Core Viewpoint - Lexin, a leading new consumption digital technology service provider in China, reported strong financial performance for Q2 2025, with significant revenue and profit growth, indicating a robust operational strategy and positive market response [2][4]. Financial Performance - Q2 revenue reached 3.59 billion yuan, a 15.6% increase quarter-on-quarter; profit (Non-GAAP EBIT) was 670 million yuan, up 15.2% quarter-on-quarter and 116.4% year-on-year, marking the highest profit in 14 quarters [2]. - The profit margin (annualized net profit/loan balance) improved by 34 basis points compared to Q1, with consistent quarter-on-quarter growth of over 20 basis points [4]. - A share buyback plan of $60 million was initiated in July, and the dividend payout ratio increased from 25% to 30% of net profit, enhancing shareholder returns [4]. Business Operations - The company achieved a transaction volume of 52.86 billion yuan and managed a loan balance of 105.78 billion yuan, with a user base of 236 million [2]. - Risk indicators showed improvement for four consecutive quarters, with a 5% decrease in new asset FPD and a 6% reduction in the 90+ delinquency rate [2]. Strategic Initiatives - Lexin is responding to government policies aimed at boosting consumption by enhancing its product offerings and optimizing service experiences, thereby facilitating consumer spending [5]. - The company upgraded its supply chain and introduced well-known brands to its platform, resulting in a 139% year-on-year increase in GMV during the "6·18" shopping festival [7]. Technological Advancements - R&D investment in Q2 was 160 million yuan, a 10% increase year-on-year, reinforcing the company's commitment to technological leadership [9]. - The company implemented AI-driven risk management systems, enhancing decision-making efficiency and improving post-loan management processes [12]. Consumer Protection and Satisfaction - Lexin is focusing on consumer protection by integrating it into the entire business process, enhancing service response rates and user satisfaction through technological investments [13].

【深圳商报讯】（首席记者谢惠茜）当前金融债市场利率已处于历史较低水平，有助于消金公司发行金 融债。具体来看，自2025年以来，持牌消费金融机构的发债利率区间为1.65%至2.2%，其中最低值来自 浙江宁银消费金融股份有限公司（简称"宁银消金"）1月发行的10亿元金融债，最高值为海尔消费金融 有限公司（简称"海尔消金"）6月发行10亿元金融债的票面利率，这两个利率水平均低于去年同期。 业内人士分析，目前消金行业金融债平均发行利率已经降至2.2%以下，相较于同业拆借、银登中心资 产收益权转让等融资方式，具有明显成本优势，有利于消金公司优化资本结构。 "当前，金融债市场利率已处于历史较低水平，债券发行有利于降低融资成本。"蚂蚁消金方面表示。 虽然消金公司发行金融债的热潮有望延续，但业内还有18家机构至今未能获得发行资格。 "目前仅少数公司具备发债资格，主要因为发债对消金公司的公司治理、盈利能力等存在相对较高的要 求。"素喜智研高级研究员苏筱芮表示。 （文章来源：深圳商报） "一般来说，持牌消金公司都需要用多元化工具来拓展资金来源，包括股东存款、同业借款、金融债、 资产证券化等。而金融债相对同业借款和ABS的优势在于 ...

中经记者 郑瑜 北京报道 随着近期监管集中对消费金融行业提供会员权益服务情况（即"24%+会员权益"业务模式）进行调研摸 查，市场中一些模式变体正在浮现。 有律师告诉《中国经营报》记者，在贷款链条中，存在会员费抑或其他捆绑费用的问题。有的强制要求 借款人购买"借款会员"才能获批额度，把高额费用藏在"会员权益"的幌子下；有的将利息拆分成"服务 费""咨询费"等多个名目，让合同上的利率看起来合规，实际综合成本却悄悄"爆表"。 记者从一位头部助贷平台从业者处了解到，不论是"24%+会员权益"还是"24%+公证""24%+保 险""24%+担保"，甚至是"24%+AMC（资产管理公司）"，都已经受到监管关注。 多种方式绕过利率上限 "在助贷平台上借款13000元，又从我卡上扣款1456元会员费，一年总还款金额是14747元，但是加上会 员费，相当于需要还款16203元。"一位用户在消费者服务平台新浪黑猫上投诉道。 "要求借款人购买上百元的'征信报告'，虽然每种收费都是清晰明确的，但组合在一起后，都是借款人 为了获取贷款而付出的实质综合成本。会员费、信用报告等名目实际上都是借款平台为了突破24%利率 上限与达到表面合规 ...

