Nine more public funds release their "Annual Ledger": E Fund's revenue nearly 13 billion yuan last year, China Post Fund's average salary increased to 690,000 yuan

Each Daily Reporter｜Li Na    Each Daily Editor｜Xiao Ruidong

As publicly offered fund companies with listed-company shareholders gradually release their 2025 annual reports, the industry’s full-year operating picture has come into sharper focus. On the evening of March 30, multiple fund companies, including E Fund, GF Fund, and Southern Fund, released concentrated profitability data. With the scale advantages of leading companies remaining solid, the industry is simultaneously facing growth and earnings pressure.

Of particular note is that the 2025 annual report disclosed by the Postal Savings Fund unveiled the compensation mystery. Per-capita compensation rose significantly year over year. Against the dual backdrop of a surge in performance and staff streamlining, it reflects the development trend in the publicly offered fund industry of reducing costs and increasing efficiency, while focusing on core talent.

Profitability of nine publicly offered fund managers in 2025 revealed

On March 30, nine publicly offered fund companies, including CICC Fund, Founder Fubon Fund, Xinda-Aoya Fund, GF Fund, E Fund, Huatai-PineBridge Fund, Southern Fund, Yinhe Fund, and Wanjia Fund, had their 2025 profitability situations revealed.

From the perspective of leading publicly offered fund companies, in 2025, E Fund recorded operating revenue of 12,996 million yuan, up 7.33% year over year; net profit was 3,806 million yuan, down slightly by 2.42% year over year. GF Fund’s operating revenue was 8,541 million yuan, up 17.64%; net profit was 2,753 million yuan, up 37.70%. Southern Fund’s operating revenue was 8,767 million yuan, up 16.55%; net profit was 2,705 million yuan, up 15.05%.

Of particular note is that in 2025, CICC Fund’s operating revenue reached 60,804.78 million yuan, up sharply from 45,836.53 million yuan in 2024; the year-over-year increase exceeded 32%, trailing only Hongta Hongtu Fund’s 36% increase, whose performance had been disclosed earlier. Among the 28 publicly offered fund companies that have already released their profitability data, these two companies are the only ones whose growth exceeds 30%.

Meanwhile, there are five fund companies whose revenue declined in 2025, including Shenwan Lingtong and Guohai Franklin.

In addition, three fund companies—Founder Fubon, Xinda-Aoya, and Huatai-PineBridge—saw net profit fall sharply in 2025. Specifically, in 2025, Founder Fubon Fund achieved operating revenue of 27,504.74 million yuan, up 3.55% year over year; net profit was 17.8214 million yuan, down 30.46% year over year. In 2025, Xinda-Aoya Fund’s operating revenue was 61,622.31 million yuan, down 4.33% year over year; net profit was 66.0871 million yuan, and compared with 100 million yuan in 2024, the decline was nearly 35%.

Postal Savings Fund’s per-capita compensation in 2025 reached 692,200 yuan

After the Postal Savings Fund, a fund company listed on the National Equities Exchange and Quotations (NEEQ), disclosed its 2025 annual report, the market has focused on its employees’ compensation levels. As a rare publicly offered fund company that is publicly listed, the Postal Savings Fund disclosed compensation-related data in detail in its annual report, offering a valuable window for outsiders to observe labor costs in the publicly offered fund industry.

Based on calculations from the data, in 2025 the per-capita compensation for employees at Postal Savings Fund was approximately 692,200 yuan, up 26.4% from 547,500 yuan in 2024. The calculation process for this compensation level is as follows: the total compensation amount is calculated using the formula “cash paid to employees and cash paid for employees + employee compensation payable at the end of the period − employee compensation payable at the beginning of the period.”

The Postal Savings Fund’s 2025 annual report shows that in 2025, Postal Savings Fund paid cash to employees of 163 million yuan; employee compensation payable at the end of the period was 46.755 million yuan; employee compensation payable at the beginning of the period was 32.0458 million yuan. This yields an estimated total compensation amount of approximately 178 million yuan.

Number of employees is taken as the average of the beginning and end of the period. In 2025, there were 264 employees at the beginning of the year and 249 at the end, averaging about 257 employees. After calculating the above data, the per-capita compensation comes to 692,200 yuan.

In 2024, Postal Savings Fund paid cash to employees of 166 million yuan; employee compensation payable at the end of the period was 32.0458 million yuan; and employee compensation payable at the beginning of the period was 49.2141 million yuan. This results in a total compensation amount of approximately 149 million yuan in 2024, with an average staff of 272 employees, corresponding to per-capita compensation of 547,500 yuan.

From the perspective of compensation structure, although the company’s total headcount in 2025 decreased by 15 compared with 2024—along with reductions in roles such as investment research and operations—the total compensation amount instead increased by nearly 29 million yuan. This indicates that, against the backdrop of reducing costs and increasing efficiency, the company further concentrated compensation resources on core personnel.

Wind data shows that in 2025, Postal Savings Fund achieved net profit of 53.8608 million yuan, of which net profit attributable to shareholders of the parent company was 51.4023 million yuan, a substantial year-over-year increase of 758.5%. Investment income rose sharply from 22.55 million yuan in 2024 to 136 million yuan, becoming a key factor driving the growth in profit. Meanwhile, management fee income was approximately 370 million yuan, accounting for 94.76% of operating revenue, and also increasing from 347 million yuan in 2024 by 6.46%.

Industry insiders noted that although per-capita compensation increased significantly, this compensation figure includes costs such as executives and the company’s contribution to social insurance and housing fund (five insurances and one housing fund). Therefore, the actual income of ordinary employees may be far lower than this level.

Cover image source: AIGC