Financial Performance - The company's operating revenue for Q1 2023 reached CNY 4,185,000,121, representing a year-on-year increase of 79.88%[5] - The net profit attributable to shareholders was CNY 32,669,170, showing a slight increase of 1.92% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 84.05%, amounting to CNY 4,433,452[5] - The total profit for Q1 2023 was ¥70,161,278, an increase from ¥65,580,050 in Q1 2022, representing an increase of approximately 2.6%[22] - Net profit for Q1 2023 reached ¥48,146,359, compared to ¥36,090,083 in Q1 2022, marking a significant increase of approximately 33.4%[22] Cash Flow - The net cash flow from operating activities was CNY 850,017,542, down by 17.18% year-on-year[5] - The company's cash flow from operating activities showed a significant decline, indicating potential liquidity challenges moving forward[5] - The net cash flow from operating activities for Q1 2023 was ¥850,017,542, down from ¥1,026,366,659 in Q1 2022, indicating a decrease of about 17.2%[24] - The total operating cash inflow for Q1 2023 was ¥4,145,331,965, a decrease from ¥4,859,559,110 in Q1 2022, representing a decline of about 14.7%[24] Assets and Liabilities - The total assets at the end of the reporting period were CNY 67,991,231,375, an increase of 1.06% from the end of the previous year[5] - Total assets as of March 31, 2023, amounted to RMB 67,991,231,375, up from RMB 67,280,220,550 at the end of 2022[17] - Total liabilities increased to RMB 51,983,380,506 as of March 31, 2023, compared to RMB 51,320,516,040 at the end of 2022[18] - The total assets increased to ¥46,284,002,878 in Q1 2023 from ¥43,278,944,841 in Q1 2022, representing a growth of 6.9%[30] - Total liabilities rose to ¥36,039,032,732 in Q1 2023, compared to ¥33,085,003,514 in Q1 2022, marking an increase of 8.8%[30] Inventory and Reserves - The company had no new real estate reserves during the reporting period, maintaining a total land reserve of 4,755,600 square meters[12] - Inventory decreased to RMB 36,955,287,724 as of March 31, 2023, from RMB 39,603,146,320 at the end of 2022, indicating a reduction of about 6.7%[16] Investment and Financing - The company reported an investment income of RMB 34,666,800 in Q1 2023, a recovery from a loss of RMB 546,089 in Q1 2022[21] - The company reported cash inflow from financing activities of ¥4,618,720,358 in Q1 2023, compared to ¥1,246,382,493 in Q1 2022, showing a substantial increase of approximately 270.5%[25] - Cash flow from financing activities resulted in a net inflow of ¥2,941,441,044, compared to a net outflow of ¥1,667,698,823 in Q1 2022[36] Operating Segments - The company reported a total operating income of CNY 9,203,000 from the conference center segment, CNY 15,164,000 from the hotel segment, and CNY 19,486,000 from the office and commercial segments[13] - The sales area achieved was 159,900 square meters, up 15.45% year-on-year, while the sales amount was CNY 2.279 billion, down 23.93%[12] Equity and Earnings - The company's equity attributable to shareholders reached RMB 12,819,375,211 as of March 31, 2023, compared to RMB 12,786,706,041 at the end of 2022[18] - The total equity increased to ¥10,244,970,146 in Q1 2023 from ¥10,193,941,327 in Q1 2022, reflecting a slight growth of 0.5%[30] - The basic and diluted earnings per share for Q1 2023 remained at ¥0.01, consistent with Q1 2022[22]

Financial Performance - The company's operating revenue for Q1 2023 was CNY 4,185,000,121, representing an increase of 79.88% compared to Q1 2022[12] - The net profit attributable to shareholders of the listed company was CNY 32,669,170, a decrease of 84.05% year-on-year[12] - The basic and diluted earnings per share for Q1 2023 were both CNY 0.01[12] - Total operating revenue for Q1 2023 reached RMB 4,185,000,121, a significant increase from RMB 2,326,609,629 in Q1 2022, representing an increase of approximately 79.8%[62] - Net profit attributable to the parent company for Q1 2023 was RMB 32,669,170, compared to RMB 32,052,424 in Q1 2022, showing a growth of about 1.9%[65] - The company reported a total profit of CNY 70,161,278 for Q1 2023, up from CNY 65,580,050 in Q1 2022, marking an increase of approximately 8.1%[73] - In Q1 2023, the company reported a total profit of 68,554,412, a decrease of 13.4% compared to 79,532,335 in Q1 2022[107] - The net profit for Q1 2023 was 51,028,819, down 16.3% from 60,895,252 in Q1 2022[107] Cash Flow - The net cash flow generated from operating activities was CNY 850,017,542, down 17.18% from the previous year[12] - Operating cash flow for Q1 2023 was CNY 850,017,542, down from CNY 1,026,366,659 in Q1 2022, representing a decrease of approximately 17.2%[70] - Cash outflows from operating activities totaled CNY 3,295,314,423, compared to CNY 3,833,192,451 in the previous year, indicating a reduction of about 14%[70] - Cash inflow from financing activities in Q1 2023 was 4,618,720,358, significantly up from 1,246,382,493 in Q1 2022, marking an increase of 270.5%[doc id='89'] - The company received cash from other financing activities amounting to 881,180,000 in Q1 2023, compared to 440,800,000 in Q1 2022, representing an increase of 99.8%[doc id='89'] Assets and Liabilities - The total assets at the end of the reporting period were CNY 67,991,231,375, an increase of 1.06% from the end of the previous year[13] - The total current liabilities amount to RMB 62.66 billion, with short-term borrowings at RMB 6.265 billion and accounts payable at RMB 6.681 billion[32] - The company reported a total asset value of RMB 55.295 billion, slightly down from RMB 54.451 billion in the previous period[31] - Total liabilities increased to RMB 51,983,380,506 as of March 31, 2023, compared to RMB 51,320,516,040 at the end of 2022, reflecting a rise of approximately 1.3%[46] - The total non-current liabilities increased to RMB 22,946,093,114 as of March 31, 2023, from RMB 19,963,695,312 at the end of 2022, marking an increase of about 15.0%[46] - The company's total liabilities are RMB 28.236 billion, reflecting a stable financial position[33] Sales and Operations - The company achieved a sales area of 159,900 square meters, an increase of 15.45% year-on-year, while