Great Wall Jiuxin Hybrid Annual Report Analysis: Net Assets Soar by 888%, Net Profit Increases 41 Times Behind the Robot Track Layout

Key Financial Indicators: Net Profit and Net Assets Achieve Leapfrog Growth

Net Profit Turns from Loss to Profit, Year-over-Year Increase Exceeds 41 Times

In 2025, Great Wall Jiuxin Hybrid A Fund’s current period profit was 46,972,274.38 yuan, C class 23,682,963.68 yuan, totaling a net profit of 70,655,238.06 yuan. Compared to a net loss of -1,754,281.08 yuan in the same period of 2024, the year-over-year increase in net profit is as high as 4,127%, achieving a reversal from deep loss to significant profit.

Net Asset Scale Surges by 888%, Management Scale Significantly Expands

At the end of the period, total net assets amounted to 276,294,230.19 yuan, an 888% increase from 27,955,061.18 yuan at the end of 2024. Among them, A class fund’s net assets at the end of the period were 144,742,575.17 yuan, C class 131,551,655.02 yuan. The scale expansion mainly results from rising fund net value and inflows of subscription funds.

Fund Net Value Performance: Significantly Outperforms Benchmark, Excess Returns Are Notable

Net Value Growth Rates of A/C Classes Both Exceed 86%

In 2025, the net value growth rate of Great Wall Jiuxin Hybrid A class was 87.47%, C class 86.38%, while the performance benchmark return was only 9.74%. The excess returns are 77.73% and 76.64%, respectively. The standard deviation of net value growth rate over the past year is 2.51%, higher than the benchmark’s 0.52%, indicating that the fund has achieved excess returns through active management while volatility has also increased.

Investment Strategy and Operations: Betting on Robotics Sector, Highly Concentrated Holdings

Focused Allocation in Advanced Manufacturing Robotics Industry Chain

The report shows that, at the end of the period, stock investments accounted for 91.18% of the fund’s net assets, with manufacturing making up 89.57%. The core holdings include key component companies in the robotics industry, joint module manufacturers, and complete machine integrators, distributed across automotive, machinery, electronics, and electrical equipment sectors. The manager believes 2025 is the “Year One” for humanoid robots, with mass production expected to begin in 2026. The industry has broad prospects but needs to address cost and technical barriers.

Top Ten Holdings Are Highly Concentrated, Zhejiang Rontai Accounts for 8.65%

At the end of the period, the top ten holdings accounted for 43.63% of the fund’s net assets. The largest holding, Zhejiang Rontai (603119), represented 8.65%. Meihu Shares (603319) and Wuzhou Xinchun (603667, under rights protection) held 5.79% and 5.36%, respectively, ranking second and third. The top three holdings are all related to the robotics industry chain, with a style favoring leading companies in niche segments.

Fees and Transactions: Management Fees Double with Scale Growth, Related-Party Transaction Commissions Account for 5.1%

Management and Custody Fees Increase Over 4 Times

In 2025, the fund paid management fees of 1,981,231.10 yuan, a 427% increase from 375,972.40 yuan in 2024; custody fees were 330,205.14 yuan, also up 427% from 62,662.19 yuan. The fee growth is directly related to the expansion of fund scale. Among these, client maintenance fees paid to sales agencies amounted to 772,819.41 yuan, accounting for 38.99% of management fees.

Transaction Fees of 608,492.52 Yuan, Related-Party Transaction Commissions Account for 5.1%

During the reporting period, stock trading transaction costs were 608,492.52 yuan, with payable transaction fees of 98,020.71 yuan. Stock trading commissions through related-party Dongfang Securities Trading Unit amounted to 10,719.35 yuan, representing 5.10% of total commissions for the period. The commission rate aligns with market averages.

Holder Structure and Share Changes: Institutional Holders of C Class Nearly 80%, Total Shares Up 412%

Institutional Investors Dominate C Class, Individual Investors Hold All A Class Shares

At the end of the period, total fund shares were 110,796,657.03, with A class at 57,531,356.59 (held entirely by individual investors), and C class at 53,265,300.44 (held by institutional investors at 79.42%). Institutional investors held 38.18% of total fund shares, indicating professional recognition of the fund’s investment strategy.

Net Subscriptions Exceed 83 Million Shares Year-Round, Scale Expands Significantly

In 2025, A class subscriptions totaled 131,263,090.96 shares, with redemptions of 94,452,358.51 shares, net subscriptions of 36,810,732.45 shares; C class subscriptions totaled 151,309,197.32 shares, redemptions 98,155,983.39 shares, net subscriptions 53,153,213.93 shares. Total net subscriptions reached 89,963,946.38 shares, with total shares increasing by 412% from the beginning of the period.

Risk Warning: Manager Previously Penalized for Compliance Issues; Robotics Sector Volatility Needs Caution

Manager Compliance Risk: Product Registration Suspended for 3 Months

The report states that, on October 31, 2025, China Securities Regulatory Commission Shenzhen Bureau imposed administrative measures on Great Wall Fund Management Co., Ltd., requiring “corrective actions and suspension of related product registration applications for 3 months” due to compliance internal control issues. Although rectified, attention should be paid to the effectiveness of the internal risk control system.

Concentration Risk in Robotics Sector: High Valuations and Fluctuations

The fund’s stock investments are heavily concentrated in manufacturing, accounting for nearly 90%, mainly in the robotics industry chain. If industry policies, technological breakthroughs, or valuations do not meet expectations, the fund’s net value could fluctuate significantly. In 2025, the ChiNext Index rose by 49.57%, with the robotics sector leading gains, warranting caution about valuation bubbles.

Manager Outlook: Focus on New Quality Productivity in 2026, Policy Support Sectors May Be Main Line

The manager believes that 2026, as the start of the “14th Five-Year Plan,” will see more proactive macro policies, with a continued stable economic trend. The capital market will focus on policy-supported sectors and new quality productivity. The fund will continue tracking humanoid robot mass production progress and seek listed companies with good positioning, high barriers, and significant value for deployment.

Risk Reminder: Past performance does not indicate future results. The development of the robotics industry involves uncertainties such as technological iteration and policy changes. Investors should make rational decisions based on their risk tolerance.

Disclaimer: The market carries risks; investments should be cautious. This article is automatically published by an AI model based on third-party databases and does not represent Sina Finance’s views. All information herein is for reference only and does not constitute personal investment advice. Please refer to official announcements for accuracy. For questions, contact biz@staff.sina.com.cn.