证券时报记者刘筱攸 剑指万亿级助贷市场的监管新规离正式实施还有4个月，但影响已开始显现。 上述监管新规即是金融监管总局4月发布的《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《新规》），该《新规》将于10月1日起正式施行。 来自北京和华南的两家头部助贷平台人士向证券时报记者透露了最新合规整改进展，两家平台均在深入 研究《新规》各项条款的基础上，逐条制定与之匹配的执行计划，并对现有业务流程展开全面梳理。 其中一家平台透露，近期24%～36%高风险利率区间的对客产品资金已显著趋紧。部分合作资方银行从 整体资金风险审慎管理角度出发，直接拒绝审批超出24%利率的对客资金，以缩减高风险利率助贷业务 规模。 相继公布助贷机构白名单 在《新规》正式实施前，助贷行业最显著的变化是银行、消金公司等资方相继公布助贷合作机构"白名 单"。 例如，尚诚消金披露了截至3月19日的14家产品合作机构，蚂蚁智信、微众银行、度小满、信也科技、 分期乐、平安融易等头部助贷平台在列。广州银行披露了截至4月25日的17家互联网贷款业务合作机 构，包括平安融易、马上消金、分期乐、微众银行、蚂蚁消金、支付宝、网商银行、乐信、 ...

虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 以下文章来源于妙投APP ，作者董必政 妙投APP . 出品 | 妙投APP 作者 | 董必政 头图 | 信也官网 在金融科技行业看似平静的水面下，信也科技以2024年全年净利润23.88亿元、日赚超650万元的业 绩，悄然演绎着一场"暴利"神话。 这家成立于2007年的老牌互金平台，在经历P2P暴雷潮、监管收紧等行业动荡后，通过业务转型和 全球化布局，不仅实现了盈利的持续增长，更以18.28%的净利率远超制造业平均水平，成为资本市 场的"宠儿"。 然而，其高利润背后隐藏着怎样的商业逻辑？这种"暴利"模式是否可持续？ # 01 一、暴利数据的冰山一角 信也科技，来头不小，前身是P2P行业龙头企业拍拍贷。 2019年拍拍贷对外宣布正式升级为"信也科技集团"，并决定停止新增P2P业务。紧接着，在2020年9 月，拍拍贷彻底退出了存量网贷业务，就此彻底完成了从P2P网贷平台向助贷平台的转型。 所谓助贷平台，可以理解为贷款中介。 信也科技一手对接银行、金融消费公司等资金方，一手对接C端消费者、个体工商户等，但赚的服 务费可不止几个点。 在 ...

Core Viewpoint - The recent notification from the National Development and Reform Commission aims to reduce credit service fees starting from July 1, 2025, to lower business operating costs and optimize the business environment, which will have a profound impact on financial institutions, businesses, and individuals [1][4]. Group 1: Fee Reductions - The adjustment in credit service fees is significant, with the standard service fee for querying corporate credit reports reduced from 20 yuan to 9 yuan, and for personal credit reports from 2 yuan to 1 yuan [3]. - Various financial institutions, including rural commercial banks and consumer finance companies, will continue to enjoy preferential fee standards, while individuals can still query their credit reports online for free [3][4]. - The annual cost savings for users due to the fee reductions is estimated to be around 1.1 billion yuan [2]. Group 2: Impact on Financial Institutions - Lowering credit service costs is expected to alleviate the operational cost burden on banks, thereby supporting the financing development of the real economy [3]. - The reduction in credit costs is particularly beneficial for small financial institutions, which often face higher credit costs due to the nature of their lending practices [3][4]. Group 3: Broader Economic Implications - The initiative to lower credit service fees is part of a broader strategy to reduce overall financing costs in society, especially in the context of increasing pressure on bank interest margins [4]. - The People's Bank of China has made significant progress in building a comprehensive credit information system, which is crucial for matching financial resources with real demand [4]. Group 4: Considerations and Recommendations - There are concerns regarding potential over-querying of user information due to the lower costs, highlighting the need for financial institutions to respect consumer rights [5]. - Recommendations include optimizing the credit environment and providing consumer finance companies with equal access to public data, which could enhance their operational capabilities [6].

出品 | 妙投APP 作者 | 董必政 头图 | 信也官网 在金融科技行业看似平静的水面下，信也科技以2024年全年净利润23.88亿元、日赚超650万元的业绩，悄然演绎着一场"暴利"神话。 2019年拍拍贷对外宣布正式升级为"信也科技集团"，并决定停止新增P2P业务。紧接着，在2020年9月，拍拍贷彻底退出了存量网贷业务，就此彻底完成了从 P2P网贷平台向助贷平台的转型。 所谓助贷平台，可以理解为贷款中介。 信也科技一手对接银行、金融消费公司等资金方，一手对接C端消费者、个体工商户等，但赚的服务费可不止几个点。 在这个资金掮客的模式当中，拓客、协助放贷是影响信也科技盈利能力最重要的环节。 公司的拓客来源于网销、电销、地推等，毕竟量大出单。单从地推渠道来看，妙投就可以发现助贷可真是个"暴利"的生意。 从BOSS直聘来看，信也科技常年在国内167个地市区招地推人员，要求地推、陌拜的方式寻找满足一定芝麻分的客户，推广用户注册使用助贷APP"KOO钱 包"。 这家成立于2007年的老牌互金平台，在经历P2P暴雷潮、监管收紧等行业动荡后，通过业务转型和全球化布局，不仅实现了盈利的持续增长，更以18.28%的 净利率远 ...

