Performance scan of 43 public funds last year: E Fund surged to earn 3.8 billion, ICBC Credit Suisse and GF Fund "overtook on the bend"

Ask AI · How does Industrial and Commercial Bank of China – New Horizon Asset Management Company leverage equity funds to achieve a record high in net profit?

A ranking of profitability for 43 public fund managers has been released, and the “top five” order has changed.

According to an incomplete count by a reporter from The Paper, as of the evening of March 30, at least 43 fund companies (including broker asset management companies with public-offering licenses) have already released data for 2025 operating revenue and net profit.

Overall, in 2025 the public fund industry’s profitability remains clearly polarized. There are 11 public fund managers whose net profit exceeded 1 billion yuan, but among them, 3 saw year-over-year declines; 18 public fund managers are in the “1–10 billion yuan” tier, and among them, 9 achieved both revenue and net profit growth; 14 public fund managers have net profit below 100 million yuan, and among them, 8 achieved “overtaking on the curve,” while 2 climbed from “hundreds of millions” to “tens of billions” in profit. (Editor’s note: some public fund parent companies’ annual reports do not disclose their subsidiaries’ operating revenue; in addition, three others are not included in the comparison because related data was not disclosed for 2024)

Among the top five public fund managers by net profit, E fund stands first with more than 3.8 billion yuan in 2025 net profit. Compared with the same period in 2024, ICBC Credit Suisse Fund’s 2025 net profit reached 3.0 billion yuan, overtaking Southern Fund and Huaxia Fund, and is currently in second place; GF Fund and Franklin Templeton have re-entered the “2 billion yuan club.”

11 public fund managers with net profit over 1 billion yuan: 4 set record highs

Among the 11 public fund managers with net profit exceeding 1 billion yuan currently tallied, E fund continues to lead with 3.806 billion yuan in 2025 net profit. Although net profit fell slightly year over year by 2.42%, its operating revenue grew year over year by 7.33%, and its “No. 1” position in the industry remains solid.

The biggest change comes from the second spot. ICBC Credit Suisse Fund, driven by net profit of 3.007 billion yuan, overtook Southern Fund and Huaxia Fund to take second place for now, achieving both revenue and net profit growth. According to ICBC’s 2025 annual report, as of the end of 2025, ICBC Credit Suisse Fund managed 272 public funds, 653 pension annuity, dedicated accounts, and special portfolios, with total assets under management of 2.37 trillion yuan.

ICBC stated that during 2025, ICBC Credit Suisse Fund increased its efforts in developing equity funds; passive equity products such as ETFs saw rapid growth. It strengthened long-term and value investing, and the scale of stock investments grew by nearly 60% compared with the previous year. It also strengthened the development of investment management business across the three major pillars of pension—social security, annuities, and individual pension—improving the service capability for pension customers, delivering better investment performance, and actively introducing long-term capital. The total scale of pension investment management exceeded 1.2 trillion yuan, and its investment performance ranks among the leaders in the industry.

GF Fund also completed an overtaking, ranking third with net profit of 2.753 billion yuan, up 37.70% year over year, returning to the “2 billion yuan club”; in 2025 it achieved operating revenue of 8.541 billion yuan, up 17.64%.

Southern Fund, Huaxia Fund, and Franklin Templeton all recorded 2025 net profit exceeding 2.2 billion yuan. Among them, Franklin Templeton grew 25.92% year over year, while Southern Fund and Huaxia Fund also saw increases of more than 10%.

Worth noting is that the net profits of ICBC Credit Suisse, Southern, Huaxia, and GF Fund all set new historical highs since their respective inceptions.

ICBC Credit Suisse Global Fund, Bosera Fund, China Merchants Fund, and E Fund Management Company are temporarily ranked seventh through tenth. Among them, China Merchants Fund and E Fund Management Company saw their 2025 net profits decline year over year by 12.84% and 8.14%, respectively.

Haitong Securities Asset Management has re-entered the “1 billion yuan club,” achieving 2025 net profit of 1.142 billion yuan, up 29.61% year over year; it achieved operating revenue of 2.206 billion yuan, up 26.23%.

