Core Viewpoint - The report highlights Shanghai International Trust Co., Ltd.'s commitment to high-quality development, innovation in financial services, and robust risk management practices in a challenging economic environment. Company Overview - Shanghai International Trust Co., Ltd. was established in 1981 with a registered capital of RMB 5 billion, focusing on product innovation and various financial services [2][3]. - The company has received high credit ratings from Moody's (Baa2) and S&P (BBB-) and has been recognized as a systemically important trust company in China [1][2]. Governance Structure - The company has a well-defined governance structure with a board of directors and supervisory board, ensuring accountability and compliance with regulatory standards [5][6]. - The seventh board of directors was elected on December 9, 2024, with Zhang Baoquan appointed as the chairman [5][6]. Business Strategy - The company aims to adapt to economic changes by enhancing its trust functions, implementing a digital strategy, and fostering collaboration with Shanghai Pudong Development Bank [8][9]. - The strategic plan focuses on developing asset management and wealth management services while optimizing business structures and enhancing risk management [9][10]. Main Business Operations - The primary business operations include trust services and proprietary business, with various trust products such as financial product trusts, real estate financial trusts, and equity investment trusts [10][11]. - The proprietary business encompasses fixed income, equity investments, and securities investments, targeting growth sectors like high-end manufacturing and digital economy [13]. Market Analysis - In 2024, China's GDP is projected to grow by 5.0%, with industrial output and fixed asset investment showing positive trends despite challenges in the real estate sector [16]. - The trust industry is experiencing steady growth, with total trust assets reaching RMB 27 trillion by Q2 2024, reflecting a continuous upward trend [17]. Risk Management - The company employs a comprehensive risk management framework addressing credit, market, operational, and other risks, ensuring effective monitoring and mitigation strategies [25][27][28]. - Specific measures include project review meetings for credit risk, market risk management through asset valuation, and operational risk management via standardized procedures [26][27][28]. Corporate Social Responsibility - The company actively engages in social responsibility initiatives, supporting small and micro enterprises, environmental protection, and community development, with a focus on green finance [35]. - As of the end of 2024, the company has provided approximately RMB 5.5 billion in services to the real economy, with significant investments in the Yangtze River Delta region [35].

Core Viewpoint - Ping An Trust reported a decline in both revenue and net profit for 2024, with a strategic shift following leadership changes aimed at maximizing long-term value and focusing on core trust operations [1][4]. Group 1: Financial Performance - In 2024, Ping An Trust achieved operating revenue of 14.148 billion yuan, net commission income of 9.681 billion yuan, and net profit of 3.421 billion yuan, all showing a year-on-year decline [1]. - The asset management scale reached 993 billion yuan, reflecting a year-on-year growth of 49.88% [2]. Group 2: Business Segmentation - The asset service trust business scale was 273.545 billion yuan, while the asset management trust business scale was 715.6 billion yuan, and public welfare and other trusts accounted for 3.813 billion yuan [2]. - Wealth service trust business saw an overall increase of over 53 billion yuan, capturing nearly 20% of the market share [2]. - The securities investment trust business exceeded 590 billion yuan, with an annual growth rate of 84% [2]. Group 3: Strategic Adjustments - Following leadership changes, the company implemented a new strategy focused on "returning to the essence of trust" and emphasized risk mitigation and compliance [1][5]. - The company aims to exit personal investor financing business and optimize internal control management [5]. Group 4: Challenges and Industry Context - The workforce reduced from 872 employees in 2021 to 309 in 2024, reflecting a broader trend in the trust industry where total employees decreased from 22,387 in 2021 to 17,563 in 2023 [4][6]. - The company faced 86 new complaints related to natural persons, primarily concerning real estate trust products, indicating ongoing challenges in this sector [4]. - The industry is experiencing pressure from insufficient economic demand, challenges in transitioning to sustainable profit models, and increased regulatory scrutiny [6].