Core Viewpoint - The recent departure of four senior executives from Yimin Fund within a year highlights significant instability in the company's management team, coinciding with a drastic reduction in its asset management scale, which has shrunk by over 61% from the end of 2024 to the first quarter of 2025 [1][9][15]. Group 1: Executive Departures - Yimin Fund announced the resignation of Vice President Gao Xiyang due to personal reasons, marking the fourth senior executive departure in just six months [1][7]. - Gao Xiyang joined Yimin Fund in June 2022 and held the position of Vice President for only six months before his departure [1][4]. - The company has experienced continuous management upheaval since late last year, with the resignation of General Manager Wang Mingde and other key executives [6][7]. Group 2: Asset Management Scale - Yimin Fund's asset management scale plummeted from 2.12 billion yuan at the end of 2024 to 820 million yuan by the first quarter of 2025, a decline exceeding 61% [9]. - As of the first quarter of 2025, Yimin Fund ranked 164th out of 199 public fund companies in terms of scale, placing it at the lower end of the industry [9]. Group 3: Management Challenges - The company is facing severe challenges in business development, exacerbated by a labor dispute related to the enforcement of a salary cap in the financial industry, which has raised concerns about human resource management [11]. - Yimin Fund has struggled to maintain a stable management team, with its asset management scale remaining below 1 billion yuan despite nearly 20 years of operation [12][15]. - The performance of Yimin Fund's products has been inconsistent, with some funds underperforming against their benchmarks [13]. Group 4: Regulatory Environment - In June 2025, the China Securities Regulatory Commission issued a plan to promote high-quality development in public funds, requiring companies to establish a performance evaluation system focused on investment returns, which poses a challenge for Yimin Fund [11][15].