the sales amount was RMB 2.279 billion, a decrease of 23.93% year-on-year[28] - The completion area was 224,500 square meters, up 102.98% year-on-year, with equity completion area at 187,700 square meters, an increase of 236.98% year-on-year[28] - The pending turnover area at the end of the reporting period was 652,000 square meters, a decrease of 36.67% year-on-year[28] - The company’s equity sales amount was RMB 1.981 billion, a decrease of 26.47% year-on-year[28] Investment Activities - The net cash flow from investment activities was CNY 79,183,856, a recovery from a negative cash flow of CNY 26,088,580 in Q1 2022[79] - Cash received from investment activities in Q1 2023 was CNY 14,700,000, compared to CNY 7,500,000 in Q1 2022, reflecting an increase of 96.7%[71] - The total cash inflow from investment activities in Q1 2023 was 5,884,434,149, slightly up from 5,878,960,261 in Q1 2022[140] - The total cash outflow from investment activities in Q1 2023 was 4,711,163,922, down 6.6% from 5,043,171,462 in Q1 2022[140] Future Outlook - The company plans to continue focusing on market expansion and new product development in the upcoming quarters[136] - The financial outlook for the remainder of 2023 indicates a cautious approach due to market conditions and previous performance trends[136]

Investment Properties and Valuation - The fair value of investment properties as of December 31, 2022, was RMB 12,387 million, a decrease from RMB 12,810 million in 2021[20]. - The estimated market rent for investment properties ranges from RMB 0.28 to RMB 25.00 per square meter per day, indicating that higher market rents correlate with higher fair values[14]. - The discount rate applied to the valuation of investment properties is between 6.01% and 12.5%, with higher discount rates leading to lower fair values[19]. - The average price for Apartment A is estimated between RMB 421 and RMB 477 per day, with higher average prices resulting in increased fair values[14]. - The projected annual rent for other investment properties is approximately RMB 16 million, with higher annual rents positively impacting fair values[19]. - The capitalization rate for office buildings and shopping malls is estimated at 9.0%, with adjustments made for renewal risks and vacancy rates[14]. - The weighted average discount rate for the valuation of the conference center is between 11.0% and 12.0%, affecting its fair value[14]. - The company has utilized significant unobservable inputs in its fair value measurements, reflecting the inherent risks and uncertainties in the real estate market[17]. - The fair value assessment of completed investment properties utilized the income capitalization method, with key assumptions including yield rate adjustments and market rent[100]. - The fair value of completed conference centers and apartments was assessed using discounted cash flow forecasts, considering expected rental levels and discount rates[100]. Financial Performance - Total revenue for the year ended December 31, 2022, was RMB 12,988,940 thousand, a decrease from RMB 22,182,854 thousand in 2021, representing a decline of approximately 41.1%[158]. - The net loss attributable to ordinary shareholders for the year was RMB (1,471,352) thousand, compared to a profit of RMB 207,374 thousand in the previous year, indicating a significant downturn[158]. - The total comprehensive loss for the year was RMB (1,519,339) thousand, compared to a comprehensive income of RMB 247,978 thousand in the previous year[159]. - The operating profit for the year was RMB 40,547 thousand, a significant decrease from RMB 1,911,804 thousand in the previous year[158]. - The company reported a gross profit of RMB 1,706,146 thousand for the year, down from RMB 3,638,182 thousand in 2021, indicating a decline of approximately 53.1%[158]. Assets and Liabilities - Total assets decreased to RMB 76,112,736 thousand in 2022 from RMB 88,479,352 thousand in 2021, reflecting a reduction of about 13.9%[151]. - Total liabilities decreased to RMB 53,528,643 thousand in 2022 from RMB 62,610,819 thousand in 2021, a decline of approximately 14.5%[151]. - The company's total liabilities as of December 31, 2022, were RMB 22,977,693,000, reflecting a decrease from RMB 30,057,808,000 in 2021[125]. - The group's total bank and other borrowings as of December 31, 2022, were RMB 1,725,973.3 million, with a debt-to-asset ratio of 70% compared to 71% a year earlier[56]. - The total amount of loans from other parties increased to RMB 4,618,126, compared to RMB 5,388,993 in the previous year[181]. Cash Flow and Liquidity - Cash and cash equivalents were reported at RMB 8,388,151 thousand, down from RMB 12,960,953 thousand in the previous year[115]. - The net cash generated from operating activities for the year ended December 31, 2022, was RMB 2,295,544,000, a decrease from RMB 5,057,775,000 in the previous year[199]. - The net cash flow used in investing activities for the year ended December 31, 2022, was RMB 225,977,000, compared to RMB 2,080,342,000 in the previous year[199]. - The company reported a net cash flow used in financing activities of RMB (6,642,368) thousand, compared to RMB (848,585) thousand in the previous year[200]. - The net decrease in cash and cash equivalents for the year was RMB (4,572,802) thousand, with the beginning balance at RMB 12,960,953 thousand[200]. Shareholder and Equity Information - As of December 31, 2022, the equity attributable to ordinary shareholders decreased by 7.50% year-on-year, amounting to RMB 1,941,295.0 million[55]. - The company has a total of 3,367,020,000 shares issued and fully paid, unchanged from the previous year[169]. - The total equity amounted to RMB 25,868,533,000, with retained earnings of RMB 12,637,542,000[197]. - The top shareholder, Beijing Beichen Industrial Group Co., Ltd., held 1,161,000,031 A shares, representing 34.482% of the total shares[38]. - HKSCC Nominees Limited held 689,470,199 H shares, accounting for 20.477% of the total shares[38]. Impairment and Provisions - The company recognized an inventory impairment provision of RMB 905 million due to the market conditions and project-specific factors affecting the realizable net value of real estate projects[58]. - The cumulative impairment for the year was RMB 1,737,033,000, compared to RMB 1,141,037,000 in the previous year, reflecting an increase of approximately 52.3%[130]. - The company reported a bad debt provision of RMB 198,880,000 for accounts receivable and other receivables as of December 31, 2022[119]. - The impairment provision for hotel properties remained constant at RMB 78,961,000 for both 2021 and 2022[25]. Subsidiaries and Investments - The company holds a 99.05% equity interest in Beijing Beichen Real Estate Development Co., Ltd. as of 2022[27]. - The group holds 100% equity in Chengdu Beichen Real Estate Co., Ltd. and 51% in Wuhan Beichen Chenzhi Real Estate Development Co., Ltd.