High Templar Tech Limited · Q1 2025 earnings

Briefing

Qudian Q1 2025: RMB25.8M revenue (-54%), RMB150M net income on investment gains despite delivery wind-down

Qudian reported Q1 2025 total revenues of RMB25.8 million (US$3.6 million), down 53.8% from RMB55.8 million a year ago as its Fast Horse last-mile delivery business faced intense competition and revenue fell to roughly RMB23.8 million. The company posted net income attributable to shareholders of RMB150.1 million (US$20.7 million), versus a net loss of RMB73.6 million in Q1 2024, driven primarily by RMB165.4 million in interest and investment income and a RMB47.3 million gain on derivative instruments. Operating loss narrowed to RMB65.5 million from RMB72.5 million. Management is contemplating winding down the last-mile delivery business while maintaining prudent cash management. Cash and cash equivalents were RMB4,822.9 million and restricted cash RMB782.2 million as of March 31, 2025.

• Total revenues fell 53.8% to RMB25.8M as last-mile delivery revenue dropped amid industry competition
• Net income was RMB150.1M ($0.12 diluted ADS) versus a RMB73.6M loss in Q1 2024, boosted by investment income
• Operating loss was RMB65.5M; company is considering winding down the Fast Horse delivery business
• Interest and investment income surged 205% to RMB165.4M; derivative instruments produced a RMB47.3M gain
• Cash and equivalents of RMB4.82B plus RMB782M restricted cash; repurchased 21.8M ADSs for ~$52M since June 2024

Headline financials

Revenue & EPS history

After assessing market conditions, Qudian is contemplating winding down its last-mile delivery business while exploring new consumer-oriented opportunities and continuing share repurchases under its $300M authorization.