随着上市股东半年报陆续发布，目前已有14家持牌消金公司半年业绩得以披露。 | | | | 14家消金公司上半年业绩（亿元） | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 公司名 | 总资产 | 较年初变化 | 营收 | 同比 | 净利润 | 同比 | | 1 | 招联消金 | 1577.22 | -3.68% | 78.99 | -14.77% | 15.04 | -13.34% | | 2 | 輯或消美 | 3064.7 | -2.32% | 100.41 | 67.77% | 14.6 | 57.84% | | 3 | 司下凉等 | 680.99 | 3.87% | 87.35 | 12.96% | 11.55 | 8.15% | | 4 | 兴亦凉等 | 815.39 | -0.70% | 45.6 | -12.10% | 8.68 | 213.36% | | 5 | 杭银消金 | 629.81 | 22.21% | 27.88 | 3.34% | 4.85 | 5.43% | | 6 | 苏银消金 | 630.37 ...

行业发展机遇与挑战 近年来，金融监管部门出台了做好金融"五篇大文章"政策指引，强调金融机构要以数据要素和数字技术为关键驱动，持续深化金融数字化转型。2025年的 《政府工作报告》明确提出，要大力提振消费、提高投资效益，全方位扩大国内需求。这些政策为消费金融行业的发展提供了明确的方向和有力的支持， 也为消费金融业务的创新发展提供了更广阔的市场空间。然而，消 费金融机构也面临着诸多挑战，如市场竞争加剧、消费者权益保护问题等。 社会经济转型与消费大国愿景 2025年6月25日，国务院总理李强在第十六届夏季达沃斯论坛开幕式上的致辞中指出，我国正整体迈向高收入国家，消费升级需求旺盛，既有衣食住行等 传统消费，更有智能终端、文化IP等新兴消费。目前，我国正在加力实施扩大内需战略，开展提振消费专项行动，推动我国在"制造大国"的坚实基础上成 长为超大体量的"消费大国"。在当前全球经济格局深刻调整、我国经济转型升级加速推进的关键阶段，消费升级成为经济增长的重要驱动力。 消费金融作为连接消费与金融的桥梁，顺应消费升级趋势，从传统的单一消费信贷模式，向多元化的消费金融服务体系转变，满足消费者在不同场景下的 融资需求，助力消费升级。 ...

Core Insights - The domestic consumer finance industry has shown positive net profit results for 20 companies, with all reporting positive figures for the first half of 2025, despite some ongoing trends indicating a slight decline in asset scale for leading institutions [1][2] Group 1: Industry Trends - Leading consumer finance companies are experiencing a slowdown in asset scale growth, with major players like Chongqing Ant Consumer Finance and Zhuhai Consumer Finance reporting declines of 2.32% and 3.68% respectively [2][3] - The industry is witnessing a shift towards optimizing asset structures and focusing on high-quality customer segments to mitigate risks, as indicated by the proactive measures taken by companies like Zhuhai Consumer Finance [3][4] - The overall consumer finance sector is transitioning from rapid expansion to refined operations and differentiated competition, with a notable rise of mid-tier institutions [6][7] Group 2: Company Performance - Zhejiang Ningyin Consumer Finance has emerged as a strong competitor, achieving a total asset scale of 701.02 billion and a net profit increase of 26.26% in the first half of 2025 [5] - South Silver Fababa Consumer Finance reported a remarkable net profit growth of 97.36%, driven by increased support in various consumer sectors [6] - Companies backed by strong shareholders, such as Xinyang Consumer Finance and Zhongyin Consumer Finance, have shown significant profit increases, with Xinyang achieving a net profit growth of 213.36% [7][8]

Group 1 - The National Financial Regulatory Administration has approved the appointment qualifications of Cao Yanhong as a director of Beijing Silver Consumer Finance Co., Ltd [1] - On September 11, the Liaoning Financial Regulatory Bureau approved the appointment qualifications of Sun Changhong and Zhou Zhisheng as directors of Silver Consumer Finance Co., Ltd [1]