[64]. - The total net assets of non-PwC audited subsidiaries accounted for approximately 4.21% of the group's total net assets[33]. - The Group's investment in Beijing Chenxuan Property Co., Ltd. decreased from 50% to 34%, resulting in a reclassification from a joint venture to an associate[79]. - The total carrying amount of insignificant joint ventures was RMB 306,483 thousand as of December 31, 2022, down from RMB 542,125 thousand in 2021[84]. Employee and Compensation Information - The total number of employees as of December 31, 2022, was 5,387, with a compensation policy linked to the company's economic performance[41]. - The company paid RMB 10,000 for trademark and logo licensing fees, which constituted 0.02% of the company's leasing expenses[43]. - The rental fee for office space in 2022 was RMB 900,000, making up 1.83% of the company's leasing expenses[44]. Tax and Regulatory Information - The corporate income tax rate applicable to the company and its subsidiaries is 25% on taxable income[54]. - The company reported a total tax liability of RMB 1,773,757, down 17.4% from RMB 2,147,373 in the previous year[185].

Land Reserves and Construction - The company reported a total land reserve of 4.979 million square meters, a year-on-year decrease of 15.00%[5] - The equity land reserve stood at 4.436 million square meters, down 14.67% year-on-year, with no new real estate reserves added[5] - New construction area increased by 10.73% year-on-year to 507,700 square meters, while the area of completed projects decreased by 19.81% to 1.4376 million square meters[5] - The area awaiting transfer at the end of the reporting period was 740,400 square meters, down 25.23% year-on-year[5] - The total area available for sale reached 60,507 square meters, showing a robust inventory for potential sales[13] - The cumulative completed area was reported at 404,800 square meters, indicating substantial project completions[13] - The area under construction amounted to 166,500 square meters, indicating ongoing development efforts[13] Financial Performance - The company achieved total revenue of RMB 12.989 billion, a decline of 41.45% year-on-year, with a pre-tax loss of RMB 803.113 million[6] - The real estate development segment generated revenue of RMB 10.965 billion, down 45.53% year-on-year, impacted by macroeconomic controls and a decrease in transferable area[6] - The sales area decreased by 35.10% year-on-year to 616,300 square meters, with total sales amounting to RMB 12.424 billion, a decline of 25.78%[5] - The company recorded a net loss attributable to ordinary shareholders of RMB 1.471 billion, with an earnings per share loss of RMB 0.4370[6] - The company reported a comprehensive loss attributable to ordinary shareholders of RMB 1.466 billion for the year, compared to a profit of RMB 215.294 million in the previous year[24] - The company reported a net loss of RMB 1,525,177 for 2022, compared to a profit of RMB 240,058 in 2021[39] - The company reported a net loss attributable to ordinary shareholders of RMB (1,471,352) thousand for the year ended December 31, 2022, compared to a profit of RMB 207,374 thousand in the previous year[116] Investment and Financing - The total investment amount for projects reached RMB 45.20 billion, with a significant increase from RMB 34.33 billion and RMB 22.43 billion in previous periods[13] - The company completed financing of RMB 3.307 billion during the reporting period, maintaining a low coupon rate compared to the industry[18] - The total financing amount at the end of the period was RMB 25,373.78 million, with an average financing cost of 5.07%[157] - The company has strengthened cash flow management and optimized its debt structure to enhance financial safety margins[18] - The company plans to strengthen cash flow management and improve the efficiency of capital usage to enhance overall risk resilience[162] Operational Strategies - The company has established a wholly-owned subsidiary, Beijing Beichen Commercial Management Co., Ltd., to enhance the operational efficiency of commercial properties[16] - The company is actively adjusting marketing strategies to maintain stable occupancy rates in office and apartment sectors[16] - The company is focusing on deepening industry research and talent cultivation in the exhibition sector to support future growth[15] - The company aims to build a comprehensive cloud analysis service platform for industry development consultation and competitive intelligence analysis[15] - The company is committed to digital transformation and creating a synergistic development model among its real estate, exhibition, and commercial property sectors[159] Market Conditions and Future Outlook - The company maintained a stable economic environment with a GDP growth rate of 3.0% in 2022, despite challenges in the real estate market[125] - The company is focusing on resource integration and risk management to enhance the resilience of its real estate development business amid increasing market challenges[107] - The company plans to continue expanding its market presence and developing new products and technologies in the upcoming periods[21] - The company will continue to adhere to the "housing is for living, not for speculation" policy while exploring new development models in the real estate sector[141] - The company expects to achieve a new construction area of 230,000 square meters and a sales area of 787,100 square meters in 