13 wealth management companies disclose 2025 performance reports, all showing positive growth in scale

Li Jing, China Securities Journal

As of March 2nd, 13 wealth management companies have disclosed their 2025 performance reports. Based on the disclosed data, the scale of their wealth management products has achieved positive growth across the board. Although fixed-income products still dominate, the product structure of wealth management companies is quietly changing— the proportion of hybrid products is gradually increasing, and diversification is beginning to emerge.

Scale Achieves Positive Growth

According to China Securities Journal reporters’ review, the 13 wealth management companies that have disclosed their 2025 performance are Xingyin Wealth Management, Puyin Wealth Management, China Post Wealth Management, Suyin Wealth Management, Hangyin Wealth Management, Shangyin Wealth Management, Huiyin Wealth Management, Hengfeng Wealth Management, Qingyin Wealth Management, Guangyin Wealth Management, Faba Nongyin Wealth Management, BlackRock Jianxin Wealth Management, and Huihua Wealth Management.

In terms of the remaining scale of wealth management products, by the end of 2025, Xingyin Wealth Management led with over 24.3 trillion yuan; Puyin Wealth Management and China Post Wealth Management followed with 14.7 trillion yuan and 13.2 trillion yuan respectively. Several city commercial bank-based wealth management companies also saw steady expansion in their product scales, with Suyin Wealth Management and Hangyin Wealth Management reaching 8.262 trillion yuan and 6.076 trillion yuan respectively.

Regarding the growth rate of remaining wealth management products, compared to the end of June 2025, by the end of 2025, all 13 companies saw positive growth in their scales, with nine companies achieving double-digit increases. The joint venture wealth management companies showed particularly notable expansion: Faba Nongyin Wealth Management performed outstandingly, with its scale jumping from 48.7 billion yuan at the end of June 2025 to 89.3 billion yuan at year-end, an increase of over 83%. BlackRock Jianxin Wealth Management and Huihua Wealth Management also experienced rapid growth of over 20% and over 37%, respectively.

Increase in Proportion of Hybrid Products

Looking at product types, although fixed-income products still dominate, some leading companies are gradually optimizing their product structures. The proportion of hybrid products is increasing, while fixed-income products’ share is decreasing, indicating a trend toward diversification.

For example, Xingyin Wealth Management, by the end of 2025, had a remaining scale of 2.26 trillion yuan in fixed-income products, accounting for 98.19%, down 0.62 percentage points from June 2025. Its hybrid products’ remaining scale was 34.9 billion yuan, nearly double that of June 2025, increasing its share by 0.7 percentage points to 1.52%.

This trend is also confirmed at the industry level. According to data from the Banking Wealth Management Registration and Custody Center, by the end of 2025, the remaining scale of fixed-income wealth management products was 32.32 trillion yuan, accounting for 97.09% of all remaining wealth management products, down 0.11 percentage points from June 2025. The remaining scale of hybrid products was 870 billion yuan, making up 2.61%, an increase of 0.1 percentage points. Against the backdrop of low interest rates and a warming equity market, wealth management firms are increasing their focus on hybrid products to meet investors’ diversified investment needs.

Momentum Expected to Continue in 2026

According to data from the Banking Wealth Management Registration and Custody Center, the total remaining scale of wealth management products increased by 3.34 trillion yuan in 2025, reaching 33.29 trillion yuan, a growth of 11.15%. Looking ahead to 2026, many industry insiders believe that, amid continued decline in deposit interest rates and the maturity of high-yield deposits, the scale of remaining wealth management products is expected to continue growing. Huaxi Securities Research Institute estimates that the remaining scale will increase by 1.5 trillion to 2.3 trillion yuan in 2026.

Huaxi Securities Chief Economist Liu Yu believes that in 2026, incremental funds for wealth management will mainly flow into short-term fixed-income products, primarily those with minimal holding periods, supplemented by closed-end and daily-open (non-cash management) products. Among these, minimal holding period products are becoming a key focus for wealth management firms due to their flexible redemption and stable returns.

Meanwhile, as the interest rate center continues to decline, the yields of underlying assets in wealth management products are gradually decreasing. Coupled with the fact that there will be no additional unrealized gains to boost product returns in 2026, the actual yield levels of wealth management products will face further pressure. Liu Yu believes that to cope with yield pressures, wealth management products are likely to accelerate their transformation toward multi-asset and multi-strategy approaches, with public funds potentially becoming an important vehicle for this layout.