Core Viewpoint - The consumer finance industry in 2025 is characterized by a dual approach of "increasing revenue" and "cost-saving" under the pressures of asset quality optimization and liquidity management. Institutions are accelerating the disposal of non-performing assets while utilizing asset-backed securities (ABS) to open low-cost financing channels, creating differentiated paths for capital replenishment [2][11]. Group 1: Non-Performing Asset Management - The market for transferring non-performing assets in the consumer finance sector has been heating up, with 8 consumer finance companies listing 37 non-performing asset packages in May alone, including major players like Zhaolian Consumer Finance and Ant Consumer Finance [2][3]. - As of the end of the first quarter, consumer finance companies have become the second-largest sellers in the personal loan non-performing asset market [2]. - In May 2025, 8 licensed consumer finance companies collectively transferred non-performing assets exceeding 8 billion yuan [3]. Group 2: Asset-Backed Securities (ABS) Issuance - In 2025, consumer finance companies have issued a total of 15 ABS products, with a total issuance amount of 7.458 billion yuan, and some products have seen interest rates drop below 2%, reaching as low as 1.9% [2][9]. - The issuance of ABS is seen as a crucial method for consumer finance companies to optimize their liability structure and enhance asset liquidity, thereby improving their ability to withstand risks [12]. - The People's Bank of China has supported the issuance of financial bonds by consumer finance companies and is studying the increase of registration quotas for consumer credit asset securitization [11][12].

在监管机构鼓励不良资产转让的大背景下，今年以来，消费金融行业不良资产转让市场持续升温。 截至5月29日，已有15家持牌消金公司发布了103笔不良贷款转让公告，涵盖招联、蚂蚁、兴业、中银等头部 机构，以及南银法巴、平安、幸福、海尔等腰部机构。其中，仅中银消金一家，就有55笔转让业务。 对比之下，通过银登中心进行的批量转让展现出高效、经济的显著优势。一般来说，一个资产包从挂牌到成 交大概只要15天，加上金融机构内部流程，一般也不会超过4个月。此外，转让尚未核销的不良资产，能快 速让拨备覆盖率等指标变好。 政策层面也为不良资产转让提供了有力支撑。2021、2022年《关于开展不良贷款转让试点工作的通知》与 《关于开展第二批不良贷款转让试点工作的通知》相继颁布，旨在为金融机构减轻贷后压力，助力机构"轻 装上阵"。 2022年，原银保监会发布《关于引导金融资产管理公司聚焦主业，积极参与中小金融机构改革化险的指导意 见》；2024年，国家金融监管总局对该通知作出进一步部署安排，鼓励相关市场主体积极受让不良资产，帮 助中小金融机构化险。 在今年两会期间，国家金融监督管理总局局长李云泽，在谈到金融风险稳步收敛时，特别提到，2 ...

Core Viewpoint - The consumer finance industry is accelerating the disposal of non-performing assets and issuing asset-backed securities (ABS) to replenish capital, driven by intensified competition, slowing economic growth, and declining asset quality [1][6]. Group 1: Non-Performing Asset Disposal - Consumer finance institutions are rapidly clearing non-performing assets, with a trend of "quick clearance and quick transfer" becoming the norm [2]. - Ant Financial recently listed a personal non-performing loan asset package with a total unpaid principal and interest of 600 million yuan, starting at a price of only 72.1 million yuan, reflecting a discount rate as low as 12% [2]. - The average overdue days for this asset package is 335.8 days, and it has been fully classified as a "loss" category [2]. - The average unpaid principal and interest balance for borrowers in a non-performing asset package is over 5,000 yuan, with an average of 2.62 loans per person [3]. - Institutions like Zhaolian Consumer Finance are adopting a "write-off and sell, all non-litigation" approach, transferring 464,693 non-performing assets with an average overdue period exceeding 600 days [3][4]. - The trend of low-price transfers of non-performing assets has become a common practice among consumer finance companies, with transfer volumes reaching historical highs [4]. Group 2: Asset-Backed Securities (ABS) Issuance - Consumer finance companies are accelerating ABS issuance to broaden financing channels, with a total of 15 ABS products issued by May 29, amounting to 7.458 billion yuan, a 45% increase compared to the same period in 2024 [6][10]. - The majority of ABS issued are personal consumption loan ABS, accounting for 72.4% of the total [6]. - The issuance rates for ABS have reached new lows, with some products like "25 Nanyin Fabai 1A" having a ticket rate of only 3.15% [6][9]. - Regulatory support is a significant factor driving ABS issuance, with the People's Bank of China encouraging consumer finance companies to issue financial bonds and expand the scope of securitizable assets [10][11]. - ABS issuance is seen as a cost-effective financing method, helping consumer finance companies optimize their liability structure and enhance capital resilience against risks [11].

