Nine public funds announced their performance last year: China Asset Management's net profit of 2.4 billion yuan ranks first temporarily, while Guolian An shrinks by nearly 15%

Nine public funds have released their annual profit situation for 2025.

According to incomplete statistics from The Paper, as of the evening of March 26, at least nine fund companies have released their operating income and net profit data for 2025. Overall, six public funds saw their net profits grow compared to 2024 (hereinafter referred to as “year-on-year”), one public fund turned a loss into a profit, and one public fund’s net profit shrank; another fund is not included in the comparison due to the lack of relevant data disclosed for 2024.

Source: The Paper reporter Ding Xinqing, based on the statistics of public fund listed company shareholders’ 2025 annual reports.

Specifically, China Asset Management ranked first with a net profit of 2.396 billion yuan for 2025, representing a year-on-year increase of 11.01%. Meanwhile, China Asset Management’s total operating income for 2025 was 9.626 billion yuan, also up 19.86% from 8.031 billion yuan in the same period of 2024. Wind data shows that these two operational figures are the highest historical records for China Asset Management since CITIC Securities disclosed its annual report.

However, behind the impressive performance, The Paper noticed that the annual report for 2025 disclosed by CITIC Securities indicated that on November 4, 2025, the Beijing Securities Regulatory Bureau issued a decision on administrative regulatory measures against China Asset Management, including a warning letter. The Beijing Securities Regulatory Bureau pointed out that China Asset Management had issues in investment research management, internal control, sales management, and compensation management. CITIC Securities has urged China Asset Management to seriously implement rectification regarding the issues raised by the Beijing Securities Regulatory Bureau.

Dacheng Fund, Industrial Fund, Guolianan Fund, CITIC Jianxin Fund, and Everbright Prudential Fund reported net profits of 533 million yuan, 512 million yuan, 98 million yuan, 70 million yuan, and 57 million yuan for 2025, ranking second to sixth, respectively. Among them, CITIC Jianxin Fund’s net profit increased by 40% in 2025; Everbright Prudential Fund, Industrial Fund, and Dacheng Fund also saw their annual net profit growth exceed 15%. In contrast, Guolianan Fund experienced a performance adjustment, with an annual net profit decline of 14.78%, showing relatively pressured performance among the disclosed companies.

China Postal Fund, Huafu Fund, and Vanguard Fund followed closely, with net profits for the first half of 2025 reported as 53.8608 million yuan, 32.2710 million yuan, and -27.0481 million yuan, respectively. Among them, China Postal Fund achieved a turnaround in net profit for 2025, with total operating income also increasing by 6.55% year-on-year.

In February and March 2025, Zhinan completed the acquisition of 22.5050% and 33.3074% stakes in Vanguard Fund held by Beijing Pengkang Investment Co., Ltd. and Dalian Yalian Investment Management Co., Ltd., respectively, becoming the controlling shareholder of Vanguard Fund. This also marks the first time in many years that Vanguard Fund has publicly disclosed annual operating data again.

Zhinan stated in its 2025 annual report that the company completed the equity acquisition of Vanguard Fund in 2025 and simultaneously increased its capital to enhance its capital strength, providing a solid guarantee for subsequent operational development. At the same time, it supports Vanguard Fund in increasing talent recruitment efforts, improving corporate governance, and enhancing compliance and risk control levels, enabling its various businesses to quickly get back on track.

(Source: The Paper)