With the intensive disclosure of the annual reports of listed companies, the performance of a number of brokerage and banking fund companies, including Boshi fund, China Merchants Fund, BOCOM Schroeder fund and Societe Generale fund, has gradually surfaced. Although the market experienced short-term shocks in the first half of 2021, the overall performance of the fund company was brilliant, realizing a bumper harvest of scale and profitability. According to the statistics of the reporter of the economic information daily, as of the time of publication on March 29, among the 16 fund companies that have disclosed their performance, a total of 12 have achieved positive growth in net profit in 2021, of which seven have increased their net profit by more than 30%, and two have turned losses into profits.
head fund company’s overall outstanding performance
On the evening of March 28, Citic Securities Company Limited(600030) disclosed the annual report of 2021. The data shows that the profitability of Huaxia Fund continues to grow, which has contributed a more prominent consolidated income to Citic Securities Company Limited(600030) fund. In 2021, Huaxia Fund achieved an operating revenue of 8.015 billion yuan and a net profit of 2.312 billion yuan, with a year-on-year increase of nearly 45%, which also led the performance of peer fund companies.
The operating income is followed by Boshi fund and China Merchants Fund with China Merchants Securities Co.Ltd(600999) equity participation. The net profits of the two fund companies have exceeded 1 billion yuan China Merchants Securities Co.Ltd(600999) annual report data show that Boshi fund achieved a revenue of 5.764 billion yuan and a net profit of 1.779 billion yuan in 2021, with a year-on-year increase of 42.63%. The operating revenue of China Merchants Fund in 2021 was 5.232 billion yuan, and the net profit exceeded 1 billion yuan for the first time, reaching 1.603 billion yuan, a year-on-year increase of 77.35%.
First Capital Securities Co.Ltd(002797) securities Yinhua Fund’s net profit in 2021 is also close to the 1 billion yuan mark. According to the annual report, in 2021, Yinhua Fund achieved an operating revenue of 3.986 billion yuan, entered the first tier of public offering revenue, and achieved a net profit of 922 million yuan.
The performance of banking fund companies is also outstanding Bank Of Communications Co.Ltd(601328) 2021 annual report shows that the total assets of BOCOM Schroder fund, which holds 65% of its shares, are 6.999 billion yuan, and the net profit during the reporting period is 1.786 billion yuan, a year-on-year increase of 42%. At the same time, the management scale of BOCOM Schroeder fund also increased significantly. Data show that by the end of 2021, the scale of public funds managed by bocom Schroder fund was 547.3 billion yuan, an increase of 61% over the previous year.
Industrial Fund, another bank fund company, also achieved positive growth in net profit in 2021. According to the annual report of Industrial Bank Co.Ltd(601166) 2021, as of the end of the reporting period, the total assets of industrial fund were 4.475 billion yuan, an increase of 13.93% over the previous year; The operating revenue was 1.212 billion yuan and the net profit was 491 million yuan, with a year-on-year increase of more than 10%.
some small and medium-sized funds turn losses into profits
While head fund companies continue to maintain steady growth, the business performance of small and medium-sized fund companies will continue to differentiate in 2021 under the current market environment.
The audited annual net profit of the company’s subsidiaries was RMB 21.48 billion, and the audited annual net profit of the company was about RMB 20.21 billion. Based on the annual report data of Zheshang Securities Co.Ltd(601878) over the years, this is also the first profit of Zheshang fund since 2018. The company’s net profit in 2018 was -213475 million yuan and that in 2019 was -181914 million yuan.
In terms of management scale, the data show that since 2018, the scale of Zheshang fund has risen from 21.3 billion yuan to 45 billion yuan, showing a steady growth trend as a whole. It is worth noting that the company established about 12 new funds in 2021, with a scale of more than 6 billion yuan. Previously, the market had been worried about the company’s operation in the new year. In August 2021, Nie Ting, former general manager of Zheshang fund, resigned and was temporarily represented by Chairman Xiao Feng. In January 2020, Cha Xiaolei, a heavyweight of the company’s intelligent investment, resigned as fund manager. According to the announcement, Cha Xiaolei stepped down as a fund manager of the 11 fund products previously managed (different shares are combined), some of which have been in office for less than half a year.
Similarly, China Shipping fund has realized turning losses into profits. According to the 2021 annual report disclosed by Guolian Securities Co.Ltd(601456) disclosure, the total assets of its subsidiary China offshore fund as of the end of the reporting period were about 425 million yuan, and the net assets attributable to the parent company were about 308 million yuan. In 2021, the annual operating revenue was about 183 million yuan and the net profit was more than 5 million yuan. Previously, in 2020, the total assets of the fund were 362 million yuan and the net profit was 3.6493 million yuan.
In the fierce competition in the industry, the loss range of Nanhua fund further expanded in 2021 The Nanhua Futures Co.Ltd(603093) annual report shows that in 2021, Nanhua fund achieved an operating income of 258546 million yuan and a net profit of -284685 million yuan, a year-on-year decrease of 143.62%. Since its establishment in 2016, Nanhua fund has suffered losses in net profit for six consecutive years. As of December 31, 2021, Nanhua fund has total assets of 121 million yuan and net assets of 108 million yuan.
According to the data, by the end of 2021, the management scale of Nanhua fund was 9.659 billion yuan, nearly three times higher than that of 3.482 billion yuan in the same period in 2020; The return on net assets of the company decreased from – 10.87% to – 25.32%. In terms of its product layout, corporate bond funds account for 91.94%.
Guotai Junan Securities Co.Ltd(601211) securities Sun Yu pointed out that from 2020 to 2021, the “big year” of equity boosted the concentration of head companies with stronger investment and sales resources. In the future, it is difficult to reverse the trend of the concentration of industry resources to the head. The situation of small and medium-sized companies is not optimistic. The willingness and ability of continuous innovation and differentiated competition are very important.
