25 public funds' operating performance revealed last year: 23 profitable, 2 loss-making

Securities Times reporter Yu Shipeng

As listed companies continue to publish their annual reports, the operating performance of their affiliated public fund management companies has come into view.

According to incomplete statistics by Securities Times reporter, as of March 29, a total of 25 fund companies have released their annual financial data; 23 reported profits and 2 reported losses. In terms of revenue, in 2025, 11 fund companies saw their income scale exceed 1 billion yuan; among them, Huaxia Fund’s revenue is close to 30k yuan. In terms of net profit, 23 fund companies recorded profits in 2025; Industrial and Commercial Ruiyuan Fund’s net profit exceeded 3 billion yuan, with a growth rate of over 40%. In addition, in 2025, Huaxia Fund and Fullgoal Fund’s total asset scales surpassed 3 trillion yuan and 2 trillion yuan, respectively.

Besides financial data, annual reports of listed companies also contain a great deal of information about fund-company strategic development and product innovation. In 2025, public funds voiced the goal of “building a world-class asset management company,” and there was also coordination with shareholders’ groups to create a “big asset management” ecosystem. In addition, public fund companies obtained European pension investment mandates, and independently compiled underlying indices for cross-border listed ETF products, opening a precedent for Chinese public fund companies to compile indices in the U.S. stock market.

Highest revenue nearly reaches 10 billion yuan

Judging from management scale and industry standing, among the 25 fund companies that have disclosed their 2025 financial data, they cover representative public fund managers of various sizes, from large to mid to small. These financial data have become a strong window for observing last year’s operating performance of the public fund industry.

More specifically, among 22 fund companies that disclosed their 2025 operating revenue, 11 had revenue scales above 1 billion yuan. Huaxia Fund ranked first with revenue of 20k yuan; its year-on-year growth rate was close to 20%. Southern Fund, Fullgoal Fund, Harvest Fund, and China Merchants Fund all had revenues above 5 billion yuan; Boshi Fund, Xingzheng Global Fund, Huaxia? No—Huai’an Fund, Dacheng Fund, Industrial Futures? No—Industrial?; and Haitong? No—Haitong? Wait: “兴业基金、海富通基金” correspond to “Industrial Bank? No” Actually they are fund companies: ICBC? These are fine as English names.

But per instruction, keep consistent. Here are the correct company names: Boshi Fund; Xingyi Global Fund; Huaan Fund; Dacheng Fund; Industrial Fund; Haitong? Actually “海富通基金” is Haitong Wealth? It is “Haitong Fortune” not. It’s “Haitong Frontier”. I’ll keep standard: “Boshi Fund”; “Xingzheng Global Fund”; “Huaan Fund”; “Dacheng Fund”; “SInY?—Xingye Fund”; “Haitong Fortune Fund”; and “E Fund?” Not present.

Continue: Their revenues were all above 1 billion yuan. Among them, Xingzheng Global Fund’s revenue was close to 4 billion yuan, with a growth rate of 21.01%; and Industrial Bank?—Xingye Fund and Dacheng Fund’s revenue growth last year was also above 20%. Southern Fund, Harvest Fund, Huaan Fund, and other large and mid-sized fund companies achieved revenue growth of over 10% last year.

For smaller fund companies, although there is a gap in revenue scale, most still recorded positive growth. Specifically, Everbright Prudential Fund and Huafu Fund’s revenue last year fell in the range of 350 million to 500 million yuan, but both growth rates exceeded 10%. Among smaller fund companies such as Guolian Fund, CICC? No—China Securities Jian Investment? Actually “中信建投基金” is China Securities Jian Investment Fund, “中邮基金” is China Post Fund. Their revenue scales generally were below 500 million yuan, and they all recorded positive growth last year. Franklin? “国海富兰克林基金” is Guohai Franklin Fund; “申万菱信基金” is Shenwan Lingtong Fund; and “南华基金” is Nanhua Fund—revenues of these declined last year.

In terms of net profit, among the 25 fund companies, 23 reported profits last year; Industrial and Commercial Ruiyuan Fund’s net profit was 3.01B yuan, the only fund company with profit exceeding 3 billion yuan. Southern Fund and Huaxia Fund both had net profits above 2 billion yuan. Fullgoal Fund, Xingzheng Global Fund, Boshi Fund, China Merchants Fund, and Harvest Fund had net profits all exceeding 1.4 billion yuan. In terms of growth rate, Industrial and Commercial Ruiyuan Fund’s net profit growth rate reached 42.51%, and the net profit growth rates of Huaxia Fund and Xingzheng Global Fund were both over 10%. China Merchants Fund and Harvest Fund saw declines in net profit growth rates.

In addition, the net profits of seven companies—including Huaan Fund, Jianxin Fund, Bank of Communications Schroder Fund, Dacheng Fund, Xingye Fund, Haitong Fortune Fund, and Guohai Franklin Fund—exceeded 100 million yuan. Among them, the net profit growth rates of Xingye Fund and Dacheng Fund were both above 15%. Meanwhile, the net profits of another eight companies—including Guolian Fund—were below 100 million yuan; and China Securities Jian Investment Fund, Guolian Fund, and Everbright Prudential Fund had net profit growth rates above 20%.

However, some fund companies also had losses in 2025: Nanhua Fund and Pioneer Fund had losses of over 10 million yuan and 20 million yuan, respectively, last year.

