刚刚过去不久的十月，对消费金融公司、中小银行与助贷行业而言都难言平静。 在"助贷新规"正式实施后，又一场针对持牌消费金融机构新发利率的压降开启。21世纪经济报道记者从 多家消金、助贷机构方面了解到，经监管窗口指导，持牌消金机构需从明年一季度开始，将当季整体新 发放贷款的平均综合融资成本压降至20%（含）以内。此外，针对小贷行业利率上限的压降政策也正在 征求意见中。 相较于此前要求在12月中旬将单笔贷款加权平均利率（年化利率，下同）压降至20%以内的监管指导， 如今这一要求已给出一定缓冲期，并在一定程度上放宽了利率范围。但对于消金和助贷行业，以及需 要"未雨绸缪"的中小银行而言，都存在一定压力。在这样的背景下，有机构推迟融资计划，有机构暂停 新发贷款，也有机构开启人员优化。 多位受访人士均向记者表示，"降本"将成为接下来行业的关键词，过去依赖助贷拓展下沉客群做大市场 规模的模式可能难以延续。与此同时，不仅是消金行业，中小银行下一步也必须完成自营渠道建设这一 重要命题。 图片来源：IC photo多家消金机构平均贷款利率在20%以上 近年来，在LPR不断下调、金融消费者权益保护愈加完善的背景下，对客贷款利率压降是 ...

Core Viewpoint - The implementation of new regulations in the consumer finance and lending industry is leading to a significant reduction in interest rates, creating pressure on licensed consumer finance institutions and small banks to adapt their business models and cost structures [1][2]. Group 1: Regulatory Changes - The new "lending regulations" require licensed consumer finance institutions to lower the average comprehensive financing cost of newly issued loans to 20% or below starting from the first quarter of next year [1]. - There is an ongoing consultation regarding the interest rate cap for the small loan industry, indicating a broader regulatory trend towards lowering borrowing costs [1]. Group 2: Industry Impact - The recent interest rate reduction marks the second time in five years that rates have been lowered, with the previous reduction occurring around 2021 when the annual interest rate cap for personal loans was reduced from 36% to 24% [2]. - Many consumer finance institutions are now reporting average loan rates below the 24% threshold, but there is significant variation in pricing strategies among different institutions [2][3]. Group 3: Cost Structure and Challenges - The cost structure for consumer finance institutions includes funding costs, customer acquisition costs, risk costs, and operational costs, with funding costs having decreased significantly in recent years [4]. - Despite lower funding costs, both customer acquisition and risk costs have increased, leading to a challenging environment for maintaining profitability [4][6]. Group 4: Market Reactions - Following the new interest rate requirements, many consumer finance institutions have tightened their customer acquisition strategies, with some postponing financing plans and halting new loan issuances [5]. - The overall sentiment in the industry is shifting towards "cost reduction," as institutions face difficulties in expanding their market size under the new regulatory framework [5][6]. Group 5: Future Outlook - The consumer finance industry is at a crossroads, needing to enhance self-acquisition capabilities to lower customer acquisition and risk costs amidst a challenging growth environment [7]. - Small banks, particularly in the central and northeastern regions, are also feeling the impact of the new regulations, with some ceasing partnerships for personal internet consumer loans due to increased compliance costs [8].

Core Viewpoint - The "An Yi Hua" customer service team, part of Guangxi New Development Transportation Group Co., Ltd., is dedicated to providing high-quality service and support to drivers, emphasizing a commitment to customer satisfaction and community engagement [1][3][6]. Group 1: Team Structure and Philosophy - The "An Yi Hua" team consists of 13 members with an average age of 25, focusing on customer service, monitoring management, and fee inspection [1] - The team operates under the service philosophy of "starting from demand and ending with satisfaction," aiming to provide warmth and support to drivers 24/7 [3][6]. Group 2: Community Engagement and Volunteerism - The team actively participates in various volunteer activities, including pandemic response efforts and community support initiatives, embodying the spirit of service and solidarity [6][7]. - They have engaged in numerous volunteer activities, contributing to causes such as "Caring for Special Children" and "Unity Against the Pandemic," showcasing their commitment to social responsibility [6]. Group 3: Technological Advancements - The team has developed a smart highway platform that integrates multiple functions, enhancing emergency management and response capabilities [8][10]. - The introduction of AI technology for incident detection has significantly improved response times, with over 31,000 abnormal events identified since implementation [12]. Group 4: Customer Service Excellence - The team has handled over 3,000 customer service calls and 500 emergency rescue events since 2019, achieving a customer satisfaction rate of 99% [15][16]. - They have established service standards and protocols to enhance service quality, ensuring a consistent and positive customer experience [15]. Group 5: Emergency Response and Safety - The team emphasizes the importance of safety and rapid response in emergency situations, implementing a three-party emergency mechanism for efficient incident management [19]. - They have optimized emergency rescue processes to ensure quick and effective responses to road incidents, reinforcing their role as guardians of road safety [19][21].

