Core Viewpoint - Donghai Fund reported a net loss in the first half of 2025 primarily due to the consolidation of its subsidiary, Donghai Ruijing Asset Management, while the parent company still achieved a profit [2][3][4]. Financial Performance - Donghai Fund's revenue for the first half of 2025 was 32.69 million yuan, with a net loss of 930,000 yuan. This represents a 21.06% year-on-year increase in revenue compared to the first half of 2024, while the net loss decreased significantly from 5.45 million yuan in the previous year [2][4]. - The parent company of Donghai Fund achieved a net profit of 300,400 yuan during the same period [3][4]. Fund Management and Growth - Donghai Fund, established in February 2013, has seen its non-monetary fund scale exceed 28.42 billion yuan, with a significant portion (over 98%) attributed to bond funds, ranking 91st in the industry [8]. - The company has struggled with the development of its equity funds, with two of its funds experiencing a decline of over 30% in net value over the past five years [11]. Capital Increase and Shareholding - In February 2024, Donghai Fund completed a capital increase of 15 million yuan, with Donghai Securities holding a 45.8468% stake post-increase [11]. - The company is currently undergoing changes in its shareholding structure, with a portion of shares being auctioned due to legal proceedings involving a previous shareholder [12][13].