“还呗”高利率、暴力催收不断，还能在监管下“狂奔”多久？

Core Viewpoint - "Huabei" is a lending product backed by the A-share listed company Focus Media, operated by Shanghai Shuhe Information Technology Co., Ltd. Despite its financial technology facade, it is revealed to be a high-interest trap with numerous alarming issues [1]. Summary by Sections Product and User Feedback - The annual interest rate for "Huabei" is advertised as 7.2%-35.99%, seemingly compliant with regulations, but hidden fees inflate the actual borrowing cost to the regulatory limit of 36% [3]. - Complaints indicate that fees such as "membership fees" and "guarantee fees" significantly increase the cost of borrowing, with users reporting that additional fees were not clearly disclosed at the time of borrowing [3]. Financial Performance - In 2024, Shuhe Technology reported a revenue of 9.681 billion yuan and a net profit of 942 million yuan, with year-on-year growth rates of 68.81% and 87.24% for the first half of 2025, respectively [4]. - The high profits are attributed to a combination of high-interest income and aggressive debt collection practices, raising concerns about user rights violations [4]. Collection Practices - Reports of aggressive collection tactics, including harassment and invasion of privacy, have emerged, with users receiving abusive messages and calls even after providing medical documentation for their inability to repay [5][6]. - The company's response to complaints often involves denial of responsibility, indicating a lack of accountability in managing third-party collection agencies [6]. Business Model and Regulatory Challenges - "Huabei" operates on a risk-sharing model where Shuhe Technology provides a guarantee of 5%-10% of the loan balance, transferring credit risk to the platform [7]. - The recent regulatory changes from the National Financial Regulatory Administration require banks to independently manage risk and limit the inclusion of service fees in the total borrowing cost, posing a significant threat to "Huabei's" existing business model [8]. Market Outlook - The combination of high-interest traps, poor post-loan management, and challenges in the lending model could jeopardize user rights and financial market stability [9]. - If "Huabei" fails to adapt its business strategy and address existing issues, it risks being eliminated from the market [9].