香港交易及結算所有限公司及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倚賴該等內容而 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） 截至2022年12月31日止年度的 年度業績公告 茲提述華興資本控股有限公司（「本公司」，連同其子公司統稱「本集團」）日期為2023年3 月31日之公告，內容有關（其中包括）本集團截至2022年12月31日止年度之未經審計年度 業績（「未經審計年度業績公告」）。除非文義另有所指，否則本公告所用詞彙與未經審 計年度業績公告所界定者具有相同涵義。 截至2022年12月31日止年度之年度業績 董事會謹此宣佈本集團截至2022年12月31日止年度（「報告期」）之經審計綜合業績。 – 1 – 綜合損益及其他全面收益表概要 | --- | --- | --- | |-----------------------------------|---------------- ...

Financial Performance - Total revenue for the six months ended June 30, 2023, was RMB 563,301 thousand, a decrease of 6.7% from RMB 603,705 thousand in the same period of 2022[3]. - Total operating expenses decreased to RMB (547,707) thousand, down 6.5% from RMB (585,623) thousand year-over-year[3]. - Operating profit for the period was RMB 63,425 thousand, compared to an operating loss of RMB (73,336) thousand in the prior year[3]. - The loss attributable to owners of the company for the period was RMB (150,217) thousand, slightly improved from RMB (153,735) thousand in the same period last year[4]. - The company reported a pre-tax loss of RMB (81,215) thousand, an improvement from a pre-tax loss of RMB (113,959) thousand in the previous year[3]. - The adjusted net loss attributable to owners of the company was RMB (131,314) thousand, compared to RMB (171,034) thousand in the same period of 2022[4]. - The company recorded a significant improvement in operating profit, reaching RMB 63.43 million, compared to a loss of RMB 73.34 million in the same period last year[11]. - The company reported a net loss of RMB 133,258 thousand, an improvement from a net loss of RMB 198,038 thousand in the same period last year[59]. - The group reported a total loss for the period of RMB (133,258) thousand, reflecting challenges in various segments[67]. Revenue Breakdown - Total revenue and net investment income for the first half of 2023 reached RMB 611.13 million, a year-on-year increase of 19%[10]. - Investment management business contributed 54% to total revenue, with assets under management reaching RMB 40.1 billion, and management fees remaining stable despite market challenges[7]. - The investment banking segment experienced a significant decline, with revenue dropping by 51.5% to RMB 112.77 million due to a sluggish IPO market[10]. - The company reported a 77.1% increase in investment management revenue, amounting to RMB 333.19 million, compared to RMB 188.09 million in the same period last year[10]. - Revenue from private equity financing in new energy, new materials, and advanced manufacturing accounted for 49% of total private equity income, up from 3% year-on-year[7]. - The investment banking segment generated transaction and advisory fees of RMB 112,505 thousand, while the investment management segment reported management fees of RMB 227,544 thousand[67]. Operating Expenses - The company’s share-based payment expenses were RMB 41,280 thousand, down from RMB 70,923 thousand in the same period last year[4]. - Operating expenses for the investment banking segment decreased by 40.1% to RMB 140.4 million from RMB 234.3 million year-on-year, primarily due to a reduction in compensation and benefits expenses[15]. - Investment management segment operating expenses increased by 56.2% from RMB 112.7 million for the six months ended June 30, 2022, to RMB 176.0 million for the six months ended June 30, 2023[24]. - Employee compensation expenses for the six months ended June 30, 2023, amounted to RMB 320.4 million, a decrease of 15.6% compared to the same period in 2022[48]. - The company reported a decrease in salaries and other benefits payable to RMB 342,053,000 as of June 30, 2023, from RMB 459,404,000 at the end of 2022, a decline of 25.5%[99]. Investment Management - The company anticipates continued growth in investment management and plans to strengthen client relationships in technology and advanced manufacturing sectors[9]. - The internal rate of return for self-managed private equity funds was 22.6% as of June 30, 2023, while for third-party funds it was 21.4%[19]. - The total return multiple for the main fund as of June 30, 2023, was 1.9, with realized