Lexin Financial Services Inc. Q1 FY2024 net profit of 202 million yuan, down 38.43% year-on-year

On May 23, Lexin (Stock Code: LX) announced its financial report, showing that the company’s net profit attributable to ordinary shareholders for the first quarter of fiscal year 2024 was 202 million yuan, a decrease of 38.43% year-over-year; operating revenue was 3.242 billion yuan, an increase of 8.68% year-over-year.

Lexin Holdings Ltd. was established on November 22, 2013. It is a leading new consumer service platform in China that continuously creates new consumption methods through technological innovation. It has built a new consumer service ecosystem centered around the installment consumption brand Fenqile and the membership-based consumption service brand Le Card. The platform helps hundreds of millions of users enjoy happy consumption, assists merchants in improving operational capabilities through technology, creates greater business value, accelerates the development of China’s new commercial civilization, and promotes healthy and vigorous economic growth in China. Lexin’s main businesses include the quality installment shopping platform Fenqile Mall, the membership-based consumption service platform Le Card app, the fintech open platform Dingsheng Technology, the online lending information intermediary service platform Orange Finance, and the smart new middle-class wealth management service brand Lexin Wealth. As of March 2020, Lexin had 84.2 million users. As an open new consumer service platform, Lexin plays the role of a connector in new consumption by sharing scenarios, technology, and operational capabilities, attracting more and more companies to join, and creating a stable, open, and win-win new consumer ecosystem that unleashes the maximum growth potential of new consumption. Since its founding in 2013, Lexin has achieved exponential growth, with a compound annual growth rate of 200%, becoming a leading enterprise in China’s new consumer industry.

(Source: Tonghuashun (300033) iFinD)