文 | 创业最前线 李薇 编辑 | 蛋总 近期，河南省唯一一家持牌消费金融公司——中原消费金融迎来了第二任总经理邵航，引发业内关注。 11月3日，金融监管总局河南监管局发布一项公告，核准邵航河南中原消费金融股份有限公司（简称"中原消费金融"）总经理的任职资格。 图 / 中原消费金融的新任总经理邵航任职资格批复公告（来源：金融监管总局） 中原消费金融成立于2016年12月底，总部设在河南省。截至2025年上半年，公司注册资本为20亿元。 公司股东包括3家，即中原银行（持股49.25%）、华平亚洲金融投资有限公司（持股42%）与上海伊千网络信息技术有限公司（持股8.75%）。 在业绩表现上，中原消费金融在今年上半年的盈利增速较高，营业收入与净利润分别同比增长29.52%、30.4%。 此前在2024年末，中原消费金融对外披露其总资产规模达到424.79亿元，位列行业第12名，同时其净利润排在第8名。 然而，公司2024年末的不良率为2.09%，近三年不良贷款规模攀升与资本补充压力需引起重视。此外，公司积极推出"双十一购物狂欢节"活动，并通过产 品体验官计划，持续优化App用户体验。 接下来，中原消费金融在新高管的 ...

Core Insights - Recent reports indicate that borrowers are facing exorbitant annualized interest rates exceeding 2000% through short-term online loans, with additional fees charged by multiple guarantee companies [1][2][3] - The phenomenon of "double guarantee" involving licensed financing guarantee companies has resurfaced, raising concerns about the legality and ethics of these lending practices [1][8] Group 1: Loan Characteristics - Borrowers are experiencing "high-interest" online loans with terms as short as 7 to 14 days, reminiscent of the previously exposed "714 high-interest loans" [2][12] - Specific cases reveal that borrowers like Zhao Ming and Qian Xiao received only a fraction of their loan amounts after immediate deductions by guarantee companies, leading to annualized interest rates of 1132.65% and 2200.86% respectively [3][5][12] Group 2: Guarantee Companies' Role - Financing guarantee companies such as Liaoning Guoxin Financing Guarantee Co. and Zhongrong Guoyuan Financing Guarantee Co. are involved in these transactions, often deducting significant amounts from the loan as "guarantee fees" [8][11] - These companies are licensed entities under local financial regulations, yet their practices raise questions about compliance with legal standards regarding loan interest and fees [11][12] Group 3: Regulatory Environment - The "Assisted Loan New Regulations" implemented in October 2025 aim to regulate the fees charged by guarantee companies, prohibiting disguised price increases and setting a cap on interest rates [30][31] - Complaints regarding financing guarantee companies have surged, with issues such as unauthorized deductions and high-interest rates being frequently reported [32][33] Group 4: Borrower Protections - Borrowers are advised to preserve evidence of their loan agreements and transaction records, and to report any irregularities to financial regulatory authorities [34] - Legal avenues are available for borrowers to challenge excessive interest rates, as stipulated by the Civil Code of the People's Republic of China [34][35]

