CNFinance Holdings Ltd CNF

FinancialsBanking ServicesChina

Last close 1.95 USD on Nov 1, 2026, −67.8% year to date

Quant rating

Quant rating D Rank 299 of 304 in Financials

Growth D 229 of 304
Valuation D 286 of 304
Quality D 268 of 304
Revisions D 253 of 304
Momentum D 245 of 304

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 208M
Enterprise value: 623M
52-week range: 1.41 – 6.41
3-year range: 1.41 – 25.60
Dividend yield: –
Beta (5 years): 0.23
Shares outstanding: 21,372M
Next earnings: –

About the company

CNFinance Holdings Ltd is a holding company principally engaged in the provision of home equity loan services. The Company’s main business is engaged in serving target borrowers by facilitating home equity loans and providing tailored services. The Company’s primary target borrower segment is micro- and small-enterprise (MSE) owners who own real properties in Tier 1 and Tier 2 and other major cities in China. The Company’s funding models include trust lending, bank lending and direct lending. The Company mainly conducts its business in the domestic market.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	92.0	219	259	269	220	–
Revenue growth	−58.0%	−15.3%	−3.8%	22.2%	−29.4%	−21.7%
EPS (basic, normalized)	−0.05	0.04	0.17	0.14	0.08	–
EPS growth	–	−77.7%	18.2%	69.0%	−40.0%	–
Gross margin	12.4%	34.6%	41.9%	40.4%	14.1%	28.7%
Net margin	−73.1%	2.4%	9.0%	7.3%	4.7%	−10.0%
ROE	–	–	–	–	–	–

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	92.0	−58.0%	6.8x	–	–	–	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Sep 2023	Dec 2023	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	354	445	–	–	–	–	–	–	–	–
Sales mean (mil)	432	473	492	926	499	1,002	–	–	–	–
Surprise	−17.9%	−5.9%	–	–	–	–	–	–	–	–
EPS reported	7.10	2.60	–	–	–	–	–	–	–	–
EPS mean	0.60	0.40	0.50	0.30	0.40	0.60	–	–	–	–
Surprise	+1,083.3%	+550.0%	–	–	–	–	–	–	–	–

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
CNF CNFinance Holdings Ltd	208M	–	−73.1%	–	–	–	–	–
RKT Rocket Companies Inc	36.2B	–	−1.0%	–	22.0x	17.0x	1.7x	1.6x
FNMA Federal National Mortgage Association	5.6B	–	0.0%	–	2.2x	1.8x	−1.8x	−22.9x
PFSI PennyMac Financial Services, Inc.	3.3B	–	16.7%	–	13.1x	7.2x	0.7x	0.6x
MBIN Merchants Bancorp	2.4B	11.8%	14.5%	1.19x	9.0x	8.5x	1.1x	1.0x
FMCC Federal Home Loan Mortgage Corp	2.9B	–	−0.1%	–	1.1x	1.1x	–	–
Mean		11.8%	−7.2%	1.19x	9.5x	7.1x	0.5x	−4.9x
Median		11.8%	0.0%	1.19x	9.0x	7.2x	0.9x	0.8x

Technical analysis

1M−2.0%
3M−19.8%
1Y−58.7%
3Y−92.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, CNFinance Holdings Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	92.0	219	259	269	220	312
Total interest expense	–	–	–	–	–	–
Net interest income	92.0	219	259	269	220	312
Loan loss provision	–	–	–	–	–	–
Net interest income after loan loss provision	–	–	–	–	–	–
Non-interest income	–	–	–	–	–	–
Non-interest expense	–	–	–	–	–	–
Net income before taxes	−83.5	6.6	29.0	25.0	14.8	24.9
Provision for taxes	−16.3	1.4	5.8	5.4	4.5	7.3
Minority interest & equity in affiliates	–	–	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	−67.3	5.2	23.2	19.6	10.3	17.6
Extraordinary items	–	–	–	–	–	–
Net income	−67.3	5.2	23.2	19.6	10.3	17.6
Basic weighted average shares (mil)	1,372	137	137	137	137	144
Diluted weighted average shares (mil)	1,372	137	145	153	144	144
Basic EPS excluding extraordinary items	−0.05	0.04	0.17	0.14	0.07	0.12
Basic EPS, normalized	−0.05	0.04	0.17	0.14	0.08	0.14

Balance sheet in millions of USD, fiscal years

Balance sheet, CNFinance Holdings Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	–	–	–	–	–	–
Other earning assets	–	–	–	–	–	–
Net loans	–	–	–	–	–	–
Property, plant & equipment	27.1	29.1	5.1	4.6	3.0	3.7
Goodwill	–	–	–	–	–	–
Intangibles	0	0.4	0.4	0.5	0.6	0.5
Long-term investments	52.2	60.6	86.7	103	200	81.6
Other long-term assets	45.5	18.0	13.0	11.2	3.3	11.6
Other assets	480	366	297	195	263	93.1
Total assets	1,466	2,059	2,306	2,100	2,265	1,875
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	2.9	5.0	7.3	8.7	6.3	7.5
Total deposits	–	–	–	–	–	–
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	–	–	–	–	–	–
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	96.3	813	1,161	1,120	1,266	866
Minority interest	–	–	0	7.5	–	–
Other liabilities	854	685	572	400	391	428
Total liabilities	954	1,503	1,741	1,536	1,664	1,301
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	150	143	145	148	160	153
Retained earnings (accumulated deficit)	382	430	437	429	445	423
Treasury stock	−17.8	−16.8	−16.7	−12.7	–	–
Other equity	−1.9	−1.2	−1.3	−1.5	−4.0	−2.8
Total equity	512	556	565	563	601	573
Total liabilities & shareholders' equity	1,466	2,059	2,306	2,100	2,265	1,875

Cash flow statement in millions of USD, fiscal years

Cash flow statement, CNFinance Holdings Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−67.3	5.2	23.2	19.6	10.3	17.6
Depreciation, depletion & amortization	2.3	1.6	0.2	0.3	0.6	0.9
Deferred taxes	−25.7	−5.2	−2.3	−19.4	−29.9	−14.5
Non-cash items	68.1	15.1	27.4	34.3	−40.2	52.9
Changes in working capital	34.7	87.1	192	98.4	168	115
Cash from operations	12.1	104	240	133	109	172
Investing activities
Capital expenditures	−0.5	−1.1	−16.1	−13.0	−0.6	−0.5
Other investing cash flows	469	−35.0	−334	−146	−369	80.8
Cash from investing	468	−36.1	−350	−159	−370	80.3
Financing activities
Financing cash flow items	0	0	−10.0	7.4	–	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−599	−183	152	−49.1	304	−210
Cash from financing	−599	−183	142	−41.8	304	−210
Foreign exchange effects	−0.7	1.0	0.3	1.1	−0.2	−3.2
Net change in cash	−119	−114	32.3	−66.6	42.6	39.2
Free cash flow	11.6	103	224	120	108	171

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.