距离2025年10月1日助贷新规正式实施已过月余，一场静默而迅速的合作关系重构正在商业银行与助贷 机构之间上演。 颇具戏剧性的是，就在新规实施前的3个多月，多家银行公布的助贷合作白名单曾多达数十家，而如今 却悄然收缩合作规模。乌鲁木齐银行、龙江银行等多家区域性银行近期相继压缩或终止互联网助贷合 作，部分银行甚至将合作机构名单清零。 为何出现这种从"广纳合作"到"密集分手"的急速转变？在24%利率红线与资本充足率考核的双重压力 下，银行的风险逻辑发生了怎样的根本转变？头部助贷平台如何在这场"洗牌"中巩固优势，而中小机构 又该如何寻求差异化生存？ 助贷新规实施银行合作策略急速转向？ 2025年10月1日，《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》（即助贷新规） 正式实施。 助贷新规实施前后，银行对助贷机构的态度发生了显著变化。新规要求商业银行对合作机构实行名单制 管理，且不得与名单外机构开展互联网助贷业务合作。这一规定促使银行在新规实施前纷纷公布合作白 名单。 以亿联银行为例，该行在2025年6月公布的白名单数量较2024年11月骤减84%，显示出银行在新规正式 落地前已开始主动收缩合作范围。 ...

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].

Group 1 - The article highlights the expansion of high-interest online lending products, with rates approaching 36%, amidst a backdrop of declining consumer loan rates from banks [1][3] - Financing guarantee companies play a crucial role in the online lending ecosystem, providing credit enhancement services such as risk sharing and compensation guarantees [1][6] - The "dual guarantee" model is emerging in the industry, allowing lenders to circumvent the 24% interest rate cap by splitting the pricing into two parts, which increases borrower debt vulnerability [1][7] Group 2 - The proliferation of online lending access points through various apps reflects a strong market demand for financial services, particularly in areas underserved by traditional financial institutions [2][3] - Many online lending platforms are now offering loans with interest rates that can exceed the legal cap of 24%, particularly in the case of licensed financial institutions [3][4] - The high fees associated with financing guarantees are often not disclosed upfront to borrowers, leading to consumer complaints about unexpected costs [8][9] Group 3 - The "dual guarantee" model, while expanding financial service coverage, raises concerns about compliance and consumer protection due to its complexity and potential for high costs [7][9] - Regulatory oversight is needed to address issues such as excessive borrowing, misleading marketing practices, and inadequate risk disclosures by online lending platforms [9][10] - Financial institutions and lending platforms must prioritize data security and transparency in their operations to protect consumer information and rights [10]

Core Viewpoint - Lexin (LX.US) reported strong financial performance in Q2, with revenue of 3.59 billion RMB, a 15.6% increase quarter-over-quarter, and a GAAP net profit of 511 million RMB, up 19% quarter-over-quarter and 126% year-over-year, marking the highest profit in 14 quarters [1] Financial Performance - Q2 operating revenue reached 3.64 billion RMB, with significant contributions from credit facilitation service income and tech-empowered service income [3] - Financial net income increased from 1.818 billion RMB in the previous quarter to 2 billion RMB, reflecting a 10% growth [1][2] Risk Improvement - The company has shown continuous improvement in risk indicators, with new asset FPD decreasing by approximately 5% and the overall asset 90+ delinquency rate down by about 6% [4] - The positive change in the fair value of financial guarantee derivatives and loans has further contributed to profit, indicating improved risk levels [4][5] Strategic Adjustments - In response to the new lending regulations, Lexin proactively adjusted its risk strategy in Q2, enhancing risk identification and management for high-risk clients [5] - The company is leveraging technology upgrades to improve risk control capabilities and differentiate pricing strategies, leading to quality growth [5][6] Ecosystem Development - Lexin's ecosystem business is rapidly expanding, with significant growth in installment retail and e-commerce, achieving a 71% increase in gross profit to 97 million RMB and an 80% increase in GMV to 2 billion RMB [6][7] - The integration of technology and finance is seen as a long-term competitive advantage, with AI being embedded in various operational processes [8][9] Shareholder Returns - The company announced a dividend of 0.194 USD per ADS, a 76% increase from the previous period, and plans to increase the dividend payout ratio from 25% to 30% of net profit [10][11] - A stock buyback plan of up to 50 million USD is also in place, aimed at enhancing shareholder value and boosting stock performance [10][11] Valuation Perspective - Lexin's current PE ratio is below 4, and PB ratio is 0.67, indicating it is undervalued compared to peers, with potential for valuation premium as risk improves and technology integration progresses [11]