近日，两起人事变动和一则公告将沉寂了许久的华兴资本，重新拉回市场关注的视野。 德意志银行任命Andrew Maynard为亚太区股票执行主管，他此前是华兴资本全球股票业务主管；还有华兴资 本旗下华兴证券原董秘、首席风险官叶生明拟加盟甬兴证券。这是自创始人包凡失踪之后，华兴资本及子公司 发生的又两起人事变动。 华兴资本是否已摆脱创始人包凡失踪的负面影响？据了解，去年10月包凡妻子许彦清出任华兴资本董事会主 席，她宣称华兴进入"2.0时代"，此后王力行出任华兴资本CEO，华兴证券管理层也进行了调整，但同时华兴 资本仍受益于过去投资新经济的成果，包括近期纽交所上市的稳定币首个IPO项目Circle Internet Group。 两起人事变动 日前，德意志银行任命Andrew Maynard为亚太区股票执行主管，值此股票资本市场发展势头强劲的情况下， 强化亚太区股票资本市场领域的服务能力，他将与亚太区股票资本市场联席主管Melody Ngan和Nora Yeung共 同协作。 据德银透露，Andrew拥有30年全球股票领域资深经验以及在亚太区的深厚客户关系。在加入德意志银行之 前，他担任华兴资本全球股票业务主管，全 ...

此前参议院曾于 5 月尝试推进该法案但未获通过，约一周后以 66 票对 32 票再次通过程序性动议。 法案要求稳定币以美元或等值高流动性资产全额储备，并对市值超过 500 亿美元的发行方进行年度审 计。 美国财长贝森特：甚至可能看到稳定币法案的需求超过 2 万亿美元。政府致力于维护美元的储备货币地 位。 中信建投最新研报认为，对稳定币持有者而言，他获得了一枚兼具交易便利性、隐私性、同时币值极其 稳定的货币，这是一枚有史以来交易属性最立体的货币。 稳定币的优质交易属性，或预示着未来交易支付将迎来新纪元。这或许是当前美国、香港等政府部门关 注到了稳定币，并加以监管引导，以准备迎来一个更加稳定的稳定币发展时代。 稳定币概念相关港股企业： 众安在线（06060）：为香港稳定币概念核心标的，公司联营公司ZA Bank是首家为香港稳定币发行人 提供储备银行服务的本地数字银行，与香港金管局稳定币沙盒计划参与者圆币科技合作。 智通财经APP获悉，美国参议院以 68 票对 30 票通过对《GENIUS 稳定币法案》修正案的程序性动议 （cloture），为最终表决铺路，最快将于下周一进行，除非两党达成缩短辩论时间的协议。 华兴 ...

Major Events - JiuTai Rural Commercial Bank (06122) plans to sell 78.51% stake in HuanShan HuiMin Village Bank for 40.4 million yuan [1] - Vanke Enterprises (02202) intends to receive a loan of up to 3 billion yuan from its major shareholder, Shenzhen Metro Group [1] - China Gas Holdings (08246) signed a memorandum of understanding with the Lao Ministry of Industry and Commerce to explore cooperation in developing fuel and natural gas supply networks in Laos [1] - Miniso Group (09896) is conducting a preliminary assessment on the potential spin-off listing of its trendy toy business operated under the "TOP TOY" brand [1] - Baiyunshan Pharmaceutical (00874) subsidiary received approval from the National Medical Products Administration for the drug registration certificate of Tadalafil tablets (2.5mg, 5mg) [1] - Huaxing Capital Holdings (01911) portfolio company Circle successfully listed on the New York Stock Exchange, marking the first IPO milestone in the global stablecoin sector [1] - China National Nuclear Corporation (01763) plans to initiate its first irradiation station cooperation project in Peru [1] Operating Performance - Yuexiu Property (00123) reported a cumulative contract sales amount of approximately 50.7 billion yuan in the first five months, an increase of about 26.5% year-on-year [1] - China Overseas Land & Investment (00688) recorded a cumulative property sales amount of approximately 90.4 billion yuan in the first five months, a decrease of 11.1% year-on-year [1] - Shimao Group (00813) reported a cumulative contract sales total of 11.2 billion yuan in the first five months, a decrease of 18.71% year-on-year [1] - Zhongliang Holdings (02772) achieved a cumulative contract sales amount of approximately 5.37 billion yuan in the first five months, a decrease of 33.38% year-on-year [1] - GAC Group (02238) experienced a year-on-year decline in May's automobile production by 8.16% and a sales drop of 24.80% [1] - Poly Property Group (00119) achieved a contract sales amount of approximately 21.8 billion yuan in the first five months, an increase of 3.81% year-on-year [1] - New天绿色能源 (00956) completed a power generation volume of approximately 7.29 million megawatt-hours in the first five months, an increase of 10.86% year-on-year [1]

