登录新浪财经APP 搜索【信披】查看更多考评等级 来源：银行家杂志 在数字经济与金融科技深度融合的背景下，互联网平台凭借其庞大的用户基础、多元的应用场景与先进 的数据分析能力，逐步突破传统金融服务的边界，成为金融领域的重要参与者。从最初的支付结算场景 切入，到如今全面涉足信贷、理财、保险等多元金融业务，互联网平台的金融化进程不断加速，且已成 为诸多平台利润增长的核心引擎。这一现象的背后，是互联网技术对金融服务效率的提升、服务边界的 拓展以及服务模式的重构。 与此同时，传统银行业在零售金融市场中的地位正在遭受严峻挑战。银行在零售金融业务链条中的主导 权逐步向互联网平台转移，仅承担资金供给的角色，沦为"资金端外包机构"。这种行业格局的变化，不 仅改变了金融服务的供给结构，也带来了金融风险传导路径多元化、监管难度加大等一系列问题。 2025年4月《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》）的发布，为规范互联网平台金融活动、重构银企合作关系提供了明确的政策框架。《助贷新规》 提出鼓励银行业金融机构夯实自主管理能力，加强对合作机构的穿透式管理，旨在推动金融业务回归持 牌经营本源 ...

摘 要 从 " 广合作 " 转变为 " 严筛选 " ，甚至完全切断业务关联 …… 助贷业务合作逻辑重构的同 时，部分中小银行难免遭遇阵痛 今年下半年以来，北方某民营银行行长办公室被"踏破了门槛"。伴随商业银行互联网助贷业务深度调 整，助贷平台纷纷登门，期待寻求该行持续的资金支持。 "登门的助贷平台强调正在大幅裁员降薪，并担心会倒闭或被合并。他们要求与行长直接对话，找到应 对方案。"上述民营银行业务主管告诉《财经》。 作为助贷平台重要的资金提供方，且在平台侧的风险兜底设计下，部分中小银行在过往合作中通常能获 取到较为可观的利润。但伴随今年4月国家金融监督管理总局（下称"金监总局"）正式下发《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》（下称"助贷新规"），出于合规及风险考量， 部分中小银行不得不舍弃曾经的"香饽饽"。 但从"广合作"转变为"严筛选"，甚至完全切断业务关联……助贷业务合作逻辑重构的同时，部分中小银 行难免遭遇阵痛。 业内人士告诉《财经》，部分城商行、农商行、民营银行受展业区域有限等多重因素影响，自主获客颇 为困难，这导致其有相当比例的客户来自助贷渠道。而伴随助贷业务收缩，这些银行如 ...

Core Viewpoint - The implementation of the new lending regulations in October 2025 has led to a rapid restructuring of cooperation between commercial banks and lending institutions, with many banks significantly reducing their partnerships with these institutions due to increased regulatory pressures and risk considerations [1][7]. Summary by Sections Changes in Cooperation Strategies - The new regulations require banks to manage partnerships with lending institutions through a whitelist system, leading to a significant reduction in the number of approved partners [1][6]. - For instance, Yilian Bank's whitelist shrank by 84% from November 2024 to June 2025, indicating a proactive contraction in cooperation before the regulations took effect [1]. Shift in Attitude Towards Lending Business - Some regional banks have opted to completely cut off their lending business, ceasing new partnerships for personal internet consumer loans [2][3]. - Urumqi Bank and Longjiang Bank have announced the cessation of their cooperative lending activities, contrasting sharply with their previous expansion efforts [3][4]. Risk Management and Regulatory Compliance - The new regulations mandate that banks include credit enhancement service fees in the overall financing costs, directly impacting the profitability of lending operations [7]. - Banks are now required to monitor the risks associated with lending partners more closely, which may lead to increased capital requirements and compliance costs, particularly for smaller banks [8]. Market Dynamics and Competitive Landscape - The lending market is experiencing a "Matthew effect," where leading platforms like Ant Group and JD.com are consolidating their market positions due to their compliance capabilities and data advantages [9]. - Smaller lending institutions are facing survival challenges and are seeking differentiation through niche markets or regional operations [9]. Future Directions and Challenges - The new regulations signify a shift towards a more regulated and compliant lending environment, posing long-term challenges for both banks and lending institutions in balancing compliance with innovation [10]. - Banks are focusing on building their own risk management capabilities and investing in technology to enhance their digital lending operations [10].

