On May 17, happy letter (NASDAQ: LX) release 2019 1 quarter the financial outstanding achievement without audit. Profit from has an insight into to promote with service ability definitely to the essence of demand of new spending crowd, reach financial science and technology to last the technical barrier that high investment forms industry to precede, since happy letter battalion closes to appear on the market oneself successive 6 quarters present double digit to grow. 2019 1 quarter, happy letter battalion receives 2 billion yuan, grow 22% compared to the same period; Management gross profit 907 million yuan, grow 101% compared to the same period; Below standard of accounting of blame United States (Non-GAAP) the profit before interest duty 742 million yuan, grow 197% compared to the same period; Net profit 583 million yuan, grow 228% compared to the same period.
Be in what spring peak released on the meeting on May 10 according to 0 one finance and economics " appear on the market company of financial science and technology grows a report (2019) " , up to on April 30, 2019, happy letter market prise 2.265 billion dollar, overseas appears on the market in enterprise of financial science and technology, the row is numerous install online with 360 finance later; Additional, happy letter city is filled with lead 7.9 times, having can consult city is filled with of rate abroad appear on the market in enterprise of financial science and technology, be next to general beneficial fortune to reach collect Fu Tian to fall, row the 3rd.
Happy letter landed Nasidake on December 21, 2017, release price 9 dollars, collect endowment amount restrains 108 million dollar, corresponding market prise restrains 1.47 billion dollar. According to book of raise capital by floating shares, the business of happy letter only then at in installment happy, the line on August 2013, it is home holds water the earliest (Beijing east white at the line on 2014, ant is beautiful at the line on 2015) , scale is the largest shop in installment online store, its are virgin the group comes from Yu Teng dispatch basically. There is Wu of 3 great undertakings below Le Xinqi board piece: Platform of finance of the consumption on the line invests platform on happy store, line in installment namely conduct financial transactions of P2P platform orange, and assets matchs capital fund of platform at the height of power and splendour. Outside the orange economy that the financing source of finance of happy letter consumption leaves besides the banner, still have financial orgnaization of collaboration.
Basis " appear on the market company of financial science and technology grows a report (2019) " , 22 when in 0 one wisdom library combs abroad appear on the market in enterprise of financial science and technology, up to on April 30, only share price of company of 5 finance science and technology rises over price of first days of closing quotation of consummate city, happy letter is among them one of. Undertake to the business development of happy letter deepness is combed below, dug its not at the back of the expression of common of main area form.
One, year after year of income of financial business contribution rises, occupied 2018 than 65.77%
Happy letter divides a part to show business income, it is the online and direct sale related to electric business and service revenue (Online Direct Sales And Services Income) , include online and direct sales revenue (Online Direct Sales) and service and other income (Services And Others) ; 2 it is financial service revenue (Financial Services Income) include accrual and financial service revenue (Interest And Financial Services Income) , loan is matched with service revenue (Loan Facilitation And Servicing Fees) etc.
Graph 1 happy letter is intimate business of 3 years of cable and scale of financial business income
Money signed up for the basis 2018, the income of electric business Wu of happy letter did not see growth nearly 3 years almost, 2016, mixed 2017 was respectively 2018 27.76, 25.67 reach 2.601 billion yuan of RMBs, occupy score to be 64% , 46% reach 34.2% ; The growth of its business income is contributed by financial business entirely almost, financial business income is in 2016, mixed 2017 was respectively 2018 15.62, 30.15 reach 4.996 billion yuan of RMBs (used new accountant standard 2018, the increase part of income results from the change of accounting standard) , in this backside, it is the rapid growth of loan dimensions, come by 22.2 billion yuan of growth 2016 66.1 billion yuan of RMBs 2018.
2, asset end: The individual borrows money in installment by 2016 occupy than 85% rise to 96% 2018, shop to borrow money in installment dimensions and occupy glide than year after year, occupied 2018 than 4%
(one) the individual borrows money in installment belong cash reserve in a bank kind loan, occupied 2018 come than adding 96%
Money signed up for the basis 2018, the loan product of happy letter has two kinds, it is the individual borrows money in installment (Personal Installment Loans) , it is to shop to borrow money in installment (Installment Purchase Loans) . Among them, shop to borrow money in installment the user buying the home that faces self-supporting cable business, and borrow money in installment to the individual, happy letter is in announced in money newspaper 2018: "The user can acquire cash reserve in a bank, the tripartite that perhaps goes buying platform of its cable business to go up the commodity of business door; To need not borrowing money in installment at buying the individual of commodity, we do not track the effective use of loan, but the use that a specific permission chooses when we ask the user is applying for loan, be like education, maintenance or drive school expenses " .
