绩效新规|富国基金三年给基民亏626亿，给股东分红35亿，连续3年分红率超57%

Core Viewpoint - The recent draft of the "Guidelines for Performance Assessment of Fund Management Companies" introduces significant reforms in the public fund industry, emphasizing performance-based compensation and dividend distribution, which may lead to salary reductions for nearly a thousand fund managers [1][6]. Group 1: Dividend Distribution Regulations - The guidelines require fund companies to prudently determine dividend frequency and ratio based on the long-term performance of fund products and investor gains and losses [1][6]. - For funds with poor performance over the past three years, the guidelines suggest reducing both the frequency and ratio of dividends [1][6]. Group 2: Financial Performance of Fuguo Fund - In 2024, Fuguo Fund reported an operating income of 6.405 billion yuan and a net profit of 1.751 billion yuan, with a total dividend payout of 1.092 billion yuan and a dividend rate of 62.36% [1][3]. - From 2015 to 2024, Fuguo Fund accumulated operating income of 47.515 billion yuan, net profit of 13.987 billion yuan, and total dividends of 6.327 billion yuan [1][3]. Group 3: Historical Dividend Rates - Fuguo Fund maintained a dividend rate exceeding 57% for three consecutive years from 2022 to 2024, distributing over 3.5 billion yuan in total dividends during this period [2][7]. - The dividend distribution data shows fluctuations, with the highest dividend rate recorded in 2016 at 102.94% and the lowest in 2015 at 16.97% [3][8]. Group 4: Fund Performance Metrics - From 2022 to 2024, 65% of Fuguo Fund's 237 products reported losses, with 59% underperforming their benchmarks [5][10]. - In contrast, from 2023 to 2025, only 9% of 278 products reported losses, indicating an improvement in performance metrics [4][9]. Group 5: Market Insights on Dividend Policies - Market analysts argue that excessively high dividend rates can hinder capital accumulation and risk management for fund companies, potentially affecting their innovation and expansion capabilities [11].