QFIN 6-K 2025 - Equibles

UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TORULE13a-16 OR 15d-16 UNDERTHE SECURITIES EXCHANGE ACT OF 1934

Forthe month of March 2025

Commission File Number 001-38752

Qifu Technology, Inc.

(Translation of registrant’s name into English)

7/F Lujiazui Finance Plaza

No. 1217 Dongfang Road

Pudong New Area, Shanghai 200122

People’s Republic of China

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F x Form 40-F ¨

EXPLANATORY NOTE

Qifu Technology, Inc. (the “Company”) filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the United States Securities and Exchange Commission on March 25, 2025, U.S. Eastern Time. On March 25, 2025, Hong Kong Time, the Company also published its annual report for the fiscal year ended December 31, 2024 (the “HK Annual Report”) pursuant to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “HKEX Listing Rules”). Pursuant to the HKEX Listing Rules, the HK Annual Report contains supplemental disclosure of reconciliation of the material differences between the consolidated financial statements of the Company prepared under the U.S. GAAP and International Financial Reporting Standards, which has been attached hereto as exhibit 99.1.

Exhibit Index

Exhibit 99.1 — Supplemental Disclosure—Reconciliation Between U.S. GAAP and International Financial Reporting Standards

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Qifu Technology, Inc.

	By:	/s/ Alex Xu
	Name:	Alex Xu
	Title:	Director and Chief Financial Officer
Date: March 25, 2025

Exhibit 99.1

RECONCILIATIONBETWEEN U.S. GAAP AND IFRS ACCOUNTING STANDARDS

The financial statements are prepared in accordance with U.S. GAAP, which differ in certain respects from IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board. The effects of material differences between the financial statements of the Group prepared under U.S. GAAP and IFRS are as follows:

Consolidated Balance Sheet

	As of December 31, 2023 Amounts in thousands of Renminbi (“RMB”)
			IFRS adjustments
	Amounts as reported under U.S. GAAP		Expected credit losses, net of tax (Note i)			Effective interest rate on loans receivable, net of tax (Note ii)			Share-based compensation (Note iii)			Financial guarantee, net of tax (Note iv)			Amounts as reported under IFRS
	RMB		RMB			RMB			RMB			RMB			RMB
ASSETS
Current assets:
Financial assets receivable, net		2,522,543		—			—			—			(2,515,354	)		7,189
Amounts due from related parties		45,346		—			—			—			(8,942	)		36,404
Loans receivable, net		24,604,487		—			(43,934	)		—			—			24,560,553
Total current assets		39,796,028		—			(43,934	)		—			(2,524,296	)		37,227,798
Non-current assets:
Financial assets receivable, net-noncurrent		596,330		—			—			—			(596,330	)		—
Amounts due from related parties		4,240		—			—			—			(1,057	)		3,183
Loans receivable, net-noncurrent		2,898,005		148,675			(1,286	)		—			—			3,045,394
Deferred tax assets		1,067,738		69,350			—			—			(135,172	)		1,001,916
Total non-current assets		6,022,544		218,025			(1,286	)		—			(732,559	)		5,506,724
TOTAL ASSETS		45,818,572		218,025			(45,220	)		—			(3,256,855	)		42,734,522
LIABILITIES AND EQUITY
LIABILITIES
Current liabilities:
Contract liability		—		—			—			—			388,181			388,181
Guarantee liabilities-stand ready		3,949,601		—			—			—			(3,949,601	)		—
Guarantee liabilities-contingent		3,207,264		(803,012	)		—			—			—			2,404,252
Other tax payable		163,252		—			(2,560	)		—			—			160,692
Total current liabilities		19,899,619		(803,012	)		(2,560	)		—			(3,561,420	)		15,532,627
Non-current liabilities:
Deferred tax liabilities		224,823		—			(7,655	)		—			—			217,168
Total non-current liabilities		3,909,096		—			(7,655	)		—			—			3,901,441
TOTAL LIABILITIES		23,808,715		(803,012	)		(10,215	)		—			(3,561,420	)		19,434,068
SHAREHOLDERS’ EQUITY
Additional paid-in capital		6,059,439		—			—			17,505			—			6,076,944
Retained earnings		16,297,316		1,021,037			(35,005	)		(17,505	)		304,565			17,570,408
TOTAL QIFU TECHNOLOGY INC. EQUITY		21,937,483		1,021,037			(35,005	)		—			304,565			23,228,080
TOTAL EQUITY		22,009,857		1,021,037			(35,005	)		—			304,565			23,300,454
TOTAL LIABILITIES AND EQUITY		45,818,572		218,025			(45,220	)		—			(3,256,855	)		42,734,522

