以下文章来源于风财眼 ，作者银行财眼 风财眼 . 风财眼致力于银行领域的原创报道，旨在履行媒体监督职责，以期共营健康的金融环境。 "借贷综合年利率超过38%"、"强制收取会员费和咨询费"、"逾期一天就短信骚扰紧急联系人"……在"黑猫投诉"平台，超过2万条投诉均指向一家名为金瀛 分期的助贷平台。 金瀛花APP首页的《合规声明》指出，该平台是一个导流平台，会向用户提供借款产品展示、推荐服务，用户的借款资金均由合法的出借本体（如持牌机 构等）提供。在杭州犇瀛信息技术有限公司的官网，合作伙伴一栏中展示有花鸭借钱、洋钱罐等持牌网络小贷平台。 北京威诺律所主任杨兆全律师表示，从业务描述上来看，该平台是一家网络助贷公司。 值得注意的是，该助贷公司在年内进行了品牌更名，金瀛花的前身正是金瀛分期，前者在今年1月刚刚注册成功。 凤凰网财经《银行财眼》在投诉平台搜索发现，近期有大量借款人投诉金瀛分期，主要集中在暴力催收；收取高额咨询服务费等额外费用，综合利率远超 24%；隐藏过往借还款记录及合同等行为。 有借款者反馈，金瀛分期利息远超法定上限，借款18000元分12期还款，每期还款金额2006.4元，综合利率高达38.6%；金瀛分 ...

证券研究报告 乐信 (LX US) 3Q25：业绩稳健但 4Q25 或面临挑战 3Q25 新放款量环比略降低至 509 亿元（同比/环比：-0.2/-3.8%），我们估 计放款量收缩可能主要由于公司减少了 ICP 业务的投放。电商业务环比增 长 14%至 23.1 亿元，环比增速相对上个季度的 80.2%明显放缓，电商业务 在放款量中的贡献约 5%。我们预计 4Q25 公司的放款量将进一步收缩，主 要由于在《助贷新规》要求下，剩余 ICP 业务可能会逐步出清，同时由于 风险上涨，公司可能采取更谨慎的放款策略，进而导致放款量收缩。我们预 计 4Q25 放款量环比下降约 10%。 盈利：4Q25 盈利面临压力 3Q25 NTR 增至 2.0%（2Q25：1.92%），主要受营销开支占贷款余额的比 例由 2.13%降低至 1.81%驱动。另外公司资金成本环比提升 20bps 至 4.4%， APR 环比基本持平。我们预计公司 4Q25 的盈利或将面临压力，主因放款 量收缩以及信用成本提升。预计 4Q25 盈利约 3.4 亿元，环比降低 34%。 盈利预测与估值 由于贷款风险上涨、定价上限压降、电商业务增长放缓，我们 ...

"春江水暖鸭先知"。《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》（下称"助贷新规"）实施月余，区域中小银行开始调整互联网助 贷业务。 乌鲁木齐银行、贵阳银行相继宣布暂停新增互联网助贷合作业务，吉林亿联银行大幅缩减合作机构数量，龙江银行则直接将合作助贷机构清零…… "助贷新规实施后，区域性银行暂停新增业务、收缩合作机构数量，既是为存量业务腾出整改空间，也是规避潜在监管处罚的审慎之举。"上海金融与发展 实验室主任、首席专家曾刚对记者分析指出，这种"急刹车"现象，实则反映出部分银行此前过度依赖外部助贷机构、自身风控能力建设滞后的深层问题， 新规对中小银行的影响呈现多维度挤压效应。 乌鲁木齐银行近日也发布公告称，自2025年10月1日起，已停止开展合作类个人互联网消费贷款业务。该行此前表示，为积极响应金融监管政策要求，进 一步提升服务质量和风险管理水平，经综合评估，决定自2025年10月1日起，停止发放合作类个人互联网消费贷款（包括联合贷、助贷两类）。 贵阳银行副行长李松芸在三季报发布会上表示，基于市场环境和监管要求，该行主动调整业务策略，目前与互联网银行的合作已到期，无新增互联网平台 业务，仅对存量 ...

自10月1日起实施的《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》（以下简称 《通知》）如今已落地一月有余。 《通知》要求，商业银行总行应当对平台运营机构、增信服务机构实行名单制管理，通过官方网站、移 动互联网应用程序等渠道披露名单，及时对名单进行更新调整。商业银行不得与名单外的机构开展互联 网助贷业务合作，并特别提出外国银行分行、信托公司、消费金融公司、汽车金融公司参照执行。 这一"名单制"要求，让助贷市场中的各类金融机构有了明确遵循。《通知》发布至今，除银行、消费金 融公司外，多家信托公司也已相继公布平台运营机构、增信服务机构等互联网助贷业务合作机构名单。 据《金融时报》记者不完全统计，目前已有上海国际信托、国投泰康信托、交银国际信托、中诚信托、 中信信托、外贸信托、爱建信托、五矿信托、云南国际信托、粤财信托、山西信托、陕国投信托、华能 信托、中粮信托、天津信托、华鑫信托等至少16家信托公司进行了"白名单"公示。 从已披露的合作机构情况来看，合作机构主要集中在头部的互联网大厂以及金融科技公司，包括大众熟 知的蚂蚁、度小满、美团、抖音、携程以及信也科技、乐信等旗下关联公司，而它们也频繁出现在了 ...

