XYF 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2026

Commission file number: 001-38652

X Financial

(Exact name of registrant as specified in its charter)

7-8F, Block A, Aerospace Science and Technology Plaza

No. 168, Haide Third Avenue, Nanshan District

Shenzhen, 518067, the People’s Republic of China

+86-755-86282977

(Address of principal executive offices)

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 ¨

EXHIBIT INDEX

Exhibit	Description
99.1	X Financial Reports Second Quarter 2026<br>Unaudited Financial Results

SIGNATURES

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

	X Financial
Date: August 24, 2026	By:	/s/ Yue (Justin) Tang
		Yue (Justin) Tang
		Chairman and Chief Executive Officer

Exhibit 99.1

X Financial Reports Second Quarter 2026 Unaudited Financial Results

SHENZHEN, China, August 24, 2026 /PRNewswire/ -- X Financial (NYSE: XYF) (“X Financial” or the “Company” or “we”), a leading Chinese fintech platform, today announced its unaudited financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Operational Highlights

·	Total<br>loan amount facilitated and originated^1^ in the second quarter of 2026 was<br>RMB11.63 billion, down 20.5% from RMB14.63 billion in the first quarter of 2026, and<br>down 70.2% from RMB38.99 billion in the same period of 2025. The quarter-over-quarter and<br>year-over-year declines reflect the Company’s continued conservative origination approach<br>and tighter borrower selection amid a challenging operating environment.
·	Total<br>outstanding loan balance^2^ at the end of the second quarter of 2026 was RMB24.97<br>billion, down 29.2% from RMB35.28 billion at the end of the first quarter of 2026 and<br>down 61.5% from RMB64.91 billion as of the same period of 2025.
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·	The<br>number of loans the Company facilitated and originated in the second quarter of 2026<br>was approximately 0.91 million, a decrease of 26.6% quarter-over-quarter and 75.4%<br>year-over-year. The average loan amount per transaction in the second quarter of 2026 was<br>RMB12,712, an increase of 8.3% quarter-over-quarter and 21.3% year-over-year. The lower transaction<br>count was partially offset by a higher average loan amount, reflecting the smaller origination<br>base and a shift in transaction mix.
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·	Number<br>of active borrowers^3^ in the second quarter of 2026 was 720,258, down<br>24.7% from 956,520 in the first quarter of 2026 and down 74.8% from 2,853,063 in the same<br>period of 2025, reflecting the reduced scale of quarterly origination and the Company’s<br>continued focus on credit quality.
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·	Cumulative<br>number of active borrowers^4^ reached 20.46 million as of June 30,<br>2026, an increase of 9.1% from 18.75 million as of the same period of 2025.
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·	The<br>delinquency rate for all outstanding loans that are past due for 31-60 days^5^<br>was 1.73% as of June 30, 2026 (compared with 2.61% at the end of the first quarter<br>of 2026 and 1.16% as of the same period of 2025). The delinquency rate for all outstanding<br>loans that are past due 91-180 days^6^ was 9.09% as of June 30, 2026<br>(compared with 9.95% at the end of the first quarter of 2026 and 2.91% as of the same period<br>of 2025). Both delinquency rates improved sequentially, but remained materially above prior-year<br>levels, indicating that credit pressure remained elevated in the seasoned portfolio.
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^1^ Represents the total amount of loans that the Company facilitated and originated during the relevant period.

^2^ Represents the total amount of loans outstanding for loans that the Company facilitated and originated at the end of the relevant period. Loans that are delinquent for more than 60 days are excluded in the outstanding loan balance, except for Xiaoying Housing Loans. As Xiaoying Housing Loans is a secured loan product and the Company is entitled to payment by exercising its rights to the collateral, the Company does not exclude Xiaoying Housing Loans delinquent for more than 60 days in the outstanding loan balance.

^3^ Represents borrowers who made at least one transaction on the Company's platform during the relevant period.

^4^ Represents borrowers who made at least one transaction on the Company's platform since inception through the end of the relevant period.

