Core Viewpoint - Haier Consumer Finance (海尔消金) is facing significant user complaints regarding aggressive debt collection practices and high loan interest rates, with 14,806 complaints recorded on the Black Cat Complaint platform, ranking second in the industry only to another financial service provider [1][17]. Management Changes - The Qingdao Regulatory Bureau approved Han Xiangyong's qualification as the acting deputy general manager of Haier Consumer Finance, marking a potential transition towards the general manager position [1][3]. - Han has been with Haier Consumer Finance since its inception, focusing on legal compliance, regulatory relations, consumer protection, and internal controls [3][4]. - The general manager position has been vacant for over a year, previously held by Zhang Ximing, who left for personal reasons after less than a year in the role [3][4]. Business Performance - Haier Consumer Finance was established in December 2014, with a registered capital of 2.09 billion yuan, and is primarily owned by Haier Group (49%) and other investors [5][7]. - The company has not met regulatory requirements for major shareholder ownership, indicating a potential need for equity adjustments [7]. - The company has expanded its business model to include both offline installment services and online cash loan services, achieving a significant growth in self-operated loan balances, which increased by 73.27% and 38.54% year-on-year as of the end of 2022 and 2023, respectively [8][9]. Financial Metrics - Total assets of Haier Consumer Finance reached 29.348 billion yuan in 2024, reflecting an 11.73% year-on-year growth, with a compound annual growth rate of 30.3% from 2020 to 2024 [9][11]. - The company's operating income and net profit have also shown double-digit growth, with operating income increasing from 1.177 billion yuan in 2020 to 3.168 billion yuan in 2024, despite a decline in 2021 [11][13]. - Net profit rose from 114 million yuan in 2020 to 445 million yuan in 2024, with growth rates of 72.57% and 21.92% in respective years [13][15]. Asset Quality Concerns - The non-performing loan (NPL) ratio has been rising, recorded at 2.06%, 2.35%, 2.34%, and 2.38% from 2021 to mid-2024, consistently above the industry average [15][17]. - The provision coverage ratio has been declining, with figures of 208.75%, 199.34%, and 194.01% from 2021 to 2023, indicating increasing pressure on asset quality [15].