Core Viewpoint - The lending cooperation model, once seen as a shortcut for small and medium-sized banks to enhance retail business, is experiencing a significant decline due to new regulatory constraints and increasing compliance pressures. Group 1: Regulatory Changes - The turning point for the decline occurred with the implementation of the new regulations on October, which aimed to strengthen the management of internet lending by commercial banks [1] - Following the new regulations, many small and medium-sized banks discovered that some lending platforms were still engaging in high-interest rate businesses disguised as compliant loans [1][4] Group 2: Bank Responses - In response to the heightened regulatory scrutiny, many small and medium-sized banks are opting to cut ties with lending platforms to protect themselves from potential penalties [2] - Examples include Urumqi Bank, which announced the cessation of cooperative personal internet consumer loans, and Longjiang Bank, which has stopped cooperation with its only internet lending partner [2] Group 3: Impact on Lending Platforms - The collective retreat of small and medium-sized banks is creating a "cold wave" in the lending industry, with a reported drop of over 20% in business volume for lending institutions in October [5] - The success rate of debt collection for overdue borrowers is declining, leading to an increase in potential bad debt rates and severely squeezing profit margins for the industry [5] - Many lending institutions are being forced to restructure their risk control systems and shift resources towards post-loan management to mitigate losses [5]

Core Viewpoint - Increasingly, small and medium-sized banks are distancing themselves from partnerships with lending platforms, primarily due to compliance risks associated with internet lending practices [1][2]. Group 1: Changes in Collaboration with Lending Platforms - Many small and medium-sized banks plan to significantly reduce the number of lending institutions they collaborate with, retaining only a few top-tier platforms [1]. - Some banks have already begun to "cut off" lending business, with Urumqi Bank announcing the cessation of cooperative personal internet consumer loans as of October 1 [1]. - The implementation of the new regulations on internet lending has prompted banks to reassess their partnerships, leading to a trend of "cutting" lending business to mitigate compliance risks [1][2]. Group 2: Compliance Risks and Regulatory Environment - The new regulations have revealed that some lending platforms continue to offer loans with annual interest rates between 24% and 36%, raising concerns among banks about potential regulatory penalties [2]. - Banks are increasingly worried about compliance risks associated with lending platforms, leading them to wait for existing contracts to expire before discontinuing partnerships [2][3]. - Regulatory scrutiny has intensified, with banks facing detailed checks on compliance processes, including potential violations related to bundled services and hidden fees [3]. Group 3: Impact on Lending Business - The decision to cut lending partnerships has resulted in a significant drop in business volume for lending institutions, with reports indicating a decrease of over 20% in October [4]. - The success rate of loan collection efforts has also declined, with the M1 collection success rate dropping to 70%, leading to an increase in potential bad debt rates [4]. - As a result of these challenges, lending institutions are restructuring their risk management systems to focus on borrower repayment capabilities and intentions [4][5].

Core Insights - The rapid growth of the internet lending market in China has reached nearly 10 trillion yuan by June 2025, becoming a crucial financing channel for small and micro enterprises, individual businesses, and urban and rural residents [1] - The implementation of the new regulations aims to transition the internet lending industry from "wild growth" to "compliance-driven" practices, addressing issues such as opaque fees, exorbitant interest rates, and imbalanced risk control responsibilities [1][2] - Recent reports indicate a resurgence of predatory lending practices, including high annualized rates exceeding 2000%, which could exacerbate financial risks for consumers and disrupt the normal operations of financial institutions [1][2] Regulatory Framework - The new regulations require commercial banks to enhance centralized management responsibilities and strictly control comprehensive financing costs [1] - A governance system is proposed that emphasizes regulatory transparency, institutional self-discipline, technological intelligence, and efficient judicial processes to systematically prevent the recurrence of lending irregularities [2] Technological Solutions - The establishment of a "full-process intelligent risk control + regulatory technology empowerment + consumer protection digitalization" system is recommended to accurately identify and intercept illegal lending activities in real-time [2] - Preemptive measures include using OCR and AI technologies to verify the compliance of lending institutions and prevent misleading advertising practices [2] - Real-time monitoring of loan contracts and payment pages is suggested to detect and alert users about hidden fees and other irregular charges [2][3] Accountability and Oversight - Financial institutions are urged to rigorously assess lending agencies and ensure compliance with the new regulations, focusing on their financial health and risk management capabilities [4] - A digital regulatory platform is proposed to enhance the effectiveness of financial oversight, utilizing advanced technologies to monitor risks in the lending sector [4] Collaborative Efforts - A multi-faceted approach involving regulatory bodies, financial institutions, technology companies, consumers, and media is essential to combat illegal lending practices effectively [5] - Emphasis is placed on coordinated efforts across various governmental departments to address issues such as excessive intermediary fees and predatory lending behaviors [5] - The goal is to balance strict compliance with inclusive practices, ensuring that financial services return to their core purpose of supporting the real economy and consumers [5]

