中经记者 郑瑜 北京报道 作为消费金融公司合作助贷方之一，分期商城主体的溢价问题正在引起关注。 《中国经营报》记者在老牌分期商城小象优品（由无锡源石云科技有限公司及其关联公司运营）上发 现，销量第一的iPhone 17 Pro 1TB银色不分期售价为18749元，分12期月供测算总价为19322.67元；而销 量第二的自营店中型号、颜色、内存同样的手机不分期售价为16899元，分12期月供测算总价为 18967.32元；销量第三的同款手机不分期售价达到18149元，分12期售价达到20370.34元。 与之相对，同款参数手机在京东与淘宝旗舰店售价仅为12999元，并且可以使用信用卡、花呗等12期免 息服务。 为何售价较低的同款机型反而比售价更高的机型销量更少？溢价在30%至56%幅度背后有何定价逻辑？ 素喜智研高级研究员苏筱芮表示，此类灰色模式与此前市场中存在的"租机贷"异曲同工。在此类商业模 式中，商品只是实现变相贷款的"壳子"，消费者并不能直接取得商品使用价值，租机/分期平台借助"壳 子"获取的收益实为高息贷款收益。 已有消金公司终止合作 "此前分期商城采用的是固定收益模式，消费金融公司只收分期放款的资金 ...

Core Insights - The WeChat red envelope feature has evolved into a playful social interaction tool, where the focus is on the humorous contrast between the gift's description and its actual content, rather than the act of gifting itself [1][9][21] Group 1: WeChat Red Envelope Functionality - The WeChat red envelope allows users to customize gift messages, leading to a trend where extravagant items are humorously contrasted with inexpensive gifts [9][12] - Users often engage in playful deception, pretending to send valuable gifts while actually sending trivial items, enhancing the comedic aspect of the interaction [9][12][18] Group 2: Social Commerce Dynamics - WeChat's social commerce is characterized by its deep integration into social interactions, contrasting with traditional e-commerce platforms that rely on public exposure [21][23] - The introduction of features like "buy with friends" amplifies the social sharing aspect, similar to group buying models seen in other platforms [21][23] - WeChat's product display prioritizes low-cost gifts, creating a unique shopping experience that blends social interaction with commerce [23][42] Group 3: Market Position and Future Potential - WeChat's ecosystem is evolving, with a focus on live-streaming e-commerce and social sharing, indicating a shift towards a more integrated shopping experience [42][43] - The playful nature of the WeChat red envelope has created a vibrant consumer environment, suggesting potential for further development and innovation in social commerce [43]