Group 1 - The stock price of Kailaiying has dropped 3.24% to 102.00 CNY per share, with a total market capitalization of 36.781 billion CNY, marking a cumulative decline of 10.29% over the last four days [1] - Kailaiying Pharmaceutical Group, established on October 7, 1998, specializes in providing CMO pharmaceutical outsourcing services, with revenue composition of 76.19% from small molecule CDMO solutions and 23.71% from emerging services [1] Group 2 - Huisheng Fund holds a significant position in Kailaiying, with its Huisheng Medical Health 6-Month Holding Period Mixed Fund reducing its holdings by 88,700 shares, now holding 345,300 shares, which constitutes 5.08% of the fund's net value [2] - The fund has experienced a floating loss of approximately 1.1809 million CNY today and a total floating loss of 4.0398 million CNY during the four-day decline [2] - The Huisheng Medical Health 6-Month Holding Period Mixed Fund was established on December 22, 2020, with a current size of 600 million CNY, achieving a year-to-date return of 23.82% and a one-year return of 19.48% [2]

Group 1 - The core point of the news is the announcement of the resignation of Zhang Yifu from multiple funds managed by Huisheng Fund Management Co., Ltd. [1] - Zhang Yifu has a background as an assistant researcher and researcher at Guotai Junan Securities, a researcher at UBS Securities, and a fund manager assistant at Invesco Great Wall Fund Management [1] - The funds affected by Zhang Yifu's departure include Huisheng Medical Health 6-Month Holding Period Mixed Fund, Huisheng Huize Mixed Fund, and Huisheng Huimin Mixed Fund [1][2][3] Group 2 - Huisheng Medical Health 6-Month Holding Period Mixed Fund was established on December 22, 2020, with a year-to-date return of 2.87% and a cumulative return of -40.54% as of May 19, 2025, with a net value of 0.5946 yuan [1] - Huisheng Huize Mixed Fund A and C, established on December 17, 2019, have year-to-date returns of -0.25% and -0.48%, respectively, with cumulative returns of 12.69% and 9.06%, and a combined scale of 1.366 billion yuan as of March 31, 2025 [1][2] - Huisheng Huimin Mixed Fund A and C, established on March 5, 2020, have year-to-date returns of 6.41% and 6.26%, respectively, with cumulative returns of 6.48% and 4.30%, and net values of 1.0866 yuan and 1.0672 yuan [1][3]

Core Viewpoint - The resignation of Zhang Yifu, a key figure at Huisheng Fund, raises questions about the underlying reasons for his departure, especially given the poor performance of the funds he managed [1][4][6]. Group 1: Fund Manager Changes - On May 20, Huisheng Fund announced the resignation of Zhang Yifu from his roles managing three mixed funds, with no clear indication of his future plans [1][2]. - The three funds previously managed by Zhang Yifu will now be overseen by new managers: Sun Qing, Peng Baiwen, and Zhang Zheng [1][2]. - Zhang Yifu's departure follows a trend of increasing managerial changes within Huisheng Fund, including the recent hiring of experienced personnel to strengthen the investment team [6][9]. Group 2: Fund Performance - Prior to his resignation, Zhang Yifu managed funds with a total scale of 2.267 billion yuan, accounting for 72.68% of Huisheng Fund's mixed product total [4]. - The performance of the funds under Zhang Yifu's management was notably poor, with annualized returns of only 1.21% for Huisheng Huimin Mixed Fund and -40.54% for Huisheng Medical Health Fund, significantly underperforming their benchmarks [4][10]. - The overall performance of Huisheng Fund's equity products has been under pressure, with five out of eight mixed funds reporting losses since inception [10]. Group 3: Company Structure and Strategy - As of the end of Q1 2025, Huisheng Fund's total management scale was 52.772 billion yuan, with fixed income assets making up 94.09% of the portfolio, highlighting a significant imbalance in product structure [9]. - The company has not launched any new equity products since March 2022, indicating a stagnation in its equity investment strategy despite recent managerial changes aimed at enhancing this area [9][10]. - The recent high-level departures and appointments within Huisheng Fund suggest a strategic shift as the company attempts to address its historical reliance on fixed income products and improve its equity investment capabilities [9].