Core Viewpoint - The China Trust Industry Association held a concentrated review meeting for the "Insurance Fund Trust Business Guidelines" on June 24-25 in Xi'an, indicating a significant step towards standardizing and enhancing the trust industry practices in China [1] Group 1: Participants and Stakeholders - The meeting included leaders from the China Trust Industry Association and representatives from various trust companies such as Ping An Trust, Zhong Cheng Trust, Shandong Guoxin, Huabao Trust, CITIC Trust, Guotai Junan Trust, Shanghai Trust, and others [1] - Experts from insurance companies like Ping An Insurance and Sunshine Insurance, as well as legal professionals from Zhong Lun and Jintiancheng law firms, also participated in the meeting [1]

Group 1 - The company plans to enter into agreements with Lushin Chuangtou and Shandong High-tech for the transfer of fund shares, which will involve conditional agreements for the sale and purchase of shares in the mother fund and Wanhua Fund [1] - According to the mother fund transfer agreement, Lushin Chuangtou intends to acquire shares worth RMB 1.82 billion, representing 18.2% of the total shares, for a consideration of approximately RMB 1.66 billion [1] - Under the Wanhua Fund transfer agreement, Shandong High-tech intends to acquire shares worth RMB 40 million, representing 8.0% of the total shares, for a consideration of RMB 37.1588 million [1] Group 2 - The company is in a critical phase of deepening reforms and promoting business transformation, and the proposed transfer of fund shares will effectively convert asset forms and recover monetary funds from existing equity assets [1] - This transaction aims to enhance the company's cash flow from operating activities, improve overall financial conditions, optimize asset structure, and increase core net capital scale, thereby strengthening the risk defense system [1] - Following the proposed fund share transfer, the company will effectively complete the regulatory rectification requirements, aligning its investment direction with regulatory guidance and refocusing on its core trust business [2]

近日，金科地产集团股份有限公司(证券简称：*ST金科（000656），证券代码：000656)发布公告，披 露其控股子公司涉及一起重大诉讼案件，涉案金额约6.28亿元。目前，该案件处于一审阶段，由山东省 济南市中级人民法院受理。 山东国信成立于1987年3月，作为鲁信集团控股的综合性金融服务机构，2017年12月，山东国信在香港 联交所H股挂牌上市，股票代码1697.HK，成为内地信托登陆国际资本市场第一股和港股信托第一股。 实际控制人为山东省财政厅。近年来，受地产行业波动的影响，山东国信逐步降低了地产信托的占比。 不过，在其存量项目中，仍有多笔与房企合作的融资业务。此次涉诉的6.16亿元信托贷款便是其地产类 业务的一部分。 截至2024年末，山东国信受托管理的资产规模实现了15.2%的增长，达到了2138.23亿元。其中，投资类 信托规模较上一年度大幅增长了49.85%，达到了1269.61亿元，占比高达59.38%。与此同时，融资类信 托的规模与占比则继续呈现下行趋势；事务管理型信托的规模也进一步压降，但降幅较上一年度有所收 窄。 公告内容显示，原告山东省国际信托股份有限公司(以下简称"山东国信")已对金 ...

Business Performance - As of the end of 2024, the company's core business accounted for over 65% of its total business, with standardized trust assets exceeding RMB 100 billion, a growth of 46% compared to the beginning of the year[15]. - Total operating income for 2024 was RMB 905 million, down 24% from RMB 1,190 million in 2023[44]. - The company reported a net profit of RMB 214 million for 2024, a decrease of 26% compared to RMB 290 million in 2023[44]. - Trust business revenue accounted for 51.5% of total revenue in 2024, while proprietary business revenue made up 48.5%[58]. - The total revenue for the group in 2024 was RMB 905.0 million, a decrease of 24.0% year-on-year[56]. - The total profit for the group was RMB 213.6 million, down 26.4% year-on-year, with net profit at RMB 142.8 million, a decline of 10.0%[56]. - Trust business revenue for 2024 was RMB 466.5 million, a decline from RMB 766.8 million in 2023, while proprietary business revenue increased to RMB 438.5 million from RMB 423.7 million[120]. - The profit margin for the trust business segment dropped from 49.6% in 2023 to 19.8% in 2024[125]. Trust Services and Innovations - The scale of family trusts, family service trusts, and insurance money trusts reached over RMB 50 billion, increasing by 34% year-on-year[15]. - The company signed 56 charity trusts during the year, with a delivery scale close to RMB 17 million, marking the launch of innovative charity trust models[15]. - The company achieved a new record in green trust business with a scale of RMB 2.575 billion added during the year[16]. - The company signed 21 new charitable trust agreements in 2024, marking a 19.1% increase year-on-year[53]. - The company has launched the "Anxin Payment Series Service Trust" to cover three major industries: commercial retail, catering and accommodation, and resident services[72]. - The company aims to enhance customized services and professional levels in the charitable trust sector to promote social welfare and common prosperity[84]. Financial Position - Total assets as of December 31, 2024, amounted to RMB 14,279 million, a slight increase from RMB 14,169 million in 2023[44]. - The company's monetary asset investments totaled RMB 921.998 million as of December 31, 2024, up from RMB 628.173 million in 2023[90]. - The company's total liabilities slightly decreased from RMB 3,079.5 million in 2023 to RMB 3,042.6 million in 2024, a reduction of about 1.2%[150]. - The fair value of the investment in Zheshang Bank increased from RMB 14.25 billion in 2023 to RMB 16.67 billion in 2024, representing a growth of approximately 17.0%[144]. - The total amount of impaired loans increased by 157% from RMB 748.0 million in 2023 to RMB 1,922.0 million in 2024[136]. Risk Management - The company revised and established over 120 internal control systems throughout the year to enhance risk management[17]. - The company