股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華興資本控股有限公司 (「本公司」) （於開曼群島註冊成立的有限公司） 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01911 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | 0.000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 2,000,000,000 | USD | 0.000025 | USD | | 50,000 | ...

Group 1 - The investment management business continues to be a significant pillar for the group's performance growth and profit enhancement in 2025, with a stable asset management scale of 28.4 billion yuan by year-end [1] - The group has successfully executed orderly project exits, distributing approximately 2.5 billion yuan to LPs throughout the year, leading to an increase in fund DPI, with 5 out of 11 main funds exceeding 100% DPI [1] - The group achieved approximately 524 million yuan in income from attached rights in 2025, with a cumulative realization of about 1.3 billion yuan, indicating a strong cash flow and profit contribution from the investment management business [1] Group 2 - Huaxing Securities has made significant improvements in overall business performance during the reporting period, with revenue and net investment income reaching 294 million yuan, a year-on-year increase of 19% [2] - The operating loss narrowed by 52% to approximately 46 million yuan, with retail and brokerage business revenue growing by 55%, accounting for 43% of total revenue, becoming a key growth driver [2] - The asset management business has strengthened its research and investment capabilities, achieving rapid growth in both revenue and management scale, while the investment banking sector continues to focus on hard technology [2] Group 3 - Huaxing Capital Holdings reported an annual revenue of 1.066 billion yuan for the year ending December 31, 2025, representing a year-on-year increase of 37.19% [3] - The company turned a profit with a net profit attributable to shareholders of 101 million yuan, compared to a loss in the previous year, with earnings per share of 0.19 yuan [3]

