Tian Tu Capital (1973) H1 2025 earnings summary

Executive summary

• H1 2025 returned to net profit of RMB76.5m from a RMB742.2m loss YoY, mainly as net investment results swung to a gain and associate results improved.

• AUM was RMB19.4bn across 20 funds, with RMB14.7bn in fund commitments and RMB4.7bn in direct investments.

• Divestments from 20 portfolio companies generated ~RMB1.07bn in capital during H1; interests covered 183 portfolio companies.

Financial highlights

• Revenue fell to RMB14.2m from RMB21.5m YoY; carried interest was nil in both periods.

• Net investment gains were RMB52.8m versus a RMB619.6m loss; total revenue and net investment gains were RMB67.0m versus a RMB598.1m loss.

• Profit before tax was RMB39.1m versus a RMB840.0m loss; the RMB37.3m income tax credit included RMB52.4m of deferred tax credit.

• Net profit attributable to owners was RMB76.0m versus a RMB740.5m loss; basic EPS was RMB0.11 versus a RMB1.07 loss per share.

• Operating cash flow was RMB350.0m; investing activities generated RMB114.5m and financing activities used RMB447.6m. Finance costs declined to RMB29.2m from RMB34.2m.

Outlook and guidance

• H2 priorities include thematic investing, dividend and income investments, strategic M&A and selected digital-asset initiatives, with management exploring alternative return pathways.

• Investment themes include food and beverage, beauty and wellness, biotechnology, the low-altitude economy, AI and robotics, supported by demand for health-conscious lifestyles and personalized experiences.

• Tiantu AM upgraded its SFC Type 9 license to permit virtual-asset allocations above 10% of portfolio assets, enabling potential crypto-themed and hybrid funds under regulatory oversight.