CR Holdings (01911) announced its 2025 interim results, with total revenue of approximately RMB 425 million, representing a year-on-year increase of 29.25%. Total revenue and net investment income reached RMB 460 million, up 27% year-on-year. The profit attributable to owners for the period was RMB 64.98 million, turning from loss to profit compared to the same period last year.
In the first half of 2025, the investment management business contributed 52% of the group's total revenue. Actively promoting orderly project exits remains the current focus of the investment management business. During this period, the total exit amount of fund projects managed by the group reached RMB 1.3 billion. With continued project exits, the group's fund Distributed to Paid-in capital ratio (DPI) has further improved. As of now, 5 out of 11 main funds, along with several project funds, have achieved DPI exceeding 100% and have begun generating carried interest.
Carried interest continued to be recorded in the financial statements this year, providing ongoing support for the group's performance. During the reporting period, the total carried interest recorded by the group was RMB 150 million, with net carried interest of RMB 60 million, exceeding the full-year carried interest income of last year. As of the end of the reporting period, cumulative unrealized total carried interest amounted to RMB 1.9 billion (corresponding to net carried interest of RMB 500 million), which is expected to provide continuous support for future asset management business income and the group's performance.
In the first half of 2025, fund investment portfolio companies Circle, Weigao Blood Purification, Zhaogang.com, and Pharmaron Beijing successfully went public. Meanwhile, multiple invested companies are also in the process of applying for IPOs. Circle, the world's first publicly traded stablecoin company, is one of the operators of the largest and most widely used stablecoin networks currently in circulation globally. As of June 30, 2025, its stock price has risen nearly 5 times compared to the issue price. China Renaissance New Economy Fund invested in Circle in 2018, which fully demonstrates the team's forward-looking investment approach and optimism about the development prospects of the digital asset industry, and proves the group's consistent in-depth research capabilities and forward-looking strategic investment vision and layout.
In the first half of 2025, China Renaissance Securities Limited achieved total revenue and net investment income of RMB 130 million, up 25% year-on-year. Strategic priority businesses maintained good growth momentum. China Renaissance Securities' Duoduojin App continues to empower business development by deeply integrating intelligent tools into various investment processes to meet clients' multi-layered investment needs. As of the end of June 2025, the cumulative registered users and cumulative account openings of China Renaissance Securities' Duoduojin APP increased by 26% and 35% respectively compared to the end of 2024. Retail brokerage business revenue in the first half of 2025 increased by 110% year-on-year.
In terms of investment banking business, China Renaissance Securities focuses on the hard technology sector, creating comprehensive services from private financing to IPO. During the reporting period, it completed private equity financing projects for companies including Kunlunxin and Magene Power. While expanding business and increasing revenue, China Renaissance Securities continues to reduce costs and improve efficiency, with operating losses significantly narrowing by 60% year-on-year in the first half of 2025. As of the end of the period, China Renaissance Securities had total assets of RMB 3.4 billion, net assets of RMB 2.4 billion, and highly liquid assets including cash, deposits, cash management products, and listed corporate bonds totaling RMB 2.8 billion.