Tian Tu Capital (1973) H2 2024 earnings summary

Executive summary

• FY2024 net loss was RMB893.0m versus RMB875.7m in 2023, despite narrower net investment losses; AUM totaled RMB20.5bn at year-end.

• Portfolio activity included RMB229.7m invested across 13 companies and approximately RMB1.7bn realized from exits of 32 companies.

Financial highlights

• Revenue was RMB42.4m in 2024, down from RMB44.6m in 2023; no carried interest revenue was recognized in either year.

• Net investment losses narrowed to RMB704.7m from RMB813.7m, mainly due to lower unrealized losses on FVTPL financial assets.

• Loss before tax was RMB1,011.9m versus RMB959.9m; income tax credit rose to RMB118.9m from RMB84.2m, and net loss was RMB893.0m versus RMB875.7m.

• Basic loss per share improved to RMB1.29 from RMB1.56; loss attributable to owners was RMB891.5m versus RMB873.0m.

Outlook and guidance

• 2025 strategy targets diversified approaches including CVC, consumer infrastructure and dividend-oriented strategies, alongside consumer investing.

• Expanded investment themes include biotechnology, robotics and the low-altitude economy, with a focus on resilient opportunities and long-term growth.

• A CVC fund with Shanghai Ziyan Foods and other limited partners was launched in Q1 2025 to invest in emerging F&B value-chain businesses.