ☐\n\n​\n\nIf “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.   ☐ Item 17   ☐ Item 18\n\n​\n\nIf this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   ☐ Yes   ☒ No\n\n​\n\n(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)\n\n​\n\nIndicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.   ☐ Yes   ☐ No\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\nTABLE OF CONTENTS\n\n​\n\n[INTRODUCTION](#INTRODUCTION_314861)\n\n1\n\n[FORWARD-LOOKING STATEMENTS](#FORWARDLOOKINGSTATEMENTS_972846)\n\n3\n\n[PART I.](#PARTI_364217)\n\n4\n\n​\n\n[ITEM 1 IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#ITEM1IDENTITYOFDIRECTORSSENIORMANAGEMENT)\n\n4\n\n​\n\n[ITEM 2 OFFER STATISTICS AND EXPECTED TIMETABLE](#ITEM2OFFERSTATISTICSANDEXPECTEDTIMETABLE)\n\n4\n\n​\n\n[ITEM 3 KEY INFORMATION](#ITEM3KEYINFORMATION_577871)\n\n4\n\n​\n\n[ITEM 4 INFORMATION ON THE COMPANY](#ITEM4INFORMATIONONTHECOMPANY_298044)\n\n76\n\n​\n\n[ITEM 4A UNRESOLVED STAFF COMMENTS](#ITEM4AUNRESOLVEDSTAFFCOMMENTS_603527)\n\n125\n\n​\n\n[ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#ITEM5OPERATINGANDFINANCIALREVIEWANDPROSP)\n\n125\n\n​\n\n[ITEM 6 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#ITEM6DIRECTORSSENIORMANAGEMENTANDEMPLOYE)\n\n146\n\n​\n\n[ITEM 7 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#ITEM7MAJORSHAREHOLDERS_8312)\n\n158\n\n​\n\n[ITEM 8 FINANCIAL INFORMATION](#ITEM8FINANCIALINFORMATION_223587)\n\n161\n\n​\n\n[ITEM 9 THE OFFER AND LISTING](#ITEM9THEOFFERANDLISTING_279321)\n\n161\n\n​\n\n[ITEM 10 ADDITIONAL INFORMATION](#ITEM10ADDITIONALINFORMATION_717878)\n\n162\n\n​\n\n[ITEM 11 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#ITEM11QUANTITATIVEANDQUALITATIVEDISCLOSU)\n\n177\n\n​\n\n[ITEM 12 DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#ITEM12DESCRIPTIONOFSECURITIESOTHERTHANEQ)\n\n178\n\n[PART II.](#PARTII_697373)\n\n183\n\n​\n\n[ITEM 13 DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#ITEM13DEFAULTSDIVIDENDARREARAGESANDDELIN)\n\n183\n\n​\n\n[ITEM 14 MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#ITEM14MATERIALMODIFICATIONSTOTHERIGHTSOF)\n\n183\n\n​\n\n[ITEM 15 CONTROLS AND PROCEDURES](#ITEM15CONTROLSANDPROCEDURES_961430)\n\n183\n\n​\n\n[ITEM 16 [RESERVED]](#ITEM16Reserved_964840)\n\n184\n\n​\n\n[ITEM 16A AUDIT COMMITTEE FINANCIAL EXPERT](#ITEM16AAUDITCOMMITTEEFINANCIALEXPERT_344)\n\n184\n\n​\n\n[ITEM 16B CODE OF ETHICS](#ITEM16BCODEOFETHICS_353873)\n\n184\n\n​\n\n[ITEM 16C PRINCIPAL ACCOUNTANT FEES AND SERVICES](#ITEM16CPRINCIPALACCOUNTANTFEESANDSERVICE)\n\n184\n\n​\n\n[ITEM 16D EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#ITEM16DEXEMPTIONSFROMTHELISTINGSTANDARDS)\n\n184\n\n​\n\n[ITEM 16E PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](#ITEM16EPURCHASESOFEQUITYSECURITIESBYTHEI)\n\n185\n\n​\n\n[ITEM 16F CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT](#ITEM16FCHANGEINREGISTRANTSCERTIFYINGACCO)\n\n186\n\n​\n\n[ITEM 16G CORPORATE GOVERNANCE](#ITEM16GCORPORATEGOVERNANCE_885987)\n\n186\n\n​\n\n[ITEM 16H MINE SAFETY DISCLOSURE](#ITEM16HMINESAFETYDISCLOSURE_353799)\n\n186\n\n​\n\n[ITEM 16I DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#ITEM16IDISCLOSUREREGARDINGFOREIGNJURISDI)\n\n186\n\n​\n\n[ITEM 16J INSIDER TRADING POLICIES](#ITEM16JINSIDERTRADINGPOLICIES_804435)\n\n186\n\n​\n\n[ITEM 16K CYBERSECURITY](#ITEM16KCYBERSECURITY_107265)\n\n187\n\n[PART III.](#PARTIII_686613)\n\n189\n\n​\n\n[ITEM 17 FINANCIAL STATEMENTS](#ITEM17FINANCIALSTATEMENTS_879561)\n\n189\n\n​\n\n[ITEM 18 FINANCIAL STATEMENTS](#ITEM18FINANCIALSTATEMENTS_376020)\n\n189\n\n​\n\n[ITEM 19 EXHIBITS](#ITEM19EXHIBITS_591661)\n\n189\n\n[SIGNATURES](#SIGNATURES_147960)\n\n192\n\n​\n\n​\n\n​\n\ni\n\n​\n\n[Table of Contents](#TOC)\n\nINTRODUCTION\n\nUnless otherwise indicated and except where the context otherwise requires, references in this annual report to:\n\n●“Qfin,” “we,” “us,” “our” and “our company” are to Qfin Holdings, Inc. and its subsidiaries, and, in the context of describing our operations and consolidated financial information, the VIEs in China and their respective subsidiaries;\n\n●“360 Group” are to 360 Security Technology Inc. and its controlled affiliates and predecessors;\n\n●“ADSs” are to American depositary shares, each