Core Viewpoint - Huaxing Capital Holdings (01911) reported a net profit attributable to shareholders of RMB 101 million for the year ending December 31, 2025, marking a turnaround from losses in the previous year, with total revenue increasing by 37.19% to RMB 1.066 billion [1] Group 1: Investment Management Business - The investment management business continued to be a key pillar for the group's revenue growth and profit enhancement, with a stable asset management scale of RMB 28.4 billion at year-end [2] - The group distributed approximately RMB 2.5 billion to limited partners (LPs) during the reporting period, with five out of eleven main funds achieving a DPI (Distributions to Paid-In) ratio exceeding 100% [2] - The group realized approximately RMB 524 million in carried interest income in 2025, with cumulative carried interest realized reaching around RMB 1.3 billion [2] Group 2: Huaxing Securities Performance - Huaxing Securities reported revenue and net investment income of RMB 294 million, a year-on-year increase of 19%, while operating losses narrowed by 52% to approximately RMB 46 million [3] - Retail and brokerage business revenue grew by 55%, accounting for 43% of Huaxing Securities' total revenue, becoming a significant growth driver [3] - The number of registered users for the Duoduo Jin app reached approximately 570,000, a 47% increase year-on-year, with active customer numbers growing by 58% to around 310,000 [3]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 1,198.1 million, representing a 43% increase from RMB 839.6 million in 2024[6]. - The company achieved a profit attributable to owners of RMB 101.4 million, a significant turnaround from a loss of RMB 179.0 million in the previous year[8]. - Pre-tax profit for 2025 was RMB 161.9 million, compared to a loss of RMB 162.6 million in 2024[6]. - Operating profit for 2025 was RMB 133,076,000, a significant recovery from an operating loss of RMB 41,640,000 in 2024[111]. - The company reported a net profit of RMB 92,301,000 for 2025, compared to a net loss of RMB 210,659,000 in 2024[111]. - Basic and diluted earnings per share for 2025 were RMB 0.19, recovering from a loss of RMB 0.35 per share in 2024[112]. Revenue Breakdown - Total revenue for the year ending December 31, 2025, reached RMB 1,066,141,000, a significant increase from RMB 777,104,000 in 2024, representing a growth of approximately 37.1%[130]. - The investment management segment achieved a revenue increase of 131.6% to RMB 732.6 million, reflecting enhanced research capabilities[20]. - Retail and brokerage business revenue grew by 55%, accounting for 43% of total revenue, driven by the continued development of the Duoduo Jin App, which had 570,000 registered users, a 47% increase year-on-year[14]. - The geographical breakdown of revenue shows that mainland China contributed RMB 1,013,119,000 in 2025, a substantial increase from RMB 646,831,000 in 2024, indicating strong market growth[134]. Operating Expenses - Operating expenses for the year were RMB 1,065.0 million, up from RMB 881.3 million in 2024, indicating a focus on operational efficiency despite increased costs[6]. - The company reported a significant reduction in operating costs, contributing to improved operational efficiency[11]. - Total operating expenses increased by 20.8% from RMB 881.3 million for the year ending December 31, 2024, to RMB 1,065.0 million for the year ending December 31, 2025[58]. - The company incurred total operating expenses of RMB 435,074,000 in 2025, which included compensation and benefits expenses of RMB 188,978,000[129]. Asset Management - The company maintained a stable asset management scale, with total assets under management at RMB 28.4 billion by year-end[12]. - Total assets decreased to RMB 9,629,927,000 as of December 31, 2025, down from RMB 10,560,579,000 in 2024[113]. - The total fair value of the company's major investment activities as of December 31, 2025, was approximately RMB 3,132.5 million, representing a 5.1% increase from RMB 2,981.1 million as of December 31, 2024[76]. - The company’s total assets amounted to RMB 7,103,327 thousand in 2025, compared to RMB 7,048,752 thousand in 2024, reflecting a growth of about 0.8%[114]. Investment Activities - The group invested approximately RMB 308.3 million in distressed assets, expecting to recover the invested capital within three years or less[15]. - The company approved a budget of USD 100 million for the development of Web3.0 business and investment in cryptocurrency assets over the next two years[78]. - The company reported realized carried interest income of approximately RMB 5.24 million, with cumulative realized carried interest reaching RMB 1.3 billion[12]. - The unrealized carried interest income for the year ending December 31, 2025, was RMB 722,876,000, up from RMB 550,501,000 in 2024, reflecting improved fund performance[131]. Governance and Compliance - The independent auditor has issued a qualified opinion on the consolidated financial statements for the year ending December 31, 2025[105]. - The audit committee has reviewed the audited consolidated financial statements and discussed accounting policies with senior management[99]. - The company has established various committees, including the audit committee, to ensure high standards of corporate governance[100]. - The company’s board of directors includes a mix of executive and independent non-executive members, ensuring diverse governance[188]. Future Strategies - The group plans to continue focusing on core businesses, enhancing professional capabilities, and improving operational quality and profitability resilience[16]. - Future strategies include promoting retail brokerage, wealth management, and asset management, while expanding the customer base and optimizing operational efficiency[16]. - The company plans to continue focusing on expanding its investment management capabilities and enhancing its market presence in mainland China and Hong Kong[131]. Tax and Liabilities - The income tax expenses for the years ended December 31, 2025 and 2024 were RMB 69.6 million and RMB 48.1 million, respectively[68]. - The total liabilities for accounts payable and other payables rose to RMB 878,372,000 in 2025 from RMB 773,192,000 in 2024, with significant increases in salaries and bonuses payable[172]. - The expected credit loss provision for the year ending December 31, 2025, was RMB 49.3 million, compared to RMB 23.1 million for the year ending December 31, 2024[60]. Social Responsibility - The company made charitable donations totaling RMB 1,976,000 in 2025, compared to RMB 160,000 in 2024, indicating a commitment to social responsibility[150].

香港交易及結算所有限公司和香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並表明不會就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的 任何損失承擔任何責任。 CHINA RENAISSANCE HOLDINGS LIMITED 華興資本控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1911） 本公司董事會（「董事會」）謹此知會本公司股東（「股東」）及潛在投資者，根據對本集團 截至二零二五年十二月三十一日止年度的未經審核綜合管理賬目的初步評估，本集團 預期於截至二零二五年十二月三十一日止年度錄得本公司擁有人應佔利潤約人民幣1.014 億元，而於二零二四年同期錄得本公司擁有人應佔虧損約人民幣1.79億元。本集團於截 至二零二五年十二月三十一日止年度實現扭虧為盈並錄得顯著盈利主要由於(i)本集團投 資管理業務分部經營利潤大幅增加，持續為本集團的財務表現提供大力支持，(ii)華興 證券有限公司截至二零二五年十二月三十一日止年度的虧損大幅降低，及(iii)本集團業 務發展勢頭良好，呈現上升趨勢，並在降低經營成本方面取得顯著成果，經營開支顯著 降低。 正面盈利預 ...

