Chongqing Trust recently released its 2025 annual report. The past year has been marked by "deep adjustments and continuous risk resolution" within the trust industry, setting an unusual context for this financial statement.
In 2025, Chongqing Trust reported operating revenue of 704 million yuan on a consolidated basis, an increase of approximately 205 million yuan year-on-year, representing a growth of about 40%. Net fee and commission income was approximately 415 million yuan, a slight decrease compared to the previous year, while investment income reached 240 million yuan, an increase of 50 million yuan.
During the period, the company achieved an operating profit of 247 million yuan, a decrease of 29 million yuan year-on-year. Net profit was 211 million yuan, a slight increase of 7.29 million yuan, and net profit attributable to the parent company was 213 million yuan, a marginal increase of 5.45 million yuan.
As of the end of 2025, the scale of trust assets under Chongqing Trust's management was 338.447 billion yuan, a year-on-year increase of 41.03%. Nearly 51% of these assets were allocated to industrial enterprises, 17.12% to the securities market, 5.99% to financial institutions, and 3.16% to the real estate sector. Throughout 2025, the company added 457 new trust projects, an increase of 25.5% compared to the previous year.
By the end of the period, the balance of non-performing assets at Chongqing Trust was 3.272 billion yuan, predominantly consisting of substandard assets. Additionally, the balance of special-mention assets was 5.086 billion yuan.
According to disclosures, Chongqing Trust recovered 1.85 billion yuan in risky assets throughout 2025. Over the past three years, the cumulative amount of risk resolved reached 8.193 billion yuan. The company's significant exposure to the real estate sector, particularly to distressed developers such as SUNAC, Evergrande, and Baoneng, had been a major source of drag.
It was disclosed that the Kunming SUNAC City project was one of the most challenging non-performing assets for Chongqing Trust. After conventional methods like litigation, auction, and discounted repayments proved largely ineffective, the trust company comprehensively seized core domestic collateral assets. It capitalized on the window for SUNAC's overseas debt restructuring, using the conditional release of some seized assets as leverage to participate in the offshore restructuring. This strategy resulted in the acquisition of mandatory convertible bonds, which were subsequently fully converted into equity.
By the end of 2025, through a series of SUNAC projects (including Kunming SUNAC Cultural Tourism City, Chengdu SUNAC Cultural Tourism City, and Sichuan Heilongtan Long Island International Vacation Center), Chongqing Trust had achieved recoveries and debt settlements exceeding 564 million yuan. In total, it received an allocation of 1.022 billion shares of SUNAC.
The 2025 annual report also disclosed that Chongqing Trust had applied for enforcement in cases involving Chongqing Jianzhi Real Estate Co., Ltd. and Evergrande Real Estate Group, among others, with the enforcement target being principal of 1 billion yuan plus interest and penalties. As of the end of March this year, the collateral assets had been ruled by the court for debt-for-asset swaps, resulting in cumulative recoveries/settlements of approximately 919 million yuan.
In another case involving trust plan products and parties such as Suzhou Shengjian Real Estate and Evergrande Real Estate Group, the enforcement target was principal of approximately 1.678 billion yuan plus interest and penalties. The collateral and pledged assets in this case had been adjudicated for debt-for-asset swaps or successfully auctioned. Recovery efforts for the remaining portion of the claims are ongoing, with cumulative recoveries/settlements already reaching approximately 1.85 billion yuan.
Regarding cases involving Chongqing Trust's products and entities including Shenzhen Jushenghua, Taiyuan Baoneng Taifeng Real Estate Co., Ltd., Shenzhen Baoneng Investment Group Co., Ltd., Baoneng Real Estate Co., Ltd., and Yao Zhenhua, the enforcement target was principal of 2.121 billion yuan plus interest and penalties. As of the end of March 2026, cumulative recoveries/settlements amounted to approximately 200 million yuan.
Disclosures indicate that, as of now, Chongqing Trust is still involved in 17 unresolved enforcement cases related to its trust plans, the majority of which are real estate-related and involve significant trapped capital.
In 2025, Chongqing Trust received 144 complaints through various channels. After excluding duplicates and other invalid reports, there were 82 actual valid complaints. These complaints primarily concerned non-standard trust businesses, with the main reason for complaint being delays in product repayments.
It was also reported that, as of the end of last year, the scale of risk disposal service trusts at Chongqing Trust was 53.263 billion yuan. The cumulative issuance scale of bankruptcy reorganization service trusts had exceeded 1 billion yuan. The company had established 20 charitable/public welfare trusts with a total scale exceeding 400 million yuan, and maintained 20 family trust accounts.
As stated by Weng Zhenjie, Chairman of Chongqing Trust, "Confronting risks and mastering them is essential to seizing opportunities during industry transformation, turning cost centers into value centers, and achieving high-quality development."
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