距离2025年10月1日助贷新规正式实施已过月余，一场静默而迅速的合作关系重构正在商业银行与助贷 机构之间上演。 颇具戏剧性的是，就在新规实施前的3个多月，多家银行公布的助贷合作白名单曾多达数十家，而如今 却悄然收缩合作规模。乌鲁木齐银行、龙江银行等多家区域性银行近期相继压缩或终止互联网助贷合 作，部分银行甚至将合作机构名单清零。 为何出现这种从"广纳合作"到"密集分手"的急速转变？在24%利率红线与资本充足率考核的双重压力 下，银行的风险逻辑发生了怎样的根本转变？头部助贷平台如何在这场"洗牌"中巩固优势，而中小机构 又该如何寻求差异化生存？ 助贷新规实施银行合作策略急速转向？ 2025年10月1日，《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》（即助贷新规） 正式实施。 助贷新规实施前后，银行对助贷机构的态度发生了显著变化。新规要求商业银行对合作机构实行名单制 管理，且不得与名单外机构开展互联网助贷业务合作。这一规定促使银行在新规实施前纷纷公布合作白 名单。 以亿联银行为例，该行在2025年6月公布的白名单数量较2024年11月骤减84%，显示出银行在新规正式 落地前已开始主动收缩合作范围。 ...

Core Insights - The implementation of new regulations for internet lending has shown significant results, with approximately 120 financial institutions disclosing their cooperation lists with over 500 technology and financial service companies by the end of October [1][2] - However, issues such as non-standard disclosure formats and inaccurate information have been identified, including hidden disclosure locations and lack of search functionality [1][2] Group 1 - As of the end of October, around 120 financial institutions have disclosed their internet lending cooperation lists, with nearly 4000 instances of disclosures [1] - The disclosed cooperation lists include over 500 companies, but the format and accuracy of the information remain problematic [1][2] - The China Internet Finance Association has proposed three initiatives to improve the disclosure process, emphasizing the need for clear and accessible information for consumers [2] Group 2 - The new regulations, effective from October 1, aim to address issues in the internet lending sector, including management inadequacies and consumer rights protection [2][3] - Financial institutions are required to manage their cooperation lists and disclose them through official channels, ensuring timely updates and accurate information [3] - The regulations prohibit banks from collaborating with institutions not included in the approved lists, reinforcing compliance and oversight [3]

Core Insights - The article highlights the resurgence of high-interest short-term online loans, with annualized interest rates exceeding 2000% for some borrowers [3][7][19] - Borrowers are facing issues with "head-cutting interest" and excessive fees from multiple guarantee companies, raising concerns about the legality and transparency of these practices [1][19][22] Group 1: Loan Characteristics - Recent reports indicate that borrowers are encountering short-term loans with extremely high-interest rates, reminiscent of the "714 high-interest loans" previously exposed by media [3][19] - Specific cases show that borrowers received significantly less than the amount borrowed due to immediate deductions by guarantee companies, leading to annualized rates of 1132.65% and 2200.86% for different individuals [7][9] Group 2: Guarantee Companies' Role - The article discusses the involvement of licensed financing guarantee companies in these high-interest loan schemes, which are allegedly charging excessive fees under the guise of providing guarantees [2][19] - The financing guarantee companies are described as having a dual role in the loan process, acting as both guarantors and fee collectors, which raises questions about their compliance with regulations [12][19] Group 3: Regulatory Environment - The article references the "Assisted Loan New Regulations" that aim to regulate the fees charged by guarantee companies and set a cap on interest rates, indicating a shift towards stricter oversight in the industry [46][47] - Complaints against financing guarantee companies have surged, with issues such as unauthorized deductions and high-interest rates being frequently reported by borrowers [48] Group 4: Borrower Protections - The article suggests that borrowers should retain all documentation related to their loans and consider filing complaints with regulatory authorities to protect their rights [49] - Legal avenues are also recommended for borrowers facing excessive interest rates, emphasizing the importance of understanding their rights under the law [49]

