核心观点：
X Financial 是一家在中国提供个人金融服务的在线平台，通过连接借款人和投资者或机构资金合作伙伴， facilitating loans and earning service fees.
关键数据：
- 2022年，X Financial facilitated RMB73,655 million in loans, a significant increase from the previous year.
- The company has 3,326,774, the Group, with a majority being new borrowers.
- The delinquency rate for all outstanding loans that were 31-60 days past due was 1.02% as of December 31, 2022, showing a slight increase from 2021 but still within a manageable range.
- The Group has RMB602.3 million in cash and cash equivalents, providing a strong financial position.
研究结论：
X Financial has demonstrated strong growth and resilience in the Chinese online personal finance industry. The company has effectively managed credit risk, diversified its funding sources, and expanded its product offerings. While there are risks associated with the industry and the overall economic environment, the Group is well-positioned for continued growth.
