Three public fund institutions showed significant differences in operations last year

Our reporter Wang Ning

As listed companies’ annual reports are gradually disclosed, the operational performance of some public funds for 2025 is beginning to emerge. As of March 23, Huaxia Fund, China Post Venture Capital Fund, and Pioneer Fund have disclosed financial data such as last year’s revenue and net profit. Overall, the differences are quite apparent.

Recently, Chuang Securities released its 2025 annual report showing that China Post Venture Capital Fund, as its affiliated subsidiary, achieved a total operating income of 390 million yuan and a net profit of 53.86 million yuan last year, representing increases of 5.4% and 379.74% year-on-year, respectively. As of December 31, 2025, China Post Venture Capital Fund had total assets of 2.737 billion yuan and net assets of 1.997 billion yuan.

CITIC Securities’ quick report on Huaxia Fund’s 2025 performance shows that by December 31, 2025, Huaxia Fund had total assets of 22.246 billion yuan, total liabilities of 7.151 billion yuan, and managed assets exceeding 3 trillion yuan; in 2025, it achieved operating income of 9.626 billion yuan and net profit of 2.396 billion yuan, with increases of 19.86% and 11.03% respectively year-on-year.

The Compass released its 2025 annual report indicating that its controlling subsidiary Pioneer Fund achieved operating income of 15.28 million yuan and a net loss of 27.0481 million yuan last year.

Overall, the operational conditions of the three public fund institutions show significant differentiation, with considerable gaps between the top and bottom.

It is worth noting that the disclosure period for public fund product annual reports has begun. Fund companies such as Bosera Fund, China Merchants Fund, and China Post Venture Capital Fund have successively released their annual reports. Among them, Bosera Fund and China Merchants Fund were the first to publish reports on their public REITs products, while China Post Venture Capital Fund focused on nearly 60 products’ 2025 annual reports, covering various categories such as money market, bonds, mixed, and equities. From the disclosed product reports, performance also shows clear differentiation. One product’s return exceeds 83%, while four others remain between 40% and 80%, but most products are between 5% and 40%, with some underperforming the benchmark.

Based on multiple fund reports, the overall A-share market in 2025 showed a slow bull trend, with many structural opportunities throughout the year. Sectors such as robotics, innovative medicine, and computing power were particularly vibrant. Thematic and prosperity-based investments were both highly effective. Maintaining a prosperity-focused investment strategy and deeply exploring the industry trends of AI computing power can achieve significant returns. Looking ahead to 2026, institutions generally believe that a strengthening A-share market and prosperity-based investing will complement each other. They will continue to adhere to prosperity investing and keep seeking new prosperous sectors.