出品 | 妙投APP 作者 | 董必政 编辑 | 关雪菁 头图 | AI制图 这是一片助贷的灰色地带。 那些网贷平台上标着"年化利率5.4%起"的贷款产品，很可能是包装出来的"高利贷"。 不少用户冲着利率低点进去，可当真正贷款时，平台会强制绑定各种会员费、担保费、服务费堆上去，算下来实际年化可能高达30%以上。 你很可能不知道的是：法律对年化利率24% 以内的贷款予以明确保护，而超过36%的部分则被认定为无效，而24%~36%的贷款由双方协商。 而不少网贷平台，玩的，就是这片灰色地带。 众多消费金融公司和助贷机构利用复杂的费用结构掩盖高利率的真相，让消费者在不知不觉中踏入债务陷阱。 最近，监管终于对此出手了。 2025年4月3日发布的《关于加强商业银行互联网助贷业务管理提升金融服务质效的通知》（以下简称"助贷新规"），明确综合融资成本区间。 也就是说，以后所有收费都必须算进综合年化利率里，不能超过司法保护上限24%。 助贷新规从2025年10月1日起开始执行，给了消金公司、助贷平台、提供资金的商业银行等近6个月过渡期。 这次，24%~36%的高利贷真的会消声灭迹吗？ # 01 一、行业出清的信号 众怒，是推行 ...

Core Viewpoint - The article highlights the deceptive practices of certain skill training institutions that lure consumers with promises of high-paying jobs and flexible payment options, ultimately leading to financial disputes and complaints related to "training loans" [1][5][12]. Group 1: Consumer Complaints and Trends - In the first half of 2025, consumer complaints received by national consumer associations totaled 995,971, marking a year-on-year increase of 27.23% [2]. - The financial services category saw a significant rise in complaints, with 7,564 cases reported, up from 1,882 in the same period of 2024, indicating a shift in consumer concerns [4][5]. - The education and training services category accounted for 44,126 complaints, representing 4.43% of total complaints, an increase from 3.92% in the previous year [3][4]. Group 2: "Training Loan" Scheme - The "pay after learning" scheme is identified as a method to induce loans, where institutions promote the idea of "part-time jobs to repay loans," misleading consumers into signing loan agreements without full awareness [1][5][12]. - Many consumers, particularly students, are misled by false promises of guaranteed income and are often unaware of the loan applications they are signing [5][12]. - Complaints reveal that institutions often provide vague contract terms, making it difficult for consumers to understand refund conditions, leading to high penalties for contract termination [5][12]. Group 3: Regulatory Insights - Regulatory bodies have previously warned consumers about the "training loan" traps, emphasizing the need for awareness regarding high-interest loans tied to training programs [12][14]. - The National Financial Supervision Administration has mandated that financial institutions improve consumer rights protection and transparency in loan agreements [14][16]. - The warning signs of "training loan" traps include false promises of job placement, bundled loans without clear disclosure, and hidden fees that exceed initial expectations [13][14].

Core Viewpoint - The company is actively responding to the policies aimed at supporting micro and small enterprises (MSEs) financing, aligning with national guidelines to enhance financial services for MSEs by 2025 [1][2]. Group 1: Financing Initiatives - The company has increased its credit investment in MSEs, conducting extensive outreach to understand their funding needs, resulting in a growing number of loans and amounts disbursed [2]. - As of now, the company has visited numerous enterprise clients, ensuring sufficient credit supply to meet MSEs' financial demands [2]. - The company is enhancing risk management and improving the quality of MSE loans while implementing supportive measures in loan pricing and performance assessments [2]. Group 2: Collaboration and Support - The company has collaborated with local authorities to create a comprehensive service list for individual businesses, addressing key pain points in financing and operational costs [3]. - A joint meeting was held to discuss the development of MSEs in the intangible cultural heritage sector, focusing on financial challenges and promotional strategies [3]. - Plans are in place to conduct promotional activities that leverage financial support to enhance the sales channels for heritage products [3]. Group 3: Financial Performance - Since the beginning of 2025, the company's retail loan balance has increased by 606 million, accounting for 55.19% of total entity loans, with an additional 1,571 retail loan accounts opened [4]. - The company aims to continue implementing the financing coordination mechanism to inject financial vitality into local MSEs, contributing to high-quality economic development [4].

