Revealed! Public offering funds are yielding great results! The biggest profit is 30 billion yuan, with revenue approaching 100 billion yuan! The trillion-yuan club is expanding again.

Public companies continue to release their annual reports, and the operating performance of the affiliated publicly offered mutual fund companies has come to light.

According to an incomplete tally by a reporter from Securities Daily China, as of March 28, annual financial data had been disclosed by 25 public mutual fund companies. Most public funds achieved solid results in 2025, a “big year”: 11 public fund companies reported revenue of more than 1 billion yuan, and Huaxia Fund’s revenue was close to 10 billion yuan; 23 public fund companies were profitable last year, with Industrial and Commercial Rui Xin Fund’s profit exceeding 3 billion yuan and growth of over 40%. In that year, Huaxia Fund and Fullgoal Fund each surpassed total asset scale of 3 trillion yuan and 2 trillion yuan, respectively.

Compared with financial data, the information in the annual reports on fund companies’ strategic development and product innovation is even richer and more colorful. In 2025, some public fund companies called for “building a world-class asset management company,” and others cooperated with their shareholder groups to build a “big asset management” ecosystem. In addition, some public fund companies obtained European pension investment mandates last year. Others also independently compiled the underlying index for an overseas ETF, opening a precedent for China’s public fund industry to define its own index in the United States.

Top revenue nearly hits 10 billion yuan

Judging by their asset management scale and industry standing, among the 25 fund companies that have disclosed financial data, the coverage includes representative large, medium, and small public fund firms. These financial data have become a good window into last year’s operating performance of China’s public fund industry.

Specifically, among the 22 fund companies that disclosed operating revenue, 11 had revenue exceeding 1 billion yuan. Huaxia Fund ranked first with revenue of 9.626 billion yuan, with a year-on-year increase of nearly 20%; Southern Fund, Fullgoal Fund, Harvest Fund, and China Merchants Fund all had last year’s revenue exceeding 5 billion yuan; Boshi Fund, Xingzheng Global Fund, Huaan Fund, Dacheng Fund, Industrial Bank Fund, and Haitong Fund all had revenue exceeding 1 billion yuan. Among them, Xingzheng Global Fund’s revenue was close to 4 billion yuan, with growth of 21.01%; Industrial Bank Fund and Dacheng Fund also saw revenue growth of over 20% last year. Large and medium-sized public funds such as Southern Fund, Harvest Fund, and Huaan Fund achieved income growth of more than 10% last year.

For small and mid-sized public fund companies, although there are gaps in revenue scale, most still delivered positive growth. Specifically, Bright Prudential Fund and Huafu Fund had last year’s revenue between 350 million yuan and 500 million yuan, but both saw growth of over 10%. Smaller public funds such as Guolian Fund, China Citic Jianjiang Fund, and China Post Fund generally had revenue scale below 500 million yuan, and they all also recorded positive growth last year. Franklin Templeton Fund, Shuangyin-Pine Fund, and Nanhua Fund saw their revenue decline last year.

In terms of net profit, among the 25 fund companies, 23 were profitable last year. Industrial and Commercial Rui Xin Fund’s net profit was 3.007 billion yuan, making it the only fund company with profit exceeding 3 billion yuan. Southern Fund and Huaxia Fund both reported profit scales above 2 billion yuan. Five companies—Fullgoal Fund, Xingzheng Global Fund, Boshi Fund, China Merchants Fund, and Harvest Fund—each had profit scales exceeding 1.4 billion yuan. Regarding growth rates, Industrial and Commercial Rui Xin Fund’s net profit growth rate reached 42.51%, while Huaxia Fund and Xingzheng Global Fund both had net profit growth rates of over 10%. China Merchants Fund and Harvest Fund saw declines in net profit growth rates.

In addition, seven companies—Huaan Fund, Jianxin Fund, Bank of Communications Schroder Fund, Dacheng Fund, Industrial Bank Fund, Haitong Fund, and Franklin Templeton Fund—had profits exceeding 100 million yuan. Both Industrial Bank Fund and Dacheng Fund saw profit growth rates above 10%. Another eight companies, such as Guolian Fund, had profits below 100 million yuan; and the profit growth rates of China Citic Jianjiang Fund, Guolian Fund, and Bright Prudential Fund were all over 20%. However, on the other hand, Nanhua Fund and Pioneer Fund had floating losses exceeding 10 million yuan and 20 million yuan, respectively, last year.

Rich in an overview of operations

The operating data of fund companies come from the annual reports of their listed shareholders. Beyond revenue and profit dimensions, some annual reports also disclose the fund companies’ product structure, strategic plans, total assets, and more, presenting a more detailed picture of operations.

