本海外監管公告乃由北京控股有限公司（「本公司」）根據香港聯合交易所有限公司證 券上市規則第 13.10B 條刊登。 本公司的附屬公司北京燕京啤酒股份有限公司已於 2026 年 1 月 20 日於深圳證券交易所網 站（http://www.szse.cn）上載關於 2025 年度業績預告的公告，相關網址如下： https://www.szse.cn/disclosure/listed/bulletinDetail/index.html?6e4e93fb-189d-44e7-87fe- 6a0452beb532 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：392） 海外監管公告 北京控股有限公司附屬公司北京燕京啤酒股份有限公司 2025年度業績預告 承董事會命 北京控股有限公司 主席 楊治昌 香港，2026 年 1 月 20 日 於本公告日期，本公司董事會由：五名執行董事楊治昌先生（主席）、熊斌先生（行政總裁 ...

Core Viewpoint - Beijing Enterprises Group Co., Ltd. (Beijing Enterprises) has issued the first "Beijing Urban Renewal" bond in the Beijing Stock Exchange, with a scale of 1 billion yuan and a term of 3 years at a record low interest rate of 1.79% for corporate bonds in the same period nationwide [1]. Group 1 - The bond issuance is part of the urban renewal initiative aimed at promoting high-quality urban development and meeting the needs of the people for a better life [1]. - The issuance aligns with the guidelines from the Central Committee regarding the 15th Five-Year Plan, emphasizing the importance of urban renewal and the development of modern, resilient, and smart cities [1]. - Beijing Enterprises, as a major state-owned enterprise in Beijing, is actively involved in key urban renewal projects, including the renovation of old residential areas and the integration of urban renewal with elderly care services [1]. Group 2 - The company has formed the Beijing Urban Renewal Alliance with several central enterprises, municipal state-owned enterprises, and private companies to support the overall layout of urban renewal in the capital [1]. - The bond was underwritten by a leading investment bank, with participation from various financial institutions, indicating strong investor interest [1].

Core Viewpoint - Yuexiu Capital plans to sell up to 1% of CITIC Securities' total shares through the secondary market, aiming for a good investment return and asset optimization [3][5]. Group 1: Yuexiu Capital's Shareholding and Reduction Plan - As of January 16, 2026, Yuexiu Capital holds 1.266 billion shares of CITIC Securities, accounting for 8.54% of the total shares, with a potential market value of approximately 4.16 billion yuan from the planned reduction [3][5]. - The expected investment return from this reduction is around 1.9 billion yuan, with an average holding cost of approximately 15.1 yuan per share, resulting in a return rate of about 86% based on the latest closing price [4][5]. - Analysts suggest that while the reduction may cause short-term fluctuations in CITIC Securities' stock price, it will not significantly impact the overall fundamentals of the brokerage sector [6]. Group 2: Financial Performance of CITIC Securities - CITIC Securities reported a revenue of 74.83 billion yuan for the year 2025, representing a year-on-year growth of 28.75%, and a net profit of 30.05 billion yuan, up 38.46% year-on-year, driven by an active domestic capital market [8]. Group 3: Strategic Moves and Management Changes - Yuexiu Capital plans to invest up to 1 billion yuan to increase its stake in Beijing Holdings, indicating a strategic shift towards optimizing asset allocation and enhancing long-term asset value [9][10]. - Recent management changes at Yuexiu Capital include the resignation of Chairman Wang Shuhui and the appointment of Li Feng as the new chairman, reflecting a potential shift in corporate strategy [10].

Group 1 - The core point of the news is that Yuexiu Capital is reducing its stake in CITIC Securities while simultaneously increasing its investment in Beijing Enterprises Holdings, indicating a strategic shift in asset allocation [1][2][4]. - Yuexiu Capital plans to sell up to 1% of CITIC Securities' total shares, which corresponds to a market value of approximately 4.16 billion yuan, potentially realizing an investment gain of about 1.9 billion yuan [1][2]. - As of January 16, 2026, Yuexiu Capital holds 12.66 billion shares of CITIC Securities, accounting for 8.54% of the total shares, and after the reduction, it will still hold over 5% [2][3]. Group 2 - The recent announcement from Yuexiu Capital indicates that the transaction is expected to optimize the company's asset structure and promote high-quality development [2][4]. - The company has also disclosed plans to invest up to 1 billion yuan in Beijing Enterprises Holdings through the Hong Kong Stock Connect, reflecting a positive outlook on its long-term development [4][5]. - The management of Yuexiu Capital has undergone a significant change, with a new chairman and other key positions being filled, which may influence the company's strategic direction [6].

