Financial Performance - The company's net income was $27 million, with a diluted EPS of $020[9] - Consumer and Insurance (C&I) adjusted net income reached $108 million[9] - C&I adjusted diluted EPS was $080[9] - The company delivered strong unlevered returns of 10%+[35, 40, 61] Credit Quality - C&I net charge-off (NCO) ratio was 75%, up seasonally from 62% in 3Q16[9] - The 30–89 delinquency ratio decreased to 23% from 26% in 3Q16[9] - C&I non-TDR loan loss reserve decreased by $10 million or 8bps from 3Q16[9] - The company expects 2017 C&I net charge-off (NCO) ratio to be in the low 7's[25] Receivables and Originations - C&I average net receivables were $135 billion, up 55% from 4Q15[9] - Secured originations at former OneMain were 36%, up from 13% in 4Q15[9] Capital and Liquidity - Tangible leverage ratio was 104x, on track to reach ~7x by 4Q18[9] - The company issued ~$500 million of asset-backed debt at a 31% cost of funds[9] - ~$5 billion of available cash and undrawn conduits as of December 31, 2016[9]

OneMain Holdings, Inc. (NYSE: OMF) 4Q 2017 Earnings Presentation February 14, 2018 Important Information This document contains summarized information concerning OneMain Holdings, Inc. (the "Company") and the Company's business, operations, financial performance and trends. No representation is made that the information in this document is complete. For additional financial, statistical and business related information, as well as information regarding business and segment trends, see the Company's most rec ...

OneMain Holdings, Inc. (NYSE: OMF) 4Q 2018 Earnings Presentation February 12, 2019 Important Information This document contains summarized information concerning OneMain Holdings, Inc. (the "Company") and the Company's business, operations, financial performance and trends. No representation is made that the information in this document is complete. For additional financial, statistical and business related information see the Company's most recent Annual Report on Form 10-K ("Form 10-K") and Quarterly Repo ...

Core Insights - The consumption finance industry is shifting from scale expansion to quality competition, focusing on cost reduction through technology and deepening service scenarios [2] - The emergence of large models is revolutionizing the consumption finance sector, enabling direct feature extraction from raw data and enhancing user experience through advanced identification technologies [3][5] Group 1: Risk Management and Technology - Haier Consumer Finance intercepts over 4,500 abnormal IDs monthly and has identified 1,500 suspected black and gray market groups using advanced AI technologies [5][6] - The large model utilizes image recognition technology to detect fraudulent behaviors and abnormal backgrounds, enhancing fraud prevention capabilities [6][7] - The risk control system has evolved through four stages, from expert-driven rules to intelligent risk management using AI and non-structured data [8] Group 2: Dynamic Risk Pricing - AI technology aids in precise risk pricing, adjusting loan amounts and interest rates based on user behavior and risk profiles [9] - The average loan amount for Haier Consumer Finance users is approximately 3,000 yuan, with installment options reaching up to 100,000 yuan [9] Group 3: Scene Finance Strategy - Scene finance is viewed as a differentiated development path, requiring strict selection and management of B-end merchants to mitigate risks [12][13] - The company implements a differentiated risk pricing strategy based on user loan purposes and risk levels, aiming to optimize customer experience and service efficiency [14][15] Group 4: Long-term Customer Relationships - The goal is to establish long-term relationships with users by providing support during their growth phases, ensuring they consider the company's products for future financial needs [14][15]

Group 1 - The article emphasizes the importance of deepening capital market reforms and enhancing Shanghai's status as an international financial center, particularly during the Lujiazui Forum where significant policies were introduced [1] - The securities industry is expected to benefit from the expansion of the Sci-Tech Innovation Board and the increase in hard technology companies, which will drive growth in investment banking and M&A activities, as well as cross-border investment and financing demands [1] - In a stable stock market environment, there is a recommendation to focus on undervalued and underrepresented blue-chip stocks, shifting from a marginal thinking approach to a total risk-reward perspective for non-bank blue-chip stocks [1] Group 2 - Recent policies encouraging red-chip and H-shares to return to A-shares are expected to particularly benefit non-bank blue-chip stocks in the Hong Kong market [1] - In the fintech sector, companies with promising growth in their semi-annual reports are recommended for attention, especially in the consumer finance and financial information services industries [1] - The third-party payment sector is anticipated to experience valuation recovery opportunities due to the ongoing catalyst of stablecoin-related policies [1]

