来源：金融时报 原标题：新年大动作：人事"换血"资本"补血"，释放什么信号？ 岁末年初，消费金融领域动向频频。政策端，新一轮"国补"开启，商务部、中国人民银行、金融监管总 局联合印发的《关于加强商务和金融协同 更大力度提振消费的通知》指引新一年金融促消费发展方 向；机构端，增资、人事、合规多线并行，行业转型加速推进。 《金融时报》记者注意到，国家金融监督管理总局北京、天津、宁波、重庆、上海、黑龙江、江苏等地 监管局集中公开了一批涉及多家消费金融公司的章程修改、高管任命、行政处罚、股权结构调整、注册 资本增加等批复事项。 根据批复信息，建信消费金融有限公司、平安消费金融有限公司、马上消费金融股份有限公司、中银消 费金融有限公司、中信消费金融有限公司均获批完成了公司章程的修订，展现出行业紧跟监管导向、聚 焦合规治理、迈向高质量发展的积极态势。 另外，在人事调整方面，多家机构密集进行高管任免，展现出新人新貌。 2025年完成重组、更名的天津京东消费金融有限公司（以下简称"京东消金"），高管变动一事备受业内 关注。 企查查信息显示，京东消金近日发生多笔涉及高级管理人员、经营范围、经营场所的工商变更。原捷信 方负责人V ...

回顾2025年，消金行业在政策引导与市场博弈中加速深度转型。10月1日起正式施行的助贷新规，通过 合作平台"白名单"、压实自主风控责任，推动行业告别"流量依赖"；贷款利率"新红线"不断下探，则进 一步加速行业定价重构，市场分化加剧下，机构纷纷加强自营能力实现转型和蜕变。 "来年的关键是攻自营、保规模。"一消金公司从业者如是说道。展望2026年，行业集中度提升与差异化 竞争，将成为消金业主旋律，客群与风控的精细化运营，成为破局关键。 利率压降下的行业阵痛 2025年消金行业大事件，无疑是10月1日落地的助贷新规。 最核心的冲击，在于将增信服务费、会员费等所有隐性成本纳入综合融资成本，锁定在24%司法保护上 限内，而这也直接瓦解了行业延续多年的"息费拆分"盈利模式。 这种"穿透式监管"并非简单设限，而是通过三大关键抓手重塑行业生态：名单制管理要求银行及消金机 构公开合作机构信息，分润与本金回收进度挂钩，全流程信息披露则把知情权交还借款人，确保每一笔 费用透明可查。这些设计的本质，也倒逼消金业跳出"拼规模、赚快钱"的误区，转向"比服务、比价 值"的良性竞争。 该人士所称的20%利率红线，是指10月末多家消金机构收到 ...

回顾2025年，消金行业在政策引导与市场博弈中加速深度转型。10月1日起正式施行的助贷新规，通过合作平台"白名单"、压实自主风控责任，推动行业告 别"流量依赖"；贷款利率"新红线"不断下探，则进一步加速行业定价重构，市场分化加剧下，机构纷纷加强自营能力实现转型和蜕变。 "来年的关键是攻自营、保规模。"一消金公司从业者如是说道。展望2026年，行业集中度提升与差异化竞争，将成为消金业主旋律，客群与风控的精细化运 营，成为破局关键。 利率压降下的行业阵痛 2025年消金行业大事件，无疑是10月1日落地的助贷新规。 最核心的冲击，在于将增信服务费、会员费等所有隐性成本纳入综合融资成本，锁定在24%司法保护上限内，而这也直接瓦解了行业延续多年的"息费拆 分"盈利模式。 这种"穿透式监管"并非简单设限，而是通过三大关键抓手重塑行业生态：名单制管理要求银行及消金机构公开合作机构信息，分润与本金回收进度挂钩，全 流程信息披露则把知情权交还借款人，确保每一笔费用透明可查。这些设计的本质，也倒逼消金业跳出"拼规模、赚快钱"的误区，转向"比服务、比价值"的 良性竞争。 监管高压下，行业短期阵痛明显。"最大的冲击莫过于利率红线，从 ...

