京东入主后，捷信消费金融有限公司(下称"捷信消金")正式换帅！ 记者近日查询国家企业信用信息公示系统获悉，捷信消金公司负责人变更，已经由捷克籍Ondrej Frydrych变更为中国籍张含春，核准日期为2025年4月21 日。变更后，张含春任捷信消费金融总经理、法定代表人，Ondrej Frydrych从副董事长、总经理调整为副董事长。 | 陸름 | 变更事项 | 变更前内容 | | --- | --- | --- | | 7 | 负责人变更 | Ondrej Frydrych ; | | 2 | 高级管理人员备案 | 姓名：Ondrej Frydrych；国籍：捷克 起始日期: 2021-04-07; 期: 1970-1 | | | | 8;; 收起 | | | | 姓名: Ondrej Frydrych; 任职截止日] | | 3 | 负责人变更 | 3-06-17; 国籍: 捷克; 任职起始日期 | | | | 06-18; 箱: Ondrej.Frydrych@home | | | | eu;;收起 | 公开资料显示，张含春为京东副总裁，京东科技风险管理相关负责人。此前，他曾任京东旗下厦门易汇利网络借 ...

Core Viewpoint - The consumer finance industry in China is facing challenges due to macroeconomic impacts, leading to a projected decline in net profit growth for 2024 compared to 2023, with a drop of over 10 percentage points [2] Group 1: Industry Overview - The consumer finance sector is experiencing a growth bottleneck, with 15 companies' operational data for 2024 now available, revealing performance disparities among firms [2] - The China Banking Association's Consumer Finance Professional Committee forecasts that the net profit growth rate for the entire industry will fall to single digits in 2024 [2] Group 2: Performance of Leading Companies - Among the leading consumer finance companies, four have revenues exceeding 10 billion yuan, but both Zhaolian Consumer Finance and Xingye Consumer Finance reported declines in both revenue and net profit [3] - Zhaolian Consumer Finance reported a revenue of 173.18 billion yuan in 2024, a decrease of 11.65% year-on-year, and a net profit of 30.16 billion yuan, down 16.22% [3][4] - Xingye Consumer Finance's revenue fell to 100.67 billion yuan, a decline of 10.36%, while its net profit plummeted by 79.25% to 4.3 billion yuan, returning to levels seen six years ago [5] Group 3: Performance of Mid-Tier Companies - Most mid-tier consumer finance companies have achieved stable growth, with Zhongyin Consumer Finance experiencing a significant net profit decline of over 90% [8] - Zhongyin Consumer Finance's net profit dropped to 0.45 billion yuan, a decrease of 91.62%, despite total assets increasing to 791.51 billion yuan [9] - In contrast, companies like Zhongyou Consumer Finance and Ningyin Consumer Finance reported strong growth, with revenues of 75.41 billion yuan and 29.9 billion yuan, respectively, and net profit increases of 54.02% and 50.17% [8]

在全球经济格局深刻调整、外需市场承压的当下，扩大内需已成为我国经济行稳致远的关键支撑。消费 金融作为连接消费需求与金融服务的重要桥梁，既能通过便捷信贷降低消费门槛、释放居民消费潜力， 更能以专业化金融服务助力消费升级、畅通经济循环。今年的《政府工作报告》提出"以高质量供给引 领需求、创造需求"，近期印发的《提振消费专项行动方案》明确"鼓励金融机构在风险可控前提下加大 个人消费贷款投放力度"，为消费金融行业发展进一步指明了方向。 （作者系清华大学国家金融研究院院长、五道口金融学院副院长、教育部"长江学者"特聘教授） 强化科技赋能，提升服务质效。加快推进数字化转型，运用大数据、人工智能构建精准风控模型，加快 完善个人征信体系，将征信数据、消费行为、社交信息等多维变量纳入信用评估体系，在降低不良贷款 率的同时扩大服务覆盖面。引导消费金融机构合理设定消费金融产品利率，提升利率透明度，在避免加 重消费者负担的同时，保障机构合理盈利空间。 拓展融资渠道，增强发展韧性。适当放宽金融债券发行条件，鼓励消费金融公司通过资产证券化等方式 盘活存量资产，降低资金成本。推动消费金融公司与保险公司、信托公司等合作，拓宽资金来源，增强 ...

据披露，今年2月，马上消费金融将数字人马小i接入DeepSeek，打造重庆首个接入"DeepSeek＋数字化 办公"的智能平台；充分利用DeepSeek参数量大的优势，用它来标注数据，然后再把数据投喂给天镜大 模型用于训练，进一步提升天镜大模型的"智商"，马上消费金融业务办理的准确率提升了15%。 在高价值专利培育、知识产权体系建设和人才培养等领域，马上消费金融累计申请发明专利2500余件， 上榜《麻省理工科技评论》全球金融大模型专利创新排行榜TOP7。 （编辑 张钰鹏） 本报讯 （记者李冰）日前，重庆百货发布2024年年度报告，关联公司马上消费金融的经营情况也一并 出炉。数据显示，2024全年，马上消费金融营业收入151.49亿元，净利润22.81亿元，持续稳健经营。 据披露，马上消费金融累计纳税超百亿元，服务用户超2亿，直接带动就业人数近4000人，先后获得国 家高新技术企业、国家企业技术中心等12项荣誉，连续六年上榜中国服务业企业500强和重庆企业100 强。 "2024年，我们坚守长期主义与科技创新，积极助力数字金融行业创新，更好地服务了更多用户，带动 了更多消费。"马上消费金融董事长赵国庆表示，未来 ...

