Tian Tu Capital (1973) H1 2026 earnings summary

Executive summary

• H1 2026 profit was RMB72.281m versus RMB76.468m YoY; net investment gains rose to RMB210.080m from RMB52.786m, while revenue fell to RMB2.442m from RMB14.223m.

• AUM was RMB18.7bn at June 30, comprising RMB14.0bn in fund commitments and RMB4.7bn in direct investments.

• H1 investments totaled RMB280.6m across 14 companies; exits from 25 portfolio companies realized ~RMB1.9bn for investors.

Financial highlights

• Revenue was RMB2.442m versus RMB14.223m YoY as some funds entered extension periods and management fees ceased; no carried interest was recognized.

• Net investment gains rose to RMB210.080m from RMB52.786m, primarily driven by realized gains from financial assets at FVTPL.

• Profit before tax was RMB79.044m versus RMB39.143m; profit for the period was RMB72.281m versus RMB76.468m, and basic EPS was RMB0.11, unchanged YoY.

• Other operating expenses rose to RMB98.1m from RMB21.3m, mainly on higher financial advisory expenses; finance costs fell to RMB11.1m from RMB29.2m.

• Total comprehensive loss was RMB18.809m versus income of RMB67.319m, including RMB91.090m of negative currency translation differences.

Outlook and guidance

• H2 priorities include value investing and the “new technology and new consumption” strategy, focusing on AI infrastructure, data centers, embodied intelligence, biotechnology and the low-altitude economy.

• Exit approaches are expanding beyond IPOs to M&A, revenue-sharing and dividend-based strategies to diversify cash inflows and support future dividends.