^5^ Represents the balance of the outstanding principal that were 31 to 60 days past due as a percentage of the total balance of

outstanding principal that the Company facilitated and originated as of a specific date. Loans that are delinquent for more than 60 days are excluded when calculating the denominator. Starting from the first quarter of 2021, substantially all of the loans facilitated and originated by the Company have been Xiaoying Credit Loans.

Second Quarter 2026 Operational Highlights

		Three<br>Months Ended<br><br>June 30, 2025				Three<br>Months Ended<br><br>March 31, 2026				Three<br>Months Ended<br><br>June 30, 2026				QoQ				YoY
Total loan amount<br>facilitated and originated (RMB in million)			38,994				14,626				11,628				(20.5	)%			(70.2	)%
Number of active borrowers			2,853,063				956,520				720,258				(24.7	)%			(74.8	)%
		As<br>of June 30, 2025				As<br>of March 31, 2026				As<br>of June 30, 2026
---	---	---	---	---	---	---	---	---	---	---	---	---
Total outstanding<br>loan balance (RMB in million)			64,911				35,281				24,969
Delinquency rates for all outstanding<br>loans that are past due for 31-60 days			1.16	%			2.61	%			1.73	%
Delinquency rates for all outstanding<br>loans that are past due for 91-180 days			2.91	%			9.95	%			9.09	%

Second Quarter 2026 Financial Highlights

·	Total<br>net revenue in the second quarter of 2026 was RMB993.6 million (US$146.4 million),<br>representing a decrease of 56.3% from RMB2.27 billion in the same period of<br>2025 and a decrease of 15.5% from the previous quarter. The year-over-year decline<br>was primarily driven by substantially lower loan facilitation service fees following the<br>reduction in origination volume, partially offset by higher guarantee income.
·	Income<br>from operations in the second quarter of 2026 was RMB194.9 million (US$28.7 million),<br>a decrease of 71.1% compared to RMB675.1 million in the same period of 2025, but an increase<br>of 38.6% from the previous quarter. The year-over-year decline was primarily driven by a<br>RMB1.17 billion reduction in loan facilitation service fees, or 85.5%, partially offset by<br>a RMB606.8 million reduction in borrower acquisition and marketing expenses, or 80.2%, and<br>a RMB104.8 million reduction in aggregate credit-related provisions, or 36.4%. As a result,<br>operating margin^7^ decreased to 19.6% from 29.7% in the same period of<br>2025, while improving from 12.0% in the previous quarter.
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^6^ To make the delinquency rate by balance comparable to the peers, the Company also defines the delinquency rate as the balance of the outstanding principal that were 91 to 180 days past due as a percentage of the total balance of outstanding principal that the Company facilitated and originated as of a specific date. Loans that are delinquent for more than 180 days are excluded when calculating the denominator.

^7^ Financial Ratios:
– Operating margin: Calculated as Income from Operations for the quarter divided by Total Net Revenue for the quarter.
– Net profit margin: Calculated as Net Income for the quarter divided by Total Net Revenue for the quarter.
– Annualized Net Income: Calculated by multiplying the net income for the quarter by four to estimate a full-year equivalent.
– Return on equity: Calculated as Annualized Net Income divided by the average of Total Shareholders’ Equity at the beginning and end of the quarter. This measure presents a full-year equivalent ROE based on a single quarter’s performance.

·	Net<br>income in the second quarter of 2026 was RMB47.0 million (US$6.9 million), compared<br>with RMB528.0 million in the same period of 2025, a decrease of 91.1% year-over-year.<br>Net income was primarily affected by the substantially lower operating contribution, partially<br>offset by lower operating costs and credit-related provisions.
·	Non-GAAP^8^<br>adjusted net income in the second quarter of 2026, excluding share-based compensation<br>and certain investment-related items, was RMB165.8 million (US$24.4 million), compared<br>with RMB593.2 million in the same period of 2025 and RMB81.2 million in the previous quarter.<br>This measure is used by the Company to assess its core profitability on an adjusted basis.
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·	Net<br>income per basic and diluted American depositary share ("ADS") in the second<br>quarter of 2026 was RMB1.26 and RMB1.26 (US$0.19 and US$0.19), respectively, compared<br>with RMB12.60 and RMB12.00 in the same period of 2025.
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·	Non-GAAP<br>adjusted net income per basic and diluted ADS in the second quarter of 2026 was RMB4.44<br>and RMB4.38 (US$0.65 and US$0.65), respectively, compared with RMB14.16 and RMB13.50<br>in the same period of 2025.
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Each ADS represents six Class A ordinary shares.

