SourcePokersequenceBeijing Business Daily
With the release of annual reports of major listed companiesPokersequenceThe annual transcripts of various fund companies were also announced at the same time. Public data show that as of April 11, 41 public offerings, such as Yi Fangda Fund, Huaxia Fund and Guangfa Fund, have announced their annual performance. Overall, 34 public offerings that can be counted can achieve a cumulative operating income of 733.Pokersequence.34 billion yuan, 41 public offerings achieved a total net profit of 258Pokersequence.53 billion yuan. It is worth noting that among the companies that have disclosed the relevant data, more than half of the public offerings, including head offerings, have seen a year-on-year decline in net profit, and 15 public offerings have fallen by more than 10%. Some people in the industry said that a number of public offering net profits have declined significantly, which is related to the depressed market environment, their own asset allocation and risk control ability. in addition, the industry fee reduction also has a certain impact on public offering funds. under the situation that the China Securities Regulatory Commission has issued a document to promote the formation of about 10 high-quality head institutions to lead the high-quality development of the industry, public offering can be combined to enhance its core competitiveness by expanding and strengthening its main business.
The operating income of 34 public offerings exceeded 73.3 billion yuan.
With the continuous disclosure of the annual reports of listed companies, the latest operating situation of some public offering funds has also surfaced. On April 10, Zheshang Securities disclosed its 2023 annual report and disclosed the relevant performance of its Zheshang fund. By the end of 2023, the total assets of Zhejiang Merchants Fund were 325 million yuan, with an operating income of 294 million yuan and a net profit of 35.3382 million yuan (unaudited financial data). In the same period in 2022, the operating income and net profit of Zhejiang Merchants Fund were 275 million yuan and 45.3541 million yuan respectively.
From the overall situation of the industry, the Beijing Business Daily reporter according to the annual reports of listed companies and flush iFinD data statistics, as of April 11, there have been 41 public offerings such as Yifangda Fund, Huaxia Fund, Guangfa Fund and other public offerings in 2023. Overall, 34 public offerings have accumulated operating income of 73.334 billion yuan and 41 public offerings have achieved a total net profit of 25.853 billion yuan.
Specific to the operating income data, in 2023, among the 34 public offerings that can be counted, there are 16 public offerings with operating income exceeding 1 billion yuan. Among them, Yi Fangda Fund still leads other public offerings with an absolute advantage of more than 10 billion yuan, temporarily ranking first, with business income reaching 12.501 billion yuan in 2023, followed by Guangfa Fund and Huaxia Fund, with operating income of 7.643 billion yuan and 7.327 billion yuan respectively. Second and third respectively. Southern Fund and Wells Fargo Fund temporarily ranked fourth and fifth in the market with 6.741 billion yuan and 6.715 billion yuan respectively. In the same period, there are also four public offerings, namely, South China Fund, Hongta Clay Fund, Jiangxin Fund and Ruida Fund, with operating income of less than 100 million yuan, with related data of 71.4712 million yuan, 47.7251 million yuan, 16.685 million yuan and 228400 yuan respectively.
In terms of year-on-year changes, the "first Brother" Yi Fonda Fund, which earned 10 billion yuan in 2023, decreased by 10.16% compared with the same period. Not only the easy Fonda fund, but also the top public offering, which is currently at the top, has seen varying degrees of decline in operating income in 2023. Among them, the operating income of Guangfa Fund, Huaxia Fund and Wells Fargo Fund decreased by 8.93%, 1.98% and 8.75% respectively compared with the same period in 2022. Overall, of the 34 public offerings that can be counted, 16 reported a year-on-year decline in revenue, accounting for 47.06%. However, in the same period, Hongta clay fund has become the most significant increase in operating income with a year-on-year growth rate of 423.82%. The operating income of Jiangxin Fund, South China Fund, Huatai Perry Fund and Dongxing Fund also increased by more than 20% compared with the same period last year.
More than half of the net profit fell
Focus on public offering net profit, year-on-year decline is more obvious. As of April 11, according to the disclosed data, the top three net profits in 2023 are Yi Fangda Fund, Huaxia Fund and Southern Fund, reaching 3.382 billion yuan, 2.013 billion yuan and 2.011 billion yuan respectively. In the same period, the top five net profits also included Guangfa Fund and ICBC Credit Suisse Fund, with net profits of 1.95 billion yuan and 1.942 billion yuan respectively.
Including the above public offering, there are Wells Fargo Fund, China Merchants Fund, Boshi Fund, Huidianfu Fund, BoCom Schroeder Fund, a total of 10 fund companies have a net profit of more than 1 billion yuan in 2023. However, in the same period, the net profit of 16 public offerings is less than 100 million yuan. Among them, the net profit of South China Fund changed from loss to profit in 2023, which was 1.1941 million yuan, while Ruida Fund, Jiangxin Fund, Hongta laterite Fund and China Sea Fund continued the loss trend of the previous year, losing 14.7435 million yuan, 45.695 million yuan, 65.3434 million yuan and 6698.33 million yuan respectively, of which the loss range of Ruida Fund, Hongta laterite Fund and China Sea Fund further expanded, while the loss range of Jiangxin Fund narrowed.
