Tian Tu Capital, a Shenzhen-based private-equity investor and fund manager, reported a RMB72.28 million net profit for the six months ended 30 June 2026, only 5.5% below last year’s RMB76.47 million despite a sharp downturn in management-fee income.
Revenue from fund management fees slid 82.8% year-on-year to RMB2.44 million as several funds moved into extension phases where fees are no longer chargeable. However, robust realisations from exits and mark-to-market movements propelled net investment gains to RMB210.08 million, nearly quadrupling the RMB52.79 million recorded a year earlier. As a result, total revenue and investment gains jumped to RMB212.52 million from RMB67.01 million.
Operating expenses swelled to RMB98.08 million, driven mainly by higher financial-advisory costs, while finance costs more than halved to RMB11.15 million after bond redemptions and lower coupon rates. Share of results from associates swung to a RMB2.10 million loss from a RMB44.37 million profit in the prior-year period following lower contributions from unconsolidated funds.
Balance-sheet metrics strengthened: cash and cash equivalents rose 63.6% to RMB1.45 billion, and the gearing ratio eased to 47.6% from 51.3% at end-2025. Assets under management stood at approximately RMB18.70 billion, with 21 active funds; 19.1% of committed capital comes from Tian Tu’s own balance sheet. The group divested 25 portfolio companies in the half-year, realising about RMB1.90 billion for investors.
Key portfolio valuations include Xiaohongshu, Bama Tea, ATRenew and China Feihe, among others. Average multiple-on-money (MOM) for the top 5% of portfolio companies reached 6.5×.
Tian Tu completed the RMB1.56 billion disposal of its stake in Yoplait China in February. Post-period, on 13 July 2026 the group sold additional BeBeBus shares for HK$91.60 million.
Board and shareholders have approved an interim cash dividend of RMB1.5 per 10 shares (RMB0.15 per share), equivalent to a payout of 143.91% of interim parent-company profit, totalling RMB103.95 million.
Looking ahead to H2 2026, Tian Tu intends to deepen investments in AI infrastructure, biotechnology and low-altitude economy, while continuing to broaden exit routes beyond IPOs to include trade sales, revenue-sharing and dividend strategies.