Revenue has collapsed from $493.6 million in 2023Q1 to $44.0 million in 2025Q2, driving a transition from a 10.0% net margin to a negative 45.8% net margin.
CNFinance Holdings Limited (CNF) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Net Interest Income | 21.89M | 62.18M | 744.1M | 1.03B | 945.91M | 1.03B | 1.12B | 1.66B | 2.35B | 2B | 800.88M |
| NII Growth % | 92.1% | -91.64% | -27.85% | 9.04% | -8.14% | -8.34% | -32.33% | -29.34% | 17.45% | 149.79% | - |
| Net Interest Margin % | 0.24% | 0.61% | 4.95% | 6.3% | 6.53% | 7.16% | 9.18% | 12.75% | 12.14% | 10.98% | 10.26% |
| Interest Income | 18.02M | 560.1M | 1.54B | 1.75B | 1.73B | 1.81B | 1.85B | 2.97B | 4.29B | 3.41B | 1.24B |
| Interest Expense | 0 | 497.92M | 794.52M | 723.08M | 784.78M | 775.57M | 731.32M | 1.31B | 1.94B | 1.41B | 442.66M |
| Loan Loss Provision | 0 | -416.24M | -22.72M | 118.65M | 217.55M | -303.87M | 77.35M | 362.74M | 433.75M | 306.75M | 111.36M |
| Non-Interest Income | -954.68M | 65.85M | 61.52M | 82.72M | 113.61M | -432.88M | -20.69M | 131.51M | -10.45M | 6.65M | 62.62M |
| Non-Interest Income % | 102.35% | 51.44% | 7.64% | 7.43% | 10.72% | -72.52% | -1.88% | 7.34% | -0.45% | 0.33% | 7.25% |
| Total Net Revenue | -932.79M | 128.03M | 805.62M | 1.11B | 1.06B | 596.89M | 1.1B | 1.79B | 2.34B | 2.01B | 863.51M |
| Revenue Growth % | -359.17% | -84.11% | -27.69% | 5.15% | 77.51% | -45.88% | -38.45% | -23.4% | 16.54% | 132.45% | - |
| Non-Interest Expense | 82.85M | 614.53M | 780.05M | 789.82M | 669.38M | 806.99M | 862.77M | 708.09M | 747.66M | 891.77M | 464.1M |
| Efficiency Ratio | -8.88% | 480.01% | 96.83% | 70.89% | 63.18% | 135.2% | 78.23% | 39.52% | 31.96% | 44.43% | 53.75% |
| Operating Income | -1.02B | -70.26M | 48.29M | 205.63M | 172.58M | 93.77M | 162.7M | 721.01M | 1.16B | 808.67M | 288.05M |
| Operating Margin % | 109.3% | -54.88% | 5.99% | 18.46% | 16.29% | 15.71% | 14.75% | 40.24% | 49.49% | 40.29% | 33.36% |
| Operating Income Growth % | - | -245.51% | -76.52% | 19.15% | 84.06% | -42.37% | -77.43% | -37.72% | 43.17% | 180.74% | - |
| Pretax Income | -1.03B | -568.18M | 48.29M | 205.63M | 172.58M | 93.77M | 162.7M | 721.01M | 1.16B | 808.67M | 288.05M |
| Pretax Margin % | 109.98% | -443.8% | 5.99% | 18.46% | 16.29% | 15.71% | 14.75% | 40.24% | 49.49% | 40.29% | 33.36% |
| Income Tax | -8.93M | -110.61M | 10.5M | 41.02M | 37.23M | 28.56M | 47.85M | 186.37M | 296.83M | 275.99M | 52.6M |
| Effective Tax Rate % | 0.87% | 19.47% | 21.75% | 19.95% | 21.57% | 30.46% | 29.41% | 25.85% | 25.64% | 34.13% | 18.26% |
| Net Income | -829.5M | -457.58M | 37.78M | 164.62M | 135.35M | 65.21M | 114.85M | 534.64M | 860.91M | 532.67M | 235.44M |
| Net Margin % | 88.93% | -357.41% | 4.69% | 14.78% | 12.77% | 10.92% | 10.41% | 29.84% | 36.8% | 26.54% | 27.27% |
| Net Income Growth % | -1541.68% | -1311.02% | -77.05% | 21.62% | 107.57% | -43.23% | -78.52% | -37.9% | 61.62% | 126.24% | - |
| Net Income (Continuing) | -829.5M | -457.58M | 37.78M | 164.62M | 135.35M | 65.21M | 114.85M | 534.64M | 860.91M | 532.67M | 235.44M |
| EPS (Diluted) | -166.12 | -1334.20 | 11.00 | 440.00 | 360.00 | 19.00 | 32.00 | 144.00 | 248.00 | 160.00 | 76.00 |
| EPS Growth % | -795.36% | -12229.09% | -97.5% | 22.22% | 1794.74% | -40.63% | -77.78% | -41.94% | 55% | 110.53% | - |
| EPS (Basic) | - | -1334.20 | 11.00 | 440.00 | 39.40 | 19.00 | 32.00 | 144.00 | 275.20 | 160.00 | 76.00 |
| Diluted Shares Outstanding | 4.99M | 342.91K | 3.43M | 3.61M | 3.82M | 3.81M | 3.81M | 3.67M | 3.47M | 3.33M | 3.08M |