2016, reached 2017 2018, the GMW of happy letter is 4 billion yuan respectively, 4.1 billion yuan reach 5.8 billion yuan of RMBs, shop to borrow money to be 3.2 billion yuan respectively in installment, 2.9 billion yuan reach 2.7 billion yuan of RMBs, and the individual borrows money to be 19 billion yuan respectively in installment, 44.8 billion yuan reach 63.3 billion yuan of RMB, considering what shop in installment head pay (the self-supporting cable business of happy letter shops to ask in installment of 0-50% head pay) , but computative 2018, borrow money in installment with the individual that shops at electric business should far under 3.1 billion yuan of RMB (GMW was 5.8 billion yuan 2018, subtract 2.7 billion yuan when faced self-supporting cable business 2018 shop to borrow money in installment) , still have super- have 60 billion yuan (95% above) the individual borrows money to shop with business of Yu Fei cable in installment utility, and happy letter is in real operation, do not meet utility of specific limitation loan, visible, the individual borrows money in installment have ready money kind the property of loan.
The data that signs up for exposure from money looks, since happy letter appears on the market, the growth of its loan dimensions borrows money in installment by the individual entirely contribution, and shop to borrow money in installment dimensions year after year is small glide. The individual borrows money in installment occupy than by 2016 85% rise to 96% 2018, shop to borrow money in installment dimensions and occupy glide than year after year, occupied only 2018 than 4% . From advocate business Wu is formed look, happy letter should belong cash reserve in a bank more kind loan platform.
Money signed up for the basis 2018, the individual of happy letter borrows money in installment APR is 14%-36% , up to by 2018, the individual borrows money in installment remaining sum is 30.8 billion yuan of RMB, occupy than 95% ; The APR that shops to borrow money in installment is 18%-36% , up to by 2018, shop to borrow money in installment remaining sum is 1.6 billion yuan of RMBs, occupy than 5% .
Graph 2 happy letters borrowed money 2018 product dimensions distributings
(2) " in installment happy " offers 3 kinds of products: Shop in installment, cash kind loan and credit card acting countervail
Consult the asset of happy letter is carried in installment happy official net, its showed 3 products, the material information from the product is visible, besides shop in installment outside, still have ready money kind loan and credit card acting countervail, can sentence bring up the rear both the " individual in signing up for with money borrows money in installment " is opposite should.
From the description of this product: "Character life tentacle can reach " ; "Consume first, hind reimbursement " ; "Highest can enjoy 36 period avoid breath "" choice card, quality goods assures " , it is thus clear that its are shop in installment.
The introduction of this product is: "Fast borrow or lend money solves " of an extremely urgency; "Low interest rate, day ceases but low to 0.03%" ; "Clever current is counted, 1-36 period holds the post of you to choose " ; "The loan of orgnaization of the normal finance that hold a card such as the bank, safety has safeguard " , it is thus clear that its are cash kind loan.
The described as of this product: "Return credit card not to have pressure " easily: "Zhang Chan Ling is vivid in installment, relaxed not " of exceed the time limit; "Arrive quickly Zhang, credit card forehead spends a second to restore " ; "Small letter pays refund credit card, without poundage " , it is thus clear that its are product of credit card acting countervail.
(3) announcing 90 days + in the enterprise of science and technology of be in harmony of the begins a net to shift business gold that exceed the time limit leads, the rate of exceed the time limit of happy letter is in inferior level
Release according to 0 one finance and economics " appear on the market company of financial science and technology grows a report (2019) " , plan the company of financial science and technology that 5 begin a net to shift business announces 90 days + rate of exceed the time limit, among them, up to by 2018, 90 days of happy letter + rate of exceed the time limit is 1.41% , be in inferior level. In the meantime, although exceed the time limit leads quarterly ring is smaller than all having compared to the same period with year to rise, increased 0.02 percent and 0.27 percent respectively, but fluctuant extent and posture of industry of other finance science and technology are smaller, indication asset quality is relatively stable.
Express the enterprise of financial science and technology such as 1 happy letter by 2018 90 days + rate of exceed the time limit and annulus are compared and change compared to the same period
The loan that * includes cancel after verification and already inactive (Discontinued) loan
Happy letter in the " with money medium 2018 newspaper our risk analyses exposure of ability " part, since hold water, its threw a large number of resource to build comprehensive credit database, and accuse in wind in used machine study and artificial intelligence technology. The feedback of the questionnaire survey that began April to 0 one finance and economics according to happy letter, 2018, investment of its research and development is amounted to 320 million, grew 36.1% last year compared to the same period, 26.9% what take pay of happy letter operation, wind accuses and personnel of research and development is occupied than exceeding 1/3.
