Boosting Real Economy: Writing Five Major Financial Chapters
The year 2024 marks the 75th anniversary of the founding of the People's Republic of China and is also the inaugural year for implementing the spirit of the central financial work conference. As a leading enterprise in the field of domestic finance, Lufax Holdings is committed to serving the national strategy as its starting point and destination, diligently working on the "five major financial essays," and actively contributing to the construction of a strong financial country and the path of financial development with Chinese characteristics.
Financial Technology Ignites the Engine of Innovation
The prosperity of science and technology leads to the prosperity of the nation, and the strength of science and technology leads to the strength of the country. Financial technology, being the first among the five major financial essays, resonates with the industrial orientation of China's modern industrial system construction and the development of new quality productive forces, highlighting its importance. However, many small and micro enterprises in the field of scientific innovation are in the startup phase, and their research and development investments cannot be quickly transformed into income and profits in a short period. Timely financial support can often help them get through the startup phase. Lufax Holdings' approach to solving this problem is to combine the personal credit of business owners with the credit of the enterprise, fully exploring the credit potential of small and micro enterprises in scientific innovation. Ping An Guarantee, a subsidiary of Lufax Holdings, introduces the "people + enterprise" concept into risk control and product innovation, enhancing the quality and efficiency of financial services in three major dimensions: higher credit limits, faster loan disbursement speeds, and more suitable financing solutions.
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Mr. Li, a technology company owner from Sichuan, has long been dedicated to the research and development of new energy and intelligent technology products. When he was in a critical phase and running out of research and development funds, the high thresholds and complex processes of traditional channels put him in an operational dilemma. With the help of the Sichuan branch of Ping An Guarantee, Mr. Li applied through the "Ping An Guarantee" APP with one click and obtained a satisfactory loan amount, saving both worry and time, and also enjoying preferential interest rate policies. As the new product obtained national patent recognition and entered the market, Mr. Li's enterprise also achieved a significant increase of 24% in net profit for the same period.
Lufax Holdings continues to increase support for small and micro enterprises in key areas of financial technology, tilting financial resources to serve new quality productive forces. In the first half of 2024, Ping An Guarantee helped 11,042 technology-based small and micro enterprises obtain 5.11 billion yuan in financing.
Green Finance Protects "Green Water and Green Mountains"
In the field of green finance, Lufax Holdings implements the "Green Finance +" action plan of China Ping An, deeply cultivates the green foundation of high-quality development, and actively helps the development of green and low-carbon industries.
To solve the problem of difficult secondary financing for new energy vehicle owners, Ping An Guarantee, a subsidiary of Lufax Holdings, launched a "Car e-Loan" green financing exclusive preferential plan, actively practicing green finance and exploring the credit potential of small and micro enterprise owners. Ping An Guarantee continues to upgrade the green financing exclusive preferential plan, covering more domestic new energy vehicle brands, providing lower financing rates for new energy vehicle owners who meet the requirements, and offering a green channel for fast loan disbursement. In the first half of 2024, this plan provided 590 million yuan in preferential loans.
Ping An Guarantee's offline consulting team focuses on small and micro enterprises in key areas such as clean energy, green infrastructure upgrades, and energy-saving and environmental protection, taking the initiative to visit and understand industry characteristics and financing needs, providing precise consulting services, and fully meeting the funding needs of small and micro enterprises in key areas.
Mr. Niu from Nanyang, Henan, is a small and micro enterprise owner who operates a waste plastic recycling and processing business and needs funds to increase a batch of processing equipment. Wang Ting, a consulting advisor from the Nanyang branch of Ping An Guarantee, took the initiative to visit him and provide consulting services. Mr. Niu chose to apply for the most suitable Ping An Guarantee Car e-Loan and obtained 952,000 yuan in funds in just half a day. He quickly purchased new processing equipment, and the enterprise's production capacity also increased by 15%.Inclusive Finance Moistens Thousands of Enterprises and Households
Facing the financing needs of different clients, Lufax Holding, targeting the characteristics and development needs of small and micro enterprises, individual industrial and commercial households, new citizens, and other groups, adheres to the dual drive of "small and micro financing + consumer finance", continuously reforms the service model, tailors financing plans for small and micro enterprises, and has achieved positive results in the development of inclusive financial services. As of June 30, Lufax Holding has served a total of 23.2 million customers, with a loan balance of 235.2 billion yuan.
