Core Viewpoint - Ping An Fund announced the migration of its "Ping An Fund" APP services to its official website and WeChat service account, effective August 31 this year, leading to the suspension of the APP's operation and maintenance [1][2]. Company Overview - Ping An Fund was established in 2011, headquartered in Shenzhen, with a registered capital of 1.3 billion RMB. It is controlled by Ping An Group [4]. - The fund has three shareholders: Ping An Trust Co., Ltd. (68.19%), Dahua Asset Management Co., Ltd. (17.51%), and Sanya Yingwan Tourism Co., Ltd. (14.3%) [4]. - As of the second quarter of this year, Ping An Fund's managed public fund scale reached 660.225 billion RMB, with a significant portion (403.739 billion RMB) in money market funds, accounting for 61.15% of the total [4]. Industry Context - The decision to shut down the APP is attributed to the high operational costs associated with direct sales APPs, which have low download and usage rates among individual investors [6]. - The operational cost of maintaining an APP is estimated to be between 2 to 3 million RMB annually, while the funds generated from the APP are minimal, leading to an unfavorable cost-benefit ratio [6]. - The competitive landscape shows a trend where third-party distribution giants dominate, making it increasingly difficult for small and medium-sized public funds to conduct direct sales [7]. - In response to high operational costs, some public funds are shifting towards lower-cost alternatives like podcasts to engage with investors and enhance brand recognition [7].

Core Viewpoint - The announcement by Ping An Fund to cease operations of its mobile app reflects a broader trend in the public fund industry, where several small and medium-sized institutions are shutting down their independent mobile applications due to cost pressures and declining user engagement [1][3][7]. Group 1: Industry Trends - Ping An Fund will officially stop its app operations on August 31, 2025, following other public fund companies like Guoshou Anbao Fund and Qianhai Kaiyuan Fund, marking a significant shift in the industry [3][5]. - Since 2019, there has been an accelerated trend of public funds shutting down their mobile applications, with at least six companies doing so in 2024 alone, indicating a clear exit wave in the industry [3][5]. - The closure of the app is part of a strategic retreat as the industry faces challenges from high operational costs and low user engagement, particularly among smaller fund companies [5][7]. Group 2: Financial Performance - As of the end of Q2 2025, Ping An Fund managed assets totaling 660.225 billion yuan, ranking 24th among 162 fund companies, but its business structure is heavily skewed towards money market funds, which account for 61.52% of its total assets [3][5]. - The fund's largest money market product, Ping An Daily Increase A, has a scale exceeding 200 billion yuan, while only five out of 109 actively managed equity funds have scales over 1 billion yuan [3][5]. Group 3: Operational Challenges - The annual cost of maintaining a fund app is estimated to be between 2 to 3 million yuan, covering all aspects from regulatory approval to content operation, which is not justified by the low user engagement and funds generated [5][6]. - The user activity levels of smaller fund apps are significantly lower compared to leading fund apps, which further exacerbates the financial viability of maintaining such platforms [5][6]. Group 4: Strategic Shifts - The decision to shut down the app signifies a strategic restructuring in the public fund industry, moving from a heavy asset model to a more lightweight operational approach as companies refocus their resources [7]. - The dominance of third-party platforms in traffic acquisition has led fund companies to reassess their value propositions, shifting from self-built channels to more pragmatic resource allocation [7].