Financial Performance - Total operating revenue for Q3 2025 was CNY 1,347,557,653, representing a year-on-year increase of 3.57%[7] - The total profit for the period was a loss of CNY 614,742,885, with a cumulative loss of CNY 2,117,139,906 year-to-date[7] - Net profit attributable to shareholders for Q3 2025 was a loss of CNY 588,342,675, with a cumulative loss of CNY 2,173,756,917 year-to-date[7] - Basic and diluted earnings per share for Q3 2025 were both CNY -0.18, with year-to-date figures at CNY -0.65[7] - The weighted average return on net assets was -7.52% for the reporting period and -25.24% year-to-date[7] - Total operating revenue for the first three quarters of 2025 was 4,366,877,339, compared to 4,730,946,624 in the same period of 2024, representing a decrease of approximately 7.7%[32] - Net profit for the first three quarters of 2025 was -2,330,960,103, compared to -1,052,709,814 in 2024, reflecting a deeper loss year-over-year[34] - Basic and diluted earnings per share for the first three quarters of 2025 were both -0.65, compared to -0.28 in the same period of 2024, indicating a worsening financial performance[37] - The total profit for the first three quarters of 2025 was 2,117,139,906, compared to -910,428,265 in 2024, showing a significant improvement in profit margins[34] Cash Flow - The net cash flow from operating activities for the year-to-date period was CNY 1,107,080,362, showing a significant increase of 114.45%[7] - Cash received from sales and services increased, contributing to the positive cash flow from operating activities[16] - Operating cash inflow for the first three quarters of 2025 reached RMB 5,456,892,004, a 12.4% increase from RMB 4,852,689,032 in the same period of 2024[38] - Cash outflow from operating activities totaled RMB 4,349,811,642 in 2025, slightly up from RMB 4,336,458,015 in 2024, resulting in a net cash flow from operating activities of RMB 1,107,080,362[39] - The company reported a negative net cash flow from operating activities of CNY -29,787,143 for the first three quarters of 2025[53] Assets and Liabilities - Total assets at the end of the reporting period were CNY 44,730,906,672, down 8.42% from the previous year-end[10] - Total current assets amounted to RMB 33.396 billion as of September 30, 2025, compared to RMB 37.039 billion as of December 31, 2024[26] - Total liabilities reached CNY 34,644,728,212 as of September 30, 2025, compared to CNY 37,074,445,175 as of December 31, 2024, representing a decline of approximately 6.56%[29] - Current liabilities totaled CNY 15,539,897,931 as of September 30, 2025, down from CNY 16,251,327,379 as of December 31, 2024, indicating a reduction of about 4.38%[28] - The total equity attributable to shareholders was CNY 7,525,340,978 as of September 30, 2025, down from CNY 9,699,142,595 as of December 31, 2024, a decrease of about 22.49%[30] - Total non-current assets amounted to CNY 11,335,101,571 as of September 30, 2025, compared to CNY 11,802,870,856 as of December 31, 2024, reflecting a decrease of approximately 3.96%[27] Revenue Segments - The company reported a significant decrease in revenue from the real estate development segment, impacting overall profitability[16] - The total operating revenue for the conference center and commercial properties reached RMB 429.71 million, with a total construction area of 367,900 square meters[22] - The hotel segment generated an operating revenue of RMB 556.05 million, with a total construction area of 346,800 square meters[22] - The office and comprehensive commercial segment achieved an operating revenue of RMB 507.93 million, with a total construction area of 578,500 square meters[22] - The apartment segment reported an operating revenue of RMB 198.86 million, with a total construction area of 184,300 square meters[22] Investment and Expenses - Research and development expenses for the first three quarters of 2025 were 2,989,412, while no R&D expenses were reported for the same period in 2024, indicating a strategic focus on innovation[32] - Other income for the first three quarters of 2025 was 26,613,703, down from 50,310,065 in 2024, reflecting a decline of approximately 47%[32] - Tax expenses for the first three quarters of 2025 were 213,820,197, compared to 142,281,549 in 2024, representing an increase of about 50%[34] - The company reported investment income of 31,467,979 for the first three quarters of 2025, compared to 32,907,914 in 2024, indicating a slight decrease[32] - The company experienced a net impairment loss of 72,907,152 in the first three quarters of 2025, compared to a loss of 143,168,208 in 2024, showing an improvement in asset management[34]