Ping An Guarantee, a subsidiary of Lufax Holding, continues to improve the allocation of small and micro credit resources, leverages financial resources to small and micro enterprises with a 100% guarantee model, and has built a long-term mechanism for multi-party joint efforts in "daring to lend, willing to lend, capable of lending, and skilled in lending" for small and micro financing support. Ping An Guarantee has also innovatively promoted the O2O service model, providing "worry-free, time-saving, and cost-saving" services to a wider range of small and micro enterprises in financial distress. To date, Ping An Guarantee has served a total of 6.84 million small and micro enterprise customers.
Ping An Consumer Finance Co., Ltd. (referred to as "Ping An Consumer Finance"), a subsidiary of Lufax Holding, fully plays the positive role of consumer finance in promoting consumption and expanding domestic demand, fully supports consumer demand, with a consumer finance loan balance of 42 billion yuan, a year-on-year increase of 27.9%. As of June 30, 2024, Ping An Consumer Finance services cover 31 provinces nationwide, nearly 2,500 counties. Ping An Consumer Finance provides interest-free coupons for new citizens, interest deduction coupons for old customers, and consumption rebate coupons for all customers. Since 2023, Ping An Consumer Finance has issued more than 500,000 coupons, with a total value of more than 80 million yuan in discounts.
Digital Finance Drives Financial Service Innovation
"I didn't expect the approval speed to be so fast, it's really a timely rain!" Mr. Zhu, who runs a new building materials production business in Dezhou, Shandong, received a supply project for real estate development building materials with a large demand and a tight schedule, requiring the purchase of a large batch of raw materials in advance. Facing the rapid rise in raw material prices and tight working capital, Mr. Zhu contacted Xiao Zhang, a consulting advisor from Ping An Guarantee who often visits the factory. Xiao Zhang advised Mr. Zhu not to worry, as Ping An Guarantee has a "Xingyun" digital process that can match the ideal loan amount at the first time, with 95% of applications available within 1.5 hours.
Ping An Guarantee continues to deepen the "AI+O2O" service model in the field of digital finance, creating a series of AI service solutions such as "Intelligent Customer Service" and "Xingyun". "Xingyun" is the industry's first AI intelligent loan solution, which can achieve minimal text input and a full-process humanoid AI face-to-face service experience, significantly reducing the waiting time for applicants.
In 2024, Lufax Holding focused on AI as a key breakthrough, empowering business operations, digital risk control, post-loan services, and other business links, striving to achieve "four upgrades": transforming the service team through AI assistants to achieve "service team upgrade"; upgrading the business model with a 100% guarantee model through enhanced digital risk control capabilities; upgrading the product model from product-centric to customer-centric through technology empowerment; and promoting post-loan model innovation through technology empowerment to achieve "post-loan model upgrade".
Ping An Guarantee provides "one-stop" and "all-round" efficient services for small and micro enterprises with fast and convenient online services, injecting financial vitality into the transformation and industrial upgrading of small and micro enterprises.
The "five major articles" in 2024 were written into the government work report for the first time and will become an important standard for measuring the high-quality development of financial enterprises. Zhao Rongxu, Chairman and CEO of Lufax Holding, said: "Lufax Holding will continue to maintain a high sense of mission, unswervingly follow the path of financial development with Chinese characteristics, and do a good job in the financial 'five major articles', as an important focus for the company to serve the high-quality development of the real economy." Integrating development achievements into a better era, Lufax Holding will continue to adhere to the original intention of "finance for the people", improve the level of financial services, adhere to digital technology innovation, and write the financial "five major articles" with high quality.
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