has established a comprehensive risk management system to ensure stable business development and effective risk identification[167]. - The company adheres to strict credit risk management guidelines to mitigate risks associated with clients and counterparties failing to meet contractual obligations[187]. - The company implemented a self-designed intelligent risk control system to enhance investment decision-making and risk management capabilities[188]. - The company has established strict risk control mechanisms to minimize operational risks and improve the effectiveness of operational risk management[194]. Strategic Focus and Development - The company plans to continue focusing on high-quality development and risk management in 2025, guided by the principles of the new era of socialism with Chinese characteristics[18]. - The company aims to leverage its unique institutional advantages to create a new high-quality development landscape in Shandong[18]. - The company aims to become a respected asset allocation-based wealth management institution, focusing on supporting the real economy and serving public welfare[31]. - The company is committed to enhancing its service offerings and adapting to regulatory changes and market demands during the 14th Five-Year Plan period[31]. - The company aims to continuously improve its capabilities in asset pool construction, product structure design, and pricing in the asset securitization service trust area[71]. Market Conditions and Challenges - The company's business operations are significantly influenced by the overall economic and financial market conditions in China[175]. - The company faces challenges due to regulatory controls in the real estate sector and local government debt management, which may negatively impact its trust business[176]. - The company recognizes potential new business opportunities during the economic transition period, despite the challenges posed by economic slowdown[176]. - The company's trust business is significantly impacted by regulatory changes in China, which may affect the scale, income, and profitability of its trust operations[178]. - Interest rate fluctuations can unpredictably affect the company's operations, influencing both the willingness of clients to use trust products and the income generated from financing[185].

Financial Performance - Total operating revenue for the year ended December 31, 2024, was RMB 904,977,000, a decrease of 24.0% compared to RMB 1,190,457,000 in 2023[5] - Net interest income was negative RMB 56,270,000, down from positive RMB 100,235,000 in the previous year[5] - Net commission and fee income decreased to RMB 455,105,000 from RMB 766,122,000, representing a decline of 40.6%[5] - The company reported a net profit of RMB 142,795,000, down from RMB 158,633,000 in the previous year, a decrease of 10.0%[5] - The total comprehensive income attributable to equity holders of the parent was RMB 147,348,000, compared to RMB 155,110,000 in 2023, a decline of 5.0%[5] - The company achieved total operating revenue of RMB 905.0 million in 2024, a decrease of 24.0% year-on-year, with total profit of RMB 213.6 million, down 26.4% year-on-year[13] - The total revenue from trust business for the year ended December 31, 2024, was RMB 459 million, a decrease of 40.4% from RMB 771 million in 2023[20] - The total profit for 2024 was RMB 213.6 million, down from RMB 290.2 million in 2023, with an operating profit margin of 23.6%, slightly down from 24.4%[65] - Net profit for 2024 was RMB 142.8 million, a decrease from RMB 158.6 million in 2023, while the net profit margin improved from 13.3% to 15.8%[67] Asset and Liability Management - Total assets increased to RMB 14,279,338,000 in 2024 from RMB 14,168,884,000 in 2023, reflecting a growth of 0.8%[6] - Total liabilities decreased slightly to RMB 3,042,612,000 from RMB 3,079,506,000, a reduction of 1.2%[6] - The total assets of the group increased from RMB 14,168.9 million in 2023 to RMB 14,279.3 million in 2024, with significant assets including loans and advances, debt investments, and cash[77] - The total amount of loans and advances issued decreased slightly from RMB 2,428.7 million in 2023 to RMB 2,420.4 million in 2024, with net loans and advances amounting to RMB 2,159.1 million[79][80] - The company's total liabilities decreased slightly from RMB 3,079.5 million in 2023 to RMB 3,042.6 million in 2024[96] - The company's short-term borrowings amounted to RMB 280.5 million as of December 31, 2024, with repayment scheduled in April, June, and July 2025[97] Trust Business Overview - Trust business revenue accounted for 51.5% of total revenue, while proprietary business revenue accounted for 48.5%[15] - The number of financing trusts managed decreased from 238 to 227, with the asset scale dropping from RMB 43.85 billion to RMB 39.28 billion[17] - The number of investment trusts increased from 1,652 to 1,838, with the asset scale rising from RMB 84.73 billion to RMB 126.96 billion[17] - The company signed 21 new charitable trust agreements during the year, representing a year-on-year growth of 19.1%[11] - The total scale of family trusts, family service trusts, and insurance trusts reached RMB 51.92 billion, a year-on-year increase of 34%[11] - The trust fund collected from financing trust plans decreased from RMB 333.9 million as of December 31, 2023, to RMB 280.0 million as of December 31, 2024[100] - The total assets of consolidated trust plans increased from RMB 3,724.3 million as of December 31, 2023, to RMB 4,834.3 