Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights that the company's performance has been impacted by the real estate sector, while the exhibition and commercial income segments have shown growth [8] - The company has a dual operational model of "exhibition + real estate," which is expected to enhance resource integration and industry interaction [8] - The report projects that the company's EPS and BPS for 2025 will be 0.04 yuan and 2.91 yuan respectively, with a dynamic PB of 0.6-0.7 times, leading to a reasonable value range of 1.75 yuan to 2.04 yuan [8] Financial Data and Forecast - In 2024, the company is expected to achieve operating revenue of 71.52 billion yuan, a year-on-year decrease of 54.6%, primarily due to reduced income from the real estate development segment [8] - The net profit attributable to the parent company is projected to be -28.27 billion yuan, a decline of 54.71% year-on-year [8] - The exhibition and commercial property segment is anticipated to generate revenue of 29.61 billion yuan in 2024, reflecting an increase of 11.77% year-on-year [8] - The real estate development segment is expected to report revenue of 40.11 billion yuan, a decrease of 68.92% year-on-year [8] - The company has managed to host 2,243 events in its self-owned venues and hotels, marking a 1.9% increase year-on-year, with significant events attracting 5.8625 million attendees, a 20.6% increase [8] - The company’s contract sales amount and area for 2024 are projected to be 44.26 billion yuan and 339,500 square meters respectively [8] Market Performance - The company's stock closed at 1.73 yuan on March 31, with a 52-week price fluctuation between 1.25 and 2.47 yuan [2] - The total market capitalization is 58.25 billion yuan, with a circulating market value of 46.02 billion yuan [2] - The report indicates a relative performance against the market index, with absolute returns of -5.5% over 1 month, 1.8% over 2 months, and -11.7% over 3 months [4]

Core Viewpoint - The company reported a significant decline in revenue and a shift to net losses for the fiscal year 2024, marking the lowest revenue in a decade [1][3]. Financial Performance - The company achieved an operating revenue of 7.152 billion yuan, a year-on-year decrease of 54.59% [1]. - The net profit attributable to shareholders was a loss of 2.827 billion yuan, a shift from profit to loss compared to the previous year [1]. - The non-recurring net profit was a loss of 2.966 billion yuan, which represents a substantial increase in losses compared to the same period last year [1]. Cost Structure - The ratio of selling, administrative, and financial expenses to operating revenue increased from 13.84% to 29.4%, indicating significant pressure on cost control [1]. - Financial expenses rose from 833 million yuan to 888 million yuan, primarily due to a decrease in capitalizable interest [1]. Real Estate Sector Impact - The decline in revenue was largely attributed to reduced income from the real estate development segment, which reported an operating revenue of 4.011 billion yuan, down 68.92% year-on-year [3]. - The company has experienced continuous losses in non-recurring net profit for three consecutive years, totaling 4.635 billion yuan from 2022 to 2024, surpassing the total of 4.424 billion yuan from 2017 to 2021 [4]. Cash Flow and Profit Distribution - The company plans not to distribute profits for the fiscal year 2024 due to significant losses, with retained earnings of 3.141 billion yuan intended for operational funding and project reserves [5]. - Cash flow from operating activities was 974 million yuan, a decrease of 414 million yuan year-on-year; cash flow from investing activities was -30 million yuan, down 85 million yuan; and cash flow from financing activities was -2.666 billion yuan, a reduction of 1.341 billion yuan [5]. Stock Performance - Since mid-December of the previous year, the company's stock price has continuously declined, with a cumulative drop of 24.36% since December 17, exceeding the decline of over 70% in the residential development sector [5]. - The company has faced ongoing selling pressure from leveraged funds, with net selling occurring in 9 out of the last 10 trading days, totaling 14.9938 million yuan [5].

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分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 由於框架協議項下估計之年度上限按上市規則第14.07條計算的一項或多項的適 用百分比超過0.1%但低於5%，框架協議項下擬進行的該等交易僅須遵守上市規 則第14A.76條項下之申報、年度審閱及公告規定，但獲豁免遵守獨立股東批准 的規定。 1 （股份代號：588） 持續關連交易 框架協議 框架協議 本公司與北辰集團將於2025年4月1日簽署框架協議，期限自2025年4月1日起 計，並於2026年12月31日屆滿，據此，北辰集團和本公司同意北辰實業成員與 北辰集團成員可根據框架協議條款和條件進行多項交易。 上市規則的涵義 於本公告日期，北辰集團持有本公司已發行股份的34.87%，為本公司的控股股 東，故此北辰集團為本公司的關連人士。因此，框架協議項下及其項下擬進行 之交易構成上市規則第14A章項下本公司的持續關連交易。 框架協議 本公司與北辰集團將於2025年4月1日簽署框架協議，框架協議的主要條款概述如 ...

