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: 2025年8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: 2025年9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 ...

Core Viewpoint - The leading internet brokerages, Chinese brokers, and the former "king of mergers and acquisitions" have released their semi-annual reports, showcasing their respective paths in the virtual asset transformation, which is becoming a crucial topic in the capital markets by 2025 [2][19]. Group 1: Company Performance - Futu's revenue for Q2 2025 reached HKD 53.11 billion, a year-on-year increase of 69.7%, with net profit at HKD 26.6 billion, up 105.2% [5][10]. - Guotai Junan International reported a revenue of HKD 28.25 billion for the first half of 2025, a 30% year-on-year increase, and a net profit of HKD 5.5 billion, which is a significant growth of 182% [3][12]. - Huaxing Capital achieved a net profit of RMB 65 million, successfully turning around from previous losses, with total revenue and net investment income of approximately RMB 460 million, a 27% increase year-on-year [15][16]. Group 2: Market Position and Strategy - Futu is leveraging its internet brokerage advantages to expand its crypto trading business globally, with a virtual asset balance nearing HKD 40 billion, reflecting a 43% quarter-on-quarter increase [5][6]. - Guotai Junan International has established a comprehensive virtual asset service system, following regulatory frameworks, and has seen its market value increase significantly, reaching HKD 562.09 billion, a 436% increase year-to-date [12][14]. - Huaxing Capital is focusing on the integration of traditional and decentralized finance, with a strategic budget of USD 100 million allocated for Web 3.0 and cryptocurrency investments [16][18]. Group 3: Stock Performance - As of the end of August, the stock price increases for Futu, Guotai Junan International, and Huaxing Capital were 132.03%, 436.36%, and 187.76%, respectively [4].

Core Insights - The virtual asset sector is emerging as a significant topic in the capital markets by 2025, providing new growth paths for Hong Kong brokerages to overcome traditional business growth bottlenecks [1][2] - Three brokerages, Futu, Guotai Junan International, and Huaxing Capital, are actively positioning themselves in the virtual asset space, reflecting deep exploration in the integration of traditional finance and digital assets [1][2] Futu - Futu leverages its internet brokerage advantages, focusing on global licensing and a vast user base to drive its crypto trading business expansion [1][3] - As of Q2 2025, Futu's revenue reached HKD 53.11 billion, a year-on-year increase of 69.7%, with net profit at HKD 26.6 billion, up 105.2% [3][5] - The platform's virtual asset-related asset balance approached HKD 40 billion, with a quarter-on-quarter growth of 43% [3][5] - Futu has successfully established operations in Hong Kong, Singapore, and the U.S. within a year of launching virtual asset trading services [3][5] Guotai Junan International - Guotai Junan International adopts a "compliance synergy" approach, utilizing its traditional brokerage license advantages to build a comprehensive virtual asset service system [2][6] - The brokerage reported a revenue of HKD 28.25 billion for the first half of 2025, a 30% year-on-year increase, with a net profit of HKD 5.5 billion, up 182% [2][7] - The company’s market capitalization surged by 200% to HKD 327 billion by June 30, 2025, and exceeded HKD 500 billion shortly after [7][9] - Guotai Junan International launched cryptocurrency trading services for Hong Kong investors, allowing integrated trading within existing brokerage accounts [8][9] Huaxing Capital - Huaxing Capital reported a turnaround to profitability in its mid-2025 financial results, achieving a net profit of RMB 65 million [2][10] - The firm is focusing on a strategy that integrates traditional finance with decentralized finance, with a budget of USD 100 million allocated for Web 3.0 and cryptocurrency investments [10][11] - Huaxing has a history of investing in Web 3.0 projects, including a significant investment in Circle, which recently went public [12][13] - The company is also collaborating with YZi Labs to create a fund aimed at integrating traditional financial resources with digital asset technology [11][12]

Core Insights - The State Council has issued the "Opinions on Deepening the Implementation of 'Artificial Intelligence+' Action," marking a significant shift from exploration to large-scale implementation of AI across key sectors [1][3][11] - The document outlines a phased development goal, aiming for AI integration in six key areas with an application penetration rate exceeding 70% by 2027, over 90% by 2030, and a transition to an intelligent economy by 2035 [3][4] - The "Opinions" emphasize the importance of foundational support in eight areas, including models, data, computing power, applications, open-source, talent, policies, and security, to facilitate the deep integration of AI into industries [4][10] Industry Trends - AI is transitioning from "technology validation" to "value creation," demonstrating its role in cost reduction and efficiency enhancement across various sectors [5][11] - Emerging scenarios such as smart connected vehicles, smart homes, and intelligent robotics are expanding, indicating AI's rapid penetration into production and daily life [5][10] - Companies with capabilities in technology iteration, industry scenario understanding, and ecosystem building are expected to lead the intelligent upgrade of industries in the next three to five years [5][10] Company Actions - Huaxing Capital has been actively involved in the AI sector, facilitating capital connections and strategic layouts for numerous AI+ companies, helping them transition from startups to scalable enterprises [5][8] - The firm has witnessed and participated in the deep integration of AI with various industries, supporting both AI foundational model companies and vertical application firms [10][11] - Huaxing Capital aims to continue building platforms for industry collaboration, fostering the growth of AI companies with unique Chinese characteristics [10][11]

