张大伟 制图 回顾直销银行的十余年沉浮，其承担了银行数字化转型的探索任务，又在展业受困、手机银行逐步满足 用户需求之下顺势退场。"随着手机银行在用户体验、业务场景和技术架构上的全面升级，直销银行的 独立存在价值被稀释，其作为'过渡形态'的阶段性任务便宣告完成。"苏商银行特约研究员薛洪言向上 海证券报记者表示。 曾经风头无两 "看到邮惠万家银行被吸收合并的公告时，我打开朋友圈，看到很多在直销银行共事过的老同事和朋友 都在转发这条公告，满屏都是对'时代落幕'的叹息。"曾在直销银行工作过的刘晓（化名）向上海证券 报记者慨叹。 独立法人直销银行的困境 □ 邮惠万家银行经营三年多以来，始终没能盈利，2025年上半年净利润为-1.18亿元 □ 招商拓扑银行甚至尚未正式经营就告"夭折"——撤回开业申请并终止筹备工作 □ 百信银行亏损几年后，至2021年才开始盈利，但目前经营仍面临压力。截至2024年末，百信银行实现 净利润6.52亿元，同比下滑23.74% ◎记者 徐潇潇 黄坤 邮储银行日前公告称拟吸收合并全资子公司邮惠万家银行，这意味着国内第二家独立法人直销银行在成 立不到四年后也走向终局。至此，独立法人直销银行仅剩百信 ...

Core Viewpoint - China Postal Savings Bank (Postal Bank) announced on September 23 its plan to absorb and merge its wholly-owned subsidiary, Postal Huinong Bank, to optimize management and business structure, marking a significant shift in the independent direct banking landscape in China [1] Group 1: Financial Performance of Postal Huinong Bank - Postal Huinong Bank, established with a registered capital of 5 billion RMB, faced continuous losses since its inception, with total assets shrinking from 70.22 billion RMB at the end of 2022 to 120.05 billion RMB by mid-2025 [2][5] - The bank reported a cumulative total loss of 958 million RMB since its establishment, indicating a failure to achieve sustainable profitability despite significant investment [6] - By 2024, the bank's total assets further declined to 128.28 billion RMB, with a net profit loss of 4.15 billion RMB, highlighting severe operational challenges [4] Group 2: Market Dynamics and Competitive Landscape - The absorption of Postal Huinong Bank reflects broader challenges faced by independent direct banks, with only Citic Baixin Bank remaining operational among the initial trio of direct banks [7] - Independent direct banks are under pressure from both their parent banks' mobile banking apps and established internet banks, leading to intense competition and market saturation [8] - The business model of independent direct banks has been criticized for its inability to differentiate from traditional banks, resulting in challenges in customer acquisition and profitability [8] Group 3: Strategic Implications for Postal Bank - The merger is seen as a rational adjustment based on financial returns and strategic effectiveness, signaling a shift in focus from merely establishing new entities to integrating digital capabilities into core operations [9] - Postal Bank aims to internalize the operational experience and technology from Postal Huinong Bank to enhance its overall digital transformation, emphasizing the importance of embedding digital technology into business processes [9] - The future competition in the banking sector will hinge on the ability to effectively integrate digital solutions rather than the number of innovative subsidiaries [9]

Core Viewpoint - Postal Savings Bank of China (PSBC) will absorb and merge its wholly-owned subsidiary, Postal Huinong Bank, to optimize management and business structure [1][2] Group 1: Company Overview - PSBC announced the merger on September 23, aiming to enhance operational efficiency and reduce costs by consolidating resources [1] - Postal Huinong Bank was established in January 2022 with a registered capital of 5 billion yuan and primarily operated as an online bank [1][2] - The merger will result in the cancellation of Postal Huinong Bank's independent legal status, with all its assets, liabilities, and rights transferred to PSBC [1] Group 2: Financial Performance - In 2024, Postal Huinong Bank reported a revenue of 243 million yuan, a year-on-year decrease of 31.52%, and a net loss of 263 million yuan, which is an improvement from the previous year's loss of 415 million yuan [2] - PSBC's financial performance for 2024 included a revenue of 348.775 billion yuan, a year-on-year increase of 1.83%, and a net profit of 86.479 billion yuan, up 0.24% [2] - As of the end of 2024, PSBC's total assets amounted to 17.08491 trillion yuan [2]

Core Viewpoint - Direct banks, once seen as pioneers in the banking industry's embrace of the internet, are now facing significant challenges due to overlapping functionalities with mobile banking and a lack of differentiated competitive strategies, leading to a decline in their numbers and relevance [1][4][9]. Group 1: Development and Decline of Direct Banks - Direct banks were initially launched in 2013 by Beijing Bank and ING Group, becoming a popular innovation in the banking sector, with over 100 banks offering such services at their peak [1][4]. - The decline began around 2019, with many banks, including Minsheng Bank and Guangfa Bank, migrating their direct banking services to mobile banking apps, resulting in a significant reduction in the number of operational direct bank apps [4][9]. - Currently, only about 13 direct bank apps remain available, primarily from small local banks, indicating a drastic reduction from their peak [6][9]. Group 2: Operational Challenges - Direct banks initially thrived due to their online, low-cost operational model but struggled with overlapping functionalities with mobile banking, leading to increased user switching costs and competitive disadvantages [9][10]. - The operational model of many direct banks relies on their parent banks, limiting their decision-making autonomy and slowing product iteration, which further hampers their competitiveness [9][10]. - Only two independent direct banks exist, with both facing significant challenges in their financial performance, indicating the difficulties of sustaining such models in the current market [9][10]. Group 3: Future Prospects - Analysts suggest that the future of direct banks may involve either becoming specialized modules within mobile banking, focusing on high-yield deposits and customized financial products, or transforming into open banking platforms that integrate financial services into everyday life through API connections [10][11]. - The integration of advanced technologies such as AI and the metaverse could provide opportunities for direct banks to innovate and enhance their service offerings, potentially reviving their earlier success [11].