城是人的城，人是城的魂。当千万人带着对美好生活的向往，从乡村、县域奔赴陌生的都市——在建筑 工地浇筑高楼的钢筋工、在写字楼间穿梭的快递员、刚走出校园的职场新人、街角便利店的经营者…… 他们有了一个共同的名字：新市民。当前，这一群体规模已突破3亿，占全国总人口比例超20%，他们 既是城市基础设施的建设者、消费市场的生力军，更是城镇化进程中最具活力的"增量力量"。然而，他 们"小额、高频、急需"的金融需求，常因缺抵押、信用数据散被传统服务拒之门外。如何让普惠金融触 达这群"异乡建设者"，成为行业关键命题。 日前，南方都市报社、湾财社携手中国人民大学中国普惠金融研究院，共同启动"中国普惠金融行"专题 系列报道，呈现鲜活生动的普惠金融服务案例、模式，探索数字时代普惠金融创新路径，栏目本期采访 马上消费。 作为国内31家持牌消费金融机构之一，马上消费率先将服务新市民纳入核心战略，致力于以科技打破普 惠金融的"地域与数据壁垒"。截至2024年底，已有近1亿新市民通过马上消费旗下平台"安逸花"获得服 务，更有超1000万此前从未有过信用记录的"白户"，第一次拥有了自己的征信档案，让他们在城市里的 下一步规划，多了一份金融支 ...

Core Insights - The consumer finance industry is experiencing significant growth, with asset scale and loan balance projected to reach 1.38 trillion yuan and 1.35 trillion yuan respectively by the end of 2024, reflecting year-on-year increases of 14.58% and 16.66% [1][2] - However, there is a stark disparity among consumer finance companies, with some achieving substantial growth while others struggle due to high customer acquisition costs and reliance on external traffic [2][4] Group 1: Industry Overview - As of 2024, Ant Group's consumer finance assets reached 313.75 billion yuan, while the smallest players, such as Jiexin and Jinmeixin, had assets of only 4.842 billion and 6.313 billion yuan respectively [2] - Many consumer finance companies primarily act as fund providers, relying on internet platforms and loan assistance platforms for customer acquisition, which leads to a degradation of their own risk control capabilities [3][4] - A report from the China Banking Association indicates that in 2023, only 27 out of 31 consumer finance companies engaged in online self-marketing, with only three companies exceeding a 50% self-marketing ratio [5][6] Group 2: Business Models and Strategies - The reliance on third-party platforms for customer acquisition has resulted in a lack of customer data retention within the companies' own applications, leading to a transactional relationship rather than a sustainable business model [4][8] - Some companies are beginning to shift towards self-operated models, utilizing media advertising and various internet platforms to acquire customers and retain data within their own applications [4][8] - Companies like Mashang Consumer Finance have achieved a self-operated customer acquisition rate of 75%-80%, contrasting with the industry average of over 50% reliance on third-party APIs [10] Group 3: Customer Acquisition Costs - The cost of customer acquisition has been rising, with the average cost per customer through short video platforms increasing from 1,300 yuan in 2020 to approximately 2,100 yuan by mid-2024 [19] - Some loan assistance platforms have reported customer acquisition costs nearing 3,000 yuan per person, highlighting the increasing expense of obtaining new customers [19] Group 4: Future Directions - Consumer finance companies face a critical decision point: whether to continue relying on external platforms or invest in self-operated strategies to enhance their customer acquisition capabilities [21] - The shift towards self-operation is seen as a long-term strategy, requiring significant investment and time to develop, contrasting with the more immediate gains from reliance on loan assistance platforms [20]

Core Insights - The financial industry's digital transformation has evolved from simple tool replacement to a more complex cognitive upgrade, indicating a competitive race towards financial intelligence that will shape the next decade [1] - The company, immediately consumer finance, has developed the first financial large model "Tianjing" in the country, and has iterated to Tianjing 3.0, showcasing its ambition to transform from a traditional consumer finance provider to a technology innovation engine [3][4] - The consumer finance sector is facing unprecedented challenges as it shifts from incremental expansion to stock competition, with declining consumer demand and increasing competition from small banks and internet platforms [4][5] Industry Challenges - Consumer demand for credit is weakening, with a reported reduction of 262.4 billion yuan in short-term household loans in the first five months of 2025, and a 12% year-on-year decline in the total balance of 31 consumer finance companies, estimated at 1.1 trillion yuan [4] - The number of consumer finance companies has increased to 35 in 2024, an 8% year-on-year growth, intensifying market competition [4] - The average interest rate for consumer loans has decreased from 8.5% in 2023 to 7.2% in 2024, compressing profit margins across the industry [4] Company Performance - The company's revenue for 2024 was 15.149 billion yuan, a decline of 4.09%, while its asset scale shrank from 71.28 billion yuan to 65.56 billion yuan, marking an 8.03% decrease [7] - To maintain cash flow and profitability, the company has increased its collection efforts, with collection fees rising from 2.82 billion yuan in 2023 to 3.128 billion yuan in 2024 [7] Compliance and Reputation Issues - The company has faced a surge in complaints related to aggressive collection practices, with 9,547 complaints in the last 30 days, accounting for 17.38% of total complaints [6][7] - Regulatory scrutiny has intensified, with new regulations mandating strict compliance in areas such as loan interest rates and collection practices, increasing operational costs and compliance pressures [7][8] International Expansion - The company is exploring overseas expansion, particularly targeting the Mexican market, which is the third-largest financial inclusion market globally [9] - However, significant challenges exist, including cultural differences, regulatory compliance risks, and competitive pressures from local players [11][12]

