Core Viewpoint - The company, Koli'er, announced the termination of a strategic cooperation agreement with Shenzhen Ruiye Shujin Private Equity Fund Management Co., Ltd. due to changes in the conditions for establishing a partnership fund and various market factors affecting both parties [1][2][3] Group 1: Agreement Details - Koli'er’s subsidiary, Shenzhen Pengrui Investment Development Co., Ltd., had signed a strategic cooperation agreement with Ruiye Shujin on December 25, 2023, to establish a private equity fund platform focused on the motor-related industry [1][2] - The agreement aimed to leverage both parties' resources to invest in the motor and drive control systems industry and its supply chain, enhancing the company's technological transformation and investment quality [1][2] Group 2: Termination Reasons - The termination was a mutual decision based on objective reasons that led to changes in the conditions for establishing the partnership fund, as well as market environment changes and adjustments in the actual situation of both parties [2][3] - The agreement was described as an intention agreement, indicating that no formal binding contracts or actual investments had been made prior to the termination [2][3] Group 3: Company Operations - Koli'er focuses on the development, production, and sales of motors and intelligent drive control technologies, with applications in various fields such as smart homes, medical devices, and new energy vehicles [2] - The company previously disclosed a fundraising plan to raise up to 1.006 billion yuan for its smart manufacturing industrial park project and to supplement working capital [2]

Core Insights - The company reported a total revenue of RMB 17.336 billion for the first half of 2025, representing a year-on-year decrease of 3.88% [1][2] - Profit attributable to ordinary shareholders increased by 3.77% to RMB 2.164 billion, with basic earnings per share at RMB 0.51 [1] - The financial and consulting segment achieved revenue of RMB 11.09 billion, reflecting a year-on-year growth of 2.10% [1] Financial Performance - The overall revenue for the first half of 2025 was RMB 17.336 billion, showing a slight decline compared to the previous year [2] - The company emphasized operational quality and maintained a cautious approach to business initiatives amid a complex domestic and international environment [2] - The financial business maintained a stable interest rate, supported by comprehensive services and inclusive finance [1][2] Asset Quality and Risk Management - The company implemented a "upward and downward" customer strategy and adhered to prudent risk control policies, resulting in a stable non-performing asset ratio [1] - The asset quality remained secure and controllable, with real and effective performance [1] - The fair value of financial investments related to private equity funds increased by RMB 360 million year-on-year in the first half of 2025 [1] Operational Challenges - The industrial operations segment experienced a decline in contribution due to changes in market conditions and intensified competition [2] - The company adopted stricter pre-lease reviews and maintained high-quality customer qualifications to ensure asset safety and stability [2]

Core Insights - The private equity fund management industry in China is showing signs of recovery, with a total of 12,132 registered managers as of June 2025, despite a decrease in the number of active managers compared to previous years [4][18]. - A total of 2,237 new private equity funds were registered in the first half of 2025, with a disclosed subscription scale of 13,532.61 billion RMB, indicating a positive market trend [9][10]. - Institutional Limited Partners (LPs) dominate the funding landscape, contributing 97.9% of the total capital, with state-owned LPs accounting for over 80% of the funding [20][21]. Fund Management Insights - In the first half of 2025, 47 new private equity fund managers were registered, while the total number of existing managers decreased to 12,132 [4][18]. - The majority of new fund managers are concentrated in regions such as Shanghai, Jiangsu, and Beijing, with Zhejiang leading in the number of new registrations [7][13]. - The number of institutions participating in new fund registrations decreased by 2.7% year-on-year, with 1,404 institutions registering new funds [18]. Fund Registration Insights - The new private equity funds registered in the first half of 2025 are primarily led by entrepreneurial and equity investment funds, with small-scale funds making up nearly half of the total [9][10]. - The top three cities for new fund registrations by quantity are Jiaxing, Qingdao, and Suzhou, while Beijing, Shanghai, and Wuhan lead in terms of total capital raised [15][16]. - The total subscription scale of new funds in Beijing exceeded 3,263.51 billion RMB, making it the top city by fund size [14][15]. LP Participation Insights - Institutional LPs are the primary contributors to new fund registrations, with a significant portion of the funding coming from state-owned entities [20][21]. - In terms of participation, 12.54% of institutions registered three or more funds, while 70.01% registered only one fund [18][22]. - The most active LPs include various government and strategic investment funds, indicating a strong presence of public sector investment in the private equity landscape [23][25].

Group 1 - The core point of the article is the acquisition of a stake in Beijing SKP by Boyu Fund, which will hold 42%-45% of the shares post-transaction [1] - Boyu Fund is a private equity fund established in Singapore in March 2021, primarily engaged in private equity investment [2] - Radiance Investment Holdings, which currently holds 60% of Beijing SKP, will continue to control the company after the transaction [1][3] Group 2 - Beijing SKP was established in March 2006 and operates in the retail market [3] - The market share of Beijing SKP in 2024 is projected to be 10-15% in Beijing, 15-20% in Xi'an, 10-15% in Chengdu, and 0-5% in Wuhan [3]