Core Insights - The implementation of the "New Lending Regulations" is leading to a significant restructuring of collaborations between banks and internet platforms, with a focus on consolidating partnerships with major platforms like Douyin, JD.com, Ant Group, and Du Xiaoman, while smaller platforms are being pushed out of the market [1][3][5]. Group 1: Industry Trends - The new regulations have prompted banks to prioritize partnerships with large platforms due to their compliance, risk management capabilities, and extensive user bases, which help mitigate risks [3][5]. - The shift towards major platforms is seen as a response to increasing competition in retail finance, narrowing interest margins, and rising customer acquisition costs [3][10]. - The focus on a "head platform" strategy is expected to enhance industry concentration and standardization, rather than lead to monopolistic practices [5][11]. Group 2: Risk Management - The introduction of a 24% interest rate cap is a critical aspect of the new regulations, aimed at preventing high-risk clients from entering the financial system, as clients with rates above 36% have shown a 60% default rate [6][7]. - Banks are encouraged to implement differentiated pricing based on credit scores, income stability, and consumption scenarios, while also utilizing big data for dynamic interest rate adjustments [7][11]. - There are concerns that the tightening of lending channels may lead to credit chain disruptions for high-risk clients, potentially increasing default rates and impacting banks' asset quality [6][8]. Group 3: Operational Adjustments - Banks are advised to enhance their digital risk management capabilities and innovate service offerings to balance compliance with profitability [8][11]. - The competitive landscape is shifting, with larger banks focusing on self-operated loan businesses while smaller banks struggle with high customer acquisition costs and reliance on external platforms [9][10]. - The transition from high-interest, high-risk lending to a model of "thin profit, high volume, and value-added services" is becoming essential for banks to maintain profitability in a regulated environment [11][12].

Core Insights - Ctrip Finance has launched a mortgage loan service through its fintech subsidiary, marking its entry into the mortgage loan sector traditionally dominated by state-owned banks and consumer finance companies [1][6] - The mortgage loan service operates by collaborating with third-party loan service providers, allowing Ctrip Finance to monetize its user traffic without incurring high costs or credit risks [2][3] Business Model - The mortgage loan service is referred to as "form business," where Ctrip Finance collects borrower information and provides it to financial institutions for customer acquisition and risk control [2] - Ctrip Finance leverages its platform to tap into a stable flow of potential borrowers, particularly those with real estate assets, to generate revenue through referral fees or profit sharing [2][3] Market Context - The mortgage loan market has seen a contraction among non-bank institutions, with several consumer finance companies exiting the sector due to rising costs and declining asset values [7][9] - Ctrip Finance's entry into the mortgage loan market is seen as a strategic move to capture high-quality customer segments amid a tightening market environment [6][8] Regulatory Environment - The implementation of new regulations governing internet lending has prompted a shift in the competitive landscape, with Ctrip Finance being listed among the approved platform operators for consumer finance companies [6][7] - The new regulations also clarify the cost structure for platform services, which may impact the pricing strategies of various players in the mortgage loan market [6][9] Competitive Landscape - The mortgage loan service is primarily supported by third-party intermediaries rather than traditional financial institutions, indicating a shift in how these services are delivered [4][5] - The competitive dynamics are influenced by the structural cost disadvantages faced by loan intermediaries compared to banks, which may limit their ability to attract high-quality borrowers [8][9][10]

Core Viewpoint - The implementation of new regulations for internet lending by commercial banks is imminent, with many banks and consumer finance companies disclosing their "white lists" of cooperative institutions [1][2]. Group 1: Company Overview - Fubon Bank has disclosed a total of 52 cooperative institutions for internet lending, including banks, consumer finance companies, internet platforms, micro-loan companies, and financing guarantee companies [2][3]. - The bank's internet loan balance accounted for 33% of its total loans by the end of 2021, and its personal loan balance has doubled over four years, exceeding 25 billion yuan by the end of 2024 [2][3]. Group 2: Regulatory Context - The new regulations, effective from October 1, 2023, require banks to disclose their cooperative institutions for internet lending, enhancing transparency and consumer protection [3][4]. - The regulations limit the comprehensive financing cost to a maximum annualized rate of 24%, addressing concerns over high interest rates in the market [4]. Group 3: Market Dynamics - Fubon Bank collaborates with lending platforms to quickly expand its consumer credit offerings, addressing its customer acquisition challenges [3][4]. - The bank's internet loan rates are reported to be around 5% to 5.8%, but additional costs from guarantee institutions can raise the total financing cost to approximately 22.26% [5][6]. Group 4: Risk and Compliance - The bank emphasizes compliance with legal and regulatory requirements, conducting regular assessments of its cooperative platforms to mitigate risks [4][6]. - The reliance on guarantee institutions is seen as a way to manage higher default risks associated with internet loans, which may affect the bank's profitability [6][7].

