21世纪资管研究院 . 21世纪资管研究院是南方财经全媒体集团旗下致力于资管领域政策和业务研究的独立智库，研究院宗 旨：探索全球资管发展新趋势，求解国内资管发展新问题，搭建资管人才成长大平台，促进资管行业健 康长远发展。 记者丨唐曜华 以下文章来源于21世纪资管研究院 ，作者21世纪资管研究院 编辑丨方海平 债权人为信托的受益人，该信托的资产处置变现的收益以及资产运营的收益等都将用于偿还债 权人。委托人通常为公司或老板，信托公司为受托人。有的破产服务信托还会设立信托资产平 台公司或信托运营平台公司，由平台公司负责信托底层资产（或企业）运营、资产处置变现 等。 比如苏宁系拟成立的破产重整信托，装入信托的资产被划分为保留运营和处置变现两大类，并 最终被装入新苏宁集团有限公司和南京众城资产管理有限公司，两个公司分别作为新机制下的 运营管理公司、资产处置公司。 大多数情况下公司仍由原来的经营管理团队负责日常经营，比如按苏宁系的重组草案，张近东 虽然将交出旗下38家苏宁系公司的全部股权转进信托，等于他的股东权益几乎"清零"，但他还 是有较大的话语权，公司也还是由原管理团队负责日常运营，只不过要受到严格监督。 如果存在原 ...

法拉第未来（FF，美股代码FFAI）创始人、联席CEO贾跃亭近期表示，已成立第二个还债信托，希望 加速还清中国债务。 比如苏宁系拟成立的破产重整信托，装入信托的资产被划分为保留运营和处置变现两大类，并最终被装 入新苏宁集团有限公司和南京众城资产管理有限公司，两个公司分别作为新机制下的运营管理公司、资 产处置公司。 2300亿债压顶，陷入债务困境的前江苏首富张近东也打算成立破产重整信托，将苏宁系公司股权以及个 人资产均"装进"为偿债设立的信托计划用于还债。 事实上，近几年越来越多陷入债务困境的上市公司也通过设立类似破产重整信托解决债务困境，破产服 务信托需求迎来快速增长。那么欠债"富豪"们为何青睐这类信托来化解债务困境？这类信托是如何运作 还债的？ 还债信托如何运作？ 由于通常已经面临资不抵债的困局，还债信托的核心是将公司甚至老板有价值的资产均装进为偿债而设 立的信托，以增强债权人对偿债的信心。债权人为信托的受益人，该信托的资产处置变现的收益以及资 产运营的收益等都将用于偿还债权人。委托人通常为公司或老板，信托公司为受托人。有的破产服务信 托还会设立信托资产平台公司或信托运营平台公司，由平台公司负责信托底层资产 ...

Core Insights - The trust industry is experiencing intense price competition, leading to a situation where companies are engaging in low-cost bidding to attract clients, which is unsustainable in the long term [2][3][4] - The industry is facing a significant decline in profits despite an increase in revenue, indicating a troubling trend for future growth [5][6] - There is a call for trust companies to enhance their active management capabilities and differentiate themselves to escape the cycle of low-price competition [9][10] Industry Challenges - Many trust companies have focused on non-standard business models over the past decade, resulting in a lack of standardized and efficient operational frameworks, which weakens their bargaining power [6][7] - The introduction of new business models, such as asset securitization and family trusts, has led to fierce competition, with companies often resorting to low pricing to gain market share [4][7] - The current pricing strategies are causing a downward trend in service fees, impacting overall profitability and leading to a vicious cycle of reduced service capabilities [7][8] Financial Performance - In 2024, the trust industry reported operating income of 94.036 billion yuan, an increase of 8.89% from 2023, while profits fell to 23.087 billion yuan, a decrease of 45.52% [5] - The decline in profits is attributed to the low-fee structure of asset service trusts, which is affecting the overall profitability of the industry [5][6] Recommendations for Improvement - Trust companies are advised to focus on enhancing their active management capabilities and developing unique advantages to break free from low-price competition [9][10] - There is a suggestion to establish self-regulatory mechanisms within the industry to promote healthy competition and set standard pricing guidelines [10]