(Yicai Global) Nov. 14 -- Qudian Inc.'s [NYSE:QD] revenue growth and net profit growth fell to 308 percent and 321.8 percent in the third quarter from 394.15 percent and 695.2 percent in the first half of this year, per unaudited financial results the for the third quarter that the firm released yesterday. This is Qudian's first quarter reporting as a public company.

Its revenue was USD218.1 million (CNY1.451 billion) in the third quarter, representing an annual increase of 394.15 percent. Net profit climbed 321.8 percent annually to CNY650.7 million.

"We are pleased to report strong quarterly financial results for our very first quarter reporting as a public company," said Luo Min, founder, chairman and chief executive of Qudian. "We remain excited about the future as we continue to develop new data technologies and enhanced service offerings, while operating within the developing regulatory framework to further explore the growing opportunities in the areas of installment credit for our users."

Qudian reported a total amount of transactions of CNY25.6 billion in the third quarter, up 218.8 percent annually. The number of credit drawdowns was 26.7 million during the quarter, up from 11.1 million during the same period of last year. The number of active borrowers reached 7.5 million, up from 2.7 million.

"The significant growth in active borrowers to 7.5 million led to strong year-over-year transaction growth," said Chief Financial Officer Carl Yeung. "Most notably, sales commissions contributed 20 percent of total revenue in the third quarter of 2017, up from 5 percent last year, resulting in an enhanced margin structure."

Qudian's flotation has prompted public discussion of cash loan services. Annualized interest rates charged by Qudian's cash loan business and consumer installment loan business are already near the legally mandated limit of 36 percent, per Yicai Global's estimates. Borrowers may even need to pay many times the amount borrowed on delinquent loans.

"We are also proud to reiterate that since April of this year, the all-in annualized interest rate fees charged for all our products have been capped at 36 percent," Yeung said.

Qudian's sales commission fees increased to CNY294.8 million in the third, marking a 1,490.8-percent jump from CNY18.5 million a year ago.

Its sales and marketing expenses went up 384.7 percent to CNY187.9 million from CNY38.8 million in the same period of last year.

General and administrative (G&A) expenses rose due to increases in professional service fees, salaries and benefits, and share-based compensation expenses. Qudian's G&A expenses were CNY51.1 million in the third quarter, up 336.9 percent from CNY11.7 million a year ago.