香港交易及結算所有限公司和香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而 引致的任何損失承擔任何責任。 華興資本控股有限公司 許彥清 董事會主席兼執行董事 香港，二零二六年三月十八日 於本公告日期，董事會包括主席兼執行董事許彥清女士；執行董事王力行先生及杜永波先生；非執行 董事林寧先生；及獨立非執行董事陳嘉麗女士、肇越先生、梁暉先生及FU Frank Kan先生。 CHINA RENAISSANCE HOLDINGS LIMITED 華興資本控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1911） 董事會會議通告 華興資本控股有限公司（「本公司」）董事會（「董事會」）僅此宣佈，本公司將於二零二六 年三月三十日（星期一）舉行董事會會議，藉以（其中包括）考慮及批准本公司及其附屬 公司截至二零二五年十二月三十一日止年度之全年業績及其發佈，並考慮建議派付末 期股息（如有）。 承董事會命 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華興資本控股有限公司 (「本公司」) （於開曼群島註冊成立的有限公司） 呈交日期: 2026年3月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01911 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | 0.000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | | 0 | | USD | | 0 | | 本月底結存 | | | 2,000,000,000 | USD | 0.000025 | USD | | 50,0 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華興資本控股有限公司 (「本公司」) （於開曼群島註冊成立的有限公司） FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01911 | 說明 | 普通股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 573,347,776 | | 0 | | 573,347,776 | | 增加 / 減少 (-) | | | 0 | | | | | | 本月底結存 | | | 573,347,776 | | 0 | | 573,347,776 | 足夠公眾持股量的確認(註4) 呈交日期: 2026 ...

Core Viewpoint - The recent annual meeting of Huaxing Capital marked the public return of founder Bao Fan, who had previously been absent from daily management due to investigations and personal matters [2][4]. Group 1: Event Details - The annual meeting took place on the evening of the event, starting at 18:00, with Bao Fan's speech scheduled from 19:18 to 19:28, lasting 10 minutes [2][3]. - Chairman Xu Yanqing delivered a remote speech from 19:08 to 19:18, while current CEO Wang Lihang was primarily involved in the lottery segment without a separate speaking slot [2][3]. Group 2: Background on Bao Fan - Bao Fan, the founder of Huaxing Capital, had been "missing" since February 16, 2023, and was later reported to be cooperating with investigations by Chinese authorities [4]. - On October 9, 2024, Bao Fan's wife, Xu Yanqing, was appointed as the new chairman of the board, while Bao Fan stepped down from various executive roles [4]. - Bao Fan's recent appearance at the annual meeting is considered a significant public event following his return [4]. Group 3: Company Overview - Huaxing Capital was established in 2005 and offers services including investment management, private financing, mergers and acquisitions, securities issuance and underwriting, securities research and trading, and wealth management, with offices in Beijing, Shanghai, Hong Kong, New York, and Singapore [9].

Group 1 - The core theme of the article revolves around the organizational evolution within Huaxing Capital, highlighted during its 2026 annual meeting, indicating a potential shift in leadership dynamics and strategic direction [4][6]. - The event featured key presentations, including a remote speech by Chairman Xu Yanqing and a central address by Bao Fan, marking his return to a prominent role, while CEO Wang Lihang's absence from public speaking suggests a change in his influence [5][6]. - Huaxing Capital's stock has been on a downward trend, with a cumulative decline of 5.70% over the past five days and 11.78% over the past twenty days, closing at 3.97 HKD, down 3.4% on the day of the meeting [6]. Group 2 - The fourth Davos Global FOF Summit was successfully held on January 21, 2026, where the Global FOF Association released the list of the world's best investment institutions for 2025 [8][10]. - The event included an awards ceremony recognizing top investment institutions, emphasizing the importance of global investment strategies and collaborations [12][13].