Financial Data and Key Metrics Changes - Total net revenue for Q3 was RMB 5.21 billion, slightly down from RMB 5.22 billion in Q2 but up from RMB 4.37 billion a year ago [16] - Non-GAAP net income reached RMB 1.51 billion in Q3, compared to RMB 1.85 billion in Q2 [21] - Non-GAAP net income per fully diluted ADS was RMB 11.36 in Q3, down from RMB 13.63 in Q2 [21] - The effective tax rate for Q3 was 20.9%, higher than the typical rate of approximately 15% due to withholding tax provisions [21] Business Line Data and Key Metrics Changes - Revenue from credit-driven services was RMB 3.87 billion in Q3, up from RMB 3.57 billion in Q2 [16] - Revenue from platform services was RMB 1.34 billion in Q3, down from RMB 1.65 billion in Q2 [17] - The average internal rate of return (IRR) for loans originated was 20.9%, compared to 21.4% in Q2 [17] Market Data and Key Metrics Changes - The number of new credit line users grew by 9% to 1.95 million in Q3, while the average cost per credit line user declined by 8% [8] - The 90-day delinquency rate increased to 2.09% in Q3 from 1.97% in Q2 [18] - The provision coverage ratio remained near historical high at 613% in Q3 [21] Company Strategy and Development Direction - The company is focusing on risk management and enhancing AI capabilities to better serve inclusive finance needs [4] - The strategy includes optimizing the user mix by increasing the proportion of high-quality borrowers [6] - The company aims to strengthen its competitive edge through technology solutions and AI-driven initiatives [10] Management's Comments on Operating Environment and Future Outlook - The management acknowledged persistent headwinds in the consumer finance sector and the need for regulatory adjustments [4] - They expect the competitive environment to become healthier in the long run, despite short-term impacts on market size and profitability [27] - The company plans to maintain a cautious approach in business planning for the next few quarters, focusing on risk control [23] Other Important Information - The company issued RMB 4.5 billion in asset-backed securities (ABS) during Q3, up 29% year-over-year [8] - Total cash and cash equivalents were RMB 14.35 billion in Q3, compared to RMB 13.34 billion in Q2 [22] - The company plans to resume its share repurchase program after the earnings call [33] Q&A Session Summary Question: Impact of new loan facilitation rules on business model and take rates - Management indicated that the new rules will require time for adjustment, impacting market size and profitability in the near term [26] - They expect a take rate of 3%-4% in Q4 due to pricing and risk impacts, with a focus on optimizing risk strategies and improving collection efficiency [28] Question: Shareholder return and buyback plans - The company plans to resume its share repurchase program after the earnings call, with a goal to gradually increase dividend payouts [33][34] Question: Asset quality trends and expectations - Management noted early signs of stabilization in asset quality, with no further upward trend in delinquency rates observed in November [39] - They expect improvements in overall portfolio risk to take a few more months to materialize [43] Question: Implications of potential APR regulations - Management assessed that while direct impacts are limited, there may be indirect effects on liquidity and risk volatility [49] - They emphasized the importance of serving higher-quality users and optimizing pricing to maintain a balanced risk profile [50] Question: Drivers behind technology solutions loan volume growth - The technology solutions business saw significant growth due to increased collaboration with financial institutions and strong demand for AI agents [55] - The company is upgrading its technology offerings to enhance customer acquisition and risk management [56] Question: Capital heavy vs. capital light business mix outlook - In the short term, the company may lean towards capital light models due to market volatility, but expects to maintain a balanced mix over the long term [60]

