Top fund distribution institutions' 2025 report card released: Ant's revenue exceeds 20 billion yuan, and the performance of the three giants has grown across the board

As listed companies continue to disclose their annual reports, the performance of fund distribution agencies in 2025 is also coming to light.

The reporter from the Daily Economic News noted that according to data released by the Asset Management Association of China (hereinafter referred to as AMAC), the total scale of public funds reached 37.7 trillion yuan in 2025, with the scale of equity funds climbing to 11 trillion yuan. The overall stable development of the industry laid a foundation for the performance growth of distribution agencies.

On March 28, listed companies Hang Seng Electronics and China Merchants Bank released their 2025 annual reports, along with Dongfang Fortune, which had already disclosed its 2025 performance. The three major fund distribution agencies, Ant Fund, China Merchants Bank, and Tiantian Fund, revealed their core operational indicators for 2025.

Among them, the “big brother” Ant Fund achieved record highs in both revenue and net profit. Annual revenue reached 20.234 billion yuan, breaking the 20 billion yuan mark; net profit exceeded 1 billion yuan, a substantial year-on-year increase of 141.11%.

China Merchants Bank’s fund distribution business showed steady growth, achieving an annual agency sales volume of 706.466 billion yuan for non-monetary public funds in 2025, a year-on-year increase of 18.13%.

In addition, Tiantian Fund’s revenue and net profit for 2025 reached 3.203 billion yuan and 180 million yuan, respectively, marking year-on-year growth of 12.27% and 19.21%, with a considerable increase.

Ant Fund’s revenue exceeded 20 billion, and net profit surpassed 1 billion, both hitting record highs

As a leading player in the public fund distribution industry, Ant Fund’s performance in 2025 was outstanding.

According to the 2025 annual report released by Hang Seng Electronics, Ant Fund’s annual revenue reached 20.234 billion yuan, surpassing the 20 billion yuan mark for the first time, representing a year-on-year growth of 24.20% from 16.291 billion yuan in 2024; net profit reached 1.085 billion yuan, a significant increase of 141.11% compared to 450 million yuan in 2024, with both revenue and net profit reaching historical highs.

According to the latest public fund sales retention scale data released by AMAC in March, in the second half of 2025, Ant Fund’s equity fund retention scale reached 1.02 trillion yuan, an increase of 23.7% from the first half, making it the first distribution agency in the industry to surpass 1 trillion yuan in equity fund retention scale. Meanwhile, Ant Fund’s stock index fund retention scale surged from 391 billion yuan in the first half of 2025 to 482.5 billion yuan, an increase of 23.4%.

From the perspective of performance growth logic, in addition to benefiting from market conditions that drove the growth of index and equity fund retention scales, Ant Fund has continuously enhanced its platform capabilities through AI technology, integrating AI into daily internal operations to improve product service capabilities and operational efficiency. At the same time, Ant Fund has also accelerated the iteration of professional services to enhance investor yield experiences and build long-term holding confidence. Public information shows that in 2026, Ant Fund will continue to increase investment in cutting-edge AI technology to promote long-term development through technological capabilities.

China Merchants Bank: Steady growth for the leading bank in the sector

Income driven by equity products

China Merchants Bank’s annual report disclosed that in 2025, it achieved an agency sales volume of 706.466 billion yuan for non-monetary public funds, a year-on-year increase of 18.13%. “This was mainly due to our company seizing capital market allocation opportunities, focusing on customer needs, and enhancing the allocation of equity products.”

From the overall wealth management layout, the growth of the fund distribution business has become an important highlight of China Merchants Bank’s retail wealth sector. In 2025, China Merchants Bank achieved retail wealth management fee and commission income of 23.794 billion yuan, of which agency fund income was 6.102 billion yuan, making it an important component of its wealth management income.

China Merchants Bank stated in its annual report that it has aligned with customer wealth management needs to provide more diverse product offerings. For example, in terms of products and services, it has strengthened market trend and policy analysis, accurately grasping the issuance and allocation opportunities of equity funds, and relying on the “TREE Long-term Plan” to enhance customer holding experiences and drive steady growth in active equity fund retention scale.

