纵观平安银行这两年的零售调整思路，一个明显的方法论显现：高风险高收益产品，让位于中风险中收益产品。而零售贷款余额阶段性下降，可以理解为在这个 阶段内，中风险中收益产品尚在补位。 在2025年中期业绩发布会上，平安银行党委书记、行长冀光恒用了一个很形象的比喻描述这一动态平衡："过去的东西（高风险高收益产品）有没有出清、新的后备 军（中风险中收益产品）有没有在排队。" 一些向好的、趋势性的拐点正在显现—— 上半年平安银行零售资产余额同比、环比跌幅均放缓；结构优化，存量高风险产品基本出清，基石类和中收益产品储备上 量；零售资产质量、存款付息率、资产收益率等关键经营指标持续优化。 值得一提的是，冀光恒在概述零售改革的最新进展时，首次用了"效益优先、兼顾规模"的表述。 这八个字意味深长，因为银行零售业务在宏观经济形势、居民收入变化、有效消费需求等多重因素影响下，并没有迎来顺周期。包括五家大行在内的多家上市行， 去年年报的显著共性就是零售业务集体失速，业务收入和净利占比均不同程度下降。 当"量"很难在非顺周期下扩张的时候，结构就一定要调好。"我们将进一步零售调整资产结构，做优做强基石类贷款，同时进一步推动中收益贷款的稳步 ...

Core Viewpoint - Ping An Bank's 2025 mid-year performance report highlights a steady business operation, emphasizing the importance of digital transformation, risk management, and strategic reforms to enhance retail, corporate, and interbank business segments [1][2]. Retail Business - The bank maintains a strong retail strategy, focusing on optimizing loan structures and enhancing product offerings to improve customer experience and market competitiveness. As of June, personal loan balance was CNY 17,259.78 billion, down 2.3% from the end of last year, with a non-performing loan ratio of 1.27%, a decrease of 0.12 percentage points [3][4]. - Personal deposits reached CNY 13,273.38 billion, up 3.1% year-on-year, with average interest rates declining by 37 basis points to 1.92%. Wealth management fee income grew by 12.8% to CNY 24.66 billion [4][6]. Digital and Comprehensive Financial Platforms - The bank continues to enhance its digital and comprehensive financial platforms, with registered users of the Ping An Pocket Bank APP reaching 177.60 million, a 2.0% increase. The contribution of comprehensive finance to new wealth clients was 57.3% [5][6]. Corporate Business - Ping An Bank focuses on refining its corporate business by supporting key sectors such as advanced manufacturing and green finance. As of June, corporate deposits were CNY 23,671.33 billion, up 5.4%, while corporate loans increased by 4.7% to CNY 16,825.20 billion [7][8]. - The bank has established a tiered customer management system, resulting in a 6.5% increase in corporate clients to 909,100, with strategic client loans growing by 15.8% [8]. Interbank Business - The bank's interbank business adapts to market changes, enhancing investment trading capabilities and customer services. As of June, the number of value clients reached 1,328, with bond sales increasing by 79.0% to CNY 169.36 billion [9]. Sustainable Development and Social Responsibility - Ping An Bank actively promotes green finance, with green loan balances reaching CNY 251.75 billion, a 6.0% increase. The bank also supports rural revitalization, with CNY 312.59 billion allocated to related initiatives [11][12]. Financial Performance - For the first half of 2025, the bank reported operating income of CNY 693.85 billion, a 10.0% decline, while net profit was CNY 248.70 billion, down 3.9%. The capital adequacy ratios improved, with the core tier one capital ratio at 9.31% [6][12].

Financial Data and Key Metrics Changes - Capital generation reached $222 million, up 63% year over year [6][21] - C and I adjusted earnings were $1.45 per share, up 42% [6][21] - Total revenue grew 10% year over year [6][24] - Receivables grew 7% year over year, surpassing $25 billion for the first time [6][21] Business Line Data and Key Metrics Changes - Originations increased by 9%, driven by enhanced data analytics and product innovations [7][23] - Credit card receivables reached $752 million, up 61% year over year [12][21] - Auto finance receivables grew to over $2.6 billion, with quarterly originations up 29% [14][21] Market Data and Key Metrics Changes - 30 plus delinquency rate was 5.07%, down 29 basis points year over year [7][27] - C and I net charge offs were 7.6%, down 88 basis points year over year [29] - Consumer loan net charge offs were 7.2%, down 110 basis points year over year [29] Company Strategy and Development Direction - The company focuses on responsible credit access and disciplined credit management [5][17] - Strategic initiatives include enhancing product offerings and improving customer experience [11][12] - The company aims to grow its credit card business conservatively while maintaining a strong balance sheet [13][17] Management Comments on Operating Environment and Future Outlook - The macroeconomic environment remains stable, with a resilient non-prime consumer supported by a solid labor market [15][16] - Management expressed confidence in the business model and strategic initiatives, anticipating significant capital generation growth in 2025 [40][38] - The company expects a more normalized mid-single-digit growth in originations for the second half of the year [23][68] Other Important Information - The company raised $1.8 billion in the quarter through ABS and unsecured markets, enhancing liquidity [20][36] - Operating expenses were $415 million, up 11% year over year, aligned with receivables growth [33][34] - The company repurchased 460,000 shares at an average price below $46 per share [18][21] Q&A Session Summary Question: Can you discuss the competitive dynamics driving your origination growth? - Management noted a constructive competitive environment with strong origination growth despite a tight credit box, emphasizing their ability to maintain competitive pricing [44][46] Question: How do you plan to deploy stronger capital generation in the next 6-12 months? - The company prioritizes building a great business, paying dividends, and considering share repurchases or strategic investments based on capital generation [49][51] Question: What is the expected timing for the credit card portfolio to reach similar returns as personal loans? - Management indicated that while they are not providing specific guidance, they expect card yields to remain above 30% and are focused on perfecting the product before accelerating growth [55][59] Question: How is the macroeconomic environment affecting your consumer base? - Management stated that the non-prime consumer has remained stable, with improved net disposable income compared to previous periods [82][85] Question: Are there signs of increased price competition in the market? - Management acknowledged the presence of competition but emphasized their disciplined approach to maintaining credit quality and customer value [90][92]

