中邮基金上半年人均薪酬超37万元，老牌基金18年回报-48.5%

Core Viewpoint - 中邮基金's financial data serves as a "window" for the industry, showing significant improvement in profitability and employee compensation, but still lagging behind benchmarks in fund performance [1][13]. Financial Performance - In the first half of 2025, 中邮基金 achieved operating revenue of 169 million yuan, a slight decrease of 0.5% year-on-year; net profit attributable to shareholders was 27 million yuan, more than doubling from the previous year; however, the non-recurring net profit decreased by 7.7% to 11.8 million yuan [2][3]. - The improvement in profit is attributed to fair value changes and operating profit, with fair value gains reaching 16.5 million yuan compared to a loss of 13.9 million yuan in the same period last year, marking a contribution increase of 209%; operating profit was 38.5 million yuan, up 90% year-on-year [2][3]. Employee Compensation - The total employee compensation for the first half of 2025 was 96.8 million yuan, resulting in an average salary of 373,000 yuan per employee, an increase of 97,000 yuan compared to 276,000 yuan in the first half of 2024 [3][4]. Fund Management Scale - The company's total management scale remains at 73.8 billion yuan, placing it in the small to medium tier of the industry; bond funds account for over 70% of this, while equity products show limited rebound [2][3]. Marketing and Expenses - Business entertainment expenses decreased by 40% to 1.1 million yuan, and travel expenses fell by 16% to 1.5 million yuan; however, marketing expenses increased by 43% to 2.3 million yuan [4][5]. Fund Performance Discrepancies - 中邮基金's stock price difference income improved to 228 million yuan from a loss of 324 million yuan in the previous year; however, performance varied significantly among products, with 中邮信息产业灵活配置 mixed fund contributing 96.04 million yuan, while 中邮科技创新精选 mixed fund reported a loss of 16.83 million yuan [7][9]. - The 中邮科技创新精选 mixed fund C had a net value growth rate of 2.17% but incurred a loss of 26.69 million yuan due to scale contraction and investment losses; as of September 18, 2025, its year-to-date return improved to 31.73%, still trailing the benchmark by 2.8 percentage points [7][9]. Long-term Performance Issues - The 中邮核心成长混合 A fund has a cumulative return of -48.5% since its inception in 2007, with a year-to-date return of -5.82%, significantly underperforming its benchmark by 16.8 percentage points [9][12]. - The current fund manager has not reversed the long-term decline, with a return of -50.1% since taking over, lagging the benchmark by over 45.7 percentage points [13].