兴银基金中期业绩承压：上半年营收2.03亿元，净利0.5亿元，营收净利同比“双降”超5%

Core Viewpoint - The report highlights the performance of Xingyin Fund in the first half of 2025, indicating a slight decline in revenue and net profit compared to the previous year, while emphasizing the strength of its fixed-income business and overall stable development [1][9]. Financial Performance - Xingyin Fund achieved total revenue of 203 million yuan in the first half of 2025, a year-on-year decrease of 5.48% [1]. - The net profit for the same period was 50 million yuan, down 5.62% year-on-year [1]. - Despite the decline, the net profit level remains significantly higher than that of the same period in 2023 [2]. Product Structure - The bond funds are the mainstay of Xingyin Fund's business, with a scale of 66.57 billion yuan, dominating the total management scale [2]. - The scale of money market funds is 39.94 billion yuan, contributing stable management fee income [2]. - Equity products are relatively small, with stock and mixed funds at 2.609 billion yuan and 1.247 billion yuan, respectively [3]. Product Performance - Xingyin Fund's products are known for their stability, with a year-to-date return of 2.33% [3]. - The one-year, three-year, and five-year returns are 4.58%, 9.23%, and 18.83%, respectively [3]. - Since inception, the total return of the company has reached 48.71%, with an annualized return rate of 3.94% [3]. Research Team - The fund currently has 16 fund managers, with an average tenure of 4.27 years, slightly below the industry average [5]. - The average assets managed per person are 6.898 billion yuan, significantly higher than the industry average of 4.887 billion yuan [6]. New Product Development - In the first half of 2025, Xingyin Fund launched new products with a total scale of 9.597 billion yuan, issuing 9 new funds [7]. - Historically, the company was more active in launching new products in 2015 and 2020, with a slowdown observed after 2022, but it has resumed efforts in 2025 [7]. Overall Management Scale - As of the second quarter of 2025, Xingyin Fund's management scale reached 110.123 billion yuan, with a total of 60 funds under management, maintaining a stable position in the industry [9].