Xin Lang Cai Jing·2025-12-16 07:57Core Viewpoint - The recent draft of the "Guidelines for Performance Assessment Management of Fund Management Companies" has sparked significant discussion in the industry, emphasizing the need for fund companies to prudently determine dividend frequency and ratios based on long-term performance and investor losses [1][6]. Group 1: Dividend Policy Changes - The guidelines require fund companies to adjust dividend frequency and ratios for funds with poor performance and significant investor losses over the past three years [1][6]. - In 2024, Oriental Red Asset Management reported revenue of 1.438 billion yuan and a net profit of 333 million yuan, with a cumulative net profit of 6.845 billion yuan and total dividends of 3.173 billion yuan over the past decade [1][6]. Group 2: Dividend Rate Analysis - The dividend rates for Oriental Red Asset Management in 2022 and 2023 were notably high at 96.59% and 86.63%, respectively, despite the company reporting significant losses for investors [2][7]. - Over the years, the dividend amounts and net profits have varied, with a total of 3.173 billion yuan in dividends against 6.845 billion yuan in net profits from 2015 to 2024 [2][7]. Group 3: Performance Metrics - From 2022 to 2024, 53% of the 76 fund products under Oriental Red Asset Management reported losses, with 65% underperforming their benchmarks [3][8]. - In the same period, the total losses for investors amounted to 42.6 billion yuan, highlighting a significant disparity between shareholder dividends and investor returns [3][8]. Group 4: Market Reactions - Market analysts have raised concerns that excessively high dividend rates could hinder capital accumulation and risk management for fund companies, potentially impacting their ability to innovate and expand [5][9]. - The practice of distributing high dividends during periods of poor investor performance is viewed as detrimental to the overall investor experience [5][9].