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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
November 2025
Commission File Number: 001-38230
QUDIAN INC.
Building 1, Qudian Innovation Park, Meilin
Street
Tongan District, Xiamen, Fujian Province
China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
TABLE OF CONTENTS
| Exhibit 99.1 | Qudian Inc. Reports Third Quarter 2025 Unaudited Financial Results |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| QUDIAN INC. | ||
| By: | /s/ Yan Gao | |
| Name: | Yan Gao | |
| Title: | Vice President of Finance | |
Date: November 24, 2025
Exhibit 99.1
Qudian Inc. Reports Third Quarter 2025
Unaudited Financial Results
XIAMEN, China, November 24, 2025/PRNewswire/ -- Qudian Inc. (“Qudian” or “the Company” or “We”) (NYSE: QD), a consumer-oriented technology company in China, today announced its unaudited financial results for the quarter ended September 30, 2025.
Third Quarter 2025 Financial Highlights:
| ● | Total revenues were RMB8.5 million (US$1.2 million), compared to RMB55.0 million for the same period of last year |
| ● | Net income attributable to Qudian’s shareholders was RMB409.9 million (US$57.6 million), compared to RMB131.9 million for the same period of last year; net income per diluted ADS was RMB2.47 (US$0.35) for the third quarter of 2025 |
We continued to execute our business transition, with the winding down of our last-mile delivery business to its final stage while maintaining a healthy balance sheet by pursuing efficient cash management. Moving forward, we remain focused on navigating market dynamics and capitalizing on new business in order to build long-term value for our shareholders.
Third Quarter Financial Results
Sales income and others decreased by 84.5% to RMB8.5 million (US$1.2 million) from RMB55.0 million for the third quarter of 2024, which was primarily due to the winding down of last-mile delivery business.
Total operating costs and expenses decreased by 2.3% to RMB119.1 million (US$16.7 million) from RMB122.0 million for the third quarter of 2024.
Cost of revenues decreased by 86.6% to RMB6.5 million (US$0.9 million) from RMB48.9 million for the third quarter of 2024, primarily due to the decrease in service cost related to last-mile delivery business with the winding down of the business.
General and administrative expenses increased by 41.1% to RMB82.7 million (US$11.6 million) from RMB58.6 million for the third quarter of 2024, primarily due to the increase in depreciation and property tax expenses following the completion of the construction of the Company’s headquarters.
Research and development expenses decreased by 23.8% to RMB11.1 million (US$1.6 million) from RMB14.6 million for the third quarter of 2024, as a result of the decrease in staff head count, which led to a corresponding decrease in staff salaries.
Loss from operations was RMB110.6 million (US$15.5 million), compared to RMB67.0 million for the third quarter of 2024, mainly due to the winding down of the Company’s businesses and the increase in depreciation and property tax expenses following the completion of the construction of the Company’s headquarters.
Interest and investment income, net increased by 84.5% to RMB421.3 million (US$59.2 million) from RMB228.4 million for the third quarter of 2024, mainly attributable to the increase of income from investments in the third quarter of 2025.
Gain on derivative instrument increased by 144.4% to RMB73.9 million (US$10.4 million) from RMB30.2 million for the third quarter of 2024, mainly attributable to the increase in quoted price of the underlying equity securities relating to the derivative instruments we held.
Net income attributable to Qudian’s shareholders was RMB409.9 million (US$57.6 million), compared to RMB131.9 million in the third quarter of 2024. Net income per diluted ADS was RMB2.47 (US$0.35).
Cash Flow
As of September 30, 2025, the Company had cash and cash equivalents of RMB7,010.6 million (US$948.8 million) and restricted cash of RMB1,518.7 million (US$213.3 million). Restricted cash mainly represents security deposits held in designated bank accounts for the guarantee of short-term borrowings. Such restricted cash is not available to fund the general liquidity needs of the Company.
For the third quarter of 2025, net cash provided by operating activities was RMB384.0 million (US$53.9 million), mainly attributable to proceeds from interest and investment income. Net cash provided by investing activities was RMB2,508.5 million (US$352.4 million), mainly attributable to the net proceeds from redemption of short-term investments. Net cash provided by financing activities was RMB837.8 million (US$117.7 million), mainly due to the proceeds from short-term borrowings and partially offset by the repurchase of ordinary shares.