Group 1 - The core difference between automotive finance and bank loans lies in the providers; automotive finance is typically offered by financial companies established by car manufacturers, aimed at promoting their vehicle sales, while bank loans are provided by various commercial banks with a broader business scope [1] - The loan application process differs significantly; automotive finance companies offer a more flexible and simplified application process, focusing on the consumer's actual need for purchasing a vehicle, whereas bank loans require a comprehensive assessment of the applicant's credit status and financial situation, leading to a more complex and lengthy approval process [2] - Interest rates and repayment methods are also key differences; automotive finance rates are influenced by the manufacturer's sales strategies and can vary widely, including promotional low or zero-interest loans, while bank loan rates are generally more stable and based on central bank policies, with fixed repayment methods [2] Group 2 - Loan terms for automotive finance are typically shorter, ranging from 1 to 3 years, reflecting the rapid turnover in the automotive industry, while bank loans offer more diverse terms, potentially extending up to 5 years or longer based on the consumer's financial situation [3] - The use of loan funds is restricted in automotive finance, which is designated solely for purchasing specific models from the brand, while bank loans can be used for various brands as long as the applicant meets the bank's requirements and regulations [3]

Core Viewpoint - The article discusses the urgent termination of the "high interest, high rebate" automotive finance policy, which has led to a significant impact on car sales and financing options for consumers in various regions of China [1][2][3]. Group 1: Policy Changes - The "high interest, high rebate" policy allowed banks to return part of the loan profits to car dealers, who then offered rebates to consumers, effectively lowering the total purchase price [1]. - As of June 23, multiple 4S dealerships have begun to cancel their car loan discount policies due to regulatory actions, indicating a near-complete withdrawal of this financing option across various regions [2]. - The abrupt notification to consumers about the policy's termination has caused confusion and urgency, with some consumers rushing to finalize their purchases before the deadline [2]. Group 2: Financial Implications - A specific example highlighted is that for a Mercedes vehicle priced at over 500,000 yuan, a loan of 380,000 yuan at an annual interest rate of approximately 5% could save consumers around 7,000 yuan compared to the manufacturer's financing options [1]. - The cancellation of the "high interest, high rebate" policy is expected to lead to an increase in terminal car prices, as many consumers have opted for early loan repayments, resulting in banks facing losses due to the inability to cover upfront subsidy costs [2][3]. - Regulatory bodies have intensified control over related financial activities to mitigate financial risks, which has been a significant factor in the policy's termination [3].

Core Viewpoint - The automotive finance loan business requires innovation in products and scenarios, deepening industry-finance collaboration, and leveraging government subsidies, dealer discounts, and bank concessions to create a win-win model with automakers [1][5] Group 1: Industry Trends - Many banks have shifted automotive finance loans to "low interest, low rebate" or "low interest, zero rebate" models, with some banks reducing commission rates from 15% to 5% and annual fees down to 3% [1] - The era of "high interest, high rebate" automotive finance loans is expected to end, as industry associations in various regions have issued self-regulatory agreements to curb non-compliant sales practices [2][3] Group 2: Regulatory Environment - The self-regulatory agreements emphasize the need to eliminate high-commission product promotions, inducements for early loan repayments, and misrepresentation of consumer loan intentions by dealers [2] - Financial regulatory authorities have implemented measures to prohibit inappropriate competition linked to dealer commissions, urging financial institutions to enhance service quality instead [3][4] Group 3: Strategic Directions - Banks are encouraged to innovate products and enhance digital capabilities, utilizing intelligent risk control systems to optimize approval processes and improve customer experience [1][5] - The competitive landscape is intensifying with the entry of automotive finance companies, leasing firms, and internet platforms, prompting banks to evolve from traditional lenders to integrated service providers within the automotive ecosystem [4][5]