This paper evaluates how purchases of wealth management products (WMPs) influence the performance of Chinese non-financial listed companies. Our main finding is that purchasing WMPs enhances firm performance, but the relationship shows an inverted U-shape: when WMP investment exceeds 62.57% of total assets, its positive effects diminish and ultimately harm performance. Heterogeneity analysis reveals that the performance gains are concentrated among non-state-owned enterprises (non-SOEs), while state-owned enterprises (SOEs) experience no significant benefits or even negative effects. Furthermore, the positive impact of WMPs is more pronounced in firms with higher leverage, abundant cash holdings or lower top-shareholder concentration.