Hong Kong-listed Tian Tu Capital reported a net loss attributable to shareholders of RMB 75.06 million for the three months ended 31 March 2026, reversing a profit of RMB 62.28 million a year earlier. Basic earnings per share fell to –RMB 0.11 from RMB 0.09 in the prior-year period.

Operating revenue turned negative at –RMB 54.83 million (Q1 2025: RMB 172.80 million). Management cited a “significant pull-back” in the market prices of the company’s secondary-market stock holdings, which drove a RMB 726.45 million fair-value loss versus a RMB 464.44 million gain a year earlier.

Despite the mark-to-market hit, investment disposals generated a RMB 669.36 million gain, and cash inflows from selling equity instruments lifted operating cash flow to RMB 673.75 million, more than doubling year-on-year. Cash and cash equivalents rose to RMB 1.30 billion from RMB 0.89 billion at year-end 2025.

Total assets declined 6.96 % to RMB 12.55 billion as at 31 March 2026, mainly reflecting lower carrying values of financial assets held for trading. Net assets attributable to shareholders slipped 1.83 % to RMB 6.42 billion, while the consolidated gearing ratio improved to 48.66 % from 51.34 % three months earlier.

The balance sheet remained heavily weighted toward long-term and non-current financial assets, which stood at RMB 8.97 billion. Monetary funds increased to RMB 1.30 billion, providing additional liquidity.

Non-recurring items were insignificant, indicating that the quarterly loss was driven predominantly by market-driven valuation changes rather than one-off factors.

No audit opinion was issued on the quarterly figures, consistent with mainland disclosure practice for first-quarter reports.