2023, with a contract signing amount of RMB 13 billion[147] Segment Performance - The adjusted profit before tax for the real estate development segment was RMB 1.235 billion, while the exhibition and commercial property segment reported a loss of RMB 140.9 million[35] - Total revenue from real estate development reached RMB 10,964,541,000, while revenue from exhibitions (including hotels) was RMB 1,943,237,000, contributing to a total revenue of RMB 13,085,757,000[51] - The exhibition and hotel segments experienced a decline in revenue due to economic pressures and restrictions on large gatherings, impacting overall performance[106] Assets and Liabilities - The total assets of the company as of December 31, 2022, were RMB 76.113 billion, a decrease from RMB 88.479 billion in 2021[25] - The total assets as of December 31, 2022, amounted to RMB 59,998,285, down from RMB 69,911,367 in 2021, representing a decrease of 14.2%[36] - Total liabilities as of December 31, 2022, were RMB 53,528,643, a decrease of 14.5% from RMB 62,610,819 in 2021[43] - The company's total liabilities to total assets ratio was 70% as of December 31, 2022, compared to 71% on December 31, 2021[189] Risk Management and Governance - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[195] - The audit committee reviewed the company's annual performance and financial statements draft as of December 31, 2022[195] - The company emphasized risk prevention and cash collection, enhancing control over key project sales and financial management[129]

2022 年第三季度报告 证券代码：601588 证券简称：北辰实业 北京北辰实业股份有限公司 2022 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信 息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 1 / 22 2022 年第三季度报告 单位：元 币种：人民币 注:"本报告期"指本季度初至本季度末 3 个月期间，下同。 一、 主要财务数据 主要会计数据和财务指标 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------|---------------|-------------------|--- ...

Financial Performance - The company's operating revenue for Q3 2022 was CNY 1,925,727,273, representing a decrease of 72.29% compared to the same period last year[3]. - The net profit attributable to shareholders was a loss of CNY 279,877,797, a decline of 897.94% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 297,663,245, reflecting a decrease of 1,192.00% compared to the previous year[3]. - Operating revenue for the current reporting period decreased by 72.29% due to the impact of macroeconomic adjustments on the real estate sector[8]. - Net profit attributable to shareholders of the listed company for the current reporting period decreased by 897.94%[8]. - The basic and diluted earnings per share were both CNY -0.08, indicating a 500.00% decline year-on-year[3]. - The basic earnings per share for the current reporting period decreased by 500.00%[9]. - The company reported a total profit of CNY -722.94 million for the first three quarters of 2022, compared to a profit of CNY 647.50 million in the same period of 2021[26]. - Total operating revenue for the first three quarters of 2022 was CNY 8.77 billion, a decrease of 49.3% compared to CNY 17.27 billion in the same period of 2021[23]. - Net profit attributable to shareholders of the parent company for the first three quarters of 2022 was a loss of CNY 787.61 million, compared to a profit of CNY 312.46 million in the same period of 2021[27]. - Total profit for the first three quarters of 2022 was CNY 205,101,831, down 55.3% from CNY 458,557,047 in the same period of 2021[41]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 70,143,998,327, down 12.12% from the end of the previous year[4]. - The equity attributable to shareholders decreased to CNY 13,568,774,017, a reduction of 12.51% compared to the previous year[4]. - Total current assets decreased to 56.659 billion yuan from 65.350 billion yuan, a decline of approximately 13.0%[18]. - Total liabilities decreased to 53.308 billion yuan from 60.445 billion yuan, a reduction of approximately 11.8%[21]. - The company's total equity decreased to CNY 10,320,528,508 as of September 30, 2022, from CNY 11,254,697,259 at the end of 2021, indicating a decline of about 8.26%[38]. - Long-term borrowings decreased to CNY 10,246,195,614 as of September 30, 2022, from CNY 12,095,115,407 at the end of 2021, a decline of 15.3%[37]. - The company's short-term borrowings decreased to 32.027 billion yuan from 38.272 billion yuan, a decline of approximately 16.0%[20]. - Total liabilities decreased to CNY 32,490,971,629 as of September 30, 2022, from CNY 35,678,136,244 at the end of 2021, a reduction of approximately 6.14%[37]. Cash Flow - The cash flow from operating activities was not applicable for the current period, but for the year-to-date, it was CNY 3,284,863,750, down 25.14% from the previous year[3]. - The net cash flow from operating activities for the first three quarters of 2022 was CNY 3.28 billion, a decrease of 25.1% from CNY 4.39 billion in the same period of 2021[30]. - Cash inflow from financing activities totaled CNY 5,346,086,083 in the first three quarters of 2022, a decrease of 58% compared to CNY 12,773,148,828 in the same period of 2021[32]. - Net cash flow from financing activities was negative CNY 8,785,962,680 for the first three quarters of 2022, worsening from negative CNY 4,622,100,329 in the same period of 2021[32]. - The company's cash and cash equivalents decreased by CNY 5,575,718,138 in the first three quarters of 2022, compared to a decrease of CNY 1,303,609,710 in the same period of 2021[33]. - Cash flow from operating activities for the first three quarters of 2022 was CNY 290,079,871, a decline of 58.7% compared to CNY 700,907,921 in the same period of 2021[44]. - Cash flow from investing activities generated a net inflow of CNY 1,007,198,438 in the first three quarters of 2022, compared to a net outflow of CNY 2,289,286,128 in the same period of 2021[45]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 141,823[11]. - The largest shareholder, Beichen Group, holds 1,161,000,031 shares, representing 34.482% of total shares[11]. - The second-largest shareholder, HKSCC NOMINEES LIMITED, holds 688,138,199 shares, representing 20.438% of total shares[11]. Government Subsidies - Non-recurring gains and losses totaled 17,785,448 