作 者丨郭聪聪 编 辑丨曾芳 5月23日，重庆蚂蚁消费金融有限公司（下称"蚂蚁消金"）挂牌转让2025年第2期个人不良贷 款（个人消费贷款）资产包，涉及未偿本息总额6亿元，覆盖12万户借款人。该资产包起拍价 定为7210万元，仅为资产包的1折出头。 值得注意的是，这批不良贷款的逾期时间相对较短，加权平均逾期天数为335.8天（约11个 月），但已被全部计入五级分类中的"损失"类。从资产包披露的详细信息来看，借款人平均 未偿本息余额为5000余元，均为纯信用贷款且尚未进入诉讼程序。 某资产管理公司不良资产部门负责人向21世纪经济报道记者分析称，"短期逾期即被全额计提 损失，反映出机构对这部分资产的回收预期不乐观。" 进一步分析资产包构成可以发现，虽然涉及借款人12万户，但实际贷款笔数高达31万笔，人 均贷款笔数达到2.62笔。这种显著的"笔数差"现象，反映出蚂蚁消金的这部分不良贷款具有明 显的"小额多贷"特点，即单个借款人可能同时背负多笔小额贷款。 消金公司5月出包规模超7 5亿，中银2 0个资产包再挂牌 年后以来，消金公司在银登网上的出包潮仍在继续。 据21世纪经济报道记者不完全统计，2025年5月，包括南银 ...

近期，部分发债地方资产管理公司（以下简称"地方AMC"）陆续披露2024年债券年度报告。 据《中国经营报》记者通过Wind平台不完全统计，截至目前，已有31家地方AMC相继披露2024年年 报。这31家地方AMC中，营业收入出现下滑的有17家，净利润出现下滑的有18家；而营业收入和净利 润同时出现下滑的则有13家。 受访业内人士向记者表示，不良资产管理公司资产质量的顺周期性很强，在经济下行周期，不良资产的 变现难度加大，回收率下降；同时，很多不良资产的回收依赖房地产资产，在目前的房地产市场环境 下，房地产类资产的保值增值以及变现难度大；另外，近年来监管引导AMC聚焦主责主业，非主营业 务的收缩，也一定程度上导致收益下滑。 《中国经营报》记者注意到，在宏观经济运行承压、信用风险持续暴露的环境下，存量资产的减值也正 在成为吞噬地方AMC利润的主要原因之一。 近六成机构净利润下滑 具体来看，根据《中国经营报》记者统计，31家地方AMC，2024年营业收入规模均在1亿元以上，其 中，有14家营业收入规模在10亿元以上，占比45.16%，24家营业收入在5亿元以上，占比77.42%。 净利润方面，这31家地方AMC中， ...

Core Insights - The domestic non-performing loan (NPL) transfer market is experiencing explosive growth, particularly in personal NPL transfers, which has drawn attention to asset management companies (AMCs) specializing in NPL disposal [1][2] - Shandong Financial Asset Management Co., Ltd. (Shandong Jinzi) reported a 45% year-on-year decline in revenue and a 21% drop in net profit for 2024, attributed to increased difficulty in NPL disposal and intensified industry competition [1] - National AMCs are also facing mixed results, with China Cinda reporting a 47.8% decline in net profit and a pre-tax loss of 587 million yuan in its NPL business due to poor performance from certain subsidiaries [1] Industry Overview - The NPL transfer market is growing, but AMCs are not seeing corresponding increases in performance due to heightened competition and increased recovery difficulties, which are squeezing profit margins [2] - The AMC industry is undergoing a rapid reshuffle, with a need for short-term adjustments as it focuses on its core responsibilities, leading to a contraction in comprehensive financial business scale and revenue decline [3] - Optimism exists regarding macro policies in 2025 that may boost the NPL market, with expectations that the difficulties in NPL disposal have nearly bottomed out and recovery rates are stabilizing [3] Market Dynamics - Recent developments indicate a shift towards professionalization and marketization in the AMC sector, with the Ministry of Finance transferring shares of major AMCs to Central Huijin, enhancing the financial system's risk response capabilities [3] - China Cinda's entry into the personal NPL transfer market marks a significant change in the perception of national AMCs, which have traditionally focused on corporate NPLs [3][4] - The maturation of bulk personal loan transfer business is expected to provide new growth points and profit opportunities for AMCs, although weaker players may face market share pressures as competition intensifies [4]

Core Insights - The article discusses the strategic moves of the low-profile business leader Shen Guojun, particularly focusing on the expansion of Yintai Group and its asset management subsidiary, Ruijing Asset Management, in the non-performing loan market [1][5]. Group 1: Company Overview - Yintai Group acquired a 290-acre land parcel in Hangzhou for 1.337 billion yuan to develop a 600,000 square meter TOD urban complex [1]. - Ruijing Asset Management, established in 2018, has rapidly become a key player in the non-performing loan sector, acquiring over 1.5 billion yuan in individual loan non-performing assets since 2025 [1][5]. Group 2: Shareholder Structure - Ruijing Asset Management operates as a mixed-ownership enterprise, with Yintai Group holding 35% of the shares, followed by Jiangxi state-owned enterprise holding 30%, and other private investors [2][4]. Group 3: Financial Performance - Ruijing Asset Management's net profit figures for 2022, 2023, and 2024 were 94 million yuan, 145 million yuan, and 60 million yuan respectively, indicating a decline in profitability despite asset growth [8][11]. - The company achieved a total asset scale exceeding 8 billion yuan by the end of 2024, with a significant increase in asset management scale [5][11]. Group 4: Market Dynamics - The non-performing loan market is experiencing a shift from a blue ocean to a red ocean, with increased competition as state-owned asset management companies enter the market [11][12]. - The non-performing loan transfer market reached a scale of 286.2 billion yuan in 2024, reflecting an 80% year-on-year growth, with expectations for the individual loan non-performing market to exceed 1 trillion yuan in the next three years [12]. Group 5: Strategic Transformation - Shen Guojun is undergoing a significant strategic transformation, moving from heavy asset operations to light asset management, particularly through the focus on Ruijing Asset Management [7][8]. - The company is leveraging digital transformation and AI technologies to enhance its asset management capabilities and optimize recovery strategies [12].

