[Financial Highlights](index=1&type=section&id=Financial%20Highlights) This section provides a concise overview of the company's key financial performance and position for the reporting period | Indicator | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Statement of Profit or Loss:** | | | | Revenue | 14,223 | 21,479 | | Net investment income or loss | 52,786 | (619,607) | | Profit/(Loss) for the period | 76,468 | (742,217) | | Profit/(Loss) for the period attributable to owners of the Company | 76,005 | (740,511) | | Basic earnings/(loss) per share (RMB) | 0.11 | (1.07) | | **Balance Sheet (Period-end):** | | | | Total equity | 6,526,061 | 6,459,812 | | Equity attributable to owners of the Company | 6,502,921 | 6,437,109 | - The company achieved a turnaround in the first half of 2025, with profit for the period shifting from a **loss of RMB 742.2 million** in the same period of 2024 to a **profit of RMB 76.468 million**[4](index=4&type=chunk) - Net investment income or loss significantly improved, turning from a **loss of RMB 620 million** in the same period of 2024 to a **profit of RMB 52.786 million**[4](index=4&type=chunk) [Management Discussion and Analysis](index=2&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the company's operational performance, financial results, and future strategic outlook [Business Review](index=2&type=section&id=Business%20Review) The company, a consumer-focused private equity investor, expanded AUM to **RMB 19.4 billion**, raised new funds, and diversified investment and exit strategies - As of June 30, 2025, the Group's total Assets Under Management (AUM) was approximately **RMB 19.4 billion**, comprising **RMB 14.7 billion** in fund assets and **RMB 4.7 billion** in direct investments[5](index=5&type=chunk) - The Group acts as fund manager for **20 funds**, including **16 RMB funds** and **4 USD funds**, with **13 focused on early-stage investments** and **7 on growth and late-stage opportunities**[5](index=5&type=chunk) | Indicator | Number of Funds | Assets Under Management (RMB billions) | Committed Capital (RMB billions) | Contribution of Own Funds to Total Committed Capital (RMB billions) | | :--- | :--- | :--- | :--- | :--- | | Consolidated Funds | 8 | 7.5 | 10.3 | 2.1 | | Unconsolidated Funds | 12 | 7.2 | 5.3 | 0.7 | | Total | 20 | 14.7 | 15.6 | 2.8 | - In the first half of 2025, the Group raised an additional **RMB 486.3 million** in fund capital and established CVC funds with Ziyan Food and L'Oréal Group, focusing on the catering industry chain and emerging opportunities in China's beauty sector[11](index=11&type=chunk) - The Group listed 'Tiantu No. 1' Special Purpose Acquisition Company (SPAC) on the Macao Financial Asset Exchange (MCEX), adopting a Revenue-Based Financing (RBF) model to invest in high cash flow businesses, broadening return paths and reducing reliance on traditional IPO exits[14](index=14&type=chunk) - Hong Kong subsidiary Tiantu Asset Management completed a strategic upgrade of its SFC Type 9 license, allowing over **10% of its portfolio assets** to be allocated to virtual assets, laying the groundwork for future crypto-themed funds[15](index=15&type=chunk) - As of June 30, 2025, the Group held interests in **183 existing portfolio companies** and exited **20 portfolio companies** in the first half of the year, realizing cumulative capital returns of approximately **RMB 1.07 billion**[15](index=15&type=chunk)[17](index=17&type=chunk) [Outlook for the Second Half of 2025](index=6&type=section&id=Outlook%20for%20the%20Second%20Half%20of%202025) The company will focus on thematic investments, explore innovative paths including dividend-yield strategies, strategic M&A, and digital assets, to enhance portfolio resilience and diversify returns - The Group will focus on thematic investments and deep market insights, actively exploring innovative investment paths, including dividend and yield-oriented investments, strategic mergers and acquisitions, and selected allocations in digital assets[18](index=18&type=chunk) - By combining traditional strengths with emerging value creation channels, the Group aims to achieve differentiated growth and capture investment opportunities across various asset classes[18](index=18&type=chunk) [Financial Review](index=6&type=section&id=Financial%20Review) In H1 2025, revenue declined, but net investment income significantly improved, leading to a turnaround in total income and profit for the period | Indicator | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 14,223 | 21,479 | Down 33.8% | | Net investment income or loss | 52,786 | (619,607) | Turned from loss to profit | | Total revenue and net investment income or loss | 67,009 | (598,128) | Turned from loss to profit | | Other operating expenses | (21,282) | (28,774) | Down 26.1% | | Finance costs | (29,229) | (34,157) | Down 14.4% | | Share of results of associates and joint ventures | 44,424 | (153,190) | Turned from loss to profit | | Profit/(Loss) for the period | 76,468 | (742,217) | Turned from loss to profit | - The decrease in revenue was primarily due to a reduction in fund management fees and carried interest[19](index=19&type=chunk) - The increase in net investment income or loss was mainly attributable to unrealized fair value changes of financial assets[21](index=21&type=chunk) - Other operating expenses decreased primarily due to reduced consulting expenses related to investment management[24](index=24&type=chunk) - Finance costs decreased mainly due to the modification of bond coupon rates and repayment of bank borrowings[25](index=25&type=chunk) - The improvement in share of results of associates and joint ventures primarily reflected increased investment income from managed unconsolidated funds[28](index=28&type=chunk) [Liquidity and Financial Resources](index=8&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the company maintained sufficient working capital, stable cash growth, and reduced debt, while facing unhedged USD foreign exchange risk | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 1,219,500 | 1,203,400 | Slight increase | | Total debt | 837,300 | 1,023,700 | Down 18.2% | | Pledged assets (Interests in associates) | 1,240,600 | N/A | N/A | - The decrease in total debt was primarily due to the repayment of **RMB 200 million** in bonds in May 2025[32](index=32&type=chunk) - The Group is exposed to foreign exchange risk arising from its USD currency exposure but has not hedged against any foreign currency fluctuations[34](index=34&type=chunk) [Employees and Remuneration](index=9&type=section&id=Employees%20and%20Remuneration) As of June 30, 2025, the company had 72 employees, with stable remuneration costs, and had purchased H-shares for an incentive plan without granting awards yet - As of June 30, 2025, the Group had a total of **72 employees**[35](index=35&type=chunk) | Indicator | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total staff costs | 25,500 | 27,300 | - The Company instructed the trustee to purchase **1,012,800 H-shares** through market transactions for the administration of the 2024 H-share incentive scheme, but no awards had been granted under the scheme as of June 30, 2025[36](index=36&type=chunk) [Condensed Consolidated Financial Statements](index=10&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the company's condensed consolidated financial statements, including the statement of profit or loss, comprehensive income, and financial position [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=10&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement details the company's revenue, investment income, expenses, profit before tax, and profit for the period for the six months ended June 30, 2025, showing a significant turnaround | Indicator | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 14,223 | 21,47

