Group 1 - The core viewpoint is that Sunshine Consumer Finance has been fined 1.4 million yuan due to regulatory compliance issues and inadequate management of cooperative business models [1] - The fine indicates ongoing regulatory pressure on the consumer finance industry, particularly regarding the management of credit limits and loan pricing in partnerships with other institutions [1] - Analysts suggest that the fine reflects a broader trend of stringent regulation on cooperative business practices within the consumer finance sector [1] Group 2 - Sunshine Consumer Finance reported its first annual performance decline since its establishment in August 2020, with a net profit of only 58 million yuan in 2024, a year-on-year drop of 66.1% [2] - The company experienced a loss of 4 million yuan in the second half of 2024, and its total assets decreased by 16.2% to 9.783 billion yuan by the end of 2024 [2] - Sunshine Consumer Finance is a licensed consumer finance institution approved by the China Banking and Insurance Regulatory Commission, with a registered capital of 1 billion yuan [2]

又有消费金融公司被罚！ 近日，国家金融监督管理总局北京监管局最新披露的罚单显示，北京阳光消费金融股份有限公司（下称"阳光消金"）被罚140万元。数据显示，这是2025年 以来消费金融企业收到的第二张百万级罚单。 《办法》第四十九条指出：消费金融公司应当持续对合作机构进行管理，及时识别、评估因合作机构违法违规导致的风险，督促合作机构落实合规管理、消 费者权益保护责任，结合服务内容、服务质量、服务合规性等制定合理的激励约束机制，严格规范其行为。此外，消费金融公司应当至少每年对合作机构开 展一次全面评估。 | 序 | 当事人 | 主要违法违规行为 | 行政处 | | --- | --- | --- | --- | | 를 | 名称 | 合作模式存在不足, | 内容 | | 1 | 北京阳光 消费金融 | | 罚款14 | | | | 合作业务管控不到 | | | | | 位;未自主计算授信 | | | | | 额度及贷款定价;贷 | | | | 股份有限 | | 万元 | | | 公司 | 后管理有效性不足; | | | | | 合作机构管理不到位 | | | | | र्स | | 因合作业务管理不善被罚 具体来 ...

近些年，消费金融机构通过持续增加科技投入，数字化转型水平持续提升，为增加个性化产品供给、优 化流程体验提供了技术支撑，不断推动消费金融行业迈入高质量发展新阶段。在重庆市银行业协会信息 科技专业委员会举办的"2023-2024年度重庆市银行业数字化转型成果案例"竞赛评选活动中，小米消金 申报的《数据特征统一管理平台》荣获优秀典型案例。 根基稳固，方能行稳致远。在当今数字化浪潮的推动下，数智化服务能力对于企业发展的关键意义。作 为一家持牌消费金融公司，小米消金近年来以"科技赋能业务发展，数据助力数字化运营"为愿景。充分 利用其在科技领域的优势，以大数据、人工智能等技术为驱动，不断提升金融服务的效率和便捷性。通 过精准的用户画像和分层，聚焦用户偏好，准确地把握用户需求，实现线上化、自动化、智能化的精准 数字金融营销闭环。 另一方面，小米消金通过深耕数据治理和运营工作，有效地将金融科技和数字金融充分运用到各业务场 景中，聚焦细分人群不断完善产品研发，围绕旅游、家装、教育等不同消费场景，满足用户差异化消费 需求，构建包括现金分期、消费分期、循环额度等形态的普惠金融产品，实现用户金融场景化下的全流 程服务升级，为用户提供 ...

服务消费加快增长是经济转型的必然趋势，也是未来扩大内需的重点领域。眼下，我国服务消费占居民 消费支出的比重稳步提升，在扩内需中作用逐步凸显。 今年5月初，中国人民银行印发《关于设立服务消费与养老再贷款有关事宜的通知》，设立5000亿元服 务消费与养老再贷款，激励引导金融机构加大对住宿餐饮、文体娱乐、教育等服务消费重点领域和养老 产业的金融支持，受到市场关注。 我国服务消费正在加速扩容。在5月19日的国新办新闻发布会上，4月消费"成绩单"公布，从累计看，以 服务消费为代表的服务零售额呈现了回升势头。今年1月至4月，服务零售额同比增长5.1%，增速也比 一季度加快0.1个百分点，连续两个月加快。 但同时也要看到，我国服务消费水平与发达经济体的差距仍旧较大，服务消费的需求弹性也相对较高， 这也意味着未来发展空间更大。 供给不足尤其是高质量供给不足是制约服务消费潜力释放的关键因素。生活性服务业与居民消费尤其是 服务消费密切相关，而目前我国家政、养老、文旅、健康等服务消费重点领域还存在标准化程度不高、 市场不规范、服务质量参差不齐、服务人才和技术水平较低等诸多问题，在一定程度上影响了消费者消 费意愿和信心。 这就需要加 ...