点击蓝字，关注我们 今日上午港股 1. 信义能源(03868)再涨超5%。 消息面上，信义能源、信义光能联合公布，建议中国上市的申请材料 已递交予发改委。太阳能发电场基础设施REIT拟于中国一家证券交易所上市，仍需获得监管机构批 准及豁免。 2. 石药集团(01093)涨超3%。 6月5日，石药集团发布公告，集团开发的腺苷钴胺胶囊(0.5mg)("该产 品")已获得中国国家药品监督管理局颁发的药品注册批件，并视同通过仿制药质量和疗效一致性评 价。 3. 东岳集团(00189)涨超5%。 据百川盈孚数据，第三代主流制冷剂R32（主要用于家用和商用空 调），目前其国内均价每吨已突破5万元大关，同比增长42%；截至6月5日，R32行业毛利润达3.5万 元/吨，较去年同期每吨毛利润增加超过1万元。 4. 康诺亚-B(02162)涨超3%。 近日，康诺亚在药物临床试验登记与信息公示平台官网上登记了一项 CDH17ADC药物CM518D1治疗晚期实体瘤的I/II期临床研究。据公开资料显示，这是该药首次启动临 床。 5. 药师帮(09885)再涨超6%。 药师帮公告，与越疆科技(02432)订立战略合作与业务部署协议。 6 ...

港股华兴资本控股(01911.HK)转跌，此前一度涨超20%。 ...

Financial Performance - In 2024, Huaxing Capital achieved over 3 billion RMB in exits, significantly enhancing the DPI of various funds and providing substantial returns to LPs[16]. - In 2024, the total revenue and net investment income of the group reached RMB 840 million, a year-on-year increase of 5.2%[21]. - Total revenue for 2024 was RMB 777,104 thousand, a decrease of 27.7% from RMB 1,006,094 thousand in 2023[29]. - The total income and net investment gains or losses for 2024 were RMB 839,641 thousand, reflecting a 5.2% increase from RMB 797,944 thousand in 2023[34]. - The company reported a significant increase in stock underwriting revenue, which surged by 224.2% to RMB 42,348 thousand in 2024[37]. - The operating loss improved to RMB 41,640 thousand in 2024, a significant reduction of 78.9% compared to RMB 197,817 thousand in 2023[29]. - The adjusted net loss attributable to the company's owners for 2024 was RMB 300,837 thousand, down 49.3% from RMB 592,446 thousand in 2023[30]. - The net investment income for the year ended December 31, 2024, was RMB 62.5 million, a significant recovery from a net loss of RMB 208.2 million in 2023[68]. - The operating loss for the year ended December 31, 2024, was RMB 41.6 million, compared to an operating loss of RMB 197.8 million in 2023[72]. - The company reported a net asset value of RMB 7.05 billion as of December 31, 2024, slightly down from RMB 7.18 billion in 2023[155]. Investment Banking and Asset Management - The investment banking segment focused on artificial intelligence and merger transactions, solidifying its leading industry position and supporting numerous industry leaders[16]. - The investment banking business generated total revenue of RMB 220 million, reflecting a year-on-year growth of 16.8%[23]. - Investment banking revenue increased by 16.8% to RMB 224,453 thousand in 2024, compared to RMB 192,194 thousand in 2023[34]. - The investment management business contributed 38% to the total revenue, with total fund exit amounts reaching RMB 3.2 billion[22]. - The investment return ratio (DPI) for five out of eleven main funds exceeded 100%, with total unrealized carried interest amounting to RMB 2.1 billion[22]. - The investment management segment reported an operating profit of RMB 126.0 million for the year ended December 31, 2024, compared to an operating loss of RMB 12.3 million for the year ended December 31, 2023[54]. - The company’s investment management income primarily comes from management fees and carried interest from private equity funds[130]. Customer and Market Growth - The retail business saw a remarkable increase in new customer numbers and asset management scale, achieving over 200% and 100% growth, respectively, through the self-developed app "Duoduo Jin"[16]. - The registered user count for the Duoduo Jin app reached 390,000, a 95% increase from the end of 2023, with customer asset scale growing by 146%[24]. - Huaxing Capital has facilitated nearly 1.5 trillion RMB in transactions and participated in over 70% of