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].