million as of December 31, 2024[103] Risk Management and Compliance - The company has implemented over 120 revisions to its internal control management systems to enhance risk management[12] - The company's risk management framework is comprehensive, covering all aspects of business operations to ensure stable development and effective risk identification[109] - The company has implemented a comprehensive credit risk management system to mitigate risks associated with client defaults in trust contracts[123] - The company actively monitors compliance with laws and regulations, continuously updating internal policies and conducting employee training programs[127] - The company has established a customer identification system to ensure compliance with anti-money laundering regulations, requiring employees to verify and update customer identity information[133] Strategic Initiatives and Future Outlook - The company aims to maintain a stable development trend while focusing on core business transformation and risk management amidst a complex external environment[10] - The company is committed to providing comprehensive management and investment services through an integrated information system covering the entire project lifecycle[31] - The company plans to actively support long-term rental housing and affordable housing construction in response to national macro policies, addressing residents' housing needs[32] - The company aims to enhance customized services and professional levels in the charitable trust sector to promote social welfare and common prosperity[37] - The company is expected to benefit from supportive fiscal and monetary policies aimed at promoting new productive forces and managing risks in key areas[137] - In 2025, the company aims to focus on high-quality development, emphasizing family trusts, retirement trusts, and real estate trust registration as core business opportunities[138] Corporate Governance and Management Changes - The company has adopted a corporate governance code to enhance shareholder rights and corporate accountability[153] - The company has confirmed compliance with the corporate governance code throughout the reporting period[155] - The board of directors has undergone changes, with new appointments and approvals from the Shandong Financial Regulatory Bureau[145][146] - The company will see a change in senior management, with the current general manager stepping down on June 27, 2024, and new vice general managers appointed[151]

"3·15"期间，山东国信将通过"线上+线下"两种方式，引导金融消费者开展金融知识学习。通过原创 的"非法金融活动风险防范"原创系列漫画及 "春临齐鲁 城市漫游"信托知识互动答题活动，将专业知识 和创新形式相结合，传授风险防范"锦囊"，传递信托服务"温度"。同时，为丰富宣传渠道，聚焦重点群 体，公司将围绕"进农村""进社区""进校园""进企业""进商圈"开展线下教育宣传"五进入"活动，以"阵地 宣传+集中活动"相结合的全网格宣传方式，全面提升金融消费者素养。 下一步，山东国信将持续深化"消保为民"的服务理念，整合内外部资源，构建"全链条、全场景、全覆 盖"的消费者权益保护体系，帮助广大金融消费者"学金融、懂金融、享金融"，为构建诚信和谐的金融 生态、助力美好生活贡献信托力量。（CIS） 3月12日上午，由国家金融监督管理总局山东监管局指导，山东省银行业协会主办的2025年"3·15"金融 消费者权益保护联合教育宣传活动在泉城路恒祺广场举行。山东国信积极响应监管要求，参与联合宣 传，助力社会公众维护自身合法权益。 校对：苏焕文 活动现场，山东国信以主题海报、宣传展板、金融知识趣味贴等活动为载体，结合信托文化、金 ...

Group 1 - The "2024 Cardiovascular Health Conference" was held in Beijing, focusing on the construction of seven scientific centers in the cardiovascular field and featuring over 20 academic forums [1] - The conference attracted more than 1,500 experts and scholars in the cardiovascular field, showcasing the latest technologies, products, and solutions related to cardiovascular diseases [1] - Keynote speeches were delivered by prominent figures in the field, including academicians from Fudan University and Tsinghua University, emphasizing the importance of cardiovascular health [1] Group 2 - Shanghai Shangqing Real Estate Development Co., Ltd. announced a donation of 1.647 million RMB to support the "Heart Guardian Rural Savior" project, aimed at enhancing the diagnostic and emergency response capabilities of rural doctors [2] - The project is expected to screen 24,000 individuals for heart conditions, treat 1,000 critical patients, and conduct 40,000 public health promotions, benefiting over 10,000 people in remote areas [2] - This initiative by Shandong Guoxin demonstrates a commitment to social responsibility and aims to alleviate the shortage of medical resources in rural areas, contributing to the health foundation of rural revitalization [2][3]

[Company Overview](index=3&type=section&id=Company%20Overview) [Company Profile, Shareholding Structure and Business Layout](index=3&type=section&id=Company%20Profile%2C%20Shareholding%20Structure%20and%20Business%20Layout) Shandong Guoxin, established in 1987, is a non-bank financial institution approved by the People's Bank of China and Shandong Provincial Government, listed on the Hong Kong Stock Exchange in 2017 as the first mainland trust company to enter the international capital market. Its controlling shareholder is Shandong Luxin Investment Holdings Group Co., Ltd. The company's business is structured around the "New Three Categories" reform, establishing three major divisions: Capital Market, Wealth Management, and Family Trust, covering family trusts, asset management, and asset services, with a network expanding to major cities like Jinan, Qingdao, Beijing, and Shanghai - The company positions itself as a professional wealth management institution based on asset allocation, committed to supporting the real economy, serving public welfare, and fulfilling social responsibilities[4](index=4&type=chunk)[8](index=8&type=chunk) - The company was listed on the Main Board of the Hong Kong Stock Exchange (stock code: 1697.HK) in 2017, becoming the