of which represents two of our class A ordinary shares;\n\n●“CCASS” refers to the Central Clearing and Settlement System established and operated by Hong Kong Securities Clearing Company Limited, a wholly-owned subsidiary of Hong Kong Exchange and Clearing Limited;\n\n●“China” or “the PRC” are to the People’s Republic of China. Unless otherwise indicated, the policies, laws, regulations and interpretations adopted by the government of mainland China, which are specifically referenced in this annual report, are not applicable to Hong Kong, Macau or Taiwan. To the extent that mainland China laws and regulations are applied in Hong Kong, the legal and operational risks associated with operating in mainland China may also apply to our operations in Hong Kong;\n\n●“class A ordinary shares” are to our class A ordinary shares, par value US$0.00001 per share;\n\n●“Fuzhou Financing Guarantee” are to Fuzhou Qifu Financing Guarantee Co., Ltd.;\n\n●“Fuzhou Microcredit” are to Fuzhou Qifu Online Microcredit Co., Ltd.;\n\n●“Hong Kong” or “HK” or “Hong Kong S.A.R.” refers to the Hong Kong Special Administrative Region of the PRC;\n\n●“HK$” or “Hong Kong dollars” are to the legal currency of Hong Kong;\n\n●“shares,” or “ordinary shares” are to our class A ordinary shares, and in the context of describing our share capital before March 31, 2023, also include our class B ordinary shares, par value US$0.00001 per share, as the context requires and as applicable;\n\n●“RMB” or “Renminbi” are to Renminbi, the legal currency of the PRC;\n\n●“Shanghai Financing Guarantee” are to Shanghai Qiyaoxin Technology Co., Ltd. (formerly known as Shanghai 360 Financing Guarantee Co., Ltd.);\n\n●“Shanghai Qibutianxia” are to Shanghai Qibutianxia Information Technology Co., Ltd. (formerly known as Beijing Qibutianxia Technology Co., Ltd.);\n\n●“Shanghai Qiyu” are to Shanghai Qiyu Information Technology Co., Ltd.;\n\n●“US$” or “U.S. dollars” are to United States dollars, the lawful currency of the United States;\n\n●“U.S. GAAP” are to accounting principles generally accepted in the United States;\n\n●“variable interest entities,” “VIE” or “VIEs” are to Shanghai Qiyu, Fuzhou Financing Guarantee and Shanghai Financing Guarantee; and\n\n●“WFOE” or “Shanghai Qiyue” are to Shanghai Qiyue Information Technology Co., Ltd.\n\n1\n\n[Table of Contents](#TOC)\n\nUnless otherwise stated, all translations from RMB to U.S. dollars and from U.S. dollars to RMB in this annual report were made at a rate of RMB6.9931 to US$1.00, the exchange rate on December 31, 2025 set forth in the H.10 statistical release of the U.S. Federal Reserve Board.\n\nIn addition, unless the context indicates otherwise, for the discussion of our business references to:\n\n●“180 day+ vintage delinquency rate” are to a percentage that is equal to (i) the total amount of principal for all loans we facilitated in a fiscal quarter that become delinquent for more than 180 days, less the total amount of recovered past due principal for all loans we facilitated that were delinquent for more than 180 days in the same fiscal quarter, divided by (ii) the total initial principal amount of loans we facilitated in such fiscal quarter; loans under Intelligent Credit Engine and other technology solutions are not included in the delinquency rate calculation;\n\n●“30-day collection rate” are to a percentage that is equal to (i) the amount of principal that is repaid in one month among the total amount of principal that is overdue as of a specified date, divided by (ii) the total amount of principal that is overdue as of such specified date;\n\n●“90 day+ delinquency rate” are to a percentage that is equal to (i) the outstanding loan balance of on- and off-balance sheet loans we facilitated that are 91 to 180 calendar days past due, divided by (ii) the total outstanding loan balance of on- and off-balance sheet loans we facilitated across our platform as of a specific date; loans that are charged-off and loans under Intelligent Credit Engine and other technology solutions are not included in the delinquency rate calculation;\n\n●“capital-light model” are to a comprehensive suite of technology-enabled loan facilitation services spanning the loan lifecycle, from borrower