长城资产新董事长到位，不良资产处置收益处在下行通道

Core Points - The appointment of Xiang Dang as the new chairman of China Great Wall Asset Management Co., Ltd. has been officially announced, pending regulatory approval [1][2] - Xiang Dang has extensive experience in the non-performing asset industry, having worked for 26 years in this field, including significant roles at China Cinda Asset Management [2][3] - The company has undergone significant changes in its shareholding structure, with Central Huijin Investment Co., Ltd. increasing its stake in Great Wall Asset from 73.53% to 94.34% following a series of capital adjustments [4] Company Leadership Changes - Xiang Dang is the fourth chairman since the company's restructuring in December 2016, succeeding Li Junfeng, who retired due to age [2][3] - During his interim period as chairman, Xiang Dang has also served as the acting president of the company [2] Financial Performance - As of June 2025, Great Wall Asset reported a total asset of 6,309 billion yuan, with a significant increase in net profit to 999 million yuan, marking a 528% increase year-on-year [6] - The company has seen a decline in operating revenue by 54% year-on-year, totaling 39.2 billion yuan for the first half of 2025 [6] Asset Management and Strategy - Great Wall Asset has been active in acquiring non-performing financial assets, with a total of 433 billion yuan in new acquisitions in the first half of 2025 [6] - The company has initiated the sale of non-performing debts from major real estate firms, including approximately 11.3 billion yuan from Evergrande [6][7] - The issuance of the first asset-backed securities (ABS) product backed by non-performing assets in June 2025 represents a significant innovation in asset disposal strategies [7] Challenges Ahead - Despite recent successes, Great Wall Asset faces ongoing challenges in managing and revitalizing its real estate-related non-performing assets amid economic pressures [7]