营利均创同期新高！南方基金上半年营收37.97亿同比增11.65%，净利11.94亿同比增15.24%

Core Viewpoint - Huatai Securities disclosed the operating performance of its associate company, Southern Fund, for the first half of 2025, highlighting strong revenue and profit growth, marking a continuous upward trend in profitability since 2019 [1][4]. Financial Performance - Southern Fund achieved operating revenue of 3.797 billion yuan in the first half of 2025, representing a year-on-year increase of 11.65% [2][4]. - The net profit for the same period was 1.194 billion yuan, reflecting a year-on-year growth of 15.24% [2][4]. - The company has maintained a consistent net profit growth for six consecutive years since the mid-2019 report [2][4]. Asset Management Scale - As of June 30, 2025, Southern Fund's total managed assets reached 25,935.33 billion yuan, setting a historical high [7]. - The scale of public fund management assets was 13,842.79 billion yuan [7]. - By August 31, 2025, the managed scale was 14,528.38 billion yuan, ranking fourth in the industry [7]. Product Structure - Southern Fund manages a total of 404 funds, with a diversified product structure [8]. - The breakdown includes 127 equity funds with a scale of 2,800.11 million yuan, 118 mixed funds at 1,020.84 million yuan, 100 bond funds at 2,893.72 million yuan, and 8 money market funds with a significant scale of 6,419.17 million yuan [8]. Performance Metrics - The company's products have shown stable long-term returns, with a year-to-date return of 9.30%, a one-year return of 21.03%, a three-year return of 7.87%, and a five-year return of 6.62% [10]. - The total return over the long term reached 1,409.73%, with an annualized return of 10.37% [10]. Management Team - Southern Fund has 104 fund managers with an average tenure of 5.40 years, exceeding the industry average of 4.94 years [12]. - The average assets managed per manager are 13.071 billion yuan, significantly higher than the industry average of 4.892 billion yuan [12]. Industry Outlook - The public fund industry is expected to encounter new development opportunities due to the continuous improvement of capital market systems and the accelerated pace of medium- and long-term capital entering the market [14]. - Southern Fund is well-positioned to strengthen its market position through its robust research capabilities, comprehensive product line, and strong brand influence [14].