2025年1-9月，就房地产开发而言，在土地储备方面，公司无新增房地产储 备，总土地储备357.25万平方米，权益土地储备332.58万平方米；在工程建设方 面，公司实现开复工面积109.39万平方米，新开工面积为0，竣工面积2.74万平 方米；在项目销售方面，公司实现销售面积21.04万平方米，同比下降0.05%，权 益销售面积19.38万平方米，同比上升1.20%，销售金额27.82亿元，同比下降 5.53%，权益销售金额25.57亿元，同比下降5.33%，结算面积17.44万平方米，结 算金额19.49亿元，报告期末待结转面积11.60万平方米。 由于房地产项目租售过程中存在各种不确定性，上述数据可能与定期报告披露 的数据存在差异，请投资者审慎使用，相关阶段性数据以本公司定期报告为准。 1 特此公告。 北京北辰实业股份有限公司 | 证券代码：601588 | 证券简称：北辰实业 | | | 公告编号：临 | 2025-040 | | --- | --- | --- | --- | --- | --- | | 债券代码：188461 | 债券简称：21 | 北辰 | G1 | | | | 债券代码：185 ...

公司董事会及董事、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。 北京北辰实业股份有限公司 2025 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： 北京北辰实业股份有限公司 2025 年第三季度报告 证券代码：601588 证券简称：北辰实业 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 / 21 √适用 □不适用 北京北辰实业股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 | | | | 单位：元 | 币种：人民币 | | --- | --- | --- | --- | --- | | | | 本报告期比 | | 年初至报告期 | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (% ...

Core Insights - The report highlights significant changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Summary by Category Increased Holdings - China Aluminum International (02068) saw an increase of 4.32%, bringing its latest holding percentage to 20.94% [2]. - Shandong Molong (00568) experienced a 2.69% increase, with a current holding of 63.27% [2]. - Beijing Beichen Industrial Holdings (00588) increased by 2.59%, now holding 41.93% [2]. - In the last five trading days, Shandong Molong (00568) had the highest increase at 8.40%, with a holding of 63.27% [3]. - Other notable increases in the last five days include Ying En Bio-B (09606) at 7.65% and Derin Holdings (01709) at 5.55% [3]. Decreased Holdings - Dreamland (01119) reported a decrease of 1.69%, with a current holding of 13.11% [2]. - Chifeng Jilong Gold Mining (06693) decreased by 0.71%, now at 46.23% [2]. - Jiufang Zhitu Holdings (09636) saw a reduction of 0.55%, with a holding of 17.45% [2]. - In the last five trading days, Haotian International Investment (01341) had the largest decrease at -7.78%, now holding 51.05% [3]. - Other significant decreases include Ocean Park (02255) at -5.92% and Goldwind Technology (02208) at -3.19% [3]. Long-term Trends - Over the past 20 days, Canggang Railway (02169) had the highest increase at 31.12%, with a holding of 43.18% [4]. - The largest decrease over the same period was seen in Haotian International Investment (01341) at -9.50%, with a holding of 51.05% [4].

Group 1 - The stock of Beijing Beichen Industrial Holdings has increased by 14.8%, currently priced at 1.01 HKD, with a total market capitalization of 6.745 billion HKD [1] - Year-to-date, the cumulative increase in the stock price is 29.5% [1]

Core Viewpoint - The recent announcement from Xiling Information indicates that the detention measures against its general manager, Yue Yamei, have been lifted, allowing her to resume her duties, while the company's operations remain normal [1][3]. Company Operations - Xiling Information's production and operational status is reported to be normal following the lifting of the detention measures against Yue Yamei [1]. - The company has a well-structured organizational framework and internal control mechanisms, ensuring that other board members and senior management continue to perform their duties without disruption [3]. Financial Performance - For the first half of 2025, Xiling Information achieved a revenue of 74.57 million yuan, representing a year-on-year increase of 13.03%, primarily due to the consolidation of Beijing Zicai [6]. - The gross profit for the same period was 30.01 million yuan, with a gross margin of 40.23%, up by 1.03 percentage points year-on-year [6]. - However, the net profit was reported at -30.34 million yuan, indicating a decline of 9.27 million yuan compared to the previous year, attributed to reduced recoveries from long-aged projects [6]. Shareholder Changes - Xiling Information is in the process of changing its controlling shareholder to Shanghai Shengxun, with significant share transfers planned [6][7]. - The total shares being transferred amount to 47.98 million, representing 25.06% of the company's total share capital, at a price of 15.02 yuan per share, totaling approximately 721 million yuan [7]. - Following the transfer, the new controlling shareholder will be Shanghai Shengxun, and the actual controller will change to Sheng Ning [8]. Historical Context - In August 2023, it was disclosed that Yue Yamei was under investigation, leading to her detention, but the company maintained that its governance structure remained intact during this period [3]. - Xiling Information has faced scrutiny in the past for inaccurate financial disclosures, resulting in warnings from the Xinjiang Securities Regulatory Bureau [4].