RMB for the current reporting period, with a significant portion attributed to government subsidies of 3,572,496 RMB[7]. - The total amount of government subsidies recognized in the current period was 3,572,496 RMB, with a cumulative amount of 7,002,138 RMB since the beginning of the year[7]. Corporate Governance and Compliance - The company assures that the financial information in the quarterly report is true, accurate, and complete, with no false records or significant omissions[2]. - The company has implemented new accounting standards starting from 2022, affecting the financial statements for the first year of implementation[47]. - The board of directors consists of eight members, including five executive directors and three independent non-executive directors[47]. - The company is committed to ensuring the accuracy of its financial reporting under the new standards[47]. - The implementation of the new accounting standards is expected to enhance transparency in financial reporting[47]. - The board is focused on strategic decision-making to align with the new accounting requirements[47]. - The company aims to improve its financial performance through adherence to the new standards[47]. - The announcement reflects the company's commitment to corporate governance and compliance[47]. Real Estate and Construction - The company completed the acquisition of 100% equity in Beijing International Exhibition Center, which was included in the consolidated financial statements[5]. - The merger with Beijing International Exhibition Center is considered a business combination under common control, affecting the financial reporting[6]. - Total land reserves are 5.1638 million square meters, with equity land reserves at 4.6028 million square meters[15]. - The company achieved a sales area of 489,900 square meters, a year-on-year decrease of 38.61%, with a sales amount of 10.469 billion yuan, down 26.60% year-on-year[15]. - New construction area was 355,800 square meters, with a recovery area of 4.151 million square meters and a completion area of 1.0719 million square meters[15].

Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 6,840,511,000, a decrease of 33.75% compared to the same period last year[3]. - Operating profit for the same period was RMB 108,959,000, down 92.58% year-on-year[3]. - Loss attributable to ordinary shareholders was RMB 532,913,000, a decrease of RMB 794,367,000 compared to the previous year[3]. - Basic loss per share was RMB 0.1583, compared to earnings of RMB 0.0777 per share in the same period last year[3]. - The company reported a net loss of RMB 464,459,000 for the period, compared to a profit of RMB 298,884,000 in the same period last year[7]. - The total comprehensive loss for the six months ended June 30, 2022, was RMB 464,459 thousand, compared to a comprehensive income of RMB 298,884 thousand for the same period in 2021, indicating a significant decline in overall financial performance[9]. - The adjusted loss before tax for the reportable segments was RMB (119,392) in the first half of 2022, compared to a profit of RMB 811,950 in the same period of 2021[31]. - The total revenue for the group in the first half of 2022 was RMB 6,840,511, down 33.8% from RMB 10,325,519 in the same period of 2021[26]. - The total tax expense for the first half of 2022 was RMB 209,617,000, a decrease from RMB 940,605,000 in the same period of 2021, representing a decline of approximately 77.7%[70]. Assets and Liabilities - Total assets as of June 30, 2022, were RMB 83,199,410,000, down from RMB 88,479,352,000 as of December 31, 2021[5]. - Total liabilities decreased to RMB 59,560,437,000 from RMB 62,610,819,000 year-on-year[5]. - Net assets as of June 30, 2022, were RMB 23,638,973,000, down from RMB 25,868,533,000 as of December 31, 2021[5]. - The total liabilities as of December 31, 2021, were RMB 50,953,163 thousand, indicating a slight decrease in borrowings compared to the previous period[19]. - The total liabilities as of June 30, 2022, decreased to RMB 59,560,437 thousand from RMB 62,610,819 thousand as of December 31, 2021, representing a reduction of approximately 4.1%[34]. - As of June 30, 2022, the company's total liabilities amounted to RMB 5,225,829,000, a decrease from RMB 5,388,993,000 as of December 31, 2021[51]. Cash Flow and Financing - The net cash generated from operating activities for the six months ended June 30, 2022, was RMB 962,208 thousand, down 66.3% from RMB 2,854,589 thousand in the same period of 2021[11]. - The company reported a net cash outflow from investing activities of RMB 155,224 thousand for the six months ended June 30, 2022, compared to RMB 527,142 thousand in the previous year, indicating a reduction in investment expenditures[11]. - Financing activities resulted in a net cash outflow of RMB 2,782,391 thousand for the six months ended June 30, 2022, compared to RMB 1,949,438 thousand in the same period of 2021, reflecting increased financing costs[11]. - The company reported a total financing amount of RMB 28.62 billion with an average financing cost of 5.26%[166]. - The company is actively exploring diversified financing channels, including medium-term notes and asset securitization, to optimize its debt structure[113]. Business Segments - The company’s main business includes property development, property management, and hotel operations in China, indicating a focus on the real estate sector[12]. - The total revenue for the real estate development segment in the first half of 2022 was RMB 5,879,608, a decrease of 37.0% compared to RMB 9,393,733 in the same period of 2021[24]. - The total revenue from the exhibition (including hotels) and investment properties segment was RMB 888,806, slightly up from RMB 867,160 in the first half of 2021, representing an increase of 2.0%[24]. - The exhibition (including hotels) and commercial property segment achieved operating revenue of RMB 88,880.6 million in the first half of 2022, a year-on-year increase of 2.50%, with a pre-tax loss of RMB 5,110.7 million, reduced by RMB 10,859.5 million compared to the previous year[149]. Investments and Acquisitions - The company acquired 100% equity of Beijing International Exhibition