Core Viewpoint - In the first half of 2025, Yinhua Fund reported a revenue of 1.346 billion yuan, a year-on-year increase of 0.81%, and a net profit of 284 million yuan, a year-on-year increase of 11.74%, marking the end of three consecutive years of decline in performance [1][2]. Financial Performance Summary - Yinhua Fund's revenue and net profit for the first half of 2025 are 1.346 billion yuan and 284 million yuan, respectively, showing a recovery from previous years [1][2]. - The revenue for 2024 was 2.857 billion yuan, down 10.92% year-on-year, and net profit was 558 million yuan, down 12.25% year-on-year [2]. - In 2023, revenue was 3.207 billion yuan, down 12.85%, and net profit was 636 million yuan, down 22.15% [2]. - The peak performance was in 2021, with revenue nearing 4 billion yuan and net profit exceeding 900 million yuan [2]. Business Structure and Market Trends - Yinhua Fund's management scale has remained above 500 billion yuan, with non-monetary assets around 220 billion yuan, but has faced pressure due to declines in equity fund sizes and fee reductions [5]. - As of June 2025, the non-monetary management scale was 242.257 billion yuan, with equity funds at 113.9 billion yuan, accounting for 47% of the total, down from 160.9 billion yuan in 2021 [5][6]. - The decline in actively managed equity funds is closely related to poor investment performance, while bond funds and ETFs have shown significant growth since 2021 [7]. Industry Context - The performance of Yinhua Fund reflects broader industry trends, where companies with a high proportion of actively managed equity funds have faced significant downward pressure, while those with a higher proportion of bond funds and ETFs have benefited from market improvements [7].