Core Viewpoint - China Postal Savings Bank (Postal Bank) announced the absorption and merger of its wholly-owned subsidiary, Postal Huinong Bank, which will lead to the cancellation of the latter's independent legal status and the transfer of all its business, assets, and obligations to Postal Bank [2][8] Group 1: Merger Details - The merger will not affect the rights and obligations of Postal Huinong Bank's customers, and all existing contracts will remain valid [2][8] - Postal Huinong Bank's financial statements have been fully consolidated into Postal Bank's reports, indicating no substantial impact on Postal Bank's financial status or operational results [2][8][9] Group 2: Strategic Rationale - The merger aims to integrate Postal Huinong Bank's online operational experience into Postal Bank's broader development strategy, enhancing its online business capabilities [5][13] - The consolidation is expected to optimize resource allocation, inject new momentum into Postal Bank's development, and reduce management costs [13] Group 3: Industry Context - The merger reflects a broader trend in the banking industry towards digital transformation and the integration of direct banks into larger banking operations, as many banks have begun to merge or close their direct banking services [10][11] - The independent value of direct banks has diminished due to challenges such as product homogeneity and high customer acquisition costs, leading to a shift towards integrated banking services [11][12] Group 4: Performance Metrics - Since its establishment, Postal Huinong Bank has achieved significant growth, with total assets reaching 12 billion yuan and deposits growing at an annual rate of 120% [8]

又一家直销银行退场！ 9月23日，邮储银行发布公告称，为进一步优化管理及业务架构，该行将吸收合并下属全资 子公司中邮邮惠万家银行有限责任公司（以下简称"邮惠万家银行"）。吸收合并完成后，邮 惠万家银行的独立法人资格依法注销，同时，其全部业务、财产、债权债务以及其他各项权 利义务由邮储银行承继。 事实上，在邮惠万家银行被吸收合并前，国内共计两家独立法人直销银行，另一家为中信百 信银行。值得一提的是，原本独立法人直销银行有望"三足鼎立"，但招商银行旗下的招商拓 扑银行最终未能正式成立。 邮惠万家被邮储银行吸收合并，有望进一步降本增效 9月23日，邮储银行发布了董事会决议公告，其中显示，董事会会议审议通过了《关于中国 邮政储蓄银行吸收合并中邮邮惠万家银行有限责任公司的议案》。 与此同时，邮储银行同日发布了《关于吸收合并全资子公司的公告》，详细说明了邮惠万家 银行被邮储银行吸收合并事宜。 邮储银行方面强调，邮惠万家银行为该行全资子公司，其财务报表已按100%比例纳入该行 的合并报表范围，此次吸收合并不会对该行的财务状况和经营成果产生实质性影响，也不会 损害该行及全体股东的利益。 那么，此次邮储银行吸收合并邮惠万家银行 ...

受访专家指出，直销银行定位不清、与手机银行功能同质化等问题加速了母行吸收合并的进程。此次合 并有利于提高母行整体竞争能力，但需关注此前存量业务的平稳衔接与过渡。 邮储银行拟吸收合并 邮储银行公告称，吸收合并完成后，邮惠万家银行的独立法人资格依法注销。 据了解，此次吸收合并是为了有效利用资源，降低邮储银行运营成本。"近年来，本行不断加大金融科 技投入，数字化和集约化能力快速提升，以手机银行为主要服务渠道的格局已经形成，线上综合服务能 力大幅增强。" 邮储银行在公告中进一步表示，邮惠万家银行线上运营经验整合到该行，是对其线上业务强有力的补 充，业务资源及人才队伍将为发展注入新动力，并将有效降低管理成本，有助于将资源投入到互补性更 强的领域，提高整体运营效率。 邮惠万家银行成立于2022年1月，注册资本为50亿元，是我国首家获批成立的国有大行独立法人直销银 行。业绩表现方面，2022年至2024年年报显示，该行期末净利润分别为-1.62亿元、-2.63亿元、-4.15亿 元。2025年上半年，实现营业收入1.50亿元，净利润-1.18亿元，同比减亏38.74%。截至今年6月末，该 行净资产为40.42亿元，累计注册 ...