3, financing source occupies the orgnaization to rise than year after year, there is arrangement of " of " reveal all the details in cooperating with the orgnaization
(one) orgnaization financing source exceeded orange conduct financial transactions 2018
Basis 2018 annals, the financing source of happy letter outside the individual investor besides orange conduct financial transactions, still have orgnaization fund partner, there still was remaining sum to occupy 2016 in addition change financing source than be the capital negotiable securities of 1.6% . Up to 2016, mixed 2017 in the loan remaining sum by 2018, the capital dimensions that comes from the individual investor at orange conduct financial transactions is 5.537 billion yuan respectively, 9.785 billion yuan reach thirteen billion three hundred and eighty-four million yuan of RMB, score is occupied to be in loan remaining sum 58.9% , 53.5% with 43.8% , occupy drop than year after year; And the capital dimensions of orgnaization associate is 3.711 billion yuan respectively, 8.499 billion yuan reach seventeen billion one hundred and seventy-seven million yuan of RMBs, score is occupied mediumly to be in loan remaining sum 39.5% , 46.5% with 56.2% , occupy rise than year after year.
Money signed up for the basis 2018, happy letter began to carry direct loan business 2015 (Direct Lending Programs) introduce orgnaization fund partner, include a commercial bank, consume financial firm, orgnaization of the other finance that hold a card reachs P2P platform. Up to by 2018, the orgnaization capital associate of happy letter has many 30.
Graph 3 happy letters match dimensions of capital of the orgnaization in loan nearly 3 years to reach occupy than
(2) there is arrangement of " of " reveal all the details in cooperating with the orgnaization
About the capital safety of orgnaization partner, happy letter is in announced in money newspaper 2018: "We are accountability offer cash pledge to capital associate, principal and interest of break a contact is compensated to its below the circumstance of loan break a contact. Repay ahead of schedule in borrower below the circumstance of loan, we also can offer sum accrual to pay to its according to loan time limit. "In addition, happy letter returns exposure: "Partner of a few fund asks we establish bail account, stock it is loan remaining sum commonly the cash of 5% , have consideration every months and complement, the exceed the time limit that did not compensate for to us did not return money, fund partner has right preferential undertake compensatory " with these bail.
Happy letter is in exposure was returned in money newspaper 2018, in the light of 141 article orgnaization of requirement banking finance must not be accepted without assure the tripartite orgnaization of aptitude provides the service that add a letter and other and relevant service, do not get with tripartite of pass an imperial examination to borrower collection any accrual reach charge, happy letter was done to the cooperative mode with the orgnaization adjust, by in installment finance of happy subsidiary Shenzhen happy letter assures limited company is offerred for platform user assure and relevant assure service collection charge. To be being mixed by the commercial bank the network is small the individual that borrows company fund borrows money in installment, shenzhen in installment happy no longer to user collection charge, carry those who protect limited company to be offerred to orgnaization fund partner with respect to its to assure by finance of Shenzhen happy letter however collection charge. Happy letter still adjusted as companionate as partial orgnaization capital collaboration pattern further, make its collect fees to borrower directly. Dan Lexin also is in alluded in money newspaper 2018, the effectiveness of these arrangement and add up to compasses sex and do not decide.
Brief summary
Dimensions of Wu of business of cable of be enslaved to be enslaved to and add fast, the outstanding achievement growth of happy letter basically borrows money in installment by the individual contribution. From advocate business Wu is occupied look than going up, no matter be the angle from the angle that matchs loan dimensions or loan remaining sum, the individual borrows money to all be occupied in installment than 95% above, thereby happy letter more should range cash kind loan platform, business of cable of and rather than in installment platform. Look from the trend, the growth of happy letter future still hopeful relies on an individual to borrow money in installment, business of cable of and rather than in installment. In the meantime, in capital end, the fund that orange conduct financial transactions provides and originate the capital of the orgnaization all is in growth, but latter growth is rapid at former, exceeded 2018 former, namely of happy letter aid borrowed business dimensions to had exceeded its P2P business, and this kind of trend still hopeful continues. Happy letter accuses to go up in wind with its he announces 90 days + exceed the time limit leads begin what the net shifts business to appear on the market posture of industry of financial science and technology is more certain than having advantage, hopeful becomes his to attract a window that the orgnaization cooperates.
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High-quality goods report: Small commercial bank digitlizes a net to borrow science and technology of finance of 315 whole worlds to cast financing to report in (2018) industry of area piece chain grows a report (2018) efficiency of operation of estate of Bank of China reports (2018) the net is borrowed close compasses put on record plan is panoramic report (2018) " net
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