Financial Performance - In the first half of 2025, the company reported operating income of 3.898 billion yuan and net profit of 1.18 billion yuan, both achieving double-digit growth, placing it among the industry leaders [1][2] - The management fee income reached 2.909 billion yuan, ranking third in the industry, while the custody fee income was 643 million yuan, also ranking third [2][3] - As of mid-2025, the company's public fund management scale exceeded 1.5 trillion yuan, with non-monetary public fund scale reaching 894.5 billion yuan, showing significant growth in various fund types despite volatility in equity investments [3][4] Active Equity Fund Performance - The company faced challenges in its active equity investments, recording a stock price difference income of -5.81 billion yuan, ranking last among the top 25 fund companies [5] - Despite generating 10.29 billion yuan in bond investment income, the overall performance remained unbalanced, with active equity funds becoming a drag on the company's performance [5][6] - As of September 3, 2025, the company had 10 active equity funds with negative returns, the highest number among all fund companies, with significant declines in several key products [5][6] Management and Incentives - The company's investment management department general manager, Wang Mingxu, managed several underperforming funds but received nearly 8 million yuan in dividends from the employee stock ownership platform [7][9] - The establishment of employee stock ownership platforms allowed core management to secure stable cash returns through dividends, even amid poor investment performance [7][11] - This discrepancy between financial performance and investment results raises questions about the effectiveness of linking performance to incentives within the company [11]