Core Viewpoint - Shandong Guoxin, the only H-share listed trust company in mainland China, reported stable performance in the first half of 2025, achieving a total operating revenue of 634 million yuan, a year-on-year increase of 7.8%, and a net profit of 167 million yuan, which remained basically flat compared to the previous year [2] Group 1: Financial Performance - Shandong Guoxin's performance outperformed the overall industry, with 53 trust companies reporting a total operating revenue of 31.59 billion yuan, a year-on-year decline of 1.98%, and a net profit of 16.37 billion yuan, down 2.83% [3] - The company explained that the decrease in net income from fees and commissions and the increase in credit impairment losses were offset by gains from fair value changes and investment income [3] Group 2: Revenue Breakdown - In the first half of 2025, Shandong Guoxin achieved trust business income of 228 million yuan and proprietary business income of 406 million yuan, representing 35.9% and 64.1% of total revenue, respectively [4] - The proportion of trust business income decreased compared to the same period last year, while the share of proprietary business income increased significantly, aligning with industry trends [4] - The increase in proprietary business income was primarily due to fair value gains rising from 242 million yuan in the first half of 2024 to 319 million yuan in the first half of 2025, and investment income increasing from 42 million yuan to 84 million yuan [4] Group 3: Business Growth - The family trust business of Shandong Guoxin showed robust growth, with the scale of family trust in force reaching 61.93 billion yuan, a 19.3% increase from the beginning of the year [5] - The company successfully launched the first special needs service trust in Shandong province and expanded into innovative trust structures [5] - In the charitable trust sector, Shandong Guoxin achieved steady growth, with cumulative delivery amounts reaching 18.9 million yuan, a 16.7% increase from the beginning of the year [5] Group 4: Local Economic Support - As of the end of the first half of 2025, Shandong Guoxin's trust scale directed towards Shandong province reached 33.89 billion yuan, with "investment into Shandong" trust scale at 17.65 billion yuan [6] - The company established a service trust department and launched innovative financial service scenarios, including the "Rui Sheng Series" account management service trust [6] - The green trust scale reached 4.23 billion yuan, a year-on-year increase of 22.4%, supporting enterprises in achieving green and intelligent upgrades [6]