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Viewpoints - The implementation of new lending regulations introduces uncertainty, but the impact on leading companies is relatively controllable. The new regulations may reduce the enthusiasm of financial institutions to participate in the lending market, affecting industry liquidity and profitability for high-priced clients [2][5] - Loan growth has slowed, and asset quality risks are a concern. In Q2, the loan volume increased by 13.0% year-on-year, but the growth rate declined by 3.6 percentage points compared to Q1. Smaller platforms are leading in loan growth, indicating a strategic move to enhance competitiveness before the new regulations take effect [2][17] - Revenue performance varies among companies, with a slight increase in uncertainty regarding profitability. In Q2, the sample credit technology platforms saw a revenue growth rate of 18.8%, with net profit increasing by 36.7% year-on-year. However, some companies, like Yirendai, reported negative net profit growth [2][29] Summary by Sections New Regulations and Industry Ecology - The new lending regulations, effective from October 1, 2025, clarify the upper limit on loan interest rates and require transparency in service fees. This may lead to a contraction in financial supply for high-risk clients [5][6] - The regulations emphasize centralized management by banks and strict compliance, which may reduce the willingness of financial institutions to engage in the lending market [6][9] Loan Growth and Asset Quality - In Q2, the average overdue rate for 90 days or more decreased by 4 basis points to 2.20%. However, some companies, like Qifu and Xinye, saw an increase in early overdue rates, indicating potential asset quality deterioration [18][26] - The overall loan volume for sample companies grew by 13.0% year-on-year, but the growth rate declined compared to Q1, suggesting a cautious approach to lending amid regulatory changes [19][17] Revenue and Profitability - The revenue growth rate for sample credit technology platforms in Q2 was 18.8%, with significant contributions from companies like Xiaoying and Jiayin, which reported growth rates of 65.6% and 27.8%, respectively [27][29] - The net profit for the sample companies increased by 36.7% year-on-year, with leading companies like Lexin and Jiayin showing substantial growth rates [29][36] Credit Cost and Investor Returns - Credit impairment provisions increased by 17.6% year-on-year, reflecting heightened caution due to regulatory uncertainties. This may impact profitability in the short term [33][29] - Many credit technology platforms have initiated stock buyback plans, with Qifu's buyback amount reaching $227 million as of August 14, 2025, indicating a focus on shareholder returns [36][37]

Core Viewpoint - The implementation of new regulations on internet lending business aims to address issues such as mismatched responsibilities and benefits, unreasonable pricing mechanisms, imprudent business development, and inadequate protection of financial consumers' rights, promoting orderly development in the lending sector [1] Group 1: Changes in Pricing Mechanism - The new regulations will enhance transparency in the pricing mechanism of lending services, requiring banks to include guarantee service fees in the comprehensive financing cost and prohibiting disguised fee increases through consultation or advisory fees [2] - This transparency is expected to effectively curb the hidden fee practices that have plagued the lending market [2] Group 2: Consumer Rights Protection - Financial consumer rights are set to receive better protection, with the new regulations addressing issues such as excessive borrowing inducement, aggressive debt collection, and privacy breaches that have harmed consumers' property, right to know, and privacy [2] - Banks and platforms are encouraged to integrate consumer rights protection into all aspects of product development, risk management, and service optimization [2] Group 3: Industry Dynamics - The new regulations are likely to accelerate the exit of non-compliant institutions, benefiting compliant leading institutions in the long term [3] - Banks are now required to manage and publicly disclose their partner institutions, which will reduce the risk of hidden profits through partnerships with non-compliant entities [3] - As a result, market share is expected to concentrate further on compliant businesses, fostering a healthier and more stable industry environment [3]