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Viewpoints - The implementation of new lending regulations introduces uncertainty, but the impact on leading companies is relatively controllable. The new regulations may reduce the enthusiasm of financial institutions to participate in the lending market, affecting industry liquidity and profitability for high-priced clients [2][5] - Loan growth has slowed, and asset quality risks are a concern. In Q2, the loan volume increased by 13.0% year-on-year, but the growth rate declined by 3.6 percentage points compared to Q1. Smaller platforms are leading in loan growth, indicating a strategic move to enhance competitiveness before the new regulations take effect [2][17] - Revenue performance varies among companies, with a slight increase in uncertainty regarding profitability. In Q2, the sample credit technology platforms saw a revenue growth rate of 18.8%, with net profit increasing by 36.7% year-on-year. However, some companies, like Yirendai, reported negative net profit growth [2][29] Summary by Sections New Regulations and Industry Ecology - The new lending regulations, effective from October 1, 2025, clarify the upper limit on loan interest rates and require transparency in service fees. This may lead to a contraction in financial supply for high-risk clients [5][6] - The regulations emphasize centralized management by banks and strict compliance, which may reduce the willingness of financial institutions to engage in the lending market [6][9] Loan Growth and Asset Quality - In Q2, the average overdue rate for 90 days or more decreased by 4 basis points to 2.20%. However, some companies, like Qifu and Xinye, saw an increase in early overdue rates, indicating potential asset quality deterioration [18][26] - The overall loan volume for sample companies grew by 13.0% year-on-year, but the growth rate declined compared to Q1, suggesting a cautious approach to lending amid regulatory changes [19][17] Revenue and Profitability - The revenue growth rate for sample credit technology platforms in Q2 was 18.8%, with significant contributions from companies like Xiaoying and Jiayin, which reported growth rates of 65.6% and 27.8%, respectively [27][29] - The net profit for the sample companies increased by 36.7% year-on-year, with leading companies like Lexin and Jiayin showing substantial growth rates [29][36] Credit Cost and Investor Returns - Credit impairment provisions increased by 17.6% year-on-year, reflecting heightened caution due to regulatory uncertainties. This may impact profitability in the short term [33][29] - Many credit technology platforms have initiated stock buyback plans, with Qifu's buyback amount reaching $227 million as of August 14, 2025, indicating a focus on shareholder returns [36][37]

Core Viewpoint - The implementation of the "New Lending Regulations" is leading to a significant restructuring of cooperation between banks and internet platforms, with a trend towards consolidation among major platforms, pushing smaller ones out of the market [1][3]. Group 1: Industry Trends - The new regulations have prompted banks to focus their partnerships on major platforms like Douyin, JD.com, Ant Group, and Du Xiaoman, reflecting a shift towards larger, more established entities [3][5]. - Banks are increasingly discontinuing partnerships with mid-tier platforms due to rising customer acquisition costs and declining traffic quality, favoring collaborations with larger platforms that offer better risk management and customer data [3][4]. Group 2: Risk Management - The introduction of a 24% interest rate cap is a critical focus, as it aims to prevent high-risk clients from entering the financial system, with previous high-interest clients potentially facing credit disruptions due to reduced funding channels [6][8]. - Banks are adopting stricter due diligence processes for selecting partners, emphasizing the need for platforms with strong compliance and risk management capabilities [4][5]. Group 3: Customer Acquisition and Costs - The cost of acquiring a customer has increased significantly, from approximately 1400 yuan to around 2000 yuan, highlighting the challenges faced by banks in attracting clients in a competitive environment [11]. - Smaller banks, particularly private and regional banks, are struggling with high customer acquisition costs and are heavily reliant on platform traffic for client growth [10][11]. Group 4: Strategic Responses - Banks are encouraged to refine their risk management strategies and develop differentiated pricing models based on customer behavior data to enhance competitiveness [12]. - The shift in focus from high-interest, high-risk lending to a model of "thin profit margins and value-added services" is seen as essential for maintaining profitability while adhering to regulatory requirements [12].

Core Viewpoint - The regulatory environment for private banks in China has become increasingly stringent, with significant penalties imposed for compliance failures, particularly in areas such as anti-money laundering and internal controls [2][6]. Summary by Sections Regulatory Penalties - A total of six private banks have been fined 11.66 million yuan this year, with Huazhi Bank facing the largest penalty of nearly 8 million yuan [2][3]. - Specific penalties include: - Weihai Blue Ocean Bank fined 209,000 yuan for violating credit information regulations [3]. - Chongqing Fumin Bank fined 580,000 yuan for failing to identify customers properly [3]. - Su Shang Bank fined 600,000 yuan for inadequate information technology risk management [3]. - Meizhou Merchant Bank received a warning and a fine of 870,000 yuan for multiple compliance violations [3]. - Beijing Zhongguancun Bank fined 1.4 million yuan for various infractions, including improper loan management [3]. Compliance Challenges - The main issues leading to penalties are concentrated in compliance management, particularly in information management, anti-money laundering, customer identification, and credit management [6][7]. - The "double penalty system" has become standard, where both the bank and responsible individuals face fines and warnings [6]. - Analysts indicate that many private banks are struggling to keep their internal compliance systems updated in line with rapid business expansion, particularly in technology systems and risk control models [6][8]. Impact of New Regulations - The introduction of new regulations is expected to increase compliance requirements for private banks, potentially leading to higher penalties in the future [7][8]. - The new rules require banks to clarify service fees in cooperation agreements, which may increase funding costs and narrow net interest margins, impacting profitability [7][8]. - Banks that have optimized governance structures or introduced state-owned shareholders may benefit from these changes, allowing them to shift towards more sustainable business models [8].