自2010年首批4家试点消费金融公司获批以来，消费金融行业发展已有15年。站在年末这个时点 回望，对于消费金融行业来说，2025年注定是不平凡的一年。 对正处于1 5岁的少年而言，青春期正是探索身份认同、建立正确价值观的阶段，既需要在与 外部环境的交互中确立自身定位，又需要在自己的经历中反思寻找成长的方向。 今年1 5岁的消费金融行业，也正处于这样的阶段。 一边是消费信贷行业"跑马圈地"时代的结束，资金、利率侧的强监管加速行业出清，市场竞 争不断加剧，带来短暂的"生长痛"；另一边是AI引发效率革命，重塑贷前、贷中、贷后业务 流程，成为消费金融行业成长的"助推器"。 这要求消费金融公司在监管引导下找准自身的市场定位，既要"活下来"也要"长得好"，从而 拓展金融服务的可得性与包容性，进一步提升普惠金融服务效能，在促消费、扩内需中发挥 重要作用。 在本轮行业出清的过程中，最先受到影响的是信用资质较差的"次优客户"与风险承受能力较 弱的尾部机构。 长期以来的消费信贷信用分层逻辑，是用户信用资质与贷款利率相匹配，而助贷新规对综合 贷 款 利 率 2 4% 红 线 的 要 求 ， 让 多 头 负 债 、 还 款 能 力 ...

www.lhratings.com 研究报告 0 降息、分化与突围： 中国消费金融市场竞争格局重塑 与转型路径探析 联合资信 金融评级一部 |马鸣娇 |王 柠 |王从飞 |林 璐 我国消费金融 40 年从"银行信用卡独大"逐步走向"科技驱动的普惠生态"，在扩内需、促消费的大背景下，消费金 融行业整体规模保持增长，但增速放缓的趋势下行业或进入存量经营时代，部分参与主体面临一定业务转型压力，行 业格局或将重塑。利率上限与 LPR 持续下行等因素对消费金融行业参与主体获客及风控能力的考验加大，市场竞争、 客群分层、行业分化将进一步加剧，头部机构优势将进一步凸显，自主风控能力、精细化管理与客户运营能力将成为 未来行业的核心竞争力。助贷新规的出台短期内给行业带来较大的冲击，但从长期来看，监管导向推动各机构摒弃高 利率覆盖高风险的业务模式，向更精细化的风控能力和风险定价的经营模式转变，随着主流机构科技实力和风控能力 的不断提升，以及尾部机构的逐步出清，消费金融行业将步入规范化发展阶段。 一、消费金融行业发展历程及监管政策 消费金融主要是向各阶层消费者提供以消费为目的的小额贷款服务，具有单笔额 度小、审批快、无抵押担保、期 ...

Core Viewpoint - The consumer finance market is experiencing intensified competition and evolving industry dynamics in the first half of 2025, highlighted by the performance disclosures of major licensed consumer finance institutions [2][11]. Group 1: Company Performance - Ant Consumer Finance leads with total assets of 3064.7 billion yuan and a revenue of 100.41 billion yuan, achieving a net profit growth of 57.84% year-on-year [2][3][5]. - Zhaolian Consumer Finance, while having the highest net profit of 15.04 billion yuan, is the only company among the four to report a year-on-year decline in net profit by 12.76% [5][11]. - Zhongyin Consumer Finance turned around from a net loss of -3.06 billion yuan to a profit of 1.5 billion yuan, marking a significant growth of 313.43% [4][5]. - Xingye Consumer Finance reported a net profit growth exceeding 200%, showcasing a strong recovery [2][5]. Group 2: Market Dynamics - The consumer finance industry is undergoing a transformation driven by regulatory changes, particularly the new lending regulations that require banks to manage partnerships with lending platforms through a list-based system [5][11]. - The introduction of the personal consumption loan subsidy policy aims to reduce consumer credit costs, with the implementation period set from September 1, 2025, to August 31, 2026 [8][10]. - All four leading consumer finance institutions have been included in the list of agencies eligible for the subsidy policy, indicating a positive regulatory environment [9][10]. Group 3: Strategic Adjustments - Major consumer finance companies are actively responding to regulatory changes by disclosing their partner lists and adjusting their business models, particularly focusing on integrating online and offline operations [5][6]. - Zhaolian Consumer Finance's partner list emphasizes collaboration with major internet companies, while Zhongyin Consumer Finance has developed a diverse partnership matrix that includes both internet giants and peer institutions [6][7]. - Xingye Consumer Finance is also embracing online ecosystems, showcasing a clear direction towards enhancing its online business capabilities [7][11].

Core Viewpoint - The consumption finance industry is undergoing a significant structural transformation, with frequent changes in executive leadership reflecting strategic shifts and the search for new growth paths amid a challenging economic environment [1][4]. Group 1: Executive Changes - The approval of new executives, such as Niu Xiaofeng at Bank of China Consumer Finance Co., indicates a trend of increasing turnover in key positions within the consumption finance sector, with 16 and 17 changes recorded in 2023 and 2024 respectively [1][2]. - The background of new executives often reveals strategic priorities, as seen with Niu Xiaofeng's extensive experience in financial technology innovation [2]. Group 2: Financial Performance and Trends - Bank of China Consumer Finance reported a loan balance of 719.48 billion yuan by the end of 2023, with online loans making up 62.49% of the total, a significant increase from 52.24% the previous year [3]. - The company experienced a revenue decline of 8.85% year-on-year in 2024, with net profit dropping by 91.62%, highlighting the industry's struggle to adapt to a more competitive environment [4]. Group 3: Industry Transformation - The consumption finance sector is transitioning from a "license dividend period" to a "capability competition period," necessitating firms to enhance their integration of services and risk management to sustain growth [4]. - Analysts suggest that executive changes may introduce new strategic thinking and management practices, which could help address performance declines [5]. Group 4: Policy and Market Opportunities - Recent government policies aimed at boosting consumption, such as the promotion of personal consumption loans, are expected to provide a supportive environment for the consumption finance sector [5][6]. - The potential for growth in service consumption remains significant, with current levels in China being much lower than in developed countries, indicating a large market opportunity [6][7].