the critical development stages of China's internet unicorns[18]. - The overall performance of the securities business stabilized and showed a trend of steady growth, particularly in the retail sector[16]. Operational Efficiency - The group reduced its workforce to 475 employees, a decrease of 16.1% year-on-year, leading to further reductions in non-labor costs[21]. - Total operating expenses decreased by 11.5% to RMB 881.3 million from RMB 995.8 million in 2023[70]. - The segment operating expenses for the securities division decreased by 1.7% to RMB 342.0 million from RMB 347.8 million in 2023[58]. - The company has taken measures to mitigate risks associated with contract arrangements by closely monitoring the regulatory environment in China[145]. Strategic Direction and Innovation - Huaxing Capital is committed to aligning with the national innovation-driven strategy and actively pursuing innovation amid complex global changes[14]. - The firm aims to fully leverage its entrepreneurial spirit in the "2.0 era" to become a leader and partner in frontier technologies[18]. - The group plans to deepen its layout in AGI and embodied intelligence fields while exploring Web3.0 and cryptocurrency assets[26]. - The company has established a carried interest distribution framework agreement to reward investment fund personnel, which is expected to retain at least 25% of distributable carried interest from 22 related investment funds[122]. Regulatory and Compliance Risks - The company faces significant risks including adverse impacts from the overall market and economic conditions in China and other jurisdictions where it operates[114]. - The company has established contractual arrangements that are subject to regulatory scrutiny under Chinese foreign investment laws, which may impact the feasibility of its current corporate structure and operations[135]. - There are significant uncertainties regarding the interpretation of regulations that could lead to severe penalties or loss of interests in certain business operations if deemed non-compliant by the Chinese government[135]. - The company relies on contractual arrangements with consolidated affiliated entities, which may not provide effective operational control or economic benefits compared to ownership of equity interests[137]. Corporate Governance - The board of directors consists of three executive directors, one non-executive director, and three independent non-executive directors[181]. - The compensation committee has been established to review the compensation policy and structure for all directors and senior management based on the group's operating performance and market practices[173]. - The auditor, Zhonghui Anda CPA Limited, has been appointed and will be reappointed at the upcoming annual general meeting for the year ending December 31, 2024[178]. - The company has no additional disclosure obligations under the listing rules[179].

一、逆周期下的韧性 华兴资本业务主要分为投行、资产管理和华兴证券。 其中，投行业务作为长期以来的核心引擎，近些年可谓备受考验。 过去两年，全球经济复苏乏力叠加资本市场深度调整，金融机构普遍面临严峻考验。 即便是深耕新经济领域二十载的华兴资本，作为中国创新企业资本运作的关键基础设施提供者，也在行业周期与地缘政治的叠加效应中，迎来了创立以来最 具挑战性的压力测试。 从最新发布的2024年财务数据来看，公司仍然面临业绩亏损、规模缩小的压力，但譬如营收增长、亏损收窄等边际好转的细节也可以从这份财报中窥视一 二。 同时，新管理层已经调整到位，必然会给华兴资本未来的业务方向、经营模式带来变化，叠加当前外部环境逐步转暖，这种深层次变革，相较于短期业绩数 据，或许更值得关注。 那么，如何全面剖析华兴资本的最新财报就显得尤为重要。 2024年港股市场全年IPO数量达到70个，与上年持平，总筹资金额为876亿港元，同比增长88%。但相较于2020年以及2021年IPO筹资额连续突破3000亿港元 的好年景，2024年的港股IPO市场还难言恢复。 ( 数据来源：公开资料、清科私募通） 类似情景也在美股市场中国公司IPO身上有所体现 ...

