Core Viewpoint - On October 30, 2025, RuYi Group (002193.SZ) released its Q3 2025 financial report, indicating a decrease in institutional investor holdings compared to the previous quarter [1] Institutional Holdings - As of October 29, 2025, four institutional investors disclosed holdings in RuYi Group A-shares, totaling 80.1988 million shares, which represents 30.64% of the company's total equity [1] - The institutional investors include Shandong RuYi Technology Group Co., Ltd., Shandong RuYi Woolen Group Co., Ltd., China Orient Asset Management Co., Ltd., and Jin Ying Fund - SPD Bank - Founder Dongya Trust Co., Ltd. [1] - Compared to the previous quarter, the total institutional holding percentage decreased by 1.65 percentage points [1] Public Fund Disclosures - In this period, five public funds that were not disclosed in the previous quarter include Pengyang CSI A500 Index Enhanced A, Xinhua Small and Medium Market Value Preferred Mixed, Guolian Xin Qidian Mixed A, Huiquan Qiyuan Future Mixed Initiated A, and Jiangxin Tongfu A [1] Foreign Investment Attitude - The foreign institutions that were not disclosed in the previous quarter include BARCLAYS BANK PLC and UBS AG [1]

Core Viewpoint - Jiangxin Fund has undergone significant management changes, with the resignation of its chairman and general manager, raising concerns about the company's stability and future direction [1][2][5]. Group 1: Management Changes - Jiangxin Fund announced the resignation of Chairman Sun Zhenping and General Manager Yuan Liang on April 29, 2025, due to personal reasons and work arrangements, respectively [1][5]. - Sun Jian has been appointed as the new chairman and will also serve as the acting general manager, effective from April 29, 2025 [2][4]. - The company has experienced frequent management turnover, with notable departures occurring in May 2022, when four vice presidents and a chief information officer left simultaneously [5][6]. Group 2: Company Performance - Jiangxin Fund's asset management scale is currently only 2.038 billion yuan, ranking 146th among 162 public fund institutions [7][8]. - The company has faced significant financial challenges, reporting a net loss of approximately 33 million yuan in 2024, marking five consecutive years of losses [7][10]. - Despite being established in 2013, Jiangxin Fund has not launched any new fund products in over seven years, indicating stagnation in growth [7][8]. Group 3: Historical Context - The previous chairman, Sun Zhenping, served for 12 years since his appointment in 2013, while Yuan Liang held the general manager position for about 1.5 years [5][6]. - The fund's management scale peaked at over 4 billion yuan in Q3 2017 but has since declined significantly [7].