investments amounting to RMB 5,338 million and unrealized investments at RMB 18,455 million[21]. - The company has the right to collect performance fees due to exceeding the agreed return levels for two main funds and three special funds, with realized carried interest income increasing significantly to RMB 94.2 million from RMB 32.8 million year-on-year[23]. - The company’s total investment management assets under management decreased to RMB 40,077 million from RMB 42,896 million as of December 31, 2022[20]. Debt and Assets - The company's debt level decreased significantly, with outstanding bank borrowings at RMB 78.9 million as of June 30, 2023[44]. - The company's debt-to-asset ratio improved to 17.1% as of June 30, 2023, down from 32.4% as of December 31, 2022[45]. - Total assets decreased to RMB 10,094,313 thousand as of June 30, 2023, down from RMB 13,004,633 thousand at the end of 2022, reflecting a decline of 22.3%[60]. - The total liabilities as of June 30, 2023, were RMB 804,434,000, down from RMB 1,792,757,000 as of December 31, 2022, indicating a reduction of 55.2%[99]. - The company’s cash and cash equivalents stood at RMB 1,083,185 thousand, down from RMB 1,537,730 thousand, a decrease of 29.5%[60]. Employee and Operational Structure - As of June 30, 2023, the total number of full-time employees is 639, with over 85% being consultants and investment professionals[48]. - The employee distribution by function as of June 30, 2023, includes 164 in investment banking (26%), 65 in investment management (10%), and 287 in Huaxing Securities (45%)[48]. - The employee distribution by region shows 41% in Beijing, 35% in Shanghai, and 15% in Hong Kong as of June 30, 2023[49]. Regulatory and Compliance - The company continues to face challenges in achieving a clean audit opinion from its auditors, which may impact future financial reporting[1]. - The audit committee has reviewed the unaudited interim results for the six months ended June 30, 2023[56]. - The company is unable to publish its audited annual results for the year ending December 31, 2022, due to unresolved auditor inquiries regarding disclosures made on February 16 and 26, 2023[107]. - Trading of the company's shares has been suspended since April 3, 2023, until compliance with resumption guidance is met[108]. Other Financial Metrics - The company confirmed a loss of USD 16.7 million (approximately RMB 120.7 million) from the sale of certain non-listed investment funds, with realized investment gains of USD 10.7 million (approximately RMB 77.3 million) post-sale[57]. - The company received government subsidies amounting to RMB 19,596,000 for the six months ended June 30, 2023, compared to RMB 15,753,000 in the same period of 2022[74]. - The income tax expense for the six months ended June 30, 2023, was RMB 52,043,000, a decrease from RMB 84,079,000 in the same period of 2022[76].

Financial Performance - Total revenue for the year ended December 31, 2022, was RMB 1,585,380,000, a decrease of 9.1% from RMB 1,744,483,000 in 2021[5]. - Total income and net investment income for the same period was RMB 1,586,889,000, down 36.5% from RMB 2,504,011,000 in 2021[5]. - The company reported a net loss attributable to owners of RMB (563,792,000) for the year, compared to a profit of RMB 1,624,362,000 in 2021[6]. - The pre-tax loss for the year was RMB (598,428,000), a significant decline from a profit of RMB 1,855,904,000 in the previous year[5]. - The company reported a total loss for the year of RMB 587,750,000, with a pre-tax loss of RMB 598,428,000[76]. - The company reported a net loss of RMB 587,750,000 for the year, compared to a profit of RMB 1,645,385,000 in the previous year[67]. - The company incurred operating expenses of RMB 354,860,000 across various segments, with significant costs in salaries and benefits[76]. - The company reported an operating loss of RMB 319.3 million in 2022, down from an operating profit of RMB 862.8 million in 2021[38]. Investment Management - The investment management business contributed 53% to the total revenue, with assets under management increasing to RMB 26.9 billion, primarily from new fundraising in USD and