Second Quarter 2026 GAAP and Non-GAAP Financial Summary

(In<br>thousands, except for share and per share data)		Three<br>Months Ended<br><br>June 30, 2025				Three<br>Months Ended<br><br>March 31, 2026				Three<br>Months Ended<br><br>June 30, 2026				QoQ				YoY
			RMB				RMB				RMB
Total net revenue			2,273,123				1,176,139				993,581				(15.5	)%			(56.3	)%
Total operating costs and expenses			(1,598,067	)			(1,035,481	)			(798,633	)			(22.9	)%			(50.0	)%
Income from operations			675,056				140,658				194,948				38.6	%			(71.1	)%
Net income			528,016				37,947				46,983				23.8	%			(91.1	)%
Non-GAAP adjusted net income			593,215				81,180				165,837				104.3	%			(72.0	)%
Net income per ADS—basic			12.60				0.96				1.26				31.3	%			(90.0	)%
Net income per ADS—diluted			12.00				0.96				1.26				31.3	%			(89.5	)%
Non-GAAP adjusted net income<br>per ADS—basic			14.16				2.10				4.44				111.4	%			(68.6	)%
Non-GAAP adjusted net income<br>per ADS—diluted			13.50				2.04				4.38				114.7	%			(67.6	)%

Mr. Kent Li, President of X Financial, commented: "In the second quarter of 2026, we facilitated and originated RMB11.6 billion in loans, a decline of 20.5% from the prior quarter and 70.2% year-over-year. Borrower activity continued to contract, with active borrowers declining to approximately 720,258, down 74.8% from a year ago, while the average loan amount increased to RMB12,712. The 31–60 day delinquency rate decreased to 1.73% from 2.61% in the prior quarter, and the 91–180 day rate eased to 9.09% from 9.95%. These sequential improvements are constructive, but both delinquency rates remained above prior-year levels and the 91–180 day rate remained elevated. We therefore continue to prioritize disciplined underwriting, collection effectiveness, and conservative capital deployment. While the business remains under pressure from lower origination volumes and a challenging credit environment, our focus remains on preserving balance sheet resilience and operating flexibility."

^8^ We use in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, (iii) adjusted net income (loss) per diluted ADS, (iv) adjusted net income (loss) per basic share, and (v) adjusted net income (loss) per diluted share, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments, gain (loss) from financial investments at equity method and impairment losses on long-term investments.

Mr. Frank Fuya Zheng, Chief Financial Officer of X Financial, added: " In the second quarter of 2026, total net revenue was RMB993.6 million, a decrease of 56.3% from the same period last year and 15.5% sequentially. Net income was RMB47.0 million and non-GAAP adjusted net income was RMB165.8 million, both higher than the prior quarter but substantially below the prior-year period. Basic earnings per ADS were RMB1.26, and non-GAAP adjusted earnings per ADS were RMB4.44. Operating margin^7^ improved to 19.6% from 12.0% in the prior quarter, but remained below the 29.7% recorded in the same period of 2025. We will continue to manage capital conservatively, maintain cost discipline, and preserve liquidity as we navigate the evolving regulatory and operating environment."

