Core Insights - The Shanghai Composite Index has returned to around 3700 points after a significant decline and subsequent recovery, but investors in the Fuyanda Emerging Growth Mixed Fund are facing substantial losses, with a nearly 70% drop in net value since its inception [2][3] Fund Performance - The Fuyanda Emerging Growth Mixed Fund A has seen its cumulative net value drop to 0.6597 yuan, representing a 34.03% loss since its establishment on September 11, 2014 [3][9] - In the past four years, the fund has consistently underperformed, ranking in the bottom 25% among its peers, with annual losses recorded in 2021, 2022, 2023, and 2024 [3][5] - As of August 13, 2023, 10 out of 17 mixed funds managed by Fuyanda have reported losses since their inception, with many funds having a scale of less than 50 million yuan, categorizing them as "mini funds" [2][8] Fund Management Changes - On August 7, 2023, the fund manager for Fuyanda Emerging Growth Mixed Fund was changed, with Li Shoufeng being replaced by Yang Hong, raising questions about whether this change can reverse the fund's poor performance [3][11] - The fund's top ten holdings have seen significant turnover, with 9 out of 10 stocks changed in the first quarter of 2023 compared to the end of the previous quarter [3] Company Overview - Fuyanda Fund Management Co., Ltd. was established on April 27, 2011, with a registered capital of 818 million yuan, and is primarily owned by Nanjing Securities [7][8] - As of the end of the second quarter, Fuyanda's total public fund management scale was 132.38 billion yuan, with equity funds struggling to grow, primarily relying on fixed-income products for scale recovery [8]

Group 1 - Li Shoufeng has resigned from three funds managed by Fuanda Fund, including Fuanda Small and Medium Cap Six-Month Holding Mixed Fund, Fuanda Emerging Growth Mixed Fund, and Fuanda Consumer Theme Mixed Fund [1][2] - Fuanda Small and Medium Cap Six-Month Holding Mixed Fund was established on September 8, 2021, with a year-to-date return of 6.55% and a cumulative return of -32.34%, resulting in a net value of 0.6766 yuan as of August 7, 2025 [1] - Fuanda Emerging Growth Mixed Fund A, established on September 11, 2014, has a year-to-date return of -0.06% and a cumulative return of -36.94%, with a net value of 0.6306 yuan; Fuanda Emerging Growth Mixed Fund C, established on December 17, 2021, has a year-to-date return of -0.30% and a cumulative return of -65.24%, with a net value of 0.6218 yuan [1] - Fuanda Consumer Theme Mixed Fund, established on August 1, 2017, has a year-to-date return of 7.71% and a cumulative return of 58.99%, with a net value of 1.6422 yuan as of August 7, 2025 [1]

Group 1 - The core point of the news is the announcement of the departure of Li Shoufeng from three funds managed by Fuanda Fund, indicating a significant change in the management team [1][2] - Li Shoufeng has held various positions, including a senior industry researcher at Fuanda Fund and is currently the head of the industry research department [1] - The funds affected by this change include Fuanda Small and Medium Cap Six-Month Holding Mixed Fund, Fuanda Emerging Growth Mixed Fund, and Fuanda Consumption Theme Mixed Fund [1][2] Group 2 - Fuanda Small and Medium Cap Six-Month Holding Mixed Fund was established on September 8, 2021, with a year-to-date return of 6.55% and a cumulative return of -32.34%, resulting in a net value of 0.6766 yuan [1] - Fuanda Emerging Growth Mixed Fund A, established on September 11, 2014, has a year-to-date return of -0.06% and a cumulative return of -36.94%, with a net value of 0.6306 yuan; Fund C, established on December 17, 2021, has a year-to-date return of -0.30% and a cumulative return of -65.24%, with a net value of 0.6218 yuan [1] - Fuanda Consumption Theme Mixed Fund, established on August 1, 2017, has a year-to-date return of 7.71% and a cumulative return of 58.99%, with a net value of 1.6422 yuan [1]