华兴资本将继续围绕"科技+产业"主线，深化AGI与具身智能领域布局，拓展併购及跨境业务。在稳固 华兴现有业务的同时，积极探索Web3.0和加密货币资产领域，以引领创新科技领域的发展。同时，持 续强化投后管理与风险控制，提升资产运营效率。集团将以稳健的财务结构、创新的业务模式和专业的 服务能力，把握市场机遇，为股东创造长期价值。 其中，2024年第四季度以来，该集团收入和经营利润均较前三季度有较大幅度的提升。第四季度总收入 占全年收入的46%。不包括华兴证券，2024年总收入和净投资收益为5.9亿元，同比增长10%，经营利润 为5300万元，扭转了去年亏损的局势，重回盈利状态。 华兴证券全年总收入和净投资收益2.5亿元，占集团总收入和净投资收益30%。战略重点业务保持良好 的增长态势。华兴证券多多金App，赋能业务发展，形成科技与业务的双轮驱动与深度融合，提供差异 化、多元化陪伴式服务，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2024年12 月末，华兴证券多多金APP累计注册用户数39万户，较2023年末增长95%，年内新增客户数快速增长， 较2023年同期增长208%。客户资产规模较202 ...

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 777.1 million, a decrease of 22.7% from RMB 1,006.1 million in 2023[6]. - The adjusted net loss attributable to the company's owners for the year was RMB 300.8 million, a reduction of 49.3% compared to RMB 592.4 million in 2023[7]. - The company reported a pre-tax loss of RMB 162.6 million, down from RMB 340.7 million in 2023, showing improved financial performance[6]. - The total loss for the year attributable to the company's owners was RMB 179.0 million for the year ended December 31, 2024, compared to RMB 471.9 million for the year ended December 31, 2023, representing a reduction of 62.0%[62]. - The company reported a net loss of RMB 210,659,000 for 2024, a reduction of 54.4% from a loss of RMB 460,993,000 in 2023[97]. - Basic and diluted loss per share for 2024 was RMB (0.35), an improvement from RMB (0.94) in 2023[97]. - The income tax expense for the year ended December 31, 2024, was RMB 48.1 million, down from RMB 120.3 million for the year ended December 31, 2023[61]. - The net investment income for the year ending December 31, 2024, was RMB 62.5 million, compared to a net investment loss of RMB 208.2 million for the year ending December 31, 2023[49]. Revenue Breakdown - The investment management business contributed 38% to the total revenue, with total fund exit amounts reaching RMB 3.2 billion during the period[12]. - The investment banking business generated total revenue of RMB 220 million, reflecting a year-on-year growth of 16.8%[13]. - The total revenue and net investment income for Huaxing Securities reached RMB 250 million, accounting for 30% of the group's total revenue and net investment income[15]. - Revenue from mainland China was RMB 646,831,000, down 25% from RMB 862,258,000 in 2023[111]. - Customer contract revenue recognized at a point in time was RMB 434,891,000, a decrease of 6.4% from RMB 464,798,000 in 2023[112]. - Revenue from advisory and underwriting services dropped by 70.7% to RMB 25.0 million in 2024[39]. - Sales, trading, and brokerage revenue increased by 125.1% to RMB 80.7 million in 2024[39]. Operational Efficiency - The company reduced its workforce to 475 employees, a decrease of 16.1% compared to the previous year, leading to further reductions in non-labor costs[11]. - The operating loss for the investment banking segment decreased by 49.7% to RMB 34.8 million, reflecting improved operational efficiency[25]. - The total operating expenses for the company decreased by 11.5% from RMB 995.8 million for the year ending December 31, 2023, to RMB 881.3 million for the year ending December 31, 2024[50]. - The operating expenses for Huaxing Securities decreased by 1.7% from RMB 347.8 million for the year ending December 31, 2023, to RMB 342.0 million for the year ending December 31, 2024[40]. - The total employee compensation expense, including share-based payment expenses, was RMB 485.8 million for the year ended December 31, 2024[75]. Investment Performance - The cumulative unrealized carried interest as of December 31, 2024, was RMB 2.1 billion, with net carried interest at RMB 600 million[12]. - The internal rate of return for self-managed private equity funds was 17.4% and for third-party funds was 15.1% as of December 31, 2024[28]. - The total assets of Huaxing Securities amounted to RMB 3.7 billion, with net assets of RMB 2.4 billion and high liquidity assets totaling RMB 2.8 billion[15]. - The company's total investments measured at fair value amounted to approximately RMB 2,981.1 million as of December 31, 2024, an increase of 24.3% from RMB 2,397.4 million as of December 31, 2023[69]. - The fair value of