在互联网助贷行业全面拥抱合规、压降综合融资成本的当下，仍有部分平台试图钻监管空子，以隐蔽收费手段维持高定价模式。近期，多家消费者投诉 【下载黑猫投诉客户端】平台集中出现关于助贷平台易得花的举报信息，大量借款人反映该平台通过叠加高额担保服务费、拆分计息主体等方式，将实际 综合融资成本推至36%左右，远超监管划定的24%合规上限，涉嫌变相开展高利贷业务，严重侵害金融消费者合法权益。 助贷行业历经多轮监管整治，已从野蛮生长转向规范发展。2025年4月，国家金融监督管理总局发布互联网助贷业务管理通知，明确要求商业银行将增信 服务费用纳入借款人综合融资成本核算，严禁平台机构以服务费、咨询费等名义变相抬升利率，确保单笔贷款整体成本符合金融审判相关规定。政策落地 后，行业主流机构主动将定价压缩至24%以内，头部平台更是持续下调费率，以合规经营守护用户利益。然而易得花却逆势而行，依旧沿用"利息+高额担 保费"的组合模式，成为高定价助贷的典型样本。 消费者投诉信息显示，易得花的违规收费套路具有高度一致性。借款人通过融360等贷款超市入口申请借款后，平台仅展示基础贷款利率，对担保费用刻 意弱化披露，待合同生效、资金到账后，用户才 ...

Core Viewpoint - The investment by Focus Media in Shuhe Technology, which began in 2016, has ended with a significant impairment loss of 21.53 billion yuan, reflecting a reduction of over 73% in asset value due to regulatory changes in the internet lending sector [2][3][8]. Company Summary - Focus Media announced a long-term equity investment impairment of 21.53 billion yuan for its associate company Shuhe Technology, exiting the project for a total consideration of 7.91 billion yuan [3][8]. - The investment, initiated in 2016, was aimed at entering the fintech sector, but the exit marks a substantial financial loss for Focus Media [8]. - As of January 26, Focus Media's stock price was 7.42 yuan per share, with a total market capitalization of 107.16 billion yuan [8]. Financial Performance - In the first half of 2025, Shuhe Technology reported revenues of 7.003 billion yuan and a net profit of 631.8 million yuan, indicating it was a stable asset for Focus Media at that time [4][5]. - However, by the fourth quarter of 2025, Shuhe experienced a net loss of 684 million yuan, leading to a rapid reassessment of its asset value [5][6]. Regulatory Impact - The regulatory changes introduced by the National Financial Regulatory Administration on October 1, 2025, significantly impacted the internet lending industry, requiring banks to strengthen their risk management capabilities and altering the operational landscape for fintech companies like Shuhe [6][7]. - Shuhe's business model, which relied on partnerships with licensed financial institutions for customer acquisition and risk management, faced challenges as banks tightened their collaboration criteria post-regulation [7]. Governance Issues - Focus Media's governance structure led to a "control without control" situation, where despite holding a majority stake of 54.97%, it lacked sufficient board representation to influence operational decisions effectively [8]. - This governance issue became critical when the regulatory environment shifted, leaving Focus Media unable to mitigate losses in a timely manner [8].

Core Viewpoint - The company, Rong360, is facing significant challenges in the lending industry amid regulatory pressures and fluctuating performance, highlighted by a recent management change and a controversial dividend payout despite financial struggles [2][3][4][5] Financial Performance - In the first half of 2024, Rong360 reported a net profit of 19.1 million yuan, a decline of 33.9% year-on-year, despite total revenue increasing by 29.9% to 557.6 million yuan [2] - The company has accumulated losses of 1.242 billion yuan since 2018, with a brief return to profitability in 2024 [2] - The dividend payout of 280 million yuan represents 63.4% of the company's liquid assets, raising concerns about cash flow management [3] Management Changes - Founder Ye Daqing announced his resignation as CEO to focus on AI and blockchain, with Gong Yisheng from Weixin Jinke taking over the role [4] - The management transition comes amid speculation regarding the new CEO's ability to improve risk management, especially given Weixin Jinke's recent struggles with overdue loans [4] Regulatory Environment - The lending industry is undergoing a significant shake-up with new regulations limiting comprehensive interest rates to 24%, leading to a projected 30-40% reduction in lending volume [2] - Rong360's reliance on high-interest, potentially non-compliant products poses a risk, as it has been linked to partners offering rates exceeding regulatory limits [3] Strategic Direction - Ye Daqing's shift towards AI, blockchain, and cross-border fintech indicates a strategic pivot, although the blockchain investments have already shown signs of losses [4][5] - The company’s future in the lending sector remains uncertain, with ongoing compliance challenges and the need to adapt to a rapidly changing regulatory landscape [5]