南银法巴消金20亿元ABS罕见推迟发行 或是监管窗口指导

Core Viewpoint - The issuance of approximately 2 billion yuan of personal consumption loan asset-backed securities (ABS) by Nanyin Fabao Consumer Finance Co., Ltd. has been postponed, raising speculation about the reasons behind this decision, which is attributed to market conditions and regulatory guidance [1][2]. Company Summary - Nanyin Fabao Consumer Finance, originally established as Suning Consumer Finance, has undergone significant changes over the past decade, including rebranding, capital increases, and management turnover, achieving rapid growth with about 70% of its business being offline [2]. - The company reported a revenue of 2.74 billion yuan and a net profit of 143 million yuan for the first half of 2025, reflecting year-on-year growth of 33.72% and 98.61%, respectively [2]. - For the year 2024, the company anticipates a substantial increase in revenue and net profit, with year-on-year growth rates of 74.52% and 172.97% [2]. Industry Context - In 2025, several licensed consumer finance companies successfully issued ABS, with a total of 11 issues amounting to 15.963 billion yuan [2]. - The market is closely monitoring the non-performing loan (NPL) management of Nanyin Fabao and other consumer finance companies, with Nanyin Fabao's NPL ratio at 1.29% and a provision coverage ratio of 354.83% as of June 2025 [3][4]. - The company has seen fluctuations in its NPL ratio over the years, with figures of 2.59%, 1.23%, and 1.29% for the years 2022 to 2024 [3][4]. Financial Metrics - Key financial metrics for Nanyin Fabao Consumer Finance include: - NPL ratio: 1.29% (2025 H1), 1.29% (2024), 1.23% (2023), 2.59% (2022) - Capital adequacy ratio: 12.09% (2025 H1), 12.38% (2024), 20.09% (2023), 14.36% (2022) - Provision coverage ratio: 354.83% (2025 H1), 324.10% (2024), 328.54% (2023), 152.88% (2022) [4]. - The company has also engaged in the transfer of non-performing loans, with a project announced in January involving a debt amount of 3.069 billion yuan [4].