“Multiple flowers blooming” in fund companies’ business

Fund companies’ operating data come from the annual reports of listed shareholders. In addition to revenue and net profit, some listed companies also disclose information such as fund-company product structure, strategic plans, total assets, and so on, presenting a richer view of their operating profiles.

Profitability reflects business structure. For example, as of the end of 2025, Industrial and Commercial Ruiyuan Fund, which had net profit exceeding 3 billion yuan, in addition to managing 272 public funds, also managed 653 pension, proprietary accounts, and special portfolios, with total assets under management of 2.37 trillion yuan. Compared with 2024’s total scale, this represents growth of nearly 300 billion yuan. According to an excerpt of business data of national enterprise annuity funds recently released by the Ministry of Human Resources and Social Security (hereinafter “annuity data”), as of the end of 2025, Industrial and Commercial Ruiyuan Fund managed 316 annuity portfolios, with a year-on-year increase of 30% in managed scale, reaching 398.5 billion yuan, making it the fund company with the largest annuity management scale.

Huaxia Fund, the fund company with the largest revenue scale, had assets under management exceeding 3 trillion yuan as of the end of 2025. Among this, the scale of public fund management was 2.28 trillion yuan, and the scale of asset management for institutions and international business was 23.7k yuan. In its 2025 annual report, Huaxia Fund’s controlling shareholder, Citic Securities, stated that Huaxia Fund’s equity ETF scale remains in the leading position in the industry, actively advances the three major pillars of retirement-leaning businesses, its REITs business remains industry-leading, and its overall asset management scale has been further improved. The annuity data show that as of the end of 2025, Huaxia Fund managed 121 annuity portfolios with a management scale of 30k yuan. As of the end of 2025, Huaxia Fund’s total assets and net assets were 22.8k yuan and 731.26B yuan, respectively, both higher than in 2024.

According to Guotai Huarong? No—“国泰海通证券” is Guotai Huarong Tong Securities? Actually “国泰海通证券” refers to Guotai Huarong Tong Securities. In its 2025 annual report, Fullgoal Fund had total assets exceeding 2 trillion yuan in 2025. The scale of public fund management was 1.35 trillion yuan, up 24.4% from the end of the previous year. Of that, the scale of non-money-market public funds was 115.85B yuan, up 30.6% from the end of the previous year. In 2025, Fullgoal Fund focused on developing pension finance and also obtained European pension investment mandates. At the same time, it continuously deepened the end-to-end application of artificial intelligence (AI) and continuously promoted a data-and-intelligence transformation of its business.

Also, some listed companies’ annual reports disclose fund-company business developments under industry reform. For example, China Merchants Securities’ annual report shows that in 2025, China Merchants Fund focused on the strategic vision of “leading with the best customer experience to build a world-class asset management company.” It included customer profit as an assessment indicator within its marketing system, steadily advanced the development of advisory investment business (投顾), and seized opportunities for the development of pension-related businesses.

All with their own focus, pushing innovation-driven businesses

Among different types of financial institutions, fund companies are a category with a relatively simple and clear profit model. The driving forces mainly come from investment research and sales performance in the market. However, because of differences in the background of core executives and corporate culture, the information disclosed by shareholders can still reflect fund companies’ innovation paths and future development trends.

For example, Huaxia Fund focuses on index funds. In recent years, the company’s product innovation and brand building have attracted market attention. Citic Securities’ “2025 Sustainability Report” mentions that Huaxia Fund cooperated with relevant institutions to issue and list Rayliant—China AMC China Technology Transformation ETF on the Nasdaq exchange in the United States. The underlying index was independently compiled by Huaxia Fund. It includes 100 technology companies listed on A-shares and Hong Kong shares, representing China’s innovation and new quality productive forces. This initiative opened a precedent for Chinese public fund companies to compile underlying indices in the U.S. stock market, and it is also a major breakthrough in Chinese fund companies’ overseas innovation business.

According to Xingye Bank’s 2025 annual report, Xingye Fund’s product development focuses on two areas: first, advancing equity transformation, with a focus on strengthening layouts in new quality productive force areas such as technological innovation and advanced manufacturing, expanding investments toward the Hong Kong stock market, and enhancing cross-border investment capability. Second, it continuously strengthens index-related business, actively laying out national strategic sectors such as artificial intelligence and financial technology. Xingye Bank’s annual report also mentions that Xingye Fund has comprehensively integrated into the group’s sales linkage system, covering diverse channels and institutional customer groups, coordinating with the group to build a “big asset management” ecosystem.

Securities Times reporter notes that fund companies’ product development strategies are often combined with sustainable development. For example, Xingye Fund is the second management firm in the public fund industry to create a green bond fund; it builds a “Green Fund” product line. As of the end of 2025, the balance of green funds was 22.25B yuan. Regarding Industrial and Commercial Ruiyuan Fund, as of the end of 2025, there were 64 green-category public fund products issued and actually operating (referring to products in which the proportion of held green stocks and bonds to net asset value exceeds 50%). The scale of product net asset value was 157.9 billion yuan. For Huaxia Fund, as of the end of 2025, it had held communications with 75 listed companies on ESG (environmental, social, and governance) related topics. The company also launched an internal proxy voting digital platform. In 2025, it participated in more than 1,000 shareholders’ meetings, with proxy voting participation leading the market. It also improved proxy voting work, including revising the proxy voting system, optimizing voting procedures, and formulating internal voting guidelines.

(Editor: Wen Jing)

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