Group 1 - Tiantu Investment has formed a strategic partnership with HashKey Capital to explore opportunities in the digital asset sector, including the establishment of investment funds [1][2] - Tiantu Asset Management Company Limited (Tiantu AM) is a licensed asset management firm in Hong Kong, holding a license for asset management and virtual asset business [1] - The collaboration aims to enhance Tiantu's investment framework by integrating digital asset and blockchain capabilities, creating value for portfolio companies and investors [2] Group 2 - The partnership reflects a shift in traditional venture capital firms from cautious exploration to strategic positioning in the digital asset space, particularly in regions with clear regulatory frameworks like Hong Kong [2] - The digital economy is seen as a frontier for technological revolution and industrial transformation, with significant growth potential in asset management and investment operations within the digital asset sector [3] - Other Hong Kong-listed companies, such as Huaxing Capital, are also entering the digital asset market, indicating a broader trend among public companies to diversify into Web 3.0 and cryptocurrency assets [3][4] Group 3 - Huaxing Capital's early investment in stablecoin giant Circle has proven lucrative, highlighting the potential for traditional financial institutions to bridge the gap with the crypto world [4] - The increasing interest in digital assets among venture capital firms is driven by the need to diversify risks and capture high-growth opportunities in a challenging investment environment [2][4] - Collaborations between leading institutions are expected to attract more traditional capital into the digital asset space, accelerating the migration of funds and talent [4]

