JD Capital(SH:600053) Zheng Quan Zhi Xing·2025-07-21 16:34Core Viewpoint - The financial performance of Kunwu Jiuding Investment Holdings Co., Ltd. has significantly declined in 2024, with a notable drop in revenue and a shift to net losses primarily due to reduced management fees, lower project exit gains, and adverse fair value changes in financial assets [2][3][11]. Group 1: Financial Performance - In 2024, the company's private equity investment business generated operating revenue of 160 million yuan, a year-on-year decrease of 41% [2]. - The net profit attributable to shareholders was -268 million yuan, marking a shift from profit to loss compared to the previous year [2]. - The fair value changes and investment income related to financial assets amounted to -100 million yuan, with losses expanding by 37 million yuan year-on-year [2]. Group 2: Revenue Breakdown - The revenue from management fees and management remuneration decreased significantly, with management fee income dropping by 40.93% to 90 million yuan [6]. - The management remuneration income also fell by 32.78%, primarily due to extended project exit cycles and reduced exit returns [7]. - The top five clients accounted for 61.23% of total sales, all of which were related party transactions [2]. Group 3: Asset Valuation and Losses - The company reported a fair value loss of 86.64 million yuan on trading financial assets, reflecting the valuation changes of the funds it invested in [11]. - The losses from equity method accounting for long-term equity investments were 12.86 million yuan, attributed to the ongoing losses of Jiutai Fund Management Co., Ltd. [11]. - The company’s trading financial assets at the end of 2024 were valued at 52.24 million yuan, a decrease of 61.85% from the beginning of the year [12].