Quick answers to the most common questions about buying CNF stock.
For fiscal year 2025, CNFinance Holdings Limited (CNF) reported total revenue of $128.0M. This represents a 85.2% decline compared to $863.5M in 2016.
CNFinance Holdings Limited (CNF) reported a net loss of $457.6M for the fiscal year ending 2025.
CNFinance Holdings Limited (CNF) reported an operating income of $-70.3M, resulting in an operating profit margin of -54.9%. This margin reflects the operational efficiency of the business before interest and taxes.
CNFinance Holdings Limited (CNF) generated $544.3M in gross profit for the year, representing a gross profit margin of 425.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Collateral Liquidity and Solvency
Revenue Base Facing Structural Erosion
As evidenced by the decline from $493.6 million in 2023Q1 to $44.0 million in 2025Q2, CNF's top-line trajectory reflects a severe contraction in loan origination activity, suggesting that the firm's core mortgage-backed lending model is struggling to maintain relevance within the current Chinese real estate environment.
The precipitous drop in revenue indicates that the company's reliance on residential property collateral has become a significant liability as market liquidity dries up. Investors should monitor whether this trend represents a strategic pivot toward a smaller, more selective book or an involuntary loss of market share to better-capitalized competitors.
Operating Efficiency Masked by Scale
According to the provided financial statements, the company's operating margin has swung from 13.6% in 2023Q1 to a negative 45.8% net margin in 2025Q2, highlighting a structural inability to align fixed costs with the rapidly diminishing volume of new business originations.
While gross margins appear high, the collapse in net profitability suggests that the cost of maintaining a 63-branch physical network is no longer supported by the underlying loan portfolio. This divergence between gross and net performance implies that the firm is currently unable to achieve the necessary scale to cover its overhead.
Earnings Quality Impaired by Losses
Based on reported figures, the transition from a $49.3 million net profit in 2023Q1 to a $20.2 million net loss in 2025Q2 indicates a deterioration in earnings quality, likely driven by credit impairment charges that are outpacing the firm's ability to generate interest income.
The persistence of net losses suggests that the company is absorbing significant credit risk that is not being adequately offset by its service fee revenue. Analysts should investigate the extent to which these losses are non-cash provisions versus actual realized defaults on the underlying property collateral.
Sustainability of Current Business Model
Financial data suggests that CNF's reliance on a high-fixed-cost branch network during a period of 60.88% revenue contraction warrants skepticism, as the current operating structure appears ill-equipped to handle the ongoing volatility in the Chinese secondary residential property market and associated credit risks.
Short-sellers would likely focus on the disconnect between the company's remaining cash reserves and the potential for further impairment of its loan book. The lack of a clear path to profitability suggests that the current business model may be fundamentally unsustainable without a significant reduction in operational footprint.