管理层表示，国内业务风险指标和资金成本都处于历史有利水平。 一季度 ， 信也科技国际业务交易额首次突破 30 亿大关，同比增长 36% ； 独立 借款人数量达到 170 万人的历史新高，同比增长 106% 。国际业务营收 7.1 亿元，同比增长 19.5% ，占集团当 季营收的 20.4% 。 其中， 印尼和菲律宾实现了适度利润，符合预期 ， 公司预计两地在 2025 年 将产生至少 1000 万美元净利润。 公司 维持全年收入 10% 到 15% 的业绩增长指引 ， 预计国际市场的贡献 占比 将增加到 25% 。 今年 4 月， 国家金融监督管理总局发布 了助贷新规（《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》），该通知将于 10 月生效。 在业绩交流会中，谈及助贷新规对公司未来在国内业务的影响，信也科技 CFO 徐佳圆表示："新规 的出台意味着助贷业务监管框架的完善和规范。我们还注意到，文件最终版本相对草案来说较为温 和，规定更注重定性方面，而非定量。" "新规要求银行对合作互联网平台实行名单制管理，并规范了融资成本相关内容，要求明确费用标准 并纳入合同，这有助于提升业务透明度和规范性， ...

-徐州分公司办公环境一角- -会议现场- -董事长胡玉建一行与徐州分公司管理层合影- 胡玉建对徐州分公司提出两点要求:一、深耕区域市场,锚定业绩攻坚,聚焦突破年度及月度经营目标,确 保目标高质量落地;二、深化"以客户为中心"的服务理念,始终坚持合规经营的原则,践行"诚实做人,感动 客户"的口碑价值观。 5月16日,东方融资网董事长胡玉建、第二大区总经理李宁一行赴徐州分公司视察并指导工作,为区域发展 赋能增效。 视察期间,胡玉建一行参加了徐州分公司的员工大会,会上,他高度评价了徐州作为"准万亿级"经济体的发 展潜力。他强调,徐州助贷市场空间广阔,分公司要紧抓区位优势,持续提升客户服务体验,为集团开拓区域 市场提供有力支撑。 会上,胡玉建在分析行业和集团的发展态势时表示,当前助贷行业还比较早期,标准化体系缺失既是挑战更 是机遇,东融凭借多年深耕已实现"成立时间最久、从业人数最多、覆盖城市最广"的行业领先优势,未来 要持续强化标准化体系建设,通过输出行业服务标准巩固领军地位。他勉励全体员工秉持"干一行、爱一 行"的工匠精神,在客户服务中沉淀口碑,在业务实践中积累势能,实现个人与企业价值的共同成长。 第二大区总经理李 ...

5月15日,东融科技集团董事长胡玉建、第二大区总经理李宁一行赴济南分公司视察并指导工作。 会议现场 围绕济南分公司2025年发展目标,胡玉建对济南分公司的伙伴们提出了两点要求:一方面要聚焦业绩攻坚, 确保月度及年度目标高质量达成;另一方面要服务好客户,深化口碑建设,要求全员恪守"诚实做人,感动客 户"的核心价值观,以匠人精神打磨每项服务细节,严守合规经营底线,通过提升服务品质构筑百年基业。 济南分公司职场环境一角 董事长胡玉建一行与济南分公司管理层合影 胡玉建一行出席了济南分公司的员工大会。会上,胡玉建对济南分司全体同仁饱满的精气神表示了充分 肯定,并回顾了济南分公司自2022年成立以来的发展历程。他指出,济南分公司作为集团战略布局的重要 支点,成立不久就实现了连续10个月超额完成月度任务的亮眼成绩。期待济南分公司能够在业绩上再创 新高,为集团在济南地区的发展贡献更多力量。 董事长胡玉建在会议上讲话 胡玉建分享到,成熟行业普遍具备强势品牌、寡头型企业及行业标准三大特征,而当前助贷行业尚处"百花 齐放"的早期发展阶段,市场占有率低、标准化程度不足等问题虽然一定程度上制约行业的发展,但也为东 融提供了打造头部品牌 ...