Core Viewpoint - The "foreign capital + assistive lending" niche market is emerging as foreign banks in China begin to disclose their internet loan cooperation lists, indicating a strategic shift towards consumer lending in response to performance pressures and branch closures [1][2]. Group 1: Foreign Banks' Cooperation - Six foreign banks, including Fubon Bank and Hana Bank, have disclosed their internet loan cooperation partners, with Fubon Bank leading with 52 partners [2][3]. - The cooperation partners are primarily concentrated among major platforms such as Ant Group, JD.com, and ByteDance, as well as various private banks and licensed consumer finance companies [1][3]. Group 2: Market Challenges - Foreign banks are facing dual challenges of performance pressure and branch network contraction, with over 30 branches closing since early 2025 and many banks experiencing a net decrease in loan volumes [1][8]. - For instance, Hana Bank's loan balance decreased from 30.8 billion yuan in 2023 to 28.6 billion yuan in 2024, while its loan loss provisions increased significantly [8]. Group 3: Regulatory Environment - The upcoming implementation of the "Assistive Lending New Regulations" in October 2023 mandates banks to manage cooperation partners through a "whitelist," benefiting major institutions while squeezing out smaller platforms [5][9]. - The new regulations require banks to include all fees, including guarantee service fees, in the comprehensive financing cost, tightening funding exposure for foreign banks [10]. Group 4: Strategic Shift - Foreign banks are actively expanding into consumer finance to overcome retail customer acquisition challenges, leveraging partnerships with major platforms to access large user bases [9]. - Current cooperation models include pure assistive lending, joint loan models, and guarantee enhancement models, with varying levels of involvement from foreign banks [9].

消费金融高管层面的频繁变动引人注目。9月10日，北京商报记者注意到，今年以来，随着监管政策持 续细化、市场竞争愈发激烈以及消费需求场景的不断迭代，消费金融领域也在持续着一场覆盖20家机构 的"人事风云"。这场变动不仅涉及董事长、总经理等核心管理岗位，也涉及到首席风险官、首席信息 官、董事等关键决策角色，业内认为，机构新鲜血液的引入，有望获得更丰富的资源，也有利于不断夯 实组织实力、强化业务拓展。 年内20家现人事变动 9月10日，北京商报记者据国家金融监督管理总局官网不完全统计，2025年以来，已有锦程消费金融、 京东消费金融、招联消费金融、尚诚消费金融、中银消费金融、湖北消费金融、中原消费金融、苏银凯 基消费金融、宁银消费金融、蒙商消费金融、阳光消费金融、小米消费金融、马上消费金融、幸福消费 金融、海尔消费金融、长银五八消费金融、平安消费金融、建信消费金融、金美信消费金融、北银消费 金融，共20家消费金融公司迎来关键岗位的人事调整，涉及董事长、总经理、副总经理、首席风险官、 首席信息官、董事等核心职位。 最近的一次人事调整来自锦程消费金融和京东消费金融。9月8日，国家金融监督管理总局天津监管局信 息显示，李 ...

"从已披露的半年业绩来看，消费金融行业正从规模扩张转向精细化运营和差异化竞争的发展新阶 段。"博通咨询首席分析师王蓬博在接受记者采访时表示。 【又讯】在上半年持牌消金机构业绩大多向好之际，行业马太效应十分明显，呈现中部机构崛起的态 势。 【深圳商报讯】（首席记者 谢惠茜）9月消费金融公司迎来半年报披露季。截至目前，已有蚂蚁消金、 招联、马上消金、中原消金等21家持牌消费金融机构披露了半年报。整体来看，绝大多数机构实现了营 收净利双增长，行业业绩整体回暖。 从资产规模来看，2025年上半年，已披露半年报消费金融公司合计总资产达1.247万亿元，其中蚂蚁消 金的资产规模达3064.7亿元，是唯一的"3000亿俱乐部"成员。招联资产规模达到1577.22亿元，位居第二 位。其次到中银消金、兴业消金与中邮消金，资产规模分别为817.03亿元、815.39亿元、723.51亿元。 从净利润来看，招联、蚂蚁消金、马上消金依然稳居前三位，分别为15.04亿元、14.6亿元、11.55亿 元。值得关注的是，多家机构的净利润增速惊人。其中，兴业消金净利润为8.68亿元，同比增长 213.36%，摘得消金2025年上半年增速之冠 ...