first domestic trust company listed on the international capital market[7](index=7&type=chunk)[8](index=8&type=chunk) Shareholding Structure Overview (As of Mid-2024) | Shareholder Name | Shareholding Percentage | | :--- | :--- | | Shandong Luxin Investment Holdings Group Co., Ltd. | 48.13% | | CNPC Asset Management Co., Ltd. | 18.75% | | Jinan Jintou Holdings Group Co., Ltd. | 5.43% | | Shandong High-tech Venture Capital Co., Ltd. | 4.83% | | Shandong Gold Group Co., Ltd. | 1.72% | | Weifang Investment Group Co., Ltd. | 1.29% | | Jinan Energy Investment Co., Ltd. | 0.28% | | Other Public Shareholders | 19.57% | [Key Financial Indicators](index=9&type=section&id=Key%20Financial%20Indicators) [Financial Data Summary](index=9&type=section&id=Financial%20Data%20Summary) For the six months ended June 30, 2024, the company's total operating income was RMB 588 million, a year-on-year decrease. Total profit was RMB 253 million, slightly lower than the same period last year. Total assets remained relatively stable at RMB 13.70 billion Key Financial Data (RMB Million) | Indicator | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Income | 588 | 836 | -29.7% | | Fee and Commission Income | 273 | 421 | -35.2% | | Total Profit | 253 | 276 | -8.3% | | Total Assets (Period-end) | 13,700 | 13,704 | -0.03% | [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) [Environment and Business Review](index=10&type=section&id=Environment%20and%20Business%20Review) In H1 2024, facing a complex macro environment, the company maintained steady progress and firmly returned to its trust origins. Managed trust assets significantly grew to RMB 241.237 billion, up 19.77% from the beginning of the year, with securities investment trust business growing particularly fast at 73.10%. Family trust business also maintained strong growth, with existing scale increasing by 32% year-on-year. Despite business expansion, total operating income decreased by 29.7% to RMB 588 million, and net profit slightly decreased by 2.6% to RMB 171 million, due to reduced net fee and commission income and investment income - China's trust industry is accelerating its transformation from traditional private financing models to asset services and asset management models. As of the end of 2023, the industry's managed trust assets reached **RMB 23.92 trillion**[14](index=14&type=chunk) H1 2024 Key Business Scale Indicators | Business Indicator | Scale as of June-end 2024 (RMB Billion) | Change from Year-start/YoY | | :--- | :--- | :--- | | Managed Trust Assets | 241.237 | Up 19.77% from year-start | | Securities Investment Trust Business | >100 | Up 73.10% from year-start | | Family Trust Existing Scale | ≈47 | Up 32% YoY | | Green Trust Assets Existing Scale | 3.556 | - | H1 2024 Performance Overview (RMB Million) | Indicator | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Income | 587.8 | 836.2 | -29.7% | | Total Profit | 253.3 | 275.9 | -8.2% | | Net Profit | 170.5 | 175.1 | -2.6% | [Business Segment Performance](index=13&type=section&id=Business%20Segment%20Performance) The company's business is divided into trust business and proprietary business. In H1 2024, trust business accounted for 46.0% of revenue, and proprietary business for 54.0%. Within trust business, investment-type trust assets significantly grew by 50.2% to RMB 127.285 billion, becoming the largest asset category. For proprietary business, the company prudently utilized its own funds, achieving segment income of RMB 317 million in H1, a year-on-year decrease mainly due to reduced investment income H1 2024 Segment Revenue Composition | Business Segment | Revenue (RMB Thousand) | Percentage | | :--- | :--- | :--- | | Trust Business | 270,866 | 46.0% | | Proprietary Business | 317,348 | 54.0% | | **Total** | **588,214** | **100.0%** | [Trust Business](index=13&type=section&id=Trust%20Business) In H1 2024, trust business generated RMB 271 million in revenue. By management type, investment-type trust assets grew significantly from RMB 84.7 billion at the beginning of the year to RMB 127.3 billion, an increase of 50.2%, becoming the largest trust type by scale. Financing-type trusts remained the primary source of income, contributing RMB 151 million, accounting for 55.3% of trust business fee and commission income. The company made significant progress in core trust businesses such as family trusts, securities investment trusts, and charitable trusts Managed Asset Scale by Trust Type (RMB Million) | Trust Type | June 30, 2024 | December 31, 2023 | Change | | :--- | :--- | :--- | :--- | | Financing Trust | 41,627 | 43,845 | -5.1% | | Investment Trust | 127,285 | 84,725 | +50.2% | | Administration Trust | 50,825 | 56,982 | -10.8% | | **Total** | **219,737** | **185,552** | **+18.4%** | Income Generated by Trust Type (RMB Million) | Trust Type | H1 2024 Income | Percentage | H1 2023 Income | Percentage | | :--- | :--- | :--- | :--- | :--- | | Financing Trust | 151 | 55.3% | 263 | 62.5% | | Investment Trust | 77 | 28.2% | 82 | 19.5% | | Administration Trust | 45 | 16.5% | 76 | 18.0% | | **Total** | **273** | **100.0%** | **421** | **100.0%** | - Family trust business continues to lead, with over **4,600** cumulative setups and an existing scale of nearly **RMB 47 billion** as of June-end 2024[26](index=26&type=chunk) - Securities investment trust business expanded rapidly, with an existing scale exceeding **RMB 100 billion** as of June-end 2024[32](index=32&type=chunk) - Continuous innovation in public welfare and charitable trusts, including the