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the semi-annual reports of listed companies have entered an intensive disclosure period, and the latest performance of many public funds has also surfaced. according to incomplete statistics from the semi-annual report data, as of august 29, the performance of 36 public fund managers in the first half of 2024 has been announced with the semi-annual report. overall, the net profit of 70% of the institutions has declined year-on-year, and 7 small and medium-sized fund managers have suffered net losses. in the view of industry insiders, the loss of public net profit is mainly affected by factors such as continued market fluctuations and industry fee reductions. however, some institutions have made it clear that they will enhance the company's core competitiveness by strengthening investment and research capabilities and strengthening the training and introduction of professional talents.

7 fund managers suffered net losses

public offering mid-term profits have been announced one after another. according to incomplete statistics of the semi-annual reports that have been disclosed so far, as of august 29, 36 public offering fund managers have announced their mid-term results.

overall, among the fund managers that have disclosed their interim results, 11 institutions had a net profit of more than 100 million yuan in the first half of the year. among them, china asset management's net profit in the first half of 2024 exceeded 1 billion yuan, reaching 1.062 billion yuan, temporarily leading the rest of the institutions. gf ​​fund and bank of communications schroder fund followed closely behind, with net profits of 822 million yuan and 491 million yuan respectively.

during the same period, invesco great wall fund, penghua fund, china europe fund, yinhua fund, industrial bank fund, puyin ansheng fund, great wall fund, and yongying fund also had net profits exceeding 100 million yuan. however, among the above 11 institutions, except for great wall fund and yongying fund, the net profits of the remaining institutions have declined to varying degrees year-on-year.

specifically, among the 36 fund managers that have disclosed relevant data, only 8 institutions have a year-on-year increase in net profit. for example, xinyuan fund's net profit increased by more than 70% year-on-year, reaching 90.33 million yuan. another fund with a net profit attributable to its parent company of more than 50% is xingyin fund, with a net profit of 53.4258 million yuan in the first half of 2024. in addition, in the first half of the year, the net profits of dongxing fund, anxin fund, yongying fund, great wall fund, changsheng fund, and shangyin fund also increased year-on-year.

some are happy while others are sad. while the net profits of the above-mentioned institutions increased year-on-year, the net profits of more than 70% of public funds declined year-on-year, and some even suffered losses.

data shows that there are currently 7 small and medium-sized public funds with net losses. as of now, zhejiang merchants asset management, fu'anda fund, jiutai fund, jiangxin fund, ruida fund, donghai fund, and dongwu fund have net losses of 83.9902 million yuan, 26.809 million yuan, 18.4962 million yuan, 15.8237 million yuan, 6.9982 million yuan, 5.4478 million yuan, and 1.7736 million yuan, respectively. among them, zhejiang merchants asset management, dongwu fund, and donghai fund turned from profit to loss year-on-year, while the rest of the institutions continued to lose money year-on-year.

regarding the specific reasons why relevant institutions suffered losses in the first half of the year, beijing business daily reporters called some institutions for interviews, but no response was received as of press time.

some small and medium-sized public offerings seek change

however, beijing business daily also noticed that some institutions also mentioned the reasons for the losses of related public offerings in their semi-annual reports. for example, nanjing securities' semi-annual report mentioned that fu'anda fund's year-on-year performance decreased mainly due to market factors, such as the decline in management fee income and fair value change gains and losses.

qianhai kaiyuan fund chief economist yang delong also analyzed that "due to the current sluggish market conditions, it is difficult for small and medium-sized public offerings to operate, coupled with factors such as industry fee cuts, making the survival environment of small and medium-sized public offerings even more difficult." regarding the future development direction of such institutions, yang delong suggested that they can gain investor recognition by actively improving product performance.

financial commentator guo shiliang also mentioned that the above situation is related to the market environment. due to the continued sluggish market environment and poor stock market conditions, the performance of public funds is easily affected by shocks. at the same time, the risk resistance of most small and medium-sized institutions is relatively weak, and the number of professional talents may not be as good as that of large institutions. in the long run, the competitiveness of small and medium-sized institutions needs to be strengthened, and the trend of head-to-head competition is obvious.

it is worth mentioning that some institutional shareholders also disclosed the future development direction of relevant public offerings in their semi-annual reports. the semi-annual report of soochow securities mentioned that in the second half of the year, soochow fund will further strengthen investment research capacity building, optimize investment strategies, promote the steady improvement of product performance and ranking, and build the core competitiveness of the fund company. strengthen the combination of external introduction and internal potential, actively expand sales channels, and transform product performance advantages into management scale growth. strengthen institutional cooperation and further expand potential reits projects in suzhou and jiangsu.

ruida futures' semi-annual report also mentioned that in the future, the company and ruida fund will take a number of measures to further develop the public fund business. first, strengthen the training and introduction of professional talents, second, follow the market trend to deploy products while conducting differentiated competition, and third, increase efforts to improve sales team building and expand the company's management scale. while strengthening traditional agency sales channels and direct sales channels, increase investment in emerging sales channels such as e-commerce live broadcasts, improve the response speed and service quality of emerging sales channels, improve the cooperation efficiency of various sales channels, and cooperate with traditional channels.

beijing business daily reporter li haiyuan