华夏基金2025年业绩快报出炉：营收96亿元同比增长20%，净利润24亿元同比增长11%

Core Insights - Huaxia Fund achieved a total revenue of 9.626 billion yuan in 2025, representing a year-on-year growth of 19.86%, and a net profit of 2.396 billion yuan, up 11.03% year-on-year [3][24] - The company demonstrated accelerated growth in the second half of 2025, with revenue reaching 5.368 billion yuan and net profit at 1.273 billion yuan, indicating enhanced profitability compared to the first half [3][24] - By the end of 2025, total assets amounted to 22.246 billion yuan, a 9.94% increase from the end of 2024, while shareholders' equity grew by 8.35% to 15.095 billion yuan [3][24] Financial Performance - In the first half of 2025, revenue was 4.258 billion yuan and net profit was 1.123 billion yuan, with year-on-year growth rates of 16.05% and 5.74% respectively [3][24] - The quarterly asset scale showed a consistent expansion, starting from 19.2 trillion yuan in Q1, surpassing 20 trillion yuan in Q2, reaching 22.5 trillion yuan in Q3, and ending at 22.8 trillion yuan in Q4 [3][24] Product Issuance - New asset net value for 2024 reached 23.661 billion yuan with 55 new products, while in 2025, it increased to 43.64 billion yuan with 60 new products [5][26] - As of early 2025, three new funds were issued with a net asset value of 3.032 billion yuan [5][26] Product Structure - ETFs became the core driver of scale growth, with the ETF size reaching 957 billion yuan by the end of 2025, an increase of nearly 300 billion yuan within a year, and 25 new products launched [7][28] - However, there was a net outflow of funds from broad-based ETFs at the beginning of 2026, with the ETF size dropping to approximately 748.894 billion yuan by February 11, 2026 [7][28] Fund Manager Changes - The number of fund managers increased from 131 in the first half of 2025 to 138 by year-end, with 23 new hires and 11 departures, including several long-serving senior managers [14][37] - Notably, the average tenure of fund managers at Huaxia Fund is 4.93 years, with the longest-serving manager having 19.52 years of experience [37][38] Management and Ownership Changes - 2025 marked the 27th anniversary of Huaxia Fund and a significant year for ownership and management changes, including a transfer of 10% equity to Qatar Holding [12][33] - Following the ownership change, there was a management reshuffle, with a new chairman and vice-chairman appointed in September 2025 [13][34]