Both the loan scale and financial performance of the two companies have achieved high growth, but in comparison, each company has its own strengths. The loan amount of Lexin has reached a new high, the profitability of the fun shop is considerable, and the user scale and financial technology income have also increased to varying degrees.
Similar starting point, different direction.
It is rumored that the founder of Xiaohe Fun Store, two Jiangxi people of the same age, originally planned to develop a staged shopping platform together, but later parted ways and set up staged music and fun staging, the predecessor of fun store.
20 13 10, staged music was established; Then 2065438+March 2004, fun staging was officially launched. After several years of development, they have formed their own consumer finance system. On June 8, 20 17, 10, Qudian Group was listed on the New York Stock Exchange, less than a month before Qudian went public in the United States, and Lexin Group became a member of the tide of listing of Internet finance companies.
Similar starting points and similar businesses are listed almost at the same time, and the two are often compared with each other.
The initial business structure of Lexin and Fun Store is mainly composed of two parts: consumption installment and cash loan. At that time, the fun shop investment and resource support business based on Ant Financial Services once surpassed Lexin. After the development in recent years, the situation seems completely different now.
In fact, under the pressure of supervision and industry environment, Lexin and fun shops are eager to transform. After the fun shop withdrew from the campus, it developed the cash loan business and entered the automobile staging market, while Lexin focused on staging e-commerce. Although they have gone out of different directions, in the end, they all reach the same goal and gradually move towards a loan-assisting business platform for financial institutions.
The growth of fun shop users is weak, and the music heart is nearly doubled.
As of September 30th, 20 19, the total number of registered users of Lexin exceeded 60 million, reaching 62.6 million, up 92.2% year-on-year; The number of credit users reached16.7 million, a year-on-year increase of 74.7%. Among them, the number of active users of loan products reached 665,438+million in the third quarter, and 2.8 million in the same period of 20 18; There were 2.5 million active users of new loans, a year-on-year increase of 265%.
As of the third quarter, the number of registered users of fun shops increased to 78.3 million, a year-on-year increase of11.8%; The total number of borrowers reached 6.3 million, all at the highest level in history. Among them, the number of new active borrowers in the third quarter was 669,654,38+0,000, an increase of 654,38+05.22% compared with 580,700 in the same period last year.
Comparing the above data, the total number of registered users and loan users of fun shops is greater than that of Lexin, but it can be seen that the growth rate of fun shop users is far less than that of Lexin, and the difference between newly added active borrowers is nearly 1.8 million.
At the end of 20 17, there were 62.4 million registered users and 23.9 million musicians in the fun shop. By the end of 20 18, there were 710.8 million registered users and 37.3 million people were happy. The gap between the two users is gradually narrowing. By the third quarter of this year, the total number of registered users of fun shops only exceeded15.7 million of Lexin. According to the growth rate of Lexin in the past, it is just around the corner to surpass the fun shops.
In fact, the outside world has been worried about the excessive dependence of fun shops on Alipay and Ant Financial. In August last year, the cooperation between the two sides stopped. Although the data of fun shops is still growing, it is obviously close to the ceiling and the growth is weak.
As mentioned earlier, the fun shop has gone through a "detour", hastily withdrawing from campus business and turning to cash loans. However, with the acceleration of supervision, this business has brought a certain crisis to the fun shops, and the fun shops have evaporated hundreds of billions of market value overnight because of public doubts about cash loans.
Later, the fun shop launched the car staging business-Dabai Automobile, but this choice failed to lead the fun shop out of the predicament. It took less than a year for Dabai Automobile to quickly open its business from 175 store to close it on a large scale. Today, this business is still shrinking. According to the latest financial report data, the sales revenue of Dabai Automobile has been greatly reduced from 586 million yuan in the third quarter of 20 18 to1360,000 yuan.
Today's fun shops have determined the direction of the open platform of financial institutions, that is, users who meet their own business needs are loaned by fun shops, and users who do not meet their own business needs are directed to other cooperative financial institutions. However, compared with the slow and steady music letter, the fun shop seems to be one step behind.
The daily average loan of Lexin exceeds 400 million, and the loan balance of fun shops reaches 38.4 billion.
The number of users is directly related to the amount of loans.
