易方达基金“中考”成绩单：上半年营收58.96亿元同比增近10%，净利18.78亿元同比增近24%

Core Viewpoint - The semi-annual reports of Guangfa Securities and its subsidiaries, including Guangfa Fund and E Fund, reveal positive growth in revenue and net profit, highlighting differences in growth structure and profitability efficiency between the two leading public funds [1][5]. Group 1: Financial Performance - E Fund achieved operating revenue of 5.896 billion yuan, a year-on-year increase of 9.71%, and net profit of 1.878 billion yuan, up 23.84% year-on-year [3][7]. - Guangfa Fund reported total operating revenue of 3.899 billion yuan, with a significant year-on-year growth of 22.17%, and net profit of 1.179 billion yuan, reflecting a substantial increase of 43.54% year-on-year [5][6]. Group 2: Comparative Analysis - E Fund maintains a leading position in the industry with a net profit of 1.878 billion yuan, approximately 1.6 times that of Guangfa Fund's 1.179 billion yuan, indicating a significant advantage in absolute profitability [6][7]. - Despite E Fund's larger revenue base, Guangfa Fund demonstrates stronger growth rates in both revenue and net profit, with Guangfa's net profit growth outpacing E Fund's [7]. Group 3: Asset Management Scale - As of June 30, 2025, E Fund managed a total public fund scale of 2.164 trillion yuan, marking a 5.40% increase from the end of 2024, achieving a historical high [7]. - E Fund's product structure is diverse, managing 449 funds, including 188 equity funds with a scale of 644.18 billion yuan, and 70 bond funds totaling 427.85 billion yuan [9]. Group 4: Long-term Performance - E Fund's products have shown strong long-term returns, with a year-to-date return of 15.59%, a one-year return of 30.78%, and a total return of 793.67% over the long term [11][15]. - The average tenure of E Fund's 103 fund managers is 5.45 years, exceeding the industry average, with a significant average asset management scale per manager [13]. Group 5: Industry Outlook - The public fund industry is expected to encounter new development opportunities as capital market systems improve and long-term funds enter the market [15]. - E Fund is well-positioned to expand its leading advantage in the high-quality development of the industry due to its strong research capabilities, comprehensive product lines, and excellent brand influence [15].