China Merchants Fund's 2025 operating revenue is 5.47 billion yuan, with a net profit of 1.438 billion yuan.

On the evening of March 27, China Merchants Securities released its 2025 annual report, and at the same time, the operating data of its investee, China Merchants Fund, was also disclosed.

As of end-2025, China Merchants Fund had total assets of 15.402 billion yuan, net assets of 11.1555 billion yuan, operating revenue of 5.47 billion yuan, and net profit of 1.438 billion yuan.

In 2025, China Merchants Fund thoroughly implemented the requirements for high-quality development of public funds, focusing on the strategic vision of “leading with the best client experience and building a world-class asset management company,” and made positive progress in all areas.

In terms of product layout, it continued to improve a diversified product system of both active and passive offerings, successfully launching the industry’s first batch of performance-benchmark-based floating-fee products, the industry’s first 科创债 ETF, the industry’s first 科创综指 ETF, and other innovative products.

In terms of investment research and portfolio management capability building, it continued to enhance active management capabilities, strengthened the core logic of multi-asset allocation, and promoted the establishment of a professional investment research and portfolio management system.

In terms of risk management, it continued to advance comprehensive risk management, and no major risk incidents occurred during the reporting period.

In terms of client operations, it included client profitability in the marketing system’s assessment indicators, steadily advanced the development of advisory (投顾) business, fully seized opportunities in the pension business, and deepened efforts in client engagement and investor education.

As of the end of December 2025, China Merchants Fund’s asset management scale (including the scale managed by its subsidiaries) was 1,594.4 billion yuan, up 1.63% from the end of 2024. Of this, the asset management scale of public funds (excluding feeder funds) was 961.5 billion yuan, and the scale of non-money-market public funds was 589.1 billion yuan, ranking among the top in the industry.

(Announcement)

(Editor: Xu Nannan)

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