近期，消费金融行业的业务投诉量增多。天眼查司法案件信息显示，整个消费金融行业涉诉案件与以往 相比有上升趋势，多数案由涉及金融借款合同纠纷，催收行为不当。 有不少用户在网上吐槽个别消费金融机构的服务——"才逾期半天，通讯录里的联系人就遭到暴力催 收"；"本想通过以旧换新的方式提前换一部新手机，贷后却因过高的收费标准和拖沓的金融服务而闹 心"；等等。这些网络留言集中反映出部分用户在使用消费贷后的体验并不称心，说明用户的权益没有 被重视，反而正被点滴蚕食。 消费金融公司从设立之初，就明确其定位不吸收存款，主打为个人提供以消费为目的的贷款。此类非银 机构与银行形成"补位"发展，共同构筑我国消费金融多元化体系，满足更多长尾客群的需求。随着消费 金融融资和消费信贷供给量的增大，部分消费金融机构把初心抛在脑后，也让自身深陷投诉激增和服务 体验恶化的泥潭，制约了持续健康发展。 从整体来看，消费金融行业在提升服务质效方面还有很大的提升空间，消费金融机构须加强合规经营， 坚守金融服务初心。 切实畅通消费者投诉处理机制。消保机制反映一家机构对待用户的态度，不能形同虚设，不能遇到消费 者投诉就踢皮球、走过场，更不能暴力催收。最新实施 ...

Core Viewpoint - The recent administrative penalty imposed on Beijing Sunshine Consumer Finance Co., Ltd. highlights significant deficiencies in its cooperative business management and risk control practices, indicating a growing regulatory focus on the management of cooperative institutions within the consumer finance sector [1][3]. Group 1: Penalty Details - Beijing Sunshine Consumer Finance was fined 1.4 million yuan due to inadequate management of cooperative business, failure to independently calculate credit limits and loan pricing, insufficient post-loan management effectiveness, and poor management of cooperative institutions [1][3]. - This penalty marks the second instance of a consumer finance institution receiving a fine exceeding one million yuan in 2024, reflecting a trend of increased regulatory scrutiny in the sector [1][3]. Group 2: Industry Trends - In 2024, five consumer finance institutions, including Citic Consumer Finance and Industrial Bank Consumer Finance, received penalties for similar issues related to cooperative business management, with fines typically exceeding one million yuan [3]. - Regulatory authorities have emphasized that core risk control should not be outsourced, and the recent fine against Sunshine Consumer Finance for not independently calculating credit limits and loan pricing underscores the need for consumer finance companies to reassess and rectify their cooperative business models [3][6]. Group 3: Financial Performance - In 2024, Sunshine Consumer Finance reported a net profit of 58 million yuan, representing a 66.1% year-on-year decline, positioning it at the lower end of profitability among licensed consumer finance institutions [4]. - The over-reliance on cooperative business models is viewed as detrimental to the long-term development of institutions like Sunshine Consumer Finance, prompting a shift towards building proprietary business scenarios [4]. Group 4: Regulatory Framework - The "Consumer Finance Company Management Measures" mandate ongoing management of cooperative institutions to identify and assess risks arising from their non-compliance, emphasizing the need for effective compliance management and consumer protection [5]. - Recent regulations, including the "New Regulations on Internet Assistance Business Management," have heightened management requirements for consumer finance cooperative institutions, necessitating transparency and risk monitoring [5]. Group 5: Future Outlook - As regulatory scrutiny on cooperative business practices intensifies, consumer finance institutions are urged to enhance their self-operating capabilities and improve the prudent management of cooperative partners to avoid similar penalties in the future [6].

2025年5月30日，北京阳光消费金融股份有限公司（以下简称"阳光消费金融"）经历了颇为戏剧性的一天：国家金融监督管理总局北京监管局同日发布了两 则关于该公司的公告，一则是核准其公司章程修订的批复，另一则是对其开出140万元罚单。这一颇具象征意义的事件，成为当前消费金融行业在强监管下 面临转型阵痛的生动注脚。 作为连接消费需求与金融服务的重要桥梁，消费金融在宏观经济中扮演着独特角色。一方面，它能够平滑消费曲线、缓解流动性约束，提升消费者效用；另 一方面，通过服务长尾客群，为个人提供应急周转支持。近期，为深入贯彻落实中央经济工作会议精神，金融监管总局正推动消费金融规范发展，将其作为 金融服务实体经济、促进消费升级的重要抓手。随着助贷新规的出台，行业正步入规范发展的新阶段。 业绩滑坡与监管重拳 阳光消费金融披露的2024年度财报显示，该公司全年净利润仅为0.58亿元，较2023年的1.71亿元同比暴跌66.1%。更令人担忧的是，其下半年甚至出现400万 元的经营亏损，这是该公司自2020年8月成立以来首次出现半年度亏损。从资产规模来看，截至2024年末，公司总资产为97.83亿元，较2023年的116.77亿元 ...