Center Co., Ltd. from North Star Group on June 30, 2022, and the acquisition is treated as a merger of entities under common control[13]. - The company issued a five-year corporate bond totaling RMB 1,450,000,000 with a coupon rate of 3.50% on December 21, 2021, resulting in net proceeds of RMB 1,446,375,000 after issuance costs[59]. - The company issued medium-term notes totaling RMB 1,430,000,000 on August 22, 2022, with a coupon rate of 3.48% and a maturity of 5 years[102]. Market Conditions and Strategy - The hotel sector faced challenges due to recurring COVID-19 outbreaks, leading to a weakened recovery trend in performance[108]. - The overall market for commercial residential properties in first-tier cities, such as Beijing and Guangzhou, has seen a decline in transaction volume, while average prices have increased slightly[107]. - The company is focusing on integrating new business and technology in the exhibition industry, exploring online platforms and digital marketing strategies to adapt to market changes[108]. - The company aims to leverage its dual business model of real estate and exhibition services to create stable revenue streams and support sustainable growth[110]. - The company is actively pursuing new strategies to enhance its market presence and operational efficiency amid a challenging economic environment[106]. Corporate Governance and Compliance - The audit committee, composed of three independent non-executive directors, reviewed the unaudited interim results for the six months ended June 30, 2022[183]. - The company has fully complied with the Corporate Governance Code as per the listing rules during the reporting period[181]. - The company has adopted the standard code for securities transactions and confirmed compliance by its directors and supervisors during the reporting period[182]. Employee and Management - The company had a total of 5,597 employees as of June 30, 2022, with employee compensation linked to performance and profitability[186]. - Key management personnel compensation increased to RMB 8,321,000 for the six months ended June 30, 2022, compared to RMB 7,296,000 for the same period in 2021, reflecting a growth of approximately 14%[98]. Future Outlook - Future guidance suggests a target revenue increase of 25% for the next fiscal year, aiming for 209.7 billion RMB[125]. - The company plans to invest in sustainable building technologies to improve project efficiency and reduce environmental impact[100]. - The company aims to achieve a new construction area of 310,000 square meters and a sales area of 550,000 square meters in the second half of 2022, with a signed contract amount (including parking spaces) of RMB 9.1 billion[170].

2022 年半年度报告 公司代码：601588 公司简称：北辰实业 北京北辰实业股份有限公司 2022 年半年度报告 1 / 133 2022 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人李伟东、主管会计工作负责人胡浩及会计机构负责人（会计主管人员）杜艳声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期内无半年度利润分配或公积金转增股本预案。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的发展战略、经营计划等前瞻性陈述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司 ...

[Major Financial Data](index=2&type=section&id=Item%201.%20Major%20Financial%20Data) [Key Accounting Data and Financial Indicators](index=2&type=section&id=Item%201.%281%29%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first quarter of 2022, the company's performance significantly declined, with operating revenue sharply decreased by **64.50%** year-over-year and net profit attributable to shareholders plummeted by **89.75%**, while net cash flow from operating activities showed strong performance, increasing by **115.25%** year-over-year, and total assets slightly decreased by **3.61%** compared to the end of the previous year Key Financial Indicators for Q1 2022 | Indicator | Current Period | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue (Yuan) | 2.33 billion | -64.50% | | Net Profit Attributable to Shareholders (Yuan) | 33.17 million | -89.75% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Gains/Losses (Yuan) | 28.92 million | -90.60% | | Net Cash Flow from Operating Activities (Yuan) | 1.02 billion | 115.25% | | Basic Earnings Per Share (Yuan/share) | 0.01 | -88.89% | | Weighted Average Return on Net Assets (%) | 0.14% | Decrease of 1.84 percentage points | | **Indicator** | **As of Current Period End** | **Change from Previous Year-End (%)** | | Total Assets (Yuan) | 76.82 billion | -3.61% | | Shareholders' Equity Attributable to the Company (Yuan) | 15.49 billion | 0.21% | [Non-Recurring Gains and Losses Items and Amounts](index=2&type=section&id=Item%201.%282%29%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **4.25 million Yuan**, primarily comprising **5.13 million Yuan** in capital occupation fees collected from non-financial enterprises and **0.64 million Yuan** in government subsidies Details of Non-Recurring Gains and Losses Items | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -14593 | | Government Subsidies Included in Current Profit/Loss | 639774 | | Capital Occupation Fees Collected from Non-Financial Enterprises Included in Current Profit/Loss | 5.13 million | | Other Non-Operating Income and Expenses Apart from the Above | -504594 | | Less: Income Tax Impact | 1.31 million | | Less: Impact on Minority Shareholders' Equity (After Tax) | -316467 | | **Total** | **4.25 million** | [Analysis of Changes in Key Financial Indicators](index=2&type=section&id=Item%201.%283%29%20Circumstances%2C%20and%20Reasons%20for%20Changes%20in%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company explained the significant fluctuations in key financial indicators for the current period, with the sharp decline in operating revenue and net profit primarily attributed to a decrease in settlable income from development properties, while the significant improvement in operating cash flow resulted from increased cash received from sales of goods and provision of services - Operating revenue decreased by **64.50%** year-over-year, primarily due to a reduction in the company's settlable income from development properties during the current period[8](index=8&type=chunk) - Net profit attributable to shareholders decreased by **89.75%** year-over-year, primarily due to a reduction in the company's profit during the current period[11](index=11&type=chunk) - Net cash flow from operating activities increased by **115.25%** year-over-year, primarily due to an increase in cash received from sales of goods and provision of services during the current period[11](index=11&type=chunk) [Shareholder Information](index=4&type=section&id=Item%202.