P2P platform annual report "ashamed": 2,154 platform profit less than 1%-IT news

After 11 years of running in, Zopa's Chief Executive, recently announced the world's first P2P platform, in September this year, the company has become profitable. It is understood that from the founding in 2005, Zopa loan volume more than 1.75 billion pounds, but over the years the combined profits of less than ￡ 60,000 after losses also rise year by year.

Throughout the development of P2P network credit industry in recent years, although the market is growing, but profitability is not ideal, "best game no one played" meant, Zopa is the epitome of online lending platform living situation to at present. Today, China has become the world's largest P2P market, profit difficult questions lie in the way of development of domestic credit industry. "General P2P platform for earnings to keep secret. Estimate, based on publicly available information, a platform for sustainable profitability is less than 1%. "Suning Xue Hongyan, a senior researcher of the Institute of finance in an interview with the securities Journal said.

As for profit reasons, consulting senior fellow at the Ying-Chan Zhang Yexia analysis, "in the development platform profit difficulties caused by high cost and limited incomes." Due to net lending flows in the early development of the platform is very important, therefore operating in early promotional spending was huge, most of the platforms are still at the burn stage. And in order to get the investment end of client resources, many platforms reduce or waive the interest, management fees, will impact on the revenue.

However, industry net loan industry optimistic about future profitability. "Any commercial mode eventually are is to achieved profit of, network loan industry is so", has achieved profit of favourable network CEO Wu Yiran on newspaper reporter said, "while, deep network loan industry of platform gradually are established has himself advantage of commercial mode, risk control also in constantly improved; on the, future with industry scale further perfect, specification, and leading of company core competitiveness appeared, relative cost reduced, profit is trend. ”

Most of the platform does not disclose financial data

In fact, not easy to understand the financial position of online lending platform, the network credits the letter PHI system is not perfect, apart from a few active publication of annual report data platform, and needs to be disclosed in the annual report of listed companies in the partial listing of P2P platforms, the vast majority of online lending platform gains and losses to be snooping.

"Most of the online lending platform does not disclose its financial data, from publicly available data of 25 online lending platform, profit ratio is 64%, but due to the listed company and platform operation in the new sanban company relative norm, so the proportion is higher than the industry average", Zhang Yexia on the securities Journal said.

Xue Hongyan estimates now has a platform for sustainable profitability is less than 1%. According to net loan House October monthly report shows that now number 2,154 normal operation of platform in the industry, so 1% this percentage estimate profit platform was only about 21. Platform recuperation of data on earnings uncertainty one reason "General P2P platform for earnings to keep secret, pleasant credit loans, Wen and other platforms are in annual reports or earnings were disclosed in the annual report of the parent company, apart from the pleasant outside loans, amount of annual earnings were below 100 million Yuan. Pat loan, Red Ridge ventures, micro-lending network, choose the network, credit networks, enabling network platform that has been profitable during media interviews, but exact data is unknown. ”

These profit-making platform in common, Zhang Yexia said, according to the statistical sample analysis and platform uptime positive correlation with profitability of platforms, with the advance of platform operating time, many platforms have come out of the red. Main business for personal profits of credit class platform is better.

Other insiders in a securities Journal interview summary, available from profitable platform generally has the following characteristics: first, trading volume in a leading position in the industry, deal size over the break-even point. P2P platform for normal operations involving people, systems, risk modeling, operations, and other basic costs, only volumes reach a certain size can cover those fixed costs, reached the break-even point. Is borrowing much from the second line of the third party (or related parties), platform focused on wealth management-side operation, can effectively isolate the asset side also gets higher-cost impact on the profitability of the platform. Three profitable smaller and profitable for a short period, taking into account the credit industry's exposure to bad assets lag, profitability, sustainability in doubt.