Profitability reflects business structure. For example, for Industrial and Commercial Rui Xin Fund, whose profit scale exceeded 3 billion yuan, as of the end of 2025, in addition to managing 272 publicly offered mutual fund products, it also managed 653 pension plans, segregated accounts, and special portfolios, with total assets under management reaching 2.37 trillion yuan. Compared with the total scale in 2024, this increased by nearly 300 billion yuan. According to a recent summary of national enterprise annuity fund business data released by the Ministry of Human Resources and Social Security (hereinafter referred to as “annuity data”), as of the end of last year, Industrial and Commercial Rui Xin Fund managed 316 annuity portfolios with a year-on-year increase of 30% to 398.5 billion yuan, making it the fund company with the largest management scale.

Huaxia Fund, which has the largest revenue scale, reported that as of the end of 2025, the asset management scale of its head office exceeded 3 trillion yuan. Among this, the asset management scale of its publicly offered mutual funds was 2.28 trillion yuan, and the asset management scale of institutional and international business was 731.264 billion yuan. In its 2025 annual report, China Citic Securities stated that in 2025, Huaxia Fund’s equity ETF scale maintained its leading position in the industry; it actively advanced the “three pillars” pension business; its REITs business remained among the industry leaders; and its overall asset management scale continued to improve. The annuity data show that as of the end of 2025, Huaxia Fund managed 121 annuity portfolios with a management scale of 115.846 billion yuan. Huaxia Fund’s total assets and net assets were 22.246 billion yuan and 15.095 billion yuan, respectively, both higher than in 2024.

According to the 2025 annual report of Guotai Huarong? (Guotai Haitong), Fullgoal Fund’s total asset scale in 2025 exceeded 2 trillion yuan. The asset management scale of publicly offered mutual funds was 1.35 trillion yuan, up 24.4% from the end of the previous year. Among them, the asset management scale of non-money-market publicly offered mutual funds was 888.522 billion yuan, up 30.6% from the end of the previous year. In that year, Fullgoal Fund focused on developing pension finance, and it also obtained a European pension investment mandate, while continuously deepening the full-chain application of AI and advancing the digitization and intelligence transformation of its business.

The annual reports also disclosed business updates of fund companies under industry reform. For instance, China Merchants Securities’ annual report shows that in 2025, China Merchants Fund focused on the strategic vision of “being led by the best customer experience and building a world-class asset management company.” It included customer profitability as a key marketing assessment indicator, steadily advanced the development of its investment advisory (投顾) business, and seized opportunities for the development of pension-related business.

Overseas business creates a “first of its kind”

Among various types of financial institutions, fund companies are one of the categories with a relatively simple and clearly defined profit model. Their driving forces mainly come from investment research and market sales performance. But because core executive backgrounds and corporate cultures differ, the information disclosed by shareholders can also reflect a fund company’s innovation path and future development trends.

For example, Huaxia Fund focuses on index funds, and in recent years its product innovation and brand building have attracted market attention. A “2025 Sustainability Development Report” disclosed by both China Citic Securities and the annual report mentions that Huaxia Fund collaborated with relevant institutions to issue and list Rayliant–China AMC China Technology Transformation ETF on the Nasdaq exchange in the United States. The underlying index was independently compiled by Huaxia Fund and includes 100 technology companies listed on both A-shares and Hong Kong stocks, representing China’s innovation and new quality productive forces. This move sets a precedent for China’s public mutual fund industry in defining its own index in the United States, and it is also a major layout for overseas innovative business by Chinese fund companies.

According to the annual report of Industrial Bank, Xingye Fund’s product development focuses on two aspects: first, promoting an equity transformation, with an emphasis on strengthening the layout in fields of new quality productive forces such as scientific and technological innovation and advanced manufacturing, expanding overseas exposure to Hong Kong stock markets, and enhancing cross-border investment capabilities. Second, continuously strengthening its index business and actively laying out national strategic tracks such as artificial intelligence and financial technology. The annual report also mentioned that Xingye Fund has fully integrated into the group’s sales linkage system, covering channels and multiple customer segments for institutions and diverse client groups, and working with the group to build a “big asset management” ecosystem.

A reporter from Securities Daily China noted that a fund company’s product development strategy is often tied together with sustainability development. Xingye Fund is the second asset manager in the public offering fund industry to establish a green bond fund, building a “green fund” product line. As of the end of 2025, the green fund balance was 23.555 billion yuan. For Industrial and Commercial Rui Xin Fund, as of the end of 2025, there were 64 green-type publicly offered mutual fund products that had been issued and were operating in practice (meaning products holding green stocks and bonds whose proportion of net asset value exceeds 50%), with product net value assets totaling 157.9 billion yuan.

For Huaxia Fund, as of the end of 2025, it had cumulatively communicated with more than 75 listed companies on ESG-related topics, launched an internal proxy voting digital platform, and participated in more than 1,000 shareholders’ meetings in 2025, with a voting participation rate leading the market. It also improved its proxy voting work, including revising proxy voting regulations, optimizing voting procedures, and formulating internal voting guidelines, among other measures.

(Source: Securities Daily China)