Leading top fund distribution institutions deliver their 2025 performance report: the "Three Giants" achieve comprehensive growth, Ant Fund's revenue surpasses 20 billion yuan for the first time

As the annual reports of listed companies are gradually disclosed, the performance of fund distribution agencies for 2025 also comes to light.

The “Daily Economic News” reporter noted that according to the data released by the Asset Management Association of China (hereinafter referred to as AMAC), the total scale of public funds reached 37.7 trillion yuan in 2025, with the scale of equity funds rising to 11 trillion yuan. The overall steady development of the industry has laid a foundation for the performance growth of distribution agencies.

On March 28, listed companies Hang Seng Electronics and China Merchants Bank announced their annual reports for 2025, in addition to Dongfang Fortune, which had previously disclosed its 2025 performance. The three major distribution agencies for public funds—Ant Fund, China Merchants Bank, and Tiantian Fund—have fully released their core operating indicators for 2025. Among them, “No. 1” Ant Fund’s revenue broke through the 20 billion yuan mark in 2025, with net profit exceeding 1 billion yuan; China Merchants Bank’s fund distribution business showed steady growth; Tiantian Fund’s revenue and net profit growth rates were also quite impressive.

Ant Fund: Revenue and Net Profit Hit New Highs

As a leading player in the public fund distribution industry, Ant Fund showed impressive performance in 2025.

According to the annual report disclosed by Hang Seng Electronics, Ant Fund’s annual revenue reached 20.234 billion yuan, breaking the 20 billion yuan mark for the first time, with a year-on-year growth of 24.20%; net profit reached 1.085 billion yuan, a substantial year-on-year increase of 141.11%, with both revenue and net profit hitting historical highs.

According to the latest fund sales institution public fund sales retention scale released by AMAC, in the second half of 2025, Ant Fund’s equity fund retention scale reached 1.02 trillion yuan, growing 23.7% compared to the first half, becoming the first distribution agency in the industry to have an equity fund retention scale exceeding 1 trillion yuan. Meanwhile, the scale of Ant Fund’s stock index funds surged from 391 billion yuan in the first half of 2025 to 482.5 billion yuan, an increase of 23.4%.

From the perspective of performance growth logic, in addition to benefiting from market trends that drove the growth of index and equity fund retention scales, Ant Fund has also continuously improved its platform capabilities through AI (artificial intelligence) technology, integrating AI into daily internal operations to enhance product service capabilities and operational efficiency. At the same time, Ant Fund is accelerating the iteration of professional services to improve the investor’s perception of returns and strengthen long-term holding confidence. Public data shows that in 2026, Ant Fund will continue to increase investment in cutting-edge AI technology to promote long-term development through technological capabilities.

China Merchants Bank: Enhanced Allocation of Rights-Related Products

China Merchants Bank’s annual report for 2025 disclosed that it achieved a sales volume of 706.466 billion yuan for non-monetary public funds, a year-on-year increase of 18.13%, “mainly due to the company’s focus on capital market allocation opportunities, centering on customer needs, and enhancing the allocation of rights-related products.”

From the overall layout of wealth management, the growth of fund distribution business has become an important highlight of China Merchants Bank’s retail wealth segment. In 2025, China Merchants Bank achieved a total income of 23.794 billion yuan from retail wealth management fees and commissions, of which the income from agency funds was 6.102 billion yuan, making it an important component of its wealth management income.

China Merchants Bank stated in its 2025 annual report that it is responding to customer wealth management needs by providing a more diversified product supply. For example, in terms of products and services, by strengthening market trend and policy analysis, it accurately grasps the issuance and allocation opportunities of equity funds, and relies on the “TREE Long-term Profit Plan” to enhance customer holding experience, promoting steady growth in the retention scale of actively managed equity funds.

According to AMAC data, in the second half of 2025, China Merchants Bank’s equity fund retention scale reached 610.5 billion yuan, a year-on-year increase of 24.1%, maintaining its position as the second in the industry and becoming the only bank-related distribution agency among the top three in equity fund retention scale.

Tiantian Fund: Technology-Driven Deepening of Long-Tail Users

Recently, Dongfang Fortune released its 2025 annual report, making Tiantian Fund’s annual operational data public.

The data shows that Tiantian Fund achieved revenue of 3.203 billion yuan in 2025, a year-on-year increase of 12.27%; net profit was 180 million yuan, a year-on-year increase of 19.21%, achieving steady performance improvement against the backdrop of intensified competition in the public fund distribution industry.

By the end of 2025, Tiantian Fund had launched 21,930 fund products from 164 public fund managers, with a non-monetary market public fund retention scale of 770.133 billion yuan and an equity fund retention scale of 445.617 billion yuan.

During the reporting period, the company’s internet financial e-commerce platform achieved a total of 258 million fund subscription (including regular investment) transactions, with a fund sales volume of 2.61 trillion yuan; among them, non-monetary funds achieved a total of 167 million subscription (including regular investment) transactions, with a sales volume of 1.58 trillion yuan, demonstrating its high penetration rate among long-tail users through a large number of transactions.

In terms of service capability, Tiantian Fund continued to deepen the innovation concept of technology-driven services in 2025, optimizing the interaction logic of platform functionalities through AI applications, building a value symbiosis system for users that integrates intelligent dialogue, intelligent fund selection, and intelligent investment.

Collective Growth of the Three Giants: Resonance of Industry Recovery and Head Advantages

In 2025, the collective growth of the three major distribution giants—Ant Fund, China Merchants Bank, and Tiantian Fund—is not a coincidence, but rather a result of the overall recovery of the public fund industry, the upgrading of residents’ wealth management needs, and the advantages of leading institutions.

Industry insiders analyzed to reporters that the comprehensive recovery of the public fund industry provides a broad market space for distribution agencies. According to AMAC data, the total scale of public funds reached 37.7 trillion yuan in 2025, an increase of 4.88 trillion yuan compared to 2024, which is a significant growth; the scale of equity funds reached 11 trillion yuan, an increase of 67% compared to the end of the “13th Five-Year Plan.”

Wind data shows that about 1,500 new public funds were established in 2025, setting a new high in recent years. Among them, the number of new equity funds (including stock funds and equity hybrid funds) accounted for over 70% of the total number of new funds, becoming the absolute main force in fund issuance that year. The expansion of industry scale and the optimization of product structure provide a foundation for the performance growth of distribution agencies.

At the same time, the upgrading of residents’ wealth management needs is driving capital to shift from savings to equity assets. In a low-interest-rate environment, residents’ financial needs are extending from traditional savings and fixed-income products to equity and diversified allocation products, making diversified asset allocation a new trend in the market. From this perspective, the diversification of residents’ wealth management needs also provides new growth points for distribution agencies.

In addition, the head effect of the distribution industry continues to be highlighted. According to the latest data released by AMAC, Ant Fund and China Merchants Bank are the only two institutions in the industry with a non-monetary fund retention scale exceeding 1 trillion yuan, while Tiantian Fund securely holds the third position, with the top ten retention agencies occupying a core market share in the industry.

Among them, Ant Fund and Tiantian Fund, as internet-based distribution agencies, have achieved rapid user scale expansion relying on traffic advantages and technological empowerment; China Merchants Bank, as a leading bank-related institution, has become a benchmark for bank-related distribution agencies due to its foundation of high-net-worth clients, offline service capabilities, and comprehensive wealth management layout, with its differentiated competitive advantages allowing these institutions to stand out in intense industry competition.

Daily Economic News