Xin Lang Cai Jing·2025-12-22 10:14Core Viewpoint - The recent draft of the "Guidelines for Performance Assessment of Fund Management Companies" has sparked discussions in the industry, particularly regarding the constraints on dividend distributions to shareholders based on fund performance and investor returns [1]. Fund Dividend Regulations - The guidelines require fund companies to prudently determine dividend frequency and ratio based on the long-term performance of fund products and investor profit and loss situations [1]. - For fund products with poor performance over the past three years and significant investor losses, the guidelines suggest reducing both the frequency and ratio of dividends [1]. Dachen Fund Financial Performance - In 2024, Dachen Fund reported revenue of 2.116 billion yuan and a net profit of 461 million yuan, with a total dividend payout of 1.76 billion yuan, resulting in a dividend rate of 38.19% [1]. - Over the past decade (2015-2024), Dachen Fund accumulated revenue of 14.1 billion yuan, net profit of 3.118 billion yuan, and total dividends of 1.293 billion yuan, with an average dividend rate of 41.46% [1]. Dividend Distribution to Shareholders - From 2015 to 2024, Everbright Securities, holding a 25% stake in Dachen Fund, received a total of 323 million yuan in dividends [2]. - The annual dividend distribution from Dachen Fund to Everbright Securities varied, with notable fluctuations in dividend rates across the years, such as a peak of 151.91% in 2016 and a low of 17.79% in 2015 [2]. Fund Performance Analysis - As of the complete three-year period from 2022 to 2024, 60 out of 131 fund products (45.8%) under Dachen Fund reported losses, while 50 products (38%) underperformed their benchmarks [3]. - In a more recent analysis from December 2022 to November 2025, only 13 out of 152 products (8%) reported losses, with 50 products (32%) underperforming their benchmarks [4]. Market Perspectives on Dividend Policies - Market analysts argue that excessively high dividend rates can hinder a fund company's capital accumulation and risk management capabilities, ultimately affecting its ability to innovate and expand [4]. - There is a concern that high dividend payouts during market downturns and periods of poor investor returns negatively impact the experience of fund investors [4].