Financial Data and Key Metrics Changes - Total net revenue for Q3 was RMB 5.21 billion, slightly down from RMB 5.22 billion in Q2 but up from RMB 4.37 billion a year ago [16] - Non-GAAP net income reached RMB 1.51 billion in Q3, compared to RMB 1.85 billion in Q2 [20] - Non-GAAP net income per fully diluted ADS was RMB 11.36 in Q3, down from RMB 13.63 in Q2 [20] - The effective tax rate for Q3 was 20.9%, higher than the typical rate of approximately 15% due to withholding tax provisions [20] Business Line Data and Key Metrics Changes - Revenue from credit-driven services was RMB 3.87 billion in Q3, up from RMB 3.57 billion in Q2 [16] - Revenue from platform services was RMB 1.34 billion in Q3, down from RMB 1.65 billion in Q2 [17] - The average internal rate of return (IRR) for loans originated was 20.9%, compared to 21.4% in Q2 [17] Market Data and Key Metrics Changes - The number of new credit line users grew by 9% to 1.95 million in Q3, while the average cost per credit line user declined by 8% [9] - The 90-day delinquency rate increased to 2.09% in Q3 from 1.97% in Q2 [18] - The day-one delinquency rate rose to 5.5% in Q3 from 5.1% in Q2 [18] Company Strategy and Development Direction - The company aims to prioritize risk management and enhance AI capabilities to better serve inclusive finance needs [4] - The focus will be on onboarding high-quality users and optimizing the overall user mix, supported by AI-driven data models [10] - The company is exploring international expansion opportunities while maintaining a commitment to shareholder returns [15] Management Comments on Operating Environment and Future Outlook - The management noted persistent headwinds in China's economy and consumer finance sector, with a decline in short-term consumer loans [4] - The company expects the competitive environment to become more sustainable and healthier in the long run due to regulatory changes [26] - For Q4, the company anticipates generating non-GAAP net income between RMB 1 billion and RMB 1.2 billion [23] Other Important Information - The company issued RMB 4.5 billion in asset-backed securities (ABS) during Q3, up 29% year-over-year [9] - The total cash and cash equivalents and short-term investments amounted to RMB 14.35 billion in Q3, compared to RMB 13.34 billion in Q2 [21] - The company has executed a share repurchase program, purchasing approximately 7.3 million ADSs for a total of $281 million [23] Q&A Session Summary Question: Impact of new loan facilitation rules on business model and take rates - Management indicated that the new rules will impact market size, risk levels, and profitability in the near term, but will lead to a healthier competitive environment in the long run [25][26] Question: Competitive landscape after loan facilitation rules - Management noted a major shakeout in the high-pricing segment, with expectations of reduced competition for traffic and potential market consolidation benefiting the company [28][29] Question: Shareholder return and buyback plans - Management confirmed the resumption of the share repurchase program after the earnings call, with a goal of gradually increasing dividend payouts [31][32] Question: Asset quality trends and expectations - Management observed early signs of stabilization in asset quality, with a focus on optimizing risk strategies and improving collection efficiency [33][34] Question: Implications of potential APR regulations - Management assessed that while direct impact from APR regulations is limited, there may be indirect effects leading to increased liquidity pressure and risk volatility [37][39]

格隆汇11月19日丨奇富科技-S(03660.HK)发布公告，2025年第三季度，净收入总额为人民币52.057亿元 (7.312亿美元)，净利润为人民币14.325亿元(2.012亿美元)，非公认会计准则净利润为人民币15.082亿元 (2.119亿美元)。每股全面摊薄美国存托股("美国存托股")净收益为人民币10.80元(1.52美元)，每股全面 摊薄美国存托股非公认会计准则净收益为人民币11.36元(1.60美元)。 今年前三个季度，我们累计发行ABS近人民币189亿元，较去年同期增长超40%。尽管行业流动性有所 收紧，我们的综合资金成本仍保持在历史低位。为适应行业的动态变化，我们持续对业务结构进行一些 必要的调整。截至季度末，轻资产模式、ICE和全面技术解决方案的在贷余额占比约为48%。未来几个 季度，我们将持续推进业务结构调整，从而实现在新的运营环境下的业务结构最优化。鉴于宏观挑战和 不确定性依然存在，我们将继续保持核心业务的韧性。同时，行业的迅速变化也带来一定机遇，短期内 将促使我们进一步优化运营和资源配置，从而在行业复苏时能够把握新的增长契机，实现长期发展。" 奇富科技首席执行官兼董事吴海生先生 ...

Core Viewpoint - China Post Consumer Finance Co., Ltd. has established itself as a significant player in the consumer finance sector over the past ten years, focusing on inclusive finance and leveraging technology to enhance service efficiency and customer experience [2][3][6]. Group 1: Company Overview - Established in November 2015, China Post Consumer Finance is positioned as a national licensed consumer finance institution, initiated by Postal Savings Bank of China [2]. - The company has developed a diverse product portfolio covering various consumer scenarios, including 3C digital products, travel, education, and home decoration [3]. - As of October 2025, the company has served 18.57 million key customer groups, with a loan issuance scale exceeding 1 trillion yuan [4]. Group 2: Financial Performance - Since 2022, the comprehensive pricing of loans has been on a downward trend, with a decrease of 4.53 percentage points from the end of 2021 to October 2025 [3]. - The company has provided special services such as interest fee waivers and credit support plans to 238,500 customers since 2020 [3]. Group 3: Technological Advancements - The company has developed the "Youyuanjian" model, which has significantly improved internal efficiency and customer experience through the integration of AI and business processes [6]. - The intelligent customer service system has achieved a 98% accuracy rate in customer intent recognition, enhancing customer satisfaction [6]. - As of October 2025, the company holds 106 authorized patents and 135 software copyrights, with over 90% of its application systems being self-developed [7]. Group 4: Consumer Rights Protection - China Post Consumer Finance actively promotes consumer rights protection through various educational initiatives, including online and offline campaigns targeting vulnerable groups [8][10]. - The company has launched nearly 20 creative anti-fraud public welfare activities since 2021, reaching over 100 million consumers [9]. Group 5: Social Responsibility - The company engages in educational poverty alleviation activities, such as the "Walking Blackboard" initiative, which focuses on improving the quality of education in rural areas [10]. - It promotes green consumption through initiatives like the "Old for New" program and the "Youyou Forest" feature, which rewards users for environmentally friendly behaviors [11].

