Core Insights - Token Cat Limited is shifting its focus towards high-technology and next-generation energy sectors after divesting its unprofitable business and restructuring [1] - The company plans to raise up to $500 million through its U.S. subsidiary to explore nuclear fission energy applications for future computing infrastructure and as a stable power source for AI operations [1][2] Strategic Expansion - The management highlighted that the increasing demand for AI and high-performance computing is putting significant pressure on energy supply and costs [2] - Nuclear fission is viewed as a promising area for exploration, with plans to study its commercialization and strategic fit [2] Research and Collaboration - The U.S. subsidiary aims to engage with research institutions, energy engineering firms, and AI computing companies to identify collaboration opportunities [3] - The focus will be on developing advanced fission reactor technologies, small modular energy systems, and integrated nuclear-powered computing architectures [3] Leadership Perspective - The CEO emphasized that the energy demands of AI are transforming the tech landscape, and next-generation energy solutions are crucial for future competitiveness [4] - The company intends to assess the role of nuclear fission in computing infrastructure with a balanced approach of caution and ambition [4]

Market Overview - The infrastructure sector delivered positive returns in Q3, although it lagged behind global equities due to a risk-on market environment driven by animal spirits [3] - U.S. utilities, renewables, and North American natural gas and pipelines performed well, supported by high demand for power from AI-focused data centers [4][12] - European utilities faced challenges, particularly U.K. water utilities, which were negatively impacted by rising interest rates [4] Sector Performance - North American rails showed strong performance following news of a proposed merger, which could unlock significant value [5] - French toll roads declined due to political uncertainty and rising sovereign risk linked to the French budget fallout [6] - Communication towers were the weakest performers, experiencing slower growth in carrier capital expenditures during the current 5G cycle [6] Regional Highlights - The U.S. and Canada were the top contributors for the quarter, with Entergy and TC Energy leading the performance [7] - Entergy, a regulated electric utility, saw its share price increase due to ongoing data center deals [7] - TC Energy manages extensive natural gas pipelines and power assets, benefiting from stable cash flows and favorable project origination conditions [8] Detractors - Severn Trent and Vinci were the largest detractors, with Severn Trent facing concerns over U.K. fiscal policy [9] - Vinci operates a significant portion of France's toll road network and was affected by political uncertainty, although its operations remained stable [10] Future Outlook - Strong opportunities are anticipated in the infrastructure sector driven by decarbonization and energy transition, particularly in electric utilities across the U.S., EU, and U.K. [11] - Investments in electric and water utilities are expected to enhance grid resiliency and accommodate increased load growth due to reshoring and AI-focused data centers [12] Portfolio Highlights - The infrastructure strategy saw positive contributions from four out of seven sectors, with electric and gas utilities and airports being the top contributors [15] - The strategy underperformed relative to the FTSE Global Core Infrastructure 50/50 Index, primarily due to stock selection issues in the electric and water utility sectors [16] - Top contributors to absolute returns included Entergy, TC Energy, and WEC Energy, while Vinci and Severn Trent were the main detractors [17] Investment Actions - A new position was initiated in Spanish electric utility Iberdrola, while positions in Eletrobras, United Utilities, and Pembina Pipeline were exited [18]

