Annual report on the trust industry: Intensified differentiation, where is the road ahead?

According to the Securities Times, the annual report data of trust companies in 2025 are being released one after another. Statistics from Use Trust show that as of January 19th, 50 trust companies have disclosed unaudited financial data for 2025. It is worth noting that in 2025, the differentiation in the trust industry has intensified, with the number of trust companies with year-on-year growth in net profit being roughly equal to the number of companies with year-on-year decline, and the difference in operating income exceeding 6 billion yuan. In fact, the performance of trust companies in 2025 can be described as a "song of ice and fire", reflecting the deepening transformation of the industry. A reporter from the Shanghai Securities Times learned that under regulatory guidance, in recent years, trust companies have generally shifted their focus from non-standard products to standard ones. However, some companies are blindly pursuing scale and have not yet cleared their risks, while others have early disposed of their "burdens" and focused on their own resource endowments, actively exploring core business. According to industry insiders, with regulatory restrictions on channel business becoming stricter, industry differentiation will further manifest in the future.