在一众消金机构净利大幅缩水的背景下，中邮消费金融的逆势增长颇受关注。然而，快速扩张的背后，也存隐忧。 曾经，持牌机构依赖助贷"躺赚"，但背后也暴露出消费者权益保护的缺位，如今，各大机构纷纷加大自营业务建设，机构在业务扩张 与合规底线的博弈背后，又该如何让消费者诚心买单？ 助贷隐患：担保费推高贷款成本，被指贷前未被提醒 "为什么我的还款逾期还不到三天，就被担保公司代偿？这每月多出来的担保费又是怎么回事？"近日，消费者李明（化名）向北京商 报记者谈及了他在中邮消费金融贷款时经历的问题。 李明这一笔贷款是通过中邮消费金融合作的助贷平台处申请，他向北京商报记者介绍，曾于2024年4月借款68500元，年利率4.7%， 分3期还款，放款方为中邮消费金融。 按照合同，李明的还款日为每月25日，问题则出现在第三个月。他称，在前两月已按时还款的情况下，第三个月28日凌晨，在未事先 收到任何提示的情况下，竟发现最后一期还款已由担保公司代偿。 近日，有消费者向北京商报记者反馈，通过中邮消费金融合作的助贷平台处申请，贷后才发现存在相关担保费。两家担保公司收费 后，将消费者实际年化利率由4.7%推高至19.79%，而这一切在贷款签约 ...

相较于第一期债券，本次在规模上增加了5亿元，而在期限方面则均为1年。 今年1月，杭银消费金融成功发行了10亿金融债，年化利率低至1.69%。 公开资料显示，杭银消费金融注册资本25.6亿元，股东背景雄厚，包括有大股东杭州银行以及互联网大厂滴滴旗下的迪润（天津）科技公司。 近年来，杭银消金业务发展驶入快车道。 近期，这家消金公司又开启了新一轮的金融债发行工作。 4月15日，杭银消费金融股份有限公司计划发行该公司2025年金融债券（第二期）。 本次融资规模将达到15亿元，募集的资金主要用于偿还其他金融机构借款和其他用途。 截至2024年三季度末，杭银消金累计授信用户近3500万户，累计发放贷款超6000亿元，公司总资产达到556亿元，贷款余额为529.02亿元。 该公司业务可简单分为线上与线下，大致占比情况为8比2。 值得一提的是，即使同属城商行系消金公司，不同公司的业务构成也具有明显差异化。 以杭银消金与南银法巴消金为例，杭银消金线上占比大，而南银法巴消金反而以线下为主。 杭银消金最新经营数据显示，截至2024年末，杭银消金总资产达到515.36亿元，全年营业收入52.66亿元，实现净利润9.2亿元。 值得注意 ...

Core Viewpoint - The performance of leading consumer finance companies in China has declined, while mid-tier companies have shown significant growth, highlighting a shift in the industry dynamics amid stricter regulations and changing market conditions [1][4][8]. Group 1: Performance of Leading Companies - The top three consumer finance companies, including Zhaolian Finance, Xingye Consumer Finance, and Bank of China Consumer Finance, experienced declines in total assets, revenue, and net profit compared to the previous year [4][6]. - Zhaolian Finance reported total assets of 1637.51 billion RMB, a decrease of 7.18%, with revenue of 173.18 billion RMB, down 11.65%, and net profit of 30.16 billion RMB, down 16.22% [3][4]. - Bank of China Consumer Finance saw a dramatic net profit drop of 91.62%, with a net loss of 3.05 billion RMB in the first half of 2024 [6][8]. Group 2: Performance of Mid-Tier Companies - Mid-tier companies like Zhongyou Consumer Finance and Ningyin Consumer Finance reported net profit growth exceeding 50%, with Ningyin Consumer Finance's revenue increasing by over 65% [1][9]. - Jianxin Consumer Finance, despite being the smallest in total assets, achieved a remarkable growth of 72.04% in total assets and a net profit increase of 115.38% [9][10]. Group 3: Regulatory Environment and Capital Requirements - The consumer finance industry is facing a new era of strict regulations, with the revised management measures requiring a minimum registered capital of 1 billion RMB, affecting several companies that have not yet met this standard [1][12]. - Six consumer finance companies, including Beiyin Consumer Finance and Hebei Xingfu Consumer Finance, have not reached the new capital requirements [12][13]. Group 4: Future Outlook - The consumer finance sector is expected to see a decline in net profit growth rates, with projections indicating a drop of over 10 percentage points compared to 2023 [10][15]. - The industry is likely to focus on enhancing operational capabilities and compliance with regulatory standards, particularly in managing cooperative institutions and promoting high-quality consumption growth [15].

