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Lufax Holding Ltd

LU

Lufax Holding Ltd • NYSE
$2.50 ▼ -0.79% (-0.02)
Market Cap $1.05 B
52w High $4.57
52w Low $2.25
Dividend Yield 0.24%
P/E -3.33
Volume 1.13M
Outstanding Shares 419.05M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2024 $4.447B ▼ $1.836B ▼ $-874.806M ▼ -19.672% ▼ $-3.06 ▼ $-718.356M ▼
Q2-2024 $5.976B ▼ $4.718B ▼ $-792.072M ▲ -13.254% ▼ $-2.76 ▲ $-23.458M ▼
Q1-2024 $6.964B ▼ $5.114B ▲ $-870.463M ▼ -12.5% ▼ $-3.04 ▼ $567.214M ▲
Q4-2023 $14.538B ▲ $3.183B ▼ $-844.238M ▼ -5.807% ▼ $-2.98 ▼ $-1.086B ▼
Q3-2023 $6.573B $3.229B $93.778M 1.427% $0.32 $303.295M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2024 $28.32B ▼ $206.449B ▼ $120.109B ▼ $84.547B ▲
Q2-2024 $28.553B ▼ $216.93B ▼ $134.254B ▼ $81.033B ▼
Q1-2024 $72.291B ▲ $229.906B ▼ $137.081B ▼ $91.243B ▼
Q4-2023 $39.989B ▲ $237.023B ▼ $143.339B ▼ $92.142B ▼
Q3-2023 $39.781B $259.177B $164.851B $92.796B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2024 $0 $503.69M ▼ $-1.872B ▼ $-8.97B ▼ $-10.434B ▼ $503.69M ▼
Q2-2024 $0 ▲ $2.998B ▲ $-224.994M ▼ $-4.688B ▼ $-1.837B ▼ $2.998B ▲
Q1-2024 $-870.463M ▼ $502.532M ▼ $2.747B ▲ $499.183M ▲ $3.755B ▲ $502.532M ▼
Q4-2023 $-844.238M ▼ $4.692B ▼ $-4.061B ▼ $-879.889M ▲ $-348.633M ▲ $4.644B ▼
Q3-2023 $93.778M $5.057B $-3.712B $-8.054B $-6.631B $5.057B

Five-Year Company Overview

Income Statement

Income Statement Revenue has been trending down after earlier rapid growth, and the most recent year shows a much smaller business scale than at its peak. Profitability has compressed sharply: what was once a comfortably profitable operation has moved close to break-even, with earnings falling far faster than revenue. This points to pressure on fees, higher credit costs, or both, as the company adjusts its business model and navigates a tougher regulatory and macro backdrop in China. Overall, the income statement reflects a business in transition, prioritizing risk reduction and restructuring over growth, with profitability yet to recover.

Balance Sheet

Balance Sheet The balance sheet has slimmed down, with total assets coming down from prior highs as the company shrinks and derisks its lending and related activities. Cash levels remain solid relative to the size of the business, giving Lufax some financial flexibility despite the earnings drop. Debt is meaningful but not extreme, and shareholder equity has been relatively stable over the period, indicating no dramatic erosion of capital so far. In simple terms, the company looks smaller but still reasonably capitalized, with a focus on staying financially sound while it reshapes the business.

Cash Flow

Cash Flow Despite weaker profits, cash generation from operations has actually improved in the latest year compared with the previous couple of years. Capital spending is very light, so most of the cash generated flows through into free cash flow. This suggests that, even in a period of shrinking revenue and thin profits, the business model remains cash-generative and not capital-intensive. The key question is whether this healthy cash profile can be maintained if the company pursues new growth or has to absorb higher credit costs.

Competitive Edge

Competitive Edge Lufax benefits from strong backing by the Ping An group, giving it brand trust, extensive data, and access to customers that many rivals lack. Its large network of partner financial institutions supports a capital-light model, allowing it to focus on technology, risk analytics, and distribution rather than funding everything on its own balance sheet. The company is well known in China’s fintech space and has a long operating history relative to many newer players, which helps with both regulators and customers. At the same time, it faces intense competition from banks and other fintechs, plus ongoing regulatory scrutiny, all while its own scale has been shrinking—factors that may constrain pricing power and growth.

Innovation and R&D

Innovation and R&D Technology is at the core of Lufax’s strategy: it relies heavily on artificial intelligence, long credit-data histories, and advanced risk models to evaluate borrowers and tailor products. Tools like its smart loan engine, upgraded customer verification systems, and use of biometric and behavioral data aim to improve both risk control and user experience. The company also experiments with blockchain to enhance transparency, and it runs an offline-to-online model that blends in-person sales with digital servicing. On the wealth side, robo-advisory and digital platforms expand its offering, and management signals a continued push toward a “digital-first” approach, though execution and regulatory acceptance will determine how much value this innovation ultimately delivers.

Summary

Lufax today looks like a company that has deliberately pulled back from earlier high-growth, higher-risk activity and is still absorbing the financial impact of that shift. Revenue and profits have dropped markedly, but the balance sheet remains intact and cash flow is relatively healthy, signaling a cautious but not distressed position. Its competitive edge rests on technology, data, risk management, and especially its deep ties to Ping An and broad institutional partnerships, which together form a meaningful moat. The main uncertainties revolve around whether it can stabilize its earnings base, reignite sustainable (and compliant) growth in a challenging Chinese credit environment, and convert its innovation and partnerships into a renewed, more profitable business model over time.

NEWS

October 31, 2025 · 7:11 AM UTC

Lufax Announces New Senior Management Hire

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October 31, 2025 · 7:00 AM UTC

Lufax Announces Extraordinary General Meeting on December 29, 2025

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October 30, 2025 · 7:00 AM UTC

Lufax Granted Extension by NYSE for Filling the 2024 Annual Report on Form 20-F

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October 24, 2025 · 7:00 AM UTC

Lufax Announces Change in Chief Risk Officer

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October 15, 2025 · 4:50 AM UTC

PAObank and OneConnect Financial Technology Join HKMA's Second Cohort of GenA.I. Sandbox to Enhance Deepfake Fraud Detection

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