Asset management subsidiaries' scale surpasses new milestones, with three entering the 2 trillion yuan tier. Agricultural Bank of China's asset management net profit increases by over 90%.

As listed banks release their 2025 annual reports one after another, the performance of their wealth-management subsidiaries is also coming into view.

Based on currently disclosed data, the product scale of bank wealth-management subsidiaries has generally grown. Overall, they achieved double-digit growth, and joint-venture wealth-management firms recorded a faster increase on a smaller base.

In terms of performance, wealth-management firms such as Puyin Wealth, Huaxia Wealth, and Agricultural Bank Wealth achieved notable growth in profit or revenue, while Qingyin Wealth saw a clear downturn.

Wealth-management business is one of the major businesses for banks’ wealth management. At present, banks are generally stepping up distribution of wealth-management products, as well as funds, insurance, and other wealth-management businesses, pushing a transformation in their wealth-management business model in hopes of finding new growth drivers.

Xin Yin Wealth, Agricultural Bank Wealth, and Industrial and Commercial Bank Wealth join the 2-trillion-yuan tier

As of April 4, according to data from Enterprise Early Warning Tong, 29 wealth-management subsidiaries have already disclosed the scale of their 2025 wealth-management products. CMB Wealth’s product scale ranks first again, reaching RMB 2.64 trillion; Xingyin Wealth follows closely, with its wealth-management product scale at RMB 2.43 trillion.

In 2025, Xin Yin Wealth, Agricultural Bank Wealth, and ICBC Wealth all crossed the RMB 2-trillion threshold, with their sizes increasing year over year by 17.96%, 9.23%, and 6.62%, respectively. As of now, 13 wealth-management subsidiaries have 2025 wealth-management scale exceeding RMB 1 trillion.

In addition, the wealth-management scale of joint-venture wealth-management firms is growing rapidly. According to Enterprise Early Warning Tong data, in 2025, Fubon Sino-Agri Wealth’s product scale expanded from RMB 29.56 billion in 2024 to RMB 26.4k, an increase of over 200%; BlackRock CCB Wealth’s product scale rose by over 60%; Goldman Sachs ICBC Wealth’s product scale growth rate reached 45%; and Huihua Wealth’s product scale doubled.

Excluding Zhejiang Yin Wealth, for which 2024 data has not been disclosed, a reporter from Jiemian News, based on data from Enterprise Early Warning Tong, found that among 28 wealth-management subsidiaries, the combined scale of their 2025 wealth-management products increased by 14.67% year over year.

Source: Enterprise Early Warning Tong; compiled and charted by a reporter from Jiemian News

Industry analysis believes that in 2026, the wealth-management scale is likely to continue growing.

Su Xiaorui, a senior research analyst at Suzhi Zhiyan, told Jiemian News that against the backdrop of ongoing declines in deposit interest rates and multiple banks stopping issuance of medium- to long-term deposit products, a trend of residents shifting deposits to wealth-management products is gradually becoming apparent. Meanwhile, as the massive amount of time-deposit funds from previous years matures one after another in 2026, it is expected that the “deposit migration” will continue into 2026 and become a core driver supporting overall growth in the wealth-management market scale.

CITIC Jianxi Securities said in its research report that in 2026, wealth-management distribution channels are expected to expand to securities firms and third-party institutions, thereby driving growth in wealth-management scale. The growth rate of bank wealth-management scale in 2026 is expected to reach 12%-13%, with the scale projected at RMB 37 trillion to RMB 38 trillion.

Growth rates for net profit diverge

Some wealth-management firms have disclosed their 2025 revenue and profit figures. Among them, Puyin Wealth’s revenue growth in 2025 was about 33%, while net profit growth was about 41%. Agricultural Bank Wealth performed even more strongly: its net profit in 2025 was RMB 24.3k, up more than 90% year over year.

According to Enterprise Early Warning Tong data, Huaxia Wealth’s 2025 revenue was RMB 89.28B, up 34.79% year over year; net profit was RMB 862 million, up 39.03%.

In its annual report, Huaxia Bank (600015.SH) said that in 2025 Huaxia Wealth strengthened the influence of its “fixed-income plus” product series, continuously increased investment concentration in equities, and enhanced its multi-channel marketing system. The number of external distribution institutions increased by 48 compared with the end of the previous year. The group’s wealth-management product balance grew by 45.82% from the end of the previous year; it achieved wealth-management management fee income of RMB 370k, up 39.96% year over year.

