| 指标 | 蚂蚁基金 | 天天基金 | 差异幅度 | 蚂蚁相对天天倍数 | | --- | --- | --- | --- | --- | | 营业收入(亿元) | 92.51 | 14.24 | 78.27 亿元 | 6.5 倍 | | 营业收入同比增速 | 22.46% | | | | | 营业利润 | | 0.92 | | | | 净利润(亿元) | 4.34 | 0.64 | 3.7 亿元 | 6.78 倍 | | 净利润同比增速 | 360.66% | | | | | 净利率 | 4.69% | 4.49% | 0.2 个百分点 | 1.04 倍 | | 总资产 (亿元) | 1535.3 | 295.88 | 1239.42 亿元 | 5.19 倍 | | 净资产(亿元) | 27.99（归属于母公司股东权 | 17.7 | 10.29 亿元 | 1.58 倍 | | 注册资本 (亿元) | | 3.38 | | | 数据来源：恒生电子、东方财富2025年半年报 制表：鸡血石 来源：新浪基金 2025年上半年，中国基金代销市场两大巨头——蚂蚁基金和天天基金，交出了一份差异明显的成绩单。 中国两大 ...

从营业收入来看，蚂蚁基金2025年上半年实现92.51亿元，较去年同期的75.54亿元增长22.46%。天天基 金上半年营业总收入为14.24亿元，同比增长约0.5%。蚂蚁基金的营收规模是天天基金的6.5倍。 在净利润方面，两者差距更为明显。蚂蚁基金上半年净利润4.34亿元，相比去年同期的9427.4万元，增 长幅度超过360%。天天基金净利润仅为0.64亿元，与去年同期持平。蚂蚁基金的净利润已经是天天基 金的6.8倍。 | 数据 | | --- | 来源：恒生电子、东方财富2025年半年报 制表：鸡血石 专题：新浪仓石基金研究院 2025年上半年，中国基金代销市场两大巨头——蚂蚁基金和天天基金，交出了一份差异明显的成绩单。 中国两大基金代销巨头—蚂蚁基金与天天基金相继披露2025年上半年财务数据，展现出截然不同的发展 态势。蚂蚁基金凭借支付宝平台的流量优势实现业绩爆发式增长，而天天基金则保持平稳发展态势。 数据显示，蚂蚁基金上半年营业收入92.51亿元，净利润达到4.34亿元，同比增幅超过360%；而天天基 金营业收入仅为14.24亿元，净利润0.64亿元，与去年同期持平。 核心财务指标差距惊人：蚂蚁基金营 ...

Core Viewpoint - The public fund industry is transitioning towards self-distribution and diversifying its business models in response to declining fee rates and increased competition, with companies like E Fund establishing their own sales subsidiaries to enhance operational efficiency and reduce reliance on third-party sales channels [1][4][6]. Group 1: Establishment of Subsidiaries - E Fund has received approval from the regulatory authority to establish a wholly-owned subsidiary, E Fund Wealth Management Fund Sales (Guangzhou) Co., Ltd., marking it as the ninth fund sales subsidiary in the public fund industry [2][4]. - The new subsidiary will focus on buy-side investment advisory services and has been in the application process for two years, indicating a strategic move towards enhancing service offerings and operational capabilities [3][4]. Group 2: Industry Trends and Competition - The establishment of fund sales subsidiaries is becoming a critical competitive strategy for public fund companies, allowing them to better serve investors and reduce costs amid a trend of fee reductions in the industry [4][6]. - As of now, there are nine approved fund sales subsidiaries, with other major firms like Bosera Fund and China Universal Fund also having established similar entities, indicating a growing trend in the industry [4][5]. Group 3: Future Prospects and Strategic Goals - E Fund aims to build a comprehensive, multi-layered advisory service system leveraging its newly established subsidiary, which is expected to enhance its capabilities in wealth management and investment advisory [6]. - The regulatory environment is supportive of the development of investment advisory services, with recent policies aimed at promoting high-quality growth in the public fund sector, further encouraging firms to innovate and expand their service offerings [6].