financial assets measured at fair value through profit or loss increased to RMB 3,008,496,000 in 2024 from RMB 3,003,250,000 in 2023, showing a slight increase[139]. Future Outlook - The company plans to continue focusing on core business areas and optimizing assets to enhance operational performance in the future[11]. - The company plans to continue focusing on "technology + industry" and explore Web 3.0 and cryptocurrency asset fields[16]. - The company plans to focus on expanding its wealth management services for high-net-worth individuals and new economy entrepreneurs[106]. Governance and Compliance - The company has complied with all applicable provisions of the corporate governance code, except for the separation of the roles of Chairman and CEO until October 9, 2024[82]. - The audit committee has reviewed the audited financial statements for the year ending December 31, 2024, and discussed accounting policies and internal controls with senior management[86]. - The independent auditor's report indicates a reservation regarding the recoverability of restricted amounts totaling approximately RMB 78,768,000 as of December 31, 2024[93]. - The company has established various committees, including the nomination committee, remuneration committee, executive committee, and environmental, social, and governance committee[87]. - The company has adopted the standard code for securities transactions by directors and confirmed compliance during the reporting period[83][84]. Miscellaneous - The company did not declare or pay any dividends for the years ended December 31, 2024, and December 31, 2023[79]. - The company has not engaged in any significant litigation or arbitration during the reporting period[90]. - The company has not disclosed any significant post-reporting period events from December 31, 2024, to the announcement date[95].

Financial Performance - Total revenue and net investment income for the first half of 2024 amounted to RMB 328.9 million, a decrease of 39% compared to RMB 536.6 million in the same period of 2023[10]. - The company recorded a net loss attributable to shareholders of RMB 73.8 million for the first half of 2024, compared to a net loss of RMB 180.1 million in the same period of 2023[10]. - Total revenue and net investment income for the first half of 2024 were RMB 359.5 million, a decrease of 38.5% compared to RMB 584.4 million in the same period of 2023[18]. - The company reported a pre-tax loss of RMB 73.6 million for the first half of 2024, an improvement from a pre-tax loss of RMB 112.2 million in the same period of 2023[10]. - The company’s adjusted net loss attributable to shareholders, which includes share-based payment expenses and changes in fair value of share options, was RMB 117.9 million for the first half of 2024[11]. - The company incurred a loss of RMB 87.7 million for the six months ended June 30, 2024, compared to a profit of RMB 32.4 million in the same period in 2023[109]. - The company reported a total revenue of RMB 359,527,000 for the six months ended June 30, 2024, a decrease of 38.4% compared to RMB 584,406,000 for the same period in 2023[109]. - The net investment income for the same period was RMB 30,606,000, down from RMB 47,831,000, reflecting a decline of 36.0%[109]. - The company reported a total comprehensive income for the period was a loss of RMB 72,544 thousand, compared to a loss of RMB 55,159 thousand in the previous year[116]. Operating Expenses - Total operating expenses decreased to RMB 447.3 million in the first half of 2024 from RMB 552.0 million in the same period of 2023[10]. - Total operating expenses for the investment management segment decreased by 49.0% from RMB 180.2 million to RMB 91.8 million for the same periods[35]. - Total operating expenses amounted to RMB 282,097,000, reflecting an increase from RMB 320,403,000 in the prior year[126][128]. - The operating loss for Huaxing Securities for the six months ended June 30, 2024, was RMB 42.5 million, compared to RMB 41.9 million for the same period in 2023, an increase of 1.4%[40]. - The investment banking segment reported operating losses of RMB 61.5 million and RMB 27.6 million for the six months ended June 30, 