Core Viewpoint - Tian Tu Investment (01973.HK) has entered into a strategic cooperation memorandum with Hashkey Capital Limited to explore business collaboration opportunities, including the potential establishment of an investment fund in the virtual asset sector [1] Group 1: Strategic Collaboration - The memorandum aims to expand business cooperation opportunities and may lead to the joint establishment of an investment fund focused on virtual assets [1] - Any collaboration will comply with applicable laws and regulations that may restrict Tian Tu Asset Management or any other member of the group [1] Group 2: Industry Insights - The company believes that virtual assets are increasingly integrated into daily business operations, and the widespread application of blockchain technology will shape the future development of various industries [1] - Virtual assets and cryptocurrencies are identified as areas with significant growth potential within asset management and investment businesses [1] Group 3: Company Profiles - Both Tian Tu Asset Management and Hashkey Capital are licensed asset management companies in Hong Kong, holding a Type 9 virtual asset management license [1] - Hashkey Capital is a leading digital asset financial services group under Hashkey Group, possessing extensive expertise in asset management and investment [1] - The collaboration between Tian Tu Asset Management and Hashkey Capital is expected to enhance the group's asset management business, expand its range of investment products, diversify its investor base, and strengthen experience in the rapidly evolving virtual asset sector [1]

Core Viewpoint - TianTu Investment (01973) has entered into a strategic cooperation memorandum with HashKey Capital to explore business collaboration opportunities, including the potential establishment of an investment fund in the virtual asset sector [1] Group 1: Strategic Collaboration - The memorandum aims to expand business cooperation opportunities between TianTu Asset Management and HashKey Capital [1] - Both companies are licensed asset management firms in Hong Kong and hold the Type 9 virtual asset management license [1] Group 2: Market Potential - The company recognizes that virtual assets are increasingly integrated into daily business operations, and the widespread application of blockchain technology will shape future industry developments [1] - Virtual assets and cryptocurrencies are identified as areas with significant growth potential within asset management and investment businesses [1] Group 3: Expertise and Diversification - HashKey Capital is part of the leading digital asset financial services group in Asia, possessing extensive expertise in asset management and investment [1] - The collaboration is expected to enhance the group's asset management business, expand its range of investment products, diversify its investor base, and strengthen experience in the rapidly evolving virtual asset sector [1]

Core Viewpoint - TianTu Investment (01973) has signed a strategic cooperation memorandum with HashKey Capital to explore business collaboration opportunities, including the potential establishment of an investment fund in the virtual asset sector [1] Group 1: Strategic Collaboration - The memorandum aims to expand business cooperation opportunities between TianTu Asset Management and HashKey Capital [1] - Both companies are licensed asset management firms in Hong Kong and hold the Type 9 virtual asset management license [1] Group 2: Market Potential - The company believes that virtual assets are increasingly integrated into daily business operations, and the widespread application of blockchain technology will shape the future development of various industries [1] - Virtual assets and cryptocurrencies are identified as areas with significant growth potential within asset management and investment businesses [1] Group 3: Expertise and Diversification - HashKey Capital is a leading digital asset financial services group in Asia, possessing extensive expertise in asset management and investment [1] - The collaboration is expected to enhance the group's asset management business, expand its range of investment products, diversify its investor base, and strengthen experience in the rapidly developing virtual asset sector [1]