Core Insights - The essence of corporate evolution mirrors Darwin's theory of evolution, where companies adapt to environmental pressures through both passive and active mechanisms [1] - Huaxing Capital exemplifies this "active evolution" by demonstrating a strong business recovery, achieving significant revenue growth and profitability in the first half of 2025 [1][2] Group 1: Business Recovery and Strategy - The new management team has successfully revitalized Huaxing Capital's investment banking business, generating nearly 70 million RMB in revenue during the first half of 2025 [2] - The firm has strategically focused on emerging industries, particularly hard technology, facilitating multiple rounds of financing for innovative companies [2][3] - Huaxing Capital's approach to mergers and acquisitions emphasizes ecosystem building rather than mere transaction execution, enhancing its competitive edge [2] Group 2: Investment Management and Performance - The investment management segment reported revenues of approximately 237 million RMB, with a 252% increase in operating profit, driven by a refined operational strategy [3] - The firm achieved 1.3 billion RMB in revenue from its securities business, reflecting a 110% increase in retail brokerage income, capitalizing on the shift of household savings to equity markets [6] - Huaxing Capital's long-term investment strategy is evidenced by a 1 billion RMB fund exit and five main funds with a DPI exceeding 100% [4] Group 3: Web3 and Future Growth - Huaxing Capital is proactively positioning itself in the Web3 space, aiming to bridge traditional finance and digital assets, with a strategic investment of 100 million USD dedicated to this sector [7][8] - The partnership with YZi Labs is pivotal for establishing a capital loop connecting Web2 and Web3, enhancing Huaxing's role in the digital asset ecosystem [9] - The firm anticipates significant growth in the RWA market, projected to reach 16 trillion USD by 2030, positioning itself to unlock dormant assets in the Web2 world [10] Conclusion - Huaxing Capital's turnaround in the first half of 2025 is a testament to its evolutionary capabilities, characterized by proactive adaptation and strategic foresight in response to market dynamics [11]

Core Insights - Huaxing Capital reported total revenue and net investment income of approximately 460 million RMB for 2025, representing a year-on-year growth of 27% [1] - The company achieved operating profit and net profit attributable to shareholders of approximately 76 million RMB and 65 million RMB, respectively, marking a turnaround from previous losses [1] - The announcement indicated that Huaxing Capital holds approximately 4.5 billion RMB in cash and other high liquidity assets [1] Investment Management Performance - The investment management business generated revenue and net investment income of about 240 million RMB, reflecting a significant year-on-year increase of 81% [1] - Operating profit for this segment reached approximately 140 million RMB, showing a remarkable growth of 252% compared to the previous year [1] - The fund's DPI (Distributions to Paid-In) has continued to improve, with 5 out of 11 main funds and several project funds exceeding a DPI of 100% [1] Financial Reporting - The report period saw an accelerated recognition of equity investments, with 150 million RMB recognized during the period [1]

Core Insights - The essence of corporate evolution mirrors Darwin's theory of evolution, where companies adapt to environmental pressures through both natural and artificial selection mechanisms [1] - Huaxing Capital exemplifies "active evolution" by successfully recovering its business and achieving significant financial growth [1] Group 1: Business Recovery and Strategy - The new management team has successfully revitalized Huaxing Capital's investment banking business, which is crucial to its identity [2] - In response to the rapid iteration of the new economy, Huaxing has developed a habit of proactively predicting trends, leading to a strong recovery in investment banking revenue [2] - The firm has strategically focused on hard technology and emerging industries, assisting several innovative companies in securing financing [2] Group 2: Investment Management and Performance - Huaxing's investment management business has also shown strong performance, with revenue of approximately 2.37 billion yuan and a 252% increase in operating profit [3] - The firm emphasizes "post-investment empowerment," which is as important as the investment itself, ensuring long-term value creation [3] - The exit amount of 1.3 billion yuan from funds and the performance of main funds with a DPI exceeding 100% reflect Huaxing's commitment to long-term value [4] Group 3: Web3 and Future Growth - Huaxing is positioning itself as a bridge between Web2 and Web3, aiming to become a leader in the digital asset era [7] - The firm has made significant investments in Web3, including a $100 million budget to establish a digital financial ecosystem [8][9] - Huaxing's strategic partnership with YZi Labs aims to explore new opportunities in the Web3 space, enhancing its capabilities in digital asset management [9][10] Group 4: Conclusion - Huaxing Capital's turnaround in the first half of 2025 is a testament to its evolutionary capabilities, demonstrating a consistent response to market changes through proactive adaptation and strategic foresight [11] - The company's focus on creating value for enterprises and investors positions it well for future challenges in the evolving economic landscape [11]

