Xin Lang Cai Jing·2025-12-11 08:23Core Viewpoint - The recent draft of the "Guidelines for Performance Assessment of Fund Management Companies" introduces significant reforms in the public fund industry, emphasizing performance over high dividend payouts, which may lead to salary reductions for nearly a thousand fund managers [1][8] Group 1: Performance Assessment Guidelines - The guidelines require fund companies to prudently determine dividend frequency and ratio based on long-term performance and investor gains or losses, especially for funds with poor performance over the past three years [1][8] - The guidelines aim to strengthen capital accumulation, research and investment, risk prevention, information technology, investor education, and social responsibility [1][8] Group 2: Dividend Distribution of Huitianfu Fund - Huitianfu Fund has distributed a total of 83 billion yuan in dividends to shareholders over the past ten years, with a cumulative net profit of 163.70 billion yuan [2][9] - In 2024, Huitianfu Fund reported an operating income of 48.28 billion yuan and a net profit of 9.51 billion yuan, with a dividend payout of 6.54 billion yuan and a dividend rate of 42.28% [2][9] Group 3: Employee Stock Ownership - Huitianfu Fund implemented an employee stock ownership plan in December 2015, with the employee holding company acquiring a 14.98% stake, which increased to 24.66% by December 2016 [4][11] - From 2016 to 2024, the employee holding company received dividends totaling 20.3 billion yuan, with the fund's general manager receiving over 2.8 billion yuan [5][11] Group 4: Fund Performance and Market Position - Huitianfu Fund's non-cash scale ranking fluctuated from 7th to 2nd and then dropped to 9th, with a current non-cash scale of 655.6 billion yuan [6][13] - Over the three-year period from 2022 to 2024, 63% of Huitianfu's 214 funds had negative returns, and 51% underperformed their benchmarks [6][13]