华兴资本上半年实现扭亏为盈，未来将全力开拓数字资产领域

Core Insights - Huaxing Capital (1911.HK) reported a total revenue and net investment income of approximately 460 million yuan for the first half of 2025, marking a year-on-year increase of 27% and achieving profitability [2] - The investment management business contributed 52% of the total revenue, with fund project exit amounts totaling 1.3 billion yuan, leading to an increase in the fund investment return ratio (DPI) [2] - The company plans to focus on core technology sectors and actively explore the digital asset field, with a special budget of 100 million USD approved for this initiative [3] Investment Management Performance - The investment management segment generated revenue and net investment income of about 240 million yuan, reflecting an 81% year-on-year growth, with operating profit reaching nearly 140 million yuan, a significant increase of 252% [2] - Five out of eleven main funds and several project funds have achieved a DPI exceeding 100% [2] Investment Banking and Securities Business - In the investment banking sector, Huaxing Capital achieved nearly 70 million yuan in revenue, with transaction amounts increasing by 74.6% year-on-year, assisting several technology innovation companies in multiple financing rounds [3] - The securities business reported revenue and net investment income of approximately 130 million yuan, a 25% increase year-on-year, with retail brokerage income growing by 110% [3] Future Outlook and Strategic Focus - The company aims to deepen its investment layout in Web3.0 by integrating primary and secondary markets, as well as traditional and decentralized finance [4] - Huaxing Capital intends to root itself in disruptive technology fields such as artificial intelligence and embodied intelligence, aiming to discover and nurture future industry leaders [3][4]