The recent release of the "Guidelines for Performance Assessment Management of Fund Management Companies (Draft for Comment)" has sparked widespread discussion in the industry. The guidelines impose restrictions on dividend payouts 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 fund performance or significant investor losses over the past three years should reduce dividend payouts accordingly.
According to GF Securities' 2024 annual report, GF Fund reported revenue of 7.26 billion yuan and a net profit of 2 billion yuan. GF Securities, holding a 54.53% stake in GF Fund, received 461 million yuan in dividends, implying a total shareholder payout of 846 million yuan—a payout ratio of 42.30%.
Over the past decade (2015–2024), GF Fund's cumulative net profit reached 14.77 billion yuan, with total shareholder dividends of 6.742 billion yuan. GF Securities alone received 3.788 billion yuan in dividends during this period.
**Post-Incentive Dividend Surge: Employees Pocket 600 Million in 5 Years** Notably, from 2015 to 2019, GF Fund's dividend payout ratio to shareholders remained below 30%, peaking at 27.94% in 2018. However, after implementing employee equity incentives in 2020, the payout ratio rose sharply, hitting a decade-high of 80.69% in 2021.
In December 2020, GF Fund's employee shareholding plan was approved, with five employee-held platforms—Jiayu Yuan, Jiayu Xiang, Jiayu He, Jiayu Hong, and Jiayu Fu (Zhuhai) Equity Investment Partnership—collectively acquiring a 10% stake. The incentives covered over 100 employees, including senior management, investment researchers, and key department heads.
From 2020 to 2024, GF Fund distributed 6.234 billion yuan in dividends, of which GF Securities received 3.528 billion yuan and employee shareholders obtained 647 million yuan. The five-year average payout ratio stood at 59.3%, significantly higher than the decade-long average.
**Underperformance: Half of Funds Lag Behind Benchmarks** Wind data shows that from 2022 to 2024, 63% (183 out of 289) of GF Fund's primary share-class products posted losses, while 65% (189) underperformed their benchmarks. Notably, 31% (90 funds) trailed benchmarks by over 10%.
From December 2022 to November 2025, 21% (69 out of 323) of GF Fund's products recorded losses, with 53% (173) underperforming benchmarks and 26% (87) lagging by more than 10%.
Market analysts highlight concerns over excessive dividend payouts: they may hinder capital accumulation and risk resilience, undermine innovation and expansion capabilities, and reflect poorly on shareholder commitment to long-term capital. High payouts during market downturns, when investor returns are weak, also negatively impact investor sentiment.