Core Viewpoint - Ant Consumer Finance Co., Ltd. has successfully issued its first financial bond in 2025, amounting to 2 billion yuan with a fixed interest rate of 1.9%, marking a significant step in expanding its funding sources and business operations [1][3][4]. Group 1: Bond Issuance Details - The bond issued by Ant Consumer Finance is a 3-year fixed-rate product with a total issuance scale of 20 billion yuan [1][3]. - The bond's interest will be calculated annually using simple interest, with no compounding [3]. - The issuance is supported by recent regulatory policies aimed at boosting consumer finance, allowing qualified companies to issue financial bonds [3][4]. Group 2: Credit Rating and Financial Health - The company received a AAA credit rating from United Ratings, indicating strong brand recognition and customer acquisition capabilities, although it faces risks from limited financing channels and macroeconomic impacts on asset quality [4]. - The funds raised from this bond will be used to enhance liquidity and for other regulatory-approved purposes, with a low probability of default due to strong shareholder support [4]. Group 3: Company Performance and Growth - Established in June 2021, Ant Consumer Finance has seen its registered capital increase to 23 billion yuan, making it the largest in the industry, with Ant Group holding a 50% stake [5]. - The company experienced a significant rebound in performance in 2024, achieving a net profit of 3.05 billion yuan, a 1907.2% increase year-on-year, and total assets reaching 313.75 billion yuan, a 30.9% increase [8][9]. - Despite the impressive growth, the company's profitability remains below the peak levels achieved by its predecessors, Huabei and Jiebei, prior to its establishment [9]. Group 4: Financing Challenges and Solutions - Initially, Ant Consumer Finance faced significant limitations in financing due to regulatory requirements, which restricted its ability to issue asset-backed securities (ABS) and financial bonds [10][11]. - The company relied on higher-cost financing methods, such as credit asset rights transfer, which limited its operational efficiency [11][12]. - With the recent approval for financial bond issuance, the company can now lower its financing costs significantly, as the interest rates for financial bonds are much lower than those for credit asset rights transfer [12][13].

Core Viewpoint - Ant Consumer Finance has successfully issued its first financial bond, marking a significant milestone since its establishment over four years ago [2] Company Summary - Ant Consumer Finance completed its first public bond issuance in China, with a total scale of 2 billion yuan and a maturity of 3 years at a coupon rate of 1.90% [2] - The company was approved by the central bank to issue up to 15 billion yuan in financial bonds, valid from July 4, 2025, to July 3, 2027 [2] - The company has met the requirements for bond issuance, including continuous profitability over the last three years and a capital adequacy ratio above 10% [2][4] - Financial performance from 2022 to 2024 shows revenue growth from 4.149 billion yuan to 15.213 billion yuan, with net profit fluctuating from 0.841 billion yuan to 3.051 billion yuan [3] Financial Metrics - Total assets are projected to grow from 106.233 billion yuan in 2022 to 313.751 billion yuan by 2024 [3] - The net loan and advance amount is expected to increase from 87.233 billion yuan in 2022 to 301.467 billion yuan in 2024 [3] - The capital adequacy ratio is forecasted to be 11.12% in 2022, 13.60% in 2023, and 11.25% in 2024, all above the regulatory requirement [3][4] - The non-performing loan ratio is anticipated to rise slightly from 1.69% in 2022 to 1.78% in 2024 [3][4] Industry Context - The issuance of financial bonds has become a crucial funding channel for consumer finance companies, as they are unable to accept deposits [5] - Since 2025, seven consumer finance companies have issued financial bonds totaling over 14 billion yuan, with Ant Consumer Finance's recent issuance contributing to a total exceeding 16 billion yuan for the year [5] - Ant Consumer Finance is a joint venture involving Ant Group and several other companies, with a registered capital increase from 8 billion yuan to 23 billion yuan in recent years [5][6] - The company is the largest in terms of credit business balance among 31 consumer finance companies, with a balance of 310.848 billion yuan as of the end of 2024, reflecting a growth of 36.92% year-on-year [6]