Core Viewpoint - The announcement from Ma Shang Consumer Finance reveals ongoing issues with collection practices, particularly involving a major shareholder's subsidiary, raising concerns about the independence and fairness of their collection operations [2][9]. Group 1: Collection Practices and Issues - Ma Shang Consumer Finance has been under scrutiny for its collection practices, with reports of associations with problematic collection agencies, including Chongqing Xinmeng Technology Development Co., which has been involved in illegal collection activities [3][4]. - The company reported a revenue of 15.149 billion yuan for the year 2024, positioning itself as a leading licensed consumer finance entity in China [2]. - The collection process is critical for managing credit risk, yet it remains a high-risk area with frequent issues, prompting regulatory bodies to implement stricter guidelines [3][5]. Group 2: Complaints and Regulatory Attention - There are over 77,000 complaints against Ma Shang Consumer Finance on the Black Cat Complaint platform, highlighting issues such as threats and harassment, personal data leaks, unauthorized charges, and high-interest loans [5][6][8]. - Specific complaints include aggressive collection tactics, unauthorized membership fees, and loans with annual interest rates exceeding the legal limit of 24% [6][8]. - Regulatory bodies have taken notice, with the company facing penalties for inadequate pre-loan assessments and poor management of outsourced collection agencies [8][9]. Group 3: Related Party Transactions and Risks - Chongqing Xinmeng is a wholly-owned subsidiary of Beijing Zhongguancun KJ Technology Co., which is the second-largest shareholder of Ma Shang Consumer Finance, creating a complex relationship that raises questions about compliance and governance [9][10]. - The intertwined ownership and management structures between Ma Shang and its collection agencies may lead to non-transparent practices, including potential profit transfers and tax evasion [10][11]. - Despite significant investments in compliance and technology for collection processes, the effectiveness remains questionable due to the reliance on related parties for collection services [10].

Core Viewpoint - The implementation of the new regulatory policy, referred to as the "Assisted Loan New Regulations," will significantly reshape the landscape of the assisted loan industry by establishing clear compliance boundaries for commercial banks' internet-assisted loan businesses [1][3]. Group 1: Regulatory Changes - The new regulation, effective from October 1, 2025, mandates commercial banks to adopt a "list management" system for assisted loan cooperation institutions, which has led to a lack of transparency regarding the cooperation lists of major banks [4][5]. - The regulation imposes strict controls on "comprehensive financing costs," particularly targeting products with annualized comprehensive costs exceeding 24%, which poses a challenge to existing business models in the assisted loan sector [1][9]. Group 2: Market Dynamics - The disclosed cooperation lists indicate a trend where major internet giants are preferred partners for banks, leading to a concentration of funds and resources in the hands of a few leading institutions [5][6]. - Various banks have begun to reveal their cooperation lists, with significant participation from both state-owned and private banks, although the six major state-owned banks have yet to disclose their lists [4][6]. Group 3: Business Models and Strategies - Banks like Ping An Bank have developed platforms such as the "Smart Loan Platform" to enhance compliance and safety while expanding their internet credit ecosystem, reflecting a shift towards more regulated and secure lending practices [7]. - Some banks are reconsidering their involvement in assisted loan businesses due to high default rates and rising customer acquisition costs, which are compressing profit margins [7]. Group 4: Financial Implications - The new regulations are expected to create a significant stratification in funding sources, with high-interest assets losing bank support while assets with annualized rates below 24% become highly competitive [9][10]. - Trust funds have seen a temporary increase in demand as an alternative funding source, but their higher costs and regulatory constraints limit their sustainability [10]. Group 5: Regulatory Focus Post-Implementation - Post-implementation, regulatory scrutiny will focus on pricing transparency and comprehensive cost control, particularly regarding the inclusion of service fees in the overall financing costs [11]. - The regulatory authorities will also evaluate banks' risk management capabilities and their adherence to core responsibilities in the assisted loan sector [11].

