The "2 Trillion Yuan Club" in asset management expands to 4 members, with Qingyin Asset Management's net profit declining by nearly 40%.

Ask AI · Wealth Management Scale Expands to the 2 Trillion Club: What Do New Members Rely on to Grow Against the Tide?

China Money Network (Cailian She) March 31 News (Editor: Wang Wei) As listed banks release their 2025 annual reports one after another, the operating data of their wealth-management subsidiaries has officially come to light.

As of now, based on the data that has been published, although volatility in the bond market in 2025 has increased, and falling deposit interest rates have exerted considerable operating pressure on wealth-management firms, according to the disclosures so far, the leading institutions’ assets under management have still maintained growth against the tide. At the same time, in the areas of coupon-bearing product allocation, channel deepening, and enablement through financial technology, a clear “divergence” and “breakthrough” trend has emerged.

Compared with the end of 2024 when only CMB Wealth Management and Xingyin Wealth Management joined the 2 trillion club, in 2025 the club expanded to four firms, adding Xinyin Wealth Management and Industrial and Commercial Bank of China Wealth Management.

In terms of profitability, some institutions saw declines in revenue and net profit at least in part due to “fee reductions to benefit customers” and market volatility. In 2025, Qingyin Wealth Management’s revenue and net profit decreased year over year by 26.91% and 37.04%, respectively.

Scale expansion becomes the industry mainstream, and the advantages of leading institutions remain solid

By the end of 2025, although CMB Wealth Management faced challenges from a high base, it still sat firmly in the “number one seat.” The balance of wealth-management products managed by CMB Wealth Management reached RMB 2.64 trillion, up RMB 173.65 billion from the end of the previous year, representing a year-over-year increase of 6.88%. As an industry leader, CMB Wealth Management’s strategic focus has shifted from pure scale expansion to structural optimization. During the reporting period, it placed key emphasis on the “All+Fu” multi-asset, multi-strategy brand, and the market share of its debt-leaning hybrid and coupon-bearing products continued to rise.

The second-ranked firm, Xingyin Wealth Management, had assets under management of RMB 2.43 trillion, up 11.64% year over year.

What deserves attention is the competition for the industry’s third spot. In 2025, Xinyin Wealth Management demonstrated a strong catch-up momentum; its managed scale rose to RMB 2.30 trillion, a year-over-year increase of 15.23%. Not only did it lead the growth pace among the top institutions, but it also used this momentum to widen the gap from the fourth-ranked firm. Xinyin Wealth Management’s breakthrough lies in its resolute “coupon-bearing” transformation. During the reporting period, the outstanding scale of coupon-bearing products reached RMB 20k, and the proportion of coupon-bearing products in new products increased to 14.70%, becoming a key driver for enhancing returns and attracting customers.

In addition, among state-owned big-bank wealth-management subsidiaries, ICBC Wealth Management (RMB 2.09 trillion), BOCOM Wealth Management (RMB 1.75 trillion), and Jianxin Wealth Management (RMB 1.74 trillion) maintained steady growth. Postal Savings Wealth Management, however, stood out with a 28.81% year-over-year growth rate, reaching RMB 1.32 trillion in scale. Its growth momentum mainly came from deepened coordination within the postal-and-bank channel ecosystem and the rapid expansion of third-party agency sales, accumulating contracts with 58 off-bank agency sales channels.

Below is the chart of 2025 wealth-management scale for the 10 wealth-management companies that have disclosed data through their parent bank annual reports:

Data source: Bank annual reports; compiled by China Money Network (Cailian She)

In a research report, China International Capital Corporation (CICC) stated that in 2025, regulators expanded the pilot scope for pension wealth-management products. It is expected that the scale of pension wealth-management will achieve rapid growth in 2026. Also, in 2026, wealth-management distribution channels are expected to expand to securities firms and third-party institutions, driving growth in wealth-management scale. At the same time, regulators’ encouraging policies for strengthening wealth-management companies’ equity investment capability are expected to lead to an increase in the scale of hybrid and equity-type wealth-management products.

In terms of performance, in 2026, as the structure of wealth-management subsidiary products continues to transform, multi-asset multi-strategy products will continue to increase, product categories will become more diverse, and they will better adapt to a rebound in investors’ risk preferences. Meanwhile, the asset allocation structure of wealth-management subsidiaries will continue to be optimized. Returns on the asset side are expected to rebound, enhancing the attractiveness of wealth-management products and supporting a steady recovery in wealth-management scale.

Based on this, CICC expects that in 2026, the growth rate of bank wealth-management scale will be able to reach around 12%–13%, with the scale expected to reach RMB 37–38 trillion.

However, in March this year, the regulatory rating measures for wealth-management companies were issued. Consistent with the industry’s prior expectations of “emphasizing quality rather than scale,” in the future the wealth-management industry will move toward more intensive, refined operations, and will no longer pursue scale growth alone.

Net profit shows a two-tier divergence

In net profit terms, due to the shift downward of the market’s interest-rate center of gravity in 2025 and wealth-management companies actively lowering management-fee rates to give returns to investors, most companies’ revenue and net profit growth rates fell below their scale growth rates. The “higher revenue but not higher profits” or “more increase but not higher pricing” phenomena are widespread.

Xinyin Wealth Management, through its successful allocation in the coupon-bearing product line, achieved net profit of RMB 20k, a year-over-year positive growth of 6.93%, and among companies with disclosed data it demonstrated outstanding profitability.

ICBC Wealth Management achieved net profit of RMB 26.4k in 2025, up 15.12% year over year. In 2025, ICBC Wealth Management took a differentiated market route: throughout the year, it invested in more than 30 new product types for clients, including participating in Hong Kong stock IPOs and subscription for public REITs, capturing more high-quality investment opportunities for customers.

Another standout is Postal Savings Wealth Management, which achieved operating revenue of RMB 24.3k and net profit of RMB 23k, with year-over-year growth rates of 14.55% and 13.69%, respectively, realizing a double increase in both scale and profit.

By contrast, Ping An Wealth Management and Qingyin Wealth Management went through a period of deep adjustment. Ping An Wealth Management’s scale saw a modest pullback to RMB 1.09 trillion, while net profit was RMB 1.476 billion, down 23.20% year over year; Qingyin Wealth Management’s net profit declined by 37.04%. Below is the chart of 2025 net profit for the 10 wealth-management companies that have disclosed data through their parent bank annual reports:

Data source: Bank annual reports; compiled by China Money Network (Cailian She)

(China Money Network (Cailian She) Wang Wei)