Yiren Smart Technology 2025: Q4 Loss Exceeds 800 Million, Loan Assistance Weakens, Cryptocurrency Trading Falls Short | With Data

Previously, we analyzed the 2025 financial reports of Xin Ye Technology, Qi Fu Technology, and Lexin.

Many fans are urging for updates on “Yiren Zhike” and insisting I prepare a detailed data report.

(You guys really assign homework.)

First, let’s compare Yiren Zhike’s data with the other companies to highlight the issues at a glance:

Especially in Q4 2025, how did Yiren Zhike suddenly incur a loss of over 800 million yuan!?

It shocked me.

After reviewing the data, here are three simple points about Yiren Zhike’s business, summarized as “a goose that lays golden eggs in fintech”:

01. Main loan assistance business under great pressure

• In Q4, the total loan facilitation was only 12 billion yuan, generating just 5.734 million yuan in loan matching service fees.

Compared to the same period last year, this income was 749 million yuan.

• Post-loan service fee income turned negative?

Is this due to high bad debts leading to increased collection or asset disposal costs, or because of excessive refunds?

Perhaps this can be linked to the regulatory interviews with five loan facilitation companies before March 15, including Yiren Zhike’s “Yixianghua.” The China Banking and Insurance Regulatory Commission interviewed companies like Fenqile, Qi Fu Borrow, Niwo Dai, Yixianghua, and Credit Fei.

Actually, compared to Qi Fu Borrow, Fenqile, Niwo Dai, and Credit Fei, “Yixianghua” is relatively small in scale, but all are subject to interviews…

• Guarantee income in Q4 increased by 196% year-over-year.

This seems to be the current core revenue pillar, but it also means the credit risk exposure is rapidly expanding, with credit costs and compensation costs continuing to rise.

Most of “Yixianghua” operates on a heavy asset model.

In terms of costs, we also see:

• The “Contingent Liability Reserve” in Q4 increased by 343% year-over-year, reaching 1.1 billion yuan.

The financial report explains:

This is mainly due to the growth in loan issuance under the heavy capital model, which saw a 48% increase year-over-year.

Under current accounting standards, loans issued under the heavy capital model must immediately recognize contingent liabilities, with corresponding income amortized over the loan period. The proportion of loans under this model is increasing and will continue to impact future quarterly profits.

Notably, Yiren Zhike also holds a small loan license. As mentioned in previous articles, although they sold a small loan license in Hainan, they still own “Hainan Yixin Puhui Microloan Co., Ltd.” with a registered capital of 1.5 billion yuan. With a balance of over 30 billion yuan, Yiren Zhike’s sale of a Hainan microloan license…

So, their self-operated small loans also generate some income.

• In Q4 2025, “Financing Income” was 67.54 million yuan, up 114% year-over-year, roughly flat compared to Q3.

But compared to Xin Ye Technology and Qi Fu Technology, this is much less.

• Starting from the Q4 2025 financial report, Yiren Zhike split the previous “Other Income” into “Online Marketing Services,” “Technical Services,” and “Others.”

The two newly separated segments show growth, but their overall scale is very small, making it difficult to offset the contraction in credit business.

While revenue is decreasing, costs are still rising. Looking at costs:

• The “Contingent Liability Provision” for business facilitation in Q4 increased by 27% year-over-year to 251 million yuan.

Investors’ conference call explained this growth as driven by increased asset recovery service commission rates;

However, the total business facilitation costs for the year decreased by about 11%, to 786 million yuan. The explanation was:

Lower costs in insurance brokerage operations and increased automation through AI.

Yiren Zhike’s overall loan assistance business is sluggish, and post-loan pressures are significant.

Financial reports show that by the end of 2025, the overdue loan rates for 1-30 days, 31-60 days, and 61-90 days were 3.4%, 3.0%, and 2.8%, respectively.

As of the end of September 2025, these figures were 2.7%, 1.7%, and 1.4%.

02. Investment in crypto assets is no longer effective

Another factor for the sharp decline in net profit in Q4 is losses from investing in crypto assets.

In previous quarterly reports, “a fintech goose” analyzed how investments in crypto assets significantly contributed to Yiren Zhike’s performance.

For example—

• Q1 2025: Crypto assets worth 148 million yuan. The new CFO stated that a small amount of cash was invested in crypto assets to explore new ways to manage overseas cash and cash equivalents.
• Q3 2025: Fair value adjustment gains reached 161.3 million yuan, meaning half of that quarter’s net profit came from cryptocurrencies.
• But by Q4 2025, fair value adjustment losses were 84.92 million yuan.

(Screenshot from Yiren Zhike’s official financial report)

The report also mentioned—

The decline was mainly due to changes in the fair value of crypto assets, reflecting the overall decline in digital asset prices in Q4 2025.

Looking at the full year, fair value adjustment gains totaled 46.1 million yuan, compared to 107.5 million yuan in 2024.

In summary—

The core business lacks strong profitability, and the secondary business does not serve as a buffer but is instead affected by high volatility in prices.

“Yiren Zhike” understands that the fintech market should focus on risk control and credit asset quality. Investing in crypto assets is a high-risk deviation from the core business, with performance tied to the crypto market cycle, making it too risky.

03. The insurance brokerage license is underutilized?

Yiren Zhike also has an insurance brokerage business.

Data shows it hasn’t helped improve the company’s performance.

Instead, revenue continues to decline—

In Q4 2025, insurance brokerage income was 83.8 million yuan, down 21% year-over-year.

For the full year 2025, this segment earned 297.6 million yuan, down 27%.

The financial report explains that this decline reflects structural compression of brokerage commissions in recent years and tightening market conditions under increased regulation.

However, it also emphasizes—

Since mid-2025, the internet distribution segment has shown strong growth, contributing significantly to total brokerage income in Q4, reaching 22%.

This segment is the same as the one everyone knows in the loan assistance market…

Whether this business will continue to grow in the long term is uncertain.

Mainly depends on whether complaints increase.

At this point, “a fintech goose” has an intuitive feeling—

The internet loan assistance market is entering the most stringent regulatory cycle in history, and regulation will continue to tighten.

There are many voices in the market now demanding lower interest rates for licensed institutions… This will inevitably impact the loan assistance market.

In this critical phase, few platforms can truly find new growth paths or achieve business transformation.

As previously mentioned, we must get used to a smaller internet loan assistance market.

The industry is now in a deep reshuffle period. Players unable to adapt to new regulations or lacking a second growth curve are being rapidly phased out.

Source: Yizhi Hujin E

Author: Xiao Huiya

Disclaimer: This article is for informational sharing only and does not constitute any investment advice. Anyone making investment decisions based on this information bears the risk.