华兴资本控股2025中期报告

1911 2 4 6 28 49 51 53 55 57 60 103 Maples Corporate Services LimitedP.O. Box 309Ugland HouseGrand Cayman, KY1-1104Cayman Islands FU Frank Kan 2B703100027 FU Frank Kan 1818107–08 FU Frank Kan FU Frank Kan 3823 183171712 1716 Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand Cayman, KY1-1102Cayman Islands 1911 http://www.huaxing.com/ (1) 2025630195 (2)(i)(ii)(iii) 20252025GDP5.3%5%2.020254.627%7,6006,500 202552%13DPI115DPI100%1.56,0001952025CircleIPOCircle20256 3052018Circle 2025AI7,000AI 2025TOP 1TOP 1TOP 12025H1FATOP 1FATOP 2 2025IPO4348.3%IPOWeb3.0C1 FundCFND20256IPO 20251.325%App20256APP202426%35%2025110%IPO202560%342428 2025AIWeb3.0+ 2.0(TradFi)(De-Fi)Web3.0 20256 3069.320246 3097.629.0% 20246 30159.137.6%20256 3099.2 202520246 3029.961.5 20256 3017.0%14.1% 1.5%2.0%0%2%20%0%20%8%5712 (1) (2) (3)20256 30202412 31 20246 30154.730.3%20256 30107.820242025202520246 3017.533.4 20256 3020256 30147.220246 3010.1 20246 3091.87.2%20256 3098.4 202520246 30139.039.5202520246 3058.5%30.1% 20256 30128.820246 30103.524.5% 202520246 30145.9146.0 202520246 3017.142.5 20256 3020.820246 3027.123.3% 20246 3050.426.6%20256 3037.0 202520246 3016.223.2 20256 30425.120246 30328.929.3% 148.49.0%108.232.3%21.46.7%147.21,356.5% 20246 3030.620256 3031.3 20256 30456.420246 30359.526.9% 20246 30447.314.9%20256 30380.6 20246 30282.127.4%2025630204.920246 3028.350.4%20256 3014.0 20246 307.738.9%20256 304.7 20256 3056.120246 305.9 20256 300.520246 309.1 20246 307.120256 3087.0 20246 30153.69.2%20256 30139.5 20256 3075.820246 3087.7 20246 300.520256 3013.05 20246 3013.120256 309.1 20246 300.520256 30 20186 2820187 28201849%51%202031320204120256 30 20256 3098.020246 3073.6 202520246 3032.012.320256 30 20256 3066.020246 3086.020256 3065.020246 3073.8 20256 3079.020246 3045.5202520246 30116.072.4202520246 3037.0117.9 20256 3020256 301,420.81,224.320256 302,232.92,245.7 (i)(ii)(iii)(iv) 20256 3078.798.070.437.121.366.8(i)268.2(ii)109.6(iii)141.3(iv)18.0(v)735.1(vi)19.0(vii)0.1(viii)227.7(ix)735.1(x)261.7 20246 30198.573.67.548.222.2290.6(i)262.1(ii)239.7(iii)22.0(iv)278.9(v)52.2(vi)238.5(vii)278.9(viii)40.7(ix)6.0(x)0.2 20256 3035.6(i)122.9(ii)78.7(iii)48.7(iv)72.3(v)57.2(vi)45.7(vii)24.4(viii)7.6 20246 3052.3(i)56.1(ii)13.2(iii)12.4(iv)12.1(v)21.3(vi)21.0 20256 3085.4(i)100.0(ii)10.7(iii)13.0(iv)11.2 20246 3031.6(i)20.1(ii)10.9 20256 30 20256 30501.120256 302,232.92,245.7 20256 3010.0%202412 3112.2% (i)(ii)(iii)(iv)Web3.0 20256 302,949.8202412311.1%20256305% (i)(ii)(iii)(iv)(v)(vi) 20256 26Web3.01Web3.020256 26 20256 30 20256 30 20256 3044186% 20256 30 20256 30 20256 308420256 30204.9202463027.4% 20256 30 20256 30 20256 3033 20256 30 (a)(b)(c) 202520246 30 20256 30XV352C3 1.20256 30572,197,776 2.Best Fellowship Limited12,240,000Go Perfect Development Limited6,000,000260,508,563 3.380,000Go Perfect Development Limited1,619,299 4.2,721,0922,070,131510,000 (ii) 1.Ever Perfect Investments Limited 2.Ever Perfect Investments LimitedHuaxing Associates III, L.P.1,000,000Huaxing Associates III, L.P.4.96% 20256 30XV(a)XV(b)352(c) 20256 30336 1.20256 30572,197,776 2.FBH PartnersCR Partners 81.73%FBH Partners 79%FBH Partners21%FBH PartnersFBH PartnersCR Partners218,127,332Sky AlliesInfiniti Trust (Hong Kong) LimitedSky Allies Development Limited24,119,301Sky Allies Development Limited24,119,3014,972,60080,0005,052,600Go Perfect Development Limited3,002,579Go Perfect Development Limited13,179,46218,240,000 3.Greenhouse CR Holdings Co., Ltd.Trustbridge Partners IV, L.P.Trustbridge Partners IV, L.P.TB Partners GP4, L.P.TB Partners GP4, L.P.TB Partners GP LimitedTB Partners GP LimitedGreenhouse CR Holdings II Co., Ltd.Trustbridge Partners V, L.P.TrustbridgePartners V, L.P.TB Partners GP5, L.P.TB Partners GP5, L.P.TB Partners GP5 LimitedTB Partners GP5 LimitedGreenhouse CR Holdings Co., Ltd.19,869,350Greenhouse CR Holdings II Co.,Ltd.15,521,522Trustbridge Partners IV, L.P.Trustbridge Partners V, L.P.TB Partners GP LimitedTB Partners GP5 Limited 20256 30XV23336 1. 20256 30(a)3,101,0920.54%(b)7,315,5001.28% 1. 20256 30 20256 3020256 301,150,0002,213,188 2. 20186 15 20256 303610,786,0008 2. 20256 30 2. 20256 3028 3. 20225 27 20225 2720227520227 12 20256 3020251120256 3020227 2718,000,000 20256 30(i)(ii)(iii)18,000,0003.47% 20256 30C1 20256 30 20256 30 20256 30 301109.SZ20258 6 13.51B(1) 20256 3013.2013.21 13.22 —— 1.(i)(ii) 20256 30(i)(ii)243,344,815 3.21 FU Frank Kan 20256 30 20256 302410 20258 22YZi LabsYZi LabsBNBBNB ChainBNB ChainBNB Chain20258 22 20256 30 2024122024 20242024202449 202412 31 2024122024 20256 3020256 302024 202420258 2024 17.0720254 30202412 312024 2024 1. 202412 31 2024 2. 202412 31 2024 2. 202412 31 2024 2. 20241 1202412 31 3. 202412 31(i)(ii)(iii)18,000,0003.52% 20256 26Web3.01Web3.0 Web3.020182018Circle Internet Group2021Amber Group2022M