Share Repurchase Plans & Declaration of Semi-Annual Dividend:

·	Capital<br>Return to Shareholders: From January 1, 2026 through August 14, 2026, X Financial<br>repurchased an aggregate of approximately 2.63 million ADSs, for a total consideration<br>of approximately US$12.49 million under its share repurchase programs. The Company<br>now has approximately US$35.50 million remaining under its existing US$100 million<br>share repurchase program, which is effective through November 30, 2026. This program<br>reflects the Company’s commitment to returning capital to shareholders and enhancing<br>long-term shareholder value, subject to ongoing assessment of market and regulatory conditions.<br>Repurchases under the program remain subject to market conditions and other factors and may<br>be modified or suspended at management’s discretion.
·	Declaration<br>of Semi-Annual Dividend: Pursuant to the semi-annual dividend policy, the Board today<br>approved the declaration and payment of a semi-annual dividend of US$0.28 per ADS (approximately<br>US$0.0467 per ordinary share). The holders of the Company's ordinary shares shown on the<br>Company's record at the close of trading on September 10, 2026 (U.S. Eastern Daylight<br>Time) will be entitled to the semi-annual dividend. These shareholders, including the Bank<br>of New York Mellon, the depositary of our ADS program (the “Depositary”), will<br>receive the payments of dividends on or about September 28, 2026. Dividends to the Company's<br>ADS holders will be paid by the Depositary on or after September 28, 2026, and the precise<br>timing of receipt will vary based on the processing efficiency of the respective holding<br>brokerage.
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Second Quarter 2026 Financial Results

Revenue Performance and Business Drivers: Total net revenue in the second quarter of 2026 was RMB993.6 million (US$146.4 million), a decrease of 56.3% from RMB2,273.1 million in the same period of 2025, and a decrease of 15.5% from the first quarter of 2026. The year-over-year decline was mainly attributable to substantially lower loan facilitation volumes, which reduced loan facilitation service revenue and post-origination service revenue, partially offset by higher guarantee income. The quarter-over-quarter decline reflected a further reduction in origination and lower revenue across most principal business lines.

Revenue performance varied across business lines in the second quarter of 2026. Loan facilitation service fees decreased 85.5% year-over-year to RMB198.6 million (US$29.3 million), primarily reflecting the sharp decline in the total loan amount facilitated compared with the same period of 2025. Post-origination service fees decreased 41.2% to RMB159.6 million (US$23.5 million), consistent with lower new origination volumes and a declining outstanding loan balance. Guarantee income increased 119.3% to RMB224.9 million (US$33.2 million), primarily reflecting continued recognition of guarantee-related revenue from the existing guaranteed loan portfolio. Financing income decreased 13.2% to RMB277.7 million (US$40.9 million), while other revenue decreased 36.7% to RMB132.8 million (US$19.6 million). Return on equity^7^ decreased to 2.4%, compared with 27.9% in the same period of 2025, primarily reflecting substantially lower net income during the quarter.

Asset Quality: The 31–60 day delinquency rate was 1.73% as of June 30, 2026, compared with 2.61% at the end of the first quarter of 2026 and 1.16% as of the same period of 2025. The 91–180 day delinquency rate was 9.09%, compared with 9.95% at the end of the first quarter of 2026 and 2.91% as of the same period of 2025. Provision for contingent guarantee liabilities decreased to RMB57.6 million, compared with RMB200.0 million in the previous quarter and RMB207.4 million in the same period of 2025, reflecting a decline in the estimated average loan loss rate during the quarter. Provision for credit losses for deposits and other financial assets increased to RMB95.3 million. Aggregate credit-related provisions were RMB183.1 million, down 35.3% sequentially and 36.4% year-over-year. Overall, the sequential improvement in delinquency rates and lower aggregate provisions was offset by credit pressure that remained elevated relative to the prior-year period.

Profitability and Margins: Profitability remained under pressure in the second quarter of 2026 as the reduction in revenue continued to weigh on earnings, although lower operating expenses supported sequential improvement. Operating margin^7^ was 19.6%, compared with 29.7% in the same period of 2025 and 12.0% in the first quarter of 2026. Total operating costs and expenses decreased 50.0% year-over-year and 22.9% sequentially, primarily reflecting lower borrower acquisition and marketing expenses and lower aggregate credit-related provisions. Net profit margin^7^ was 4.7%, compared with 23.2% in the same period of 2025 and 3.2% in the previous quarter. Net income decreased 91.1% year-over-year to RMB47.0 million (US$6.9 million), but increased 23.8% sequentially. Net income per basic ADS was RMB1.26 (US$0.19), up 31.3% sequentially and down 90.0% from a year ago. Non-GAAP adjusted net income was RMB165.8 million, up 104.3% sequentially and down 72.0% year-over-year.

