Public Fund Performance Collective Celebration! Which 8 Giants Are Rolling in Profits and Who Is Suffering in Silence?

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“All 8 institutions achieved positive growth in revenue and net profit, with an average revenue growth rate of 7.1% and an average net profit growth rate of 8.2%.”

Recently, as listed companies’ annual reports are gradually disclosed, a batch of public fund performance for 2025 has come to light.

As of March 10, eight fund companies have disclosed their operating income and net profit data for 2025. Among them, Huaxia Fund leads with 9.626 billion yuan in revenue and 2.396 billion yuan in net profit; Guotai Fund boasts a 12.4% net profit growth rate, becoming the “growth leader”; HuaAn Fund finds itself in an awkward situation of revenue growth but declining profits.

Beyond the data, more attention should be paid to the stories behind these numbers: How did Huaxia Fund’s first annual report after the equity change perform? How did GF Fund recover through index products, yet why has active equity shrunk by hundreds of billions over four years? Why does the contradiction of “investors losing money” and “the company making money” at HuaAn Fund persist?

Overview of Performance of 8 Public Funds

Source: Latest Wind Data (as of March 10, 2026)

From the overall trend, all 8 institutions achieved positive growth in revenue and net profit, with an average revenue growth of 7.1% and an average net profit growth of 8.2%. However, the concentration effect at the top is more obvious—Huaxia and Southern Funds’ combined net profit accounts for 43% of the total disclosed amount, with small and medium-sized public funds under increasing survival pressure.

Specifically:

1. Huaxia Fund: The First Report Card After Equity Change

As the first leading public fund to disclose 2025 performance, Huaxia Fund’s report is quite significant.

With 9.626 billion yuan in revenue and 2.396 billion yuan in net profit, representing year-on-year increases of 19.86% and 11.03%, respectively. More notably, the parent company’s managed assets exceeded 3 trillion yuan, reaching 30,144.84 billion yuan, a 22% increase from the end of 2024.

In terms of product structure, ETFs have become the core engine of scale growth. By the end of 2025, Huaxia Fund’s ETF scale reached 957 billion yuan, an increase of nearly 300 billion yuan in one year. Popular products like the STAR Market 50 ETF and Hang Seng Internet ETF continued to attract funds.

However, behind these impressive figures, there are shadows.

2025 was a year of “double change” in Huaxia Fund’s equity structure and management team. In July, Qatar Holding, a subsidiary of Qatar Sovereign Wealth Fund, acquired a 10% stake, becoming the third-largest shareholder. In September, Chairman Zhang Youjun resigned, replaced by Zou Yingguang, with Li Yimei appointed as Vice Chairman and General Manager.

Beyond management changes, the fund manager team also continued to undergo turnover. In 2025, the number of fund managers increased from 131 to 138, with 23 new hires and 11 departures. Among them, veteran managers like Zhang Hongtao (over 15 years) and Song Yang (over 8 years) left. This year, four fund managers with over 6 years of tenure—Dai Ruiliang, Wang Ruizhi, He Jiaqing, and Sun Yijia—also resigned.

Whether veteran departures and new hires can stabilize the investment research team is a key question Huaxia Fund faces in 2026.

2. Southern Fund: The Low-Key “Profit Runner-Up”

Compared to Huaxia Fund’s “sharpness,” Southern Fund appears much more low-key.

With 7.65 billion yuan in revenue and 2.38 billion yuan in net profit, representing year-on-year increases of 6.8% and 7.2%, respectively. The net profit scale is only 16 million yuan less than Huaxia, making it the “profit runner-up.”

In terms of management scale, Southern Fund remains in the top tier of the industry. By the end of 2025, its non-cash assets reached about 1.2 trillion yuan, with a steady increase in equity products.

Southern Fund’s steady performance benefits from its balanced product layout. In equities, products like the CSI 500 ETF and STAR Market 100 ETF continued to grow; in fixed income, bond funds and money market funds contributed stable income; in REITs, the first batch of public REITs operated well, providing diversified options for investors.

Additionally, Southern Fund has been deeply involved in pension business for years. Its institutional business with social security and annuities continues to expand, providing stable management fee income.

Steadiness is undoubtedly Southern Fund’s greatest strength.

3. GF Fund: Index Frenzy and Equity Anxiety

GF Fund’s 2025 performance can be described as “half flame, half sea.”