As mentioned above, two people in the industry said, in general industry-losing environment, able to turn a profit online lending platform certainly has its specific advantages. For established full 3 years that achieved profit of reasons, open Xin gold clothing General Manager Zhou Zhihan in accept newspaper reporter interview Shi on road, platform can profit of core is: first, insisted interconnected of, improve financial service efficiency; second, insisted strong joint, open cannot only put in mouth Shang; third, inherited has country open line wholesale sex business concept, reduced risk; IV, courage to innovation, and not follow others; v, this year yilai full implementation fine of management, punches mobile financial.

Wu Yiran also on newspaper reporter admits, favourable network can achieved profit of reasons has three aspects: a is technology advantage, can better to reduced bad risk, save urged received cost, then achieved profit; II is platform has long in assets end layout effect significantly, makes platform in industry General exists "assets shortage" Shi turnover, and profit are can achieved contrarian growth; three is brand effect and reputation effect, platform in financial end gets user and funds of cost get effective control.

Result in high cost loan profit platform

Two flowers, with each one. Profit platform has its own unique features, however the trade status is online lending platform generally profitable. "The cause of online lending platform profit includes at least three areas," Xue Hongyan securities journal analyzed.

Asset acquisition costs are high. General P2P platform for asset including proprietary assets and third-party assets of two channels, in order to ensure the stability of assets and platforms tend to find assets in the context of the overall shortage of assets, interest-bearing assets much higher quality, platforms and multiple artificial assets through offline channels, resulting in high operating costs. Second, high costs. At present more than 2000 companies within the industry platform, with users of the Internet end of the dividend period, effective cost and higher, many platforms have reached thousands of Yuan, the important cause of high operating costs. Third, high risk provisioning costs. Current P2P platforms commonly assume implicit "guarantee principal and interest" responsibilities, bad assets required by the platforms themselves to digest, the current industry average rate levels above 8%, high caused a loss on impairment of assets.

Therefore, net loans in the current regulatory policy environment, the platform if you want to turn a profit in many ways also need to be "disciplines". "P2P network's main sources of income are borrowing loan management fees management fees and interest", Zhang Yexia believes that there is still a lot of network platforms for investment end interest-free loan management fee revenue from loan management fee on the assets side. Platforms need to enhance profitability and significantly improved profitability on the asset side. On one hand, focus on the asset side of development, access to comply with the regulatory requirements of the small cap channels, forming core competitive advantages on the asset side; the other hand control costs, business regulatory adjustments.

Mentioned in the industry, online lending platform in order to realize profit, first pass scale, wind control closed and closed three points, namely, trade size is large enough, exceed industry break-even point; risk model to be effective enough, and bad debt level is lower than the industry average; customer bases rich enough to rely on the customer to maintain normal operation of the stock. On this basis, on the need to focus on the assets side gets to cut costs, utilization of assets and channels of transformation by means of reduced access to process costs and labor costs. "Of course, by allowing competition in the market, appropriate downward financial end yield level for profit also has an immediate effect. ”

Online lending platform in the future would be able to get on the path to profit, "bus", many in the industry are optimistic. Zhang Yexia told securities daily reporters, although P2P nets under the regulation are more rigid lending industry entered a period of shuffling, many small and medium platform will be eliminated, but on the other hand, number of expected future profitability of platforms will be more polarized development. P2P net lending market after 9 years of development history, investor education started to platform is gradually trying to fit their own model of development, increase customer stickiness of investment group; in addition, P2P network peripheral services such as credit loans system is gradually improving, credit costs will also decline. In the future development of many platform is expected to be out of the red.

Xue Hongyan think, with the regulatory policy of gradually landing, industry space sharply compression, access threshold also sharply upgrade, will, many small platform will for collection rules factors select Exit, some platform also will for market space of compression and exit, left of platform to industry giant mainly, market competition will more more rational of, "principal and interest guarantees" of hidden rules also is expected to break, will survived down of platform instead more easy achieved profit.