Consolidated Statement of Operations

	Year ended December 31, 2023 Amounts in thousands of Renminbi (“RMB”)																	****
				IFRS adjustments
	Amounts as reported under U.S. GAAP			Expected credit losses, net of tax (Note i)			Effective interest rate on loans receivable, net of tax (Note ii)			Share-based compensation (Note iii)			Financial guarantee, net of tax (Note iv)			Amounts as reported under IFRS
	RMB			RMB			RMB			RMB			RMB			RMB
Revenue, net<br> of value-added tax and related surcharges:
Credit<br> driven services		11,738,560			—			82,387			—			—			11,820,947
Financing income		5,109,921			—			82,387			—			—			5,192,308
Total<br> net revenue		16,290,027			—			82,387			—			—			16,372,414
Operating costs<br> and expenses:
Facilitation, origination<br> and servicing		2,659,912			—			—			(23,643	)		—			2,636,269
Sales and marketing		1,939,885			—			—			(5,096	)		—			1,934,789
General and administrative		421,076			—			—			(24,788	)		—			396,288
Provision for loans<br> receivable		2,151,046			(11,520	)		—			—			—			2,139,526
Provision for financial<br> assets receivable		386,090			—			—			—			(14,778	)		371,312
Provision for contingent<br> liabilities		3,053,810			(12,062	)		—			—			—			3,041,748
Total<br> operating costs and expenses		11,433,063			(23,582	)		—			(53,527	)		(14,778	)		11,341,176
Income from<br> operations		4,856,964			23,582			82,387			53,527			14,778			5,031,238
Income before<br> income tax expense		5,277,451			23,582			82,387			53,527			14,778			5,451,725
Income<br> tax expense		(1,008,874	)		(3,582	)		(12,088	)		—			(2,245	)		(1,026,789	)
Net<br> income		4,268,577			20,000			70,299			53,527			12,533			4,424,936
Net<br> income attributable to ordinary shareholders of the Company		4,285,336			20,000			70,299			53,527			12,533			4,441,695

Consolidated Balance Sheet

	As of December 31, 2024 Amounts in thousands of Renminbi (“RMB”)
			IFRS adjustments
	Amounts as reported under U.S. GAAP		Expected credit losses, net of tax (Note i)			Effective interest rate on loans receivable, net of tax (Note ii)			Share-based compensation (Note iii)			Financial guarantee, net of tax (Note iv)			Amounts as reported under IFRS
	RMB		RMB			RMB			RMB			RMB			RMB
ASSETS
Current assets:
Financial assets receivable, net		1,553,912		—			—			—			(1,545,875	)		8,037
Amounts due from related parties		8,510		—			—			—			168			8,678
Loans receivable, net		26,714,428		—			(140,502	)		—			—			26,573,926
Total current assets		42,780,568		—			(140,502	)		—			(1,545,707	)		41,094,359
Non-current assets:
Financial assets receivable, net-noncurrent		170,779		—			—			—			(170,779	)		—
Amounts due from related parties		51		—			—			—			—			51
Loans receivable, net-noncurrent		2,537,749		224,446			(17,023	)		—			—			2,745,172
Deferred tax assets		1,206,325		135,222			—			—			(124,964	)		1,216,583
Total non-current assets		5,352,050		359,668			(17,023	)		—			(295,743	)		5,398,952
TOTAL ASSETS		48,132,618		359,668			(157,525	)		—			(1,841,450	)		46,493,311
LIABILITIES AND EQUITY
LIABILITIES
Current liabilities:
Contract liability		—		—			—			—			295,578			295,578
Guarantee liabilities-stand ready		2,383,202		—			—			—			(2,383,202	)		—
Guarantee liabilities-contingent		1,820,350		(284,558	)		—			—			—			1,535,792
Other tax payable		109,161		—			(8,917	)		—			—			100,244
Total current liabilities		17,472,209		(284,558	)		(8,917	)		—			(2,087,624	)		15,091,110
Non-current liabilities:
Deferred tax liabilities		439,435		—			(23,202	)		—			—			416,233
Total non-current liabilities		6,414,190		—			(23,202	)		—			—			6,390,988
TOTAL LIABILITIES		23,886,399		(284,558	)		(32,119	)		—			(2,087,624	)		21,482,098
SHAREHOLDERS’ EQUITY
Additional paid-in capital		4,339,413		—			—			(17,867	)		—			4,321,546
Retained earnings		20,952,340		644,226			(125,406	)		17,867			246,174			21,735,201
TOTAL QIFU TECHNOLOGY INC. EQUITY		24,190,043		644,226			(125,406	)		—			246,174			24,955,037
TOTAL EQUITY		24,246,219		644,226			(125,406	)		—			246,174			25,011,213
TOTAL LIABILITIES AND EQUITY		48,132,618		359,668			(157,525	)		—			(1,841,450	)		46,493,311