Core Viewpoint - The consumer finance industry is accelerating the disposal of non-performing assets and issuing asset-backed securities (ABS) to replenish capital, driven by intensified competition, slowing economic growth, and declining asset quality [1][6]. Group 1: Non-Performing Asset Disposal - Consumer finance institutions are rapidly clearing non-performing assets, with a trend of "quick clearance and quick transfer" becoming the norm [2]. - Ant Financial recently listed a personal non-performing loan asset package with a total unpaid principal and interest of 600 million yuan, starting at a price of only 72.1 million yuan, reflecting a discount rate as low as 12% [2]. - The average overdue days for this asset package is 335.8 days, and it has been fully classified as a "loss" category [2]. - The average unpaid principal and interest balance for borrowers in a non-performing asset package is over 5,000 yuan, with an average of 2.62 loans per person [3]. - Institutions like Zhaolian Consumer Finance are adopting a "write-off and sell, all non-litigation" approach, transferring 464,693 non-performing assets with an average overdue period exceeding 600 days [3][4]. - The trend of low-price transfers of non-performing assets has become a common practice among consumer finance companies, with transfer volumes reaching historical highs [4]. Group 2: Asset-Backed Securities (ABS) Issuance - Consumer finance companies are accelerating ABS issuance to broaden financing channels, with a total of 15 ABS products issued by May 29, amounting to 7.458 billion yuan, a 45% increase compared to the same period in 2024 [6][10]. - The majority of ABS issued are personal consumption loan ABS, accounting for 72.4% of the total [6]. - The issuance rates for ABS have reached new lows, with some products like "25 Nanyin Fabai 1A" having a ticket rate of only 3.15% [6][9]. - Regulatory support is a significant factor driving ABS issuance, with the People's Bank of China encouraging consumer finance companies to issue financial bonds and expand the scope of securitizable assets [10][11]. - ABS issuance is seen as a cost-effective financing method, helping consumer finance companies optimize their liability structure and enhance capital resilience against risks [11].

Regulatory Dynamics - Seven departments, including the Ministry of Science and Technology and the People's Bank of China, jointly issued policies to support the development of a technology finance system, focusing on venture capital, monetary credit, capital markets, technology insurance, and bond markets with 15 policy measures proposed [1] - The Financial Regulatory Bureau announced modifications to certain regulations to align with the latest requirements of the Company Law, including changes to the management of supervisory boards and related party transactions [1] Industry Dynamics - Several banks and insurance institutions are planning to abolish or not establish supervisory boards, with the audit committee of the board taking over their functions [4] - Three consumer finance companies have raised their maximum loan limits to 300,000 yuan, following a notification from the Financial Regulatory Bureau aimed at boosting consumption [4] Corporate Developments - China Construction Bank's former vice president, Zhang Gengsheng, was arrested for bribery and illegal loan issuance, with the case currently under further investigation [2] - The Beijing Financial Dispute Mediation Committee, the first of its kind in the financial industry, was established to provide mediation services and resolve financial disputes [3] - JD Group has taken over a consumer finance company, now named Tianjin JD Consumer Finance Co., Ltd., marking a significant shift in ownership [6] - Huaxia Bank's board chairman's qualifications were approved, and Ping An Life welcomed a new female general manager, signaling leadership changes in major financial institutions [7][8] Financial Performance - Ant Group reported a net profit of 38.3 billion yuan for 2024, a 61% increase year-on-year [11] - Xiaoying Technology's first-quarter net profit reached 458 million yuan, up 26.16% year-on-year, while its revenue grew by 60.39% [12] - Jia'nan Technology reported a first-quarter net loss of 86.43 million USD, a 119% increase in losses compared to the previous year [13] Overseas Dynamics - The SEC chairman announced plans to enhance cost-benefit analysis and develop a reasonable regulatory framework for the cryptocurrency market, emphasizing the need for transparency and accountability in digital asset regulation [10]