Public offering 2025 Operating Performance Divide: Leading Institutions "Elephants Dancing" Small and Medium Institutions Struggling to Move Forward

Topic: 2025 Fund Annual Report Season Kicks Off—Top Public Fund “Trillion-Level Battle” Upgrades; Industrial and Commercial Bank of China Credit Suisse Asset Management Leads in Net Profit; “Profit Rankings” See a Major Shakeup

◎ Reporter Zhao Mingchao

As listed companies begin to release their 2025 annual reports in large numbers, the annual profitability of public funds in which some companies hold stakes has become visible. The data show that in 2025, several leading fund companies saw assets under management surpass 2 trillion yuan, net profit exceed 1 billion yuan, overseas business frequently achieve new breakthroughs, and they are accelerating the rollout of diversified product lines while strengthening large-class asset allocation and investment research capabilities, deeply applying AI technology to drive digital transformation; meanwhile, some smaller fund companies still face significant difficulties.

Leading public funds run ahead

From the data already disclosed, multiple leading public fund companies have assets under management exceeding 2 trillion yuan and net profit over 1 billion yuan.

According to GF Securities’ 2025 annual report, as of the end of 2025, the total public fund scale managed by E Fund was 2.57 trillion yuan. As the fund company with the largest managed scale at present: in 2025, E Fund’s operating revenue was 12.996 billion yuan, up more than 7% year over year; net profit was 3.806 billion yuan, down slightly by 2.4%.

ICBC Credit Suisse Fund’s 2025 net profit also exceeded 3 billion yuan. According to ICBC Credit Suisse’s 2025 annual report, ICBC Credit Suisse Fund’s 2025 net profit reached 3.007 billion yuan, up more than 40% year over year. In terms of assets under management, as of the end of 2025, ICBC Credit Suisse Fund managed 272 public funds, 653 annuity, dedicated, and special portfolios, with total assets under management of 2.37 trillion yuan.

Huaxia Fund’s 2025 performance is also impressive. CITIC Securities’ 2025 annual report shows that as of the end of 2025, the assets under management managed by Huaxia Fund’s headquarters were 3.01 trillion yuan, of which the public fund management scale was 2.28 trillion yuan. In terms of operating performance: in 2025, Huaxia Fund’s operating revenue was 9.626 billion yuan, up nearly 20% year over year; net profit was 2.396 billion yuan, up more than 10%.

Fidelity Fund’s 2025 performance was also “very fruitful.” According to Guotai Haitong Securities’ 2025 annual report: in 2025, Fidelity Fund’s operating revenue was 6.851 billion yuan, up 6.96%; net profit was 1.921 billion yuan, up nearly 10%. In terms of assets under management, Fidelity Fund’s public fund business and non-public businesses such as pension businesses develop in coordination, with its asset scale surpassing 2 trillion yuan for the first time. Specifically: as of the end of 2025, Fidelity Fund’s public fund management scale was 1.35 trillion yuan, up 24.4% from the end of 2024; non-money-market public fund management scale was 888.522 billion yuan, up 30.6%.

In addition to the above fund companies, in 2025, GF Fund, Xingzheng Global Fund, Southern Fund, China Merchants Fund, Bosera Fund, and several other leading fund companies saw net profit exceed 1 billion yuan as well.

Compared with the booming growth of leading public funds, some smaller fund companies are still struggling and have not yet achieved profitability. For example, in 2025, Compass First acquired the 22.505% equity interest and 33.3074% equity interest—held respectively—in Frontier Fund from Beijing Pengkang Investment Co., Ltd. and Dalian Yalian Investment Management Co., Ltd. According to Compass First’s 2025 annual report, during the reporting period, Frontier Fund recorded operating revenue of 15.28 million yuan and net profit of -27.0481 million yuan.

Similarly, there is also Nanhua Fund. According to Nanhua Futures’ 2025 annual report, in 2025, Nanhua Fund achieved operating revenue of 55.3568 million yuan and net profit of -17.3008 million yuan.

Gaining momentum in diversified business

In addition to operational conditions coming to light, the latest business progress and strategies of multiple fund companies have also been revealed. Among them, leading fund companies are continuously expanding the boundaries of their capabilities, actively innovating overseas.

According to the “2025 Sustainability Development Report” released by CITIC Securities, Huaxia Fund and Rayliant, a partner under Rayliant Financial Smart Group, cooperated to issue and list the Rayliant–ChinaAMC China Technology Transformation ETF on the Nasdaq exchange in the United States. The underlying index is independently compiled by Huaxia Fund. It includes 100 technology companies from A-shares and Hong Kong stocks, representing China’s innovation and new quality productive forces. This cooperation set a precedent for Chinese public funds to define indices independently in the United States, and it is also a major layout for Chinese fund companies to innovate in overseas markets.

In 2025, Fidelity Fund obtained a European pension investment mandate, helping overseas institutions invest in Chinese assets, and the management scale of its Hong Kong subsidiary grew relatively quickly.

Apart from actively going overseas, under the guidance of the “Action Plan for Promoting High-Quality Development of Public Funds,” building diversified product lines, improving large-class asset allocation capabilities, and increasing efforts in digital transformation have become points of focus for more and more leading fund companies. Specifically, Fidelity Fund’s public fund business strengthens performance benchmark measurement constraints, focuses on enhancing its capabilities in large-class asset allocation and risk management, and continuously deepens end-to-end applications of AI, steadily advancing a business “data-intelligence and digital-intelligence” transformation.

China Merchants Securities’ 2025 annual report shows that China Merchants Fund has continued to enhance its active management capabilities, strengthened the core logic of diversified asset allocation, and promoted the development of a professional investment research system. In customer operations, it includes customer profitability in marketing system evaluation indicators and steadily advances the development of its investment advisory business.

Similar to this, Bosera Fund continues to focus on building core capabilities and improving the efficiency of converting macro research into investment research performance. It has created a series of science-and-technology innovation flagship products, with accumulated product scale exceeding 60 billion yuan directed toward technology innovation. At the same time, by seizing new wealth-management needs, it focuses on developing low-to-medium risk “fixed income+” products, FOFs, and ETF index tool-like products. In addition, Bosera Fund promotes end-to-end digital transformation across investment research, sales, and operations, deeply integrating the business through AI technology.

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Editor: Yang Ci