校园贷，重现校园。 近日，有在校大学生向北京商报记者反映，在助贷平台线上营销推荐下进行了多次贷款，额度高达上万 元，用时一时爽，但直到无力还款，陷入被催收窘境，才惊觉贷款风险之大，他直言，"天天被催收被威 胁曝通讯录，已经严重影响了我的学习和生活"。 从分期到借钱，助贷再次将金融触角伸向大学生人群，然而反噬也很快到来，还款能力欠缺的年轻人，在 逾期被催收后，毫不犹豫给平台打上"高利贷""暴力催收"等恶性标签。 而这，并非孤例。北京商报记者调查发现，在监管明令禁止小贷向大学生发放贷款的政策背景下，仍有部 分助贷机构将触角伸向校园，这样的案例并不少见。其中大多助贷机构通过与各类细分场景互联网平台合 作，精准营销。近日，北京商报记者就邀请了数位大学生进行贷款实测，其中不少获得了贷款额度，年化 利率高达24%。 助贷重袭校园，是机构的有意为之还是风控漏洞？对此，北京商报记者也向多家助贷机构进行了采访，独 家获取了他们的一些声音…… 初尝"甜果"后，他后续又多次尝试了贷款行为，但直到最近，他在该平台上申请的上万元贷款因断了收入 来源，再无力还清。 "我也想还，但一日三餐都成了问题，实在不知道该怎么办。"林立无奈道，据其 ...

Core Viewpoint - The new regulations issued by the National Financial Supervision Administration aim to enhance the management of internet lending services by commercial banks, targeting long-standing issues in the industry such as the "dual guarantee" model and ensuring compliance with risk pricing and cost transparency [1][2][3]. Group 1: Regulatory Changes - The new regulations, effective from October 1, require banks to avoid partnerships with non-compliant institutions and to implement differentiated risk pricing [1][2]. - Banks must accurately understand the actual fees charged by credit enhancement service providers to ensure that the comprehensive financing costs for borrowers do not exceed the legal protection limit of 24% annual interest [2][3]. - The regulations will eliminate the "dual guarantee" model, which has allowed some platforms to inflate effective interest rates through additional fees [3][4]. Group 2: Market Reactions - Following the announcement of the new regulations, lending platforms are rapidly adjusting their business models, with many smaller institutions racing to comply before the transition period ends [1][8]. - Some banks are tightening their funding strategies and increasing scrutiny over the lending platforms they partner with, moving away from the previous "easy profit" model [5][6]. - The implementation of a whitelist for compliant lending institutions will raise the entry barriers for smaller platforms, leading to a potential industry consolidation [4][10]. Group 3: Industry Impact - The new regulations are expected to lead to a significant reshaping of the lending landscape, with smaller, non-compliant platforms likely to be phased out [10][11]. - Major players in the market, such as Ant Group and JD.com, are positioned to benefit from the regulatory changes due to their established compliance mechanisms, while smaller platforms may struggle to adapt [10][11]. - The shift towards self-operated channels by banks is anticipated as a strategy to regain control over compliance and reduce reliance on third-party platforms [11].

Core Viewpoint - Quantitative Finance has made its fifth attempt to enter the capital market, facing multiple failures due to regulatory compliance issues and heavy reliance on its lending business, which remains unresolved [3][4][5]. Group 1: IPO Attempts and Regulatory Challenges - The company plans to issue up to 15,097,500 shares for its IPO on the Hong Kong Stock Exchange, with proceeds aimed at enhancing R&D capabilities and improving technical infrastructure [2]. - Previous attempts to go public include a failed 2017 application for the U.S. market and four submissions to the Hong Kong Stock Exchange from June 2022 to December 2024, primarily due to issues like hearing failures and compliance doubts [3][4]. - The China Securities Regulatory Commission (CSRC) has requested additional materials regarding business compliance, user complaints, and equity-related issues during the listing process [3][4]. Group 2: Business Model and Compliance Issues - The company transitioned from a cash loan platform to a comprehensive consumer service platform, "Yang Xiaomei," in response to regulatory changes, but the new business has not gained significant market traction, holding only a 0.7% market share in 2023 [4][5]. - The lending business, which includes products like "Enjoy Card" and "Backup Fund," is a major revenue source, but its compliance has been questioned, with the CSRC indicating potential violations of financial regulations [5][8]. - Revenue from the financial institution's precise matching solutions has fluctuated significantly, with a drop from 76.8% in 2021 to 8.3% in the first half of 2024 [6][8]. Group 3: Financial Health and Future Outlook - As of June 2024, the company reported a net asset deficit of 1.025 billion yuan and a debt-to-asset ratio of 222.51%, indicating severe financial distress [14]. - The company faces a redemption obligation of 1.6 billion yuan in preferred shares while having only 335 million yuan in cash, leading to a critical cash flow situation [14][15]. - Concerns about financial risks are heightened due to reliance on the lending business, cash flow issues, and increasing accounts receivable, which rose from 151 million yuan in 2021 to 443 million yuan in 2023 [14][15].