Group 1 - The core viewpoint of the article is the regulation of auto consumer finance business by several banks in Henan, aiming to control financing costs and eliminate high commission issues [1] - Everbright Bank's Zhengzhou branch has announced measures to standardize loan product pricing and strictly control financing costs for car buyers [1] - Other banks in the Henan region, including Agricultural Bank of Henan, Bank of Communications Henan branch, CITIC Bank Zhengzhou branch, and Zhongyuan Bank, have issued similar statements regarding the regulation of auto finance [1] Group 2 - The measures include regulating commission payment behaviors to prevent dealers from using high commissions to manipulate car sales prices and mislead consumers regarding their loan intentions and terms [1] - The initiative aims to address the issue of dealers inducing consumers to repay loans early or distorting their genuine loan needs [1]

Core Insights - The implementation of the new lending regulations is set to reshape the industry landscape, with a focus on a 24% annual interest rate becoming a critical threshold for the lending sector [1][2][3] - Banks are increasingly rejecting loans with interest rates between 24% and 36%, leading to a rise in funding costs for smaller lending institutions [2][3] - Major lending platforms like Ant Group and JD.com continue to dominate the "white list" of approved institutions, while new entrants like "Hanglv Zongheng" are emerging as significant players [1][6] Lending Rate Dynamics - The new regulations emphasize that banks must clearly define service fees and include them in the overall financing cost for borrowers, with a focus on maintaining a 24% cap for legal protection [2][8] - There is a notable shift in the lending landscape, with banks tightening their approval processes for loans in the 24%-36% interest rate range, which has historically been accepted [2][3] Structural Changes in the Market - Smaller lending institutions are experiencing a rapid increase in funding costs, while larger institutions are less affected due to their focus on loans below the 24% threshold [3][4] - The tightening of credit from banks is forcing smaller lenders to reconsider their business models, as they struggle to cover costs without offering higher interest loans [3][4] Collaboration Trends - Banks are increasingly seeking partnerships with leading institutions and new "cross-industry players" to enhance their customer acquisition strategies [5][7] - Recent collaborations include banks partnering with platforms like "Hanglv Zongheng," which has a user base exceeding 100 million, indicating a shift towards leveraging established user bases for loan distribution [7][8] Regulatory Compliance - The new regulations require banks to enhance their due diligence and establish clear agreements with lending platforms, ensuring compliance with the new standards [8] - Recent penalties for non-compliance highlight the regulatory scrutiny in the lending sector, emphasizing the need for banks to adhere to the new guidelines [8]

Financial Data and Key Metrics Changes - PagSeguro Digital reported a total payment volume (TPV) of BRL 518 billion, reflecting a 32% year-over-year growth [6] - Net revenues increased by 18% year-over-year, reaching BRL 18.8 billion [6] - Net income reached an all-time high of BRL 2.3 billion, a 28% increase compared to 2023, with diluted earnings per share (EPS) on a GAAP basis at BRL 6.62, growing 30% year-over-year [6][29] - Return on average equity (ROE) improved to 15.2%, a 198 basis points increase year-over-year [7][29] Business Line Data and Key Metrics Changes - The merchant acquiring business saw TPV reach BRL 146 billion in Q4 2024, growing 28% year-over-year [14] - The banking segment's revenue set a record of BRL 513 million, growing 58% year-over-year, driven by interest income from the credit portfolio [23] - The credit portfolio grew by 36% year-over-year, reaching BRL 3.4 billion, with a focus on secured products [20] Market Data and Key Metrics Changes - The banking segment's gross profit margin increased to 69% of revenue, up from 61% a year earlier [25] - Total deposits rose by 31% year-over-year, reaching BRL 36.1 billion, with a reduction in the average cost of funding by 400 basis points [19] Company Strategy and Development Direction - The company aims to explore new growth verticals and improve shareholder value through a buyback program [9] - A disciplined strategy execution is emphasized to achieve long-term growth despite macroeconomic challenges [11] - The focus remains on integrating payments and banking services to enhance customer engagement and transactionality [17] Management's Comments on Operating Environment and Future Outlook - Management highlighted the ability to adapt and perform despite external headwinds, with a commitment to balance growth and profitability [10] - For 2025, the company expects to continue exploring initiatives to navigate challenges, with guidance for gross profit growth between 11% and 15% [32] Other Important Information - The company executed 50% of its current buyback program, amounting to BRL 784 million, as part of its strategy to create shareholder value [30] - The company is focused on maintaining a conservative capital structure while navigating market uncertainties [75] Q&A Session Summary Question: Inquiry about the credit portfolio and non-collateralized loans - Management indicated a healthy growth in the credit portfolio and plans to continue focusing on secured loans while growing non-collateralized products at an appropriate pace [39] Question: Clarification on transaction activities revenue decrease - Management explained that while transaction activities revenue decreased, financial income increased significantly, leading to overall revenue growth [42] Question: Guidance on EPS growth and net income expectations - Management clarified that the EPS guidance does not factor in buybacks and expects net income to grow similarly [47] Question: Details on TPV growth expectations - Management expressed confidence in continuing to grow TPV faster than the industry, with expectations for strong performance in 2025 [48] Question: Insights on the LMAX segment growth - Management noted that the LMAX segment, including e-commerce and cross-border transactions, is expected to continue growing robustly [58] Question: Discussion on repricing strategies - Management confirmed ongoing repricing efforts and indicated that they are being implemented in a way that minimizes client sensitivity [56] Question: Capital allocation and future buyback programs - Management discussed the cautious approach to capital allocation, emphasizing buybacks over dividends in the current uncertain environment [75][98]