JUNZHENG(SH:601216) Xin Lang Cai Jing·2025-12-19 01:23Core Viewpoint - The recent draft of the "Guidelines for Performance Assessment 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, particularly for funds with poor performance over the past three years [1][8]. Fund Performance and Dividend Distribution - Tianhong Fund's revenue for 2024 is reported at 5.394 billion, with a net profit of 1.679 billion, resulting in a dividend payout of 957 million, reflecting a dividend rate of 57% [1][9]. - Over the past decade (2015-2024), Tianhong Fund has accumulated revenues of 68.42 billion and net profits of 19.687 billion, with total dividends paid to shareholders amounting to 8.171 billion, averaging a dividend rate of 41.5% [1][10]. - Tianhong Fund has maintained a high dividend rate, exceeding 75% for three consecutive years from 2021 to 2023, with the 2024 rate still being relatively high at 57% [2][9]. Employee Shareholding and Dividends - Employee shareholding in Tianhong Fund has received a total of 899 million in dividends over nearly ten years, with the former general manager, Guo Shuqiang, receiving approximately 157 million in dividends from 2014 to 2022 [4][11]. Fund Performance Metrics - From 2022 to 2024, 55% of Tianhong Fund's 134 products reported losses, with 35% underperforming their benchmarks, and 15% underperforming by more than 10% [5][12]. - For the period from December 1, 2022, to November 30, 2025, 10% of 160 products are expected to incur losses, with 28.75% underperforming their benchmarks [6][13]. Market Insights - Analysts have raised concerns that excessively high dividend rates may hinder capital accumulation and risk management for fund companies, potentially impacting their ability to innovate and expand [7][14].