Lufax Holding Ltd

We are a leading financial services enabler for small and medium-sized businesses (SBOs) in China. We provide SBOs with comprehensive and convenient financial products and services, and we help financial institution partners efficiently reach and serve SBOs. Additionally, we offer consumer finance products and services to individual retail consumers. We enabled loans for 3.9 million active borrowers in 2023, 5.0 million active borrowers in 2024, and 4.0 million active borrowers in 2025. The total outstanding balance of loans we enabled was RMB315.4 billion, RMB216.9 billion, and RMB183.8 billion (US$26.3 billion) as of December 31, 2023, 2024, and 2025, respectively. We primarily enable loans through two business models. Our core retail credit and enablement business model accounted for approximately 88.2%, 76.9%, and 67.6% of the total outstanding loan balance as of December 31, 2023, 2024, and 2025, respectively. These are large-ticket loans, with an average ticket size of RMB278,067, RMB219,291, and RMB198,485 for general unsecured loans in 2023, 2024, and 2025, respectively, and RMB551,253, RMB586,807, and RMB445,242 for secured loans in 2023, 2024, and 2025, respectively. The remaining 11.8%, 23.1%, and 32.4% of loans were enabled through our licensed consumer finance subsidiary. These are small-ticket loans, with an average drawdown of RMB6,805, RMB6,728, and RMB8,888 in 2023, 2024, and 2025, respectively. The enablement of loans generated substantially all of our total income in 2023, 2024, and 2025. Starting in 2024, we implemented a strategy to support the growth of our core retail credit and enablement business and consumer finance business, leveraging our key licenses: a financing guarantee business license, consumer finance business license, and microloan business license in the PRC, as well as the banking license for Ping An Digital Bank in Hong Kong.