P2P平台年度财报“羞于启齿”：2154家平台盈利量不足1% - IT资讯

在经历了11年的长跑后，全球首家P2P平台Zopa的首席执行官于近日宣布，公司在今年9月份已经开始盈利。据了解，从2005年创立至今，Zopa发放贷款量超过17.5亿英镑，但多年来的合并利润却不足6万英镑，此前的亏损额亦曾年年攀升。

纵观近年来P2P网贷行业的发展，虽然市场规模在不断增长，但盈利情况却并不理想，颇有一些“叫好不叫座”的意味，Zopa就是目前网贷平台普遍生存现状的缩影。如今，中国已成为全球最大的P2P市场，盈利难的问题也横亘在国内网贷行业的发展之路上。“P2P平台普遍对盈利状况讳莫如深。根据各种公开信息估算，具有可持续盈利能力的平台不足1%。”苏宁金融研究院高级研究员薛洪言在接受《证券日报》记者采访时说道。

至于盈利难的原因，盈灿咨询高级研究员张叶霞分析认为，“发展中成本投入高而收入有限造成平台盈利困难”。由于网贷平台前期流量开发非常重要，因此在早期运营推广投入巨大，多数平台仍处于烧钱阶段。并且为了争取投资端的客户资源，很多平台都消减或免收利息、管理费等，对营收造成一定影响。

不过业内人士对于网贷行业未来盈利能力持乐观态度。“任何商业模式最终都是要实现盈利的，网贷行业也是如此”，已实现盈利的有利网CEO吴逸然对本报记者表示，“一方面，深耕网贷行业的平台逐渐都建立了自己优势的商业模式，风险控制也在不断改善；另一方面，未来随着行业规模进一步完善，规范、领先的公司核心竞争力显现，相对成本降低，盈利也是大势所趋。”

多数平台未披露财务数据

事实上，想要了解网贷平台的财务状况并不容易，由于网贷信披制度并不健全，除了少数主动公布年报数据的平台，以及需要在上市公司年报中进行披露的部分上市系P2P平台外，绝大多数网贷平台盈亏状况难以被窥探。

“大部分网贷平台未披露自身的财务数据，从公开可获得数据的25家网贷平台来看，盈利比例为64%，但由于上市公司及新三板挂牌公司下的平台运营相对规范，所以这一比例高于行业平均情况”，张叶霞对《证券日报》记者指出。

薛洪言则估计，目前具有可持续盈利能力的平台不足1%。据网贷之家10月份月报显示，目前行业中正常运用的平台数量为2154家，因此按1%这一比例估算，盈利平台仅为21家左右。平台对盈利状况的三缄其口也是数据的不确定性原因之一，“P2P平台普遍对盈利状况讳莫如深，其中宜人贷、温商贷等平台均在年报或母公司年报中披露了盈利状况，除宜人贷外，年度盈利金额均在1亿元以下。拍拍贷、红岭创投、微贷网、投哪网、团贷网、有利网等平台也在媒体采访中透露已经实现盈利，不过具体数据未知。”

对于这些盈利平台的共性，张叶霞称，根据统计样本分析得到，平台上线时间与平台的盈利能力成正相关关系，随着平台运营时间的推进，许多平台逐渐扭亏为盈。主营业务为个人信用贷款类的平台盈利相对较好。

另有业内人士在接受《证券日报》记者采访时总结，从可查已盈利平台来看，普遍存在以下特征：一是交易量在行业中处于领先地位，交易规模超过盈亏平衡点。P2P平台的正常运营涉及到人员、系统、风控模型、运营等基本的成本支出，只有交易量达到一定规模才能覆盖这些固定成本支出，达到盈亏平衡点。二是借款标的多来自于线下第三方（或关联方），平台专注理财端运营，也能有效隔离资产端获取的高成本对平台盈利能力的影响。三是盈利金额较小且实现盈利时间较短，考虑到信贷行业不良资产暴露的滞后性，盈利能力的可持续性存疑。