智通财经5月26日讯（记者 邹俊涛）直销银行持续"退潮"。 今日下午，北京银行直销银行工作人员告诉智通财经记者，后续待直销银行APP相关业务迁移完成后，该APP以及直销银行渠道将不再独立存在。此 外，对方表示，业务迁移不会影响到已办理业务资金安全。 值得一提的是，北京银行直销银行是国内第一家直销银行。 北京银行在公告中提醒广大客户，"如您选择不再使用直销银行后续服务，可于即日起至2025年6月25日前登录直销银行APP办理账户注销。" 国内首家直销银行即将退场 公司官网显示，2013年9月18日，北京银行在京举行直销银行开通仪式，在与其境外战略合作伙伴荷兰ING集团充分准备的基础上，正式开通直销银行 服务模式。 北京银行称，"此举标志着国内第一家直销银行破土萌芽，或将开启国内直销银行的新时代。" 此后根据历年年报披露，北京银行直销银行业务规模发展迅速，并成为公司业绩的一大亮点。 例如2015年年报显示，截至报告期末，北京银行直销银行客户数达24.6万户，储蓄存款达6.3亿元，较期初增长463.1%；资金量达6.9亿元，同比增长 322.2%。北京银行在年报中称"报告期内，本行加快直销银行建设，坚持以客户为中心 ...

Core Viewpoint - Baixin Bank, established in 2017, is a unique "direct bank" model that operates without physical branches, leveraging internet technology to provide banking services [1][2][3]. Group 1: Company Overview - Baixin Bank was jointly founded by CITIC Bank and Baidu's subsidiary, Baidu Borui, with a registered capital of 5.634 billion yuan [1][2]. - The bank's ownership structure includes CITIC Bank holding 65.79%, Baidu Borui 26.03%, and a Canadian pension fund 8.27% [2]. - As of the end of 2024, Baixin Bank had 999 employees, with 59.3% being technology personnel [4]. Group 2: Financial Performance - Total assets grew from 35.924 billion yuan in 2018 to 117.29 billion yuan in 2024, a 2.26 times increase over six years [7]. - Operating income increased from 1.295 billion yuan in 2018 to 4.626 billion yuan in 2024, a growth of 2.57 times [7]. - Net profit transitioned from a loss in 2018 to a profit of 855 million yuan in 2023, although it decreased to 652 million yuan in 2024 [7]. Group 3: Business Structure - Baixin Bank primarily focuses on personal and small micro-enterprise loans, with a significant portion of its loans being consumer loans [12][14]. - As of the end of 2024, over 80% of the bank's loans were consumer loans, totaling 64.291 billion yuan, while corporate loans were only 0.5 million yuan [14][15]. - The bank's business model resembles that of a consumer finance company rather than a traditional commercial bank [12][18]. Group 4: Asset Quality - The non-performing loan (NPL) ratio was 1.50% at the end of 2024, up from 1.36% in 2023, indicating increased asset quality pressure [16][18]. - The NPL coverage ratio decreased from 303.76% in 2023 to 264.69% in 2024, reflecting a decline in asset quality management [16]. - Despite the rising NPL ratio, Baixin Bank's 1.50% rate remains relatively low compared to industry peers [18]. Group 5: Strategic Challenges - The bank faces significant competition from traditional banks expanding their digital offerings and from other internet-based financial institutions [19]. - Maintaining stable business growth and finding ways to differentiate in a competitive landscape are critical challenges for Baixin Bank [19].