Group 1 - The Beijing Enterprises Group (Beijing Control Team) won against Guangdong Dongyangguang Team with a score of 99:98, thanks to a last-minute shot by Liao Sanning [1] - In the historical matchups, Guangdong Team has had the upper hand, having previously won in the 10th round of the current season [1] - The match featured strong lineups from both teams, with Beijing Control Team initially leading 6:0 before Guangdong Team took the lead through three-pointers [1] Group 2 - Key player Liao Sanning scored 25 points, along with 7 rebounds and 5 assists for Beijing Control Team, while Perry contributed 20 points and 14 rebounds [2] - For Guangdong Team, Quinn scored 27 points with 9 rebounds and 3 assists, and Hu Mingxuan added 18 points, 8 rebounds, and 4 assists [2]

Group 1 - Yuexiu Capital announced the approval of a proposal to sell up to 1% of its shares in CITIC Securities, which is approximately 4 billion yuan based on CITIC Securities' market capitalization of about 400 billion yuan [1] - After the sale, Yuexiu Capital will still hold over 5% of CITIC Securities, maintaining shareholder rights and continuing to account for the remaining shares using the equity method [2] - CITIC Securities reported a revenue of 74.83 billion yuan for 2025, a 28.75% increase from 2024, and a net profit of 30.05 billion yuan, up 38.46% from the previous year [2] Group 2 - Yuexiu Capital plans to invest up to 1 billion yuan to increase its stake in Beijing Enterprises Holdings through the Hong Kong Stock Connect [4] - As of September 30, 2025, Guangzhou Asset Management, a subsidiary of Yuexiu Capital, had acquired 52.07 million shares of Beijing Enterprises, representing 4.14% of its total share capital [5] - The investment in Beijing Enterprises will be classified as a long-term equity investment, and the company expects this move to enhance asset value and generate good investment returns [5]

Core Viewpoint - Yuexiu Capital has approved a plan to sell up to 1% of its shares in CITIC Securities, which is expected to generate approximately 4 billion yuan in investment returns and optimize the company's asset structure for high-quality development [1][2]. Group 1: Shareholding and Transactions - Yuexiu Capital and its subsidiaries completed the acquisition of 100% of Guangzhou Securities (now CITIC Securities South China) on January 10, 2020, receiving 810 million A-shares, which represented 6.26% of CITIC Securities' total share capital at that time [2]. - As of January 16, 2026, Yuexiu Capital holds a total of 1.266 billion shares in CITIC Securities, accounting for 8.54% of the total share capital, with 903 million A-shares (6.09%) and 363 million H-shares (2.45%) [2][3]. - After the sale of shares, Yuexiu Capital will still be a shareholder with over 5% ownership in CITIC Securities, maintaining shareholder rights and accounting for remaining shares using the equity method [3]. Group 2: Financial Performance - CITIC Securities reported a revenue of 74.83 billion yuan for 2025, a 28.75% increase from the adjusted 58.12 billion yuan in 2024, and a net profit of 30.05 billion yuan, up 38.46% from 21.70 billion yuan in 2024 [3]. - Yuexiu Capital's total assets were 212.24 billion yuan, with a net asset value of 31.90 billion yuan as of June 30, 2025, and reported a revenue of 5.54 billion yuan and a net profit of 1.56 billion yuan for the first half of 2025 [3]. Group 3: Investment in Beijing Enterprises - Concurrently, Yuexiu Capital has approved a plan to increase its stake in Beijing Enterprises by using up to 1 billion yuan to purchase shares in the secondary market [4]. - As of January 16, 2026, Yuexiu Capital holds 55.91 million shares of Beijing Enterprises, representing 4.44% of its total share capital, and has transitioned its investment from trading financial assets to long-term equity investments [5]. - The company aims to enhance its asset allocation structure and increase the long-term value of its assets through this investment, expecting good returns from the increased stake in Beijing Enterprises [5].