Funding and Liquidity: The Company maintained a stable liquidity position in the second quarter of 2026 amid reduced origination activity. Cash and cash equivalents totaled RMB1.13 billion (US$166.8 million) as of June 30, 2026, compared with RMB987.6 million as of December 31, 2025. Total restricted cash was RMB827.7 million (US$122.0 million), bringing total cash (including restricted) to approximately RMB1.96 billion (US$288.8 million). Shareholders’ equity was RMB7.76 billion (US$1.14 billion). The equity-to-assets ratio was approximately 64.1% as of June 30, 2026. Total assets were RMB12.10 billion (US$1.78 billion).

Regulatory Update: The regulatory environment governing internet-based lending in the People’s Republic of China continued to evolve during the second quarter of 2026, with authorities maintaining heightened oversight across the consumer credit business chain. The Company continues to monitor these developments closely; however, management has limited visibility into the ultimate scope and direction of implementation. If current and emerging regulatory requirements are implemented as currently understood, the Company’s operating results may be materially and adversely affected, and historical levels of profitability should not be assumed to be indicative of future performance.

Conference Call

X Financial’s management team will host an earnings conference call at 8:30 AM U.S. Eastern Time on August 24, 2026 (8:30 PM Beijing / Hong Kong Time on August 24, 2026).

Dial-in details for the earnings conference call are as follows:

United<br>States:	1-888-346-8982
Hong<br>Kong:	800-905945
Mainland<br>China:	4001-201203
International:	1-412-902-4272
Passcode:	X<br>Financial

Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call.

A replay of the conference call may be accessed by phone at the following numbers until August 31 , 2026:

United<br>States:	1-855-669-9658
International:	1-412-317-0088
Passcode:	2955666

About X Financial

X Financial (NYSE: XYF) (the "Company") is a leading Chinese fintech platform. The Company is committed to connecting borrowers on its platform with its institutional funding partners. With its proprietary big data-driven technology, the Company has established strategic partnerships with financial institutions across multiple areas of its business operations, enabling it to facilitate and originate loans to prime borrowers under a risk assessment and control system.

For more information, please visit http://ir.xiaoyinggroup.com.

Use of Non-GAAP Financial Measures

In evaluating our business, we consider and use non-GAAP measures as supplemental measures to review and assess our operating performance. We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We believe that the use of the non-GAAP financial measures facilitates investors' assessment of our operating performance and help investors to identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in income (loss) from operations and net income (loss). We also believe that the non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

We use in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, (iii) adjusted net income (loss) per diluted ADS, (iv) adjusted net income (loss) per basic share, and (v) adjusted net income (loss) per diluted share, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments, gain (loss) from financial investments at equity method and impairment losses on long-term investments. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, investors should not consider them in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.

We mitigate these limitations by reconciling the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release.

Exchange Rate Information

This press release contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.7851 to US$1.00, the exchange rate in effect as of June 30, 2026, as published in the Federal Reserve Board’s H.10 statistical release. Percentages stated in this release are calculated based on the RMB amounts.

Disclaimer

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the followings: the Company's goals and strategies; its future business development, financial condition and results of operations; the expected growth of the credit industry, and marketplace lending in particular, in China; the demand for and market acceptance of its marketplace's products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure, business and industry. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law.

For more information, please contact:

X Financial
Mr. Noah Kauffman (Chief Financial Strategy Officer)
E-mail: [email protected]