With regard to the reasons for continuing losses and follow-up improvement measures, a reporter from Beijing Business Daily sent articles to interview some institutions, but no reply was received as of the press release. However, Hongta Securities Annual report shows that in 2023, Hongta laterite Fund increased the expansion of standardized business and continued to reduce the scale of non-standardized business according to the company's development strategic plan. In 2024, Hongta laterite Fund will cooperate with internal and external resources to form a joint force to promote the rapid growth of management scale, and at the same time speed up the building of investment and research teams, characteristic products and performance brands, and expand and strengthen the public offering fund management business.
In addition, of the 41 public offerings that have been released so far, 23 have seen varying degrees of decline in net profit. Among them, the net profit of 15 public offerings, including the head public offering fund and the Wells Fargo fund, fell by more than 10%.
It is not difficult to see that most of the public offering performance is under pressure under the influence of multiple factors, such as the fluctuation of A-share market in 2023, the weakening of fund making effect, the reduction of public offering fund fees and so on. It is worth mentioning that the management fee income of some fund managers also declined synchronously in 2023. Flush iFinD data show that the total revenue management fees of 198 public offerings in 2023 are 135.945 billion yuan, down 6.73 percent from 145.759 billion yuan in 2022. The management fees of 62 public offerings, including Anxin Fund, Penghua Fund and Galaxy Fund, will be reduced by 10% in 2023 compared with the same period last year.
Jiang Han, a senior researcher at Pangu think tank, believes that there is a certain relationship between the decline in public offering net profit and the reduction of industry management fees. Management fee is one of the important sources of income for public offering funds. When the management fee shrinks, it will undoubtedly have an impact on net profit. However, the decline in net profit is not only caused by this factor, market environment, investment strategy, operating costs and other factors may have an impact on net profit.
Guo Shiliang, a financial commentator, also said bluntly that the obvious decline in public offering net profits, including head institutions, may be related to the downturn in the market environment, as well as the institution's own asset allocation and risk control ability. different risk control systems may lead to different retractions. The reduction of public offering fees may have a certain impact on industry income, but it is not a major factor, the decline of management fees is also conducive to institutions to enhance customer opportunities, the change of public offering net profit is also related to the organization's own main business performance, market environment and other factors.
There are small and medium-sized public offerings to achieve counterattack.
While most of the head public offering performance is under pressure, there are also small and medium-sized public offerings to achieve counterattack. For example, Dongxing Fund achieved an operating income of 159 million yuan and a net profit of 30.6919 million yuan in 2023, an increase of 24.46% and 158.88% respectively over the same period in 2022, and net profit doubled.
Dongxing Securities also said in the 2023 annual report that the performance of Dongxing Fund in 2023 benefited from the rapid increase in the scale of management, significant growth in income and profit indicators, and outstanding investment performance in a number of products. According to flush iFinD data, by the end of 2023, the total fund size of Dongxing Fund was 44.401 billion yuan, an increase of 98.42% over the same period last year. In the same period, Dongxing Securities management fee income was 163 million yuan, up 18.58% from the same period last year.
Jiang Han pointed out that the doubling of net profit growth in small and medium-sized public offerings shows that there are still development opportunities for some institutions in a volatile market environment. The logic of Dongxing Fund's performance growth mainly lies in the rapid rise of management scale and the eye-catching performance of investment performance. This has a positive enlightening significance for the market, and it is suggested that all public offerings should pay attention to the market demand and optimize product design.
In Guo Shiliang's view, the "turnaround" logic of small and medium-sized public offerings still depends on the organization's own asset allocation ability, risk control ability, and the ability to cope with a continuously volatile market environment. In order to further boost performance, public offerings also need to actively develop innovative business and improve their risk management capabilities.
It is worth mentioning that on March 15, the China Securities Regulatory Commission issued an important document, "opinions on strengthening the Supervision of Securities companies and Public funds and accelerating the Construction of first-class Investment Banks and Investment institutions (for trial implementation)". Promote the formation of about 10 high-quality head institutions to lead the high-quality development of the industry. By the middle of this century, a modern securities fund industry with comprehensive strength and international influence will be formed, providing strong support for Chinese-style modernization and the construction of a financial power.
Under the situation that the China Securities Regulatory Commission issued a document to promote the formation of about 10 high-quality head institutions to lead the high-quality development of the industry, what is the future performance of public offering? What should the head public offering do? Guo Shiliang believes that while leading high-quality development, head public offering institutions can expand and strengthen their main business to enhance their core competitiveness through complementary advantages and strong combination.
Beijing Business Daily reporter Liu Yuyang and Hao Yan