first dual-trustee charitable trust in Shandong Province and the industry's first charitable trust with a foreign settlor, with **45** standardized charitable trusts established and a delivered scale of approximately **RMB 148 million**[36](index=36&type=chunk) [Proprietary Business](index=21&type=section&id=Proprietary%20Business) In H1 2024, the proprietary business segment generated RMB 317 million in revenue, a year-on-year decrease of 24.5%. This was primarily due to a significant reduction in investment income from RMB 134 million in the prior year to RMB 42.1 million, and net interest income turning negative. However, fair value change gains increased. In terms of asset allocation, the company continued to optimize its structure, with securities investments remaining the largest allocation at 79.7%, though the total amount decreased. Long-term equity investments increased - Proprietary business segment revenue decreased by **24.5%** year-on-year, mainly due to reduced investment income and net interest income turning negative, partially offset by increased fair value change gains[37](index=37&type=chunk) Proprietary Asset Allocation (RMB Thousand) | Asset Category | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Monetary Asset Investments | 788,662 | 628,173 | | Securities Investments | 9,187,712 | 10,019,091 | | Long-term Equity Investments | 1,269,530 | 1,153,095 | | Proprietary Fund Loans | 173,368 | 115,627 | | Trust Industry Guarantee Fund | 113,962 | 111,448 | | **Total** | **11,533,234** | **12,027,434** | - The company made strategic long-term equity investments in several financial institutions, including Sinotruk Auto Finance, Taishan Property Insurance, Dezhou Bank, and Minsheng Securities[43](index=43&type=chunk)[44](index=44&type=chunk) [Financial Review](index=27&type=section&id=Financial%20Review) In H1 2024, the group's net profit was RMB 171 million, a slight year-on-year decrease of 2.6%. Total operating income decreased by 29.7% to RMB 588 million, primarily due to significant year-on-year reductions in net fee and commission income and investment income. However, credit impairment losses decreased by 44.3% to RMB 155 million, and non-operating expenses significantly decreased due to reduced estimated litigation compensation, partially offsetting the negative impact on revenue. Consequently, operating profit margin increased from 33.0% to 43.1%, and net profit margin increased from 20.9% to 29.0% H1 2024 Consolidated Income Statement Summary (RMB Thousand) | Item | H1 2024 | H1 2023 | Reason for Change | | :--- | :--- | :--- | :--- | | **Total Operating Income** | **587,752** | **836,157** | Decrease in net fee and commission income, investment income | | Net Interest Income | -4,550 | 35,014 | Decrease in loan interest income | | Net Fee and Commission Income | 270,763 | 418,612 | Decrease in trust remuneration | | Investment Income | 42,144 | 133,775 | Decrease in investment income from financial assets held during the period | | Fair Value Change Gains | 241,813 | 212,071 | Increase in fair value change gains from equity investments, etc. | | **Total Operating Expenses** | **295,780** | **447,435** | Decrease in credit impairment losses, business and management expenses | | Credit Impairment Losses | 154,963 | 278,020 | Decrease in provisions based on credit risk assessment | | Non-operating Expenses | 39,107 | 115,722 | Significant decrease in estimated litigation compensation expenses | | **Total Profit** | **253,327** | **275,922** | Revenue decline partially offset by cost and expense decline | | **Net Profit** | **170,508** | **175,077** | Combined impact of total profit decline and reduced income tax expense | - Trust business total profit decreased from **RMB 137 million** to **RMB 102 million**, a **25.7%** decrease, mainly due to reduced income. Proprietary business total profit increased from **RMB 139 million** to **RMB 151 million**, a **9.2%** increase, mainly due to a significant reduction in credit impairment losses[62](index=62&type=chunk)[63](index=63&type=chunk)[65](index=65&type=chunk) - As of June 30, 2024, the group's total assets were **RMB 13.70 billion**, a **3.3%** decrease from the beginning of the year. Major assets include debt investments (**34.1%**), financial assets held for trading (**28.8%**), and loans and advances (**14.8%**)[67](index=67&type=chunk) - The company holds **579 million** A-shares of Zheshang Bank (representing **2.11%** of its total share capital), with a fair value of **RMB 1.562 billion** as of June 30, 2024, accounting for **11.4%** of the company's total assets[73](index=73&type=chunk) [Risk Management](index=45&type=section&id=Risk%20Management) The company has established a comprehensive risk management and internal control system, with an organizational structure covering the Board of Directors, Board of Supervisors, senior management, and various functional departments. Risk management encompasses credit risk, market risk, liquidity risk, compliance risk, operational risk, and reputational risk. During the reporting period, the company strictly adhered to regulatory requirements, utilized intelligent risk control systems to enhance decision-making capabilities, and continuously improved its anti-money laundering management mechanism. The Board of Directors has reviewed and deemed the group's risk management and internal control systems adequate and effective - The company has established a multi-level comprehensive risk management organizational structure covering the