2025 Fund Companies “Report Card” Revealed: Who Made a Fortune in the Bull Market, and Who’s Still “Hibernating”?

Ask AI · What are the key reasons for the increasing differentiation among small and medium-sized fund companies?

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Bull market profits are substantial, with industry giants leading the way in differentiation.**

Author | Market Value Trends Fund Research Department

Editor | Xiao Bai

In 2025, driven by the bullish market trend, the public fund industry delivered a relatively impressive report card. But a closer look at the results reveals that this is not just a collective celebration, but also a brutal “ranking race.”

Top-tier teams sing praises amid the bull market feast

As listed companies release their annual reports, 24 fund companies’ financials have now been disclosed.

Data shows that among 18 fund companies with year-over-year data, last year they achieved a total operating revenue of 56.65 billion yuan, a 15.6% increase from the previous year. In terms of net profit, these 24 companies collectively earned 20.92 billion yuan, up 13%.

This indicates that in this wave of market sentiment, most fund companies seized the opportunity, rising with the market “water level.”

In the public fund sector, a net profit exceeding 1 billion yuan is a significant threshold. Among the disclosed companies, 8 firms in 2025 have firmly surpassed 1 billion. These are ICBC Credit Suisse, Southern, Huaxia, Fortis, China Securities Global, Bosera, China Merchants, and Harvest Fund.

(Source: Market Value Trends APP compilation)

These 8 “super giants” earned a total of 16.29 billion yuan last year, taking the lion’s share of the disclosed profits.

Among them, ICBC Credit Suisse is the “strongest worker” breaking records. As the leader of banking funds, ICBC Credit Suisse performed outstandingly last year. Its net profit first broke through 3 billion yuan, with a year-over-year increase of 42.5%, setting a new high since the company’s founding.

Huaxia Fund and Fortis Fund followed closely, both surpassing 2 billion yuan in profit.

Huaxia Fund’s revenue was 9.62 billion yuan, with a net profit of 2.39 billion yuan. Fortis Fund’s revenue and profit growth both exceeded 20%, with a net profit reaching 2.205 billion yuan.

In the banking sector, in 2025, China Merchants Fund and Bank of Communications Schroder Fund’s net profits were 1.43 billion yuan and 760 million yuan respectively, both down over 12% year-over-year.

Meanwhile, CCB Fund’s profit was 869 million yuan, roughly flat year-over-year, with a significantly slower growth rate compared to other bank-affiliated funds like ICBC Credit Suisse and Industrial Bank Fund. The core reason for this gap is CCB Fund’s product structure imbalance, mainly dominated by money market funds, which account for 78.7% of its managed assets.

(Source: Tiantian Fund Network)

Industry ranking race accelerates differentiation

Although the overall financials look impressive, the 2025 annual report also reveals the harsh “B side” of the industry — no longer a matter of equal distribution, but a fierce “winner-takes-all” ranking race.

Among small and medium-sized companies, Hongta Red Soil Fund’s net profit surged 11 times (despite a small base), and China Post Fund’s net profit increased 7.5 times year-over-year, showcasing a remarkable turnaround.

(Source: Tiantian Fund Network)

However, not all fund companies can seize the opportunities of a bull market. Take Nanhua Fund as an example: in 2025, it still reported a loss of 17.3 million yuan, with losses not decreasing but increasing compared to the previous year. Guolian An and Shenwan Lingxin also saw their net profits decline.

This means that the differentiation among small and medium-sized fund companies is intensifying — some are breaking through and rising, while others are sinking deeper.

The harsh reality is that industry giants, with their strong research and development capabilities and powerful brand effects, are capturing the majority of profits in the market. For small and medium-sized firms, unless they carve out a niche through boutique or differentiation strategies, even in a bull market, they are very likely to become mere background players.

In summary, having a large scale in public funds does not necessarily make one a winner, but lacking both scale and differentiation will make life difficult.

The fund industry is bidding farewell to extensive growth and moving toward a stage of high-quality development centered on research depth, product quality, and operational efficiency. In short, future profits will be harder to come by, and only companies that truly create value for investors will keep their books consistently healthy.

Note: Data updated as of March 31.

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