Public fundraising 2025 operational performance divide: Leading institutions "Elephants Dancing" Small and medium institutions struggle to move forward

Topic: 2025 Fund Annual Report Season Begins: Leading Public Funds “Trillion-Yuan Battle” Upgrades, ICBC Credit Suisse Leads in Net Profit, “Profit Ranking” Shakeup

◎Reporter Zhao Mingchao

As listed companies’ 2025 annual reports are densely disclosed, the annual profit performance of some publicly controlled funds affiliated with these companies has been revealed. Data shows that in 2025, many top fund companies managed assets exceeding 2 trillion yuan, with net profits over 1 billion yuan, and their overseas businesses frequently achieved new breakthroughs. They are also accelerating the layout of diversified product lines, strengthening asset allocation and research capabilities, and deeply applying AI technology to promote digital transformation; meanwhile, some small- and medium-sized fund companies still face difficulties.

Leading Public Funds in the Lead

From the disclosed data, several top public fund companies have managed assets exceeding 2 trillion yuan, with net profits over 1 billion yuan.

According to GF Securities’ 2025 annual report, by the end of 2025, the total scale of public funds managed by E Fund Management was 2.57 trillion yuan. As the currently largest fund management company: in 2025, E Fund’s operating income was 20k yuan, up over 7% year-on-year; net profit was 20k yuan, a slight decrease of 2.4%.

ICBC Credit Suisse Fund’s net profit in 2025 also exceeded 3 billion yuan. According to ICBC’s 2025 annual report, the net profit of ICBC Credit Suisse Fund in 2025 reached 25.7k yuan, an increase of over 40% year-on-year. In terms of asset management scale, by the end of 2025, ICBC Credit Suisse managed 272 public funds, 653 pension, private equity, and special account portfolios, with a total asset scale of 2.37 trillion yuan.

Huaxia Fund also performed impressively in 2025. According to CITIC Securities’ 2025 annual report, by the end of 2025, Huaxia Fund’s headquarters managed assets of 3.01 trillion yuan, including 2.28 trillion yuan in public funds. Operationally, in 2025, Huaxia Fund’s operating income was 13B yuan, up nearly 20% year-on-year; net profit was 3.81B yuan, an increase of over 10%.

Fullrich Fund also reaped substantial gains in 2025. According to Guotai Haitong Securities’ 2025 annual report, in 2025, Fullrich Fund’s operating income was 3.01B yuan, up 6.96%; net profit was 23.7k yuan, up nearly 10%. In terms of asset management scale, Fullrich Fund’s public funds and non-public pension businesses developed synergistically, with assets surpassing 2 trillion yuan for the first time. Specifically, by the end of 2025, Fullrich Fund’s public fund management scale was 1.35 trillion yuan, a 24.4% increase from the end of 2024; non-cash public funds managed 30.1k yuan, up 30.6%.

Besides the above fund companies, in 2025, many leading fund firms such as GF Fund, China Securities Global Fund, Southern Fund, China Merchants Fund, and Bosera Fund also saw net profits exceeding 1 billion yuan.

Compared to the booming top public funds, some small- and medium-sized fund companies are still struggling and have yet to turn a profit. For example, in 2025, Compass Group acquired Beijing Pengkang Investment Co., Ltd. and Dalian Yalian Investment Management Co., Ltd., holding 22.505% and 33.3074% of Pioneer Fund respectively. According to Compass Group’s 2025 annual report, during the reporting period, Pioneer Fund achieved operating income of 15.28 million yuan, with a net profit of -27.0481 million yuan.

Similarly, Nanhua Fund, according to Nanhua Futures’ 2025 annual report, achieved operating income of 55.3568 million yuan in 2025, with a net profit of -17.3008 million yuan.

Expanding Diversified Business

In addition to operational performance, the latest business developments and strategies of many fund companies have also been revealed. Among them, top fund companies continue to expand their capabilities and actively innovate overseas.

According to the “2025 Sustainable Development Report” released by CITIC Securities, Huaxia Fund partnered with Rayliant under RuiLian Financial Intelligence Group to list the Rayliant–ChinaAMC China Technology Transformation ETF on the Nasdaq Exchange in the U.S. Its underlying index, independently compiled by Huaxia Fund, includes 100 technology companies from A-shares and Hong Kong stocks, representing China’s innovation and new productivity. This cooperation pioneered the Chinese public fund industry’s ability to define indices independently in the U.S., marking a major layout for Chinese fund companies’ overseas innovation.

Fullrich Fund in 2025 received European pension investment mandates, helping overseas institutions invest in Chinese assets. Its Hong Kong subsidiary’s management scale grew rapidly.

Besides actively going abroad, under the guidance of the “Action Plan for Promoting High-Quality Development of Public Funds,” many top fund companies are focusing on building diversified product lines, enhancing asset allocation capabilities, and increasing digital transformation efforts. Specifically, Fullrich Fund emphasizes performance benchmark constraints, aims to improve asset allocation and risk management, and continuously deepens AI application across the entire chain, promoting digital intelligence transformation.

According to China Merchants Securities’ 2025 annual report, China Merchants Fund continues to enhance active management capabilities, strengthen core logic of multi-asset allocation, and promote the construction of a professional research system. In customer management, customer profitability is included in marketing performance indicators, steadily advancing the development of investment advisory services.

Similarly, Bosera Fund continues to focus on core capacity building, improving the efficiency of macro research translating into investment performance. It has launched a series of flagship products focused on technological innovation, with a total investment scale in tech innovation exceeding 22.8k yuan. It also responds to new wealth management needs by developing low- to medium-risk “Fixed Income+” products, FOFs, and ETF index products. Additionally, Bosera promotes digital transformation across research, sales, and operations, deeply integrating AI technology into business.

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