信托业半年考：业绩现分化 转型定“输赢”

Core Viewpoint - The trust industry is experiencing significant performance differentiation, with some companies reporting strong profits while others face losses, indicating a long-term trend of divergence in the sector [1][4]. Group 1: Performance Overview - As of July 24, 2025, 53 trust companies disclosed their unaudited financial data for the first half of the year, with four companies reporting net profits exceeding 1 billion yuan and four companies reporting negative net profits [1]. - Shaanxi Guotou A reported a revenue of 1.367 billion yuan, a decrease of 2.95% year-on-year, while net profit increased by 5.74% to 726 million yuan [2]. - State Grid Yingda achieved total revenue of 1.941 billion yuan, with net profit reaching 1.362 billion yuan, showing positive growth across key financial metrics compared to the previous year [2]. - Bai Rui Trust reported a total asset of 12.138 billion yuan but incurred a net loss of 25 million yuan, marking its first loss [3]. - Wukuang Trust's revenue was 40.4978 million yuan, with a net loss of 268 million yuan, a significant decline from a net profit of 188 million yuan in the previous year [3]. - Huaao Trust reported a total profit of -619 million yuan, ranking last among 52 trust companies [3]. Group 2: Industry Trends - The industry is undergoing a transformation, with a clear trend of differentiation among companies, as some have adapted to new asset management regulations while others lag behind [4]. - Companies that began transitioning to core business areas early, such as family trusts and standardized product trusts, are faring better than those that started later [4]. - The scarcity of quality non-standard assets is putting pressure on companies that have not yet effectively transitioned, leading to a decline in traditional business revenues without sufficient income from innovative business models [4]. Group 3: Strategic Shifts - There is a growing recognition among trust companies that returning to core business areas is essential for long-term development, leading to significant management changes within the industry [5]. - Over 10 trust companies have experienced executive changes this year, with new leaders often coming from banking and securities backgrounds, indicating a strategic shift towards better understanding and navigating industry dynamics [5]. - Many trust companies are actively recruiting talent related to core business areas, focusing on innovative asset management projects, supply chain finance, and family trust services [5][6].