Core Viewpoint - The implementation of the new regulation on internet lending by commercial banks, referred to as the "Assisted Lending New Regulation," is expected to significantly reshape the lending landscape and impose strict compliance requirements on banks and lending institutions [1][2]. Group 1: Regulatory Changes - The new regulation, effective from October 1, 2025, establishes clear compliance boundaries for internet lending by commercial banks, which will have a profound impact on the assisted lending industry [1][2]. - One of the core requirements of the regulation is the "list management" of lending partners, mandating banks to disclose their cooperative institutions [4][10]. Group 2: Market Dynamics - As of the night before the new regulation took effect, major state-owned banks had not disclosed their cooperative institution lists, indicating a cautious approach towards the assisted lending business [2][8]. - The disclosed lists show a trend where large internet companies are preferred partners for banks, leading to a concentration of funding and resources in the hands of major players [2][5]. Group 3: Financial Implications - The regulation imposes strict controls on "comprehensive financing costs," particularly targeting products with annualized costs exceeding 24%, which may lead to a significant restructuring of the lending market [2][10]. - The regulation aims to eliminate high-interest lending practices, with banks collectively rejecting asset categories with annualized costs as high as 36% [11]. Group 4: Institutional Responses - Different types of banks exhibit varying preferences and scales in their cooperative lists, influenced by their risk appetites and business strategies [7]. - Some banks, like Ping An Bank, have a higher number of disclosed partners due to their internet loan platform needs, while others are considering withdrawing from the assisted lending sector due to rising costs and high default rates [7][8]. Group 5: Future Regulatory Focus - Post-implementation, regulatory attention will likely focus on pricing transparency and comprehensive cost control, particularly regarding hidden fees and charges that may arise in the lending process [10][12]. - The regulation emphasizes the need for banks to take core responsibility for risk management, with a focus on evaluating their independent risk control capabilities [12].

Core Insights - The article highlights the surprising profitability of Mashang Financial, which, despite having less than half the assets of Zhaolian Financial, has surpassed it in revenue and is approaching parity in net profit [1][3]. Financial Performance - Mashang Financial's revenue for 2024 is reported at 151.49 billion yuan, with net profit reaching 22.81 billion yuan [3]. - The company has incurred a total of 106.93 billion yuan in collection expenses over the past five years, with 2024's collection expenses accounting for 20.65% of its revenue [3][4]. - In the first half of 2025, Mashang Financial reported total assets of 680.99 billion yuan, with revenue of 87.35 billion yuan and net profit of 11.55 billion yuan [3]. Loan Metrics - As of the end of 2024, Mashang Financial's net loan balance was 536.66 billion yuan, with non-performing loan rates of 2.49% [4]. - The net interest margin has shown a decline from 15.78% in 2022 to 13.93% in 2024 [4]. Collection Expenses - The company has consistently invested tens of billions in collection expenses annually, with 2024's collection costs reaching 31.28 billion yuan [3][5]. - The high collection expenses have led to the establishment of a collection industry chain, with 135 collection agencies collaborating with Mashang Financial [5]. Customer Complaints - Mashang Financial has faced significant customer complaints, totaling 76,000, primarily related to aggressive collection practices and high fees [6]. - The complaints include issues such as violent collection tactics and excessive charges, indicating potential reputational risks for the company [6]. Ownership Structure - As of the end of 2024, the top four shareholders of Mashang Financial include Chongqing Department Store, Beijing Zhongguancun Technology, Wumart Technology Group, and Chongqing Bank, with ownership stakes of 31.06%, 29.51%, 16.12%, and 15.53% respectively [7].