Shareholders' Meeting, Board of Directors, Board of Supervisors, General Manager's Office, and various functional departments[87](index=87&type=chunk)[88](index=88&type=chunk) - The company faces key risks including macroeconomic and financial market fluctuations, changes in the regulatory environment, business portfolio structure, market competition, and interest rate environment changes[90](index=90&type=chunk)[91](index=91&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) - The company has formulated and implemented the "Anti-Money Laundering Management Measures," established an anti-money laundering working group, and set up customer identification and suspicious transaction reporting systems[106](index=106&type=chunk)[107](index=107&type=chunk) [Capital and Human Resources Management](index=53&type=section&id=Capital%20and%20Human%20Resources%20Management) The company manages capital based on net capital and risk capital to ensure compliance with regulatory requirements. As of June 30, 2024, all capital adequacy ratios met regulations. In human resources, the company continued to deepen market-oriented reforms, implementing a market-driven performance appraisal and incentive system. As of June 30, 2024, the company had 307 employees, a decrease of 27 from the same period last year, with 78.5% holding master's degrees or higher Capital Adequacy Ratios (As of June 30, 2024) | Indicator | Actual Value | Regulatory Requirement | | :--- | :--- | :--- | | Net Capital | Approx. RMB 9.0 billion | ≥ RMB 200 million | | Net Capital / Total Risk Capital | 280.2% | ≥ 100% | | Net Capital / Net Assets | 80.0% | ≥ 40% | Employee Structure (As of June 30, 2024) | Category | Number of Employees | Percentage | | :--- | :--- | :--- | | **Total Employees** | **307** | **100%** | | **By Function** | | | | Trust Business Employees | 122 | 39.74% | | Wealth Management Employees | 53 | 17.26% | | Risk Control and Audit Employees | 47 | 15.31% | | **By Education** | | | | Doctorate and Above | 5 | 1.63% | | Master's Degree | 236 | 76.87% | | Bachelor's Degree | 61 | 19.87% | [Future Outlook](index=59&type=section&id=Future%20Outlook) Looking ahead, despite global economic uncertainties, the fundamental long-term positive trend of the Chinese economy remains unchanged. The trust industry will accelerate its return to core business and transformation. Shandong Guoxin will continue to be guided by regulatory policies, firmly advance its transformation, focus on capital markets, family trusts, and wealth management as its three key business areas, enhance localized capabilities, serve the real economy and public welfare, and strive to build a new pattern of high-quality development - The company will focus on three key business areas: capital markets, family trusts, and wealth management, leveraging regional resources to excel in "five major articles" (tech finance, green finance, inclusive finance, elderly care finance, digital finance) in the future[113](index=113&type=chunk) [Share Capital Changes and Major Shareholder Holdings](index=59&type=section&id=Share%20Capital%20Changes%20and%20Major%20Shareholder%20Holdings) [Share Capital Structure and Major Shareholders](index=59&type=section&id=Share%20Capital%20Structure%20and%20Major%20Shareholders) As of June 30, 2024, the company's total share capital was 4,658,850,000 shares, with no changes during the reporting period, comprising 75% domestic shares and 25% H-shares. Among major shareholders, Shandong Provincial Department of Finance, through its controlled entities including Luxin Group, collectively held 52.96% of the company's shares, serving as the actual controller. CNPC Asset Management Co., Ltd. held 18.75% of the shares, making it the second-largest shareholder Share Capital Structure (As of June 30, 2024) | Share Class | Number of Shares | Percentage (%) | | :--- | :--- | :--- | | Domestic Shares | 3,494,115,000 | 75 | | H-Shares | 1,164,735,000 | 25 | | **Total** | **4,658,850,000** | **100** | Major Shareholder Holdings (As of June 30, 2024) | Shareholder Name | Share Class | Number of Shares Held | Percentage of Total Share Capital | | :--- | :--- | :--- | :--- | | Shandong Provincial Department of Finance (Interests of controlled corporations) | Domestic Shares | 2,467,202,580 | 52.96% | | CNPC Asset Management Co., Ltd. | Domestic Shares | 873,528,750 | 18.75% | | Jinan Jintou Holdings Group Co., Ltd. | H-Shares | 252,765,000 | 5.43% | [Directors, Supervisors and Senior Management](index=63&type=section&id=Directors%2C%20Supervisors%20and%20Senior%20Management) [Changes in Directors, Supervisors and Senior Management](index=63&type=section&id=Changes%20in%20Directors%2C%20Supervisors%20and%20Senior%20Management) During the reporting period, several changes occurred in the company's directors, supervisors, and senior management. Mr. Yue Zengguang officially assumed the role of Executive Director and Chairman on January 1, 2024. Following the Annual General Meeting in June 2024, the Board of Directors and Board of Supervisors underwent re-election, with several directors and supervisors not seeking re-election due to term expiry, and new members being elected. In senior management, Mr. Lin Guanwei was appointed as Deputy General Manager, while Mr. Cui Fang ceased to be Assistant General Manager due to term expiry - Mr. Yue Zengguang was approved by the Shandong Financial Regulatory Bureau on January 10, 2024, to officially serve as the company's Executive Director and Chairman[120](index=120&type=chunk) - The company