Financial Statements [Condensed Consolidated Balance Sheets](index=2&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased, shifting from a shareholders' deficit to equity, driven by a surge in prepayments | Metric | December 31, 2024 (RMB thousand) | June 30, 2025 (RMB thousand) | | :-------------------------------- | :--------------------------- | :------------------------- | | Total Assets | 44,143 | 203,702 | | Total Liabilities | 184,950 | 170,716 | | Shareholders' (Deficit)/Equity | (140,807) | 32,986 | | Prepayment and other current assets, net | 14,951 | 175,870 | [Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Net loss significantly decreased to **RMB 675 thousand**, driven by a substantial gain from warrant liability fair value changes | Metric | 6 Months Ended June 30, 2024 (RMB thousand) | 6 Months Ended June 30, 2025 (RMB thousand) | | :------------------------------------------ | :--------------------------------------- | :--------------------------------------- | | Total Net Revenues | 32,305 | 19,777 | | Gross Profit | 22,354 | 15,626 | | Change in fair value of warrant liability | 2,338 | 42,069 | | Net Loss | (40,675) | (675) | | Basic and diluted net loss per share | (0.10) | — | [Unaudited Condensed Consolidated Statements of Changes in Equity](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Shareholders' deficit transitioned to equity, driven by **RMB 165,039 thousand** in common share issuance | Metric | December 31, 2024 (RMB thousand) | June 30, 2025 (RMB thousand) | | :-------------------------------- | :--------------------------- | :------------------------- | | Total TokenCat Limited shareholders' (deficit)/equity | (140,807) | 32,986 | | Issuance of common shares (6 months ended June 30, 2025) | N/A | 165,039 | | Share-based compensation (6 months ended June 30, 2025) | N/A | 8,994 | | Net loss (6 months ended June 30, 2025) | N/A | (675) | [Unaudited Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash used in operations increased, largely offset by financing activities, primarily from offering proceeds | Metric | 6 Months Ended June 30, 2024 (RMB thousand) | 6 Months Ended June 30, 2025 (RMB thousand) | | :------------------------------------------ | :--------------------------------------- | :--------------------------------------- | | Net cash used in operating activities | (11,088) | (169,500) | | Net cash generated from financing activities | 7,213 | 164,195 | | Proceeds of offering, net of listing fee | — | 165,295 | | Net decrease in cash, cash equivalents and restricted cash | (6,645) | (5,258) | Notes to Unaudited Condensed Consolidated Financial Statements [1. Organization and Reorganization](index=6&type=section&id=1.%20Organization%20and%20Reorganization) TokenCat Limited operates in the PRC via VIEs, providing auto shows and marketing, facing risks from uncertain PRC legal enforcement - TokenCat Limited (formerly TuanChe Limited) is a Cayman Islands holding company conducting business mainly through its subsidiaries and Variable Interest Entities (VIEs) in the People's Republic of China[15](index=15&type=chunk)[16](index=16&type=chunk) - The Group's primary services include auto shows, special promotion events, online marketing, social CRM cloud services, and referral services[16](index=16&type=chunk) - The VIE structure, used to navigate PRC foreign investment restrictions, is subject to substantial uncertainties regarding the interpretation and application of PRC laws, which could limit the Group's ability to enforce contractual arrangements and materially adversely affect its business[19](index=19&type=chunk)[22](index=22&type=chunk) [Contractual arrangements with VIEs](index=6&type=section&id=Contractual%20arrangements%20with%20VIEs) The Group operates in the PRC through VIEs due to foreign investment restrictions, consolidating them via contractual arrangements that grant control and economic benefits - The Group conducts operations in the PRC partially through VIEs (TuanChe Internet, Drive New Media, Internet Drive Technology, and Hainashuke) due to PRC foreign investment restrictions in value-added telecommunication services[17](index=17&type=chunk) - The Company consolidates the VIEs because contractual arrangements (exclusive business cooperation, call option, equity pledge, powers of attorney, spousal consent) enable it to direct activities and receive economic benefits[17](index=17&type=chunk)[18](index=18&type=chunk) [Risks in relation to the VIE structure](index=6&type=section&id=Risks%20in%20relation%20to%20the%20VIE%20structure) Uncertainties in PRC law interpretation and potential regulatory actions pose significant risks to the Group's ability to enforce VIE contractual arrangements and operate its business - There are substantial uncertainties regarding the interpretation and application of PRC laws governing contractual arrangements, which could limit the Group's ability to enforce these arrangements[19](index=19&type=chunk)[22](index=22&type=chunk) - Potential regulatory actions by PRC authorities could include revoking licenses, restricting operations, blocking websites, or requiring restructuring, which would materially adversely affect the Group's business[22](index=22&type=chunk)[23](index=23&type=chunk) - Management believes the likelihood of losing control over VIEs is remote based on current facts, and contractual arrangements are legally enforceable under PRC law, though enforcement involves uncertainties[22](index=22&type=chunk) [Combined financial information of VIEs](index=8&type=section&id=Combined%20financial%20information%20of%20VIEs) VIEs reported **RMB 140,167** in total assets and **RMB 288,290** in total liabilities as of June 30, 2025, with net revenues of **RMB 21,521** and a net loss of **RMB (1,589)** for the six months ended June 30, 2025 | Metric | December 31, 2024 (RMB) | June 30, 2025 (RMB) | | :-------------------------- | :---------------------- | :------------------ | | Total Assets | 142,595 | 140,167 | | Total Liabilities | 290,300 | 288,290 | | Net revenues (6 months ended) | 15,360 | 21,521 | | Net loss (6 months ended) | (15,250) | (1,589) | | Net cash used in operating activities (6 months ended) | (6,868) | (3) | - The Company has the power to direct VIE activities and transfer assets, with no assets in VIEs restricted for settling VIE obligations, except for registered capital of approximately **RMB 40.1 million**[25](index=25&type=chunk) [2. Going Concern](index=9&type=section&id=2.%20Going%20Concern) Recurring losses, negative cash flows, and an accumulated deficit of **RMB 1,421.8 million** raise substantial doubt about the Group's ability to continue as a going concern, requiring strategic execution and financing - The Group has incurred recurring operating losses and negative cash flows from operations since its inception, including a net loss of **RMB 0.7 million** for the six months ended June 30, 2025, and an accumulated deficit of **RMB 1,421.8 million**[27](index=27&type=chunk) | Metric | Year Ended Dec 31, 2023 (RMB million) | Year Ended Dec 31, 2024 (RMB million) | 6 Months Ended June 30, 2025 (RMB million) | | :-------------------------------- | :------------------------------------ | :------------------------------------ | :----------------------------------------- | | Net Loss | 83.0 | 188.0 | 0.7 | | Net Cash Used in Operating Activities | 74.9 | 34.7 | 169.5 | | Accumulated Deficit | N/A | N/A | 1,421.8 | | Cash and Cash Equivalents | N/A | N/A | 5.1 | - These conditions, coupled with weak economic growth in China and staff resignations, raise substantial doubt about the Group's ability to continue as a going concern, necessitating successful execution of business plans and potential financing[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) [3. Significant Accounting Policies](index=10&type=section&id=3.%20Significant%20Accounting%20Policies) This section details the Group's significant accounting policies under U.S. GAAP, covering consolidation, estimates, fair value measurements, asset impairment, revenue recognition, taxation, and risk concentrations - The Group's condensed consolidated financial statements are prepared in accordance with U.S. GAAP and include the Company, its subsidiaries, VIEs, and subsidiaries of VIEs for which the Company is the primary beneficiary[31](index=31&type=chunk)[33](index=33&type=chunk)[35](index=35&type=chunk) - Significant accounting estimates are made for items such as accounts receivable, deferred tax assets, share-based compensation, impairment of goodwill and long-lived assets, and valuation of warrant liabilities at fair value[37](index=37&type=chunk) - Revenue recognition follows

