业绩“变脸”，兴业消金很难破局

Core Viewpoint - The company, Xingye Consumer Finance, has experienced a significant decline in revenue and profit in 2024, raising concerns about its future growth and ability to adapt to changing market conditions [2][12]. Group 1: Financial Performance - In 2022, Xingye Consumer Finance achieved a revenue of 101.35 billion yuan and a net profit of 24.93 billion yuan, marking a peak in its performance [1]. - However, in 2024, the company reported a revenue of 100.67 billion yuan, a year-on-year decrease of 10.36%, and a net profit that plummeted from 20.72 billion yuan in 2023 to 4.3 billion yuan, a decline of 79.25% [2][12]. - The company's total assets in 2024 were 821.22 billion yuan, down 5.53% from the previous year, and its loan balance decreased by 5.17% to 819.40 billion yuan [15]. Group 2: Business Model and Strategy - Xingye Consumer Finance primarily focuses on offline large loans, targeting underserved groups such as individual businesses, and has shifted to include younger, educated customers [3][4]. - The company has developed key products like "Family Consumption Loan," "Xingcai Plan," and "Liyue Plan," with a significant emphasis on direct sales and partnerships with educational and housing rental institutions [5][9]. - After 2020, the company began integrating online and offline strategies, increasing the proportion of online loans from less than 10% in 2020 to nearly 30% by 2023 [7]. Group 3: Challenges and Risks - The rapid expansion of large loans has led to a doubling of non-performing loans from 11.04 billion yuan in 2021 to 21.49 billion yuan in 2023, with the non-performing loan rate rising from 1.90% to 2.49% [11]. - The company's reliance on large loans with flexible repayment options has resulted in delayed risk exposure, leading to a significant increase in credit impairment losses from 25.99 billion yuan in 2021 to 77.60 billion yuan in 2024 [15]. - As the company faces increasing bad debts, it has begun to tighten its scale and enhance risk control measures [15]. Group 4: Online Expansion Efforts - In 2024, Xingye Consumer Finance is focusing on customer acquisition through online channels, announcing a project to collaborate with partner institutions for initial customer screening [16]. - The chairman emphasized the need to shift towards online channels to meet consumer demand, but the company lacks the internet infrastructure and partnerships that other consumer finance companies have leveraged [17][19]. - The quality of traffic acquired through partnerships is a concern, as much of it may not align with the company's risk assessment standards, potentially increasing credit risk [21].