X Financial

Unaudited Condensed Consolidated Balance Sheets

(In thousands, except for share and per share data)	As of<br><br>December 31, 2025			As<br>of<br>June 30, 2026			As of<br>June 30, 2026
	RMB			RMB
ASSETS
Cash and cash equivalents		987,631			1,131,736		166,797
Restricted cash, net		1,145,962			827,667		121,983
Accounts receivable and contract assets, net		3,145,976			1,377,377		203,000
Loans receivable from Credit Loans and other loans, net		5,298,631			4,137,175		609,746
Deposits to institutional cooperators, net		1,713,593			882,907		130,124
Prepaid expenses and other current assets		43,547			36,215		5,337
Deferred tax assets, net		455,358			486,393		71,685
Long term investments		515,524			373,233		55,008
Property and equipment, net		23,900			24,505		3,612
Intangible assets, net		39,183			38,229		5,634
Financial investments		1,243,076			2,738,006		403,532
Other non-current assets		53,364			48,814		7,194
TOTAL ASSETS		14,665,745			12,102,257		1,783,652
LIABILITIES
Payable to investors and institutional funding partners at amortized cost		3,054,982			1,583,818		233,426
Contingent guarantee liabilities		748,307			409,806		60,398
Deferred guarantee income		467,629			392,787		57,890
Financial guarantee derivative		15,426			12,194		1,797
Short-term borrowings		409,530			396,208		58,394
Accrued payroll and welfare		76,058			43,545		6,418
Other tax payable		221,940			108,620		16,007
Income tax payable		677,521			659,051		97,132
Accrued expenses and other current liabilities		1,053,071			688,895		101,531
Other non-current liabilities		34,807			28,904		4,260
Deferred tax liabilities		69,673			22,986		3,388
TOTAL LIABILITIES		6,828,944			4,346,814		640,641
Commitments and Contingencies
Equity:
Common shares (234,517,901 and 221,600,267 shares outstanding as of December 31, 2025<br>and June 30, 2026, respectively)		207			207		31
Treasury stock		(967,773	)		(1,040,284	)	(153,319	)
Additional paid-in capital		3,256,349			3,259,861		480,444
Retained earnings		5,484,294			5,496,426		810,073
Other comprehensive income		63,724			39,233		5,782
TOTAL EQUITY		7,836,801			7,755,443		1,143,011
TOTAL LIABILITIES AND EQUITY		14,665,745			12,102,257		1,783,652

All values are in US Dollars.