正如前述两位业内人所言，在行业普遍亏损的大环境下，能够实现盈利的网贷平台必定具有其特殊的优势。对于成立满3年即实现盈利的原因，开鑫金服总经理周治翰在接受本报记者采访时谈道，平台能够盈利的核心在于：第一，坚持互联化，提高金融服务效率；第二，坚持强强联合，开放不能只放在嘴上；第三，继承了国开行批发性经营理念，降低风险；第四，勇于创新，而不是效仿别人；第五，今年以来全面推行精细化管理，发力移动金融。

吴逸然也对本报记者坦言，有利网能实现盈利的原因有三方面：一是技术优势，能更好地降低坏账风险，节约催收成本，进而实现盈利；二是平台长期以来在资产端布局效果显著，使得平台在行业普遍存在“资产荒”时成交额、盈利都能实现逆势增长；三是品牌效应和口碑效应，平台在理财端获取用户和资金的成本得到有效控制。

成本高企导致网贷平台盈利难

花开两朵，各表一枝。盈利的平台自有其独特之处，然而业内的现状却是网贷平台普遍盈利难。“导致网贷平台盈利难的原因至少包括三方面，”薛洪言对《证券日报》记者分析了原因。

一是资产获取成本高企。P2P平台的资产获取一般包括自营资产和第三方资产两个渠道，为了确保资产规模的稳定性，大平台倾向于自己找资产，在整体资产荒的背景下，优质的高息资产不多，平台多通过线下渠道人工找资产，致使运营成本高企。二是获客成本高企。目前行业内有2000多家平台，随着互联网用户转化红利期的结束，有效获客成本越来越高，很多平台已经达到千元以上，成为运营成本居高不下的重要原因。三是风险拨备成本高企。当前P2P平台普遍仍承担隐性的“本息保障”责任，不良资产需由平台自行消化，目前行业平均不良率水平在8%以上，导致平台资产减值损失居高不下。

因此，在当前监管政策、网贷环境下，平台若想实现盈利还需要从多方面进行“修炼”。“P2P网贷的收入来源主要是借款管理费与利息管理费”，张叶霞认为，目前仍有很多网贷平台对于投资端实行免利息管理费，利润主要来自于资产端的借款管理费。所以平台需要提升资产端的获利能力而显著提高盈利能力。一方面，注重资产端的开发，获取符合监管需求的小额资产渠道，形成资产端的核心竞争优势；另一方面控制成本，重视业务的合规调整。

而在前述业内人士看来，网贷平台要实现盈利，首先要过规模关、风控关和获客关等三大关口，即交易规模要足够大，超过行业盈亏平衡点；风控模型要足够有效，坏账率水平低于行业平均水平；客户基础足够丰富，依靠存量客户即可维持正常运转。在此基础之上，需要着力在资产端获取上削减成本，综合利用资产转型、渠道转型等手段，降低资产获取过程中的渠道成本和人力成本。“当然，在市场竞争允许的情况下，适当下调理财端收益率水平对于实现盈利也有立竿见影的效果。”

对于网贷平台未来是否能普遍搭上通往盈利的“客车”，业内多持乐观态度。张叶霞对《证券日报》记者表示，虽然在监管趋严下的P2P网贷行业进入洗牌期，许多中小平台会被淘汰，但另一方面，预计未来盈利的平台数量也将会更多，呈现两极化发展。P2P网贷市场经过9年的发展历程，投资人教育初见成效，平台逐渐摸索到合适自身的发展模式，提高了投资群体的客户黏性；加之，P2P网贷外围服务如征信系统正在逐步完善，审贷的成本也会逐渐下降。在未来的发展中，很多平台有望扭亏为盈。

薛洪言认为，随着各项监管政策的逐步落地，行业空间大幅压缩，准入门槛也大幅提升，届时，众多小平台将因合规因素选择退出，一些平台也会因市场空间的压缩而退出，剩下的平台以行业巨头为主，市场竞争将更趋理性化，“本息保障”的隐性规则也有望打破，届时存活下来的平台反而更加容易实现盈利。