Core Viewpoint - The performance of licensed consumer finance institutions is under scrutiny in 2025, with a focus on the mid-term results of companies like Mashang Consumer Finance, which reported significant revenue and profit figures despite industry challenges [2][3]. Financial Performance - Mashang Consumer Finance achieved a revenue of 8.735 billion yuan and a net profit of 1.155 billion yuan in the first half of 2025, marking a year-on-year revenue growth of 12.96% and a net profit increase of 8.07% [2][3]. - The company maintained its position as the second in revenue and third in net profit among consumer finance institutions, being one of the few to surpass 1 billion yuan in net profit during the first half of the year [3]. - For the full year 2024, the company reported a net profit of 2.281 billion yuan, a 15.09% increase from 1.982 billion yuan in 2023, despite a slight revenue decline of 4.09% [4]. Credit Losses and Operational Efficiency - The credit impairment losses for 2024 were significantly reduced to 3.860 billion yuan from 6.024 billion yuan in 2023, contributing to the net profit growth [5]. - The company has faced challenges with rising non-performing loan rates, which increased from 2.05% at the end of 2022 to 2.49% at the end of 2024, with non-performing loan balances rising from 1.284 billion yuan to 1.533 billion yuan [5]. Cost Structure and Compliance Issues - Mashang Consumer Finance's business and management fees included 3.128 billion yuan in collection agency fees, raising concerns about the transparency and compliance of these expenses compared to peers [5]. - The company has faced over 70,000 complaints related to aggressive collection practices, including issues of false promises and privacy violations, indicating potential operational risks [6][7]. Regulatory Scrutiny - The company was fined 1 million yuan by the regulatory authority for inadequate management of outsourced collection agencies and improper pre-loan assessments [7]. - Concerns have been raised regarding the bundling of membership services that may obscure the true cost of loans, potentially violating consumer protection regulations [8][10].

Core Insights - The "2025 China Service Industry Top 500" list was released, with Mashang Consumer being recognized for the seventh consecutive year, highlighting its operational quality and technological strength [1][4][8] - The service industry is identified as China's largest sector and a key driver of economic development, with the list serving as a benchmark for assessing corporate strength [3][4] - The rise of modern service sectors such as internet and information technology services, finance, logistics, and business services is noted as a significant trend [3][4] Company Performance - Mashang Consumer has integrated digital inclusive finance into the broader economic framework, contributing over 10 billion in taxes and serving more than 220 million users [5][6] - The company has established a research team of over 3,400 members, accounting for more than 75% of its workforce, and has applied for over 2,700 invention patents [5][6] - The company has facilitated 943 million transactions, driving consumption exceeding 1 trillion [6] Social Responsibility - Mashang Consumer has initiated projects like "Smart Breeding" to support rural revitalization, generating over 15 million in additional income for farmers and creating over 1,600 jobs [7] - The company launched a free job assistance platform, "Yili Job," benefiting 670,000 users [7] - The introduction of the personal carbon account "Mashang Oasis" has engaged over 5.78 million users, promoting carbon reduction of over 8.33 million tons [7] Industry Outlook - The event emphasized the importance of large enterprises in leading the growth of modern service industries and the need for innovation to enhance the "China Service" brand [7] - Mashang Consumer aims to solidify its technological foundation and expand its service offerings in alignment with national goals for high-quality development in the service sector [8]

Core Viewpoint - The article highlights the emergence of a new urban citizen group in China, referred to as "new citizens," who face significant challenges in accessing financial services due to their unique needs and lack of traditional credit history. The focus is on how companies like Mashang Consumer are innovating to meet these needs through technology and tailored financial products [2][3][4]. Group 1: New Citizen Demographics and Needs - The new citizen group has surpassed 300 million, accounting for over 20% of the national population, and includes various individuals such as migrant workers and recent graduates [2][3]. - This group is characterized by their "small, frequent, and urgent" financial needs, which are often unmet by traditional financial institutions due to high barriers to entry [5][6]. Group 2: Policy Support and Challenges - The Chinese government has implemented policies to enhance financial services for new citizens, aiming to improve their accessibility and overall well-being [4][5]. - Despite these policies, many new citizens still face real-world challenges, such as unstable employment and high rental costs, which complicate their financial situations [5][6]. Group 3: Innovative Financial Solutions - Mashang Consumer has integrated technology to break down barriers in financial services, focusing on flexible product offerings that cater to the specific needs of new citizens [6][7]. - The company has developed various loan products, such as "Consumption Upgrade Loan" and "Green Consumption Loan," to address the diverse financial needs of this demographic [6][7]. Group 4: Technology and Service Integration - Mashang Consumer employs a dual approach of "scene embedding and industry collaboration" to enhance service delivery, partnering with numerous online platforms and offline merchants to make financial services more accessible [7][8]. - The use of advanced technologies like AI and big data has enabled Mashang Consumer to create a digital risk control model, allowing for precise targeting of financial services to low-income and credit-invisible groups [9][10]. Group 5: Employment Support Initiatives - Recognizing the importance of stable employment for new citizens, Mashang Consumer has launched a free employment platform, "Yili Job," which has served millions and helped many find job opportunities [10][11]. - This initiative reflects the company's commitment to not only providing financial services but also supporting the overall integration of new citizens into urban life [11].