State-owned bank wealth management subsidiaries' new scale race: two surpass 2 trillion yuan, one becomes a "dark horse"

Ask AI · How does China Post Wealth Management achieve over 30% scale growth?

As the industry’s “ballast” and “barometer,” the 2025 business data of six state-owned bank wealth management subsidiaries have been unveiled one after another as their parent banks’ financial reports are released. By the end of 2025, ABC Wealth Management and ICBC Wealth Management both entered the “2 Trillion Club” with their assets under management reaching 2 trillion yuan, while BOC Wealth Management is also only one step away from this threshold; China Post Wealth Management, however, has been “racing to catch up” with growth of over 31%. Last year, its scale increased by more than 300 billion yuan. Compared with the other 5 companies, whose growth rates were all within 10%, it has become a new variable that shakes up the market landscape.

However, scale is not the only yardstick for determining winners and losers. In terms of profitability, in 2025, the six state-owned bank wealth management subsidiaries all achieved year-on-year growth in net profit, but their growth rates diverged significantly. Among them, ABC Wealth Management’s net profit nearly doubled to 3.754 billion yuan, taking first place, while CCB Wealth Management’s net profit growth slowed to 2.18% and its ranking fell by two places, “falling behind” on the profit metric together with BOC Wealth Management. At the same time, the six institutions have been engaged in an in-depth contest on the product front around “Fixed Income+” strategies and multi-asset allocations, as well as focusing on the financial “Five Big Articles.”

ABC and ICBC Wealth Management newly join the “2 Trillion Club,” while China Post Wealth Management becomes a “dark horse”

From the perspective of management scale, by the end of 2025, the management scales of all six state-owned bank wealth management subsidiaries achieved positive year-on-year growth, but with clear differentiation in growth rates, showing a distinct tiered industry structure. Among them, ABC Wealth Management’s product scale stood at 2.15 trillion yuan to remain top, up 9.23% year-on-year; ICBC Wealth Management followed closely, with its scale growing 6.62% year-on-year to 2.09 trillion yuan. Both have newly become members of the “2 Trillion Club.”

Data source: Company announcements

BOC Wealth Management’s product scale was 1.96 trillion yuan, ranking third, up 6.28% year-on-year, only one step away from the 2 trillion yuan threshold. It formed the first tier together with ABC Wealth Management and ICBC Wealth Management. China Cinda Wealth Management and CCB Wealth Management had similar product scales, at 1.75 trillion yuan and 1.74 trillion yuan respectively; their year-on-year growth rates were 8.09% and 8.96% respectively. The gap between the two was only about 7 billion yuan, pushing competition into a stalemate.

Among all, the most eye-catching is China Post Wealth Management. In 2025, its management scale broke through the 1 trillion yuan mark in one leap, reaching 1.32 trillion yuan at year-end. Compared with the end of 2024, it increased by 3179.16 billion yuan, a growth rate of 31.82%. Its growth rate is far ahead among the six state-owned bank wealth management subsidiaries, and it is also the only institution with growth above 30%, demonstrating strong catch-up momentum.

Behind China Post Wealth Management’s rapid growth in management scale is the result of coordinated efforts from both internal and external channels. According to disclosures in the Postal Savings Bank’s financial reports, in 2025, China Post Wealth Management’s postal and bank channel alone contributed 2029.44 billion yuan to scale growth, while additional scale from three-party distribution channels totaled 841.79 billion yuan. By year-end, it had signed agreements with 58 off-bank distribution channels. With large channel coverage leading the industry, products such as personal pension “Fixed Income+” products were welcomed by distribution institutions.

ABC Wealth Management’s net profit nearly doubles to take the lead, while CCB and BOC Wealth Management “fall behind”

In terms of profitability data, in 2025, the six state-owned bank wealth management subsidiaries showed significant differentiation, with some companies’ net profit rankings diverging from their scale rankings. ABC Wealth Management achieved net profit of 3.754 billion yuan, up 91.94% year-on-year, nearly doubling. It secured dual championships in both management scale and net profit.

Data source: Company announcements

BOC Wealth Management’s net profit increased 27.31% year-on-year to 2.499 billion yuan. Its ranking was overtaken by ABC Wealth Management, falling from first place in the previous year to second. ICBC Wealth Management, China Cinda Wealth Management, and CCB Wealth Management followed in order, with net profits of 1.637 billion yuan, 1.571 billion yuan, and 1.559 billion yuan respectively; their year-on-year growth rates were 15.13%, 17.31%, and 2.18% respectively. CCB Wealth Management’s net profit ranking fell from third in the previous year to fifth.

