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cailianshe news, august 31 (reporter zhou xiaoya)affected by the fee rate reform and the reduction in management fee income, the net profits of most fund companies shrank in the first half of this year.

as of august 31, cailianshe reporters have incompletely counted the operating performance of 67 public fund managers in the first half of the year from the semi-annual reports of listed companies. overall, the revenue and net profit of public fund managers whose management scale is mainly active equity funds have been significantly affected; while the net profit of public funds whose management scale is mainly bond funds or etfs with a relatively high proportion has been relatively less affected or has increased year-on-year.

the revenue and net profit of the top public fund managers in the first half of this year also changed compared with the same period last year. the top 20 net profit managers had a total net profit of 13.91 billion yuan, a decrease of 1.762 billion yuan, or 11.24%, compared with the same period last year, but still accounted for more than 80% (83.76%) of the total value of 67 managers. among them, the number of public funds with a net profit of more than 1 billion yuan decreased by 1 compared with the same period last year.

compared with the same period last year, 20 profitable companies achieved year-on-year growth in net profit, accounting for less than 30% (29.85%) of the 67 companies, and the rest were mostly public funds with declining net profits or still losing money. the increase in the scale of bond funds and index funds is mostly the reason for the year-on-year growth in net profit of fund companies, while the net profit of some managers with a relatively large proportion of active equity scale has been dragged down.

overall, the total operating income of the 67 companies included in the statistics in the first half of the year was 49.49 billion yuan, a year-on-year decrease of 14.14%; the total net profit was 16.606 billion yuan, a year-on-year decrease of 14.00%.

4 companies' net profit exceeded 1 billion yuan

ranked by net profit, the top four fund companies had net profits exceeding 1 billion yuan in the first half of the year. e fund management continued to lead with a net profit of 1.516 billion yuan. at the same time, its operating income was 5.374 billion yuan, also ranking first in the industry. however, compared with the same period last year, revenue and net profit decreased by 13.11% and 6.27% respectively.

the semi-annual report of gf securities mentioned that as of the end of june 2024, the total size of public funds managed by e fund management was 1,913.415 billion yuan, an increase of 14.07% from the end of 2023; the total size after excluding money market funds was 1,220.417 billion yuan, ranking first in the industry.

following closely behind is icbc credit suisse fund, which achieved a net profit of 1.346 billion yuan in the first half of this year, a year-on-year increase of 4.83%. icbc's 2024 semi-annual report mentioned that at the end of june, icbc credit suisse managed 251 public funds, 582 annuities, special accounts, and special portfolios, with a total asset size of 1.91 trillion yuan.

china asset management's net profit in the first half of the year was 1.062 billion yuan. in the first half of this year, china asset management achieved operating income of 3.669 billion yuan. compared with the same period last year, revenue and net profit decreased by 1.13% and 1.21% respectively.

compared with the same period last year, southern fund's net profit in the first half of this year reached 1 billion yuan, reaching 1.036 billion yuan, a year-on-year increase of 5.23%. during the same period, the company achieved revenue of 3.4 billion yuan, a year-on-year decrease of 3.43%.

as of the end of june this year, the total assets under management of southern fund amounted to rmb 2.17 trillion, of which the number of funds managed by the public offering business totaled 370 with a total asset management scale of rmb 1.24 trillion; the total asset management scale of the non-public offering business amounted to rmb 932.048 billion.

two fund companies, gf fund and china asset management, whose net profits exceeded 1 billion yuan in the first half of last year, had net profits of 823 million yuan and 774 million yuan in the first half of this year, a year-on-year decrease of -32.36% and -27.37% respectively.

in addition to the above six fund companies, there are 22 fund companies whose net profits in the first half of this year are also over 100 million yuan. in the same period last year, there were 32 fund companies whose net profits exceeded 100 million yuan.

among them, eight fund companies including tianhong fund, china merchants fund, gf fund, fullgoal fund, bosera fund, huatai-pinebridge fund, industrial and commercial bank of china global fund, and huaan fund had a net profit of more than 500 million yuan; six companies including bocom schroder fund, invesco great wall fund, ccb fund, penghua fund, boc fund, and huatai-pinebridge fund had a net profit of more than 300 million yuan in the first half of this year.

20 fund companies' profits increased year-on-year

compared with the same period last year, the net profit of 25 out of 67 public fund managers increased compared with the same period last year. excluding the fund companies that are still losing money, 20 profitable companies achieved year-on-year growth in net profit.

relatively speaking, fund companies with a smaller net profit base previously saw a more significant increase. for example, cicc fund and guolian fund had net profits of 36.4852 million yuan and 10.1643 million yuan respectively in the first half of this year, up 887.37% and 240.56% from the same period last year.

some fund companies that saw growth in net profits saw an increase in the scale of their fixed income products in the first half of this year, or saw an increase in the scale of their index funds, which may have brought in more incremental fee income.

for example, xinyuan fund's net profit in the first half of this year was 37.437 million yuan, a year-on-year increase of 70.78%; xingyin fund's net profit increased by 51.67% year-on-year. wind data shows that xinyuan fund's bond fund scale increased by 25.843 billion yuan to 124.212 billion yuan in the first half of the year; xingyin fund's bond fund management scale increased by 8.315 billion yuan.

yongying fund achieved a net profit of 101 million yuan in the first half of this year, entering the 100 million yuan level, an increase of 13.48% year-on-year. as of the end of june 2024, yongying fund's public offering scale was 492.9 billion yuan, of which non-cash scale was 320.6 billion yuan, and the bond fund scale accounted for a high proportion.

huatai-pinebridge fund achieved a net profit of 320 million yuan in the first half of the year, an increase of 34.83% year-on-year. huatai securities' semi-annual report mentioned that huatai-pinebridge insisted on characteristic development, with increasingly rich product lines and a significant increase in the scale of index funds and money market funds. as of the end of the reporting period, huatai-pinebridge fund's total assets under management amounted to 504.512 billion yuan.

among the public fund managers whose net profit declined, some turned from profit to loss, such as donghai fund and dongwu fund. there were also fund companies whose net profit declined year-on-year, and their net profit amount turned from more than 100 million yuan to less than 100 million yuan, such as caitong fund, noah fund, and chuangjin hexin fund.

overall, the total operating income of the 67 companies included in the statistics in the first half of the year was 49.49 billion yuan, a year-on-year decrease of 14.14%; the total net profit was 16.606 billion yuan, a year-on-year decrease of 14.00%.