2024年18家地方AMC净利润下滑：资产处置难度加大、周期延长，回收率下降是主因

Core Insights - The recent reports from local Asset Management Companies (AMCs) indicate a significant decline in both revenue and net profit for many firms, reflecting the challenging economic environment [1][2][3] Financial Performance - Out of 31 local AMCs that disclosed their 2024 annual reports, 17 experienced a decline in revenue, and 18 saw a drop in net profit, with 13 companies facing declines in both metrics [1][2] - The total revenue for these AMCs is above 1 billion yuan, with 14 companies exceeding 1 billion yuan in revenue, representing 45.16% of the total [2] - The top five AMCs by revenue are Jiangsu Asset Management Co. (64.83 billion yuan), Zhejiang Zheshang Asset Management Co. (54.25 billion yuan), Henan Asset Management Co. (28.68 billion yuan), Zhongyuan Asset Management Co. (26.18 billion yuan), and Shandong Financial Asset Management Co. (21.47 billion yuan) [2] Profitability Analysis - The leading AMCs by net profit include Shanghai State-owned Assets Management Co. (22.96 billion yuan), Shandong Financial Asset Management Co. (16.97 billion yuan), and Zhejiang Zheshang Asset Management Co. (15.24 billion yuan) [3] - Six AMCs reported net profits below 1 billion yuan, with three of them in a loss position, specifically Guangzhou Asset Management Co. (-3.5 billion yuan), Guo Hou Asset Management Co. (-9.21 billion yuan), and Tian Qian Asset Management Co. (-15.1 billion yuan) [3] Market Conditions and Challenges - The decline in asset quality and the difficulty in asset recovery during economic downturns are major factors affecting local AMCs, particularly due to their reliance on real estate assets [1][6] - The overall economic pressure has led to longer asset disposal cycles and decreased recovery rates, significantly impacting revenue from non-performing assets [6][7] - Regulatory guidance has prompted AMCs to focus on their core business, leading to a contraction in non-core operations, which has also contributed to revenue declines [7] Asset Impairment - The impairment of existing assets is becoming a significant factor eroding profits for local AMCs, with companies like Shandong Financial Asset Management Co. reporting increased fair value losses [8] - For instance, Shandong Financial Asset Management Co. reported a fair value loss of -7.46 billion yuan in 2024, up 36.88% from the previous year [8] - Guangzhou Asset Management Co. also noted a significant increase in impairment losses, with fair value changes dropping from -4.17 billion yuan in 2023 to -7.92 billion yuan in 2024 [8]