Public offerings in 2025 achieve record profits, with active equity products earning over 1 trillion yuan last year.

With the disclosure of 2025 annual reports for publicly offered fund products completed, the industry’s core data—including overall profitability scale and fee changes—has been officially released, fully showcasing the achievements and market landscape of the publicly offered fund industry over the past year.

2025 Publicly Offered Fund Profits Hit a Record High

In 2025, China’s publicly offered fund market saw a historic win. According to data from Tianxiang Investment Consultant, 163 publicly offered fund managers generated total profits of 2.61 trillion yuan in publicly offered funds in 2025, setting a record high, and achieving a year-on-year doubling.

By fund category, in 2025, the overall profits of equity funds and hybrid funds stood at 1,125.498 billion yuan and 26.1k yuan, respectively. The two categories of equity funds together achieved profits of nearly 2 trillion yuan, a significant increase compared with the same period last year. In addition, bond funds’ overall profits exceeded 180 billion yuan, down by more than 50% compared with the same period last year; money market funds’ overall profits exceeded 180 billion yuan, down by more than 18% compared with the same period last year.

Looking at the management companies, among the 163 publicly offered fund managers mentioned above, 159 managers’ products generated profits. The top ten publicly offered fund managers’ combined profits were 1.4 trillion yuan, accounting for more than 50%.

Specifically, products under E Fund’s management generated total profit of 873.34B yuan, ranking first. Next came Huaxia Fund, Southern Fund, GF Fund, Harvest Fund, HuaTai-PineBridge Fund, Fullgoal Fund, Hu an Fund, Bosera Fund, and Tianfatong Fund. The profits were 20k yuan, 14k yuan, 258.75B yuan, 116.49 billion yuan, 134.38B yuan, 120.53B yuan, 111.14B yuan, 105.66B yuan, and 88.3B yuan, respectively.

From the profitability performance of individual funds, HuaTai-PineBridge’s CSI 300 ETF won the crown of “Most Profitable Fund” for 2025, with profits of 85.31B yuan. Among the top 20 most profitable funds, ETFs accounted for 18 seats.

In terms of actively managed equity funds, Rayliant Growth & Value Hybrid A, with profits of 81.41B yuan, became the most profitable actively managed equity fund, and was the only actively managed equity fund in the top 20 list.

Actively Managed Equity Funds Profit Exceeding 1 Trillion Last Year

As is well known, actively managed equity funds are the core vehicle used to evaluate a fund company’s research and investment capabilities and the professional skills of fund managers.

Tianxiang Investment Consultant data shows that in 2025, actively managed equity funds’ total profits totaled 1,001.164 billion yuan. Compared with 2024, the growth rate was as high as 1053.30%. Of this, stock-leaning hybrid funds generated profits of 78.52B yuan; flexible allocation hybrid funds generated profits of 224.72 billion yuan; and actively investing in stock funds generated profits of 9.45B yuan.

From the perspective of management companies, across the whole market, 160 publicly offered fund managers recorded positive returns in actively managed equity funds. The top ten were E Fund, China Europe Fund, Fullgoal Fund, Tianfatong Fund, GF Fund, Huaxia Fund, Xingzheng Global Fund, Harvest Fund, Invesco Great Wall Fund, and Southern Fund. They were 628.77B yuan, 62.38 billion yuan, 147.68B yuan, 80.92B yuan, 53.31B yuan, 46.98B yuan, 44.53B yuan, 35.27B yuan, 33.18B yuan, and 30.25B yuan, respectively.

Only four companies—Peng’an Fund, BaiJia Fund, Xinghua Fund, and Pioneer Fund—had products still in a loss-making state. In addition, in 2025, Huachen Future Fund managed no actively managed equity funds, so there is no related data.

Meanwhile, in terms of product scale, actively investing stock funds had a scale of 567.28 billion yuan, accounting for 14.54% of the scale of actively managed equity funds; stock-leaning hybrid funds had 2,402.353 billion yuan, accounting for 61.57%; flexible allocation hybrid funds had 29.49B yuan, accounting for 23.89%.

At the same time as actively managed equity funds recorded profits, the industry’s management fee income also saw a turnaround.

In 2025, the industry’s total management fee income reached 26.89B yuan, an increase of 8.8 billion yuan over the previous year. The year-on-year increase was 7.22%, ending the previously negative growth trend, and also meaning that industry operating pressure has been effectively alleviated.

According to Tianxiang Investment Consultant’s annual report statistics, in 2025, actively managed equity funds collected management fees totaling 932.06B yuan. Among actively managed equity funds, E Fund collected 130.8B yuan in management fees, still ranking first. China Europe Fund, Fullgoal Fund, and GF Fund followed closely; in 2025, they each collected more than 2 billion yuan in management fees: 42.38B yuan, 2.4B yuan, and 2.09B yuan, respectively.

From the industry-wide perspective, as fee reduction reforms steadily advance, the total management fees earned by the top ten fund managers in the 2025 annual reports increased by 5.28% compared with the same period in 2024.

The annual report of the Rayliant Growth & Value Hybrid Fund managed by Fu Pengbo and Zhu Lin stated that it will actively seek investment opportunities; when facing market uncertainty, it will analyze the company’s fundamentals in a more comprehensive and cautious manner, comprehensively utilize various methods to assess the company’s valuation level, and the stability of the company’s returns to shareholders. It will continuously and dynamically adjust and optimize the portfolio, balance sector and individual stock allocation, and reduce uncertainty.

Edited by / Xu Nannan Xu Nan

(Tianxiang Investment Consultant, Fund announcements)

(Editor: Xu Nannan)

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