Core Viewpoint - The rise and fall of direct banks in China over the past decade reflects the challenges of digital transformation in the traditional banking sector, with many banks now integrating their direct banking services into mobile banking platforms due to changing consumer preferences and technological advancements [1][4][12]. Group 1: Development and Decline of Direct Banks - Direct banking in China began in 2013 with Beijing Bank, leading to a peak of 116 direct banks by 2019, but has since dwindled to around 20 by 2024 [1][3][6]. - Beijing Bank's direct banking customer base grew from 246,000 in 2015 to 476,000 in 2019, with cumulative sales reaching 11.56 billion yuan, but no further data has been disclosed since [1][2]. - Major banks have increasingly shut down or integrated their direct banking services into mobile banking apps, with Beijing Bank planning to migrate its direct banking services to its mobile app by June 2025 [2][3]. Group 2: Challenges Faced by Direct Banks - The decline of direct banks is attributed to the rise of mobile banking, which has improved user experience and functionality, rendering the independent existence of direct banks less valuable [4][10]. - Many customers remain unfamiliar with the concept of direct banks, leading to trust issues that hinder their growth [7][12]. - Direct banks often lack independent operational capabilities and face internal conflicts due to their positioning within traditional banking structures, limiting their ability to innovate and respond to market needs [9][11][12]. Group 3: Survival of Small and Regional Direct Banks - Smaller regional banks continue to operate direct banking services due to their resource constraints, which make the lightweight model of direct banks more suitable for their needs [5][8]. - These banks focus on localized customer bases and offer tailored financial products, allowing them to maintain a competitive edge despite the overall decline in direct banking [5][8]. Group 4: Future Prospects and Lessons Learned - The remaining direct banks may find success by refining their market positioning and collaborating with their parent banks to enhance service offerings [8][13]. - The experience of direct banks has highlighted the need for traditional banks to adapt to digital demands and has paved the way for the emergence of private and internet banks in the future [13].

Core Viewpoint - The announcement by Beijing Bank marks the end of an era for direct banks in China, as it plans to migrate its direct banking services to its "Jingcai Life" mobile banking app by June 25, 2025, leading to the discontinuation of the first direct banking channel in the country [1] Group 1: Industry Trends - The number of operational direct banking apps has decreased to fewer than 20, a significant drop from 135 at its peak in 2017, indicating an over 85% market elimination rate [1] - Direct banks were initially popular due to their convenience and low operational costs, but have faced challenges leading to their decline [2] Group 2: Historical Context - Beijing Bank launched the first direct bank in collaboration with ING Group in September 2013, during a time of rapid growth in internet finance, with direct banks seen as a key tool for digital transformation [2] - By 2015, Beijing Bank's direct banking customer base reached 246,000, with savings deposits increasing by 463.1% compared to the beginning of the year [2] - The last reported customer count for Beijing Bank's direct banking was 476,000 in 2019, with 60.7% being external customers, but this segment has since disappeared from annual reports [2] Group 3: Challenges Faced - The decline of direct banks is attributed to overlapping positioning and structural dependencies, leading to unclear development paths and customer confusion [3] - The distinction between direct banks and mobile banking has blurred, as mobile banking apps have integrated various services, resulting in significant product overlap [3][4] - Direct banks often lack independent management structures, being subordinate to traditional banks, which hampers their ability to innovate and compete effectively [4] Group 4: Future Outlook - The closure and integration of direct banking services are seen as a trend that will continue in the industry [6] - Remaining independent direct banks, such as Baixin Bank and YouHui WanJia, are exploring new development paths that differ from traditional departmental structures [6] - Baixin Bank, established in January 2017, aims to bridge traditional banking and internet enterprises, but has faced challenges, including a 23.74% decline in net profit in 2024 [6] - The evolution of direct banks serves as a lesson for commercial banks to explore a hybrid online-offline business model while maintaining a clear positioning and leveraging their strengths [6]

