Tian Tu Capital (1973) H2 2025 earnings summary

Executive summary

• Returned to profitability in 2025: net profit was RMB195.5 million versus a loss of RMB893.0 million in 2024, mainly reflecting a reversal in investment valuation results.

• AUM was RMB20.4 billion at year-end, comprising RMB16.0 billion in fund commitments and RMB4.4 billion in direct investments.

Financial highlights

• Revenue fell to RMB17.8 million from RMB42.4 million as some funds entered extension periods and stopped charging management fees; no carried interest revenue was recognized in either year.

• Net investment gains were RMB231.6 million versus losses of RMB704.7 million; total revenue and investment gains turned to RMB249.4 million from a loss of RMB662.2 million.

• Profit before tax was RMB126.5 million versus a loss of RMB1,011.9 million; income tax credit was RMB69.1 million versus RMB118.9 million.

• Basic EPS was RMB0.28 versus a loss per share of RMB1.29; profit attributable to owners was RMB195.8 million versus a loss of RMB891.5 million.

Outlook and guidance

• 2026 priorities include technology-related investments and opportunities in data centers, Web3 infrastructure and cryptographic assets, subject to regulatory compliance.

• Plans include expanding asset allocation toward sustainable cash returns less dependent on IPO outcomes, while combining established investment strengths with emerging growth themes.