Core Viewpoint - The company is facing dual challenges of management changes and performance differentiation amid stricter governance and intensified competition in the Chinese public fund industry [1] Management Changes and Board Restructuring - Vice General Manager Gu Yuanyuan officially left the company on September 26, 2025, due to personal reasons, and will not hold any other positions within the company [4][3] - The board of directors has undergone a restructuring, with new members including Zhong Maojun as a director and two independent directors from Fudan University, enhancing the board's balance [4][5] Fund Performance and Challenges - Despite a market rebound, over 30 funds under the company have long-term negative returns, with some actively managed equity products and index funds showing significant losses, indicating structural contradictions in investment research capabilities and product layout [1][8] - As of September 26, 2025, 34 out of 285 funds have negative returns since inception, with 22 funds losing over 10% and 7 funds losing over 30%, reflecting pressure during style rotations [8] - Specific funds managed by Liu Xuanzai and Wan Jianjun have shown poor long-term performance, with some index funds experiencing substantial losses related to the cyclical downturn of their tracked sectors [9][8] Strategic Transition - The company is at a critical transition point, with management and board updates introducing new governance elements, while long-term performance differentiation highlights the need to address shortcomings in the investment research system [10] - The company must find a balance between "scaling up" and "strengthening capabilities" to determine its future position in the public fund industry amid stricter regulations and increasing investor focus on long-term returns [10]

Core Viewpoint - As of the end of Q1 2025, fund manager Wan Jianjun manages a total of 15 funds, with the best-performing fund being Huazhong Research Selected Mixed A (005630), which experienced a quarterly net value decline of 3.85% [1]. Fund Performance Summary - The following are key performance metrics for the funds managed by Wan Jianjun: - Huazhong Reverse Strategy Mixed A: 32.39 billion, annualized return of 16.39%, Q1 2025 decline of 4.27% [2] - Huazhong Research Selected Mixed A: 2.22 billion, annualized return of 10.13%, Q1 2025 decline of 3.85% [2] - Huazhong Research Intelligent Selected Mixed A: 27.10 billion, annualized return of -13.99%, Q1 2025 decline of 4.64% [2] - Huazhong Research Driven Mixed A: 7.89 billion, annualized return of -13.39%, Q1 2025 decline of 4.43% [2] - Huazhong Value Driven One-Year Holding Mixed A: 2.06 billion, annualized return of -11.71%, Q1 2025 decline of 4.15% [2] Investment Strategy and Performance - During his tenure managing Huazhong Research Selected Mixed A, Wan Jianjun achieved a cumulative return of 98.06% with an average annualized return of 10.09% [2]. - The fund had 140 adjustments in heavy stocks, with 101 profitable adjustments, resulting in a success rate of 72.14% [2]. - Notable stocks with significant performance during the holding period include: - Changchun High-tech: 395.68% estimated return with a company performance growth of 202.69% [3][5] - New Hope: 156.89% estimated return with a company performance growth of 195.78% [3] - Dingzhi New Materials: 149.07% estimated return with a company performance growth of 2968.07% [3] Notable Stock Adjustments - Examples of stock adjustments include: - ZTE Corporation: 91% estimated return with a company performance growth of 173.71% during the holding period [6]. - Zijin Mining: -87.79% estimated return despite a company performance growth of 51.76% [7].