Trillion-dollar giants are on the rise, industry profits hit a new low, and the trust industry is at a crossroads in its transformation.

With the completion of the 2025 annual reports of trust companies, the true picture of the deep differentiation within the trust industry has emerged: on the one hand, as the original business accelerates, the total entrusted assets of the industry have exceeded 34 trillion yuan, with the top companies managing assets exceeding 10 trillion yuan increasing to 9, almost double the number at the end of 2024; on the other hand, the profitability level of the entire industry is still at a low level with an average net profit decrease of 10.54% year-on-year, with half of the trust companies experiencing declining profits or expanding losses. Various data indicate that the Chinese trust industry is facing the challenge of transitioning from homogeneous scale expansion to differentiated high-quality development. Next, whether to adhere to a scale-oriented approach and grow bigger and stronger first, or to break new ground and improve active management capabilities, many trust companies find themselves at a "crossroads."