Core Viewpoint - Haier Consumer Finance is experiencing rapid growth in performance, but this is accompanied by significant risks and public skepticism regarding its practices and consumer treatment [3][9]. Group 1: Consumer Complaints and Issues - Haier Consumer Finance has received over 12,000 complaints on the Black Cat Complaint platform, ranking among the top licensed consumer finance companies in terms of complaints [3][6]. - Complaints primarily focus on aggressive debt collection practices, including harassment of family and friends, and high-interest rates exceeding regulatory limits [3][5]. - Specific cases highlight severe psychological impacts on consumers, with reports of threats and intimidation from collection agents posing as court officials [5][6]. Group 2: Financial Practices and Transparency - The company has been reported to charge annual interest rates as high as 36%, with hidden costs that can push effective rates above 35% [6][7]. - Consumers have reported being charged high fees for early repayment, which are often not clearly disclosed until they attempt to settle their loans [6][7]. - The company’s non-performing loan rate has increased from 2.06% in 2021 to 2.38% in the first half of 2024, surpassing the industry average of 2.22% [7][8]. Group 3: Regulatory Compliance and Corporate Structure - New regulations require consumer finance companies to have a minimum registered capital of 1 billion yuan and for major shareholders to hold at least 50% of the shares [8]. - Haier Consumer Finance has increased its registered capital to 2.09 billion yuan and adjusted its shareholder structure, but it still faces challenges in meeting all regulatory requirements [8][9]. - The company’s rapid growth and high profits are overshadowed by compliance issues and the need for improved consumer protection measures [9][10].

报告构建了消费金融行业研究框架，从行业概览、需求端、供给端、收入端和费用端等方面进行分析，探讨行业发展趋势、商业模式及风险因素。 1. 行业概览和监管历程：消费金融广义涵盖多种消费贷款，狭义剔除房贷，包括汽车金融等。行业发展历经线下展业、试点发展、整顿改革和常态化监管阶 段，现行政策聚焦扩大消费信贷供给等。监管政策形成全链条体系，《消费金融公司管理办法》等对行业准入、业务规范等进行明确，互联网金融业务全面 纳入牌照监管，推动行业从"规模驱动"转向"质量驱动" 。 5. 费用端： 成本包括获客、资金、信用和运营成本。获客成本与场景、生态、流量转化相关，线上第三方引流放款主导，获客策略多元化、合规化。融资 成本方面，消费金融公司构建双轮驱动融资体系，融资渠道多元。信用成本受风控能力影响，Vintage逾期率是重要风险指标，能评估资产质量、调整信贷 策略。"断直连"后，助贷、征信和金融机构形成新的放款模式和风险共担机制 。 CHD 中信建投证券 证券研究报告·深度报告 消费金融行业研究框架 | 首席分析师: 赵然 | 分析师:李 | | --- | --- | | zhaoran@csc.com.cn | lizi ...

Core Viewpoint - Haier Consumer Finance (海尔消金) is facing significant user complaints regarding aggressive debt collection practices and high loan interest rates, with 14,806 complaints recorded on the Black Cat Complaint platform, ranking second in the industry only to another financial service provider [1][17]. Management Changes - The Qingdao Regulatory Bureau approved Han Xiangyong's qualification as the acting deputy general manager of Haier Consumer Finance, marking a potential transition towards the general manager position [1][3]. - Han has been with Haier Consumer Finance since its inception, focusing on legal compliance, regulatory relations, consumer protection, and internal controls [3][4]. - The general manager position has been vacant for over a year, previously held by Zhang Ximing, who left for personal reasons after less than a year in the role [3][4]. Business Performance - Haier Consumer Finance was established in December 2014, with a registered capital of 2.09 billion yuan, and is primarily owned by Haier Group (49%) and other investors [5][7]. - The company has not met regulatory requirements for major shareholder ownership, indicating a potential need for equity adjustments [7]. - The company has expanded its business model to include both offline installment services and online cash loan services, achieving a significant growth in self-operated loan balances, which increased by 73.27% and 38.54% year-on-year as of the end of 2022 and 2023, respectively [8][9]. Financial Metrics - Total assets of Haier Consumer Finance reached 29.348 billion yuan in 2024, reflecting an 11.73% year-on-year growth, with a compound annual growth rate of 30.3% from 2020 to 2024 [9][11]. - The company's operating income and net profit have also shown double-digit growth, with operating income increasing from 1.177 billion yuan in 2020 to 3.168 billion yuan in 2024, despite a decline in 2021 [11][13]. - Net profit rose from 114 million yuan in 2020 to 445 million yuan in 2024, with growth rates of 72.57% and 21.92% in respective years [13][15]. Asset Quality Concerns - The non-performing loan (NPL) ratio has been rising, recorded at 2.06%, 2.35%, 2.34%, and 2.38% from 2021 to mid-2024, consistently above the industry average [15][17]. - The provision coverage ratio has been declining, with figures of 208.75%, 199.34%, and 194.01% from 2021 to 2023, indicating increasing pressure on asset quality [15].