Public fund 2025 performance report unveiled: double growth in revenue and profit, trillion-yuan scale broken again, innovation and overseas expansion showing vitality

As listed companies’ annual reports are gradually released, the operating performance of their public mutual fund subsidiaries is becoming clearer. According to incomplete statistics, as of March 28, 25 public fund companies have published their annual financial data. Most companies recorded performance growth in 2025, and the industry overall is showing a positive trend.

Among the companies that have disclosed data, 11 public fund companies saw operating revenue exceed 10 billion yuan. Huaxia Fund leads the industry with operating revenue of 9.626 billion yuan, up nearly 20% year over year; South Fund and FOF Fund, among five companies, all reported operating revenue above 5 billion yuan. Smaller and mid-sized fund companies still lag behind leading institutions in scale, but most maintain positive growth. The revenue growth rates of Everbright Prudential Fund, Huafu Fund, and others exceed 10%. In terms of net profit, 23 companies were profitable. Industrial and Commercial Bank of China Asset Management Fund ranks first with net profit of 3.007 billion yuan, with growth of 42.51%. The profit scale of five companies, including Huaxia Fund and E Fund Global, all exceeds 1.4 billion yuan.

In terms of assets under management, the advantage of leading institutions has further expanded. Huaxia Fund’s total assets have exceeded 3 trillion yuan, including 2.28 trillion yuan in public fund management. FOF Fund’s total assets exceed 2 trillion yuan, and the scale of non-money-market public funds grew 30.6% year over year. The total assets under management of Industrial and Commercial Bank of China Asset Management Fund reached 2.37 trillion yuan. Its pension business scale increased by one-third year over year to 398.5 billion yuan, making it the largest institution in terms of managed scale in this field. These figures reflect that large fund companies’ dominant position in the market continues to strengthen.

On the strategic development front, multiple fund companies have proposed clear goals. China Merchants Fund positions “building a world-class asset management company” as its vision, incorporates client profits into its assessment system, and promotes the development of investment advisory services. Industrial Bank’s Fund focuses on equity transformation and index business, and plans initiatives in areas such as technological innovation and artificial intelligence, while also integrating into the group’s sales system to build a “big asset management” ecosystem. FOF Fund, meanwhile, drives a data-and-intelligence transformation of its business through deepening AI application, and has received a European pension investment mandate to expand into international markets.

In product innovation, Huaxia Fund and overseas institutions cooperated to issue the China Technology Transformation ETF on the Nasdaq exchange in the United States. Its underlying index is independently compiled by the company and covers 100 technology enterprises from both A-shares and Hong Kong shares. This move sets a precedent for China’s public mutual funds to independently define an index overseas, marking that overseas expansion by fund companies has entered a new stage. As the industry’s second manager to create a green bond fund, Industrial Bank’s Fund reported that by the end of 2025, its balance of green funds reached 23.555 billion yuan. Meanwhile, Industrial and Commercial Bank of China Asset Management Fund has issued and operates 64 green-style public fund products, with scale exceeding 150 billion yuan.

The concept of sustainable development has been widely put into practice across the industry. Huaxia Fund engaged in discussions on ESG topics with more than 75 listed companies, improving the proxy voting system. In 2025, it participated in over 1,000 shareholders’ meetings, with a higher voting participation rate than the market. Industrial and Commercial Bank of China Asset Management Fund promotes investment in the environmental protection sector by issuing green fund products. Industrial Bank’s Fund, in turn, has incorporated green development into its product layout, forming a distinctive operating path. These practices show that fund companies are closely integrating social responsibility with business development.