短视频巨头——快手，毫不掩饰它的放贷野心。 天眼查信息显示，2025年底，广州快手小额贷款有限公司（简称"快手小贷"）注册资本发生变更，从5亿元增至10亿元。 此前2025年9月，其母公司北京云掣科技有限公司（下称"云掣科技"）注册资本大增10亿元，从12.55亿元壮大至22.55亿元。 同年4月，欢聚小贷更名为快手小贷。获得网络小贷资质后，快手便开始着手布局现金贷业务。 ▲图源：天眼查 通常来讲，小贷公司增资，除了满足监管杠杆率的要求，更重要的是扩大资金池，提高贷款投放能力，抢占市场份额。 按照相关规定，小贷公司融资杠杠上限为"1+4"，10亿元注册资本理论上可撬动50亿元的放贷资金池，即快手小贷的放贷资金池将较增资前翻倍。 01 无缝金融：刷视频—借钱—下单 梳理快手在金融领域的足履，虽然步步为营，却早已织就大网。 快手涉水金融，始于2020年。当年，快手以近3亿元现金+部分股票的方式，收购易联支付超50%的股份，间接获得了这张重磅牌照。 之后三年，快手凭借资金和流量的对接通道这一支点，双管齐下促成转化（抽佣），也暗暗培育自己的金融生态：一边为助贷平台导流，赚取佣金；一边 上架"贷超"，把第三方平台的现金 ...

此前2025年9月，其母公司北京云掣科技有限公司（下称"云掣科技"）注册资本大增10亿元，从12.55亿 元壮大至22.55亿元。 ▲图源：天眼查 通常来讲，小贷公司增资，除了满足监管杠杆率的要求，更重要的是扩大资金池，提高贷款投放能力， 抢占市场份额。 按照相关规定，小贷公司融资杠杠上限为"1+4"，10亿元注册资本理论上可撬动50亿元的放贷资金池， 即快手小贷的放贷资金池将较增资前翻倍。 01 来源：柒财经 短视频巨头——快手，毫不掩饰它的放贷野心。 天眼查信息显示，2025年底，广州快手小额贷款有限公司（简称"快手小贷"）注册资本发生变更，从5 亿元增至10亿元。 无缝金融：刷视频—借钱—下单 梳理快手在金融领域的足履，虽然步步为营，却早已织就大网。 快手涉水金融，始于2020年。当年，快手以近3亿元现金+部分股票的方式，收购易联支付超50%的股 份，间接获得了这张重磅牌照。 之后三年，快手凭借资金和流量的对接通道这一支点，双管齐下促成转化（抽佣），也暗暗培育自己的 金融生态：一边为助贷平台导流，赚取佣金；一边上架"贷超"，把第三方平台的现金贷产品集合起来， 供用户筛选、比较。 据业内人士称，截至202 ...

文｜时代周报 快手加码布局金融 快手的金融业务布局起步于2020年，相比其他互联网大厂来说明显滞后。当年，快手以近3亿元现金 +部分股票的方式，收购支付机构易联支付超50%的股份，间接获得支付牌照。 随后，快手陆续申请了"老铁支付""老铁严选"等商标，涉及网上银行、保险信息、金融管理、信用卡支 付受理等服务。 2023年3月，有消息称快手正着手购买网络小贷牌照，但该消息被快手官方在第一时间否认。进入2024 年，快手的金融业务布局突然加速。除了在3月份拿下小贷牌照外，同年7月，快手取得上海盛大保险经 纪有限责任公司100%股权，将保险代理牌照收入囊中。 近日，广州快手小额贷款有限公司（下称"快手小贷"）注册资本发生变更，从5亿元增至10亿元。 快手小贷成立于2016年1月，原为欢聚集团旗下小贷公司，曾用名广州欢聚小额贷款有限责任公司。 2024年3月，广州地方金融监督管理局发布批复，同意广州华多网络科技有限公司将持有广州欢聚小额 贷款有限责任公司的100%股权转让给北京云掣科技有限公司（下称"云掣科技"），并于同年4月更名为 快手小贷。 据天眼查，云掣科技是达佳互联的全资子公司，后者同时也是多家快手系公司的股 ...