Company Overview - Token Cat Limited, formerly known as TuanChe Limited, is a leading automotive marketplace in China, founded in 2010 [5] - The company connects automotive consumers with manufacturers, dealers, and service providers, offering comprehensive marketing and transaction services [5] - Token Cat utilizes an interactive many-to-many model to transform individual car purchases into large-scale group buying experiences [5] - The company is exploring entry into the cryptocurrency sector [5] ADS Ratio Change Announcement - Token Cat plans to change the ratio of its American depositary shares (ADSs) from 1 ADS representing 240 Class A ordinary shares to 1 ADS representing 4,800 Class A ordinary shares, effective on or about August 29, 2025 [1][2] - This change will effectively act as a one-for-twenty reverse ADS split for ADS holders [2] - The exchange of existing ADSs for new ADSs will occur automatically, with no action required from holders [2] Fractional ADSs and Trading - No fractional new ADSs will be issued; instead, fractional entitlements will be aggregated and sold, with net cash proceeds distributed to ADS holders [3] - There will be no change to the Company's Class A ordinary shares, and the ADSs will continue to trade on the Nasdaq Capital Market under the symbol "TC" [4] - The ADS price is expected to increase proportionally as a result of the ADS Ratio Change, although no assurance can be given regarding the price post-change [4]

Group 1 - The core viewpoint of the article highlights the financial performance of Tuanche (TC), indicating a significant decline in revenue and net profit for the year ending December 31, 2024 [1] - Tuanche's stock price increased by 2.52% to $0.61 per share, with a total market capitalization of approximately $20.64 million [1] - The company's total revenue for the year was reported at 49.18 million RMB, reflecting a year-on-year decrease of 69.71% [1] Group 2 - The net profit attributable to the parent company was reported at -188 million RMB, showing a year-on-year decline of 126.57% [1] - Tuanche operates as a leading automotive e-commerce platform in China, established in 2010, and is registered in the Cayman Islands [1] - The company has developed a new retail strategy focused on automotive transaction scenarios, aiming to create a comprehensive automotive transaction service ecosystem [1]

Core Insights - The stock price of Tuanche (TC) increased by 3.47% on August 15, reaching $0.62 per share, with a total market capitalization of $20.97 million [1] - Financial data indicates that Tuanche's total revenue for the year ending December 31, 2024, is projected to be 49.176 million RMB, a year-on-year decrease of 69.71% [1] - The net profit attributable to the parent company is expected to be -188 million RMB, reflecting a year-on-year decline of 126.57% [1] Company Overview - Token Cat Limited, formerly known as Tuanche Limited Liability Company, is a Cayman Islands-registered holding company that operates through its domestic subsidiary, Tuanche Internet Information Services (Beijing) Co., Ltd. [1] - Tuanche is recognized as a leading automotive e-commerce platform in China, established in 2010 [1] - The company has developed a new retail strategy centered around automotive transaction scenarios, aiming to create a comprehensive automotive transaction service ecosystem [1] Business Model - Tuanche has pioneered a new retail model in the automotive industry, focusing on scenario-based sales [1] - The company collaborates with automotive manufacturers and dealers to establish local offline car purchasing scenarios, enhancing consumer convenience while reducing communication costs between manufacturers and users [1] - This approach aims to lower marketing expenses per vehicle and improve transaction success rates [1]