Core Viewpoint - The consumer finance industry in 2025 is characterized by a dual approach of "increasing revenue" and "cost-saving" under the pressures of asset quality optimization and liquidity management. Institutions are accelerating the disposal of non-performing assets while utilizing asset-backed securities (ABS) to open low-cost financing channels, creating differentiated paths for capital replenishment [2][11]. Group 1: Non-Performing Asset Management - The market for transferring non-performing assets in the consumer finance sector has been heating up, with 8 consumer finance companies listing 37 non-performing asset packages in May alone, including major players like Zhaolian Consumer Finance and Ant Consumer Finance [2][3]. - As of the end of the first quarter, consumer finance companies have become the second-largest sellers in the personal loan non-performing asset market [2]. - In May 2025, 8 licensed consumer finance companies collectively transferred non-performing assets exceeding 8 billion yuan [3]. Group 2: Asset-Backed Securities (ABS) Issuance - In 2025, consumer finance companies have issued a total of 15 ABS products, with a total issuance amount of 7.458 billion yuan, and some products have seen interest rates drop below 2%, reaching as low as 1.9% [2][9]. - The issuance of ABS is seen as a crucial method for consumer finance companies to optimize their liability structure and enhance asset liquidity, thereby improving their ability to withstand risks [12]. - The People's Bank of China has supported the issuance of financial bonds by consumer finance companies and is studying the increase of registration quotas for consumer credit asset securitization [11][12].

在监管机构鼓励不良资产转让的大背景下，今年以来，消费金融行业不良资产转让市场持续升温。 截至5月29日，已有15家持牌消金公司发布了103笔不良贷款转让公告，涵盖招联、蚂蚁、兴业、中银等头部 机构，以及南银法巴、平安、幸福、海尔等腰部机构。其中，仅中银消金一家，就有55笔转让业务。 对比之下，通过银登中心进行的批量转让展现出高效、经济的显著优势。一般来说，一个资产包从挂牌到成 交大概只要15天，加上金融机构内部流程，一般也不会超过4个月。此外，转让尚未核销的不良资产，能快 速让拨备覆盖率等指标变好。 政策层面也为不良资产转让提供了有力支撑。2021、2022年《关于开展不良贷款转让试点工作的通知》与 《关于开展第二批不良贷款转让试点工作的通知》相继颁布，旨在为金融机构减轻贷后压力，助力机构"轻 装上阵"。 2022年，原银保监会发布《关于引导金融资产管理公司聚焦主业，积极参与中小金融机构改革化险的指导意 见》；2024年，国家金融监管总局对该通知作出进一步部署安排，鼓励相关市场主体积极受让不良资产，帮 助中小金融机构化险。 在今年两会期间，国家金融监督管理总局局长李云泽，在谈到金融风险稳步收敛时，特别提到，2 ...

Core Viewpoint - The consumer finance industry is accelerating the disposal of non-performing assets and issuing asset-backed securities (ABS) to replenish capital, driven by intensified competition, slowing economic growth, and declining asset quality [1][6]. Group 1: Non-Performing Asset Disposal - Consumer finance institutions are rapidly clearing non-performing assets, with a trend of "quick clearance and quick transfer" becoming the norm [2]. - Ant Financial recently listed a personal non-performing loan asset package with a total unpaid principal and interest of 600 million yuan, starting at a price of only 72.1 million yuan, reflecting a discount rate as low as 12% [2]. - The average overdue days for this asset package is 335.8 days, and it has been fully classified as a "loss" category [2]. - The average unpaid principal and interest balance for borrowers in a non-performing asset package is over 5,000 yuan, with an average of 2.62 loans per person [3]. - Institutions like Zhaolian Consumer Finance are adopting a "write-off and sell, all non-litigation" approach, transferring 464,693 non-performing assets with an average overdue period exceeding 600 days [3][4]. - The trend of low-price transfers of non-performing assets has become a common practice among consumer finance companies, with transfer volumes reaching historical highs [4]. Group 2: Asset-Backed Securities (ABS) Issuance - Consumer finance companies are accelerating ABS issuance to broaden financing channels, with a total of 15 ABS products issued by May 29, amounting to 7.458 billion yuan, a 45% increase compared to the same period in 2024 [6][10]. - The majority of ABS issued are personal consumption loan ABS, accounting for 72.4% of the total [6]. - The issuance rates for ABS have reached new lows, with some products like "25 Nanyin Fabai 1A" having a ticket rate of only 3.15% [6][9]. - Regulatory support is a significant factor driving ABS issuance, with the People's Bank of China encouraging consumer finance companies to issue financial bonds and expand the scope of securitizable assets [10][11]. - ABS issuance is seen as a cost-effective financing method, helping consumer finance companies optimize their liability structure and enhance capital resilience against risks [11].