天图投资(01973) - 2025 - 中期业绩

Financial Highlights 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] - 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] Management Discussion and Analysis This section provides an in-depth review of the company's operational performance, financial results, and future strategic outlook Business Review 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] - 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] | 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] - 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] - 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] - 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][17] Outlook for the Second Half of 2025 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] - 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] Financial Review 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] - The increase in net investment income or loss was mainly attributable to unrealized fair value changes of financial assets[21] - Other operating expenses decreased primarily due to reduced consulting expenses related to investment management[24] - Finance costs decreased mainly due to the modification of bond coupon rates and repayment of bank borrowings[25] - The improvement in share of results of associates and joint ventures primarily reflected increased investment income from managed unconsolidated funds[28] Liquidity and Financial Resources 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] - The Group is exposed to foreign exchange risk arising from its USD currency exposure but has not hedged against any foreign currency fluctuations[34] Employees and Remuneration 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] | 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] Condensed Consolidated Financial Statements 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 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