Core Viewpoint - The company is positioned as a retail leader in the western region, continuously enhancing store adjustments to improve market competitiveness [1][2]. Group 1: Store Adjustments and Market Strategy - By June 30, 2025, the company plans to open 275 various types of malls and stores, with operational outlets established in 35 districts and counties in Chongqing and other areas [1]. - The department store format adopts a "one store, one policy" approach driven by regional consumer demand, implementing a "1+6+N" adjustment strategy [1]. - In the first half of 2025, the company added 116,900 square meters of non-purchase area and introduced 38 new brands [1]. - The company completed adjustments in 27 stores in the first half of 2025, resulting in an increase of 528,000 customer visits, a growth of 15% [1]. Group 2: Management Team and Operational Efficiency - The management team has extensive industry backgrounds, including experience from major retail and technology firms, which is expected to enhance operational efficiency [2]. - The chairman is the founder of Wumart Group and Dmall, while the vice chairman has a background in consumer finance, indicating a strong leadership team [2]. Group 3: Financial Performance and Investment Outlook - The company holds a 31.06% stake in a consumer finance firm, which has shown stable growth over the past five years, contributing positively to the company's investment returns [2]. - The projected net profit for the company from 2025 to 2027 is estimated at 1.48 billion, 1.65 billion, and 1.86 billion yuan, corresponding to PE ratios of 8, 7, and 6 times [2]. - A target price of 45.00 yuan is set based on a 12 times PE for 2026, with an initial "buy" rating recommended [2].

10月14日，国家金融监督管理总局上海监管局发布的批复显示，同意中银消费金融有限公司（下称"中 银消金"）副总裁彭旭华的任职资格。 批复中提出明确要求，中银消金需严格遵守金融监管总局的有关监管规定，自本行政许可决定作出之日 起3个月内，要确保被核准任职资格的彭旭华到任，并在其到任后10日内向监管局报告到任情况。若未 在规定期限内到任，彭旭华的任职资格将失效。此外，中银消金还应督促彭旭华持续学习和掌握经济金 融相关法律法规，牢固树立风险合规意识，熟悉任职岗位职责，忠实勤勉履职。 资料显示，彭旭华曾担任中国银行湖南省分行副行长、河北省分行副行长等职务。 在担任中国银行河北省分行党委委员、副行长时，彭旭华曾接受媒体专访，他表示，消费者权益保护工 作是金融工作政治性和人民性最直接的体现。河北中行切实将消费者权益保护理念融入业务发展、经营 管理与风险防控全流程，全面提升消费者权益保护工作质效。通过开展培训宣传、提升客户体验、关注 特殊群体等途径，保障金融消费者合法权益，为广大客户提供更加优质高效便捷的金融服务。 2024年以来，中银消金高管团队调整步伐加快，多位核心岗位人选任职资格密集获批。 值得一提的是，8月19日， ...

Core Viewpoint - Financial institutions are responding to regulatory requirements by disclosing their partner institutions for internet lending, focusing on leading internet companies and listed fintech firms [1][2]. Group 1: Regulatory Changes - The National Financial Supervision Administration issued a notice on October 1 to enhance the management of internet lending by commercial banks, which has led to multiple banks disclosing their partner institutions [2]. - The notice mandates that banks implement a list management system for partner institutions, ensuring that only those on the list can engage in internet lending collaborations [4]. Group 2: Partner Institutions - Major internet companies such as Ant Group, Baidu, JD.com, and Meituan frequently appear on the disclosed "white lists" of partner institutions for banks and consumer finance companies [2][3]. - Specific consumer finance companies like Zhaolian Consumer Finance, Postal Savings Bank of China, and JD Consumer Finance have also released their lists of partner institutions, indicating a broad range of collaboration types including marketing, credit enhancement, and collection services [2][3]. Group 3: Industry Trends - The collaboration between financial institutions and lending partners is evolving from simple lead generation to comprehensive services including risk control and credit enhancement [3][4]. - Experts suggest that future collaborations will focus on compliance, ecosystem development, and restructuring relationships with leading lending platforms, emphasizing a shift from scale expansion to value cultivation [4][5].