X Financial

Unaudited Condensed Consolidated Statements of Comprehensive Income

	Three Months Ended June 30,								Six Months Ended June 30,
(In thousands, except for share and per share data)	2025			2026			2026		2025			2026			2026
	RMB			RMB					RMB			RMB
Net revenues
Loan facilitation service		1,369,443			198,599		29,270			2,447,823			469,313		69,168
Post-origination service		271,407			159,575		23,518			537,448			355,781		52,436
Financing income		319,938			277,655		40,921			630,078			615,429		90,703
Guarantee income		102,570			224,926		33,150			185,498			483,220		71,218
Other revenue		209,765			132,826		19,577			409,781			245,977		36,252
Total net revenue		2,273,123			993,581		146,436			4,210,628			2,169,720		319,777
Operating costs and expenses:
Origination and servicing		513,974			420,983		62,045			987,699			906,347		133,579
Borrower acquisitions and marketing		756,264			149,506		22,034			1,465,271			369,266		54,423
General and administrative		49,539			46,264		6,818			101,284			93,385		13,763
Provision for accounts receivable and contract assets		33,360			20,124		2,966			42,408			50,902		7,502
Provision for loans receivable		46,394			10,071		1,484			108,590			62,397		9,196
Provision for contingent guarantee liabilities		207,383			57,553		8,482			271,130			257,562		37,960
Change in fair value of financial guarantee derivative		(9,574	)		(1,196	)	(176	)		(14,991	)		(856	)	(126	)
Provision for credit losses for deposits and other financial assets		727			95,328		14,050			1,276			95,111		14,018
Total operating costs and expenses		1,598,067			798,633		117,703			2,962,667			1,834,114		270,315
Income from operations		675,056			194,948		28,733			1,247,961			335,606		49,462
Interest income		8,927			16,491		2,430			11,848			23,805		3,508
Interest expenses		(4,943	)		(1,558	)	(230	)		(10,583	)		(3,625	)	(534	)
Foreign exchange gain (loss)		2,101			3,161		466			(10,381	)		6,184		911
(Loss) income from financial investments		(15,378	)		6,921		1,020			(19,056	)		5,043		743
Impairment losses on financial investments		-			(1,539	)	(227	)		-			(8,254	)	(1,216	)
Other income (loss), net		221			1,550		228			2,156			(1,941	)	(286	)
Income before income taxes		665,984			219,974		32,420			1,221,945			356,818		52,588
Income tax expense		(110,795	)		(54,549	)	(8,040	)		(227,323	)		(126,755	)	(18,681	)
Gain (loss) from equity in affiliates, net of tax		9,830			(111,981	)	(16,504	)		7,647			(106,873	)	(15,751	)
Loss from financial investments at equity method, net of tax		(37,003	)		(6,461	)	(952	)		(16,126	)		(38,261	)	(5,639	)
Net income		528,016			46,983		6,924			986,143			84,929		12,517
Less: net income attributable to non-controlling interests		-			-		-			-			-		-
Net income attributable to X Financial shareholders		528,016			46,983		6,924			986,143			84,929		12,517
Net income		528,016			46,983		6,924			986,143			84,929		12,517
Other comprehensive income, net of tax of nil:
Gain from equity in affiliates		184			113		17			184			155		23
Loss from financial investments		-			-		-			(768	)		-		-
Foreign currency translation adjustments		(2,995	)		(11,866	)	(1,749	)		(3,194	)		(24,646	)	(3,632	)
Comprehensive income		525,205			35,230		5,192			982,365			60,438		8,908
Less: comprehensive income attributable to non-controlling interests		-			-		-			-			-		-
Comprehensive income attributable to X Financial shareholders		525,205			35,230		5,192			982,365			60,438		8,908
Net income per share—basic		2.10			0.21		0.03			3.91			0.37		0.05
Net income per share—diluted		2.00			0.21		0.03			3.75			0.37		0.05
Net income per ADS—basic		12.60			1.26		0.19			23.46			2.22		0.33
Net income per ADS—diluted		12.00			1.26		0.19			22.50			2.22		0.33
Weighted average number of ordinary shares outstanding—basic		251,566,501			225,263,539		225,263,539			251,927,644			229,678,786		229,678,786
Weighted average number of ordinary shares outstanding—diluted		263,948,357			227,553,000		227,553,000			263,019,346			231,984,748		231,984,748

All values are in US Dollars.

X Financial

Unaudited Reconciliations of GAAP and Non-GAAP Results

	Three Months Ended June 30,								Six Months Ended June 30,
(In thousands, except for share and per share data)	2025			2026			2026		2025			2026			2026
	RMB			RMB					RMB			RMB
GAAP net income		528,016			46,983		6,924			986,143			84,929		12,517
Less: (Loss) income from financial investments (net of tax of nil)		(15,378	)		6,921		1,020			(19,056	)		5,043		743
Less: Impairment losses on financial investments (net of tax of nil)		-			(1,539	)	(227	)		-			(8,254	)	(1,216	)
Less: Impairment losses on long-term investments (net of tax)		-			(114,925	)	(16,938	)		-			(114,925	)	(16,938	)
Less: Loss from financial investments at equity method (net of tax of nil)		(37,003	)		(6,461	)	(952	)		(16,126	)		(38,261	)	(5,639	)
Add: Share-based compensation expenses (net of tax of nil)		12,818			2,850		420			38,656			5,690		839
Non-GAAP adjusted net income		593,215			165,837		24,441			1,059,981			247,016		36,406
Non-GAAP adjusted net income per share—basic		2.36			0.74		0.11			4.21			1.08		0.16
Non-GAAP adjusted net income per share—diluted		2.25			0.73		0.11			4.03			1.06		0.16
Non-GAAP adjusted net income per ADS—basic		14.16			4.44		0.65			25.26			6.48		0.96
Non-GAAP adjusted net income per ADS—diluted		13.50			4.38		0.65			24.18			6.36		0.94
Weighted average number of ordinary shares outstanding—basic		251,566,501			225,263,539		225,263,539			251,927,644			229,678,786		229,678,786
Weighted average number of ordinary shares outstanding—diluted		263,948,357			227,553,000		227,553,000			263,019,346			231,984,748		231,984,748

All values are in US Dollars.