XXF Group Holdings Ltd (2473.HK) Q4 2025 Earnings Report

XXF Group Holdings Ltd delivered a strong Q4 2025 revenue rebound, with annualized quarterly revenue of 1.08 billion CNY and a gross margin of 22.7%, underscoring that demand for auto credit services in China remains resilient even as the macro backdrop stays competitive. Net income of 22.98 million CNY and an earnings per share of 0.0148 reflect a modest bottom-line improvement amid elevated financing costs. The quarterly EBITDA of 195.2 million yields an EBITDA margin of 18.2%, illustrating operating leverage but also highlighting the sensitivity to financing and funding costs.

From a balance sheet perspective, XXF maintains a still-levered profile: total debt of 2.80 billion CNY against cash of 0.38 billion and current liabilities exceeding current assets by a narrow margin. Net debt stands at ~2.43 billion, with a trailing-twelve-month (TTM) EBITDA of approximately 0.643 billion, producing a net debt to EBITDA of ~3.8x. Interest coverage remains modest on a current-quarter basis (EBITDA/Interest ≈ 2.34x; EBIT/Interest ≈ 1.38x), signaling funding-cost sensitivity and a potential liquidity hurdle should funding conditions deteriorate.

The quarter confirms growth in top-line revenue versus Q4 2024 (1.075B vs 0.661B), suggesting improving origination trends or portfolio performance. However, profitability still reflects a high-cost funding environment and the need for continued cost discipline and balance-sheet optimization. Management commentary (not included in the provided data) typically focuses on risk-adjusted growth, expansions in self-operated outlets, cross-sell opportunities in IT and insurance services, and funding strategies. Absent explicit 2026 targets in the materials, the outlook hinges on origination momentum, credit quality, and funding cost dynamics. Investors should monitor credit metrics, funding mix, and capital adequacy as key levers for long-term upside.