Core Viewpoint - The issuance of asset-backed securities (ABS) by consumer finance companies, particularly Haier Consumer Finance, is on the rise, reflecting strong financing capabilities and a commitment to sustainable development in the industry [1][4]. Group 1: ABS Issuance and Financial Performance - Haier Consumer Finance issued its second ABS of 2025 on July 3, totaling 1.5 billion yuan, with a record low interest rate of 1.8% for the A tranche [2][3]. - The company has conducted three public fundraising actions in 2025, including one financial bond and two ABS issuances, showcasing its robust financing strength [1][2]. - The total amount of ABS issued by Haier Consumer Finance has exceeded 10 billion yuan, with a cumulative issuance of over 100 billion yuan across the industry this year [2][3]. Group 2: Industry Trends and Investor Confidence - The overall trend in the consumer finance sector shows a decline in interest rates for ABS, indicating investor confidence in the quality of small, diversified assets [3][4]. - The average loan interest rate for Haier Consumer Finance is projected to decrease by 0.05 percentage points year-on-year in 2024, reflecting a stable and slightly declining trend in product rates across the industry [3][4]. Group 3: Capital Strength and Sustainable Development - Haier Consumer Finance has increased its registered capital from 1.5 billion yuan to 2.09 billion yuan, a growth rate of nearly 40% [4]. - The company's total assets reached 29.348 billion yuan by the end of 2024, with a year-on-year growth of 9.61% in the loan balance [4]. - The company emphasizes its sustainable development capabilities, supported by strong shareholder backing and improved operational capabilities [5][6]. Group 4: Compliance and Regulatory Challenges - Haier Consumer Finance faced a fine of 250,000 yuan for violations related to credit information management, highlighting the need for compliance in the consumer finance sector [6][9]. - The company is adapting to new regulations regarding internet lending and is committed to protecting consumer privacy through strict information management protocols [9]. Group 5: Revenue Diversification and Business Strategy - The company has seen significant growth in its non-interest income, with a 66.31% increase in fees and commissions in 2024, driven by joint lending and membership services [8][9]. - Haier Consumer Finance plans to focus on a dual strategy of "scenes + cash" to enhance its operational capabilities and meet user demands [9].

Core Viewpoint - The article discusses the cost implications of membership fees associated with borrowing through the Xiaohua Wallet App, highlighting that while membership can reduce interest fees, the overall cost may still be significantly high when considering the membership fees as part of the borrowing cost [2][4][5]. Group 1: Membership Fees and Borrowing Costs - Xiaohua Wallet offers a loan of 7000 yuan with a default membership fee of 428 yuan per month, which reduces the monthly interest by 41.25 yuan, leading to an annualized cost of 24% if the membership is retained [2][4]. - If the membership is canceled, the annualized cost rises to 35.99%, and if the membership fee is included in the borrowing cost, the effective annualized cost could reach approximately 130% [4][7]. - The membership fee, when annualized, amounts to 5136 yuan for the 7000 yuan loan, raising questions about the true cost-effectiveness of the membership [4][5]. Group 2: Regulatory and Compliance Considerations - The article references a regulation that mandates full disclosure of key information to borrowers, including loan rates and any additional fees, which raises concerns about the transparency of the membership fees [9]. - There is an ongoing debate regarding the compliance of such membership fees with financial regulations and whether the value of the associated benefits justifies the costs [16]. - The article suggests that aligning membership fees with the value of the benefits is essential for long-term compliance and sustainability in the financial services industry [16]. Group 3: Company Background - Xiaohua Wallet is operated by Xiaohua (Shanghai) Internet Technology Co., Ltd., with significant ownership by CITIC Industrial Investment Fund Management Co., Ltd. and its subsidiaries [12]. - The company collaborates with licensed financial institutions such as Daxinganling Bank and Xiaomi Consumer Finance, indicating a structured partnership within the financial ecosystem [12].