Among the six state-owned bank wealth management subsidiaries, only China Post Wealth Management disclosed both revenue and net profit data. In 2025, China Post Wealth Management recorded revenue of 1.976 billion yuan and net profit of 1.171 billion yuan, representing year-on-year growth of 14.55% and 13.69% respectively, with a net profit margin of 59.26%.

“Fixed Income+” products become the new battleground, and ABC and China Post Wealth Management’s scale shares exceed 26%

Judging from the business data disclosed by the six state-owned bank wealth management subsidiaries, fixed-income products still hold an absolute position, with scale shares all above 90%. However, facing a low interest-rate environment, each company has been optimizing product structures and innovating product strategies, increasing its “Fixed Income+” product layout and pursuing returns through multi-asset, multi-strategy approaches, while also deepening its focus on the financial “Five Big Articles.”

For example, ABC Wealth Management has been actively developing “Fixed Income+” products such as dividend strategies and low-volatility value-oriented strategies. By the end of 2025, the ongoing “Fixed Income+” product scale had reached 5785 billion yuan, accounting for 26.89% of total management scale. China Post Wealth Management stated that the proportion of its products with maturities of one year or longer was 30.68%, and that with two years or longer was 23.21%. The “Fixed Income+” product scale increased to 3504.53 billion yuan (26.61%). Last year, it grew by 1417.73 billion yuan. BOC Wealth Management also said that, in response to the low interest-rate environment, it systematically optimized its product system and continued to step up efforts in pension, green, inclusive, and cross-border themed products, improving its “Fixed Income+” layout.

Meanwhile, since 2025, the topic of wealth management funds entering the market as long- and medium-term capital has continued to attract attention from outside. As disclosed, at present, the proportion of equity and hybrid wealth management products with relatively high “option content” is generally low. By the end of 2025, ABC Wealth Management and China Cinda Wealth Management had 0 equity-product counts; ICBC Wealth Management had the largest equity-product scale, at only 15.71 billion yuan.

Wealth management companies’ existing wealth management products at the end of 2025. (Data source: Company announcements)

In hybrid products, ABC Wealth Management and ICBC Wealth Management have both made proactive layouts. By the end of 2025, both had more than 160 products—205 and 168 respectively—representing 19.83% and 14.42% of the total number of products under their management. However, their scales were only 1708.26 billion yuan and 989.91 billion yuan, accounting for 7.94% and 4.73% of the ongoing product scale, respectively. There is a clear gap between their scale and their share of product count.

At the same time, in 2025, all six state-owned bank wealth management subsidiaries increased their allocations to public funds. The fund allocation proportions of ICBC Wealth Management, China Cinda Wealth Management, and BOC Wealth Management each rose by more than 2 percentage points, reaching 6.82%, 5.6%, and 3.75% respectively. Through multi-asset, multi-strategy layouts, they aim to control risk while capturing more diverse investment opportunities for customers.

As wealth management subsidiaries under state-owned large banks, serving national strategies is their inherent mission. In 2025, the six state-owned bank wealth management subsidiaries delivered distinct answers on the financial “Five Big Articles,” including technology finance, green finance, inclusive finance, pension finance, and digital finance.

For example, ABC Wealth Management continued to improve rural revitalization-oriented inclusive agricultural finance products, with scale reaching 787 billion yuan at year-end. Its pension wealth management and personal pension products exceeded 13.5 billion yuan. Its sci-tech bond outstanding balance was 312 billion yuan, and its green bond balance was 54 billion yuan. ICBC Wealth Management proactively connected with national strategies, took the lead in participating in tech innovation bond investments, accelerated the expansion of equity investment in primary and secondary markets in technology finance and green finance, and actively explored wealth management pathways to support tech innovation and green transformation. BOC Wealth Management continued to increase investment support for major strategies and key areas, enriching pension, green, inclusive, and cross-border themed products. In 2025, China Post Wealth Management’s investment in sci-tech bonds reached 330.67 billion yuan, up 58.43% year-on-year; the scale of green/ESG themed products was 208.08 billion yuan, up 177.44% year-on-year.

In 2025, competition among state-owned bank wealth management subsidiaries has moved from the “first half” focused purely on pursuing scale to the “second half” of competing on product innovation capability, depth of customer service, risk control level, and fulfillment of social responsibility. Against the backdrop of continued low interest rates and increasing volatility in capital markets, how will these six state-owned bank wealth management subsidiaries seek a balance between scale growth and risk control, and how will they find a foothold between product innovation and meeting investors’ diverse needs, and serving the real economy? This will determine their final positioning in the next round of industry reshuffling.

Byline: Nandu · Wan Finance Society reporter Huang Shunwei