%20Shareholder%20Information) [Shareholding Status of Shareholders](index=4&type=section&id=Item%202.%281%29%20Total%20Number%20of%20Common%20Shareholders%2C%20Number%20of%20Preferred%20Shareholders%20with%20Restored%20Voting%20Rights%2C%20and%20Shareholding%20Status%20of%20Top%20Ten%20Shareholders) As of the end of the reporting period, the company had a total of **148,002** common shareholders, with Beijing North Star Industrial Group Co., Ltd. as the controlling shareholder holding **34.482%**, and HKSCC NOMINEES LIMITED as the second largest shareholder holding **20.405%**, making the top two shareholders collectively hold over **54%** - As of the end of the reporting period, the company had a total of **148,002** common shareholders[15](index=15&type=chunk) Shareholding Status of Top Three Shareholders | Shareholder Name | Shareholder Nature | Number of Shares Held | Shareholding Percentage (%) | | :--- | :--- | :--- | :--- | | Beijing North Star Industrial Group Co., Ltd. | State-owned Legal Entity | 1.16 billion | 34.482 | | HKSCC NOMINEES LIMITED | Overseas Legal Entity | 687.05 million | 20.405 | | Wangfujing Group Co., Ltd. | State-owned Legal Entity | 125.30 million | 3.721 | - The actual controller of the company's controlling shareholder, North Star Group, and the third largest shareholder, Wangfujing Group, is the Beijing State-owned Assets Supervision and Administration Commission (SASAC)[18](index=18&type=chunk) [Business Operations Update](index=5&type=section&id=Item%203.%20Other%20Reminders) The company disclosed operating data for its two core business segments in the first quarter of 2022, with the real estate development business achieving year-over-year sales growth and the investment property business seeing stable operating income contributions from all property types [Real Estate Development Business](index=5&type=section&id=3.1%20Real%20Estate%20Development%20Business) In the first quarter of 2022, the company's real estate development business performed well in sales, with sales revenue increasing by **14.70%** year-over-year to **2.996 billion Yuan**, and equity sales revenue surging by **29.58%** year-over-year, while no new land reserves were added during the period, with total land reserves maintained at **5.656 million square meters** Key Real Estate Development Data for Jan-Mar 2022 | Indicator | Value | YoY Change | | :--- | :--- | :--- | | Sales Area | 138500 sq.m. | -1.56% | | Equity Sales Area | 126600 sq.m. | +7.11% | | Sales Revenue | 2.996 billion Yuan | +14.70% | | Equity Sales Revenue | 2.694 billion Yuan | +29.58% | | Total Land Reserves | 5.656 million sq.m. | No new additions | | Equity Land Reserves | 5.0102 million sq.m. | No new additions | [Investment Property Business](index=5&type=section&id=3.2%20Investment%20Property%20Business) In the first quarter of 2022, the company's investment property business operated steadily across all segments, generating a total operating income of **551 million Yuan**, with the hotel segment contributing the most revenue at **211 million Yuan**, followed by the office building segment at **182 million Yuan** Investment Property Operating Income for Jan-Mar 2022 | Property Type | Total Gross Floor Area (sq.m.) | Total Operating Income (Million Yuan) | | :--- | :--- | :--- | | Convention Center | 367900 | 97.14 | | Office Building | 548400 | 182.28 | | Hotel | 346800 | 211.04 | | Apartment | 184300 | 60.92 | [Quarterly Financial Statements](index=5&type=section&id=Item%204.%20Quarterly%20Financial%20Statements) This section presents the company's unaudited consolidated and parent company financial statements for the first quarter of 2022, including the balance sheet, income statement, and cash flow statement, comprehensively reflecting the financial position at the end of the reporting period and the operating results and cash flows for the current period [Consolidated Balance Sheet](index=6&type=section&id=Item%204.%282%29%20Financial%20Statements%20-%20Consolidated%20Balance%20Sheet) As of March 31, 2022, the company's total assets were **76.82 billion Yuan**, a **3.61%** decrease from the end of the previous year, with total liabilities amounting to **57.48 billion Yuan**, and equity attributable to the parent company being **15.49 billion Yuan**, while inventory constituted the largest portion of the asset structure, reaching **44.81 billion Yuan** Key Consolidated Balance Sheet Items (As of March 31, 2022) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 76.82 billion | | Total Liabilities | 57.48 billion | | Total Equity Attributable to Parent Company Shareholders | 15.49 billion | | Total Shareholders' Equity | 19.35 billion | [Consolidated Income Statement](index=9&type=section&id=Item%204.%282%29%20Financial%20Statements%20-%20Consolidated%20Income%20Statement) In the first quarter of 2022, the company achieved total operating revenue of **2.33 billion Yuan**, a **64.50%** year-over-year decrease, with total operating costs at **2.27 billion Yuan**, and ultimately, net profit attributable to parent company shareholders was **33.17 million Yuan**, a significant **89.75%** year-over-year decrease Key Consolidated Income Statement Items (Q1 2022) | Item | Q1 2022 (Yuan) | Q1 2021 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 2.33 billion | 6.55 billion | | Operating Profit | 68.55 million | 453.93 million | | Total Profit | 68.06 million | 457.87 million | | Net Profit | 37.95 million | 317.11 million | | Net Profit Attributable to Parent Company Shareholders | 33.17 million | 323.46 million | [Consolidated Cash Flow Statement](index=11&type=section&id=Item%204.