| 证券代码：601588 | 证券简称：北辰实业 | | | 公告编号：临 | 2025-036 | | --- | --- | --- | --- | --- | --- | | 债券代码：188461 | 债券简称：21 | 北辰 | G1 | | | | 债券代码：185114 | 债券简称：21 | 北辰 | G2 | | | | 债券代码：185738 | 债券简称：22 | 北辰 | G1 | | | | 债券代码：254174 | 债券简称：24 | 北辰 | F1 | | | | 债券代码：258224 | 债券简称：25 | 北辰 | F1 | | | | 债券代码：258483 | 债券简称：25 | 北辰 | F2 | | | 北京北辰实业股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： 投资者可于 2025 年 9 月 3 日（星期三）至 9 月 9 日（星期二）16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 ...

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: 北京北辰實業股份有限公司(於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 A股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,660,000,000 | RMB | | 1 RMB | | 2,660,000,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,660,000,000 | RMB | | 1 RMB | | 2,660,000,000 | | ...

Core Viewpoint - The event "I am a Shareholder" organized by the Shanghai Stock Exchange aims to enhance investor relations management for listed companies, exemplified by the successful visit to Beichen Real Estate, where investors gained insights into the company's competitive advantages and long-term value creation through the integration of exhibition economy and urban operations [1][3]. Group 1: Event Overview - The event attracted 66 participants, including 25 high-end clients from the branch company and 35 representatives from fund companies and brokerage research institutes [1]. - The first segment involved a tour of the National Conference Center Phase II, a landmark building funded by Beichen Group, which, along with Phase I, forms a total exhibition complex of 1.3 million square meters [3]. - The second segment featured a discussion in the VIP meeting room, where Beichen executives provided insights into the company's operations and strategic planning, addressing topics such as exhibition economy, asset management, and urban renewal [3]. Group 2: Investor Feedback - Participants expressed that the event was highly informative, allowing them to appreciate the architectural grandeur while gaining a deeper understanding of the company's strategic layout and future vision [14]. - Investors praised Guohai Securities for the invitation and expressed a strong willingness to continue participating in the "I am a Shareholder" events, showing gratitude towards the Shanghai Stock Exchange for facilitating communication between investors and listed companies [14]. - Direct interaction between listed companies and investors helps present the current operational status and long-term plans of enterprises, reinforcing shareholder awareness and encouraging investors to actively exercise their rights [14].

Core Viewpoint - The financial performance of Beichen Real Estate (601588) for the first half of 2025 shows significant declines in revenue and profit, indicating ongoing challenges in its business model and operational efficiency [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 was 3.019 billion yuan, a decrease of 11.97% compared to the previous year [1]. - Net profit attributable to shareholders was -1.585 billion yuan, down 114.73% year-on-year [1]. - In Q2 2025, total revenue was 1.824 billion yuan, an increase of 6.88% year-on-year, but net profit was still negative at -1.29 billion yuan, a decline of 128.58% [1]. - The gross margin was 25.52%, down 11.65% year-on-year, while the net margin was -56.44%, a decrease of 128.08% [1]. - The total of selling, administrative, and financial expenses reached 1.046 billion yuan, accounting for 34.63% of total revenue, an increase of 34.68% year-on-year [1]. Key Financial Metrics - Earnings per share were -0.47 yuan, a decrease of 113.64% year-on-year [1]. - The net asset value per share was 2.41 yuan, down 31.12% year-on-year [1]. - Operating cash flow per share was 0.12 yuan, an increase of 172.07% year-on-year [1]. Changes in Financial Items - Long-term equity investments increased by 32.21% due to new investments [3]. - Construction in progress decreased by 95.46% as projects were completed and transferred to fixed assets [3]. - Operating income decreased by 11.97% due to reduced revenue from the real estate development segment [3]. - Sales expenses increased by 19.91% due to higher service fees [3]. - Financial expenses rose by 34.98% due to a decrease in capitalizable interest [3]. Business Evaluation - The company's historical return on invested capital (ROIC) has been weak, with a median of 2.26% over the past decade and a particularly poor ROIC of -6.96% in 2024 [4]. - The business model relies heavily on marketing-driven performance, which requires careful examination of underlying drivers [4]. Cash Flow and Debt Analysis - The company's cash assets are considered healthy, but the cash flow situation warrants attention, with cash assets to current liabilities at 59.64% [4]. - The interest-bearing debt ratio has reached 54.62%, indicating potential concerns regarding debt management [5].