Source: Ding Xinqing, reporter from The Paper, based on annual reports for 2025 from shareholders of public fund-listed companies

18 companies in the “1–10 billion yuan” tier: 9 achieved both revenue and net profit growth

In the tier with net profit from 100 million yuan to 1 billion yuan, there are currently 18 public fund management companies. Among them, 7 public fund managers had net profit over 500 million yuan in 2024, namely AVIC Fund (946 million yuan), BOC Fund (892 million yuan), Jianxin Fund (869 million yuan), ICBC Schroder Fund (765 million yuan), China PICC Asset Management (689 million yuan), Dacheng Fund (533 million yuan), and Industrial Bank Fund (512 million yuan).

Among these, Industrial Bank Fund’s 2025 net profit increased by more than 20% year over year, and Dacheng Fund and BOC Fund also saw net profit growth of over 10%; by contrast, ICBC Schroder Fund’s net profit has been declining year over year for four consecutive years since 2022, and its decline in 2025 was 12.97%.

The remaining 11 public fund managers all had 2025 net profit in the 100 million to 500 million yuan tier. Specifically, Dongfanghong Asset Management, Guotai Huarong Asset Management, Wanjia Fund, China Merchants Securities Asset Management, Zhongtai Securities Asset Management, and CICC Fund all achieved both revenue and net profit “double growth.” Among them, Zhongtai Securities Asset Management rose from the “tens of millions” to the “hundreds of millions” scale, with a substantial year-over-year increase in net profit of 201.79%, becoming the company with the largest growth rate in this tier.

Meanwhile, the 2025 operating revenue and net profit of Huatai-PineBridge Fund, Ping An Bank Asset Management, and Guohai Franklin Templeton Fund all showed declines to varying degrees.

Source: Ding Xinqing, reporter from The Paper, based on annual reports for 2025 from shareholders of public fund-listed companies

14 public fund managers with net profit below 100 million yuan: 1 turned a profit, 1 continued to incur losses

According to an incomplete count by a reporter from The Paper, currently 14 public fund managers had 2025 net profit below 100 million yuan. Among them, China Construction Investment Securities Fund, Xingzheng Asset Management, Guolian Fund, Everbright-Pru Wisdom Fund, Fulv Fund, and Hongta Red Earth Fund achieved both revenue and net profit growth.

Hongta Red Earth Fund performed particularly well: its net profit growth rate reached 1,131.45%, rising from “hundreds of millions” to “tens of millions” in profitability. Previously in 2024, Hongta Red Earth Fund turned a loss into a profit; its net profit increased from -65.34 million yuan in the same period of 2023 to 17.651 million yuan.

In its 2025 annual report, Hongta Securities stated that during the reporting period, Hongta Red Earth Fund actively seized market opportunities, deepened its business layout, and promoted a steady improvement in the scale of public fund management. By the end of the reporting period, Hongta Red Earth Fund managed 20 public funds, with a management scale of 10.451 billion yuan.

At the same time, Xingzheng Asset Management also completed the leap in profitability from “hundreds of thousands” to “tens of millions.” Its 2025 net profit reached 69.0 million yuan, with a growth rate of 667.25%.

In 2025, Postal Savings Fund turned a loss into a profit as well, with full-year operating revenue up 6.55% year over year. According to Postal Savings Fund’s annual report, the company’s investment income increased by 113 million yuan year over year. Five products under its portfolio—Postal Savings Stable Return, Postal Savings Ruixin Enhanced, Postal Savings Core Growth, Postal Savings New Ideas, and Postal Savings Core Advantage—became the “sales champions” of the year, contributing nearly half of the company’s total sales amount. Among them, the first two are “fixed income +” products, while the last three are actively managed equity funds.

On the other hand, the net profits of Guolian An Fund, Shenwan Lingsxin Fund, Founder Wealth Fund, and Dongxing Fund all declined year over year. Among them, Dongxing Fund and Founder Wealth Fund saw their 2025 net profit decline by 77.48% and 30.46%, respectively; after Nanhua Fund switched from profit to loss in 2024, its losses further widened to -17.3008 million yuan in 2025.

In addition, after being taken over by Compass Holdings in 2025, Pioneer Fund publicly disclosed its annual operating data again after many years. Its 2025 net profit loss was 27.0481 million yuan, and it achieved operating revenue of 15.28 million yuan.

Source: Ding Xinqing, reporter from The Paper, based on annual reports for 2025 from shareholders of public fund-listed companies