%282%29%20Financial%20Statements%20-%20Consolidated%20Cash%20Flow%20Statement) During the reporting period, net cash flow from operating activities was **1.02 billion Yuan**, a significant year-over-year increase primarily due to increased sales collections, with net cash outflow from investing activities at **20 million Yuan**, and net cash outflow from financing activities at **3.41 billion Yuan**, mainly due to debt repayment, resulting in a period-end cash and cash equivalents balance of **10.55 billion Yuan** Key Consolidated Cash Flow Statement Items (Q1 2022) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 1.02 billion | | Net Cash Flow from Investing Activities | -19.99 million | | Net Cash Flow from Financing Activities | -3.41 billion | | Net Increase in Cash and Cash Equivalents | -2.41 billion | | Cash and Cash Equivalents at Period End | 10.55 billion | [Parent Company Financial Statements](index=13&type=section&id=Item%204.%282%29%20Financial%20Statements%20-%20Parent%20Company%20Financial%20Statements) The parent company financial statements reflect the financial position and operating results of the company's headquarters, with total assets of **45.66 billion Yuan** and total liabilities of **34.35 billion Yuan** as of the period end, and in the first quarter of 2022, the parent company achieved operating revenue of **626 million Yuan** and net profit of **60.90 million Yuan** Key Parent Company Financial Data (Q1 2022 and Period End) | Indicator | Amount (Yuan) | | :--- | :--- | | **Balance Sheet (Period End)** | | | Total Assets | 45.66 billion | | Total Liabilities | 34.35 billion | | Shareholders' Equity | 11.32 billion | | **Income Statement (Q1)** | | | Operating Revenue | 625.67 million | | Net Profit | 60.90 million | | **Cash Flow Statement (Q1)** | | | Net Cash Flow from Operating Activities | 142.57 million |

Financial Performance - The company's operating revenue for Q1 2022 was CNY 2,326,609,629, representing a decrease of 64.50% compared to the same period last year[2]. - Net profit attributable to shareholders for Q1 2022 was CNY 33,169,592, down 89.75% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 28,917,899, a decrease of 90.60% compared to the previous year[2]. - Basic and diluted earnings per share were both CNY 0.01, reflecting a decline of 88.89%[2]. - Total revenue for Q1 2022 was 2,326,609,629 RMB, a significant decrease from 6,554,010,341 RMB in Q1 2021, representing a decline of approximately 64.6%[17]. - Operating profit for Q1 2022 was 68,553,462 RMB, down from 453,933,700 RMB in Q1 2021, indicating a decrease of about 85.0%[19]. - Net profit attributable to shareholders for Q1 2022 was 33,169,592 RMB, compared to 323,457,029 RMB in Q1 2021, reflecting a decline of approximately 89.8%[20]. - Earnings per share for Q1 2022 were 0.01 RMB, down from 0.09 RMB in Q1 2021, a decrease of 88.9%[22]. - Other comprehensive income attributable to shareholders was 37,952,020 RMB in Q1 2022, compared to 317,107,842 RMB in Q1 2021, a decline of approximately 88.0%[22]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 115.25% to CNY 1,021,030,933[2]. - Cash flow from operating activities in Q1 2022 was 4,845,084,464 RMB, an increase from 3,873,353,195 RMB in Q1 2021, representing a growth of about 25.1%[24]. - Cash flow from operating activities for Q1 2022 was RMB 142,571,327, compared to RMB 131,383,950 in Q1 2021, showing an increase of 8.9%[42]. - The net increase in cash and cash equivalents at the end of Q1 2022 was 10,550,033,367 RMB, compared to 8,833,685,099 RMB at the end of Q1 2021[32]. - The company's cash and cash equivalents decreased by 2,409,418,419 RMB compared to the previous period[32]. - The ending balance of cash and cash equivalents was 6,842,114,375, up from 5,740,654,344 in the previous period[47]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 76,824,317,101, a decrease of 3.61% from the end of the previous year[2]. - Current assets totaled RMB 62.51 billion as of March 31, 2022, down from RMB 65.24 billion at the end of 2021[12]. - Total liabilities decreased to RMB 57.48 billion from RMB 60.40 billion[15]. - Long-term borrowings increased to RMB 17.40 billion from RMB 16.18 billion[15]. - Non-current assets totaled RMB 14.31 billion, down from RMB 14.47 billion[13]. - The company reported a total asset value of RMB 76.82 billion, a decrease from RMB 79.70 billion[13]. - Total liabilities as of March 31, 2022, were 34,346,901,773 RMB, down from 35,678,136,244 RMB at the end of 2021[36]. - The company reported a decrease in total liabilities, with total liabilities and equity amounting to RMB 45,662,494,282 as of March 31, 2022, down from RMB 46,932,833,503 at the end of 2021[37]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 148,002[6]. - The largest shareholder, Beijing Beichen Group, held 34.482% of the shares, totaling 1,161,000,031 shares[6]. - Total equity attributable to shareholders increased to 15,490,534,932 RMB from 15,457,365,339 RMB, a rise of about 0.2%[16]. - The total equity attributable to shareholders increased to RMB 11,315,592,509 as of March 31, 2022, up from RMB 11,254,697,259 at the end of 2021, reflecting a growth of 0.54%[37]. Sales and Revenue - The company achieved a sales area of 138,500 square meters, a year-on-year decrease of 1.56%, while equity sales area increased by 7.11% to 126,600 square meters[9]. - Sales revenue reached RMB 2.996 billion, representing a year-on-year increase of 14.70%, with equity sales revenue at RMB 2.694 billion, up 29.58%[9]. - Total operating income from property management reached RMB 97.14 million, with office buildings generating RMB 182.28 million and hotel operations contributing RMB 211.04 million[10]. - The company achieved a gross profit margin of approximately 45% in Q1 2022, compared to 45.1% in Q1 2021, indicating stable profitability[39]. Investment and Future Plans - The company plans to expand its market presence and invest in new technologies, although specific figures were not disclosed in the earnings call[38]. - Research and development expenses for Q1 2022 were RMB -4,217,426, a decrease from RMB -10,671,490 in Q1 2021, suggesting a focus on cost management[38]. - Investment activities generated a net cash flow of RMB 835,788,799 in Q1 2022, a significant improvement from a net outflow of RMB 1,742,089,650 in Q1 2021[43].