25 public funds' operating performance revealed last year: 23 profitable, 2 loss-making

Securities Times reporter Yu Shipeng

As listed companies continue to disclose their annual reports, the operational conditions of their affiliated public fund companies are becoming clear.

According to incomplete statistics from Securities Times reporters, as of March 29, a total of 25 fund companies have released their annual financial data, with 23 achieving profits and 2 reporting losses. In terms of revenue, 11 fund companies have surpassed 1 billion yuan in revenue for 2025, among which China Asset Management’s revenue is approaching 10 billion yuan. In terms of net profit, 23 fund companies achieved profitability in 2025, with ICBC Credit Suisse Asset Management’s net profit exceeding 3 billion yuan, growing by over 40%. In addition, by 2025, the total asset sizes of China Asset Management and Franklin Templeton Investments will exceed 3 trillion yuan and 2 trillion yuan, respectively.

In addition to financial data, there is also a wealth of information in the annual reports of listed companies regarding the strategic development and product innovation of fund companies. In 2025, some public funds have called for “building a world-class asset management company,” while others are collaborating with shareholder groups to create a “large asset management” ecosystem. Furthermore, some public funds have secured investment mandates from European pension funds, and others have independently compiled the underlying index for overseas ETFs, pioneering the creation of indices for Chinese public funds in the U.S. stock market.

Highest revenue nearing 10 billion yuan

From the perspective of management scale and industry status, the 25 fund companies that have disclosed their financial data for 2025 encompass a representative mix of large, medium, and small public funds. This financial data serves as a good window to observe the operational performance of public funds last year.

Specifically, among the 22 fund companies that disclosed their 2025 revenue, 11 had revenue exceeding 1 billion yuan. China Asset Management leads with a revenue of 9.626 billion yuan, marking an increase of nearly 20% year-on-year; Southern Fund, Franklin Templeton, Huatai-PB Asset Management, and China Merchants Fund all reported revenues above 5 billion yuan; Bosera Fund, Xingshan Global Fund, Hua’an Fund, Da Cheng Fund, Industrial Bank Fund, and HFT Investment also had revenues above 1 billion yuan. Among them, Xingshan Global Fund’s revenue is close to 4 billion yuan, with a growth rate of 21.01%; Industrial Bank Fund and Da Cheng Fund also saw their revenues grow by over 20% last year. Medium and large fund companies such as Southern Fund, Huatai-PB Asset Management, and Hua’an Fund achieved revenue growth of over 10% last year.

For small and medium-sized fund companies, although there are discrepancies in revenue scale, most still achieved positive growth. Specifically, Everbright Pramerica Fund and Hua Fu Fund had revenues between 350 million and 500 million yuan last year, both exceeding 10% growth. Companies like Guolian Fund, CITIC Construction Investment Fund, and China Post Fund generally had revenues below 500 million yuan, but also achieved positive growth last year. Guohai Franklin Fund, Shenwan Hongyuan Fund, and Nanhua Fund experienced declines in revenue last year.

In terms of net profit, 23 out of the 25 fund companies achieved profitability last year, with ICBC Credit Suisse Asset Management’s net profit at 3.007 billion yuan, making it the only fund company with profits exceeding 3 billion yuan. Southern Fund and China Asset Management both reported net profits above 2 billion yuan; five companies including Franklin Templeton, Xingshan Global Fund, Bosera Fund, China Merchants Fund, and Huatai-PB Asset Management all had net profits exceeding 1.4 billion yuan. In terms of growth rate, ICBC Credit Suisse Asset Management’s net profit growth reached 42.51%, while China Asset Management and Xingshan Global Fund both had net profit growth exceeding 10%. The net profit growth rates of China Merchants Fund and Huatai-PB Asset Management decreased.

Additionally, seven companies including Hua’an Fund, Jianxin Fund, Jiao Yin Schroder Fund, Da Cheng Fund, Industrial Bank Fund, HFT Investment, and Guohai Franklin Fund had net profits exceeding 100 million yuan. Among them, Industrial Bank Fund and Da Cheng Fund both exceeded 15% in net profit growth. Furthermore, eight companies including Guolian Fund had net profits below 100 million yuan, with CITIC Construction Investment Fund, Guolian Fund, and Everbright Pramerica Fund all exceeding 20% in net profit growth.

However, some fund companies reported losses in 2025, with Nanhua Fund and Pioneer Fund losing over 10 million and 20 million yuan, respectively.

Fund companies spreading their business “in multiple directions”

The operational data of fund companies comes from the annual reports of listed shareholders. In addition to dimensions of revenue and net profit, some listed companies’ annual reports also disclose information regarding the fund companies’ product structure, strategic planning, total assets, and other aspects, presenting a richer operational profile.