Group 1 - The core viewpoint of the articles highlights Huaxing Capital's strong mid-year performance in 2025, with total revenue and net investment income reaching RMB 460 million, a year-on-year increase of 27% [1] - The investment management business contributed 52% of the total revenue, with a total exit amount of RMB 1.3 billion from managed fund projects, enhancing the fund investment return ratio (DPI) [1] - The total carried interest recognized in the financial statements was RMB 150 million, with net carried interest of RMB 60 million, surpassing the entire previous year's carried interest income [1] Group 2 - The investment banking business remained robust, generating approximately RMB 70 million in revenue, with transaction amounts increasing by 74.6% year-on-year [2] - Huaxing Securities reported total revenue and net investment income of RMB 130 million, a 25% increase year-on-year, with retail brokerage business revenue growing by 110% [2] - The company plans to enter the Web 3.0 and cryptocurrency asset sectors, approving a budget of USD 100 million for development over the next two years [2]

2025年上半年，华兴证券有限公司总收入和净投资收益为人民币1.3亿，同比增长25%。战略重点业务 保持良好的增长态势。华兴证券多多金App，持续赋能业务发展，将智能工具深度融合至各投资环节， 满足客户多层次投资需求。截至2025年6 月末，华兴证券多多金APP累计注册用户数和累计开户数量分 别较2024年末增长26%和 35%。2025年上半年零售经纪业务收入同比增长110%。在投行业务方面，华 兴证券专注硬科技领域，打造私募融资至IPO全链条综合服务。报告期内完成了昆仑芯、镁源动力等私 募股权融资项目。拓展业务，提升收入的同时，华兴证券持续进行降本增效，2025 年上半年经营亏损 同比大幅收窄60%。截止期末，华兴证券总资产人民币34亿元，净资产人民币24亿元，现金、存款、现 金理财、上市公司债券等高流动性资产共计人民币28 亿元。 2025年上半年，投资管理业务贡献了集团总收入的52%。积极推动项目的有序煺出依旧是目前投资管理 业务的工作重心。在此期间，集团管理的基金项目退出金额总计人民币13亿元。随着项目的持续退出， 集团的基金投资回报比(DPI)进一步提升。截至目前，11支主基金中已经有5支基金，以 ...

Group 1: Financial Performance - The company reported total revenue of approximately RMB 425 million for the first half of 2025, representing a year-on-year increase of 29.25% [1] - Total revenue and net investment income amounted to RMB 460 million, with a year-on-year growth of 27% [1] - The profit attributable to shareholders for the period was RMB 64.98 million, marking a turnaround from a loss to profit [1] Group 2: Investment Management Business - The investment management business contributed 52% to the group's total revenue, with a focus on orderly project exits [2] - The total exit amount for managed fund projects reached RMB 1.3 billion during this period, enhancing the fund investment return ratio (DPI) [2] - As of the report date, five out of eleven main funds and several project funds had a DPI exceeding 100%, generating additional rights [2] Group 3: Equity and IPO Activities - The total recognized contingent rights in the report period amounted to RMB 150 million, with net contingent rights of RMB 60 million, surpassing last year's total [2] - Cumulative unrealized total contingent rights stood at RMB 1.9 billion, expected to support future asset management income [2] - Successful IPOs included projects like Circle, Weigao Blood Purification, and others, with Circle's stock price increasing nearly fivefold since its issuance [2] Group 4: Securities Business - Huaxing Securities reported total revenue and net investment income of RMB 130 million, reflecting a year-on-year increase of 25% [3] - The retail brokerage business saw a significant revenue growth of 110% year-on-year [3] - The total assets of Huaxing Securities reached RMB 3.4 billion, with net assets of RMB 2.4 billion and high liquidity assets totaling RMB 2.8 billion [3]