Core Viewpoint - Nanhua Fund reported a net loss of 6.18 million yuan in the first half of 2025, continuing a trend of financial struggles since its establishment in 2016, with cumulative losses nearing 120 million yuan [2][3][5]. Financial Performance - In the first half of 2025, Nanhua Fund's operating income was 24.02 million yuan, a decline of over 35% year-on-year, while the net profit was -6.18 million yuan compared to a slight profit of 337,900 yuan in the same period last year [2][4]. - Since its inception, Nanhua Fund has only reported a profit in 2023, with losses in all other years, totaling nearly 120 million yuan [3][5]. - The total assets and net assets of Nanhua Fund as of June 30, 2025, were 139 million yuan and 132 million yuan, respectively [4]. Business Structure and Management - As of the second quarter of 2025, Nanhua Fund's public fund management scale reached 21.51 billion yuan, a year-on-year increase of 45.4% [10]. - The company has no money market funds, with bond funds accounting for approximately 97% of the total public fund scale, while equity funds represent only about 3% [11]. - Despite the overall growth in management scale, most funds have experienced net redemptions, indicating challenges in attracting and retaining investors [15]. Recent Developments - On August 11, 2025, Nanhua Futures announced a capital increase of 100 million yuan for Nanhua Fund to enhance its capital strength, raising the registered capital from 250 million yuan to 350 million yuan [7][8]. - The reopening of the Nanhua Ruitai 39-month fixed-term fund on May 20, 2025, attracted significant interest, with subscription amounts exceeding the 8 billion yuan cap, leading to a high confirmation rate of 94% for effective subscription applications [12][13]. Product Performance - The performance of Nanhua Fund's products has been underwhelming, with bond funds showing minimal growth and equity funds lacking standout performers [14]. - Among the six actively managed equity funds, five have achieved a year-to-date net asset value growth rate exceeding 15%, while one fund has reported negative returns [14].

Core Viewpoint - In the first half of 2025, Nanhua Fund reported a net loss of 6.18 million CNY, indicating a significant decline in financial performance compared to the previous year, where it achieved a slight profit of 0.34 million CNY [2][4]. Financial Performance - Nanhua Fund's operating income for the first half of 2025 was 24.02 million CNY, a decrease of over 35% year-on-year [4]. - Cumulative losses since its establishment in 2016 have approached 120 million CNY, with only one profitable year in 2023, where it reported a net profit of 1.19 million CNY [4][5]. - The total assets and net assets of Nanhua Fund as of June 30, 2025, were 139 million CNY and 132 million CNY, respectively [4]. Business Structure and Growth - As of the second quarter of 2025, Nanhua Fund's public fund management scale reached 21.51 billion CNY, a year-on-year increase of 45.4% [8]. - The company has no money market funds, with bond funds accounting for approximately 97% of the total public fund scale, while equity funds represent only about 3% [8]. Recent Developments - Nanhua Futures announced a capital increase of 100 million CNY for Nanhua Fund to enhance its capital strength, raising its registered capital from 250 million CNY to 350 million CNY [5][6]. - Despite the capital increase, the company acknowledged that the benefits of this move are uncertain due to various influencing factors [6]. Fund Performance - Most of Nanhua Fund's products have not shown significant performance highlights, with many funds experiencing net redemptions [7][12]. - Among the bond funds, the annual net value growth rate has generally been below 1%, with the best-performing equity fund achieving a growth rate of over 38% [11].