Group 1 - Tianhong Fund announced the resignation of Liu Rongkui as Chief Information Officer due to work reasons, with Chi Zhe taking over the role [1][2] - Chi Zhe has over 20 years of experience in the financial industry, previously holding positions at well-known institutions such as Shenyin Wanguo, Accenture, and Taikang Asset Management [2] - The management changes at Tianhong Fund, including at least four adjustments since Gao Yang became General Manager in December 2023, may indicate a potential shift in the company's operational direction [2] Group 2 - Tianhong Fund's management scale has decreased to 1.2 trillion yuan as of mid-2025, dropping to the fifth position in industry rankings, with the scale of its Yu'ebao money market fund further shrinking to less than 800 billion yuan [3] - The biopharmaceutical sector, once promising, has become a "typical loss" in active equity products, with the Tianhong Guozheng Biopharmaceutical ETF down 54.41% since its launch, resulting in a loss of over 5,400 yuan for every 10,000 yuan invested [4] - Despite multiple funds experiencing losses, significant dividends have been distributed to executives, leading to a decline in investor trust as the company faces ongoing pressure from shrinking scale and performance [4]