Public offering 2025 Operating Performance Divide: Leading Institutions "Elephants Dancing" Small and Medium Institutions Struggling to Move Forward

Topic: The 2025 fund annual report season kicks off—top public funds upgrade the “trillion-yuan battle”; Industrial and Commercial Bank of China–Ruixin Fund leads in net profit; “earnings leaderboard” sees a major reshuffle

◎ Reporter Zhao Mingchao

As listed companies begin to disclose their 2025 annual reports in large batches, the annual profitability of public funds that some companies hold equity in has become visible. Data show that in 2025, many leading fund companies saw their assets under management exceed 2 trillion yuan, with net profits over 1 billion yuan. Overseas business frequently recorded new breakthroughs, and they are accelerating the layout of diversified product lines, strengthening capabilities in large-class asset allocation and investment research, and making deep use of AI technology to advance digital transformation; meanwhile, some smaller fund companies are still struggling.

Leading public funds run ahead

From the disclosed data so far, several leading public fund companies have seen their asset management scale exceed 2 trillion yuan, with net profits over 1 billion yuan.

According to GF Securities’ 2025 annual report, as of the end of 2025, the total size of public funds managed by E Fund was 2.57 trillion yuan. As the fund company with the largest management scale currently: in 2025, E Fund’s operating revenue was 20k yuan, up more than 7% year over year; net profit was 20k yuan, down slightly by 2.4%.

ICBC-Ruixin Fund’s 2025 net profit also exceeded 3 billion yuan. According to ICBC’s 2025 annual report, ICBC-Ruixin Fund’s 2025 net profit was 25.7k yuan, up more than 40%. From the asset management scale perspective: as of the end of 2025, ICBC-Ruixin Fund managed 272 public funds, 653 annual pension plans, asset-managed accounts, and special portfolios, with total assets under management of 2.37 trillion yuan.

China Universal Fund’s 2025 performance is also impressive. CITIC Securities’ 2025 annual report shows that as of the end of 2025, the asset management scale of China Universal Fund’s headquarters was 3.01 trillion yuan, of which the public fund management scale was 2.28 trillion yuan. From an operating standpoint: in 2025, China Universal Fund’s operating revenue was 13B yuan, up nearly 20% year over year; net profit was 3.81B yuan, up more than 10%.

Fulin Fund also “reaped a lot” in 2025. According to Guotai Huarong Haitong Securities’ 2025 annual report: in 2025, Fulin Fund’s operating revenue was 3.01B yuan, up 6.96%; net profit was 23.7k yuan, up nearly 10%. From the asset management scale perspective: Fulin Fund’s public fund business and non-public businesses such as pension funds develop in coordination, and its asset scale exceeded 2 trillion yuan for the first time. Specifically: as of the end of 2025, Fulin Fund’s public funds management scale was 1.35 trillion yuan, up 24.4% from the end of 2024; non-money-market public fund management scale was 30.1k yuan, up 30.6%.

In addition to the above fund companies, in 2025, multiple leading fund companies including GF Fund, Xingzheng Global Fund, Southern Fund, China Merchants Fund, Bosh Fund, and others also saw net profits exceed 1 billion yuan.

Compared with the booming growth of leading public funds, some smaller fund companies are still struggling and have not yet achieved profitability. For example, in 2025, Compass first acquired 22.505% equity in Pioneer Fund and 33.3074% equity in Dalian Yalian Investment Management Co., Ltd., respectively, from Beijing Pengkang Investment Co., Ltd. According to Compass’ 2025 annual report, Pioneer Fund generated operating revenue of 15.28 million yuan during the reporting period and net profit of -27.0481 million yuan.

The same applies to Nanhu Fund. According to Nanhu Futures’ 2025 annual report, in 2025, Nanhu Fund achieved operating revenue of 55.3568 million yuan and net profit of -17.3008 million yuan.

Push for diversified business

Besides their operating performance coming into view, the latest business progress and strategies of multiple fund companies have also been exposed. Among them, leading fund companies continue to expand the boundaries of their capabilities, actively innovate overseas.

According to CITIC Securities’《2025 Annual Sustainability Report》, China Universal Fund and Rayliant, in collaboration with Rayliant from the Rayliant Financial Wisdom Group, issued and listed the Rayliant–ChinaAMC China Technology Transformation ETF on the Nasdaq exchange in the United States. Its underlying index is independently compiled by China Universal Fund and includes 100 technology companies from both A-shares and Hong Kong shares, representing China’s innovation and new-quality productive forces. This cooperation created a precedent for China’s public fund industry to independently define an index in the United States, and it is also a major layout for Chinese fund companies’ overseas innovation business.

In 2025, Fulin Fund received a mandate for European pension investments, helping overseas institutions invest in Chinese assets, and the management scale of its Hong Kong subsidiary grew relatively quickly.

In addition to actively going overseas, under the guidance of《Action Plan for Promoting High-Quality Development of Public Funds》, building diversified product lines, improving capabilities in large-class asset allocation, and increasing the intensity of digital transformation have become focus areas for an increasing number of leading fund companies. Specifically, Fulin Fund’s public offering business strengthens measurement constraints based on performance benchmarks, focusing on enhancing capabilities in large-class asset allocation and risk management, and continuously deepening the full-chain application of AI, while steadily advancing digital and intelligent transformation.

China Merchants Securities’ 2025 annual report shows that China Merchants Fund continues to enhance its active management capabilities, strengthens the core logic of diversified asset allocation, and promotes the construction of a professional investment research system. In customer operations, it includes customer profit in the marketing system evaluation indicators, and steadily advances the development of investment advisory business.

Similar to this, Bosh Fund continues to focus on building core capabilities and improves the conversion efficiency from macro research to investment research and investment performance. It has built a series of science-and-technology innovation flagship products; the total product scale allocated toward technology innovation directions exceeds 60 billion yuan. At the same time, seizing new demands in wealth management, it emphasizes the development of low- to medium-risk “fixed income +” products, FOFs, and ETF index tool-based products. In addition, Bosh Fund advances end-to-end digital transformation across investment research, sales, and operations, through deep integration of AI technology into the business.

MACD golden cross signal forms—these stocks have strong upward momentum!

Huge amounts of information and precise analysis—available in the Sina Finance app

责任编辑：杨赐