继续来盘点互金上市公司三季报，本文将重点盘点嘉银科技、宜人智科的Q3数据。 前面的文章已经聊过奇富科技、信也科技、乐信、小赢科技的Q3业绩，有提到互金严监管时代下，几家公司在Q3都收紧了策略，放款均环比Q2减少。 本以为互金市场所有玩家都会是这个策略。 但，嘉银科技不是。 嘉银科技：又不披露余额 Q3：嘉银科技放款322亿，环比Q2的317亿增长1.35%。 放款更多了，但营收并未增长，并且环比减少最多。 Q3：嘉银科技营收14.702亿元，环比减少22%； 净利润3.765亿元，虽然同比增长39.65%，但环比减少27.47%。 而且，Q3放款明明是增加的。难道国内的贷款业务的应收账款及坏账拨备没有放在上市公司主体来？ 嘉银科技一如既往没有披露在贷余额数据。 细看嘉银科技的财报，收入分为： （1）促成贷款服务收入；（2）解除担保负债收入；（3）其他收入。 促成贷款服务费收入环比减24%；解除担保负债收入环比增20%。 支出部分—— 获客营销费、一般行政费分别环比减少23%、34%，应收账款及坏账拨备竟然环比减少95%。 | 嘉银各项业务支出 | | | | | | | --- | --- | --- | - ...

Core Viewpoint - Multiple trust companies have disclosed their lists of internet lending business cooperation institutions, following the regulatory guidelines issued by the National Financial Supervision Administration, which mandates a list management system for platform operators and credit enhancement service providers [1][4]. Group 1: Disclosure of Cooperation Institutions - At least 16 trust companies, including Zhongcheng Trust, CITIC Trust, and Huaneng Trust, have publicly announced their cooperation institutions for internet lending on their official websites [1]. - The disclosed cooperation institutions primarily consist of platform operating entities and credit enhancement service providers, with a focus on platform operating entities [4]. Group 2: Key Players in Internet Lending - Notable companies frequently appearing in the cooperation lists include Ant Group's Ant Zhixin (Hangzhou) Information Technology Co., Ltd., and Meituan-related companies such as Chongqing Meituan San Kuai Small Loan Co., Ltd. [4]. - The cooperation with these entities reflects the evolving landscape of trust companies' lending operations amid stringent regulations [4]. Group 3: Market Context and Trends - The trust companies' lending business is rapidly evolving under strong regulatory oversight, connecting their transformation needs with the vast consumer finance market [4]. - Consumer finance aligns with national policies aimed at boosting domestic demand, making it a crucial area for trust companies' transformation efforts [4]. Group 4: Advantages and Disadvantages of Trust Companies - Trust companies possess flexible transaction structure design capabilities, allowing them to engage deeply in asset securitization (ABS) models to lower funding costs [5]. - However, they face challenges such as higher funding costs compared to banks, reliance on partner institutions for customer acquisition and risk control, and high complaint rates leading to compliance and reputational risks [5].

Core Viewpoint - The implementation of the "New Regulations on Internet Lending by Commercial Banks" since October 1 has led to significant adjustments in the internet lending business of commercial banks, shifting from broad cooperation to stringent selection of partners [1][4]. Group 1: Changes in Cooperation - Several regional banks, including Urumqi Bank, Longjiang Bank, and Guiyang Bank, have announced the suspension of new internet lending partnerships, indicating a trend towards reducing the number of cooperative institutions [1][2]. - Jilin Yilian Bank has significantly reduced its number of cooperative institutions from 56 to 10 over the past year, reflecting a broader trend of "thinning" partnerships in the industry [3]. - Some banks, like Jiangxi Yumin Bank, have increased the number of cooperative institutions while still making selective adjustments to their partnerships [3]. Group 2: Regulatory Environment - The regulatory environment for internet lending has tightened, with several banks facing penalties for non-compliance with regulations [5][6]. - The new regulations require banks to implement a list management system for cooperative institutions, emphasizing the importance of careful selection and management of partners [6][8]. Group 3: Strategic Shifts - The new regulations are seen as a challenge for banks, particularly smaller ones that heavily relied on internet lending, pushing them to refocus on core business and improve internal capabilities [4][7]. - Industry experts suggest that banks should develop core competencies to reduce reliance on lending partners, including enhancing customer acquisition and risk management capabilities [8]. Group 4: Future Outlook - The future of internet finance is expected to focus on scenario-based finance, small and micro finance, and enhancing data asset operations, with AI playing a crucial role in improving risk management [9].