Overall, revenue was 6.843 billion yuan, and net profit was 2.135 billion yuan, with year-on-year increases of 4.7% and 5.8%, showing steady performance. Managed assets reached 1.32 trillion yuan, up 23.24% year-on-year.

Breaking down the data, index products are undoubtedly GF Fund’s biggest highlight. GF’s CSI Hong Kong Stock Connect Internet ETF surpassed 100 billion shares, becoming the first Hong Kong stock-themed ETF with a trillion-level scale. Gold ETFs, military industry ETFs, and other products also performed well, driving the scale of index funds from 80 billion yuan at the end of 2021 to 325.1 billion yuan at the end of January 2026.

However, this index product frenzy sharply contrasts with ongoing anxiety in active equity.

Data shows that GF’s hybrid fund scale shrank from 2,889 billion yuan at the end of 2021 to 1,668 billion yuan at the end of January 2026, evaporating over 1.22 trillion yuan in four years. From 2022 to 2024, the company’s hybrid funds suffered losses exceeding 800 billion yuan.

More troubling is talent loss. In November 2025, Liu Xingwang, known as the “second-level bond king,” resigned, managing nearly 500 billion yuan. In the same month, star QDII fund manager Ning Jun left, whose fund, GF Blue Chip Select Stocks (QDII), had a return of 226.25%. Earlier, veterans like Wang Lele, Wang Baohé, and Yang Dong also resigned.

Although the company has introduced external talents like Fan Yan, their performance has yet to be fully tested in the market. How to maintain the basic stability of active equity amid index frenzy is a challenge GF Fund must face.

4. Bosera Fund: The Steady Play of Fixed Income Veteran

Bosera Fund is the most “fixed income” oriented among these 8 institutions.

With 5.832 billion yuan in revenue and 1.876 billion yuan in net profit, growth rates of 5.1% and 6.3%, respectively. The data may not be dazzling, but it is steady.

By the end of 2025, Bosera’s non-cash assets reached about 1.6 trillion yuan, with bond funds accounting for over 60%. In 2025, a year of declining interest rates and a booming bond market, Bosera’s fixed income advantage was fully leveraged.

Product lines like the Bosera ChinaBond 1-3 Year National Development Bank ETF and credit bond funds continued to attract institutional funds. In pension business, Bosera, as one of the first social security fund managers, saw steady growth in enterprise and occupational annuities.

While the fixed income moat is deep, it also brings concerns: the shortfall in equities has not been addressed. Although Bosera has launched index products like STAR Market 50 and ChiNext, active equity scale remains limited, star fund managers are lacking, and investment research capabilities need improvement.

When the bond market enters turbulence, whether Bosera can find new growth points in equities will be crucial.

5. China Merchants Fund: Double Growth and Offensive Posture

China Merchants Fund is one of the more rapidly growing among these 8.

With 5.216 billion yuan in revenue and 1.692 billion yuan in net profit, both increasing over 10%.

In scale, by the end of 2025, its non-cash assets reached about 1.2 trillion yuan, with a continuous increase in equity products. Although the China Merchants CSI White Wine Index Fund slightly declined in scale, it still maintained a trillion-level size, becoming an industry flagship.

In 2025, China Merchants Fund actively innovated in products. The “Zhaocai No.1” investment advisory portfolio, jointly launched with China Merchants Bank, exceeded 10 billion yuan. Its products like the central enterprise shareholder return ETF and central enterprise technology leading ETF aligned with the “China-specific valuation” theme and gained market recognition.

Additionally, China Merchants Fund has been early in pension FOF layout, with multiple products included in the personal pension catalog, laying a foundation for future incremental funds.

Backed by China Merchants Bank’s channel advantages, the “offensive” posture of China Merchants Fund is expected to continue in 2026.

6. Guotai Fund: The “Small but Beautiful” Growth Leader

Guotai Fund can be called a “dark horse” on this list.

With 4.267 billion yuan in revenue and 1.358 billion yuan in net profit, with year-on-year increases of 11.2% and 12.4%, leading the growth rate among the 8 disclosed institutions.

Its breakthrough relies on two strategies: first, precise ETF layout. Guotai CSI All Share Securities Firms ETF and Guotai CSI Coal ETF have advantages in niche areas, with continuous growth in scale. Second, breakthroughs in active equity. In 2025, several of Guotai’s pharmaceutical and tech-themed funds performed well, boosting overall scale.

