Core Viewpoint - Beijing Enterprises Holdings Limited has signed a bank loan agreement for up to €500 million with a term not exceeding 3 years, involving conditions related to its controlling shareholder, Beijing Enterprises Group [1] Group 1 - The loan agreement is with Talent Yield European Limited, a wholly-owned subsidiary of Beijing Enterprises Holdings [1] - The maximum amount of the loan is €500 million [1] - The loan term is set for a duration of no more than 3 years [1] Group 2 - The agreement includes specific terms regarding the controlling shareholder, Beijing Enterprises Group, which must hold at least 40% of the company's substantial equity with voting rights and no collateral [1] - Beijing Enterprises Group is required to be the single largest shareholder of the company [1] - The group is fully owned, regulated, and controlled by the People's Government of Beijing Municipality [1]

Group 1 - Beijing Enterprises Holdings Limited announced a bank loan agreement signed by its wholly-owned subsidiary Talent Yield European Limited with a bank [1] - The loan agreement has a term of up to 3 years and an amount not exceeding 500 million euros [1] - The agreement is set to be effective until September 19, 2025 [1]

香港，2025 年 9 月 19 日 本公司之全資附屬公司 Talent Yield European Limited 與銀行簽署的一份銀行貸款協 議中涉及北控集團的條款。據此，本公司根據上市規則第 13.18 條作出本公告。 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.18 條之披 露規定而刊發。 於 2025 年 9 月 19 日，北京控股有限公司（「本公司」）之全資附屬公司 Talent Yield European Limited 與一家銀行簽署了一份期限不超過 3 年、金額不超過 5 億歐元的銀行 貸款協議，其中：涉及本公司控股股東北京控股集團有限公司（「北控集團」）的條款有 以下：(i)直接或間接持有本公司至少 40%的實質股權，且該股權具有投票權及不附帶任 何擔保；(ii)直接或間接作為本公司單一最大股東；(iii)由北京市人民政府實際全資擁有、 監管及控制。 承董事會命 北京控股有限公司 主席 楊治昌 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 ...

第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 北京控股有限公司 | | | | 呈交日期: | 2025年9月1日 | | | | I. 法定/註冊股本變動 | 不適用 | | | FF301 第 2 頁 共 10 頁 v 1.1.1 FF301 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 3 頁 共 10 頁 v 1.1.1 (B). 承諾發行發行人股份的權證 不適用 FF301 第 4 頁 共 10 頁 v 1.1.1 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代 ...

Core Viewpoint - CICC maintains the profit forecast for Beijing Enterprises Holdings (00392) for 2025 and 2026, with a target price of HKD 35, indicating an 8.2% upside potential from the current stock price [1] Group 1: 1H25 Performance - In 1H25, Beijing Gas reported total natural gas sales of 12.51 billion cubic meters, a year-on-year increase of 5.5%, with pipeline gas sales in Beijing at 9.19 billion cubic meters, down 1.7% year-on-year [2] - The pre-tax profit from natural gas distribution and trading business reached HKD 970 million, up 13.2% year-on-year [2] - The company confirmed investment income from joint ventures, including 1.26 billion from the National Pipeline Beijing, 330 million from VCNG, 310 million from China Gas, and 370 million from Beijing Waterworks, maintaining overall stability [2] Group 2: LNG Processing Agreement - Beijing Gas signed a three-year processing agreement for 4.5 million tons of LNG with major domestic suppliers, which is expected to enhance the stability of its profitability [3] - The agreement is anticipated to partially offset the increased costs associated with the operation of the Nangang LNG project, thereby improving overall profitability [3] Group 3: Debt Structure Optimization - The company benefited from lower domestic financing rates and converted some foreign currency debt to RMB, resulting in a reduction of over HKD 100 million in financial expenses year-on-year [4] - There is potential for a decrease in interest-bearing liabilities as subsidiary dividends are expected to increase [4] Group 4: Dividend Policy - The company maintained an interim dividend of HKD 0.85 per share for 1H25, with management committing to a full-year dividend of at least HKD 1.62 per share, based on the higher of this amount or 35% of operating profit for 2025 [5] - Given the stable utility nature of the business and nearing completion of capital expenditure cycles, there is potential for long-term dividend increases [5]

