Core Insights - The article discusses the shift of several lending platforms towards "installment malls" as a new business model following regulatory crackdowns on previous high-interest lending practices. However, significant price markups on products have been observed, leading to higher costs for consumers compared to market prices [2][3][4]. Group 1: Business Model and Pricing - Multiple lending platforms, including Xiaoxiang Youpin and Yangxiaomiao, are entering the installment mall business, with high-demand products like iPhones and premium liquor often priced above market rates [3][4]. - For instance, an iPhone 17 Pro priced at 17,000 yuan in a non-installment sale costs 18,000 yuan when purchased in installments, while the same product is available for 14,000 yuan on mainstream e-commerce platforms, indicating a markup of over 4,000 yuan [3]. - The pricing discrepancies are widespread, with some products showing price differences of 200 to 400 yuan compared to major e-commerce sites [3][4]. Group 2: Consumer Experience and Feedback - Users have reported that after purchasing items through these platforms, they are often contacted by third-party recyclers offering to buy back the products at a significant discount, effectively creating a "sales-recovery" loop [4][6]. - For example, a consumer reported paying 5,257 yuan for gold on one platform but only receiving 4,140 yuan upon attempting to sell it back [4][6]. - The platforms often do not directly engage in recovery services, yet a hidden recovery chain has emerged, raising concerns about consumer privacy and the potential for disguised cash lending [6][8]. Group 3: Regulatory and Compliance Challenges - Industry analysts warn that if these installment malls are deemed to be lending under the guise of consumer sales, they could face regulatory shutdowns, and associated licensed institutions may also be held accountable [2][5]. - The legal landscape is evolving, with courts beginning to reject high-markup installment models, as seen in a case where a court ruled against a platform for charging excessive fees on a product priced above market value [16]. - Compliance is a critical consideration for these platforms, with many focusing on aligning product pricing with market levels to avoid regulatory scrutiny [5][16]. Group 4: Financial Performance and Profitability - The operational entities behind these installment malls are often linked to lending businesses, with some platforms showing significant revenue growth after transitioning to this model. For instance, a company reported revenue growth from 475 million yuan in 2022 to 530 million yuan in 2023, with projections of nearly 1 billion yuan by 2024 [9][13]. - The gross margins for some platforms remain high, with one platform reporting gross margins of 88.1% to 97.5% from 2022 to 2025 [11][13]. - The profitability is driven by both the markup on self-operated products and commissions from third-party sellers, with average commission rates ranging from 1% to 5% [13][14].

Core Viewpoint - The pricing strategy of installment shopping platforms, particularly regarding high premiums on consumer electronics, raises concerns about the sustainability and ethics of their business models [2][8]. Group 1: Pricing Discrepancies - The price of the iPhone 17 Pro 1TB on the installment platform is significantly higher than on major e-commerce sites, with a premium of 45% compared to official flagship store prices [3][5]. - The total cost of purchasing the iPhone 17 Pro 1TB through installments on the platform is calculated to be 19,967.32 yuan, while the same model is available for 12,999 yuan on other platforms [3][4]. Group 2: Business Model and Risks - The high premium pricing is indicative of a business model that relies on high-risk consumer segments, where the products serve as a facade for high-interest loans rather than genuine sales [2][5]. - The model has led to high complaint rates and a perception of poor customer quality, resulting in some financial companies terminating partnerships with the platform due to unprofitable returns [3][4]. Group 3: Consumer Behavior and Market Implications - The target demographic for these installment platforms often consists of individuals with poor credit histories who are unable to secure loans through traditional means, leading to increased default risks [5][8]. - The reliance on high premiums to cover costs and risks suggests a lack of sustainability in the business model, as it primarily serves short-term cash needs rather than genuine consumer demand [8][9].