Core Viewpoint - Agricultural Bank of China Asset Management Co., Ltd. (hereinafter referred to as "ABC Asset Management") announced the appointment of Cao Yi as the new Deputy General Manager starting November 7, 2025, amid challenges such as declining management scale and underperforming equity products [2][7]. Group 1: Management Changes - Cao Yi has over 20 years of experience in the financial industry, with a diverse background in regulation, public funds, and banking [2][5]. - His previous roles include positions at the People's Bank of China and various leadership roles in public fund companies, culminating in his role as Vice Executive President at ABC International Holdings [3][5]. Group 2: Company Challenges - ABC Asset Management has faced significant challenges, including a decline in management scale, with total managed public fund products dropping from 2,679.79 billion yuan in June 2021 to 2,189.59 billion yuan by September 2025, a decrease of 490.2 billion yuan [7]. - The company's net profit has also seen a continuous decline over three years, dropping from 648 million yuan to 248 million yuan, a decrease of 61.7% [7]. Group 3: Performance Issues - The company has experienced a dual decline in both equity and bond fund scales, with equity funds decreasing by 312.34 billion yuan (46%) and bond funds by 305.53 billion yuan (23.4%) as of September 2025 [7]. - The departure of a star fund manager in 2021 led to significant underperformance in previously high-performing funds, with maximum drawdowns exceeding 40% for several funds managed by him [8][9].