近日，银行业信贷资产登记流转中心（以下简称"银登中心"）发布2025年一季度不良贷款转让业务统计 数据显示，不良贷款转让（包括个人不良贷款批量转让、单户对公不良贷款转让和对公不良资产批量转 让）未偿本金、未偿本息和挂牌项目数同比出现较大增幅。 从不良贷款转让业务公告挂牌总体情况看，不良贷款转让挂牌项目数206单，金额742.7亿元，同比分别 增长139.53%、190.46%。从不良贷款转让业务成交总体情况看，成交规模攀升，不良贷款转让成交项 目数159单，金额483亿元，同比分别增长140.91%、138.75%。 2024年以来，多家银行积极发力零售业务，个人消费贷款利率不断下探。天眼查数据研究院研究员彭立 峰表示，从多家上市银行业绩报告看，消费贷业务被寄予厚望，发展势头较快，但防范不良信贷风险丝 毫不能松懈。 随着信用卡、消费贷等零售业务不良率上升，个人不良贷款的处置将成为未来一段时期化解金融风险的 一个重点领域。娄飞鹏建议，商业银行要根据客户的还款能力和风险情况，对消费贷款实施差异化授 信，针对长期、大额消费需求，从消费贷款额度、期限等方面给予支持。 （文章来源：经济日报） 从不良贷款转让业务参与主体 ...

本报记者 李冰 5月19日，中国银行业信贷资产登记流转中心官网发布中银消费金融有限公司（以下简称"中银消费金 融"）、北银消费金融有限公司（以下简称"北银消费金融"）不良资产转让项目公告。其中，中银消费 金融涉及20期个人不良贷款（个人消费贷款）转让项目。 经梳理，截至5月20日，年内已有超过10家持牌消费金融公司转让不良资产，并呈现多期数、转让价格 低的特点。 通常来看，消费金融公司在不良资产处置方面，除了挂牌转让，还可以采取债务重组、委托专业催收机 构催收、资产证券化、司法诉讼或自主催收追偿等措施。但从年内消费金融公司对不良资产处置来看， 大多数机构选择挂牌转让，且持续加大出清不良资产力度。 "预计未来一段时间内，消费金融公司不良贷款转让的动作仍将持续。"杜娟说。 李一帆表示，未来消费金融公司也可以结合自身实际，采取多元化方式进行不良资产管理，一是加快对 接沟通，密切关注监管动态，确保业务合规稳健开展，将不良资产风险遏制在源头。二是加大风险处置 力度，保障主要监管指标处于合理水平。三是依托科技赋能和大数据加持，强化智能催收和贷款管理。 对于消费金融公司加速不良资产出清的原因。中国银行研究院研究员李一帆对《 ...

当前正处于全球经济与金融格局深刻调整的关键时期，贸易摩擦频发、全球产业链重塑、债务风 险持续上升等多重不确定因素交织演化，作为全球重要制造业基地和增长引擎的亚洲经济正面临 前所未有的压力。复杂多变的经济形势，可能进一步推高不良贷款率，加剧银行体系风险。鉴于 亚洲各国金融发展水平不一，深化能力建设与区域合作是提升整体韧性的必由之路，也是摆在不 良资产管理行业面前的紧迫课题。 5月1 3日至1 4日，由亚洲开发银行（ADB）、浙江省国际贸易集团有限公司（ZIB）和浙江省 浙 商 资 产 管 理 股 份 有 限 公 司 （ ZSAMC ） 联 合 主 办 的 第 九 届 国 际 公 共 资 产 管 理 公 司 协 会 （IPAF）培训研讨会在杭州举办。此次研讨会汇聚来自亚洲开发银行、亚洲部分地区央行和 财政部、IPAF成员单位、国内外金融机构等超三十家机构，覆盖亚洲十余个国家和地区的百 余名嘉宾，共探不良资产管理的解决方案与未来趋势，进一步推动区域合作，助力区域金融 稳定，构筑更为牢固的经济安全网。 中国不良资产管理行业 发展潜力巨大 2 0 2 4年，中国坚持高质量发展为核心，持续推进供给侧结构性改革，有效防范和 ...