Source: Enterprise Early Warning Tong; compiled and charted by a reporter from Jiemian News

Meanwhile, Qingyin Wealth’s revenue and net profit both declined, dropping 26.97% and 36.96%, respectively. In its annual report, Qingdao Bank (002948.SZ) explained that in 2025, its wealth-management business fee income was RMB 726 million, RMB 203 million less than the previous year, a decline of 21.87%. This was mainly because, in response to volatility in the bond market, its subsidiary Qingyin Wealth strengthened market risk management and optimized the positioning of bond-type asset holdings. However, constrained by structural factors—such as the fixed-income segment’s high share—the wealth-management fee income shrank to a certain extent.

In fact, fixed-income products have long been the absolute mainstay products for wealth-management subsidiaries. According to the “China Banking Industry Wealth-Management Market Annual Report (2025)” released by the China Banking Industry Wealth-Management Registration and Custody Center, as of the end of 2025, fixed-income products accounted for 97.09%. “In 2026, fixed-income products will still remain the absolute mainstay. Benefiting from residents’ demand for stable allocations and banks’ channel advantages, the share is expected to remain stable or increase slightly.” Wang Pengbo, chief analyst in the financial industry at Bocom Consulting, told Jiemian News.

In addition, industry analysis also believes that wealth-management companies getting pulled into a price war and frequently offering step-by-step rate discounts may be another reason why some wealth-management companies’ revenue and profit decline. Previously, multiple wealth-management firms issued announcements that they would implement step-by-step fee discounts on some of their wealth-management products; in some cases, the sales service fees for some products at certain firms were even reduced to 0.

Banks push harder on wealth-management business

At present, the wealth-management business—one of the lines of business mainly centered on wealth-management products—is being viewed by banks as an important growth track.

For example, in its annual report, China Merchants Bank (600036.SH) repeatedly discussed its wealth-management business, stating that in the future it will focus on building three core capabilities: “wealth management, digital-intelligence technology, and risk management,” expand wealth management, promote a transformation of its business model, and continuously drive growth in total assets of retail wealth-management customers (AUM) and the total financing volume of corporate customers (FPA). At the performance meeting, Chen Jiamin, Chairman of China Merchants Bank, said, “A major breakthrough for retail in the future is wealth management.”

China Merchants Bank’s 2025 annual report shows that among fee and commission income, wealth-management fee and commission income was RMB 380k, up 21.39% year over year. Wealth-management fee and commission income includes agency fund income, agency insurance income, agency trust plan income, wealth-management product distribution income, agency securities transaction income, and agency precious metals income, among others. The income obtained from issuing and managing wealth-management products by CMB Wealth is recorded under asset-management fee and commission income, which also falls under the category of fee and commission income.

Industrial Bank established a wealth-management department; in 2025, it achieved retail wealth-management intermediary business income of RMB 5.5611 billion, up 19.22% year over year. Its fee and commission income increased 3.38% year over year.

Source: Wind; compiled and charted by a reporter from Jiemian News

In 2025, Agricultural Bank of China (601288.SH) achieved net fee and commission income of RMB 3.75B, an increase of RMB 1.57B from the previous year, up 16.6%. Of this, growth in agency business was 87.8%. Meanwhile, Agricultural Bank’s fee and commission income rose 13.33% year over year in 2025, which is the higher growth rate among the figures in the table above.

“The main reason is that we are deeply advancing the transformation of the wealth-management business, which increased income from wealth-management products and from distributed funds.” Agricultural Bank said in its annual report.

In addition, the statement from Pudong Development Bank said that in 2025 it firmly advanced a light-capital transformation, expanded sources of non-interest income, and maintained steady growth in fee income from key intermediary businesses such as wealth management. At the same time, it made strong efforts to build a “super system” wealth-management platform, accelerated the deployment of AI technology in the wealth-management business field, and—based on intelligent digital services—continuously optimized and improved customer experience.

Chongqing Bank (601963.SH)’s fee and commission income in 2025 fell 27.92% year over year. Among this, fee income from agency wealth-management business was RMB 344 million, RMB 335 million less than the previous year, a decline of 49.29%. “The main reason is that in the past two years we have been in a low interest-rate market cycle; due to the decline in returns of the underlying assets, wealth-management fee income decreased.” Chongqing Bank said in its annual report. Fee income from payment and settlement and agency business was RMB 265 million, RMB 34 million more than the previous year, an increase of 14.71%. This was mainly because this Group has continued to intensify its wealth-management efforts, developing in an “investment banking + commercial banking” coordinated manner, expanding the customer base served by agency sales fee income and investment banking fee income growth.

Source: Enterprise Early Warning Tong; compiled and charted by a reporter from Jiemian News

AUM (assets under management) for individual customers is the cornerstone of banks’ wealth-management business. Growth in this data is crucial to growth in revenue from banks’ wealth-management business. In 2025, Pudong Development Bank’s AUM for individual customers grew 20.22% year over year.

（Source: Jiemian News）