Core Insights - The report highlights the financial performance of Bank of China Consumer Finance (中银消费金融) for the first half of 2025, showcasing a significant turnaround from losses to profitability [1][2] - The company has successfully transformed its business model, focusing on digitalization and online lending, which now constitutes a substantial portion of its operations [2][5] Financial Performance - As of H1 2025, Bank of China Consumer Finance reported total assets of 81.703 billion, with operating income of 3.681 billion and net profit of 150 million [1] - The company has shown a remarkable recovery from a net loss of 306 million in H1 2024 to a net profit of 150 million in H1 2025 [1] - Key financial metrics from 2022 to H1 2025 indicate total assets increased from 64.403 billion in 2022 to 81.703 billion in H1 2025, while net profit improved from 63.2 million in 2022 to 150 million in H1 2025 [1] Asset Quality and Challenges - The non-performing loan (NPL) ratio has risen from 2.80% in 2022 to 3.56% in 2024, indicating growing asset quality concerns [2] - The scale of non-performing loans increased from 1.728 billion in 2022 to 2.792 billion in 2024, reflecting the challenges faced in the current macroeconomic environment [2] Business Model and Strategy - The company has shifted its focus towards online lending, with online business accounting for approximately 94% of new loan origination, while offline business represents less than 7% [5] - Bank of China Consumer Finance has established partnerships with 40 lending institutions, including major internet giants like Ant Group, JD.com, and Meituan, to enhance its lending capabilities [5][6] - The strategy of collaborating with a diverse range of partners, including smaller financial institutions, has allowed the company to maintain growth despite industry challenges [6] Future Outlook - The company is expected to continue innovating its business model and expanding its online presence, while managing the risks associated with its lending practices [7]

Core Viewpoint - Jiangsu Bank's subsidiary, SuYin Consumer Finance Co., Ltd. (SuYin Xiaojin), has shown significant growth in assets, revenue, and net profit as of June 30, 2025, indicating a strong performance in the consumer finance sector [2][7][13]. Financial Performance - As of June 30, 2025, SuYin Xiaojin's total assets reached 63.037 billion yuan, a 22.74% increase compared to the end of the previous year [2][5]. - The company reported an operating income of 2.744 billion yuan and a net profit of 380 million yuan [2][7]. - In the first quarter of 2025, SuYin Xiaojin achieved an operating income of 1.316 billion yuan, a year-on-year increase of 69.12%, and a net profit of 176 million yuan, up 59.9% year-on-year [7][8]. Asset Quality - The non-performing loan (NPL) ratio as of March 31, 2025, was 1.41%, down from 1.56% at the end of the previous year, indicating improved asset quality [6][8]. - The provision coverage ratio increased from 154.42% in 2022 to 182.75% in the first quarter of 2025, reflecting a stronger buffer against potential loan losses [6][8]. Business Model and Strategy - SuYin Xiaojin's business model heavily relies on assistive lending, with over 91% of its loan balance coming from internet platform channels [9][10]. - The company has established partnerships with major platforms such as Ant Group, Meituan, and JD.com, enhancing its market reach [10][11]. - The company employs a dual strategy of profit-sharing and credit enhancement in its lending operations, primarily collaborating with leading internet platforms and private banks [11]. Regulatory Environment - Upcoming regulations on assistive lending, set to take effect in October, may significantly impact SuYin Xiaojin's operations, given its reliance on this business model [12][13]. - The company has not yet disclosed the list of assistive lending partners, which is crucial for compliance with the new regulatory framework [12][13]. Future Outlook - Jiangsu Bank's proposed capital increase for SuYin Xiaojin is expected to provide additional momentum for its growth trajectory [2][13]. - The ability of SuYin Xiaojin to balance growth and risk within the new regulatory environment will be critical for its continued success [13].