RMB funds[9]. - The company recorded a significant increase in realized carried interest income, amounting to RMB 400 million, which accounted for 47% of the investment management segment's revenue during the reporting period[9]. - The net investment loss in the investment management segment was RMB 70.3 million, compared to a gain of RMB 473.7 million in 2021[19]. - The investment management segment experienced a net loss of RMB 227,618,000, while the investment banking segment reported a loss of RMB 76,152,000[76]. - The investment management segment's unrealized equity income was reported at a negative RMB 424,313,000, highlighting the volatility in the investment landscape[1]. Investment Banking - The investment banking segment generated RMB 422.8 million in revenue, a decline of 61.6% from RMB 1.1 billion in 2021[12]. - Investment banking revenue and net investment income for the year ended December 31, 2022, was RMB 422.8 million, a decrease of 61.6% compared to RMB 1,100.7 million in 2021[16]. - Total transaction value in investment banking decreased by 81.5% to RMB 41.4 million from RMB 223.5 million in 2021[15]. - The company reported a segment operating loss of RMB 76.2 million in investment banking for the year ended December 31, 2022, compared to a profit of RMB 309.3 million in 2021[18]. Operating Expenses - Operating expenses totaled RMB (1,906,176,000), an increase of 16.2% from RMB (1,641,207,000) in 2021[5]. - Operating expenses rose by 16.1% from RMB 1,641.2 million in 2021 to RMB 1,906.2 million in 2022[37]. - Total operating expenses for the year ended December 31, 2022, amounted to RMB 354,860,000, a decrease from RMB 371,659,000 in 2021, with professional service fees decreasing from RMB 98,274,000 to RMB 77,155,000[90]. Assets and Liabilities - Total assets under management decreased to RMB 42.9 billion from RMB 48.9 billion in the previous year[21]. - Total assets decreased to RMB 13,004,633 thousand from RMB 14,164,166 thousand in 2021[68]. - Current liabilities rose to RMB 3,954,055 thousand, compared to RMB 4,457,356 thousand in the previous year[69]. - The company's equity attributable to owners decreased to RMB 6,367,598 thousand from RMB 6,826,032 thousand in 2021[69]. - The group recognized an impairment loss provision of RMB 351,223,000 for receivables as of December 31, 2022, compared to RMB 898,000 in 2021[121]. Governance and Compliance - The company has complied with all applicable corporate governance codes as per the listing rules, except for the separation of the roles of Chairman and CEO, which are held by the same individual, Mr. Bao Fan[58]. - The company has established an audit committee consisting of three independent non-executive directors, with Ms. Yao Jue as the chairperson[60]. - The company has established several other committees, including the nomination committee, remuneration committee, executive committee, and environmental, social, and governance committee[61]. Dividends and Shareholder Returns - The company did not declare a final dividend for the year ended December 31, 2022, while the total dividend paid for the previous year was RMB 201.1 million[55][56]. - The company declared a final dividend of RMB 201,114 thousand for the year ended December 31, 2022, compared to RMB 197,319 thousand in 2021[102]. Employee and Compensation - Total employee compensation expenses, including share-based payments, were RMB 827.1 million for the year ended December 31, 2022[51]. - The company employed a total of 754 full-time employees as of December 31, 2022, with 42% based in Beijing and 33% in Shanghai[53]. - The group’s payable for salaries, bonuses, and other benefits was RMB 459,404,000, down from RMB 712,435,000 in 2021, reflecting a decrease of 35.4%[126]. Debt and Financing - As of December 31, 2022, the company's bank borrowings amounted to RMB 2,115.0 million, with total credit facilities of RMB 5,073.4 million[47]. - The company's debt-to-asset ratio was 32.4% as of December 31, 2022, down from 35.3% as of December 31, 2021[48]. - The company has initiated repayment of syndicated loans in Q1 2023 to further reduce debt levels and financial costs[11].

