成立以来首次！蚂蚁消金发行20亿金融债

Core Viewpoint - Ant Consumer Finance has successfully issued its first financial bond, marking a significant milestone since its establishment over four years ago [2] Company Summary - Ant Consumer Finance completed its first public bond issuance in China, with a total scale of 2 billion yuan and a maturity of 3 years at a coupon rate of 1.90% [2] - The company was approved by the central bank to issue up to 15 billion yuan in financial bonds, valid from July 4, 2025, to July 3, 2027 [2] - The company has met the requirements for bond issuance, including continuous profitability over the last three years and a capital adequacy ratio above 10% [2][4] - Financial performance from 2022 to 2024 shows revenue growth from 4.149 billion yuan to 15.213 billion yuan, with net profit fluctuating from 0.841 billion yuan to 3.051 billion yuan [3] Financial Metrics - Total assets are projected to grow from 106.233 billion yuan in 2022 to 313.751 billion yuan by 2024 [3] - The net loan and advance amount is expected to increase from 87.233 billion yuan in 2022 to 301.467 billion yuan in 2024 [3] - The capital adequacy ratio is forecasted to be 11.12% in 2022, 13.60% in 2023, and 11.25% in 2024, all above the regulatory requirement [3][4] - The non-performing loan ratio is anticipated to rise slightly from 1.69% in 2022 to 1.78% in 2024 [3][4] Industry Context - The issuance of financial bonds has become a crucial funding channel for consumer finance companies, as they are unable to accept deposits [5] - Since 2025, seven consumer finance companies have issued financial bonds totaling over 14 billion yuan, with Ant Consumer Finance's recent issuance contributing to a total exceeding 16 billion yuan for the year [5] - Ant Consumer Finance is a joint venture involving Ant Group and several other companies, with a registered capital increase from 8 billion yuan to 23 billion yuan in recent years [5][6] - The company is the largest in terms of credit business balance among 31 consumer finance companies, with a balance of 310.848 billion yuan as of the end of 2024, reflecting a growth of 36.92% year-on-year [6]