According to AMAC data, in the second half of 2025, China Merchants Bank’s equity fund retention scale reached 610.5 billion yuan, a year-on-year increase of 24.1%, maintaining its position as the second in the industry, becoming the only bank-affiliated distribution agency to rank among the top three in equity retention scale.

Tiantian Fund: Technology-driven focus on long-tail users

Retention scale and trading activity both improved

Recently, Dongfang Fortune released its 2025 annual report, publicly disclosing Tiantian Fund’s annual operational data.

According to the financial report, Tiantian Fund achieved revenue of 3.203 billion yuan last year, a year-on-year increase of 12.27% from 2.853 billion yuan in 2024; net profit was 180 million yuan, also showing a year-on-year increase of 19.21%. Under the backdrop of intensified competition in the public fund distribution industry, it achieved steady performance growth.

As of the end of 2025, Tiantian Fund had launched 21,930 fund products from 164 public fund managers, with a non-monetary market public fund retention scale of 770.133 billion yuan and an equity fund retention scale of 445.617 billion yuan.

During the reporting period, the company’s internet financial e-commerce platform achieved a total of 258 million fund subscription (including regular investment) transactions, with a fund sales volume of 2.61 trillion yuan; among which, non-monetary funds achieved 167 million subscription (including regular investment) transactions, with a sales volume of 1.58 trillion yuan. The massive number of transactions reflects its high penetration rate among long-tail users.

In terms of service capabilities, Tiantian Fund continuously deepened its technology-driven service innovation concept in 2025, optimizing the interaction logic of platform functions through AI applications, and building a value co-existence system for users with smart dialogue, smart fund selection, and smart investment.

Three giants grow together: Industry recovery and leading advantages resonate

In 2025, the three major distribution giants, Ant Fund, China Merchants Bank, and Tiantian Fund, collectively experienced performance growth, which is not coincidental but rather the result of the overall recovery of the public fund industry, the upgrade of residents’ wealth management needs, and the combined effects of leading institutions’ advantages.

Industry insiders analyzed that the comprehensive recovery of the public fund industry has provided vast market space for distribution agencies. According to AMAC data, the total scale of public funds reached 37.7 trillion yuan in 2025, an increase of 4.88 trillion yuan from 2024, a significant growth; the scale of equity funds reached 11 trillion yuan, a 67% increase compared to the end of the “13th Five-Year Plan.”

According to Wind data, approximately 1,500 new public funds were established in 2025, setting a new high in recent years. Among them, the number of newly issued equity funds (including stock-type funds and equity-mixed funds) accounted for over 70% of the total new fund issuance, becoming the absolute main force in fund issuance that year. The expansion of the industry scale and the optimization of product structure provided a basis for the performance growth of distribution agencies.

On the other hand, the upgrade of residents’ wealth management needs is driving funds from savings towards equity assets. In a low interest rate environment, residents’ financial management needs have shifted from traditional savings and fixed-income products to equity and multi-asset allocation products, making diversified asset allocation the new market trend. From this perspective, the diversification of residents’ wealth management needs has also provided new growth points for distribution agencies.

Moreover, the head effect in the distribution industry is continuing to stand out, with the Matthew effect further strengthening. According to the latest data released by AMAC, Ant Fund and China Merchants Bank are the only two institutions in the industry with non-monetary fund retention scale exceeding 1 trillion yuan, while Tiantian Fund firmly holds third place, with the top ten distribution agencies occupying a core market share of the industry.

Among them, Ant Fund and Tiantian Fund, as internet-based distribution agencies, have achieved rapid user scale expansion relying on traffic advantages and technological empowerment; China Merchants Bank, as the leading bank in the sector, has become a benchmark for bank-affiliated distribution agencies due to its high-net-worth customer base, offline service capabilities, and comprehensive wealth management layout. The differentiated competitive advantages have allowed these institutions to stand out in the intense industry competition.

Daily Economic News