子公司拖累致亏损93万元！东海基金澄清：母公司实则盈利30万元

Core Insights - The core point of the articles is the financial performance and operational challenges faced by Donghai Fund, particularly highlighting its revenue growth and the impact of its subsidiary's performance on its overall profitability [2][3][4]. Financial Performance - In the first half of 2025, Donghai Fund reported a revenue of 32.69 million yuan, marking a year-on-year increase of 21.06%. However, the consolidated net profit showed a loss of 936,000 yuan, which is an improvement of 82.82% compared to the previous year [3]. - The standalone financial data indicates that Donghai Fund achieved a net profit of 300,400 yuan, transitioning from a loss to profit year-on-year [3]. - From 2021 to 2024, the compound annual growth rate (CAGR) of net profit for Donghai Fund on a standalone basis was 100.16%, while the consolidated net profit CAGR was 80.99% [3]. Subsidiary Performance - Donghai Ruijing Asset Management, a wholly-owned subsidiary, is focused on distressed asset acquisition and management. In 2024, it acquired a significant non-performing asset package valued at 19.6 billion yuan, but its profitability has been under pressure, with a net profit of approximately 60 million yuan in 2024 [4]. Business Structure - As of the second quarter of 2025, Donghai Fund managed a total of 28.42 billion yuan in non-monetary public funds, with 98% of this amount attributed to bond funds, indicating a heavy reliance on fixed-income products [5]. - The performance of equity products has been weak, with some funds experiencing a decline of over 20% in net asset value over the past three years [5]. Strategic Adjustments - Donghai Fund is focusing on asset allocation as a core strategy, with over 98% of clients in fixed income and asset allocation products achieving positive returns over the past three years. The average return for these products in the first half of the year was 7.18% [6]. - The company has initiated an optimization of its equity layout since 2023, launching two new equity products based on a SMARTβ enhanced index strategy [6]. Governance and Ownership Changes - Donghai Fund has undergone significant ownership changes, including the introduction of new shareholders and ongoing legal issues related to the original shareholder's equity [7]. - The original shareholder's 27.3053% stake has been frozen due to debt disputes, with parts of this stake being auctioned off, reflecting challenges in governance and potential impacts on strategic execution [7][8].