Core Viewpoint - Ant Consumer Finance has issued its first financial bond since its establishment, with a fixed interest rate of 1.9% and a total scale of 2 billion yuan [1][2][3]. Group 1: Financial Bond Issuance - The bond issuance is a 3-year term with a total scale of 20 billion yuan, marking the company's first financial bond since its establishment four years ago [2][4]. - The issuance period was from August 4 to August 6, with a subscription range for the bond's interest rate set between 1.70% and 2.40% [2][3]. - The bond was issued under the approval of the People's Bank of China, which granted a quota of 15 billion yuan for bond issuance, valid until July 3, 2027 [2][3]. Group 2: Purpose and Market Response - The primary purpose of the bond issuance is to enhance financial support for boosting consumption, in line with national and regulatory encouragement for consumer finance companies to diversify their financing channels [3][7]. - The bond received a subscription multiple of 3.8 times, indicating strong market interest, and the pricing was lower than the average yield of 2.04% for similar bonds issued in the past week [3][4]. Group 3: Company Background and Financial Performance - Ant Consumer Finance, established in June 2021 with a registered capital of 23 billion yuan, is one of the largest licensed consumer finance companies in China, primarily handling services like "Huabei" and "Jiebei" under Ant Group [4][5]. - The company's total assets were reported at 106.23 billion yuan, 239.67 billion yuan, and 313.75 billion yuan for the years ending 2022, 2023, and 2024, respectively [4]. - Revenue figures for the same periods were 4.15 billion yuan, 8.63 billion yuan, and 15.21 billion yuan, with net profits of 841 million yuan, 152 million yuan, and 305 million yuan [4]. Group 4: Industry Context - The consumer finance sector has seen a surge in bond issuances this year, with eight companies collectively raising 16.1 billion yuan through 13 bond issues [4][5]. - The average issuance rate for consumer finance bonds has dropped below 2.5% in 2024, providing a cost advantage over other financing methods [6][7]. - Policy support from the central bank and other departments has been crucial in facilitating these financing activities, encouraging consumer finance companies to issue bonds to expand their funding sources [7].

Core Points - Ant Consumer Finance issued its first financial bond since its establishment, with a coupon rate of 1.9% and a total scale of 2 billion yuan [1][2][3] Group 1: Financial Bond Issuance - The bond has a maturity of 3 years and was priced in the interbank bond market, with a subscription period from August 4 to August 6 [2][3] - The issuance is part of a 15 billion yuan bond issuance quota approved by the People's Bank of China, valid until July 3, 2027 [2][3] - The bond was oversubscribed with a subscription multiple of 3.8 times, and the coupon rate is lower than the average yield of 2.04% for similar bonds issued in the past week [3][4] Group 2: Company Background and Financial Performance - Ant Consumer Finance was established in June 2021 with a registered capital of 23 billion yuan, making it one of the largest licensed consumer finance companies [4] - The company's total assets were reported at 106.23 billion yuan, 239.67 billion yuan, and 313.75 billion yuan for the years ending 2022, 2023, and 2024 respectively [4] - Revenue figures for the same periods were 4.15 billion yuan, 8.63 billion yuan, and 15.21 billion yuan, with net profits of 841 million yuan, 152 million yuan, and 305 million yuan respectively [4] Group 3: Industry Context - The consumer finance industry has seen a surge in bond issuances this year, with eight companies collectively raising 16.1 billion yuan through 13 bond issues [4][5] - The average issuance rate for consumer finance bonds has dropped below 2.5% in 2024, providing a cost advantage over other financing methods [6] - Policy support from the central bank and other departments has encouraged consumer finance companies to issue bonds to expand funding sources and consumer credit [7]