Core Viewpoint - Yuexiu Capital plans to sell up to 1% of its shares in CITIC Securities, which is expected to generate approximately 4 billion yuan in investment returns and optimize the company's asset structure for high-quality development [1][4]. Group 1: Shareholding and Transactions - Yuexiu Capital and its subsidiaries completed the acquisition of 100% of Guangzhou Securities (now CITIC Securities South) on January 10, 2020, receiving 810 million A-shares, which represented 6.26% of CITIC Securities' total share capital at that time [3]. - As of January 16, 2026, Yuexiu Capital holds a total of 1.266 billion shares in CITIC Securities, accounting for 8.54% of the total share capital, with 903 million A-shares (6.09%) and 363 million H-shares (2.45%) [3]. - After the sale of shares, Yuexiu Capital will still hold over 5% of CITIC Securities, maintaining shareholder rights and continuing to account for investment income using the equity method [4]. Group 2: Financial Performance - CITIC Securities reported a revenue of 74.83 billion yuan for 2025, a 28.75% increase from the adjusted 58.12 billion yuan in 2024, and a net profit of 30.05 billion yuan, up 38.46% from 21.70 billion yuan in 2024 [4]. - Yuexiu Capital's total assets were 212.24 billion yuan, with a net asset value of 31.90 billion yuan as of June 30, 2025, and reported a revenue of 5.54 billion yuan and a net profit of 1.56 billion yuan for the first half of 2025 [4]. Group 3: Investment in Beijing Enterprises - On January 16, Yuexiu Capital approved a plan to increase its stake in Beijing Enterprises by using up to 1 billion yuan of its own funds to purchase shares in the secondary market [7]. - As of September 30, 2025, Yuexiu Capital's subsidiary, Guangzhou Asset Management, had acquired 52.07 million shares of Beijing Enterprises, representing 4.14% of its total share capital [7]. - The investment in Beijing Enterprises is aimed at enhancing business synergy and obtaining stable investment returns, with the company not seeking control over Beijing Enterprises [8].

Core Viewpoint - Yuexiu Capital is planning to reduce its stake in CITIC Securities by selling up to 1% of its total shares while simultaneously increasing its investment in Beijing Enterprises Holdings by up to 1 billion yuan [1][2][5]. Group 1: Stake Reduction in CITIC Securities - Yuexiu Capital has agreed to sell up to 1% of CITIC Securities' total shares, with the authorization valid until December 31, 2026 [2]. - Currently, Yuexiu Capital is the second-largest shareholder of CITIC Securities, holding 1.266 billion shares, which is 8.54% of the total shares [2][4]. - The 1% stake corresponds to approximately 148.2 million shares, with current market values of 4.161 billion yuan for A-shares and 4.182 billion HKD for H-shares [4]. Group 2: Increase in Stake in Beijing Enterprises Holdings - Yuexiu Capital plans to use up to 1 billion yuan of its own funds to increase its stake in Beijing Enterprises Holdings through the Hong Kong Stock Connect [5]. - As of January 16, Yuexiu Capital holds 55.913 million shares of Beijing Enterprises, representing 4.44% of its total shares [5]. Group 3: Strategic Objectives and Leadership Changes - The company stated that the purpose of the stake reduction in CITIC Securities is to optimize asset allocation and enhance long-term asset value [6]. - Following the resignation of the former chairman Wang Shuhui, Li Feng has been elected as the new chairman of Yuexiu Capital [6][7]. - As of June 30, 2025, Yuexiu Capital's total assets are reported to be 212.243 billion yuan, with a net profit of 1.558 billion yuan for the first half of 2025 [7].

Core Viewpoint - Yuexiu Capital is making significant moves by planning to sell up to 1% of its stake in CITIC Securities while simultaneously increasing its investment in Beijing Enterprises Holdings by up to 1 billion yuan [1][2][5]. Group 1: Stake Sale in CITIC Securities - Yuexiu Capital's board approved the sale of up to 1% of CITIC Securities' total shares, with authorization valid until December 31, 2026 [3]. - Currently, Yuexiu Capital is the second-largest shareholder of CITIC Securities, holding 1.266 billion shares, which is 8.54% of the total shares [3][5]. - The 1% stake corresponds to approximately 148.2 million shares, with current market values of 4.161 billion yuan for A-shares and 4.182 billion HKD for H-shares [5]. Group 2: Increased Investment in Beijing Enterprises Holdings - Yuexiu Capital plans to use up to 1 billion yuan of its own funds to increase its stake in Beijing Enterprises Holdings through the Hong Kong Stock Connect [5]. - As of January 16, Yuexiu Capital holds 55.913 million shares of Beijing Enterprises, representing 4.44% of its total shares [5]. Group 3: Strategic Objectives and Leadership Changes - The company stated that the purpose of the stake sale and increase is to align with its development strategy and optimize asset allocation [6][7]. - Recently, the company appointed a new chairman, Li Feng, following the resignation of the previous chairman, Wang Shuhui, due to work changes [7]. - As of June 30, 2025, Yuexiu Capital's total assets were 212.243 billion yuan, with a net profit of 1.558 billion yuan for the first half of 2025 [8].