Core Viewpoint - The consumption finance sector plays a crucial role in the modern economy, acting as a significant engine for domestic demand and enabling consumer upgrades through diverse financial products [1][2]. Industry Overview - There are currently 31 licensed consumption finance companies in China, including several bank-affiliated firms such as Xinyi Consumption Finance and Jianxin Consumption Finance [2]. - The industry is experiencing a significant divide, with a stark contrast in profitability among companies, where the profit gap has widened to 1500 times between the top and bottom performers [9]. Company Performance - Changyin 58 Consumption Finance, a subsidiary of Changsha Bank, is attempting to sell a bad debt package worth approximately 1.039 billion yuan at a starting price of 45.09 million yuan, marking its second attempt to offload bad loans in less than seven months [4][6]. - In 2024, Changyin 58 Consumption Finance reported a net profit of only 34 million yuan, a staggering 95.02% decline year-on-year, with total revenue dropping by 7.64% to 2.986 billion yuan [6][12]. - The company has undergone significant changes since its establishment in 2017, initially seen as a retail financial experiment for Changsha Bank, but has faced challenges in recent years, reflecting broader issues in the bank's asset quality [8][9]. Financial Data - The financial performance of major consumption finance companies in 2024 shows a decline in revenue and profit for many, including: - Zhaolian Consumption Finance: Revenue of 17.318 billion yuan, down 11.65% year-on-year, and net profit of 3.016 billion yuan, down 16.22% [12][21]. - Xinyi Consumption Finance: Revenue of 10.067 billion yuan, down 10.36%, and net profit of 430 million yuan, down 79.25% [14][21]. - Zhongyin Consumption Finance: Revenue of 7.915 billion yuan, with a net profit decline of 91.62% [16][21]. Market Trends - The consumption finance market is shifting from a focus on scale expansion to quality competition, indicating that the previous growth model based on scale is no longer sustainable [19][25]. - The regulatory environment has tightened, with new capital requirements and compliance measures being implemented, prompting many companies to increase their registered capital [22][24]. Future Outlook - The consumption finance sector is expected to continue evolving, with a focus on maintaining the quality of existing retail assets and adapting to regulatory changes [25]. - Companies are likely to emphasize "self-operated scenarios, intelligent risk control, and compliance capabilities" as the core of future competition in the industry [25].

Core Viewpoint - The consumer finance industry in China is facing challenges due to macroeconomic impacts, leading to a projected decline in net profit growth for 2024 compared to 2023, with a drop of over 10 percentage points [2] Group 1: Industry Overview - The consumer finance sector is experiencing a growth bottleneck, with 15 companies' operational data for 2024 now available, revealing performance disparities among firms [2] - The China Banking Association's Consumer Finance Professional Committee forecasts that the net profit growth rate for the entire industry will fall to single digits in 2024 [2] Group 2: Performance of Leading Companies - Among the leading consumer finance companies, four have revenues exceeding 10 billion yuan, but both Zhaolian Consumer Finance and Xingye Consumer Finance reported declines in both revenue and net profit [3] - Zhaolian Consumer Finance reported a revenue of 173.18 billion yuan in 2024, a decrease of 11.65% year-on-year, and a net profit of 30.16 billion yuan, down 16.22% [3][4] - Xingye Consumer Finance's revenue fell to 100.67 billion yuan, a decline of 10.36%, while its net profit plummeted by 79.25% to 4.3 billion yuan, returning to levels seen six years ago [5] Group 3: Performance of Mid-Tier Companies - Most mid-tier consumer finance companies have achieved stable growth, with Zhongyin Consumer Finance experiencing a significant net profit decline of over 90% [8] - Zhongyin Consumer Finance's net profit dropped to 0.45 billion yuan, a decrease of 91.62%, despite total assets increasing to 791.51 billion yuan [9] - In contrast, companies like Zhongyou Consumer Finance and Ningyin Consumer Finance reported strong growth, with revenues of 75.41 billion yuan and 29.9 billion yuan, respectively, and net profit increases of 54.02% and 50.17% [8]