Core Insights - In 2024, the company achieved total operating revenue of 824 million yuan, a decrease of 105 million yuan compared to 2023, while net profit slightly increased to 385 million yuan from 383 million yuan in 2023 [1] - The trust business is undergoing a transformation, with a significant increase in the proportion of asset service trust business, while traditional financing business has rebounded against the trend, and securities market investment business has seen a substantial decline [1] Group 1: Trust Asset Management - As of the end of 2024, the total trust assets under management amounted to 2,433.93 billion yuan, a decrease of 61.16 billion yuan from 2,495.09 billion yuan in 2023 [2] - Asset service trusts accounted for 62% of the total trust assets managed by the company [2] - The distribution of trust assets in 2024 was as follows: basic industries at 156.07 billion yuan (6.41%), real estate at 143.34 billion yuan (5.89%), and securities market at 407.46 billion yuan (16.74%) [2] Group 2: Business Transformation and Innovation - In 2024, the company established five risk disposal service trust projects with a total amount of 5.137 billion yuan and four insurance trust projects totaling 4.3631 million yuan [3] - The company has 61 active family trust projects with a total scale of 10.614 billion yuan and 21 active risk disposal service trust projects with a scale of 55.42 billion yuan, ranking in the top tier of the trust industry [3] - The company is focusing on business differentiation and optimizing its business structure, particularly in the areas of corporate bankruptcy restructuring and family trusts [3] Group 3: Sector Performance - Traditional basic industry and real estate trust businesses have seen a rebound, while securities market investment trust business has significantly declined [4] - From 2020 to 2024, the scale of basic industry trusts increased from 20.043 billion yuan to 15.607 billion yuan, marking a new high in both scale and proportion [4] - Real estate trust business also increased from 9.854 billion yuan in 2023 to 14.334 billion yuan in 2024, surpassing the previous two years [4] Group 4: Securities Market Trust Business - The scale of securities market trust business decreased from 56.022 billion yuan in 2023 to 40.746 billion yuan in 2024, continuing a downward trend for three consecutive years [5] - The proportion of securities market trust business has also declined from 22.45% in 2023 to 16.74% in 2024 [5] Group 5: Trust Business Structure Changes - In 2024, the scale of single fund trusts significantly decreased, while the scale of property rights trusts increased [6] - The scale of collective trust funds rose from 87.757 billion yuan to 95.234 billion yuan, while single trust scale dropped from 95.882 billion yuan to 70.477 billion yuan [6] - Active management of securities investment trusts saw a decline of 44.92%, while active management of financing trusts increased by 142.83% [6]