Lexin Financial Report shows that the loan in the third quarter was 37 billion yuan, an increase of 65,438+070% compared with 65,438+03.7 billion yuan in the same period of 2065,438+08, and an increase of 42,365,438+0% compared with 26 billion yuan in the second quarter. Based on this calculation, the daily average amount of Lexin exceeds 400 million yuan.
As of September 30th, 200019, the balance of Lexin loan reached 565,438.05 billion yuan, an increase of 99.5% compared with 25.8 billion yuan as of September 30th, 200018, and an increase of 26.85% compared with 40.6 billion yuan in the second quarter.
The fun store financial report did not disclose the current loan scale, but from the perspective of loan balance, it also increased significantly. As of September 30th, 20 19, the fun shop * * * has established cooperative relations with more than 100 licensed financial institutions, with a total loan balance of 38.4 billion yuan, an increase of 33.8% compared with 28.7 billion yuan in the second quarter of 20 19 and a year-on-year increase of156.7 billion yuan.
However, there is still a big gap between this loan balance and Lexin.
In terms of asset performance, in the third quarter of 20 19, the weighted average term of Lexin loan was about 13.3 months, and the weighted average APR was 26.6%. By September 30th, 20 19, the overdue rate for more than 90 days was 1.40%.
The weighted average term of self-owned loan business in the third quarter of 2065438+2009 was 10.4 months, and it was 8.4 months in the second quarter, which was relatively extended; The weighted average loan term on the open platform is 13 months, which is shorter than 14 months in the second quarter. In the third quarter of 20 19, the overdue rate of M6+ was 1.6%.
Lexin's revenue is 3.2 billion yuan, and the net profit of fun shops is 1 1 ten thousand.
Lexin Financial Report shows that the total revenue of 20 19 in the third quarter reached 3.2 billion yuan, up 72% year-on-year and 28.36% quarter-on-quarter. The net profit was 724 million yuan, up 62% year-on-year and 65,438+05.29% quarter-on-quarter.
The financial report of the fun shop shows that the total revenue of 20 19 in the third quarter was 259 1 100 million yuan, up 34.3% year-on-year and 16.66% quarter-on-quarter. The net profit was 654.38+0.43 billion yuan, up 52.6% year-on-year and down 8.75% quarter-on-quarter.
In contrast, Lexin's income is higher than that of fun shops, but its profitability is not as good as that of fun shops. Based on the above data, the average daily net profit of the fun shop is 1, 654,380+0.58 million yuan.
Judging from the financial reports of the two companies, the loan assistance business in cooperation with financial institutions is their main source of income.
According to Lexin's financial report, its financial technology income has the fastest growth. 20 19 in the third quarter, the financial technology income of various financial institutions served by Lexin reached 1900 million, an increase of 238% compared with 558 million in the same period last year.
Yang, chief financial officer of Fun Store, also said that the open platform plan has become the main growth and profit driving force of the company. The revenue generated in the third quarter was 993.3 million yuan, accounting for more than 90% of the net profit. Open platform will further enhance the profitability of fun shops.
According to the financial report, as of the end of the third quarter, the open platform of fun shops has bridged the gap between 1020900 borrowers and1/licensed and regulated financial institutions, both of which have more than doubled compared with the previous quarter. It is worth noting that the proportion of repeated lending in this quarter exceeded 70%.
Looking back at the annual income of Lexin 20 17 and 20 18, although the income growth is much slower, it is relatively stable.
In 20 17, driven by the financing income of 3.642 billion yuan (year-on-year growth 186.5%), the fun store achieved revenue of 4.775 billion yuan, up 231%year-on-year; In 20 18, the fun store achieved revenue of 7.692 billion yuan, up 6 1.09% year-on-year.
In 20 17, the revenue of Lexin was 5.58 billion yuan, up 29% year-on-year; In 20 17, the revenue of Lexin was 7.597 billion yuan, up by 3.6 15% year-on-year.
As for the reasons for the increase in income, the financial reports of Lexin 20 17 and 20 18 are all expressed as "the increase in financial service income". Its financial service income exceeded 3 billion yuan in 20 17, and this income increased by 65.7% to 5 billion yuan in 20 18, mainly due to loan facilitation and service fee increase.
It can be seen that compared with many attempts of fun shops, Lexin has found the right direction of financial technology.
Judging from the financial report data, the transformation of Lexin and Fun Store into financial technology has achieved initial results, and we expect them to continue to exert their strength and bring us more surprises.