With the successive disclosure of annual reports of listed companies, the operating conditions of the fund companies they control and participate in in in 2023 have also been released. Overall, due to the volatile trend of the A-share market last year, the net profits of most fund companies have declined, and fund companies with a higher proportion of equity funds have been more affected. Against the backdrop of overall performance pressure, some fund companies have successfully achieved growth against the trend or turned losses into profits with the help of specialized businesses. According to Wind data, as of April 7th, 41 parent companies of public funds have released their 2023 annual reports. From a data perspective, there are a total of 16 fund companies with operating income exceeding 1 billion yuan. Among them, E Fund is the only company with a revenue exceeding 10 billion yuan, reaching 12.5 billion yuan; The fund companies ranked 2nd to 5th all had operating income of over 6 billion yuan in 2023, including Guangfa Fund (7.643 billion yuan), Huaxia Fund (7.327 billion yuan), Southern Fund (6.741 billion yuan), and Fuguo Fund (6.715 billion yuan). In terms of net profit, there are currently 10 fund companies with a net profit of over 1 billion yuan in 2023. Among them, the top five are E Fund, Huaxia, Nanfang, Guangfa, and ICBC Credit Suisse, with net profits of 3.382 billion yuan, 2.013 billion yuan, 2.011 billion yuan, 1.95 billion yuan, and 1.942 billion yuan in 2023, respectively. In addition, multiple fund companies such as Fuguo Fund, China Merchants Fund, Boshi Fund, Huitianfu Fund, and Bank of Communications Schroder Fund had a net profit of over 1 billion yuan in 2023, and the Matthew effect of the "strong always strong" public offering continued to emerge. Although the top public offerings have generally maintained a certain operating volume, the operating performance of the public offering industry has shrunk compared to 2022. Among the 33 fund companies with comparable revenue data, a total of 18 had a year-on-year decrease in revenue, accounting for more than half of the total. Among them, 10 fund companies had a revenue decrease of more than 10%. Among the 38 fund companies with comparable net profit data, a total of 23 had a year-on-year decrease in net profit, accounting for more than 60%, and 16 had a net profit decrease of more than 10%. On the other hand, compared with 2022, the team with a net profit of 2 billion yuan has significantly reduced its staff. Guangfa, ICBC Credit Suisse, Fuguo, and Huitianfu all had net profits of less than 2 billion yuan in 2023, which were 1.95 billion yuan, 1.942 billion yuan, 1.814 billion yuan, and 1.415 billion yuan, respectively, a year-on-year decrease of 8.62%, 27.48%, 12.2%, and 32.41%. Industry insiders have stated that many fund companies, especially those with a high proportion of active equity products, are facing certain operational pressure due to multiple factors such as the A-share market volatility in 2023, the weakening of fund profitability, the cooling of public fund product issuances, and the reduction of fees for public funds. Although it is common to see operational pressure and a decrease in net profit from the perspective of the industry, some fund companies still achieved growth against the trend or turned losses into profits in 2023 through the assistance of specialized businesses. The reason behind this is due to the company's unique characteristics of leveraging resources