In the first half of the year, more than 60 % of the trust company's revenue declined in real estate trusts into a "breach of contract"

Zhongxin Jingwei, July 28 (Xue Yufei intern Wu Ao) In the first half of 2022, due to the external economic environment and regulatory policies, the trust company's operating performance declined as a whole. According to statistics from the Berry Research and Development Center, the average operating income of 57 trust companies in the first half of 2022 was 1.242 billion yuan, a decrease of 13.35%from the first half of 2021. Of the 57 trust companies, 38 operating income decreased year -on -year, accounting for more than 60 %.

The trust industry is in the deep adjustment period

According to the Berry Research and Development Center, the average operating income of 57 trust companies in the first half of 2022 was 1.242 billion yuan, a decrease of 13.35%from the first half of 2021. After eliminating the comparable merging diameter sample, the average operating income of the trust company in the first half of 2022 was 798 million yuan, a year -on -year decrease of 17.76%.

In fact, the decline in the performance of the trust company has continued the momentum of the first quarter. According to statistics released by the China Trust Association, as of the first quarter of 2022, the operating income of the trust company decreased by 28.25%year -on -year.

According to the data of Berry Research and Development Center, in the first half of 2022, only 19 of the 57 trust companies achieved operating income growth, accounting for 33.33%, and 38 operating income declined, accounting for 66.67%. In the first half of 2022, the number of trust companies with a high -speed growth of more than 20%was only 4, but the number of trust companies decreased by more than 20%was 30, and operating income growth showed a significant contraction trend.

Specifically, in the first half of this year, only the revenue of the Ping An Trust exceeded 10 billion yuan, reaching 11.679 billion yuan, slightly lower than 11.760 billion yuan in the same period in 2021; From 54.32 yuan in the first half of 2021 to 6.288 billion yuan in the first half of 2022; the third place's CITIC Trust revenue decreased, revenue from 4.096 billion yuan in the first half of 2021 to 3.346 billion in the first half of 2022 Yuan.

Profit is also affected. According to the above -mentioned center data, in the first half of 2022, the average net profit of 57 trust companies was 470 million yuan, a decrease of 20.62%from the first half of 2021, and the decrease was higher than operating income. In the first half of 2022, the average net profit of the combined caliber was removed by 339 million yuan, a decrease of 23.06%from the first half of 2021.

In the first half of 2022, the net profit of only 25 trust companies achieved positive growth (or decreased from negative to positive, loss), accounting for 43.86%. There are only 7 trust companies with a growth rate of more than 20%, and the number of trust companies with a decline in net profit declines by more than 20%, of which the number of trust companies with a decrease of 20%-50%is 17 At the same time as the overall profit of the industry's profits, home shows a clear differentiation situation.

The Berry Research and Development Center interpreted that since the promulgation of the new asset management regulations in 2018, the trust industry has entered the adjustment period. Asset size and revenue indicators fell and stabilized in 2021, but the epidemic counterattack, the downward macroeconomic downward, and the volatility of the capital market In the first half of 2022, the trust company's operating performance declined, and the average operating income and net profit were negatively increased. Only net assets achieved slightly positive growth. On the whole, the main indicators of the trust industry are greatly affected by the external economic environment and regulatory policies, and it is still in a period of in -depth adjustment.

This year's real estate trust breach exceeds 70 billion yuan

The trust industry has deeply bundled real estate and is an important source of non -bank funds in the real estate industry. According to data from Huatai Securities Report, the size of the non-banking system at the end of 2021 was about 3.03.35 trillion yuan, of which real estate trusts were dominated, with a scale of about 1.57 trillion yuan.

Compared with banks to have a stronger ability to resist the risk of real estate market, Huatai Securities believes that the risk of non -silver is concentrated in real estate trusts. Although the industry size has continued to drop under strict supervision, the stock is still high, and risks in recent years have risks in recent years. Frequency and pressure of asset quality, you need to pay attention to the follow -up risk interpretation path, especially the private background trust company with a larger real estate trust.

In fact, the scale of real estate trust products has a large scale. According to the latest monitoring data of Yiyi Trust, as of July 22 this year, a total of 116 defaults have occurred in the trust industry since this year, with a default amount of 74.384 billion yuan. Among them, the real estate trust became the industry's "big breach of contract", with a default amount of 57.846 billion yuan, accounting for about 77.77%. Data from the agency also showed that the amount of real estate trust default in 2021 was 91.7 billion yuan, accounting for 61%of the total amount of default in the industry.

Recently, the trust products issued by individual head trust companies and developed to develop projects to develop projects in real estate companies have been overdue, which has attracted some attention. For example, a number of investors told the media that in July 2020, the Shenzhen Longgang Financial Collection Trust Plan for Shenzhen Longgang Financial Collection Trust Plan from CITIC Trust could not be redeemed normally. Essence

On July 25, the relevant person in charge of CITIC Trust said in an interview with the media that in the face of the risks brought about by the in -depth adjustment of the real estate industry, the company is strictly implementing the "six stability" and "six guarantees" tasks to cooperate with relevant parties to do a good job of "guarantee friendships. The financial support of the building, protecting people's livelihood, and stable "financial support, strictly adhere to the bottom line of no risk of secondary life, and adhere to the new regulations of asset management to break the compliance requirements of" rigid redemption ". The above -mentioned person in charge said that in the process of risk resolution, CITIC Trust has always maximized the interests of investors to the first place, stating profit to all parties, and strive to give up the interests of investors, fully fulfill the professional responsibility of the trustee, and timely time Do a good job of information disclosure and pay attention to investor emotions, and coordinate public opinion and reputation risk prevention and control. CITIC Trust revealed that some projects and local governments have actively negotiated the debt restructuring plan.

In the past one or two years, as a former "industry brother", CITIC Trust has undergone greater pressure on performance. In the first half of this year, the company realized operating income of 3.346 billion yuan and net profit of 1.522 billion yuan, which was a small decline in the same period compared with the same period in 2021. In 2021, CITIC Trust realized operating income of 8.585 billion yuan, a decrease of 1.84%year -on -year; net profit was 3.502 billion yuan, a year -on -year decrease of 9.15%. In 2021, the CITIC Trust had a credit impairment loss of 1.850 billion yuan, which was 1.184 billion yuan in the same period last year.

The balance of CITIC Trust has fallen sharply for two consecutive years. At the end of 2020, the balance of the company's trust assets was 1224.7 billion yuan, a decrease of 349.5 billion yuan from 2019, a year -on -year decrease of 22.2%; at the end of 2021, the balance of trust assets was 97.88 billion yuan, a decrease of 20%year -on -year.

Huatai Securities reminded that the recent industry risk incidents have frequent frequent. In addition to small and medium -sized trust companies, some head trust companies have also fallen into disputes. Considering that some real estate industries in the future, some trust products are high and some trust products may choose to expire, but the exhibition period will not fundamentally solve the problem. In the future, it is still necessary to pay attention to the improvement of the real estate industry operation and comprehensively evaluate the potential risks of the trust industry. (For more report clues, please contact the author [email protected]) (Zhongxin Jingwei APP)

(The views in the article are for reference only, do not constitute investment suggestions, have risks in investment, and need to be cautious to enter the market.)

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