Profitability reflects the business structure. For example, ICBC Credit Suisse Asset Management, which has a net profit exceeding 3 billion yuan, manages 272 public funds as of the end of 2025, as well as 653 pension, special account, and special portfolio management projects, with a total scale of managed assets reaching 2.37 trillion yuan, growing nearly 300 billion yuan compared to 2024. According to recent summaries of national enterprise pension fund business data released by the Ministry of Human Resources and Social Security (hereinafter referred to as “pension data”), as of the end of 2025, ICBC Credit Suisse Asset Management managed 316 pension portfolios, with a scale increase of 30% year-on-year, reaching 398.5 billion yuan, making it the fund company with the largest pension management scale.

As the fund company with the largest revenue, China Asset Management surpassed 3 trillion yuan in managed assets by the end of 2025. Among them, the public fund management scale is 2.28 trillion yuan, and the asset management scale for institutional and international business is 731.264 billion yuan. The controlling shareholder of China Asset Management, CITIC Securities, stated in its 2025 annual report that China Asset Management’s equity ETF maintained its leading position in the industry, actively promoted the three pillars of pension business, and that its REITs business remained industry-leading, further enhancing its overall asset management scale. According to pension data, as of the end of 2025, China Asset Management managed 121 pension portfolios with a scale of 115.846 billion yuan. As of the end of 2025, China Asset Management’s total assets and net assets were 22.246 billion yuan and 15.095 billion yuan, respectively, both showing an increase compared to 2024.

According to Guotai Junan Securities’ 2025 annual report, Franklin Templeton’s total assets exceeded 2 trillion yuan in 2025. The public fund management scale was 1.35 trillion yuan, an increase of 24.4% compared to the end of the previous year, among which the non-monetary public fund management scale was 888.522 billion yuan, an increase of 30.6% compared to the end of the previous year. In 2025, Franklin Templeton focused on developing pension finance, obtaining investment mandates from European pension funds, while continuously deepening the application of artificial intelligence (AI) across the entire chain, and steadily advancing the digital transformation of its business.

Additionally, some annual reports of listed companies disclosed the business dynamics of fund companies under industry reforms. For instance, China Merchants Securities’ annual report shows that China Merchants Fund’s 2025 strategy focuses on “leading with the best customer experience to build a world-class asset management company,” incorporating customer profitability into marketing system assessments and steadily advancing investment advisory business while seizing opportunities in pension business development.

Focusing on innovative business in different areas

Among various types of financial institutions, fund companies belong to a category with a simple and clear profit model, primarily driven by investment research performance and market sales. However, due to different backgrounds of core executives and corporate cultures, the information disclosed by shareholders can also reflect the innovative paths and future development trends of fund companies.

For example, China Asset Management focuses on index funds, and in recent years, its product innovation and brand building have attracted market attention. CITIC Securities’ disclosed “2025 Annual Sustainable Development Report” mentions that China Asset Management collaborated with relevant institutions to issue and list the Rayliant—China AMC China Technology Revolution ETF on the NASDAQ, with the underlying index compiled independently by China Asset Management, which includes 100 technology companies from A-shares and Hong Kong stocks, representing China’s innovation and new quality productivity. This initiative pioneered the creation of underlying indices for Chinese public funds in the U.S. stock market and marked a significant breakthrough for Chinese fund companies in overseas innovative business.

According to Industrial Bank’s 2025 annual report, Industrial Bank Fund’s product development focuses on two aspects: firstly, advancing equity transformation, with a focus on strengthening its layout in the fields of technological innovation and advanced manufacturing, expanding its investment into the Hong Kong stock market, and enhancing cross-border investment capabilities. Secondly, it continues to push forward with its index business, actively laying out national strategic tracks such as artificial intelligence and financial technology. The annual report of Industrial Bank also mentions that Industrial Bank Fund fully integrates into the group’s sales linkage system, covering diverse customer groups across channels and institutions, collaborating with the group to create a “large asset management” ecosystem.

Securities Times reporters noted that the product development strategies of fund companies are often linked to sustainable development. For instance, Industrial Bank Fund is the second public fund manager in the industry to establish a green bond fund, creating a “green fund” product line, with the balance of green funds reaching 23.555 billion yuan by the end of 2025. In terms of ICBC Credit Suisse Asset Management, as of the end of 2025, it had issued and actively operated 64 green public fund products (defined as products where the proportion of green stocks and bonds held exceeds 50% of net value), with a total product net value scale of 157.9 billion yuan. Regarding China Asset Management, as of the end of 2025, it had communicated with 75 listed companies on ESG (Environmental, Social, and Governance) related topics. The company also launched an internal digital platform for proxy voting, participating in over 1,000 shareholder meetings in 2025, leading the market in voting participation, and further improving its proxy voting work, including revising proxy voting systems, optimizing voting processes, and formulating internal voting guidelines.

(Editor: Wen Jing)

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