Consolidated Statement of Operations

	Year ended December 31, 2024 Amounts in thousands of Renminbi (“RMB”)																	****
				IFRS adjustments
	Amounts as reported under U.S. GAAP			Expected credit losses, net of tax (Note i)			Effective interest rate on loans receivable, net of tax (Note ii)			Share-based compensation (Note iii)			Financial guarantee, net of tax (Note iv)			Amounts as reported under IFRS
	RMB			RMB			RMB			RMB			RMB			RMB
Revenue,<br> net of value-added tax and related surcharges:
Credit<br> driven services		11,719,027			—			(105,947	)		—			—			11,613,080
Financing income		6,636,511			—			(105,947	)		—			—			6,530,564
Total<br> net revenue		17,165,656			—			(105,947	)		—			—			17,059,709
Operating<br> costs and expenses:
Facilitation,<br> origination and servicing		2,900,704			—			—			(24,992	)		—			2,875,712
Sales and marketing		1,725,877			—			—			(2,352	)		—			1,723,525
General and<br> administrative		449,505			—			—			(8,028	)		—			441,477
Provision for<br> loans receivable		2,773,323			(75,771	)		—			—			—			2,697,552
Provision for<br> financial assets receivable		296,857			—			—			—			68,598			365,455
Provision for<br> contingent liabilities		478,404			518,454			—			—			—			996,858
Total<br> operating costs and expenses		9,637,086			442,683			—			(35,372	)		68,598			10,112,995
Income<br> from operations		7,528,570			(442,683	)		(105,947	)		35,372			(68,598	)		6,946,714
Income<br> before income tax expense		7,892,422			(442,683	)		(105,947	)		35,372			(68,598	)		7,310,566
Income<br> tax expense		(1,644,306	)		65,872			15,546			—			10,207			(1,552,681	)
Net<br> income		6,248,116			(376,811	)		(90,401	)		35,372			(58,391	)		5,757,885
Net<br> income attributable to ordinary shareholders of the Company		6,264,314			(376,811	)		(90,401	)		35,372			(58,391	)		5,774,083

Notes:

(i)	Expected credit losses, net of tax

Under U.S. GAAP, ASC 326 requires recognition of allowances upon origination or acquisition of financial assets at an estimate to reflect expected credit losses over the contractual term of the financial assets (the current expected credit loss or the “CECL” model), and adjusted as of each subsequent reporting period. Under IFRS, in accordance with IFRS 9, only the portion of lifetime expected credit loss (“ECL”) that results from default events that are possible within 12 months after the reporting date is recorded (“stage 1”) upon initial recognition. Lifetime expected credit losses are subsequently recorded only if there is a significant increase in the credit risk of the asset (“stage 2”). Once there is objective evidence of impairment (“stage 3”), lifetime ECL continues to be recognized, but interest revenue is calculated on the net carrying amount (that is, amortized cost net of the credit allowance). Accordingly, the reconciliation includes a difference in the credit losses for loans receivable and guarantee liabilities to reflect the difference between IFRS 9 and ASC 326.

(ii)	Effective interest rate on loans receivable, net of tax

The Group recognizes revenue fees and interests charged to the borrowers over the lifetime of the loans using the effective interest method under “financing income” in the consolidated statement of operations. Under U.S. GAAP, the effective interest rate is computed on the basis of the contractual cash flows over the contractual term of the loan. Under IFRS, the effective interest rate is computed on the basis of the estimated cash flows that are expected to be received over the expected life of a loan by considering all of the loan’s contractual terms (e.g., prepayment and similar options). Accordingly, the reconciliation includes a difference in financing income and loans receivable as a result.

(iii)	Share-based compensation

The Group granted options and restricted shares with service condition only to employees and the share-based compensation expenses were recognized over the vesting period using straight-line method under U.S. GAAP. The Group is allowed to make an accounting policy election to account for awards forfeitures as they occur or by estimating expected forfeitures as compensation cost is recognized. The Group elects to account for forfeitures of all the rewards in the period they occur as a deduction to expense. While under IFRS, the graded vesting method must be applied and in regard of forfeitures of the awards, the Group is required to estimate the forfeitures. Accordingly, the reconciliation includes an income of RMB53,527 and RMB35,372 in the consolidated statements of operations for each of the years ended December 31, 2023 and 2024, respectively.

(iv)	Financial guarantee, net of tax

Under U.S. GAAP, the Group adopted ASC 326, Financial Instruments – Credit Losses, which requires gross accounting for guarantee liability. As a result, at inception of the guarantee, the Group will recognize both a stand-ready guarantee liability under ASC 460 with an associated financial assets receivable, and a contingent guarantee liability with an allowance under CECL model. Subsequent to the initial recognition, the ASC 460 stand-ready guarantee liability is released into guarantee revenue on a straight-line basis over the term of the guarantee, while the contingent guarantee is reduced by the payouts made by the Group to compensate the investors upon borrowers’ default. Under IFRS, according to IFRS 9 and IFRS 15, the Group chose to apply the accounting policy that guarantee premium receivable is accrued and the corresponding revenue recognized on a monthly basis as the service fees are due and collected by installment rather than upfront. After initial recognition, the Group subsequently measure the financial guarantees at the higher of (1) the amount of the loss allowance and (2) the amount initially recognized less, when appropriate, the cumulative amount of income recognized in accordance with the principles of IFRS 15. Accordingly, the reconciliation includes a difference in financial guarantee to reduce the liabilities recorded.

Tax impacts for each difference have been reflected in respective columns.