Core Viewpoint - The direct banking sector in China, once highly anticipated, is witnessing a significant decline, with major banks like Beijing Bank announcing the integration of their direct banking services into traditional mobile banking apps, marking the exit of the first direct bank [2][6]. Development of Direct Banks - The development of direct banks in China began in 2013, with Beijing Bank launching the first direct banking service, which was seen as a new era for the industry [4][5]. - At its peak, the number of direct banks exceeded 100, with city commercial banks and rural commercial banks being the primary participants [5]. Business Performance and Challenges - Beijing Bank's direct banking service saw rapid growth initially, with customer numbers reaching 476,000 by 2019 and total funds sold amounting to 11.56 billion yuan [6]. - However, since 2017, major state-owned and joint-stock banks have been adjusting their direct banking channels, leading to a trend of merging these services into mobile banking apps [6][8]. Market Dynamics - The number of operational direct banking apps has drastically reduced to about a dozen, primarily among smaller city and rural banks [2][8]. - Many direct banks have failed to establish a distinct market position, often serving merely as online extensions of traditional banking services, leading to a lack of competitive advantage [8][10]. Regulatory and Operational Constraints - The tightening of regulatory policies and the issue of product homogeneity have further restricted the growth potential of direct banks [9][10]. - Independent direct banks face significant challenges, including the need for complete operational independence from their parent banks, which complicates their ability to build profitable customer acquisition models [12][13]. Performance of Independent Direct Banks - Independent direct banks like Baixin Bank and Postal Savings Bank's Postal Huinong have not performed well, with Baixin Bank reporting a net profit decline of 23.74% in 2024 [12]. - The termination of the establishment of another independent direct bank,招商拓扑, highlights the difficulties in launching new entities in this space [13].

Group 1 - The direct banking model, which was once highly anticipated, is now witnessing a decline, with the first explorer, Beijing Bank, announcing the migration of its direct banking services to its mobile banking app by June 25, 2025 [2][4] - Currently, only a handful of local small and medium-sized banks operate direct banking apps, such as Hunan Bank and Tieling Bank, indicating a significant reduction in the number of active direct banks [5] - The direct banking model was first introduced by Beijing Bank on September 18, 2013, and by 2019, it had reached 476,000 customers with a cumulative sales amount of 11.56 billion yuan [5] Group 2 - The integration or shutdown of direct banking services is primarily attributed to the enhanced functionality of mobile banking apps, which now meet diverse user needs, diminishing the standalone value of direct banks [7] - The decline in internet traffic benefits and the rising customer acquisition costs have also posed challenges to the operational model of direct banks [7]

Core Viewpoint - The announcement by Beijing Bank regarding the migration of its direct banking app to its mobile banking platform marks the exit of the first direct bank in China, reflecting a broader trend of at least 19 banks shutting down or integrating their direct banking services since 2023, indicating a decline in the once-promising direct banking model after a decade of rapid growth [1][2]. Group 1: Industry Trends - The number of direct banks in China grew from 22 in 2014 to a peak of 135 by 2017, with city commercial banks accounting for 53.3% of this total [1]. - Major banks like Shanghai Pudong Development Bank and Nanjing Bank began integrating direct banking functions into their mobile banking platforms starting in 2020, leading to a significant reduction in the number of operational direct banking apps [2]. Group 2: Challenges Faced by Direct Banks - Direct banks face fundamental challenges such as unclear positioning, resource wastage, and technological shortcomings, which have made the direct banking model unsustainable [2][3]. - The overlap in functionality between direct banks and mobile banking has led to direct banks being viewed as redundant channels, diminishing their competitive edge [2][3]. - Many direct banks operate under a "departmental system," lacking independent decision-making authority, which hampers their ability to innovate and compete effectively [3][4]. Group 3: Financial Viability - Direct banks have high operational costs but low revenue generation, leading to an imbalance in investment returns [5]. - The regulatory environment poses challenges for banks attempting to establish direct banks as independent entities, further complicating their operational viability [5][6]. Group 4: Future Outlook - The decline of direct banks signifies a shift in the banking industry from "channel expansion" to "ecosystem cultivation," emphasizing the need for banks to leverage technology to enhance service delivery and user value [6][7]. - For banks that continue to operate direct banking services, finding a clear market position and exploring differentiated development strategies will be crucial for survival in a competitive landscape [7].