2024, and 2023, respectively[24]. Investment Management - In the first half of 2024, the group's investment management business accounted for 37% of total revenue, with fund exit amounts totaling RMB 893 million[15]. - The investment management segment's operating profit decreased by 68.7%, reflecting challenges in the market environment[19]. - The investment management segment reported revenue of RMB 164,811,000, compared to RMB 336,452,000 in the previous year[126][128]. - The company recognized realized carried interest income of RMB 10.1 million from one main fund, a decrease from RMB 94.2 million for the same period last year[34]. - The company reported a net loss of RMB 33,445,000 in the investment management segment, compared to a loss of RMB 29,984,000 in the previous year[126][128]. Market Environment - The market environment for the first half of 2024 remained sluggish, with a significant decline in the number and amount of IPOs for Chinese concept stocks overseas[14]. - The company’s total income and net investment income for the first half of 2024 reflected a challenging investment climate with low participation from market investors[14]. - The investment banking team is maintaining close communication with potential IPO clients to seize opportunities when the market recovers[15]. Workforce and Employee Compensation - The company adjusted its workforce, reducing the number of employees to 521 by the end of the reporting period, an 8% decrease from the end of 2023[14]. - Total compensation expenses, including share-based payments, for the six months ended June 30, 2024, amounted to RMB 282.1 million, a decrease of 12.0% compared to RMB 320.5 million for the same period in 2023[71]. - The employee retention strategy includes cash performance bonuses and other incentives, with 128 employees holding unexercised stock options as of June 30, 2024[71]. Cash Flow and Liquidity - Cash and cash equivalents totaled RMB 1,245.2 million as of June 30, 2024, with RMB 1,184.9 million excluding Huaxing Securities[58]. - For the six months ended June 30, 2024, the net cash generated from operating activities was RMB 198.5 million, adjusted for a pre-tax loss of RMB 73.6 million and positive changes in working capital of RMB 290.6 million[60]. - The company reported a net cash flow from operating activities of RMB 198,471 thousand for the six months ended June 30, 2024, compared to RMB 887,311 thousand for the same period in 2023, indicating a significant decrease[119]. - The company incurred a financing cash outflow of RMB 31,597 thousand for the six months ended June 30, 2024, compared to an outflow of RMB 2,210,887 thousand in the same period of 2023[121]. Corporate Governance - The company has adopted corporate governance principles to enhance internal control measures and accountability to shareholders[92]. - The company has complied with all applicable code provisions of the corporate governance code during the six months ended June 30, 2024[92]. - The company has established various committees, including the nomination committee, remuneration committee, executive committee, and environmental, social, and governance committee[100]. Shareholder Information - The total number of issued shares is 568,397,776[82]. - Mr. Bao holds approximately 40.53% of the shares through controlled entities, totaling 230,367,332 shares[82]. - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[74]. - The board retains absolute discretion regarding dividend declarations, which are contingent on the company's financial health and regulatory constraints[74]. Related Party Transactions - The company provided fund management services to related parties, with receivables based on invoice dates and a general credit period of 180 days[186]. - The management fees prepaid for fund management services to related parties totaled RMB 64,241 thousand as of June 30, 2024, up from RMB 8,973 thousand at the end of 2023, marking an increase of about 616%[193]. - The income from related party investments for the six months ended June 30, 2024, was RMB 10,107 thousand, compared to RMB 94,218 thousand for the same period in 2023, indicating a decrease of approximately 89.3%[197].