FinVolution Group reported its second quarter of fiscal 2026 on August 27, 2026, and the print is best read as the second consecutive step in a deliberate reset of the mainland China book rather than as a growth story. Group net revenue came in at RMB3,403.2 million, or US$501.6 million, down from RMB3,578.0 million a year earlier, while net profit fell to RMB426.8 million (US$62.9 million) from RMB751.3 million. Both revenue and profit were up sequentially from the first quarter, when net revenue was RMB3,210.1 million and net profit was RMB421.1 million, which is the framing management wants investors to hold. The CEO, Tiezheng Li, described the quarter as a growing recovery following the risk mitigation actions taken in the second half of 2025, and the CFO, Jiayuan Xu, noted that total net revenue rose 6 percent sequentially while net profit rose 1 percent.
The tension inside the number set sits between the two engines. Chinese Mainland net revenue was RMB2,396.7 million (US$353.2 million), down from RMB2,781.3 million in the year ago quarter, with mainland transaction volume of RMB41.0 billion falling 19.3 percent year over year and unique mainland borrowers down 18.2 percent to 1.8 million. Against that, the overseas segment of Indonesia, the Philippines and Australia generated RMB930.3 million (US$137.1 million) of net revenue, up 18.0 percent year over year and now 27.3 percent of the group total, with unique overseas borrowers more than doubling to 5.3 million. Overseas operating profit more than doubled to RMB53.6 million (US$7.9 million). The segment table shows mainland operating segment profit of RMB624.8 million against overseas operating segment profit of RMB53.6 million, so mainland still produces roughly eleven times the profit of the overseas engine, even as it contracts.
Balance sheet metrics are the quiet strength of the story. Cash and cash equivalents of RMB3,259.4 million (US$480.4 million) plus short-term investments of RMB3,162.0 million (US$466.0 million) give roughly RMB6.4 billion of liquid assets, while the company cites a leverage ratio of 2.1x, around historic lows. The 90 day plus delinquency ratio in the mainland book fell to 2.10 percent as of June 30, 2026, from 3.11 percent a quarter earlier, which management credits to the healthier borrower mix captured during industry consolidation. The company repurchased US$27.4 million of shares in the quarter, lifting first half 2026 buybacks to US$66.8 million and the cumulative total since 2018 to US$544.1 million. The stock closed at US$4.35 per ADS on August 28, 2026, inside a 52 week range of US$3.36 to US$8.29, after the earnings print.