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].