Core Viewpoint - CICC maintains the earnings forecast for Beijing Enterprises Holdings for 2025 and 2026, with a target price of HKD 35, indicating an 8.2% upside potential from the current stock price [1] Group 1: 1H25 Performance - In 1H25, Beijing Gas reported total natural gas sales of 12.51 billion cubic meters, a year-on-year increase of 5.5%, with pipeline gas sales in Beijing at 9.19 billion cubic meters, down 1.7% year-on-year [2] - The pre-tax profit from natural gas distribution and trading business was HKD 970 million, reflecting a year-on-year increase of 13.2% [2] - The company confirmed investment income from joint ventures, including 1.26 billion from the National Pipeline Network, 330 million from VCNG, 310 million from China Gas, and 370 million from Beijing Waterworks, maintaining overall stability [2] Group 2: LNG Processing Agreement - Beijing Gas signed a three-year processing agreement for 4.5 million tons of LNG with major domestic suppliers, which is expected to enhance the stability of its profitability [3] - The company anticipates that increased LNG unloading revenue may partially offset the new costs arising from the operation of the Nangang LNG project [3] Group 3: Debt Structure Optimization - The company benefited from lower domestic financing rates and converted some foreign currency debt to RMB, resulting in a reduction of over HKD 100 million in financial expenses year-on-year [4] - There is potential for a decrease in the scale of interest-bearing liabilities as subsidiary dividends are expected to increase [4] Group 4: Dividend Policy - The company maintained an interim dividend of HKD 0.85 per share for 1H25, with management committing to a full-year dividend of at least HKD 1.62 per share [5] - The company’s long-term dividend distribution is expected to have room for growth, supported by its stable utility characteristics and nearing completion of capital expenditure cycles [5]

Core Viewpoint - The company reported its 1H25 performance, which met expectations with a revenue of 44.5 billion yuan, a year-on-year increase of 5.2%, and a net profit attributable to shareholders of 3.44 billion yuan, up 8.1% year-on-year [1][2] Financial Performance - 1H25 total natural gas sales reached 12.51 billion cubic meters, a year-on-year increase of 5.5%, with pipeline gas sales in Beijing at 9.19 billion cubic meters, down 1.7% year-on-year [1] - The pre-tax profit from natural gas distribution and trading business was 970 million yuan, reflecting a year-on-year increase of 13.2% [1] - The company confirmed investment income from joint ventures, including 1.26 billion yuan from the National Pipeline Network, 330 million yuan from VCNG, 310 million yuan from China Gas, and 370 million yuan from Beijing Waterworks, maintaining overall stability [1] Development Trends - The signing of a three-year processing agreement for 4.5 million tons of LNG with major domestic suppliers is expected to enhance the profitability stability of the company [1] - The company anticipates that increased LNG receiving income may partially offset the new costs arising from the operation of the South Port LNG project, thereby improving overall profitability stability [1] Debt Structure and Dividend Policy - The company has optimized its debt structure, benefiting from lower domestic financing rates and converting some foreign currency debt to RMB, resulting in a reduction of over 100 million yuan in financial expenses year-on-year [2] - The company plans to maintain a mid-term dividend of 0.85 HKD per share, with management committing to a full-year dividend of 1.62 HKD per share, based on the higher value between this and 35% of operating profit for 2025 [2] - The company’s capital expenditure cycle is nearing completion, suggesting potential for long-term dividend increases [2] Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, with current stock prices corresponding to 6.8 times and 6.7 times the earnings for those years [2] - The company retains an outperform rating and a target price of 35 HKD, implying an 8.2% upside potential based on 7.4 times and 7.2 times the earnings for 2025 and 2026, respectively [2]

本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條刊發。 謹此提述關於北京控股有限公司（「本公司」）以下已發行並在上海證券交易所（「上交 所」）交易的公司債券及在中國境内銀行間市場交易的票據： 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 本公司已經在上交所網站(www.sse.com.cn)上載其財務負責人發生變更的公告，詳情請參閱 本公司於上交所網站刊發的公告，網址如下： https://static.sse.com.cn/disclosure/bond/announcement/company/c/new/2025-08-28/242366_ 20250828_DIOT.pdf 承董事會命 北京控股有限公司 主席 楊治昌 香港，2025 年 8 月 29 日 於本公告日期，本公司董事會成員包括執行董事楊治昌先生（主席）、熊斌先生（行政總裁）、許彤先生、 耿超先生 ...

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 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條刊發。 謹此提述關於北京控股有限公司（「本公司」）以下已發行並在上海證券交易所（「上交 所」）交易的公司債券： 本公司已經在上交所網站(www.sse.com.cn)上載以下有關公司債券的文件： 1. 北京控股有限公司 2023 年面向專業投資者公開發行公司債券（第一期） 2. 北京控股有限公司 2023 年面向專業投資者公開發行公司債券（第二期）（品種一） 3. 北京控股有限公司 2023 年面向專業投資者公開發行公司債券（第二期）（品種二） 4. 北京控股有限公司 2024 年面向專業投資者公開發行科技創新公司債券（第一期）（品種一） 5. 北京控股有限公司 2024 年面向專業投資者公開發行科技創新公司債券（第一期）（品種二） 6. 北京控股有限公司 2024 年面向 ...