（原标题：央行北京分行等12部门，最新发布！） 二、加大重点领域金融支持，挖掘消费潜力 （一）加大商品消费信贷支持力度。积极开展汽车贷款业务，合理确定贷款发放比例、期限和利率，适 当减免汽车以旧换新过程中提前结清贷款产生的违约金。引导金融机构针对首次购买、以旧换新、二手 车等不同购车场景优化创新金融产品，加大对汽车特别是新能源汽车消费的金融支持力度。鼓励金融机 构积极满足家电以旧换新、绿色智能家居家装、电子产品等领域消费金融需求，通过多种形式参与商家 促消费活动，提供消费贷款、信用卡分期费率优惠等活动，为消费者适当减费让利。 （二）促进文旅体育消费提质升级。依托首都作为全国文化中心和国际交往中心的功能定位，深挖历史 文化特色资源，围绕全民阅读、文艺演出、直播探店、非遗传承、乡村文旅、民俗文创等领域和北京消 费季"京彩四季"主题活动，创新融资模式，加大信贷投放力度。更好发挥东城区国家文化与金融合作示 范区的引领示范作用，提升辖内银行文化金融服务能力。充分发挥首都"双奥之城"优势，鼓励金融机构 围绕"赛事+"、冰雪经济等消费场景丰富金融产品，探索开展"门票收益权质押"等融资模式，着力培育 精品赛事体系和赛事运营企 ...

Core Viewpoint - The People's Bank of China and 12 other departments have issued a plan to enhance and expand consumption in Beijing through financial support measures, focusing on bond market financing and consumer credit expansion [1] Group 1: Financial Support Measures - The plan emphasizes increasing financing support in the bond market for eligible enterprises in cultural, tourism, and education sectors [1] - It encourages qualified technology innovation enterprises to raise funds through the bond market to enhance the quality of smart elderly care and smart medical products [1] - Financial debt issuance is supported for eligible consumer finance companies, auto finance companies, and financial leasing companies to broaden funding sources and expand consumer credit [1] Group 2: Consumer Credit Expansion - The initiative promotes the securitization of retail loans, including personal auto loans, consumer loans, and credit card loans, to increase the supply capacity of consumer credit [1] - The goal is to activate existing credit stock and enhance the overall consumer credit environment [1]

Core Viewpoint - Banks are actively selling properties at prices significantly lower than market rates, driven by the need to manage non-performing assets and respond to economic pressures in the real estate market [1][2] Group 1: Market Context - The trend of banks selling properties is a response to increasing defaults on personal mortgage loans and real estate development loans, leading to a rise in "foreclosure properties" and "debt settlement assets" on bank balance sheets [1] - Traditional channels for disposing of these assets have become bottlenecks, with high rates of unsold foreclosure properties due to issues like unclear tax obligations and difficulties in clearing properties [1][3] Group 2: Benefits of Direct Property Sales - Direct property sales by banks can significantly enhance asset disposal efficiency and accelerate capital recovery, while also reducing legal disputes through better control of the transaction process [2] - Buyers benefit from lower prices, typically 16% to 31% below market rates, along with a transparent transaction process and access to mortgage services, addressing the challenges associated with purchasing foreclosure properties [2] Group 3: Challenges and Risks - Banks face challenges in selling properties due to a lack of professional sales teams and market experience, which may lead to inefficiencies and potential conflicts of interest [3] - The influx of low-priced properties into the market could temporarily suppress surrounding property values, as evidenced by a 4.2% drop in average transaction prices in certain areas [3] Group 4: Alternative Asset Disposal Strategies - Banks have other mature pathways for disposing of non-performing assets, such as packaging them for asset management companies (AMCs), which can leverage their expertise for more effective asset management [4] - Establishing special asset divisions or utilizing asset securitization can also help banks manage risks and share returns with investors [4] - Collaborating with local governments and quality real estate companies on projects related to housing delivery can maximize asset value while ensuring timely project completion [4]

