“分期商城”暗藏高息套现风险 有的实际融资成本超60%

Core Insights - The article discusses the shift of several lending platforms towards "installment malls" as a new business direction following regulatory crackdowns on previous high-interest lending practices. However, significant price markups on products have been observed, leading to consumer costs that exceed market levels [1][2][5]. Group 1: Business Model and Pricing - Many installment malls, such as Xiaoxiang Youpin and Yangxiaomiao, have been found to sell high-demand products like iPhones and premium liquor at prices significantly above market rates, with some instances showing price differences exceeding 4,000 yuan [2][3]. - For example, an iPhone 17 Pro sold for 17,000 yuan without installment options costs 18,000 yuan with installments, while the same product on a mainstream e-commerce platform costs only 14,000 yuan [2]. - The pricing strategy often includes hidden fees through membership services, which can lead to ongoing charges without consumer awareness [3][4]. Group 2: Compliance and Regulatory Concerns - The industry is under scrutiny as the business model may be interpreted as disguised lending, which could lead to regulatory actions against platforms if deemed non-compliant [1][5]. - Platforms are attempting to balance compliance with market pricing to avoid user complaints and regulatory attention, emphasizing the importance of transparent pricing and diverse product offerings [4][8]. - The emergence of a hidden recovery chain, where third-party recovery agents contact consumers post-purchase, raises concerns about consumer privacy and potential facilitation of cash-out transactions [5][7]. Group 3: Financial Performance and Growth - The financial data from companies like Quantitative Group indicates significant revenue growth after transitioning to consumer e-commerce, with revenues projected to rise from 475 million yuan in 2022 to nearly 1 billion yuan by 2024 [9][10]. - The gross margin for platforms like Yangxiaomiao has remained high, with figures reported at 88.1% in 2022 and expected to reach 97.5% by 2024 [11][12]. - The profitability of these platforms is attributed to the sales margin on self-operated products and commissions from third-party sellers, with average commission rates ranging from 1% to 5% [13].