13 wealth management companies disclose 2025 performance reports, all showing positive growth in scale

Li Jing China Securities Journal

As of March 2nd, 13 wealth management companies have disclosed their 2025 performance reports. Based on the disclosed data, the scale of their wealth management products has achieved positive growth across the board. Although fixed-income products still dominate, the product structure of wealth management companies is quietly changing— the proportion of hybrid products is gradually increasing, and diversification is beginning to take shape.

Scale Achieves Positive Growth

According to China Securities Journal, as of now, the 13 wealth management companies that have disclosed their 2025 performance are Xingyin Wealth Management, Puyin Wealth Management, China Post Wealth Management, Suyin Wealth Management, Hangyin Wealth Management, Shangyin Wealth Management, Huiyin Wealth Management, Hengfeng Wealth Management, Qingyin Wealth Management, Guangyin Wealth Management, Faba Agricultural Bank Wealth Management, BlackRock Jianxin Wealth Management, and Huihua Wealth Management.

In terms of the existing scale of wealth management products, by the end of 2025, Xingyin Wealth Management led with over 2.43 trillion yuan; Puyin Wealth Management and China Post Wealth Management followed with 1.47 trillion yuan and 1.32 trillion yuan respectively. Several city commercial bank-based wealth management companies also saw steady expansion in their product scales, with Suyin Wealth Management reaching 826.2 billion yuan and Hangyin Wealth Management 607.6 billion yuan.

Regarding the growth rate of the scale of wealth management products, compared to the end of June 2025, by the end of 2025, all 13 companies experienced positive growth, with nine companies achieving double-digit increases. The joint venture wealth management companies showed particularly notable expansion: Faba Agricultural Bank Wealth Management’s scale jumped from 48.7 billion yuan at the end of June 2025 to 89.3 billion yuan at year-end, an increase of over 83%; BlackRock Jianxin Wealth Management and Huihua Wealth Management also saw rapid growth of over 20% and 37%, respectively.

Increase in the Proportion of Hybrid Products

Looking at product types, although fixed-income products still dominate, some leading companies are gradually optimizing their product structures. The proportion of hybrid products is increasing, while fixed-income products’ share is decreasing, indicating a trend toward diversification.

For example, in Xingyin Wealth Management, by the end of 2025, the scale of fixed-income products was 2.26 trillion yuan, accounting for 98.19%, down 0.62 percentage points from June 2025. The scale of hybrid products was 34.9 billion yuan, nearly doubling since June 2025, increasing their share by 0.7 percentage points to 1.52%.

This trend is also confirmed at the industry level. According to data from the Banking Wealth Management Registration and Custody Center, by the end of 2025, the scale of fixed-income wealth management products was 32.32 trillion yuan, accounting for 97.09% of all wealth management products, down 0.11 percentage points from June 2025; hybrid products totaled 870 billion yuan, making up 2.61%, an increase of 0.1 percentage points. Against the backdrop of low interest rates and a recovering equity market, wealth management firms are increasing their focus on hybrid products to meet investors’ diversified investment needs.

Momentum Expected to Continue in 2026

According to data from the Banking Wealth Management Registration and Custody Center, the total scale of wealth management products increased by 3.34 trillion yuan in 2025, reaching 33.29 trillion yuan, a growth of 11.15%. Looking ahead to 2026, many industry insiders believe that, amid continued decline in deposit interest rates and the maturity of high-yield deposits, the scale of wealth management products is expected to continue growing. Huaxi Securities Research Institute estimates that the scale of wealth management products will increase by 1.5 trillion to 2.3 trillion yuan in 2026.

Huaxi Securities Chief Economist Liu Yu believes that in 2026, incremental funds for wealth management will mainly flow into short-term fixed-income products, primarily minimum-holding period products, with closed-end and daily-open (non-cash management) products playing a supplementary role. Among these, minimum-holding period products, with their flexible redemption and stable returns, are becoming a key focus for wealth management companies.

Meanwhile, as the interest rate center continues to decline, the yields of underlying assets in wealth management products are gradually decreasing. Coupled with the fact that there will be no additional unrealized gains to boost product returns in 2026, the actual yield levels of wealth management products will face further pressure. Liu Yu suggests that to cope with yield pressures, wealth management products are likely to accelerate their transformation toward multi-asset and multi-strategy approaches, with public funds potentially becoming an important vehicle for this layout.

(Edited by: Qian Xiaorui)

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