Core Viewpoint - Ant Consumer Finance has issued its first financial bond since its establishment, with a fixed interest rate of 1.9% and a total scale of 2 billion yuan [2][4]. Group 1: Financial Bond Issuance - Ant Consumer Finance completed its first public bond issuance on August 5, 2025, with a three-year term and a total scale of 2 billion yuan [2][4]. - The bond issuance was based on a 15 billion yuan quota approved by the People's Bank of China, valid until July 3, 2027 [4]. - The company aims to enhance financial support for consumption and diversify its financing channels, as encouraged by national policies [4][9]. Group 2: Financial Performance - As of the end of 2022, 2023, and 2024, Ant Consumer Finance's total assets were 106.23 billion yuan, 239.67 billion yuan, and 313.75 billion yuan, respectively [6]. - The company's operating income for the same periods was 4.15 billion yuan, 8.63 billion yuan, and 15.21 billion yuan, while net profits were 841 million yuan, 152 million yuan, and 305 million yuan [6]. Group 3: Industry Context - In 2025, multiple consumer finance companies have actively issued financial bonds, with a total of 13 bond issuances raising 16.1 billion yuan [6][8]. - The average issuance interest rate for consumer finance bonds has dropped below 2.5% in 2024, providing a cost advantage over other financing methods [8]. - The issuance of financial bonds by consumer finance companies is supported by policies aimed at boosting consumption and expanding credit [9].

7月中旬，「一只互金鹅」就写过一篇文章，提到近期开了很多会，有很多的通知、调研，有消费金融公司立即调整了业务—— 金融相关的权益、生活服务类权益完全区分开。 除前述服务内容外，如客户购买了逸骊生活服务的，马上消费可能会根据自身产品规划及客户购买的服务期限向客户赠送其他服务权益，具体服务权益类 型、服务权益内容及服务权益使用规则以马上消费平台逸骊生活服务权益详情页面向客户展示的内容为准。 还是那句话，跟钱相关的，如：提额、利息优惠、加速审批…… 这些肯定要算进综合费率里面。 如果仔细观察会发现，马上消费金融的官网已经在7月18日更新了《马上消费金融业务定价、收费项目及服务内容公告》 逸骊生活服务： （1）生活特权； 第三方机构运营的视频、音乐或音频分享平台以及其他类型的联合会员特权等。 （2）购物特权； 线上商城优惠券，当客户在指定商城购买指定商品时，可使用该优惠券抵扣相应金额的价款。 （3）赠送服务； 具体的收费模式有4种，你们直接看图吧，太复杂了： | | 忌、 側少 各ノ 求 人 町 、 佐 庁 式 、 | | --- | --- | | | 资 | | 收还款账户变更服务 | 贷款存续期间,客户可根据实 ...

消费金融行业普遍存在的小额高频交易、用户需求多元化及风控难度高等核心挑战，科技赋能成为破局 关键。 作为一家技术驱动的数字金融机构，马上消费始终坚持"能力全闭环、科技全自主"的发展方向，此次 《报告》披露了马上消费在技术创新方面的最新动态：截至2024年末，马上消费持续加大科研投入，累 计投入达到47.9亿元，主导或参与编制国内外标准超百项。 全球知名科技刊物《麻省理工技术评论》发布的2024年报告，揭晓全球金融机构大模型领域科技创新排 行榜，马上消费与全球顶尖金融机构并肩共登Top10榜单，位列第七名，成为闪耀全球的"中国力量"。 近日，马上消费发布《2024年度社会责任（ESG）报告》（以下简称"报告"），用一系列硬核数据揭开 了数字金融的温度密码。 2024年是中国ESG迈向"标准化"的重要一年，中国财政部等九部委发布了《企业可持续披露准则——基 本准则（试行）》，同时，香港联交所发布《环境、社会及管治报告守则》，对ESG披露作出进一步要 求。 马上消费董事长赵国庆在《报告》开篇辞中表示：作为一家技术驱动的数字金融机构，马上消费始终坚 持业务稳健经营与长期社会责任一体推进。通过科技创新提升普惠金融服务效 ...