10月1日，金融监管总局发布的《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》）正式实施。 《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。 发挥优势 多元布局 从披露的合作名单整体来看，平台运营机构类型呈现多元分布。 作为助贷业务的核心参与方之一，在《通知》实施前的半年过渡期内，参照《通知》规定执行的持牌消 费金融公司已通过官网等渠道相继披露完成合作机构名单与合作类型，以充分落实监管要求。 消费金融公司牵手了哪些平台运营机构、增信服务机构？有着怎样的差异化合作发展路径？ 31家机构披露"伙伴名单" 在新规落地倒计时之际，消费金融公司开启了一轮合作机构名单的集中披露潮。 9月30日，在《通知》生效前一天，新更名不久的京东消金在官网对其合作机构进行了名单公示。名单 显示，该公司共有5家互联网贷款合作机构和3家贷后合作机构，以科技公司为主，包括北京转转精神科 技有限责任公司、天星数科科技有限公司、天津趣拿互金信息技术有限公司、云瀚信息科技有限公司 等。 9月26日，"银行系"的中信消 ...

Core Viewpoint - The implementation of the new regulatory framework for internet lending by commercial banks aims to enhance the quality and efficiency of financial services, requiring banks to manage platform operators and credit enhancement service providers through a list management system [1] Group 1: Regulatory Changes - The Financial Regulatory Bureau issued a notice on October 1, mandating commercial banks to disclose lists of platform operators and credit enhancement service providers [1] - Licensed consumer finance companies have begun to disclose their partner lists in compliance with the new regulations during a six-month transition period [1] Group 2: Partner Disclosures - As of September 30, 31 consumer finance companies have disclosed a total of 1,133 partner institutions, including lending, credit enhancement, and collection service providers [3] - Notable disclosures include JD Finance's partnerships with 5 internet loan operators and 3 post-loan service providers, and Citic Consumer Finance's collaboration with 19 platform operators and 15 credit enhancement service providers [2][3] Group 3: Diverse Collaboration Paths - The disclosed partner lists show a diverse range of platform operators, including internet giants like Ant Group and JD, as well as specialized fintech companies and other licensed financial institutions [4] - Different consumer finance companies exhibit varying strategies in partner selection based on their unique strengths and resource endowments [4][5] Group 4: Compliance and Risk Management - The industry faces common challenges related to compliance and risk, particularly concerning consumer complaints about hidden fees and inadequate information disclosure [6] - The new regulations increase compliance costs for consumer finance companies, necessitating enhanced data security measures to protect sensitive information [6][7] Group 5: Strategic Partnerships - Consumer finance companies leverage partnerships with lending platforms to enhance efficiency and share risks, with lending platforms acting as outsourced financial service providers [7] - The collaboration between licensed financial institutions and lending platforms aims to combine funding advantages with effective online customer acquisition and risk management capabilities [7]

从更名到"换帅"的战略重塑 10月10日，国家金融监督管理总局天津监管局发布批复，正式核准天津京东消费金融有限公司（以 下简称"京东消金"）董事长的任职资格。 历经股权重组与更名的京东消金至此完成了核心管理团队的关键搭建，这一批复的发布也为2025年 持续升温的消费金融公司高管迭代潮再添新的注脚。 京东消金的"换帅"并非个例，2025年开年以来，消费金融行业已迎来一轮密集的高管迭代。 9月底，国家金融监督管理总局北京监管局核准了宫永媛建信消金的董事、总裁任职资格，而建信 消金年内除了总裁有变之外，于今年2月还更换了董事长。 今年5月，国家金融监督管理总局天津监管局日前发布行政许可，已同意捷信消金正式更名为京东 消金，英文名也同步变更，标志着这家国内首批消费金融试点公司的重组进程尘埃落定。 素喜智研高级研究员苏筱芮表示，捷信消金变更为京东消金，从品牌层面讲，意味着该持牌主体已 纳入京东集团旗下，后续有望为京东金融的自营、联营贷款提供持牌助力，在杠杆率、发行金融债等层 面获得比小贷更领先的持牌优势；从行业层面讲，则意味着消费金融行业的"互联网系"公司又添一名实 力新成员，有望带动持牌消费金融行业的整体注册资本、贷 ...

Core Insights - The consumer finance sector plays a crucial role in stimulating consumption, with significant increases in loan amounts and numbers during the recent National Day and Mid-Autumn Festival holidays [1] - Consumer finance institutions are expanding credit supply to meet the financial needs of consumers for travel and shopping, supported by promotional measures such as interest-free coupons and trade-in offers [1] - The industry is evolving from pilot exploration to a new force in promoting consumption, with stable provisioning rates and robust asset quality [1] Group 1 - The consumer finance industry is focusing on expanding credit supply to stimulate consumption, particularly in daily life scenarios [2] - Institutions are leveraging their group company advantages to embed financial services into various consumer scenarios, such as home appliances and digital products [2] - There is a notable issue of service homogeneity among consumer finance institutions, which may weaken competitive advantages in the face of rising operational costs and customer acquisition pressures [2] Group 2 - The integration of technology and consumer finance is becoming essential, with data analysis helping to identify user risks and optimize product offerings [3] - Financial support for consumption is a key task this year, with guidance emphasizing the need for innovative financial products tailored to consumer scenarios [3] - The extension of consumer finance into more areas of daily life is expected to enhance domestic demand and improve living standards [3]

