With the era of "performance-driven" investing arriving, major reforms in public fund performance evaluations have emerged after three years, potentially affecting nearly a thousand fund managers with salary adjustments.
Recently, the "Guidelines for Performance Assessment Management of Fund Management Companies (Draft for Comment)" has sparked industry-wide discussions. The guidelines impose restrictions on dividend distributions by fund companies to shareholders, requiring them to prudently determine payout frequency and ratios based on long-term fund performance and investor returns. Companies with poor performance or significant investor losses over the past three years should reduce dividend payouts accordingly.
According to EB SECURITIES' financial reports, Dacheng Fund reported revenue of 2.116 billion yuan and net profit of 461 million yuan in 2024. EB SECURITIES, holding a 25% stake in Dacheng Fund, received 44 million yuan in dividends, implying a total shareholder payout of 176 million yuan—a payout ratio of 38.19%.
Extending this trend, over the past decade (2015–2024), Dacheng Fund accumulated revenue of 14.1 billion yuan and net profit of 3.118 billion yuan, distributing 1.293 billion yuan in dividends to shareholders—an average payout ratio of 41.46%. EB SECURITIES received cumulative dividends of 323 million yuan during this period.
Performance-wise, Wind data reveals that among Dacheng Fund's 131 primary fund products from 2022 to 2024, 60 (45.8%) posted losses, 50 (38%) underperformed their benchmarks, and 27 (20%) lagged by over 10%. From December 1, 2022, to November 30, 2025, 13 out of 152 funds (8%) recorded losses, 50 (32%) underperformed benchmarks, and 20 (13%) trailed by more than 10%.
Market analysts highlight concerns about high dividend payouts: (1) excessive ratios hinder capital accumulation and risk management, weakening innovation and expansion capabilities; (2) shareholders fail to fulfill long-term capital commitments; and (3) substantial payouts during market downturns or poor investor returns negatively impact client experience.