Financial Trends - The recent reduction in deposit rates has led residents to reconsider their investment options, including wealth management, insurance, and securities markets [2] - The People's Bank of China reported that non-bank deposits increased by nearly 1.2 trillion yuan in May, marking a year-on-year increase of 30 billion yuan, the highest for the same period in nearly a decade [2] Wealth Management - Bank wealth management is becoming a new battleground, with estimates suggesting that the scale of bank wealth management will rise by 340 billion yuan to 31.77 trillion yuan by May 2025 [3] - The second quarter has seen a significant recovery in the yields of wealth management products, enhancing their attractiveness and contributing to an above-seasonal expansion of the wealth management market in May [3] Regulatory Changes - New regulatory policies are expected to be implemented for bank wealth management, focusing on the quality of wealth management companies rather than just their scale [4] - The proposed regulations will encourage wealth management subsidiaries to prioritize business quality, including research capabilities and consumer rights protection [4][5] Insurance Sector - The decline in deposit rates has shifted consumer interest towards dividend insurance and other savings-type insurance products, with a notable increase in the launch of new insurance products [6][7] - In 2023, 414 new life insurance products were launched, with dividend life insurance accounting for 37.68% of the total, a nearly 10 percentage point increase from the previous year [7] Consumer Finance - The decline in deposit rates is expected to create new opportunities in the consumer finance sector, as lower rates may encourage consumers to spend more on durable goods and services [8][9] - The upcoming implementation of new regulations for consumer lending is anticipated to increase compliance pressures on small lending institutions, potentially leading to industry consolidation [10][11]

Group 1: E-commerce Performance - JD's "618" event achieved record high with over 2.2 billion orders and user count increasing by over 100% year-on-year [1] - Tmall reported that 453 brands surpassed 100 million yuan in sales during the "618" event, marking a 24% year-on-year growth [1] - E-commerce platforms extended promotional periods and introduced new strategies, focusing on customized themes and niche categories [1] Group 2: Consumer Trends - Different consumer demographics, including the elderly, are showing diverse purchasing behaviors during the "618" event, reflecting a shift in consumption patterns [1][2] - The silver-haired demographic is increasingly engaging in various consumption scenarios, purchasing AI products, outdoor gear, and fashion items, indicating a younger consumption trend [2][3] - The demand from the elderly is shifting from traditional categories to lifestyle-oriented products, showcasing a deeper transformation in their consumption behavior [3][4] Group 3: Trade-in Policies - Trade-in policies have expanded to include more categories, with subsidies increasing from hundreds to thousands of yuan [6] - E-commerce platforms are promoting trade-in offers, combining national subsidies with platform discounts to attract consumers [6] - As of May 31, 2025, trade-in policies have driven sales of 1.1 trillion yuan across five major categories, with significant consumer participation [7] Group 4: Consumer Finance - Consumer finance companies are actively participating in major promotional events like "618," offering flexible financial services to enhance consumer spending [8] - Various promotional activities, such as interest-free offers and interactive events, are being launched by consumer finance firms to support innovative consumption scenarios [8][9] - The integration of financial services into consumer spending is aimed at meeting quality consumption demands and stimulating domestic demand [9]