《关于加强商业银行互联网助贷业务管理提升金融服务质效的通知》（业界称作"助贷新规"）自10月1 日施行以来，商业银行互联网助贷业务正经历深度调整。 近日，多家银行密集调整互联网助贷业务合作名单，掀起"瘦身"潮。 例如，乌鲁木齐银行11月6日发布公告称，自10月1日起该行已停止开展合作类个人互联网消费贷款业 务，目前存量业务涉及的合作机构包括9家平台运营机构和8家增信服务机构。 无独有偶，龙江银行11月5日公布的最新互联网助贷业务合作机构名单显示，该行此前唯一合作的平台 运营机构是深圳首付宝金融科技有限公司，如今为停止合作状态。 此外，在贵阳银行2025年三季度业绩说明会上，该行副行长李松芸表示，该行基于市场环境和监管要 求，主动对业务策略进行了调整，目前与互联网银行合作已到期，无新增互联网平台业务，仅有存量业 务在正常管理。 中国证券报记者梳理发现，近期，乌鲁木齐银行、龙江银行、贵阳银行等多家区域性银行相继宣布暂停 新增互联网助贷合作业务，吉林亿联银行等机构则大幅缩减合作机构数量，行业呈现从广合作到严筛选 的转变。 业内人士认为，助贷新规之下，名单制管理与合规责任强化倒逼银行重构合作逻辑，推动业务从被动依 赖 ...

Core Viewpoint - An increasing number of small and medium-sized banks are withdrawing from the internet lending market due to regulatory pressures and diminishing profitability of such operations [1][5]. Group 1: Bank Actions - Urumqi Bank announced the cessation of cooperative personal internet consumer loans effective October 1, 2025 [2][3]. - Guizhou Bank stated that it has completed its cooperation with internet banks and is focusing on managing existing business rather than expanding into new internet platform collaborations [2]. - Longjiang Bank has only one cooperative institution listed, which has also ceased collaboration, indicating a significant reduction in internet lending activities [2]. Group 2: Market Dynamics - The profitability of internet lending has decreased, leading many small banks to reduce their involvement in this sector, as personal consumer loans represent a minimal portion of their overall loan balances (less than 3% for Urumqi Bank and around 4% for Longjiang Bank) [6]. - Guizhou Bank reported a more than 70% increase in its personal comprehensive consumer loans (excluding credit cards) in Q3 2025, indicating a shift towards developing in-house digital credit capabilities [6]. Group 3: Regulatory Impact - The implementation of the "9th Document" has prompted banks to reassess their internet lending strategies, as it imposes stricter compliance requirements and limits on interest rates and fees [5][9]. - The document requires banks to consider all potential service fees and costs in their pricing, which has made it challenging for many lending platforms to maintain profitability [9]. Group 4: Industry Trends - The market for internet lending is becoming increasingly competitive, with major players like Ant Group and ByteDance dominating the landscape, holding a 76% share of the market by 2024 [9]. - The shift in focus towards compliance and risk management has led to a contraction in the number of cooperative platforms available to smaller banks, which may struggle to adapt to the new regulatory environment [12][15]. Group 5: Future Outlook - The future for small and medium-sized banks appears challenging, as they will need to rely on their own capabilities rather than partnerships with larger platforms to remain competitive [16].

Core Points - The China Internet Finance Association (CIFA) released an announcement summarizing the disclosure status of 119 domestic financial institutions' internet lending business cooperation partners as of October 31 [1] - CIFA identified four major issues regarding the non-compliance and inaccuracies in the disclosure of lending partners by financial institutions [1] Group 1: Overview of Financial Institutions - The 119 financial institutions include 11 national joint-stock banks, 39 city commercial banks, 5 rural commercial banks, 16 private banks, 10 foreign banks, 30 consumer finance companies, 7 trust companies, and 1 direct bank [1] Group 2: Issues Identified by CIFA - The first issue is that the disclosure locations for lending partner lists are often obscure and lack search functionality, making them difficult to find [22] - The second issue is that the disclosure titles are merely "Announcement" and do not follow a chronological order or indicate the update time [22] - The third issue involves financial institutions updating the disclosure lists by directly overwriting the original announcement content [23] - The fourth issue is that the names of disclosed cooperation partners are not standardized, often only showing the group name or indicating that the partner has been renamed or deregistered [23] Group 3: Recommendations by CIFA - CIFA proposed three recommendations to improve the disclosure of lending business cooperation partners, emphasizing that financial institutions should disclose information in a manner that is easy for consumers to access [23]

Core Insights - The implementation of new regulations for self-service loans has shown significant results, with approximately 120 financial institutions disclosing their internet loan assistance business partners by the end of October, involving over 500 technology companies and other entities [1][3] Group 1: Disclosure Issues - Despite the progress, there are issues with the disclosure format, including hidden locations and lack of search functionality, making it difficult for consumers to find information [1] - The titles of disclosures are often generic, such as "announcement," and do not indicate the update time or are not sorted chronologically [1][2] - Some institutions have displayed inaccurate names of partner organizations, only showing the group name or failing to update for entities that have changed names or been deregistered [1][3] Group 2: Recommendations for Improvement - Financial institutions are encouraged to disclose information in a manner that is easy for consumers to access, such as placing it prominently on their official websites [2] - Accurate names of partner organizations should be provided, along with additional details like the type of partnership, product names, and contract periods [2] - Updates to disclosures should not simply overwrite previous announcements but should maintain a record of changes [3] Group 3: Regulatory Background - The new regulations stem from a notification issued by the National Financial Supervision Administration in April 2023, aimed at enhancing the management of internet loan assistance by commercial banks [3] - The regulations highlight the rapid growth of internet loan assistance services, which, while improving efficiency, have also revealed issues such as inadequate management, misaligned responsibilities, and insufficient consumer protection [3]

