Economic Observation Network Ruiwei Asset Management (01835. HK) disclosed its interim results on August 21, 2026, and is currently in the stage of business transformation. The progress and risk situation of related businesses are under market attention.

Performance and business situation:
In the first half of the year, the profit was 13.001 million yuan, a year-on-year decrease of 27.9%, and the loss was 2.951 million yuan (compared to a profit of 2.426 million yuan in the same period last year) The core drag lies in the traditional fund management business entering the liquidation and closure period: management fee income was only 1.997 million yuan, a year-on-year decrease of 31.7%, and there were no new external investment projects during the period The newly cultivated non-performing loan disposal income of 5.984 million yuan has become the largest single source of income, but its volume is not enough to offset the contraction of the main business and the increase in costs (administrative expenses increased by about 2.7 million yuan year-on-year) 。

Business progress:
On May 11th, a joint venture agreement was signed with Jinko, which has completed its judicial restructuring, with each holding 50% of the shares. The first phase of the agreement will involve the establishment of a trust asset package (with a duration of 8 years and involving more than 200 projects) to settle approximately 90.6 billion yuan in ordinary debt, marking the extension of its role from a fund manager to an asset activator for real estate companies in case of accidents At the same time, the company plans to acquire the equity of Ningbo Chentao Fund and Jiaxing Shino Fund to enter the field of intelligent driving and embodied intelligence, and introduce technology backed shareholder 3G Limited. However, the relevant notices have been repeatedly delayed and submitted to the Hong Kong Stock Exchange, and the feasibility of the transaction is questionable 。

Financial situation:
At the end of the period, trade receivables with an aging of over 2 years accounted for nearly 68% (48.216 million yuan), and the balance of impairment provisions accounted for about 20% of the total receivables The fair value of joint ventures and investments decreased by approximately 3.3 million yuan (involving projects such as Chengdu and OCT) The positive factors include an increase in cash and equivalents to 13.471 million yuan, a current ratio of approximately 7.5 times, and low short-term debt pressure 。

Overall, the focus of the market is on whether the "second curve" (non-performing personal loans+legal consulting) can take over, as well as the substantive pace of Jinko cooperation and technological transformation.

The above content is based on publicly available information and does not constitute investment advice.