acquisition, technology empowerment in credit assessment to post-facilitation services, under which we do not take any credit risks;\n\n●“capital-heavy loans” are to loans under which we bear credit risks;\n\n●“Credit-Tech” are to credit technology services, which refer to services using technology solutions to empower and enhance credit services;\n\n●“loan facilitation volume” are to the total principal amount of loans facilitated or originated by, as the context mandates, a Credit-Tech platform, a traditional financial institution or other market players in the credit industry; in the context of the volume of loans we facilitated or originated, the total principal amount of loans we facilitated or originated during the given period, including loan volume facilitated through Intelligence Credit Engine (ICE) and other technology solutions and retrospectively excluding the impact of discontinued service under other technology solutions in 2024, which did not have and is not expected to have a material impact on our overall business, financial condition, and results of operations;\n\n●“outstanding loan balance” are to the total amount of principal outstanding for loans facilitated or originated by a Credit-Tech platform, as the context mandates, a traditional financial institution or other market players in the credit industry at the end of each period; in the context of the outstanding balance of loans we facilitated or originated, the total amount of principal outstanding for loans we facilitated or originated at the end of each period, including loan balance for ICE and other technology solutions excluding loans delinquent for more than 180 days and retrospectively excluding the impact of discontinued service under other technology solutions in 2024, which did not have and is not expected to have a material impact on our overall business, financial condition, and results of operations;\n\n●“repeat borrower contribution” or “loan origination contributed by repeat borrowers” are to a percentage, the numerator of which is the principal amount of loans borrowed during that period by borrowers who had historically made at least one successful drawdown, and the denominator of which is the total loan facilitation volume through our platform during that period;\n\n●“SME” are to small- and micro-enterprises and owners of small- and micro-enterprises; and\n\n●“users with approved credit lines” are to users who have submitted their credit applications and are approved with a credit line at the end of each period.\n\n​\n\n2\n\n[Table of Contents](#TOC)\n\nFORWARD-LOOKING STATEMENTS\n\nThis annual report contains forward-looking statements that relate to our current expectations and views of future events. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.\n\nYou can identify some of these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include statements relating to:\n\n●our goals and strategies;\n\n●our future business development, financial conditions and results of operations;\n\n●the expected growth of the Credit-Tech industry in China;\n\n●our expectations regarding demand for and market acceptance of our Credit-Tech products;\n\n●our expectations regarding keeping and strengthening our relationships with borrowers, financial institution partners, data partners and other parties we collaborate with;\n\n●competition in our industry; and\n\n●government policies and regulations relating to our industry.\n\nYou should read this annual report and the documents that we refer to in this annual report and have filed as exhibits to this annual report completely and with the understanding that our actual future results may be materially different from what we expect. Other sections of this annual report discuss factors which could adversely impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors emerge from time to time and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.\n\nYou should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in this annual report relate only to events or information as of the date on which the statements are made in this annual report. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.\n\n​\n\n3\n\n[Table of Contents](#TOC)\n\nPART I."}