Core Viewpoint - The recent announcement from Xiling Information indicates a positive development with the lifting of the detention measures against its general manager, Yue Yamei, allowing her to resume her duties, which is expected to stabilize the company's operations and governance [1] Group 1: Company Operations - Xiling Information's production and operational status is reported to be normal following the lifting of the detention measures against Yue Yamei [1] - The company has a well-structured organizational framework and internal control mechanisms, ensuring that other board members and senior management continued to perform their duties during the investigation period [1] - In the first half of 2025, Xiling Information achieved operating revenue of 74.57 million yuan, a year-on-year increase of 13.03%, primarily due to the consolidation of Beijing Zicai [3] Group 2: Financial Performance - The gross profit for Xiling Information in the first half of 2025 was 30.01 million yuan, reflecting a year-on-year growth of 16.01%, with a gross margin of 40.23%, up by 1.03 percentage points [3] - Despite the revenue growth, the net profit was reported at -30.34 million yuan, indicating a decline of 9.27 million yuan compared to the same period last year, attributed to reduced recoveries from long-aged projects [3] Group 3: Shareholder Changes - Xiling Information is in the process of changing its actual controller, with the controlling shareholder set to be transferred to Shanghai Shengxun, involving the transfer of 47.98 million shares, accounting for 25.06% of the total share capital, at a price of 15.02 yuan per share, totaling 721 million yuan [4] - A supplementary agreement was signed on August 15, 2023, modifying the original share transfer agreement, with the transfer of shares to be executed through a private equity fund [5] - The transfer of 36.38 million shares from He Kaiwen to Shanghai Shengxun is progressing normally, with the expectation that the change in controlling shareholder will be completed successfully [6]

Core Viewpoint - North Star Industrial's stock price has shown volatility, with a recent decline and significant losses in revenue and net profit for the first half of 2025 [1][2]. Financial Performance - As of June 30, 2025, North Star Industrial reported a revenue of 3.019 billion yuan, a year-on-year decrease of 11.97% [2]. - The company experienced a net profit loss of 1.585 billion yuan, representing a year-on-year decrease of 114.73% [2]. Stock Market Activity - On October 17, North Star Industrial's stock price fell by 2.07%, trading at 1.89 yuan per share, with a total market capitalization of 6.364 billion yuan [1]. - The stock has increased by 1.61% year-to-date but has seen a decline of 3.08% over the last five trading days and 5.50% over the last 20 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 2.35% to 122,100 [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 12.88 million shares [3]. Business Segments - North Star Industrial's main business segments include exhibition (including hotels) and commercial properties (48.91%), real estate development (48.40%), and other businesses (2.60%) [1].

Core Viewpoint - On October 16, North Star Industrial (601588) announced the appointment of Mr. Zhu Yan as the Secretary of the Board of Directors during the 38th meeting of the 10th Board of Directors scheduled for October 15, 2025 [1] Summary by Category - **Company Announcement** - North Star Industrial will hold its 38th meeting of the 10th Board of Directors on October 15, 2025 [1] - Mr. Zhu Yan has been appointed as the Secretary of the Board of Directors [1]

Core Points - Beijing Beichen Industrial Co., Ltd. (601588) announced the convening of the 38th meeting of the 10th Board of Directors on October 15, 2025 [1] - Zhu Yan has been appointed as the Secretary of the Board, effective from October 15, 2025 [1] - Following this appointment, Zhu Yan will also serve as the authorized representative of the company under the Hong Kong Listing Rule 3.05, effective from October 15, 2025 [1]