Core Viewpoint - Donghai Fund's 22% equity is being auctioned again after multiple failed attempts, raising concerns about its financial health and future profitability predictions [3][4][6]. Group 1: Auction Details - Donghai Fund's 22% equity is currently listed for auction on Alibaba's judicial auction platform, with the bidding period from June 3, 2025, to November 30, 2025 [6]. - This is the fourth attempt to find a buyer for this equity, which has previously failed to sell three times on JD's asset trading platform, with the price dropping from 37.7352 million yuan to 30.18816 million yuan [6][7]. - The auction is a result of a debt dispute involving Shenzhen Pengbo Industrial Group, which had its 27.3053% stake frozen by the Shenzhen Intermediate Court [6][7]. Group 2: Financial Performance and Predictions - In 2024, Donghai Fund is projected to have a net loss of 4.36 million yuan, while the auction documents predict a net profit of 37 million yuan by 2029 [5][9]. - The company expects an average annual revenue growth rate of approximately 30% over the next six years, with a projected revenue of around 150 million yuan by 2029 [9][10]. - Despite recent losses, Donghai Fund's management believes that once it surpasses key asset thresholds of 10 billion and 20 billion yuan, growth will accelerate significantly [10]. Group 3: Management and Growth - Donghai Fund has seen its public fund management scale grow significantly, reaching 26.147 billion yuan by Q1 2025, a 131.33% increase from the end of 2022 [12][13]. - The company has improved its ranking in public fund management, moving from 128th place at the end of 2020 to 93rd place by Q1 2025 [13]. - Donghai Fund's fixed-income products have performed well, ranking in the top 9% for excess returns in the industry over the past three years [13][14].

Core Viewpoint - Donghai Fund announced the resignation of Chairman Yang Ming and the appointment of Yuan Zhong as the new chairman, effective April 29, 2025, due to personal reasons [1][3]. Management Changes - Yang Ming resigned as chairman for personal reasons, with no indication of a new position within the company [3][5]. - Yuan Zhong, a long-time member of the "Donghai system," has been appointed as the new chairman, with a background in various roles within Donghai Securities and Donghai Futures [4][5]. Company Performance - Donghai Fund has seen a significant increase in managed fund scale, growing from 988 million yuan in June 2020 to 26.174 billion yuan by March 2025, representing a growth of 2549.19% [8]. - The company's public non-monetary fund ranking improved from 132nd to 93rd over the same period, an increase of 39 positions [8]. - The company ranked 10th in public fund growth in 2021, 25th in 2022, 14th in 2023, and 36th in 2024 [8]. Fund Structure and Performance - The fund structure includes 10 bond funds, 8 mixed funds, and 1 stock fund, with bond funds making up a significant portion of the offerings [8]. - Performance metrics show that Donghai Xiangsu Short Bond Fund ranked 2nd out of 90 in the last three years, while Donghai Meili China Flexible Allocation Mixed Fund ranked 61st out of 422 in the past year [9].