Core Insights - The article highlights the achievements of China Post Consumer Finance in the 2025 "Data Element ×" competition, where it won three awards in the financial services category, showcasing its leadership in digital transformation and AI application [1][3]. Group 1: Awards and Recognition - China Post Consumer Finance won three awards: third prize for "Innovative Research and Application of Intelligent Risk Anti-Fraud," application practice award for "Digital Transformation Paradigm Based on Big Data," and development potential award for "Intelligent Data Analysis Engine for Inclusive Financial Decision-Making" [1]. - The awards reflect the company's significant achievements in data integration and AI innovation [1]. Group 2: Technological Innovations - The company has developed a comprehensive intelligent anti-fraud system that integrates "visualization + star network + multimodal + rules," successfully intercepting over one million risky transactions annually and saving billions in fraud losses [5]. - In intelligent marketing, it has created a full-process intelligent closed loop that evaluates customer value using machine learning algorithms, effectively reaching underserved credit groups through a data-driven "self-enhancement" model [5]. - The intelligent data analysis engine, based on "full-domain data integration + real-time intelligent analysis + automated decision optimization," supports refined operations and scientific decision-making [5]. Group 3: Commitment to Technology and Innovation - As a licensed consumer finance institution, China Post Consumer Finance emphasizes a "technology-first" development philosophy, with 146 patent applications, 104 of which have been authorized, and 121 software copyrights [5]. - The development of the "Youyuanjian" large model provides a solid technical foundation for AI applications in the industry, contributing to the integration of AI and big data [5]. Group 4: Future Directions - The company aims to continue its commitment to "finance for the people," integrating data elements with financial services to enhance the digital transformation of the consumer finance industry and promote inclusive finance [6].

手机应用程序收集用户信息持续规范中，又一批违规金融领域App被通报。上海市通信管理局日前发布 关于侵害用户权益行为App的通报指出，平安消费金融有限公司（以下简称"平安消费金融"）旗下同名 应用平安消费金融App存在超范围收集个人信息情况。 10月13日，针对上述情况，平安消费金融方面回应北京商报记者表示，将确保在时效内尽快完成整改。 而北京商报记者实测发现，用户在平安消费金融App进行注册时，需要一键授权将信息同步至18家"平 安系"关联公司。有分析人士指出，此举涉嫌侵犯金融消费者的知情权和选择权，作为金融机构，金融 的严肃性和合规性不容忽视。 超范围收集信息 上海市通信管理局通报指出，依据《中华人民共和国个人信息保护法》《中华人民共和国网络安全法》 《中华人民共和国电信条例》《电信和互联网用户个人信息保护规定》等法律法规，上海市通信管理局 对App（SDK）侵害用户权益的违规行为持续开展整治。本批次共发现27款App（SDK）存在侵害用户 权益行为。 具体来看，27款App中涉及16家机构，其中包括14家金融机构以及2家中介类机构，涉及的金融机构则 包括银行、保险、消金、期货等多种类型。 唯一一家被点名的 ...

手机应用程序收集用户信息持续规范中，又一批违规金融领域App被通报。上海市通信管理局日前发布关于侵害用户权益行为App的通报指出，平 安消费金融有限公司（以下简称"平安消费金融"）旗下同名应用平安消费金融App存在超范围收集个人信息情况。 10月13日，针对上述情况，平安消费金融方面回应北京商报记者表示，将确保在时效内尽快完成整改。而北京商报记者实测发现，用户在平安消 费金融App进行注册时，需要一键授权将信息同步至18家"平安系"关联公司。有分析人士指出，此举涉嫌侵犯金融消费者的知情权和选择权，作 为金融机构，金融的严肃性和合规性不容忽视。 超范围收集信息 手机应用程序违规收集个人信息，主要发生在注册、使用服务等环节。"实名制"等要求下，用户在使用App时，往往需要完成信息注册，这一环 节通常需要向运营方提供个人手机号，更进一步则是需要提供姓名、身份证号等。 而基于金融服务的特殊性，金融类App所需要的用户信息更为复杂多样。在持牌消费金融类机构提供的信贷服务中，消费者还需要向平台提供身 份证正反面照片、银行卡号、工作单位、紧急联系人电话等多种隐私类信息。 上海市通信管理局通报指出，依据《中华人民共和国个人信 ...