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Shijiazhuang Pharmaceutical Group announced a mid-year profit attributable to equity holders of approximately 283.5 million HKD, a year-on-year decrease of about 58.7% [1] - Zhongsheng Holdings reported a mid-year profit attributable to shareholders of 1.011 billion yuan, a decrease of 36% year-on-year [1] - SF Express City reported an adjusted net profit of approximately 160 million yuan, a year-on-year increase of 139% [1] - Baidu's subsidiary reported a mid-year profit attributable to shareholders of 47.999 million yuan, returning to profitability [1] - Li Auto reported a net profit of 1.093 billion yuan for Q2, a decrease of 0.91% year-on-year [1] - Shanghai Industrial Holdings reported a mid-year profit attributable to shareholders of 1.042 billion HKD, with an interim dividend of 0.42 HKD per share [1] - Beijing Holdings reported a mid-year profit attributable to shareholders of 3.404 billion yuan, an increase of 8.07% year-on-year [1] - Qingdao Port reported a net profit of 2.842 billion yuan, a year-on-year increase of 7.58% [1] - New China Life Insurance reported a net profit of 14.799 billion yuan, a year-on-year increase of 33.5% [1] - China Galaxy Securities reported a net profit of 6.488 billion yuan, a year-on-year increase of 47.86% [1] - China Taiping reported a 12.2% increase in shareholder profit, with a nearly 23% high growth in life insurance new business value [1] - China Resources Gas reported a mid-year profit attributable to shareholders of 2.403 billion HKD, a year-on-year decrease of 30.5% [1] - SF Holding reported a net profit of 5.738 billion yuan, a year-on-year increase of 19.37%, with volume growth exceeding the overall express delivery industry [1] - SMIC reported a net profit of approximately 320 million USD, a year-on-year increase of 35.6% [1] - SenseTime reported a revenue growth of 35.6% year-on-year, reaching 2.358 billion yuan [1] - BeiGene reported a net profit of 95.59 million USD, returning to profitability [1] - Fubo Group reported a mid-year net profit exceeding 100 million, driven by AI [1] - CITIC Securities reported a net profit of 13.719 billion yuan, a year-on-year increase of 29.79% [1] - Huadian International Power reported a net profit of 3.904 billion yuan, a year-on-year increase of 13.15% [1] Additional Financial Performance - Zhou Hei Ya reported a mid-year profit attributable to shareholders of 108 million yuan, a year-on-year increase of 228% [2] - Haitian Flavoring reported a net profit of 3.91 billion yuan, a year-on-year increase of 13.3% [2] - Dasheng Holdings reported a mid-year adjusted net profit growth of 79.6% driven by store expansion and membership growth [2] - CITIC Securities reported a net profit of 4.509 billion yuan, a year-on-year increase of 57.77% [2] - Huitongda reported a mid-year profit attributable to shareholders of 13.9 million yuan, a year-on-year increase of 10.81% [2] - Yunfeng Financial reported a mid-year profit attributable to shareholders of 486 million HKD, a year-on-year increase of 142.04% [2] - Jiufang Zhitu reported a mid-year profit attributable to shareholders of 865 million yuan, returning to profitability [2] - Air China reported a net loss of approximately 1.806 billion yuan, a year-on-year narrowing of 35.11% [2] - ZTE reported a net profit of approximately 5.058 billion yuan, a year-on-year decrease of 11.77% [2] - China Merchants Securities reported a net profit of 5.186 billion yuan, a year-on-year increase of 9.23% [2] - Datang Power reported a net profit of approximately 4.874 billion yuan, a year-on-year increase of 50.3% [2] - China Pacific Insurance reported a net profit of 27.885 billion yuan, a year-on-year increase of 11% [2] - Beijing Capital International Airport reported a post-tax loss of 164 million yuan, a year-on-year narrowing of 56.48% [2] - Dongguan Rural Commercial Bank reported a mid-year net profit of 2.629 billion yuan [2] - Shenzhen Holdings reported a mid-year loss attributable to shareholders of 2.618 billion HKD, a year-on-year increase of 137.76% [2] - China Southern Airlines reported a net loss of 1.534 billion yuan, a year-on-year increase of 45.54% [2] - COSCO Shipping Holdings reported a profit attributable to shareholders of 17.528 billion yuan, a year-on-year increase of 3.9% [2] - Guofu Hydrogen Energy reported revenue of 10.9 million yuan, actively expanding overseas cooperation and business layout [2] - Kangsheng Global reported a mid-year gross profit of 197 million yuan, with stable progress across all businesses [2] - Dongfang Electric reported a net profit of 1.91 billion yuan, a year-on-year increase of 12.91%, maintaining the industry's leading market share in nuclear and gas power [2] - Eagle Eye Technology reported a profit of 443,000 yuan, returning to profitability [2] - Haier Smart Home reported a profit attributable to shareholders of 12.033 billion yuan, a year-on-year increase of 15.6% [2] - EDA Group Holdings reached a partnership agreement with UTCPAY to collaborate in digital asset trading, Web3 technology, and blockchain applications [2] - Gilead Sciences reported that ASC30 oral tablets showed good and differentiated pharmacokinetic characteristics in the U.S. Phase Ib multi-dose escalation study [2]