华鑫信托2025年业绩诠释长期主义：一场主动的“深耕”与“重构”

Core Insights - In 2025, Huaxin Trust achieved a revenue of 3.676 billion yuan, representing a year-on-year growth of 23.87%, and a net profit of 2.076 billion yuan, up 13.48% [1][2] - The company's inherent income surged to 1.890 billion yuan, marking a significant increase of 167.94% [1][2] Revenue and Profit Structure - The revenue structure underwent a profound adjustment, with trust business income decreasing from 2.263 billion yuan to 1.786 billion yuan, while inherent business income rose from 705 million yuan to 1.890 billion yuan [2] - The proportion of inherent business income in total revenue increased from 23.77% to 51.41%, surpassing trust business income and becoming the main source of revenue for 2025 [2] Strategic Adjustments - The structural changes in revenue are a deliberate strategic choice rather than mere fluctuations in performance, as stated by the company's chairman [3] - The company is responding proactively to the industry's transition from a high-growth phase to an adjustment period, optimizing its business structure and reallocating resources effectively [3] Industry Context - Since entering an adjustment period in 2018, the trust industry has faced regulatory pressures to transform, leading to a reduction in financing-related business and a limitation on traditional trust business growth [3] - Huaxin Trust is not pursuing scale blindly but is instead focusing on optimizing its business structure to align with new regulatory directions [3] Collaborative Ecosystem - Huaxin Trust benefits from a unique synergy between finance and industry, being a core financial platform under China Huadian Group, which enhances its transformation and development [4] - This synergy is based on a deep understanding of the energy and power industry, allowing for creative integration of financial capabilities with the needs of the real economy [4] Green Finance Initiatives - The company has established a green trust portfolio exceeding 13 billion yuan, providing customized trust solutions for clean energy projects and related enterprises [5] - An example of this is the "Lihua No. 39 Service Trust," which addresses operational challenges in new energy assets through innovative transaction structures, showcasing the true value of "finance + industry" [5] Future Outlook - Huaxin Trust aims to continuously enhance its professional capabilities and service levels, balancing high-quality development with safety, and aspiring to build a first-class trust company with energy characteristics [5]