Core Viewpoint - WeBank's flagship product, WeLiDai, which once thrived on rapid loan disbursement, is now facing challenges such as declining personal consumption loan data, high user complaints, and a loss of Tencent's support, raising questions about its core competitiveness for the next decade [2][8][29] Group 1: Historical Context and Growth - WeBank was established in December 2014 with Tencent as a major shareholder, leveraging its vast user base to launch WeLiDai, which quickly gained popularity due to its efficiency and accessibility [9][11] - By the end of 2019, WeLiDai had issued loans totaling 3.7 trillion yuan, marking a 900-fold increase in less than four years [12] - WeBank's revenue grew from 230 million yuan in 2015 to 14.87 billion yuan by the end of 2019, a 65-fold increase, while its total assets reached 291.2 billion yuan [12][13] Group 2: Current Challenges - WeLiDai is experiencing "traffic anxiety" as user growth slows, with the number of effective personal loan customers decreasing from 49 million in 2021 to 25 million in 2024 [21][24] - The average loan amount per transaction has declined from 8,000 yuan in 2021 to 7,200 yuan in 2024, indicating a shift in customer demographics towards lower-income borrowers [24] - Complaints against WeBank have surged, with over 56,000 complaints reported, highlighting issues such as aggressive debt collection and data privacy concerns [26] Group 3: Strategic Shifts - In 2025, WeBank initiated a "new decade" strategy, shifting focus from growth to risk management and profitability, which includes transforming WeLiDai into a loan marketplace [29][30] - The company aims to filter high-risk customers and hopes to expand its B2B loan business, which has grown from 37.19% of total loans in 2021 to 49.44% by the end of 2024 [30] - Tencent's recent stock reduction and the introduction of its own lending product, "WeChat Fenfu," signal a potential competitive threat to WeLiDai's market position [31][32]