Core Insights - The article discusses the shift of several lending platforms towards "installment malls" as a new business model following regulatory crackdowns on previous high-interest lending practices. However, significant price markups on products have been observed, leading to higher costs for consumers compared to market prices [2][3][4]. Group 1: Business Model and Pricing - Multiple lending platforms, including Xiaoxiang Youpin and Yangxiaomiao, are entering the installment mall business, with high-demand products like iPhones and premium liquor often priced above market rates [3][4]. - For instance, an iPhone 17 Pro priced at 17,000 yuan in a non-installment sale costs 18,000 yuan when purchased in installments, while the same product is available for 14,000 yuan on mainstream e-commerce platforms, indicating a markup of over 4,000 yuan [3]. - The pricing discrepancies are widespread, with some products showing price differences of 200 to 400 yuan compared to major e-commerce sites [3][4]. Group 2: Consumer Experience and Feedback - Users have reported that after purchasing items through these platforms, they are often contacted by third-party recyclers offering to buy back the products at a significant discount, effectively creating a "sales-recovery" loop [4][6]. - For example, a consumer reported paying 5,257 yuan for gold on one platform but only receiving 4,140 yuan upon attempting to sell it back [4][6]. - The platforms often do not directly engage in recovery services, yet a hidden recovery chain has emerged, raising concerns about consumer privacy and the potential for disguised cash lending [6][8]. Group 3: Regulatory and Compliance Challenges - Industry analysts warn that if these installment malls are deemed to be lending under the guise of consumer sales, they could face regulatory shutdowns, and associated licensed institutions may also be held accountable [2][5]. - The legal landscape is evolving, with courts beginning to reject high-markup installment models, as seen in a case where a court ruled against a platform for charging excessive fees on a product priced above market value [16]. - Compliance is a critical consideration for these platforms, with many focusing on aligning product pricing with market levels to avoid regulatory scrutiny [5][16]. Group 4: Financial Performance and Profitability - The operational entities behind these installment malls are often linked to lending businesses, with some platforms showing significant revenue growth after transitioning to this model. For instance, a company reported revenue growth from 475 million yuan in 2022 to 530 million yuan in 2023, with projections of nearly 1 billion yuan by 2024 [9][13]. - The gross margins for some platforms remain high, with one platform reporting gross margins of 88.1% to 97.5% from 2022 to 2025 [11][13]. - The profitability is driven by both the markup on self-operated products and commissions from third-party sellers, with average commission rates ranging from 1% to 5% [13][14].

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].