Tian Tu Capital Co., Ltd. 深圳市天圖投資管理股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1973） 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。 本公司董事（「董 事」）會（「董事會」）欣 然 宣 佈，於8月18日，天 圖 資 產 管 理 有 限 公 司（「天圖資產管理」）與Hashkey Capital Limited（「Hashkey Capital」）訂立戰略合作備 忘 錄（「戰略合作備忘錄」），用 於 拓 展 業 務 合 作 機 遇，即 可 能 聯 合 設 立 虛 擬 資 產 領 域 的 投 資 基 金，並 於 日 後 進 一 步 探 索 其 他 形 式 的 聯 合 協 作。任 何 有 關 協 作 將 遵守天圖資產管理或本集團任何其他成員公司可能受到規限的適用法律法規。 訂立戰略合作備忘錄的理 ...

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 表 明 概 不 就 因 本 公 告 全 部 或 任 何 部 份 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。 承董事會命 深圳市天圖投資管理股份有限公司 董事長兼執行董事 王永華 中國深圳 2025年8月15日 於 本 公 告 日 期，本 公 司 董 事 會 包 括 執 行 董 事 王 永 華 先 生、馮 衛 東 先 生 及 鄒 雲 麗 女 士；非 執 行 董 事 王 仕 生 先 生、黎 瀾 先 生 及 姚 嘉 雯 女 士；及 獨 立 非 執 行 董 事 王 世 林 先 生、刁 揚 先 生 及 蔡 洌 先 生。 Tian Tu Capital Co., Ltd. 深圳市天圖投資管理股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1973） 董事會會議召開日期 深圳市天圖投資管理股份有限公司（「本公司」）董事會（「董事會」）兹通告謹定於 2 ...

Core Viewpoint - Tian Tu Investment (01973) is expected to achieve a net profit of approximately RMB 60 million to RMB 90 million for the six months ending June 30, 2025, a significant turnaround from a net loss of approximately RMB 742 million in the same period last year [1] Group Summary - The turnaround from a net loss in the first half of 2024 to profitability in the current period is primarily attributed to the increase in the fair value of the group's investment portfolio, leading to a rise in financial assets measured at fair value with changes recognized in profit or loss [1] - The fair value of the group's investment portfolio increased in the first half of 2025, driven by continuous growth in the business of some portfolio companies, supported by a steady recovery in consumer confidence amid macroeconomic recovery [1] - The overall positive market momentum and strong performance of the consumer sector in the secondary market significantly boosted the trading prices of the group's listed investments in the consumer field [1]

Core Viewpoint - Tian Tu Investment (01973.HK) is expected to record a net profit of approximately 60 million to 90 million RMB for the six months ending June 30, 2025, a significant turnaround from a net loss of about 742.2 million RMB in the same period last year, primarily due to an increase in the fair value of the investment portfolio [1] Group 1: Financial Performance - The expected net profit range for the upcoming period is between 60 million to 90 million RMB [1] - Last year's corresponding period saw a net loss of approximately 742.2 million RMB [1] Group 2: Investment Portfolio - The increase in the fair value of the investment portfolio is attributed to the continued growth of certain portfolio companies [1] - The recovery of consumer confidence in the macroeconomic environment has positively impacted the business performance of these companies [1] - The overall favorable market trend and strong performance in the secondary market for the consumer sector have led to a significant rebound in the trading prices of listed investments held by the group [1]

集团投资组合的公允价值于2025年上半年有所上升，主要受以下因素驱动：部分投资组合公司的业务持 续增长，得益于宏观经济环境复苏中消费者信心的稳步回升;及受市场整体向好势头以及消费行业在二 级市场中的强劲表现所推动，集团所持的已上市消费领域投资的交易价格显著回升。 天图投资(01973)发布公告，截至2025年6月30日止6个月，集团预计将取得约人民币6000万元至人民币 9000万元的纯利，而去年同期的净亏损约为人民币7.42亿元。从2024年前6个月的净亏损到今年同期取 得盈利的扭转，主要归因于集团投资组合的公允价值上升，导致以公允价值计量且其变动计入当期损益 的金融资产金额增加。 ...