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recently, with the release of financial reports of listed companies, the performance of several licensed consumer finance companies in the first half of this year was also released.

judging from the semi-annual reports that have been released, the consumer finance industry has shown a complex and changeable development trend in the first half of this year. specifically, the leading consumer finance companies have shown a contraction trend, while the overall growth of mid-stream consumer finance companies is relatively obvious.

the “first echelon” saw a decline in both revenue and net profit?

judging from the disclosed financial report data, among the six consumer finance companies with total assets of more than 60 billion yuan, two-thirds of them are shrinking in scale. among them, the total assets of industrial bank consumer finance and china merchants bank consumer finance have declined most significantly, down 16.43% and 10.55% respectively from the beginning of the year.

ant financial, which is also in the "first echelon", achieved stable growth in the first half of this year under the general environment of "general decline" of the top companies. according to the 2024 semi-annual report disclosed by chuanhua zhilian, ant financial's total assets were 271.595 billion yuan, an increase of 13.3% from the beginning of the year, and its operating income was 5.985 billion yuan, and its net profit was 925 million yuan, a year-on-year increase of 107.87%.

in addition to ant consumer finance, four of the six consumer finance companies with total assets of more than 60 billion yuan saw a "double decline" in revenue and net profit. among them, china merchants consumer finance achieved operating revenue of 9.268 billion yuan in the first half of 2024, a year-on-year decrease of more than 10%; and achieved a net profit of 1.724 billion yuan, a year-on-year decrease of 7.41%. industrial bank consumer finance achieved operating revenue of 5.188 billion yuan and a net profit of 277 million yuan, a decrease of 78.09% from the same period last year. the net profit of bank of china consumer finance was -305 million yuan, a decrease of 208%. this is currently the consumer finance company with the largest year-on-year decline and the only one with a negative net profit.

in addition, mashang consumer finance's revenue in the first half of 2024 fell by 1.73% year-on-year, and its net profit fell by 20.66% year-on-year. china post consumer finance achieved revenue of 3.714 billion yuan in the first half of the year, up 12.80% year-on-year; net profit of 238 million yuan, down 4.8% year-on-year.

"it is mainly because consumer finance companies have taken the initiative to adopt dynamic and flexible adjustment strategies based on market demand and changes." regarding the phenomenon of "double decline" in revenue and net profit in the first half of this year, a relevant person in charge of a leading consumer finance company said, "at present, consumer finance companies mainly serve mid-end customers. in order to provide a more convenient experience and more favorable interest rates, they have taken the initiative to lower loan interest rates and conduct "fee reduction and profit sharing" in order to optimize customer structure and improve customer quality."

which ones have achieved universal increase?

looking at the 20 companies that have disclosed their performance data, among the seven consumer finance companies with total assets of more than 25 billion yuan and net profits of more than 1 billion yuan, except for the "double decline" of china merchants bank 58 consumer finance, the performance of institutions such as zhongyuan consumer finance, hangzhou bank consumer finance, nanyin bnp paribas consumer finance, haier consumer finance, and ningbo bank consumer finance all increased in the first half of the year.

zhongyuan consumer finance achieved revenue of 1.616 billion yuan in the first half of the year, a year-on-year increase of 28.25%; net profit of 253 million yuan, a year-on-year increase of 52.41%. hangzhou bank consumer finance achieved revenue of 2.698 billion yuan in the first half of the year, a year-on-year increase of 15.9%, and net profit of 460 million yuan, a year-on-year increase of 15%. nanyin bnp paribas consumer finance achieved operating income of 2.049 billion yuan in the first half of the year, a year-on-year increase of 102.57%, and net profit of 0.72 billion yuan, a year-on-year increase of 54.38%. ningbo bank consumer finance achieved revenue of 1.537 billion yuan in the first half of the year, a year-on-year increase of 111.7%, and net profit of 198 million yuan, a year-on-year increase of 211.61%, achieving growth rates of more than 100%.

in comparison, the performance of changyin 58 consumer finance was rather bleak. as of the end of june, the company achieved revenue of 1.355 billion yuan, a year-on-year decrease of 11.18%; net profit of 150 million yuan, a year-on-year decrease of more than 60%.

among the seven consumer finance companies with total assets of less than 25 billion yuan and net profits of less than 100 million yuan, three institutions disclosed their operating income, namely harbin bank consumer finance, jincheng consumer finance and jianxin consumer finance. among them, jincheng consumer finance's revenue in the first half of the year fell by 3.71%, net profit fell by 49.62%, and sunshine consumer finance's net profit fell by more than 39%. jianxin consumer finance's revenue growth rate was as high as 272.23%, and its net profit soared by 3250%, ranking first among the 20 consumer finance companies that have disclosed their income.

it is certainly gratifying that some consumer finance companies have achieved performance against the trend, but industry experts also remind that it is necessary to promote stable business development under the premise of preventing risks, avoid blindly expanding the scale, and balance the relationship between risk and development, speed and quality.

is financial bond issuance heating up?

in addition to performance, the financing behavior of consumer finance companies in the first half of the year is also worthy of attention.

since the beginning of this year, the financial bond issuance boom in the consumer finance industry has continued to heat up, including hangzhou bank consumer finance, china merchants union consumer finance, industrial bank consumer finance, mashang consumer finance, zhongyuan consumer finance, etc. many companies have successfully obtained approval to issue financial bonds. among them, china merchants union consumer finance, industrial bank consumer finance and other institutions have issued financial bonds most frequently.

according to incomplete statistics from the financial times, by the end of june, the six consumer finance companies had issued 15 financial bonds with a total amount of more than 25 billion yuan, setting a new record in financing scale. among them, boc consumer finance has successfully issued two financial bonds with a total amount of 3 billion yuan in the first half of the year.

"in recent years, the performance of consumer finance companies has been more differentiated. as the scale of business expands, the capital consumption of some consumer finance companies has increased year by year, and the demand for capital replenishment has become increasingly strong." dong ximiao, chief researcher of china unionpay financial, said that financial institutions need not only funds but also capital to increase credit supply. while supporting consumer finance companies to issue financial bonds, it is recommended to support outstanding consumer finance companies to issue secondary capital bonds to supplement capital and promote their healthy innovation and high-quality development.