Aug. 24 at 6:59 PM
$LX $QFIN $FINV relevant credit data today
$XYF : 31–60 DPD: 1.73%, down 88 bps QoQ from 2.61% — a meaningful improvement in early-stage delinquencies.
91–180 DPD: 9.09%, down 86 bps QoQ from 9.95% — improving, though still the more stressed bucket.
Vcredit: First-payment delinquency: 0.44%, down 12 bps QoQ from 0.56% — continued improvement at the front end.
M1–M3: 5.71%, down 41 bps QoQ from 6.12% — a solid sequential improvement.
M3+: 8.64%, up 53 bps QoQ from 8.11% — back-end credit continues to deteriorate despite improvement in earlier-stage buckets.
Trend is obvious to those watching: Q4 was the inflection point, Q1 showed the reversal, Q2 is continuing that trend.
Not confident to extrapolate the continuing improvement to Q3 yet, but its clear the bottom was November 2025. Long.