值得注意的是，这一现象并非银行独有，消费金融公司、汽车金融公司等非银机构也在加大个贷不良资 产出清力度，共同印证了行业处置模式的转型。 银行下场卖房这一处置方式的利弊呈现多面性。对银行而言，直接卖房能显著提升资产处置效率，加速 资金回笼。同时通过自主把控交易流程，减少信息不对称带来的法律纠纷，最大限度保全资产价值。对 购房者来说，"直供房"成交价普遍低于市场价16%—31%，且交易流程规范透明，还能享受按揭贷款等 配套金融服务，有效解决了法拍房需全款支付的痛点，降低了"踩坑"风险。对市场而言，不良资产的有 序消化避免了恐慌性抛售对房价的冲击，为房地产市场健康发展筑牢缓冲垫。 "银行也在卖房了，比市场价低不少。"近期，兰州、广东等地银行通过线上平台直接挂牌"直供房"的消 息引发市场热议。这些房源凭借显著的价格优势和清晰的产权属性，成为刚需购房者的"捡漏"新选择。 而这背后，是金融机构不良资产处置从"被动清收"向"主动管理"转型的深刻变革。 银行"下场卖房"是特定经济环境下的选择。近年来，受经济下行压力与房地产市场深度调整影响，个人 按揭贷款断供、房地产开发贷款违约现象增多，银行持有的"法拍房""抵债资产"规模持 ...

Core Viewpoint - Banks are actively selling properties at prices significantly lower than market rates, driven by the need to manage non-performing assets and respond to economic pressures in the real estate market [1][2]. Group 1: Market Context - Recent economic downturns and deep adjustments in the real estate market have led to increased defaults on personal mortgage loans and real estate development loans, resulting in a growing scale of "foreclosure properties" and "debt settlement assets" held by banks [1]. - Traditional disposal channels for these assets have faced bottlenecks, with high rates of unsold foreclosure properties due to issues like unclear tax obligations and difficulties in clearing properties [1][3]. Group 2: Benefits of Direct Property Sales - Direct property sales by banks can significantly enhance asset disposal efficiency and accelerate capital recovery, while also reducing legal disputes through better control of the transaction process [2]. - Buyers benefit from "direct supply properties" that are generally priced 16% to 31% lower than market rates, with transparent transaction processes and access to mortgage services, addressing the challenges of full cash payments for foreclosure properties [2]. Group 3: Challenges and Risks - Banks may face challenges due to a lack of professional sales teams and market promotion experience, which could lead to inefficiencies and imbalances in cost and revenue [3]. - Potential issues with property rights and payment of property fees could result in disputes that harm the bank's reputation [3]. - The influx of low-priced properties into the market could temporarily suppress surrounding property prices, as seen in certain areas where average transaction prices have dropped [3]. Group 4: Alternative Asset Disposal Strategies - Besides direct sales, banks can utilize more mature and innovative methods for disposing of non-performing assets, such as packaging them for asset management companies (AMCs) that specialize in efficient asset disposal [4]. - Establishing "special asset divisions" or using asset securitization to attract capital market investors are also viable strategies for risk sharing and maximizing returns [4]. - For properties that are difficult to sell, converting them into long-term rental apartments or affordable rental housing aligns with policy directions and helps activate assets [4]. Group 5: Long-term Strategy - The decision for banks to sell properties directly is a tactical choice aimed at quickly mitigating risks and recovering funds, but it is essential to focus on preventing transaction disputes and reputation risks [4]. - A long-term solution involves building a multi-layered, professional, and market-oriented system for disposing of non-performing assets, with banks acting as financial providers and coordinators through collaboration with AMCs, technology companies, and local governments [4].

近日，国家金融监督管理总局厦门监管局批复同意了厦门金美消费金融有限责任公司（以下简称"金美 信消金"）总经理助理王华军的任职资格。 就在11月11日，金美信消金更新了第三方合作机构信息公告。其中包括引流、担保和委外催收共计51家 合作机构，比起今年上半年公布的59家合作方有所减少。 年内新任两名高管 上年末净利润同比降七成 在持牌消费金融行业高管调整频发的大背景下，近期，金美信消金也发生了高管人事调整。11月14日， 国家金融监督管理总局厦门监管局正式发布批复，核准王华军担任金美信消金总经理助理的任职资格。 相较于过往高频次的高管更迭，金美信消金今年的人事变动显得没有那么剧烈。除此次获批的总助王华 军外，今年1月24日，副总经理曾至民的任职资格获批，成为公司年初完善管理架构的重要举措。 监管批复明确要求，新任总助王华军需在行政许可决定作出之日起3个月内到任并报告到任情况，同时 需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。 金美信消金成立于2018年，是国内首家两岸合资持牌消费金融机构。不过，自成立以来，该公司就饱受 高管更迭频繁的困扰。 在2022年1月至20 ...