Core Viewpoint - The frequent personnel changes in the consumer finance sector are driven by regulatory policies, intensified market competition, and evolving consumer demand scenarios, impacting 20 institutions and involving key management positions [1][3][4]. Personnel Changes - As of September 10, 2023, 20 consumer finance companies have undergone significant personnel changes, including positions such as chairman, general manager, and chief risk officer [3][4]. - Recent changes include the approval of four new directors at JD Consumer Finance, with a total of seven directors now approved [3]. - Mongolian Merchant Consumer Finance and Bank of China Consumer Finance have seen particularly frequent changes, with multiple approvals for key positions throughout the year [4]. Strategic Drivers - The personnel adjustments are primarily driven by company strategies aimed at long-term stability and growth, with a focus on enhancing technology and digital capabilities [4][5]. - New executives often come from backgrounds in large commercial banks or the internet sector, bringing valuable experience in risk control and user operations [5][6]. Business Expansion - Alongside personnel changes, consumer finance companies are actively pursuing business expansion, including capital increases and new business lines such as fixed-income securities and asset-backed securities [7][8]. - The increase in capital is driven by stricter regulatory requirements and the need for business expansion, which helps solidify the capital base and enhance lending capabilities [7][8]. Industry Challenges - The consumer finance industry is facing challenges such as high customer acquisition costs, product homogenization, and pressure on asset quality, necessitating a shift towards refined and specialized operations [11]. - The upcoming implementation of new regulations on internet lending is expected to impact the scale of loans issued through third-party platforms, prompting companies to adapt their pricing strategies and product offerings [10][11].

Core Insights - The 2025 World Intelligent Industry Expo commenced on September 5, 2025, featuring the Digital Industry Ecosystem Conference hosted by Mashang Consumer, gathering industry leaders to explore AI-driven industrial ecosystem transformation [1] - Mashang Consumer launched the first financial blockchain management platform for national consumer finance companies and successfully issued the first credit asset-backed securities (ABS) based on blockchain and digital RMB [1][4] Group 1: Financial Blockchain Management Platform - The financial blockchain management platform is a significant achievement developed by Mashang Consumer, serving as a national, industry-level infrastructure that deeply supports the entire consumer finance ecosystem [3] - The platform utilizes blockchain's distributed, immutable, traceable, and transparent technology advantages, ensuring data security through encryption and consensus mechanisms [3] - Data is stored in an encrypted, distributed manner across multiple nodes, accessible only by authorized parties, ensuring the authenticity and consistency of information [3] Group 2: Impact and Future Prospects - The platform achieved a "release and landing" breakthrough by issuing the "Anyi Hua 2025 Third Phase Personal Consumer Loan Asset-Backed Securities" on September 4, marking the first application of blockchain technology in credit ABS by a national consumer finance company [4] - The introduction of blockchain technology in the ABS and financial bond sectors addresses traditional market issues such as information asymmetry and data falsification, enhancing trust among participants [4] - The platform's innovative file interaction model replaces traditional email methods, significantly reducing time and labor costs while improving project application and issuance efficiency [4] Group 3: Industry Implications - Looking ahead, Mashang Consumer aims to deepen the penetration of blockchain technology in the consumer finance sector, exploring innovative business models and financial products to enhance market efficiency and transparency [5] - The platform aligns with national financial technology development strategies, supporting the enhancement of financial services for the real economy and promoting economic transformation [5] - As the platform's application deepens, it is expected to inject new momentum into the consumer finance industry, facilitating the achievement of inclusive finance goals and providing better services to various social strata [5]

Core Insights - 中邮消费金融 reported a significant increase in net profit by 165.97% year-on-year, achieving a net profit of 633 million yuan and operating revenue of 3.972 billion yuan in the first half of 2025 [1] - The company actively promotes inclusive finance, digital finance, and green finance, contributing to high-quality industry development through its ESG governance framework [1] Group 1: Financial Performance - The company issued 103.8 billion yuan in inclusive loans, providing financial support to 25,300 customers through various relief measures [2] - The comprehensive loan pricing decreased by 21 basis points compared to the end of the previous year [2] Group 2: Technological Innovation - 中邮消费金融 has developed the "邮远见" AI model and "邮小宝" digital assistant to enhance customer service, risk management, and operational efficiency [3] - The company holds 104 authorized patents and 121 software copyrights, with over 90% of its application systems being self-developed, significantly improving loan approval efficiency [2] Group 3: ESG Initiatives - The company integrates green concepts into its operations and consumer finance, promoting green consumption and supporting national carbon reduction goals [3] - Initiatives like the "广东家电以旧换新叠优惠" campaign and the "邮邮森林" feature incentivize users to engage in environmentally friendly behaviors [3] Group 4: Operational Efficiency - 中邮消费金融 is transitioning to a paperless operation model, with over 89% of its loan balance being online by the end of 2024 [4] - The company promotes low-carbon practices in daily operations, including the use of a paperless office system and recycling office supplies [4]