Financial Performance - In 2020, Huaxing Capital's net profit exceeded RMB 1 billion for the first time, achieving a year-on-year growth of 320.5% and an annual return on equity of 18.8%[23]. - Total revenue for 2020 was RMB 1,589.3 million, up from RMB 1,304.1 million in 2019, while total operating expenses increased to RMB 1,606.1 million from RMB 1,183.7 million[32]. - The operating profit for 2020 was RMB 1,125.4 million, compared to RMB 438.0 million in 2019, and the profit before tax was RMB 1,160.4 million, up from RMB 388.6 million[32]. - The company declared a dividend of RMB 0.38 per share for 2020, representing a payout ratio of 20%[27]. - The total revenue and net investment income for the year ended December 31, 2020, was RMB 2,731.4 million, an increase of 68.4% compared to RMB 1,621.7 million in 2019[88]. - The adjusted net profit attributable to the company’s owners increased from RMB 322.4 million to RMB 1,085.9 million, excluding unrealized gains[102]. - Operating profit surged from RMB 438.0 million to RMB 1,125.4 million, reflecting significant growth in operational performance[91]. - Net profit attributable to owners for the year ended December 31, 2020, was RMB 1,037,752,000, up from RMB 246,778,000 in 2019, reflecting a growth of approximately 320.5%[192]. Investment Management - The investment management segment accounted for 50% of the group's revenue in 2020, with total assets under management exceeding RMB 57 billion[23]. - The investment management strategy is research-driven, which helps shape industry focus and client selection for the investment banking segment[15]. - The company has developed its own ecosystem for value creation in new economy companies, leveraging private equity advisory services as a flow entry point for clients[15]. - The investment management income is derived mainly from management fees and carried interest from the funds[162]. - The internal rate of return for proprietary funds was 43.0%, while for third-party funds it was 17.1% as of December 31, 2020[58]. - The unrealized carried interest income rose by 624.5% from RMB 461.4 million for the year ended December 31, 2019, to RMB 3,343.4 million for the year ended December 31, 2020, attributed to the appreciation of portfolio companies under the investment management business[70]. Revenue Growth - Investment banking revenue and net investment income increased to RMB 1,003.6 million, up 44.3% from RMB 695.3 million in 2019, driven by increased IPOs and advisory fees[50]. - Investment management revenue surged by 127.8% to RMB 1,374.1 million from RMB 603.1 million in 2019, reflecting strong performance in managed funds[42]. - The operating profit for the investment management segment increased to RMB 952.3 million, a growth of 218.4% from RMB 299.1 million in 2019[43]. - The total unrealized net carried interest for the year was RMB 1,090.2 million, compared to RMB 140.9 million in 2019, indicating a strong performance in fund management[35]. Operational Efficiency - The company has established a strong track record of creating significant value for clients, partners, and shareholders over the past 16 years, aligning its interests with theirs[19]. - The company’s business scale has approximately doubled every three years, successfully executing its growth strategy despite short-term market fluctuations[19]. - The company aims to become the preferred partner for clients pursuing excellence, focusing on long-term relationships rather than just individual transactions[19]. - The company is positioned as a unique entity in the secondary market, allowing investors to participate in the rapid value creation of new economy companies in the primary market[19]. Cash Flow and Financing - The net cash generated from operating activities was RMB 340.1 million, based on a profit before tax of RMB 1,160.4 million, adjusted for non-cash and non-operating items totaling RMB 943.0 million[106]. - The net cash used in investing activities for the year ended December 31, 2020, was RMB 521.4 million, primarily due to net receivables of RMB 538.7 million and purchases of financial assets totaling RMB 276.2 million[108]. - The net cash used in financing activities for the year ended December 31, 2020, was RMB 95.7 million, mainly due to share repurchase payments of RMB 147.9 million and dividend payments of RMB 79.9 million[111]. - The company maintained a cash balance of RMB 4.3 billion as of December 31, 2020, with RMB 2.9 billion attributed to Huaxing Securities, which is expected to benefit from a newly acquired proprietary investment license[26]. Employee and Compensation - The total employee compensation expenses, including share-based payment expenses, for the year ended December 31, 2020, were RMB 1,098.8 million, representing a 42.1% increase from the previous year[128]. - The company had a total of 653 full-time employees as of December 31, 2020, with over 83% being consultants and investment professionals[123]. Risks and Compliance - The company faces significant risks including intense competition in the financial services industry and potential challenges from the macroeconomic environment due to COVID-19[146]. - The company has complied with the relevant laws and regulations, with no significant violations reported for the year ended December 31, 2020[145]. - The company has disclosed related party transactions in accordance with the listing rules[147]. - The company has confirmed strict compliance with the relevant provisions of the listing rules and the exemptions granted at the time of its listing[178]. Assets and Liabilities - Total assets increased to RMB 11,537,329 thousand in 2020 from RMB 9,510,430 thousand in 2019, representing a growth of 21.3%[194]. - Total liabilities rose to RMB 4,155,351 thousand in 2020, up from RMB 2,838,285 thousand in 2019, indicating an increase of 46.5%[194]. - The company's debt-to-asset ratio as of December 31, 2020, was 24.8%, an increase from 10.4% as of December 31, 2019, primarily due to an increase in repurchase financing assets[115].