华兴资本控股2025年度报告

1911 2469121535586584133147152154156158161292 3823 FU Frank Kan Maples Corporate Services LimitedP.O. Box 309Ugland HouseGrand Cayman, KY1-1104Cayman Islands FU Frank Kan 2B703100027 FU Frank Kan 1818107–08 FU Frank Kan 183171712 1716 Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand Cayman, KY1-1102Cayman Islands 1911 http://www.huaxing.com/ 2025— 2025— 20252025 AIWeb3ROE AI — 20263 30 20255.0%140IPO202511.9843%1.62144 2025284LP25DPI115DPI100%20255.2413134 2025232147%8033%AI1880%ATM 20252.9419%4,60052%55%43%App20255747%3158% 2025308.3202512 31 AIDPI Web3 (1) 20251231134 (2)(i)(ii)(iii)(iv) 202512 31128.9202412 3142.6%202512 3163.589%AI 202412 31259.321.9%202512 31202.5 2025202412 3173.634.8 1.5%2.0%0%2%20%0%20%8%5712 (1) (2) (3)2025202412 31 202412 31288.628.9%202512 31205.02025202512 313.4202412 3177.0 202512 31202512 31524.1202412 31104.7 202412 31190.4202512 31438.4 2025202412 31294.2126.02025202412 3140.2%39.8% 202512 31293.9202412 31247.718.7% 202412 31342.00.7%202512 31339.5 2025202412 3145.594.2 202512 3142.7202412 3151.116.6% 202412 3189.65.6%202512 3184.6 2025202412 3142.038.5 202412 31777.137.2%202512 311,066.1 293.811.0%205.831.0%42.43.8%524.1400.4% 202412 3162.5202512 31132.0 202412 31839.642.7%202512311,198.1 202412 31881.320.8%202512 311,065.0 202412 31485.810.4%20251231435.1202412 3138.818.9%202512 3131.4 202412 3116.128.5%202512 3111.5 2025202412 3149.323.1 2025202412 315.827.6 202412 3176.1202512 31368.7 202412 31354.013.9%202512 31304.8 202512 31133.1202412 3141.6 202512 311.7202412 3144.910 202512 3125.3202412 3176.5 202412 310.5202512 31 20186 2820187 28201849%51%2020313202041202512 311.8 202512 31161.9202412 31162.6 202412 3169.648.1 202512 3192.3202412 31210.7202512 31101.4202412 31179.0 202512 31131.0202412 31140.22025202412 31241.8160.62025202412 31110.8300.8 202512 31 202512 311,355.41,191.3202512 312,267.82,191.9 (i)(ii)(iii)(iv) 202512 3127.6161.9143.347.041.941.1(i)420.3(ii)791.7(iii)214.2(iv)8.9(v)0.6(vi)23.1(vii)791.7(viii)19.3(ix)105.2(x)8.0 202412 3143.0162.6122.674.241.8115.3(i)127.0(ii)159.0(iii)99.0(iv)1,290.4(v)0.4(vi)117.7(vii)1,290.4(viii)18.5(ix)131.7(x)2.3 202512 3170.6(i)126.4(ii)41.0(iii)21.2(iv)45.8(v)147.9(vi)5.4(vii)7.4 202412 3133.7(i)100.0(ii)13.7(iii)8.9(iv)13.5(v)74.4 202512 3186.4(i)210.0(ii)95.4(iii)25.3 202412 31136.9(i)273.4(ii)6.4(iii)93.8(iv)44.5(v)3.6 202512 31 202512 31522.0202512 312,267.82,191.9 202512 3113.4%202412 3112.2% (i)(ii)(iii)(iv)Web3.0(v) 202512 313,132.5202412 315.1%202512315% 202512 3116.4%13.6%2025123150.410.1% (i)(ii)(iii)(iv)(v)(vi) 20256 26Web3.01Web3.020256 26 202512 31 202512 31 202512 3144385% 202512 31 202512 31 202512 3171202512 31435.1 202512 31 202512 31 202512 3148 202512 31Web 3.0 2025202412 31 202512 31 202512 31 12FU Frank Kan3 1.20256 262.20256 263.FU Frank Kan20256 26 5863 20117 13221961320189 27 202512 3149 6225 2020 20251231 202512 3114A 202512 3114A4314A 14A 1. CR Investments Corporation20186 152018911 22202512 3120242 2FBH Partners LimitedCRP Holdings LimitedRunning Goal LimitedHigh Fortune Investments LimitedEver Perfect Investments Limited203012 31 22CR Investments Corporation 2225% 1. 202512 31541,693,585 (i) 202512 31(i)272,765(ii)305,066 1. (ii) 202512 31(i)1,569,135(ii)1,118,008 (iii) 202512 31(i)13,638,706(ii) (iv) 202512 31(i)22,170,479(ii) 1. 202512 31(i)73,226,437(ii) 202512 31 (a) (b) (c) 202512 31 (a)(b)(c)(d) 2. 20251231(i)(ii) 202011202411 120242024 2. (i)(ii)(iii) 20262 1(2025)20242024 2. 5966 202512 31 (a)20184 25(b)20191 31 2. (c)20206 15(d)202112 23(e)20184 25(f)20184 25(g)20191 31(h)20206 15(i)202112 23 2. (j)20184 25 (k)20191 31(l)20206 15(m)202112 23(n)20184 25(o)20191 31(p)20206 15(q)202112 23 (r)20184 25(s)20191 31(t)20206 15(u)202112 23 202512 31202512 31 202512 31 202512 31202512 31486.0490.1 2. 5%14A (i)14A(ii)(iii) (i)202512 31(ii)202512 31(iii)202512 31(iv)(v)(vi) 2. 202512 31 (a)(b)(c)(d) (i)(ii)(iii)(iv) 202512 3155.2%202434.0%35.9%202410.5% 202512 311.02%1.73%0.17%0.09%3.35%(Huaxing Growth Capital III, L.P.)5% 5% 202512 3127.0%202428.7%202512 3110.5%202410.1% 5% 202512 31 49 202512 3118 202512 31202512 31—38 202512 312.020240.2 202512 31 202512 31 202512 31Web 3.0 202512 31 202512 3115651202512312,902.1 202512 31 2024109202082220242 2 20218 2420248 24 20189 1220216 302024820246 30202410 9FU Frank Kan20256 26 202512 31 15 202512 31 202512 31 202312 13202312 1320231213202410 920256 26202412 31202512 31202512 31 13.2013.2113.22 20263 30 5620249 6202410 920172019EMP 4620242 2202411 292007720077201512TME20161201812 2002720077 552016120242 220064TME201182020882002120065199811199910199541998101993719951 199372006122018623202411 293700 56202182420086Orrick, Herrington & SutcliffeO’Melveny & MyersDebevoise & Plimpton Skadden Arps 199219951999 53202562625268033902291252920