the "cash capacity" of 70 public funds in the first half of the year was revealed: e fund continued to lead, while gf and fuguo fell out of the "billion club"
2024-08-31
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the profit list of 70 public funds in the first half of 2024 was released. gf fund and china asset management fell out of the "billion club", and the net profit growth of 48 fund companies was under pressure.
according to incomplete statistics from the paper, as of the evening of august 30, at least 70 fund companies have released data on operating income and net profit for the first half of 2024. overall, 48 public funds have seen varying degrees of profit decline, accounting for nearly 70%, including 3 companies that turned from profit to loss and 3 companies that continued to lose net profit; another 21 public funds saw a counter-trend growth in net profit compared to the same period in 2023 (editor's note: 1 company's net profit reduction was not included in this calculation, the same below).
among the top ten public funds with the highest net profits in the first half of the year, e fund and icbc credit suisse fund continued to lead with 1.516 billion yuan and 1.346 billion yuan respectively; china asset management followed closely behind with a net profit of 1.062 billion yuan, ranking third. compared with the same period in 2023, gf fund and fullgoal fund fell out of the "billion club".
among the 50 mid-sized public funds with a net profit of more than 10 million yuan, 23 appeared in the "100 million yuan club", with yongying fund as the new entrant, while nuoan fund, csop asset management and caitong fund withdrew; another 27 companies' net profit in the first half of the year ranked in the 10 million to 90 million yuan echelon, among which cicc fund and guolian fund performed well, with their net profits in the first half of the year soaring by 887.37% and 670.31% respectively.
among the 10 public funds with net profits below 10 million yuan, only zhonghai fund achieved positive growth in net profit. in addition, 7 public funds suffered "tens of millions of losses" in net profit, namely dongwu fund, donghai fund, ruida fund, jiutai fund, hongta hongtu fund, fu'anda fund and zheshang asset management, an increase of 3 companies compared with the same period last year.
top public funds: e fund and icbc credit suisse fund continue to lead
among the top ten public funds in terms of net profit, four of them, namely e fund, icbc credit suisse fund, hua xia fund and southern fund, all had a net profit of over 1 billion yuan in the first half of the year, namely 1.516 billion yuan, 1.346 billion yuan, 1.062 billion yuan and 1.036 billion yuan respectively; and six of them, namely tianhong fund, china merchants fund, gf fund, fullgoal fund, bosera fund and china universal asset management, all had a net profit of over 600 million yuan in the first half of the year, namely 936 million yuan, 847 million yuan, 822 million yuan, 774 million yuan, 762 million yuan and 690 million yuan respectively.
looking at the situation of a single company, e fund achieved total operating revenue of 5.374 billion yuan and net profit of 1.516 billion yuan in the first half of the year. although it continued to top the industry list, both revenue and net profit fell compared with the same period last year, with a decrease of 13.11% and 6.27% respectively.
the report shows that by the end of june 2024, the total size of public funds managed by e fund management is 1913.415 billion yuan, an increase of 14.07% from the end of 2023; excluding money market funds, the total size is 1220.417 billion yuan, ranking first in the industry. as the "top" company in the public fund industry, e fund management's profitability still has a certain gap with other companies. it is the only fund company with a net profit of more than 1.5 billion yuan.
in addition, icbc credit suisse fund management achieved a net profit of 1.346 billion yuan in the first half of the year, an increase of more than 4% over the same period last year. currently, the net profit ranks second, and the profit gap with e fund management has narrowed to 170 million yuan.
the third place in terms of net profit in the 2024 interim report is china asset management, which achieved total operating income of 3.669 billion yuan and net profit of 1.062 billion yuan in the first half of the year, down 1.14% and 1.21% year-on-year respectively. the report shows that as of the end of june this year, china asset management's total assets and net assets were 18.838 billion yuan and 12.821 billion yuan, respectively.
it is worth noting that among the top ten public funds in terms of net profit, the net profits of four public funds, namely icbc credit suisse fund, southern fund, tianhong fund and bosera fund, increased year-on-year. among them, tianhong fund had the largest increase in net profit, with a year-on-year increase of 24.22% in the first half of the year; southern fund's net profit in the first half of the year also increased by 5.23%.
compared with the same period in 2023, the net profits of gf fund and wells fargo fund have dropped a step and fallen out of the "billion club". among them, gf fund's net profit in the first half of the year fell by 32.36%, which is also the top public fund with the largest net profit decline this time; wells fargo fund's net profit in the first half of the year fell by 27.40% year-on-year.
in addition, china merchants fund and huatai-pinebridge fund saw a "double decline" in operating income and net profit, with net profit falling by 5% and 13.46% respectively in the first half of the year.