completed the re-election of the Fourth Board of Directors and Board of Supervisors at the Annual General Meeting on June 27, 2024[120](index=120&type=chunk)[122](index=122&type=chunk) - Mr. Fang Hao ceased to be Executive Director and General Manager due to term expiry. Mr. Wang Zengye and Mr. Zhao Zikun did not seek re-election as Non-executive Directors due to term expiry[120](index=120&type=chunk) - Mr. Lin Guanwei was approved to serve as the company's Deputy General Manager on July 24, 2024[123](index=123&type=chunk) [Significant Matters](index=65&type=section&id=Significant%20Matters) [Corporate Governance and Internal Control](index=65&type=section&id=Corporate%20Governance%20and%20Internal%20Control) The company is committed to maintaining high standards of corporate governance and has adopted the HKEX Corporate Governance Code. During the reporting period, there was a brief deviation from the code's provision requiring separation of Chairman and Chief Executive roles due to the General Manager acting as Chairman and the Chairman acting as General Manager. The company has established a comprehensive risk management and internal control system, which the Board of Directors annually reviews and deems adequate and effective. Internal audit, led by the Audit Committee, conducts regular special inspections to ensure the company's healthy development - During the reporting period, due to personnel changes, the company briefly deviated from the Corporate Governance Code's provision on the separation of Chairman and Chief Executive roles, but the Board believes the checks and balances structure remains sufficient[125](index=125&type=chunk) - The Board of Directors bears ultimate responsibility for the establishment, soundness, and effective implementation of internal controls, and has reviewed and deemed the group's risk management and internal control systems adequate and effective[130](index=130&type=chunk)[133](index=133&type=chunk) - The company's Board of Directors does not recommend the distribution of an interim dividend for 2024[134](index=134&type=chunk) [Disclosure of Significant Matters](index=71&type=section&id=Disclosure%20of%20Significant%20Matters) During and after the reporting period, several significant matters occurred. The company's Articles of Association were revised in accordance with changes in Chinese regulations, removing provisions related to class shareholders and their meetings. Regarding litigation, as of June 30, 2024, the company was involved in 8 major lawsuits/arbitrations as plaintiff, totaling approximately RMB 1.72 billion; and 4 major lawsuits as defendant, totaling approximately RMB 794 million. Additionally, on August 8, 2024, the company reached an agreement with Guolian Securities to sell part of its equity in Minsheng Securities for approximately RMB 347 million, to be paid by issuing A-shares of Guolian Securities - The company revised its Articles of Association in accordance with changes in Chinese regulations and HKEX rules, removing provisions regarding class shareholders and the convening of class shareholder meetings[136](index=136&type=chunk)[137](index=137&type=chunk) Major Litigation and Arbitration Cases (As of June 30, 2024) | Role | Number of Cases | Amount Involved (RMB) | | :--- | :--- | :--- | | Plaintiff/Applicant | 8 cases | Approx. RMB 1.72 billion | | Defendant | 4 cases | Approx. RMB 794 million | - On August 8, 2024, the company entered into an agreement with Guolian Securities to sell **132,715,017** shares of Minsheng Securities for a consideration of **RMB 346.7 million**, to be paid by newly issued A-shares of Guolian Securities. This transaction constitutes a discloseable transaction[140](index=140&type=chunk) [Interim Financial Information Review Report](index=74&type=section&id=Interim%20Financial%20Information%20Review%20Report) [Auditor's Review Opinion](index=74&type=section&id=Auditor's%20Review%20Opinion) ShineWing Certified Public Accountants (Special General Partnership) reviewed the company's interim financial statements as of June 30, 2024. Based on the review, the auditor did not note any matters that would lead them to believe the financial statements were not prepared in all material respects in accordance with enterprise accounting standards, or that they failed to fairly present the company's financial position, operating results, and cash flows - ShineWing Certified Public Accountants issued an unmodified review conclusion, stating that the financial statements fairly present the company's financial position in all material respects[147](index=147&type=chunk)

Financial Performance - Total operating income for the six months ended June 30, 2024, was RMB 587,752,000, a decrease of 29.7% compared to RMB 836,157,000 in the same period of 2023[3]. - Net interest income was negative RMB 4,550,000, down from positive RMB 35,014,000 year-on-year[3]. - Net fee and commission income decreased to RMB 270,763,000, a decline of 35.4% from RMB 418,612,000 in the previous year[3]. - Investment income dropped to RMB 42,144,000, down 68.4% from RMB 133,775,000 in the same period last year[3]. - Total profit for the six months was RMB 253,327,000, a decrease of 8.2% compared to RMB 275,922,000 in 2023[3]. - Net profit for the period was RMB 170,508,000, slightly down from RMB 175,077,000 year-on-year[3]. - Total operating revenue for the first half of 2024 was RMB 587.8 million, a decrease of 29.7% year-on-year, while net profit was RMB 170.5 million, down 2.6%[12]. - The company's net profit