Zhongyuan Expressway(SH:600020) Xin Lang Cai Jing·2025-06-29 04:26Core Viewpoint - The trust industry is experiencing a delayed capital increase wave, with Zhongyuan Trust planning to raise its registered capital from 4.681 billion to 5 billion yuan, marking its second capital increase in three years [1][2]. Company Summary - Zhongyuan Trust's registered capital will increase to 5 billion yuan, with a fundraising target of 724 million yuan at a price of 2.27 yuan per share [1]. - Zhongyuan High-Speed has opted not to participate in this capital increase, which will reduce its shareholding from 27.27% to 25.52% [2]. - The company has undergone six capital increases since its restructuring in 2002, with the last increase raising its capital from 4 billion to 4.681 billion yuan [1][2]. Financial Performance - In 2024, Zhongyuan Trust reported revenues of 881 million yuan and a net profit of 144 million yuan, reflecting year-on-year growth of 11.46% and 3.01%, respectively [5]. - The company's net profit in 2024 was significantly lower than in 2021, indicating a decline in profitability [5]. - The trust's main income source, net commission income, has decreased for three consecutive years, and its investment income has shown instability [5][6]. Industry Context - The trust industry is currently facing significant operational pressures, particularly due to regulatory changes and the impact of the "return of funds" policy [5]. - The latest revisions to the Trust Company Management Measures emphasize the need for improved governance, increasing the management responsibilities of shareholders [5]. - Zhongyuan Trust's asset management scale has declined since 2022, with total trust assets reported at 363.5 billion yuan in 2024, down from a peak of 420 billion yuan [6][7]. Comparative Analysis - Zhongyuan Trust ranks 31st in the industry by registered capital, while its performance metrics, such as trust asset scale and trust remuneration rate, lag behind those of BaiRui Trust [7][8]. - As of the end of 2024, Zhongyuan Trust's net capital was 8.41 billion yuan, lower than BaiRui Trust's 10.15 billion yuan, indicating a need for capital strengthening in the face of regulatory requirements [9].