Core Viewpoint - Kuaishou is currently facing significant challenges, including a record corruption case involving 140 million yuan and a hefty infringement penalty totaling 89.1 million yuan, indicating serious internal and external issues for the company [4][5][16]. Group 1: Corruption Case - The former general manager of Kuaishou's e-commerce service center, Feng Dian, was involved in a corruption case that resulted in the embezzlement of 140 million yuan, setting a record for internet companies [6][11]. - Feng Dian exploited loopholes in subsidy policies and leaked confidential internal data to external suppliers, leading to fraudulent applications for subsidies [10][8]. - A total of seven individuals, including Feng Dian, were sentenced to prison terms ranging from three years to fourteen and a half years for their roles in the embezzlement [11]. Group 2: Infringement Penalties - Kuaishou was ordered to pay a total of 89.1 million yuan in damages for unauthorized distribution of content from "De Yun Dou Xiao She" and "Chang Xiang Si" [16]. - The scale of infringement is alarming, with Kuaishou reportedly ignoring numerous cease-and-desist notices, leading to repeated violations by many accounts [17][18]. - This is not Kuaishou's first infringement penalty; previous cases include a 30 million yuan penalty from iQIYI for similar issues [20]. Group 3: User Growth and Market Position - Kuaishou's user growth has stagnated, with average active users at 408 million and monthly active users at 712 million, showing only single-digit growth year-on-year [25]. - In contrast, Douyin's user base is nearly double that of Kuaishou, indicating a significant competitive disadvantage [27]. - The company is attempting to find new growth avenues through AI, e-commerce, and financial services, but these efforts have yet to yield substantial results [28][30]. Group 4: Financial Performance and Future Outlook - Kuaishou's AI business generated 1.5 million yuan in Q1 2025, with an expected annual revenue of 4.5 million yuan, but this remains a small fraction of total revenue [30]. - The company's overseas operations reported a revenue of 1.32 billion yuan in Q2 2025, but cumulative losses from these operations reached 10.36 billion yuan from 2022 to 2024 [32]. - The potential exit of key influencers like Xinba could further impact Kuaishou's traffic and GMV, emphasizing the need for internal reforms and a robust content mechanism [34].

Group 1: Policy and Financial Support - The Ministry of Finance, the Central Bank, and the Financial Regulatory Bureau issued a policy to provide interest subsidies for personal consumption loans, targeting eight service sectors including catering, health, and tourism [1] - Loans eligible for interest subsidies must be signed between March 16, 2025, and December 31, 2025, and funds must be used to improve consumption infrastructure and service supply capacity [1] Group 2: Banking Sector Performance - As of the end of Q2 2025, the balance of non-performing loans in commercial banks was 3.4 trillion yuan, a decrease of 24 billion yuan from the previous quarter, with a non-performing loan ratio of 1.49%, down by 0.02 percentage points [2] - The balance of normal loans in commercial banks reached 226.8 trillion yuan, with a provision coverage ratio of 211.97%, up by 3.84 percentage points from the previous quarter [2] Group 3: Loan and Deposit Growth - By the end of July 2025, the balance of RMB loans was 268.51 trillion yuan, showing a year-on-year growth of 6.9%, with household loans increasing by 680.7 billion yuan [3] - The balance of RMB deposits reached 320.67 trillion yuan, with a year-on-year increase of 8.7%, and household deposits increased by 966 billion yuan [3] Group 4: Credit Card Innovations - Shanghai Pudong Development Bank launched a cultural-themed credit card featuring designs inspired by the Palace Museum, offering rewards for monthly spending [4] - Inner Mongolia Bank introduced a government credit card for public sector employees, which can also be used for personal consumption [5] Group 5: Consumer Financing Trends - WeChat's "Fenfu" launched a borrowing feature allowing users to access credit based on transaction history, facilitating consumer spending [8] - Kuaishou introduced a self-operated lending platform "Shengxin Jie," with a reported annual interest rate of approximately 20% [9] Group 6: Consumer Price Index and Retail Growth - In July, the Consumer Price Index remained stable, with a slight overall decrease of 0.1% year-on-year, while the retail sales of consumer goods grew by 3.7% [10][11]

