CR HOLDINGS (01911) announced its annual results for the period ended December 31, 2025. The Group recorded revenue of RMB 1.066 billion, an increase of 37.19% year-on-year. Profit attributable to owners of the company for the year was RMB 101 million, representing a turnaround from a loss in the previous year. Earnings per share were RMB 0.19.
The investment management business continued to serve as a crucial pillar for the Group's performance growth and profit enhancement throughout the year. In 2025, the Group's assets under management remained relatively stable, reaching RMB 28.4 billion by year-end. During the reporting period, the Group continued to advance the orderly exit of projects, distributing approximately RMB 2.5 billion to limited partners over the full year. As the exit process for fund assets progressed, the distribution to paid-in capital ratio improved further. Among its 11 main funds, five main funds and several project funds have now achieved a DPI exceeding 100% and have realized carried interest.
In 2025, the Group generated approximately RMB 524 million in carried interest income, with cumulative realized carried interest reaching about RMB 1.3 billion. By the end of the year, the cumulative total unrealized carried interest was approximately RMB 1.3 billion, corresponding to net carried interest of about RMB 400 million. Overall, the Group's investment management business strengthened its capabilities in exit management, post-investment management, and profit realization, with a noticeable acceleration in carried interest recognition. Its contribution to profits and cash flow generation continued to strengthen, providing solid support for the overall improvement in the Group's performance.
CR Securities Co., Ltd. continued to develop its key businesses during the reporting period, showing a significant improvement in overall operational performance. In 2025, CR Securities reported revenue and net investment income of RMB 294 million, a year-on-year increase of 19%. Its operating loss was approximately RMB 46 million, narrowing by 52% compared to the previous year. Within this, revenue from retail and brokerage business grew 55% year-on-year, accounting for 43% of CR Securities' total revenue and becoming a major engine for overall growth.
The Duoduo Jin App continued to drive the development of CR Securities' retail business. By the end of 2025, cumulative registered users reached approximately 570,000, a 47% increase from the end of the previous year, while the number of clients grew to about 310,000, up 58% from year-end 2024, indicating continued expansion in user base and activity.
Simultaneously, the asset management business persistently enhanced its investment research capabilities, achieving rapid growth in both revenue and assets under management. The investment banking business continued to focus deeply on the hard technology sector, facilitating numerous private financing, restructuring, and listing projects. Overall, CR Securities continued to consolidate its client base, product offerings, and research capabilities, and through focused business efforts and improved operational efficiency, achieved concurrent revenue growth and a significant reduction in losses, demonstrating more pronounced operational improvements.
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