Core Insights - Noah Holdings reported a net revenue of 630 million yuan for Q2 2025, with overseas revenue contributing 47.1% [1] - Operating profit increased by 20.2% year-on-year to 161 million yuan, while Non-GAAP net profit surged by 78.2% to 189 million yuan, indicating a significant improvement in profit quality [1] - The company demonstrated strong global growth momentum, with overseas net revenue reaching 297 million yuan, accounting for nearly half of total revenue [1] Financial Performance - Total cash and short-term investments amounted to 5.4 billion yuan, maintaining a healthy liquidity ratio [1] - The scale of overseas asset under administration (AUA) reached 9.1 billion USD [1] - The fundraising volume for USD private equity products increased by 70.3% year-on-year to 770 million USD, while RMB private equity secondary products saw a remarkable rise of 185.3% [1] Strategic Initiatives - Noah Holdings launched its first stablecoin fund in collaboration with Olive US and Coinbase, aiming to expand its digital asset product line [1] - The management emphasized a dual-engine strategy of "globalization + digital assets" to enhance value for shareholders and clients amid market volatility [1] - The company plans to leverage its talent network in mature markets such as the US, Canada, and Japan, along with technological empowerment, to drive growth [1]

中国国新控股有限责任公司发布关于不实信息的严正声明。声明称，近期，公司发现部分网络媒体发布并传播"中国国有资本风险投资基金 有限公司宣布设立其首支以稳定币计价的风险投资基金""国有资本风险投资基金有限公司首支稳定币基金正式开售"等不实报道，报道中配 有中国国有资本风投大厦的图片。为了维护公司声誉，避免公众遭受人身或者财产损失，公司谨在此提示： 一、公司及公司关联方与上述报道所涉及相关实体或者其关联方不存在任何股权隶属或者业务合作等关系，也没有与上述实体或者其关联方 签订任何协议， 公司及公司关联方不知悉且没有开展任何与稳定币基金有关的活动， 该等活动均与公司无任何关系，公司及公司关联方对 该等活动不承担任何责任。 二、公司及公司关联方从未通过任何渠道、以任何形式对上述报道所涉及相关实体或者其关联方进行任何授权。 三、公司在此提醒广大公众，中国国新控股有限责任公司的官方网站为https://www.crhc.cn/，如您发现有任何冒用或者混淆公司及下属 企业名义的不法行为，请通过上述官网"联系我们"页面的信息与我们联系沟通；为了您的人身及财产安全，请勿相信及参与和上述不法人员 有关的一切活动；如您已因此遭受财产 ...

Core Viewpoint - China National New Holding Co., Ltd. has issued a statement denying recent false reports regarding the establishment of its first stablecoin-denominated venture capital fund, clarifying that it has no relationship with the entities mentioned in the reports [1] Summary by Relevant Categories Company Clarification - The company emphasizes that it and its affiliates have no equity or business relationships with the entities mentioned in the false reports [1] - The company states that it has not entered into any agreements related to the mentioned stablecoin fund and is unaware of any activities concerning such a fund [1] Media Misrepresentation - The false reports included misleading headlines such as "China National Capital Venture Capital Fund Co., Ltd. announces the establishment of its first stablecoin-denominated venture capital fund" [1] - The reports were accompanied by images of the China National Capital Venture Building, further misleading the public [1]

Core Viewpoint - The issuance of the first stablecoin-based venture capital fund by China National Capital Venture Investment Co., Ltd. (Guofengtou) marks a significant step into the digital finance sector for state-owned capital in China, with a fund size of 3 billion USDT, providing new solutions for cross-border investment and global capital allocation [1][4]. Group 1: Fund Characteristics - The fund has a scale of 3 billion USDT and offers an innovative daily yield of 1.6%, which translates to an annualized return of over 500%, making it highly attractive to investors seeking stable returns [3][5]. - Stablecoins, such as USDT, are pegged to the US dollar, providing value stability, efficient cross-border transfers, and low costs, thus becoming essential financial tools in cross-border investment and digital finance [3][5]. Group 2: Strategic Implications - The fund's launch signifies a strategic transformation for Chinese state-owned capital in the globalized and digital investment landscape, serving as a strong example for innovation in China's capital markets [4][11]. - The fund aims to invest in strategic resources in global markets, focusing on advanced technology sectors such as smart manufacturing, renewable energy, and artificial intelligence, thereby promoting the "Belt and Road" initiative and deepening global industrial integration [10][11]. Group 3: Global Competitiveness - The stablecoin fund is designed to enhance the efficiency of capital operations and improve global capital allocation capabilities, thereby increasing the competitiveness of Chinese capital in international markets [11][12]. - By utilizing digital asset technology, the fund can effectively mitigate traditional investment risks such as currency fluctuations and transaction costs, providing greater investment flexibility and adaptability for Chinese enterprises [11][12]. Group 4: Risk Management and Compliance - The fund incorporates a strict risk control and compliance framework, ensuring transparency and security in its operations, with third-party custody and regulatory oversight for all investment projects and fund flows [12][13]. - Guofengtou collaborates with well-known financial institutions to provide comprehensive compliance guarantees, ensuring the fund's operations are secure and transparent [12][13]. Group 5: Conclusion - The establishment of the 3 billion USDT stablecoin fund not only represents a significant innovation for Chinese state-owned capital in the digital finance sector but also introduces a new investment model to the global capital market [13]. - With its attractive yield, global investment strategy, and rigorous risk management, Guofengtou is poised to play a more prominent role in cross-border investment and digital asset management in the future [13].