Update on Share Repurchase
Our Board approved a share repurchase program in March 2024 to purchase up to US$300 million worth of Class A ordinary shares or ADSs in the next 36 months starting from June 13, 2024. From the launch of the share repurchase program on June 13, 2024 to November 18, 2025, the Company has in aggregate purchased 26.3 million ADSs in the open market for a total amount of approximately US$71.1 million (an average price of $2.7 per ADS) pursuant to the share repurchase program.
As of November 18, 2025, the Company had in aggregate purchased 180.6 million ADSs for a total amount of approximately US$765.3 million (an average price of $4.2 per ADS).
About Qudian Inc.
Qudian Inc. ("Qudian") is a consumer-oriented technology company. Qudian is exploring innovative business opportunities to satisfy consumers' demand by leveraging its technology capabilities.
For more information, please visit http://ir.qudian.com.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.1190 to US$1.00, the noon buying rate in effect on September 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.
Statement Regarding Preliminary Unaudited Financial Information
The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited financial information.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the expectation of its collection efficiency and delinquency, contain forward-looking statements. Qudian may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Qudian's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Qudian's goal and strategies; Qudian's expansion plans; Qudian's future business development, financial condition and results of operations; Qudian's expectations regarding demand for, and market acceptance of, its products; Qudian's expectations regarding keeping and strengthening its relationships with customers, business partners and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Qudian's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Qudian does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
Qudian Inc.
Tel: +86-592-596-8208
E-mail: ir@qudian.com
QUDIAN INC.
Unaudited Condensed Consolidated Statements of Operations
| (In thousands except for number | Three months ended September 30, | |||||||||||
| of shares and per-share data) | 2024 | 2025 | ||||||||||
| (Unaudited) | (Unaudited) | |||||||||||
| RMB | RMB | US$ | ||||||||||
| Revenues: | ||||||||||||
| Sales income and others | 55,015 | 8,523 | 1,197 | |||||||||
| Total revenues | 55,015 | 8,523 | 1,197 | |||||||||
| Operating cost and expenses: | ||||||||||||
| Cost of revenues | (48,913 | ) | (6,549 | ) | (920 | ) | ||||||
| Sales and marketing | (2,123 | ) | (5,689 | ) | (799 | ) | ||||||
| General and administrative | (58,580 | ) | (82,672 | ) | (11,613 | ) | ||||||
| Research and development | (14,576 | ) | (11,102 | ) | (1,559 | ) | ||||||
| Reversal of/(Provision for) expected credit losses on receivables and other assets | 2,798 | (180 | ) | (25 | ) | |||||||
| Impairment loss from other assets | (604 | ) | (12,949 | ) | (1,819 | ) | ||||||
| Total operating cost and expenses | (121,998 | ) | (119,141 | ) | (16,735 | ) | ||||||
| Loss from operations | (66,983 | ) | (110,618 | ) | (15,538 | ) | ||||||
| Interest and investment income, net | 228,420 | 421,344 | 59,186 | |||||||||
| Loss from equity method investments | (1,390 | ) | (102 | ) | (14 | ) | ||||||
| Gain on derivative instruments | 30,246 | 73,921 | 10,384 | |||||||||
| Foreign exchange loss, net | (7,898 | ) | (5,216 | ) | (733 | ) | ||||||
| Other income | 2,030 | 19,131 | 2,687 | |||||||||
| Other expenses | (13,809 | ) | (228 | ) | (32 | ) | ||||||
| Net income before income taxes | 170,616 | 398,232 | 55,940 | |||||||||
| Income tax expenses | (38,702 | ) | 11,671 | 1,639 | ||||||||
| Net income | 131,914 | 409,903 | 57,579 | |||||||||
| Net income attributable to Qudian Inc.’s shareholders | 131,914 | 409,903 | 57,579 | |||||||||
| Earning per share for Class A and Class B ordinary shares: | ||||||||||||
| Basic | 0.73 | 2.55 | 0.36 | |||||||||
| Diluted | 0.71 | 2.47 | 0.35 | |||||||||
| Earning per ADS (1 Class A ordinary share equals 1 ADSs): | ||||||||||||
| Basic | 0.73 | 2.55 | 0.36 | |||||||||
| Diluted | 0.71 | 2.47 | 0.35 | |||||||||
| Weighted average number of Class A and Class B ordinary shares outstanding: | ||||||||||||
| Basic | 180,111,125 | 160,998,923 | 160,998,923 | |||||||||
| Diluted | 185,092,607 | 165,790,336 | 165,790,336 | |||||||||
| Other comprehensive loss: | ||||||||||||
| Foreign currency translation adjustment | (60,991 | ) | (18,697 | ) | (2,626 | ) | ||||||
| Total comprehensive income | 70,923 | 391,206 | 54,953 | |||||||||
| Total comprehensive income attributable to Qudian Inc.’s shareholders | 70,923 | 391,206 | 54,953 | |||||||||
QUDIAN INC.