Core Insights - The current macroeconomic environment presents multiple challenges for businesses, yet some companies, like Beichen Real Estate, are finding stability and growth through strategic planning and resource integration [1] Group 1: Business Performance - In the first half of 2025, Beichen Real Estate achieved a revenue of 3.019 billion yuan, with the exhibition and commercial property sectors contributing 1.477 billion yuan, accounting for 48.96% of total revenue [1] - The company has entered a high-quality development phase in its exhibition and commercial property sectors, which have steadily increased their contribution to revenue and profits [1][3] Group 2: Exhibition Business Development - Beichen Real Estate has been deeply involved in the exhibition industry, leveraging its strategic partnership with the Capital International Exhibition Group to expand its full industry chain layout [3] - As of May 2025, the company owns a total exhibition venue area of 2.16 million square meters in Beijing and Changsha, and manages 66 exhibition venues and hotel projects across 33 cities [3] - In the first half of 2025, the company successfully hosted over 300 exhibitions in various cities, enhancing its reputation in the industry [4] Group 3: Future Strategies - The management has emphasized the importance of innovation in the exhibition business, aiming to expand its scale and improve quality during the 14th Five-Year Plan period [5] - Future plans include enhancing the core functions of "service guarantee" and "driving promotion" while focusing on internationalization, digitalization, and ecological development [5] Group 4: Commercial Property Operations - Beichen Real Estate's commercial property segment has shown steady growth through refined management, operating over 1 million square meters of quality assets [6] - The company has launched a comprehensive office product line, including 12 business projects in the capital's North Central Axis, addressing the changing demands of the office leasing market [6] Group 5: Strategic Alliances - The establishment of the Olympic Consumption Alliance has allowed Beichen Real Estate to integrate various resources in the region, driving consumer engagement and enhancing the performance of its commercial projects [7][8] - The alliance has expanded to 24 member units, positioning itself as a significant driver of consumption in the city [7] Group 6: Market Confidence and Governance - Beichen Real Estate has implemented a valuation enhancement plan, which includes shareholder buybacks and diversified financing to stabilize market confidence [9][10] - The controlling shareholder has actively increased its stake in the company, reflecting confidence in its long-term development and investment value [10] Group 7: Overall Outlook - The company's steady progress is attributed to its deep engagement in the exhibition sector and the synergistic growth of its commercial property business, showcasing effective management and strategic foresight [11]

Core Viewpoint - The company reported its half-year results for 2025, highlighting significant changes in its real estate development activities and financial performance, including asset impairment provisions totaling RMB 113.83 million [16][18]. Group 1: Company Overview - The company is Beijing Beichen Industrial Co., Ltd., with a focus on real estate development [4]. - The company has a total land reserve of 3.6969 million square meters, with an equity land reserve of 3.4458 million square meters, and no new real estate reserves were added during the reporting period [4][8]. Group 2: Financial Performance - For the first half of 2025, the company achieved a sales area of 174,933 square meters, an increase of 15.34% year-on-year, and a sales amount of RMB 2.282 billion, up 4.03% year-on-year [4][8]. - The settlement area was 137,398 square meters, down 15.83% year-on-year, with a settlement amount of RMB 1.461 billion, a decrease of 29.71% year-on-year [4][8]. Group 3: Asset Impairment - The company has recognized an asset impairment provision of RMB 113.83 million for the first half of 2025, which includes RMB 6.093 million for receivables and RMB 107.735 million for inventory [16][18]. - The impairment provisions are based on a cautious approach to reflect the company's financial and operational status accurately [18]. Group 4: Board Decisions - The board of directors approved the half-year report and the asset impairment provision during a meeting held on August 22, 2025, with unanimous support [12][13].

Core Viewpoint - Beichen Real Estate reported a significant decline in revenue and a substantial net loss for the first half of 2025, indicating potential challenges in its financial performance [2] Financial Performance - The company achieved an operating income of 3,019,319,686 yuan for the first half of 2025, representing a year-on-year decrease of 11.97% [2] - The net profit attributable to shareholders of the listed company was -1,585,414,242 yuan, indicating a considerable loss [2]

Group 1 - The company announced that its 10th Board of Directors held the 37th meeting on August 22, where several proposals were approved, including the proposal for asset impairment provision for the first half of 2025 [2]

Core Insights - The company reported a revenue of 3.019 billion yuan for the first half of the year, representing a year-on-year decline of 11.97% [1] - The net profit attributable to shareholders was a loss of 1.585 billion yuan, compared to a loss of 738 million yuan in the same period last year [1] - The basic earnings per share were -0.47 yuan [1]

Group 1 - The core viewpoint of the report indicates that Beichen Real Estate (601588) experienced a decline in overall revenue due to a decrease in the area settled for real estate development, with a total revenue of RMB 30.19 billion, down 11.97% year-on-year [1] - The exhibition (including hotels) and commercial property segments achieved revenue of RMB 14.77 billion, reflecting an increase of 18.32% year-on-year, with a pre-tax profit of RMB 2.012 billion, up 1.59% year-on-year [1] - The company hosted 1,071 various types of exhibition events in self-owned venues and hotels, marking a year-on-year growth of approximately 58.9%, including 18 major exhibition events with a total visitor count of 2.52 million [1] Group 2 - The real estate development segment generated revenue of RMB 14.61 billion (including parking spaces), which represents a year-on-year decline of 29.71% [2] - As of the end of the reporting period, the total financing amount reached RMB 236.9 billion, providing stable financial support for the company's operational development [2] - The company has been optimizing its debt structure and planning financing channels to reduce funding costs, achieving an overall average financing cost reduction to 3.66% [2]