Summary of Oportun Financial (OPRT) Conference Call - June 11, 2025 Company Overview - **Company**: Oportun Financial (Ticker: OPRT) - **Industry**: Financial Services, specifically focused on providing loans and savings products to underserved individuals - **Target Market**: Low to moderate income individuals with thin or no credit files, primarily English and Spanish speaking [4][5] Core Products - **Unsecured Personal Loans**: Largest and most profitable segment, average loan size of approximately $3,200, average term of 26 months, and weighted average APR of 35.7% [6] - **Secured Personal Loans**: Grew 59% year-over-year to $178 million, representing 7% of the portfolio, with average loan size of $6,700, average term of 35 months, and weighted average APR of 35.1% [6] - **Set and Save Savings Product**: Rated highly by Bankrate and Forbes, helping members save an average of $1,800 annually, contributing to over $11.7 billion saved since launch [12][13] Financial Performance - **Q1 2025 Results**: - Loan originations of $469 million, up 39% year-over-year - Total revenue of $236 million, down 6% year-over-year due to the absence of credit card revenue - Adjusted net income of $18.6 million, adjusted EPS of $0.40, and GAAP EPS of $0.21 [19][20] - **Charge Off Rates**: - Front book annualized net charge off rate of 11.5%, targeting a range of 9% to 11% [18][32] - Back book net loss rate at 23.1%, making up 4% of the loan portfolio [18] Strategic Priorities - **2025 Focus Areas**: - Improving credit outcomes - Strengthening business economics - Identifying high-quality originations [13][14] - **Growth Strategy**: - Targeting 10% growth in loan originations for the year - Emphasis on secured personal loans, which have superior credit performance [15][21] Underwriting and Technology - **AI-Driven Underwriting**: - 100% automated underwriting process using AI and machine learning to analyze billions of data points [8][9] - Focus on verifying incomes and assessing borrowers' ability to pay [10][16] - **Version 12 Underwriting Model**: - Incorporates inflation data and is continuously being enhanced [48][49] Capital and Liquidity - **Debt Management**: - Reduced debt to equity ratio from 8.7x to 7.6x, with no mandatory corporate debt repayments for the remainder of 2025 [22][23] - **Funding Capacity**: - Total cash of $231 million, with $317 million in available funding capacity through warehouse lines [23] Market Position and Future Outlook - **Market Expansion**: - Currently operating in 41-42 states, with interest in expanding to New York [46][47] - **Long-Term Goals**: - Aim to achieve a leverage ratio of 6x and maintain a focus on profitable growth and debt reduction [34][35] Additional Insights - **Customer Engagement**: - 75% of loan applicants used mobile or digital channels for applications, highlighting the importance of a multichannel strategy [11][45] - **Cross-Selling Opportunities**: - Synergies between credit and savings products are recognized, although specific cross-sales metrics are not disclosed [38][39] This summary encapsulates the key points discussed during the conference call, providing insights into Oportun Financial's operations, financial performance, strategic priorities, and market outlook.

J P M O R G A N Japan Megabanks (Mizuho>MUFG>SMFG), China Banks (CRCB downgrade), Japan Consumer Finance, Asia Credit Conference (Survey) Ayano Tsunoda +81 3 6736 7628 ayano.tsunoda@jpmorgan.com 4 key highlights today: Specialist Sales APAC Specialist Sales 10 June 2025 J P M O R G A N | Date | | Bank | Insurance | Diversified | Macro | | --- | --- | --- | --- | --- | --- | | 11-Jun | Wed | | CPIC AGM | | Japan May PPI, South Korea U-Rate US May CPI, US10Y Acution | | | | | | | VivaTech Summit (Nvidia CEO s ...

Group 1 - The consumption finance industry is experiencing a significant transformation, with favorable policies being released to stimulate consumption and a focus on compliance and innovation [2][3] - In 2024, among 31 licensed consumer finance institutions, the top four institutions (Ant Group, Zhaolian Consumer Finance, Xingye Consumer Finance, and Bank of China Consumer Finance) hold nearly 46% of the total assets, which amount to approximately 6,388 billion [3][4] - The revenue of 24 disclosed consumer finance institutions reached 1,138.6 billion, with the top four institutions accounting for half of this total [3][4] Group 2 - The "Matthew Effect" is evident in the consumer finance industry, where leading institutions are increasingly outperforming smaller ones, leading to a widening gap [4][5] - The pressure for capital replenishment is intensifying, with weakened internal capital generation capabilities and reduced shareholder investment, resulting in slower growth of shareholder equity [4] - AI technology is being widely adopted by leading consumer finance institutions to enhance efficiency and extend service scenarios, with applications in smart credit, wealth management, and remote banking [5][7] Group 3 - The introduction of the "Assisted Loan New Regulations" in April 2025 marks a significant turning point for the industry, emphasizing compliance and transparency in partnerships between banks and non-bank financial institutions [9][10] - The new regulations include a "white list" mechanism, which will likely accelerate the elimination of smaller assisted loan platforms and favor compliant leading institutions [9][10] - The implementation of the white list management is expected to intensify industry differentiation and reshuffling, benefiting compliant and capital-rich leading platforms [10][11] Group 4 - Consumer finance companies are advised to focus on high-frequency consumption scenarios and collaborate with various industries to create a "scene + finance" ecosystem [11][12] - There is a need for product innovation and diversification to meet the demands of new consumer segments, including new urban residents and employees of emerging productivity enterprises [11][12] - The industry faces the challenge of balancing compliance with innovation while ensuring consumer protection and transparent pricing [12][13]