CR Holdings (01911) has unveiled its interim results for 2026, with total revenue coming in at approximately 412 million yuan, a year-on-year decline of 3.05%. Meanwhile, the combined figure for total revenue and net investment income reached roughly 494 million yuan, marking an increase of 8.2% compared to the same period last year.
Profit attributable to the company's owners stood at 40.472 million yuan, down 37.72% year-on-year. However, the adjusted net profit attributable to owners turned profitable at 10.989 million yuan, reversing a loss from the prior year.
During the first half of 2026, the investment banking division demonstrated significantly stronger growth momentum. The segment generated total revenue of approximately 91 million yuan, a robust 31.4% increase year-on-year. Artificial intelligence and embodied intelligence continue to be key competitive strengths, with 18 related transactions completed in the period, accounting for 75% of private financing project count and around 76% of transaction value. The business has also expanded its reach into emerging frontier areas such as AI for Science (AI4S), brain-computer interfaces, quantum computing, and commercial aerospace.
In the mergers and acquisitions and cross-border capital markets arena, the group has been building project and execution experience around industry consolidation and strategic transactions. It has also broadened its suite of products and services, including Hong Kong and US IPOs, refinancing, ATM offerings, and other capital market solutions. Through continuous optimization of team structure and resource allocation, the investment banking business reduced operating costs by 17.4% year-on-year and returned to operating profitability during the reporting period. This improvement in business growth and operational efficiency is gradually translating into more sustainable profitability.
The investment management business remains focused on project exits, DPI enhancement, and the realization of carried interest. As of June 30, 2026, the group's assets under management stood at approximately 26.8 billion yuan. During the period, the funds completed full or partial exits from multiple projects, with exit proceeds totaling around 1.1 billion yuan. In addition to public market exits, the group has been driving asset exits through diverse channels such as buybacks, M&A, and primary market equity transfers. Non-listed exit projects now account for more than half of all exits during the reporting period.
As exit efforts continue to progress, five of the 11 main funds, along with several project-specific funds, have achieved DPI exceeding 100% and crossed the hurdle rate, thereby triggering carried interest. In the first half of 2026, the group recognized approximately 150 million yuan in carried interest on its books, bringing cumulative realized carried interest to about 1.4 billion yuan. As of the reporting period end, cumulative unrealized gross carried interest stood at approximately 1.2 billion yuan, corresponding to net carried interest of roughly 300 million yuan.
During the period, the investment management business generated total revenue and net investment income of approximately 188 million yuan, maintaining stable operating profitability. Meanwhile, the group continued to streamline its operational structure and enhance management efficiency, with related operating expenses declining notably year-on-year. Resource allocation now aligns with the scale of existing fund management.
CR Holdings' securities arm demonstrated further improvements in business structure optimization and operational efficiency during the period. In the first half of 2026, the securities business recorded total revenue and net investment income of approximately 181 million yuan, up 40.3% year-on-year, and achieved an operating profit of roughly 8.4 million yuan, laying a solid foundation for full-year profitability. The retail and brokerage business maintained rapid growth, generating revenue of about 78 million yuan in the first half, a 36% increase year-on-year.
As of the end of the reporting period, the Duoduojin App had accumulated approximately 640,000 registered users, a 12% increase from the end of 2025. Client numbers grew 11% from end-2025 levels, while client assets under custody rose 23%, indicating strengthening client base and asset accumulation. The asset management business continued to grow rapidly, driven by improvements in investment research capabilities and product system development. The wealth management business also made steady progress during the period.
Additionally, the securities arm continued to optimize its proprietary capital allocation by diversifying risk and enhancing capital efficiency through multi-asset, multi-strategy approaches, including fixed income, fund of funds, and quantitative strategies. It also deepened its focus on hard-tech investment banking and differentiated institutional research. With the coordinated development of key business lines, the revenue structure of the securities business has further improved, and its operational quality and earnings resilience continue to strengthen.
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