Semi-flexible pavement (SFP) combines the load-bearing capacity of cementitious materials with the flexibility of asphalt mixtures; however, conventional grouted SFP (G-SFP) suffers from construction complexity and interfacial durability concerns. Although cold-mixed semi-flexible pavement (C-SFP) is characterized by a simplified production process and favorable material compatibility, limited attention has been paid to its fracture characteristics and the mechanisms governing damage evolution. This paper investigates the fracture features and damage evolution of C-SFP using semi-circular bending (SCB) tests integrated with acoustic emission (AE) monitoring, with G-SFP included for comparison. A series of C-SFPs with varying emulsified asphalt contents and cementitious binder dosages were prepared and tested. AE signals recorded during SCB loading were analyzed using clustering techniques and rise angle–average frequency (RA–AF) characteristics to identify dominant damage mechanisms and their evolution throughout the fracture process. The results indicate that fracture in C-SFP is primarily governed by tensile-dominated cohesive cracking within the cement–asphalt composite matrix, leading to rapid crack localization and abrupt post-peak failure. Increasing grout content enhances peak strength but intensifies brittle fracture behavior, whereas higher effective asphalt content promotes delayed crack initiation and improved energy dissipation. In contrast, G-SFP exhibited a higher proportion of shear-related AE events associated with progressive interfacial debonding and frictional sliding, resulting in more stable crack propagation and greater fracture energy. Macroscopic fracture indices from SCB tests, together with post-failure observations, were consistent with AE-based damage identification. Overall, the results demonstrate that cracking in C-SFP is matrix-controlled, whereas fracture in G-SFP is dominated by interface-related damage mechanisms. This study highlights the critical role of damage evolution characteristics in controlling fracture behavior and provides mechanistic guidance for optimizing the material design of C-SFP.