Core Viewpoint - Kuaishou has launched its own lending platform "Shengxin Jiejin," marking its entry into the financial services sector, which is increasingly becoming a standard for major internet companies [2][3]. Lending Products - Kuaishou's lending offerings include "Kuaishou Monthly Payment," which allows users to make purchases in Kuaishou stores and repay the following month with a maximum interest-free period of 37 days [2]. - The platform's lending model primarily involves connecting licensed financial institutions with users, utilizing API and H5 lending technologies [4]. - The maximum loan amount available through Kuaishou's lending services is 200,000 yuan, with annual interest rates ranging from 23.65% to 35.99% depending on the lending institution [4][6]. Market Position and Competition - Kuaishou's financial services are seen as lagging behind competitors like Douyin, which offers lower interest rates and more established lending products [5][6]. - The company has faced complaints regarding high interest rates and restrictions on early loan repayment, indicating potential challenges in customer satisfaction [6]. Regulatory Environment - New regulations effective from October 1, 2023, will impose stricter controls on internet lending practices, potentially impacting Kuaishou's high-interest lending model [7][8]. - Kuaishou has recently acquired three financial licenses, including for small loans and insurance brokerage, to enhance its financial service offerings [9][12]. User Base and Growth - Kuaishou has a substantial user base, with 408 million daily active users and 711.7 million monthly active users, but growth rates have slowed compared to previous years [14]. - The company's e-commerce gross merchandise volume (GMV) reached 332.3 billion yuan in Q1 2023, reflecting a 15.4% increase year-on-year, but this is lower than the previous year's growth rate [14]. Strategic Challenges - Kuaishou's late entry into the financial services market raises questions about its ability to compete against established players with stronger brand recognition and broader service offerings [15]. - The company faces challenges in building financial brand awareness and developing user habits related to financial products [15][16].

Core Viewpoint - Kuaishou is gradually launching its credit payment product "Kuaishou Monthly Payment," which can be used for any purchases in Kuaishou's small shops, with a maximum interest-free period of 37 days, slightly longer than Douyin's 36 days [1] Group 1: Product Launch and Features - Kuaishou Monthly Payment is currently in a "gradual opening" phase and allows for purchases in Kuaishou's ecosystem [1] - The previous credit products were primarily partnerships with Alipay and WeChat, with a minimum credit score requirement of 550 and a single transaction limit of 1,000 yuan [1][2] - Kuaishou's role in the credit business is mainly as a traffic provider, initially collaborating with third-party platforms before attempting self-operated credit products [3] Group 2: Market Position and Challenges - Kuaishou's credit business is viewed skeptically in the industry due to its focus on a lower-tier customer base, which may hinder credit operations [4] - Previous attempts by mainstream lending platforms to acquire customers through Kuaishou have resulted in low conversion rates, leading to limited or no partnerships [4] - Kuaishou's entry into the credit market is considered late compared to competitors like ByteDance, which has been active in financial services since 2015 [5] Group 3: Potential Opportunities - Despite skepticism, Kuaishou has a significant user base, with average daily active users of 408 million and monthly active users of 712 million, suggesting a large potential market if even 1% of users qualify for credit [5] - Kuaishou's comprehensive ecosystem, particularly in e-commerce, may position Kuaishou Monthly Payment as a more appealing option for users, potentially reducing the likelihood of default compared to traditional cash loan products [5]