for the first half of 2024 was RMB 170.5 million, a decrease of RMB 4.6 million or 2.6% compared to the same period last year[48]. - The total operating profit for the first half of 2024 was approximately 291.97 million, a decrease of 25% compared to 388.72 million in the same period of 2023[144]. - The company's total comprehensive income for the first half of 2024 was approximately 167.77 million, compared to 175.21 million in the same period of 2023, a decrease of about 4.3%[146]. Asset Management - Total assets as of June 30, 2024, were RMB 13,699,817,000, compared to RMB 14,168,884,000 at the end of 2023[5][6]. - As of June 30, 2024, the company's managed trust assets reached RMB 241.24 billion, an increase of RMB 39.82 billion, representing a growth of 19.77% since the beginning of the year[9]. - The asset management scale, including insurance trust scale, reached RMB 241,237 million as of June 30, 2024, up from RMB 201,421 million at the end of 2023[15]. - The total amount of securities investments as of June 30, 2024, was RMB 9,187,712 million, down from RMB 10,019,091 million as of December 31, 2023[36]. - The total amount of consolidated assets managed by the company was RMB 11,533,234 million as of June 30, 2024, compared to RMB 12,027,434 million as of December 31, 2023[36]. Trust Business - Trust business revenue accounted for 46.0% of total revenue, while proprietary business revenue made up 54.0%[12]. - Family trust assets reached nearly RMB 47 billion, with a year-on-year growth of 32%[9]. - The financing trusts generated revenue of RMB 151 million for the six months ending June 30, 2024, accounting for 55.3% of total trust business revenue, down from RMB 263 million and 62.5% in the same period of 2023[16]. - Investment trusts produced revenue of RMB 77 million, representing 28.2% of total revenue, compared to RMB 82 million and 19.5% in the previous year[16]. - The total profit from the trust business for the first half of 2024 was RMB 102.1 million, down from RMB 137.4 million in the first half of 2023[67]. - Trust business segment revenue decreased by 35.3% from RMB 418.7 million in H1 2023 to RMB 270.9 million in H1 2024[69]. Risk Management - The company has established a comprehensive risk management system, updating and revising 65 internal regulations to enhance compliance and operational stability[11]. - The company's risk management framework includes various committees and departments responsible for overseeing risk control and compliance[98]. - The company strictly adheres to credit risk management guidelines set by the financial regulatory authority, enhancing risk control in key areas to mitigate credit risk[109]. - Market risk is managed through a diversified and carefully selected investment portfolio, alongside a strict investment decision-making mechanism[112]. - The company actively manages reputation risk by enhancing customer loyalty through excellent wealth management capabilities and maintaining communication with stakeholders[116]. Regulatory Environment - The company is subject to credit risk from clients and counterparties failing to fulfill contractual obligations, which arises from both its trust and proprietary businesses[108]. - The company's trust business is significantly impacted by regulatory changes in China, which may affect the scale, revenue, and profitability of its trust services[102]. - Regulatory policies in the financial sector may indirectly affect the company's trust business, leading to increased competition from commercial banks and their wealth management subsidiaries[103]. - The company aims to diversify its trust products by designing customized trust products to meet different client needs, which is expected to significantly impact future financial performance[105]. Corporate Governance - The board of directors has undergone changes, with new appointments and re-elections taking place during the annual general meeting[127]. - The company has not declared or recommended any dividends for the six months ending June 30, 2024[168]. - The company has established a customer identification system to comply with anti-money laundering regulations, requiring employees to verify and update customer identity information[119]. - The audit committee reviewed the accounting principles and practices adopted by the company for the six-month interim results ending June 30, 2024[172]. Market Conditions - The overall economic and financial market conditions in China significantly impact the company's business operations and financial performance[100]. - The company anticipates that the structural transformation of the Chinese economy and macroeconomic policies will continue to pose challenges to its trust business[100]. - The company recognizes potential new business opportunities during the economic transition period, despite the challenges posed by economic slowdown[100]. - The company faces increased default risk from counterparties during economic downturns, which may affect its trust product demand[100].

在行业面临转变发展方式、优化业务结构的战之际，"信托业务三分类"及系列配套文件正式出炉，为整个信托行业的转型明确了方向。在监管指导及各方努力下，行业发展日益稳健。据信托业协会今年1月布数据，截至去年三季度末，中国信托资产规模余额为22.64万亿元，同比增7.45%。                                                                 （资料来源：公开信息） 在信托行业整体资产规模稳健增长同时，行业也在转型加速，优化业务结构，创新服务实体经济和民生。山东国信（01697.HK）作为地方国资信托公司代表，同时也是内地信托登陆国际资本市场第一股和港股信托第一股，始终牢记客户"信任之深和托付之重"坚持稳中求进，服务经济社会发展，构建广泛的发展格局，彰显国企社会责任。 回顾2023年，面对复杂严峻的国内外环境和行业变革，山东国信承压奋进，砥砺前行，以监管指引为导向，将信托本源业务作为战略转型重点稳步推进，积极应对超预期冲击，高效统筹发展与风险，整体稳中向好，工作取得新成效。 展望2024年，在推动高质量发展与助力新质生产力的号召下，信托行业充满机遇。山东国 ...