Core Viewpoint - The China Internet Finance Association (CIFA) has released an announcement summarizing the disclosure status of 119 domestic financial institutions' internet lending business cooperation partners as of October 31, highlighting four major issues regarding the non-standard and inaccurate disclosures by financial institutions [1][58]. Group 1: Overview of Financial Institutions - The 119 financial institutions include 11 national joint-stock banks, 39 city commercial banks, 5 rural commercial banks, 16 private banks, 10 foreign banks, 30 consumer finance companies, 7 trust companies, and 1 direct bank [2]. Group 2: Issues in Disclosure - CIFA identified four main issues in the disclosure practices of financial institutions: 1. The disclosure of cooperation partners is often placed in a hidden location and lacks a search function, making it difficult to find [59]. 2. The disclosure titles are merely "announcement" without chronological order or indication of update time [60]. 3. When updating the disclosure list, financial institutions often overwrite the original announcement without retaining previous versions [61]. 4. The names of disclosed cooperation partners are not standardized, often showing only the group name or including entities that have been renamed or deregistered [62]. Group 3: Recommendations for Improvement - CIFA has made three recommendations to improve the disclosure of cooperation partners in internet lending: 1. Financial institutions should disclose information in a manner that is easy for consumers to access, such as placing "latest announcements" or "important announcements" prominently on their homepage [63]. 2. Disclosure titles should clearly indicate "internet lending business cooperation partner list" or similar wording [63]. 3. Financial institutions should ensure that the information is updated in a transparent manner [63]. Group 4: Cooperation Partners Overview - The disclosed cooperation partners include over 500 technology companies, financing guarantee companies, and property insurance companies, with nearly 4,000 instances of disclosures recorded [56].

Core Viewpoint - Financial institutions are responding to regulatory requirements by disclosing their partner institutions for internet lending, focusing on leading internet companies and listed fintech firms [1][2]. Group 1: Regulatory Changes - The National Financial Supervision Administration issued a notice on October 1 to enhance the management of internet lending by commercial banks, which has led to multiple banks disclosing their partner institutions [2]. - The notice mandates that banks implement a list management system for partner institutions, ensuring that only those on the list can engage in internet lending collaborations [4]. Group 2: Partner Institutions - Major internet companies such as Ant Group, Baidu, JD.com, and Meituan frequently appear on the disclosed "white lists" of partner institutions for banks and consumer finance companies [2][3]. - Specific consumer finance companies like Zhaolian Consumer Finance, Postal Savings Bank of China, and JD Consumer Finance have also released their lists of partner institutions, indicating a broad range of collaboration types including marketing, credit enhancement, and collection services [2][3]. Group 3: Industry Trends - The collaboration between financial institutions and lending partners is evolving from simple lead generation to comprehensive services including risk control and credit enhancement [3][4]. - Experts suggest that future collaborations will focus on compliance, ecosystem development, and restructuring relationships with leading lending platforms, emphasizing a shift from scale expansion to value cultivation [4][5].

Core Viewpoint - The implementation of the new regulatory framework for internet lending by commercial banks aims to enhance the quality and efficiency of financial services, requiring banks to manage platform operators and credit enhancement service providers through a list management system [1] Group 1: Regulatory Changes - The Financial Regulatory Bureau issued a notice on October 1, mandating commercial banks to disclose lists of platform operators and credit enhancement service providers [1] - Licensed consumer finance companies have begun to disclose their partner lists in compliance with the new regulations during a six-month transition period [1] Group 2: Partner Disclosures - As of September 30, 31 consumer finance companies have disclosed a total of 1,133 partner institutions, including lending, credit enhancement, and collection service providers [3] - Notable disclosures include JD Finance's partnerships with 5 internet loan operators and 3 post-loan service providers, and Citic Consumer Finance's collaboration with 19 platform operators and 15 credit enhancement service providers [2][3] Group 3: Diverse Collaboration Paths - The disclosed partner lists show a diverse range of platform operators, including internet giants like Ant Group and JD, as well as specialized fintech companies and other licensed financial institutions [4] - Different consumer finance companies exhibit varying strategies in partner selection based on their unique strengths and resource endowments [4][5] Group 4: Compliance and Risk Management - The industry faces common challenges related to compliance and risk, particularly concerning consumer complaints about hidden fees and inadequate information disclosure [6] - The new regulations increase compliance costs for consumer finance companies, necessitating enhanced data security measures to protect sensitive information [6][7] Group 5: Strategic Partnerships - Consumer finance companies leverage partnerships with lending platforms to enhance efficiency and share risks, with lending platforms acting as outsourced financial service providers [7] - The collaboration between licensed financial institutions and lending platforms aims to combine funding advantages with effective online customer acquisition and risk management capabilities [7]