Moreover, Guotai has also made gains in pension business. In 2025, the company successfully entered a provincial occupational pension investment management list, laying a foundation for future institutional growth.

As a mid-sized public fund with less than 1 trillion in scale, Guotai has found its niche in a competitive landscape dominated by giants. Small but beautiful, and thriving well.

7. HuaAn Fund: Revenue Growth but Profit Lagging

HuaAn Fund’s 2025 annual report reveals an awkward fact: scale growth does not necessarily mean increased profitability.

With 3.892 billion yuan in revenue and 1.231 billion yuan in net profit, revenue grew 8.9%, and net profit increased 9.6%. However, a closer look shows profit growth lagged behind revenue growth. In the first half of 2025, HuaAn Fund’s net profit even declined by 3.66% year-on-year.

Where is the problem? The main issue still lies in active equity products.

From 2022 to 2024, HuaAn’s stock investment gains have been negative for three consecutive years, with cumulative losses close to 43.7 billion yuan. Although bond investment returns continued to grow, they could not offset the huge shortfall on the equity side.

The contradiction of “investors losing money” and “fund company making money” is vividly reflected here. From 2022 to 2024, the company’s management fee income totaled 8.97 billion yuan, while investors suffered hundreds of billions in losses on equity products.

The turmoil in the investment research team worsened the situation. In 2025, Sun Lina, known as the “fixed income queen,” resigned, managing nearly 300 billion yuan. Core portfolios like the “Three Musketeers” of HuaAn TFBOY are now left with only Hu Yibin.

In addition, shareholder integration impacts are also evident. After Guotai’s merger with Haitong Securities, HuaAn Fund and HFT Financial are expected to merge or rebrand under regulatory requirements. The market remains watchful whether this will be a full integration or a brand merger.

8. HFT Financial: The Uncertainty of Social Security License

HFT Financial is the smallest and slowest-growing among these 8.

With 2.436 billion yuan in revenue and 782 million yuan in net profit, growth rates of 3.8% and 4.3%, respectively, are the lowest.

However, HFT has a “trump card”—its social security fund management qualification. As one of the first social security fund overseas investment managers, HFT has deep experience in pension business, with a high proportion of institutional funds like social security and annuities, providing stable management fee income.

In 2025, HFT continued to strengthen its pension product line. Multiple pension target funds entered the personal pension catalog, preparing for future incremental funds.

However, the biggest uncertainty remains in shareholder integration. Following Guotai’s merger with Haitong Securities, the integration of HFT and HuaAn Fund remains uncertain. Will it be a business restructuring, a brand merger, or operate independently? The suspense is yet to be revealed.

Beyond the Data: Industry-Wide Concerns

Looking at the performance reports of these 8 fund companies in 2025, beyond the specific figures, there may be common themes across the industry.

First, the wave of indexation is unstoppable. Huaxia ETF’s scale approaches 1 trillion yuan, GF’s Hong Kong Stock Connect Internet ETF surpasses 100 billion shares, HuaAn’s gold ETF nears 600 billion yuan. Passive products are increasingly swallowing the market share of active equities—a trend all fund companies cannot ignore.

Second, talent mobility has entered a “high-frequency” era. Huaxia Fund saw 11 fund managers leave in one year; GF’s star managers have left one after another; HuaAn’s “Three Musketeers” have disbanded. The binding between core talent and companies is loosening in the public fund industry.

Third, the divergence between scale and profit. HuaAn’s revenue grows while profits decline; GF’s index soars while active equity shrinks. The numbers look good, but true competitiveness lies in the structure.

Fourth, shareholder integration introduces uncertainty. The Guotai-Haitong merger raises expectations for HuaAn and HFT integration; Huaxia’s management team changed after equity restructuring. When shareholder changes occur, fund companies often find themselves at the mercy of external forces.

Who can break through the segmentation in 2026?

After the Spring Festival in 2026, market sentiment continues to warm. In February, new fund launches reached 90.6 billion yuan, up 36% year-on-year. Since March, nearly 38 billion yuan flowed into equity ETFs in just two days, with sectors like oil & gas, gold, and technology highly active.

For the public fund industry, 2026 is both an opportunity and a challenge. The performance of these 8 institutions is just the comma after 2025. The real test still lies ahead in 2026.

Source: Institutional Research