Core Viewpoint - The company, Tuanche (TC), has experienced a significant decline in revenue and net profit, indicating potential challenges in its business operations and market conditions [1]. Financial Performance - As of December 31, 2024, Tuanche reported total revenue of 49.176 million RMB, a year-on-year decrease of 69.71% [1]. - The net profit attributable to the parent company was -188 million RMB, reflecting a year-on-year decline of 126.57% [1]. Company Overview - Token Cat Limited, formerly known as Tuanche Limited Liability Company, is a Cayman Islands-registered holding company that operates through its subsidiary, Tuanche Internet Information Services (Beijing) Co., Ltd. [1]. - Tuanche is recognized as a leading automotive e-commerce platform in China, established in 2010 [1]. - The company has developed a new retail strategy centered around automotive transaction scenarios, aiming to create a comprehensive automotive transaction service ecosystem [1]. Business Model - Tuanche has pioneered a scenario-based new retail model in the automotive industry, collaborating with automobile manufacturers and dealers to establish local offline car purchasing scenarios [1]. - This model aims to facilitate consumer car purchases while reducing communication costs between manufacturers and users, thereby lowering marketing expenses per vehicle and increasing transaction success rates [1].

Core Insights - Tuanche (TC) experienced a 4.95% increase in stock price, reaching $0.63 per share, with a total market capitalization of $2.1388 million as of August 11 [1] - Financial data indicates that Tuanche's total revenue for the year ending December 31, 2024, is projected to be 49.176 million RMB, reflecting a year-on-year decrease of 69.71% [1] - The net profit attributable to the parent company is expected to be -188 million RMB, showing a significant year-on-year decline of 126.57% [1] Company Overview - Token Cat Limited, formerly known as Tuanche Limited Liability Company, is a Cayman Islands-registered holding company that operates through its domestic subsidiary, Tuanche Internet Information Services (Beijing) Co., Ltd [1] - Tuanche is recognized as a leading automotive e-commerce platform in China, established in 2010 [1] - The company has developed a new retail strategy centered around automotive transaction scenarios, aiming to create a comprehensive automotive transaction service ecosystem [1] Business Model - Tuanche has pioneered a new retail model in the automotive industry, focusing on scenario-based services [1] - The company collaborates with automotive manufacturers and dealers to establish local offline car purchasing scenarios, enhancing consumer convenience while reducing communication costs between manufacturers and users [1] - This approach aims to lower marketing expenses per vehicle and improve transaction success rates [1]

Core Viewpoint - Tuanche (TC) has experienced a significant decline in revenue and net profit, indicating potential challenges in its business operations and market conditions [1]. Financial Performance - As of December 31, 2024, Tuanche's total revenue amounted to 49.176 million RMB, representing a year-on-year decrease of 69.71% [1]. - The company's net profit attributable to shareholders was -188 million RMB, reflecting a year-on-year decline of 126.57% [1]. Company Overview - Token Cat Limited, formerly known as Tuanche Limited Liability Company, is a Cayman Islands-registered holding company that operates through its domestic subsidiary, Tuanche Internet Information Service (Beijing) Co., Ltd. [1]. - Tuanche is recognized as a leading automotive e-commerce platform in China, established in 2010 [1]. - The company has developed a new retail strategy centered around automotive transaction scenarios, aiming to create a comprehensive automotive transaction service ecosystem [1]. - Tuanche has pioneered a scenario-based new retail model in the automotive industry, collaborating with manufacturers and dealers to provide local offline car purchasing experiences for consumers [1].

Core Viewpoint - Tuanche (TC) experienced a 4.46% increase in stock price, reaching $0.679 per share, with a total market capitalization of $22.9768 million as of August 4 [1] Financial Performance - As of December 31, 2024, Tuanche reported total revenue of 49.176 million RMB, a year-on-year decrease of 69.71% [1] - The company's net profit attributable to shareholders was -188 million RMB, reflecting a year-on-year decline of 126.57% [1] Company Overview - Token Cat Limited, formerly known as Tuanche Limited, is a Cayman Islands-registered holding company that operates through its subsidiary, Tuanche Internet Information Service (Beijing) Co., Ltd. [1] - Tuanche is recognized as a leading automotive e-commerce platform in China, established in 2010 [1] - The company has developed a new retail strategy centered around automotive transaction scenarios, creating a comprehensive automotive transaction service ecosystem [1] - Tuanche has pioneered a scenario-based new retail model in the automotive industry, collaborating with manufacturers and dealers to establish local offline car purchasing scenarios, thereby facilitating consumer purchases and reducing communication costs between manufacturers and users [1]