JFIN.US (JFIN.US) held 500 million in cash in the first half of the year, betting on overseas markets became the key to breaking the game

The Zhitong Finance App learned that on August 28, JFIN.US (JFIN.US) released its financial report for the first half of 2026. During this period, it achieved revenue of 1,494 billion yuan, gross profit of 613 million yuan, and a gross profit margin of 41.03%.

In 2026, the company launched a comprehensive strategic upgrade, shifting its development model from scale-driven growth to a greater focus on quality and efficiency. In the first half of the year, the company accelerated business restructuring to effectively reduce risk exposure. In Q2, its 90-day overdue rate was 2.21%, which remained stable. As of June 2026, the amount of cash and cash equivalents held increased to 504 million yuan.

Yan Dinggui, chairman of Jiayin Technology, said that the company is expanding from a simple loan matching platform to a diversified platform focused on compliance-driven, technological empowerment, and ecological collaboration. At the same time, it will continue to deepen its strategic investment in artificial intelligence and overseas business to meet the challenges brought about by transformation.

Active strategy to reduce scale, R&D drives technological empowerment

The Zhitong Finance App learned that in the face of policy restrictions and the declining living environment in the industry, Jiayin Technology, on the one hand, adopted an active strategy to retain core customers; on the other hand, it increased investment in R&D, comprehensively promoted the implementation of artificial intelligence and technology capabilities, and stabilized the basic market.

Due to active business scaling down, the company contributed to a certain impact on loan amounts. On a quarterly basis, Q1 and Q2 were 19.3 billion yuan and 9.5 billion yuan respectively, and achieved revenue of 757 million yuan and 737 million yuan respectively, but both met target guidelines. The company retained the basic market of its core premium customers, and the platform's monetization rate increased significantly to 7.76%.

Technological empowerment is an important direction for the company's strategic transformation, and it is accelerating technological upgrading from a loan aid service provider to a technology exporter. In the first half of the year, the company invested 204 million yuan in R&D, and the R&D expenditure ratio was 13.66%, an increase of 8.29 percentage points over the previous year.

Data source: Company financial reports and data processing

The core products independently developed by Jiayin Technology include the intelligent risk control system “Ming Jian” and the intelligent institutional fund management platform “Tianyin”, which are continuously iteratively upgraded through investment in AI models.

In Q2, the company's self-developed Fuxi platform has completed the accumulation of infrastructure, risk control and core skills, covering all major business aspects of the loan cycle. Furthermore, the full chain of credit modeling skills have been implemented on a large scale, reducing the traditional 3 to 5 day modeling optimization cycle to the hourly level. Risk identification accuracy indicators of measurement models such as model AUC and KS are significantly superior to manual benchmarks.

At the same time, AI applications have been fully embedded in the company's core operating chain. Business scenarios, including customer service and delivery, have achieved full end-to-end AI coverage, and some scenarios have completely replaced manual seats. For example, on the risk control side, self-developed strategy support agents promote the upgrading of strategy formulation from “expert modeling, manual calculation” to “AI assisted expert modeling, automatic machine calculation”, increasing strategy iteration efficiency by several times and improving accuracy in key scenarios by more than 20%.

Thanks to intensive investment in R&D, AI is evolving from a single-point tool to a systemic capability, supporting the company to maintain operational efficiency and cost competitiveness during the business adjustment period. In the first half of the year, the stickiness of major customers was stable. The Q2 repeat loan rate stabilized at over 70%, and the repayment rate was accelerated. Receivables were 2,555 billion yuan, a decrease of 1,178 billion yuan compared to the end of 2025, resulting in a sharp increase of 504 million yuan in cash equivalents.

Overseas markets have become the core engine, and long-term principles focus on shareholder returns

Focusing on strategic transformation and structural upgrading, Jiayin Technology has increased overseas business development, created new growth points, and made remarkable progress. In Q2, the company's Indonesian business increased 58% year on year and 10% month on month. The cooperative network with local financial institutions also continued to expand. The Mexican business market size increased 36% month-on-month, and customer acquisition efficiency and risk control capabilities improved steadily.

In response to the long-term development goals of overseas business, the company has carried out comprehensive strategic and team upgrades, and plans to continue to cultivate in Southeast Asia as the foundation, carefully carry out market research and layout in emerging regions such as East Africa and Central Asia, and promote the expansion of the global strategy in an orderly manner.

From an industry perspective, global fintech is developing rapidly. According to the “Global and China Fintech Service Market In-depth Research and Consultation Report”, the total global spending on fintech services is expected to reach US$2.1 trillion in 2026, an increase of 18.7% over the previous year. Among them, the Asia-Pacific region leads the way with a year-on-year growth rate of 23.5%. Jiayin Technology is deeply involved in the Asia-Pacific market. With years of R&D investment and leading advantages in AI products, overseas business is expected to become a core growth engine.

In the capital market, since last year, the US stock fintech sector has entered a deep correction. Most of the target PB is far below 0.5 times, and PE is only in single digits. Jiayin Technology is no exception. The company's continued repurchases boosted shareholding confidence. As of August 2026, it had repurchased approximately 4.6 million American Depositary Shares for a total amount of about US$30.4 million.

Overall, in the first half of the year, Jiayin Technology actively reduced its business scale, focusing on development quality and efficiency. During this period, the monetization rate increased, accounts receivable repayment accelerated, and cash flow increased dramatically. The company has implemented a technology empowerment strategy, increased investment in artificial intelligence, and stabilized product advantages and industry competitiveness. At the same time, the overseas market strategy is also progressing simultaneously, creating new growth points. Currently, the company's PB value is only 0.46 times, which clearly underestimates that there is room for valuation repair.