Unaudited Condensed Consolidated Balance Sheets
| (In thousands except for number | As of June 30, | As of September 30, | ||||||||||
| of shares and per-share data) | 2025 | 2025 | ||||||||||
| (Unaudited) | (Unaudited) | |||||||||||
| RMB | RMB | US$ | ||||||||||
| ASSETS: | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | 4,028,995 | 7,010,642 | 984,779 | |||||||||
| Restricted cash and cash equivalents | 782,251 | 1,518,707 | 213,331 | |||||||||
| Time and structured deposit | 1,758,770 | 1,439,721 | 202,236 | |||||||||
| Derivative instruments-asset | 38,793 | 3,792 | 533 | |||||||||
| Short-term investments | 2,850,688 | 1,366,240 | 191,915 | |||||||||
| Accounts receivables | 9,225 | 6,479 | 910 | |||||||||
| Other current assets | 925,915 | 290,235 | 40,769 | |||||||||
| Total current assets | 10,394,637 | 11,635,816 | 1,634,473 | |||||||||
| Non-current assets: | ||||||||||||
| Right-of-use assets | 101,715 | 98,743 | 13,870 | |||||||||
| Investment in equity method investee | 144,822 | 144,622 | 20,315 | |||||||||
| Long-term investments | 78,616 | 78,658 | 11,049 | |||||||||
| Property and equipment, net | 1,747,669 | 1,728,971 | 242,867 | |||||||||
| Intangible assets | 1,922 | 1,779 | 250 | |||||||||
| Other non-current assets | 280,115 | 263,647 | 37,034 | |||||||||
| Total non-current assets | 2,354,859 | 2,316,420 | 325,385 | |||||||||
| TOTAL ASSETS | 12,749,496 | 13,952,236 | 1,959,858 | |||||||||
QUDIAN INC.
Unaudited Condensed Consolidated Balance Sheets (Continued)
| (In thousands except for number | As of June 30, | As of September 30, | ||||||||||
| of shares and per-share data) | 2025 | 2025 | ||||||||||
| (Unaudited) | (Unaudited) | |||||||||||
| RMB | RMB | US$ | ||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
| Current liabilities: | ||||||||||||
| Short-term borrowings | 720,000 | 1,576,000 | 221,379 | |||||||||
| Short-term lease liabilities | 7,352 | 6,733 | 946 | |||||||||
| Accrued expenses and other current liabilities | 371,442 | 360,732 | 50,672 | |||||||||
| Income tax payable | 39,383 | 53,164 | 7,468 | |||||||||
| Total current liabilities | 1,138,177 | 1,996,629 | 280,465 | |||||||||
| Non-current liabilities: | ||||||||||||
| Deferred tax liabilities | 27,427 | - | - | |||||||||
| Long-term lease liabilities | 5,126 | 3,870 | 544 | |||||||||
| Total non-current liabilities | 32,553 | 3,870 | 544 | |||||||||
| Total liabilities | 1,170,730 | 2,000,499 | 281,009 | |||||||||
| Shareholders’ equity: | ||||||||||||
| Class A Ordinary shares | 132 | 132 | 18 | |||||||||
| Class B Ordinary shares | 44 | 44 | 6 | |||||||||
| Treasury shares | (1,571,141 | ) | (1,588,823 | ) | (223,181 | ) | ||||||
| Additional paid-in capital | 4,025,209 | 4,024,656 | 565,340 | |||||||||
| Accumulated other comprehensive profit/(loss) | (7,464 | ) | (26,161 | ) | (3,675 | ) | ||||||
| Retained earnings | 9,131,986 | 9,541,889 | 1,340,341 | |||||||||
| Total equity | 11,578,766 | 11,951,737 | 1,678,849 | |||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 12,749,496 | 13,952,236 | 1,959,858 | |||||||||