2025年三季度是《关于加强商业银行互联网助贷业务管理提升金融服务质效的通知》（以下 简称"助贷新规"）正式生效前的过渡期，在此背景下，上市金融科技公司交出了怎样的"答 卷"？ 拆解乐信营收结构看，主要由三部分构成，分别是信贷撮合服务收入、技术赋能服务收入、 分期电商平台服务收入。其中，该公司主力营收为信贷撮合服务收入，三季度为26.17亿 元，较去年同期下降11.9%。而从技术赋能服务收入、分期电商平台服务收入看，同比均实 现了正增长，但环比均为负增长。 | (RMB 000) | 3Q24 | 2Q25 | 3Q25 | QoQ | YoY | | --- | --- | --- | --- | --- | --- | | Credit facilitation service income | 2,970,294 | 2,269,846 | 2,616,805 | 15.3% | -11.9% | | Tech-empowerment service income | 383,592 | 830,124 | MOUNDER 456,044 | 02002000 -45.1% | 18.9% | | In ...

Core Insights - The overall revenue of the six listed fintech companies showed steady growth, but profitability exhibited significant divergence, with some companies experiencing a reverse trend between revenue and net profit [3][4][6] - The implementation of new regulations has led to a concentration of resources among compliant leading firms, while smaller institutions face increased compliance costs and reduced collaboration opportunities [6][10] Revenue Performance - Q3 revenue figures indicate that Qifu Technology led the industry with 5.21 billion yuan, a year-on-year increase of 19.1%, while other companies like Xinye Technology and Yirendai reported revenues between 1.96 billion to 3.49 billion yuan, with growth rates ranging from 1.8% to 23.9% [3][4] - Conversely, Lexin's revenue decreased to 3.42 billion yuan year-on-year [3] - Net profit trends were more complex, with Qifu Technology's net profit declining despite revenue growth, and Yirendai also showing a decrease in net profit [3][4] Market Dynamics - As of the end of September, Qifu Technology held the largest loan balance at 138.1 billion yuan, followed by Lexin and Xinye Technology, indicating a clear trend of resource concentration among leading platforms [4][6] - The new regulations are expected to further enhance market concentration, with leading firms gaining more market share as smaller platforms exit the market [4][6] Regulatory Impact - The new lending regulations, effective from October 1, have begun to influence the industry, pushing resources towards compliant firms and increasing operational challenges for smaller institutions [6][10] - The regulations require banks to unify various fees into a comprehensive financing cost, strictly capping it at an annualized rate of 24% [6][10] Strategic Adjustments - Companies are shifting their business models in response to the new regulations, with some moving towards a heavier capital model while others are enhancing their ecosystem strategies [6][7] - Lexin's ecosystem strategy has shown resilience, with significant growth in its installment e-commerce platform and a focus on small and micro customer segments [7][8] International Expansion - Several companies are actively pursuing international growth, with Xinye Technology reporting that 25% of its total revenue now comes from overseas, and other firms like Yirendai and Qifu Technology also exploring opportunities in Southeast Asia and other regions [7][8] Future Outlook - The industry is expected to face short-term pressures due to ongoing adjustments, but there is optimism for long-term sustainable growth as companies enhance risk management and operational efficiency [10][11] - The focus is shifting from rapid expansion to refined operations and technological empowerment, with AI applications becoming increasingly integral to business strategies [10][11]