招联消金业绩延续“三降”：“清退高风险客户”，但增长没了

Core Viewpoint - The consumer finance industry is experiencing a shift, with most licensed consumer finance institutions showing growth in revenue and net profit, while Zhaolian Consumer Finance (Zhaolian) reports declines in total assets, revenue, and net profit for the first half of 2025, despite maintaining the highest net profit in the industry at 1.504 billion yuan [2][5]. Financial Performance - In the first half of 2025, Zhaolian's revenue was 7.899 billion yuan, a decrease of 14.77% year-on-year, and net profit was 1.504 billion yuan, down 12.76% year-on-year [2][3]. - As of June 30, 2025, Zhaolian's total assets were 157.722 billion yuan, a reduction of 60.29 billion yuan from the end of 2024, representing a decline of 3.68% [2][3]. - Zhaolian's performance has been declining since 2024, marking the first time in nine years that both revenue and net profit have decreased [2][5]. Market Environment - The complex macroeconomic environment is a significant external factor contributing to Zhaolian's performance decline, with slow recovery in consumer credit demand and increased caution among consumers regarding borrowing [5]. - The consumer finance industry has entered a phase of stock competition, limiting growth opportunities for leading institutions like Zhaolian, which has seen simultaneous declines in total assets, revenue, and net profit since 2024 [5]. Historical Growth Trends - Zhaolian previously maintained high growth rates, with revenue growth exceeding 50% from 2016 to 2019, peaking at 1070% in 2016 [6]. - However, revenue growth sharply declined to 9.8% in 2022, rebounded to 12% in 2023, and then fell again to -11.65% in 2024 [6]. Revenue Sources - In 2024, Zhaolian's net interest and fee income decreased by 11.63% year-on-year, primarily due to a reduction in business scale, although it remained the main source of operating income [6][9]. - The company also has a small amount of non-interest and fee income, mainly from government subsidies [6]. Product Performance - In 2024, Zhaolian's "Good Period Loan" balance decreased to 99.13 billion yuan, down 8.57%, and "Credit Payment" balance fell to 69.649 billion yuan, down 5.51% [9][11]. - The company faces significant customer acquisition and retention pressures in an increasingly competitive market [9]. Asset Quality and Risk Management - Zhaolian's debt scale decreased alongside its business scale, with interest expenses relative to average interest-bearing liabilities declining by 0.45 percentage points [13]. - The company's non-performing loan (NPL) ratio improved to 1.95% in 2024, a significant decrease of 0.5 percentage points from the previous year [13][14]. - Zhaolian actively wrote off high-risk customers and increased lending to low-risk customers to stabilize asset quality, with a 23.32% year-on-year increase in the write-off of non-performing loans [15].