figure 1: the top ten public funds by net profit; source: pengpai news reporter ding xinqing based on the 2024 semi-annual report data of public fund shareholders
mid-tier public offerings: 2 companies’ net profits surged, nearly 70% of net profits were under pressure
there are 23 mid-level public fund companies with net profits exceeding 100 million yuan. among them, xingzheng global fund and huaan fund had net profits exceeding 500 million yuan in the first half of the year, 610 million yuan and 511 million yuan respectively.
there are also seven public funds whose net profits in the first half of the year were over 300 million yuan, namely, bocom schroder fund, huatai asset management, invesco great wall fund, ccb fund, penghua fund, boc fund and huatai-pinebridge fund. the net profits of the above public funds in the first half of the year were 491 million yuan, 484 million yuan, 481 million yuan, 413 million yuan, 382 million yuan, 359 million yuan and 320 million yuan respectively.
the remaining 14 public funds' net profits in the first half of the year were in the 100 million to 200 million yuan echelon. specifically, caitong securities asset management and yongying fund both achieved a "double increase" in operating income and net profit against the trend; guotai junan asset management increased revenue but not profit, with a net profit decline of 10.78% (editor's note: some public fund parent companies' annual reports did not disclose the operating income of their subsidiaries).
in addition, according to statistics from the paper, 27 public funds are in the "10 million club". it is worth mentioning that cicc fund and guolian fund performed well, with net profits soaring 887.37% and 670.31% in the first half of the year respectively.
in its 2024 interim report, cicc wrote that in terms of traditional public offerings, it has given equal importance to new issuance and ongoing operations, successfully issued cicc jinchen bond securities investment fund with an initial issuance size of rmb 4.15 billion, and promoted the layout of equity seed funds; strengthened cooperation in core sales channels, and significantly increased the scale of high-performance products, with continued improvement in product vitality. in terms of public reits business, it has successfully completed the initial public offering of cicc indy consumer reit, one of the first approved consumer infrastructure reits projects, and continuously improved and optimized the operation and management process, and managed the operation of existing products well, with the cumulative issuance size of public reits remaining the largest in the industry.
overall, the reporter of the paper found that in the first half of 2024, yongying fund was the only public fund that entered the "100 million club" from the "10 million club". compared with the data of the same period in 2023, the net profits of noah fund, chuangjin hexin fund and caitong fund all declined and exited the "100 million club".
at the same time, among the 50 mid-sized public funds with net profits of more than 10 million yuan, 34 fund companies saw their net profits under pressure in the first half of the year, accounting for 68%.
among them, the net profits of 8 public funds in the first half of 2024 were almost halved or even higher, namely china europe fund, orient asset management, noah fund, caitong fund, china tai asset management, everbright prudential fund, cinda australia and asia fund, and china post fund. the net profits decreased by 42.62%, 42.93%, 49.58%, 54.89%, 52.87%, 56.05%, 81.17% and 81.39% respectively.
figure 2: 50 mid-sized public funds with net profits of more than 10 million yuan (ranking continues from figure 1, unit is 10,000 yuan); source: pengpai news reporter ding xinqing based on the 2024 semi-annual report data of public fund shareholders
tail public offerings: only one company achieved positive net profit growth, and four companies suffered "tens of millions of losses"
according to incomplete statistics from the paper, only three public funds ranked in the 100,000 to 1 million yuan net profit in the first half of 2024, namely china oceanwide fund, south china fund, and zhejiang merchants fund, with net profits of 2.0622 million yuan, 337,900 yuan, and 235,700 yuan respectively. among them, except for china oceanwide fund, which achieved positive growth in net profit, the net profits of south china fund and zhejiang merchants fund in the first half of the year fell by 44.07% and 99.23% respectively year-on-year.
another seven public funds recorded losses, namely soochow fund, donghai fund, ruida fund, jiutai fund, hongta hongtu fund, fu'anda fund and zhejiang merchants asset management, an increase of three companies compared with the same period last year.
specifically, compared with the net profit in the first half of 2023, soochow fund, donghai fund and zhejiang merchants asset management turned from profit to loss in the first half of this year, with losses of 1.7736 million yuan, 5.4478 million yuan and 83.9902 million yuan respectively; the loss trend of ruida fund, hongta hongtu fund and fu'anda fund further intensified, with losses of 6.9982 million yuan, 22.0668 million yuan and 26.8090 million yuan respectively.
figure 3: the 10 tail public funds with net profits below 10 million (ranking continues from figure 1, unit is 10,000 yuan); source: pengpai news reporter ding xinqing based on the 2024 semi-annual report data of public fund shareholders
the paper reporter ding xinqing
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