Lexin (LX), which was founded during the outbreak of Internet finance, has been developing for more than seven years. As a lucky dog in the era of mutual gold, Lexin has taken a unique development path through consumption bonus.

Recently, Lexin released the unaudited financial results for the third quarter of 20021. In the third quarter, Lexin's revenue was 3 billion yuan and earnings before interest and tax's was 750 million yuan, up 50% year-on-year.

Lexin positioned itself as a new consumer digital technology service provider in China. By the end of the third quarter, Lexin had 65.438+54 billion customers, a year-on-year increase of 45%. In the third quarter, the platform contributed 55.8 billion yuan in loans, a year-on-year increase of 16%. By the end of this quarter, the balance of loans managed by the platform was 92.9 billion yuan, a year-on-year increase of 38%. In the first three quarters, the accumulated loan amount was 654.38+0702 billion yuan, equivalent to a small local bank.

At present, the users and loans of Lexin are growing on a large scale, but its strong growth force cannot cover up its embarrassment in the capital market. Lexin's share price fluctuated continuously from the highest price of 13.62 USD/share on June 25th this year to 165438+5.3 1 USD/share at the beginning of October, down nearly 60%. As of165438+1October15th, the share price closed at USD 6.3/share, with a total market value of USD165438+50 million.

In addition to the valuation problem, Lexin still cannot avoid many "original sin" problems in the mutual gold industry, especially the complaints of consumers are endless. On the black cat platform, as of June 165438+ 10/6, there were more than 14000 complaints against lexin, mainly focusing on high interest rates, fraudulent membership fees and violent collection.

Le, how to survive under the double squeeze of Internet giants and consumer finance companies? Where will it go?

Who is happy?

The predecessor of music is staged music, which was founded in August 20 13. At that time, it aimed at the campus and provided "campus loan" services for college students. Its founder is Xiao.

20 17, 17 February, Lexin landed on Nasdaq, with a total market value of17.53 million USD on the first day of listing. Since then, the market value has soared to $3.5 billion. However, with the special rectification of Internet finance, suspension of campus loans and P2P withdrawal, Lexin immediately began to transform.

According to Lexin official website's statement, Lexin has formed a new consumer service ecology with brand phased consumption, digital full-scene phased consumption product Lehua Card, cross-ecological membership rights aggregation platform Leka, smart contract consumption products' about welfare' and' buying ducks' as the core. By June of 20021year, the amount of music credit had reached 654.38+44 million.

Among them, in the first quarter of this year, on the basis of the original business, Lexin added three new products, namely "Yue Hui", "Buy Duck" and "Consumer Number", to expand the business boundary. The financial report shows that in the third quarter, Lexin's first-come-first-served product' Buy Duck' has started pilot cooperation in a number of well-known brands and shopping centers, achieving a transaction volume of 473 million yuan and serving 600,000 users.

At present, Lexin is more like a lending platform. Lexin provides consumption scenarios and cooperates with financial institutions, which provide loan funds. Since the beginning of this year, Lexin and financial institutions have formulated a profit sharing model, in which banks bear the loan risk, Lexin is responsible for selecting customers, and banks will review and decide whether to approve.

According to Lexin's plan, the profit sharing model will fully cover the credit business. At present, Lexin has cooperated with many city commercial banks and private banks in light asset business.

At present, Lexin has positioned itself as a new consumer digital technology service provider in China. The financial report shows that Lexin's main income is three yuan, including credit service income of 65.438+76.5 million yuan, platform service income of 775 million yuan and direct sales and service income of 428 million yuan. In other words, the core income of Lexin still comes from loan service income.

Lexin said that in terms of business structure optimization, Lexin continued to reduce the platform borrowing rate and continuously increase the risk-free business income. In September, among the loans facilitated by the platform, the annualized interest rate was below 24%, accounting for nearly 50%. In terms of asset quality, Lexin continued to increase technical investment and improve its ability to identify high-quality customers. By the end of the third quarter, the overdue rate of more than 90 days was1.85%; The newly borrowed FPD30 has remained below 1% for 5 months.

Chairman and CEO Xiao said that the third quarter marked the beginning of the structural transformation of its core business, and it has been able to gradually reduce the loan price. For example, in September this year, the annualized interest rate was below 24%, accounting for about 50%, and it is still increasing rapidly, but the gross profit margin has not been greatly affected. In the next step, Lexin will continue to comply with the regulatory trend, optimize the structure and improve the quality of assets.

20021The financial report of the first three quarters shows that Lexin achieved revenue of 921300 million yuan in the first three quarters, a year-on-year increase of 7%; Accumulated net profit before interest and tax was 2.248 billion yuan, a year-on-year increase of 264%; The loan amount was 654.38+070.2 billion yuan, a year-on-year increase of 37.5%.

There are tens of thousands of complaints.

Under the pressure of supervision, many performance indicators such as revenue, net profit and new loans maintained steady growth in the first three quarters of this year, especially the number of new users increased by over 10 million for nine consecutive quarters. This is closely related to Lexin's continuous optimization of customer acquisition channels and accelerated transformation to financial technology operators.

In July this year, Lexin also launched Odin open platform, which integrated asset management, post-loan management, intelligent outbound call and other functions for B-end users. In September this year, the deep learning platform AutoDL was launched, which can cover many aspects such as customer acquisition, operation and risk control. This part is mainly to increase the income of financial technology services.

The pressure of happiness is not small at present. On the one hand, it is a small loan platform for Internet giants, and on the other hand, it is a licensed consumer finance company.

Among the companies that have obtained the Internet small loan license, Lexin's main competitors are 360 Digital Branch, Du Xiaoman Small Loan, Chongqing Meituan Sanxiao Loan, Zhongrong Small Loan (owned by ByteDance) and Tenpay Small Loan, all of which are Internet giants, with their own scenes and traffic, and the cost of obtaining customers is lower.

On the other hand, Lexin directly competes with 30 licensed consumer finance companies at the C end, of which 23 are banks.

Lexin said that, therefore, the previous order was locked and could not be repaid in advance. Now it has been applied by Teacher Xie. After the application is successfully unlocked, you can repay in advance, and there will be corresponding interest concessions. The specific amount is subject to the page display.

Staging Music is a high-quality staging shopping center under Lexin. The data shows that since 20 16, there have been 60 litigation disputes in * * *, including loan contract disputes and private lending disputes, with a litigation amount of 997,200 yuan.

Some netizens complained in the black cat, "I borrowed about 1 1000 by installment, and now I have paid back 3000." Lexin also asked me to return 19000, and

Moreover, the salesman called me to insult me and threaten me, which had a great influence on my spirit. If I didn't pay back the money, I really couldn't afford the high interest and liquidated damages. "

There are also a group of netizens who complain that they have paid membership fees and service fees, but they have been cut off in disguise because the loans have not been decentralized.

It seems that there are still many stumbling blocks on the road to compliance of Lexin, and these problems all have the original sin of the mutual gold industry. At the same time, Lexin is also facing the dual pressures of Internet giants and consumer finance companies, and the growth space is difficult to be optimistic.

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