证券代码：601588 证券简称：北辰实业 公告编号：临 2025-017 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：250684 债券简称：23 北辰 F1 债券代码：254174 债券简称：24 北辰 F1 北京北辰实业股份有限公司 关于与控股股东签署日常关联（连）交易框架协议 暨日常关联交易的公告 本公司董事会、全体董事及相关股东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个别及连带责任。 重要内容提示： ? 是否需要提交股东大会审议：根据《上海证券交易所股票上市规则》和 《香港联合交易所有限公司证券上市规则》相关规定，本公司第十届第二十七次 董事会会议审议通过：本公司拟与控股股东北辰集团签署《日常关联（连）交易 框架协议》，并确定相关日常关联交易于协议期限内的交易金额上限，按照交易规 模测试，上述交易无需提交股东大会审议。 ? 对本公司的影响：框架协议约定的交易属于本公司正常生产经营活动所 需，遵循公平、公正、公开、合理的原则 ...

| 证券代码：601588 | 证券简称：北辰实业 | | 公告编号：临 | 2025-017 | | --- | --- | --- | --- | --- | | 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：250684 | 债券简称：23 | 北辰 F1 | | | | 债券代码：254174 | 债券简称：24 | 北辰 F1 | | | 北京北辰实业股份有限公司 关于与控股股东签署日常关联（连）交易框架协议 暨日常关联交易的公告 本公司董事会、全体董事及相关股东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个别及连带责任。 重要内容提示： 是否需要提交股东大会审议：根据《上海证券交易所股票上市规则》和 《香港联合交易所有限公司证券上市规则》相关规定，本公司第十届第二十七次 董事会会议审议通过：本公司拟与控股股东北辰集团签署《日常关联（连）交易 框架协议》，并 ...

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分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （股份代號：588） 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條之披露要求而 作出。 以下刊載北京北辰實業股份有限公司（「本公司」）將於二零二五年三月二十七日在 上海證券交易所網頁(www.sse.com.cn)（股票代碼：601588）刊載的公告。以下公 告亦刊載於本公司網頁(www.beijingns.com.cn)。 承董事會命 北京北辰實業股份有限公司 胡浩 執行董事及公司秘書 中國‧北京 二零二五年三月二十六日 於本公告之日，董事會由九名董事組成，當中張杰先生、梁捷女士、楊華森先 生、張文雷女士、胡浩先生及魏明乾先生為執行董事，而周永健博士、甘培忠先 生及錢愛民女士為獨立非執行董事。 北辰实业 2024 年可持续发展暨 ESG 报告 报告说明 北京北辰实业股份有限公司欣然发布第 17 份《企业社会责任报告》/《环境、社会及管治报告》/《可持续发展报告》。 本公 ...

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分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 胡浩 執行董事及公司秘書 中國‧北京 二零二五年三月二十六日 （股份代號：588） 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條之披露要求而 作出。 以下刊載北京北辰實業股份有限公司（「本公司」）將於二零二五年三月二十七日在 上海證券交易所網頁(www.sse.com.cn)（股票代碼：601588）刊載的公告。以下公 告亦刊載於本公司網頁(www.beijingns.com.cn)。 承董事會命 北京北辰實業股份有限公司 於本公告之日，董事會由九名董事組成，當中張杰先生、梁捷女士、楊華森先 生、張文雷女士、胡浩先生及魏明乾先生為執行董事，而周永健博士、甘培忠先 生及錢愛民女士為獨立非執行董事。 北京北辰实业股份有限公司 2024 年年度报告摘要 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 2024 年年度报告摘要 1 北京北辰实业股份有限公司 ...

Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 7,152,407,000, a decrease of 54.5% compared to RMB 15,751,478,000 in 2023[4] - The gross loss for the year was RMB 698,049,000, compared to a gross profit of RMB 3,553,718,000 in the previous year[4] - The operating loss for the year was RMB 2,490,833,000, a significant decline from an operating profit of RMB 1,901,362,000 in 2023[4] - The net loss attributable to ordinary shareholders was RMB 2,992,483,000, compared to a profit of RMB 140,407,000 in the previous year[5] - The basic and diluted loss per share attributable to ordinary shareholders was RMB 88.88, compared to earnings of RMB 4.17 in 2023[5] - The company reported a total comprehensive loss of RMB 3,526,457,000 for the year, compared to a total comprehensive income of RMB 1,003,000 in 2023[6] - The total revenue for the year ended December 31, 2024, was RMB 1,709,164,000, a significant decrease from RMB 9,212,427,000 in 2023, representing an 81.5% decline[23] - The reported segment loss before tax for 2024 was RMB (3,249,183,000), compared to a profit of RMB 1,076,351,000 in 2023, indicating a substantial shift in financial performance[23] Assets and Liabilities - Total assets decreased to RMB 57,619,449,000 from RMB 65,155,827,000, reflecting a decline of approximately 11.8%[8] - Total liabilities decreased to RMB 39,268,837,000 from RMB 42,927,967,000, a reduction of about 8.5%[8] - The company's net assets decreased to RMB 18,350,612,000 from RMB 22,227,860,000, indicating a decline of approximately 17.5%[8] - Total segment assets as of December 31, 2024, amounted to RMB 42,883,165, down from RMB 47,593,167 in 2023[19] - Total segment liabilities decreased to RMB 22,866,101 in 2024 from RMB 25,849,464 in 2023[19] - The company's total liabilities as of December 31, 2024, were RMB 4,664.801 million, reflecting a decrease from the previous year[38] - As of December 31, 2024, the company's equity attributable to ordinary shareholders decreased by 16.68% to RMB 16,283.41 million[89] - The company's total liabilities to total assets ratio increased to 68% as of December 31, 2024, compared to 66% a year earlier[90] Revenue Segments - Real estate development revenue for the year ended December 31, 2024, was RMB 4,010,608, a decrease of 68.9% from RMB 12,904,731 in 2023[15] - The exhibition (including hotels) and commercial properties segment generated revenue of RMB 2,960,768 in 2024, up 11.7% from RMB 2,649,089 in 2023[15] - The adjusted profit before tax for the real estate development segment was a loss of RMB 3,420,167 in 2024, compared to a profit of RMB 588,578 in 2023[17] - The cost of sales for property development was RMB 3,518,346,000 in 2024, down from RMB 9,881,338,000 in 2023, showing a 64.5% reduction[26] - The real estate development segment reported an operating revenue of RMB 4.0106 billion, a decrease of 68.92% year-on-year, with a pre-tax loss of RMB 342.017 million[77] Operational Highlights - The company hosted 2,243 events in its venues and hotels during the reporting period, a year-on-year increase of approximately 1.9%, with major events totaling 71 and attracting 5.8625 million visitors, a growth of about 20.6%[54] - The company has maintained a leading position in the exhibition venue management sector, with self-owned venues including the National Conference Center and the Beijing International Conference Center, and has expanded light-asset management across 32 cities[47] - The company successfully organized the first ICCA global venue forum and launched the first international certification project for the exhibition industry in China, marking a milestone in professional qualification recognition[60] - The company is actively promoting asset integration and developing rental sales strategies to revitalize existing commercial assets[84] - The company is focusing on enhancing operational service capabilities while innovating business development models in the exhibition and commercial property sectors[86] Strategic Initiatives - The company aims to enhance its operational capabilities through digital transformation and regional innovation cooperation, promoting synergy between its exhibition and real estate sectors[52] - The company plans to enhance its exhibition (including hotel) and commercial property segments, focusing on the development of a first-class exhibition brand and expanding related business areas[81] - The company is addressing talent shortages by implementing a "big talent" strategy to attract and cultivate high-quality professionals[88] - The company is committed to accelerating the de-inventory process and ensuring cash flow safety through various measures[84] - The company aims to achieve a sales area of 463,100 square meters and a contract signing amount (including parking spaces) of RMB 5.51 billion in 2025[86] Market Conditions - In 2024, the national real estate market saw a significant decline in transaction volume, with the total sales area of commercial residential properties dropping by 14.1% year-on-year to 814.5 million square meters, and sales revenue decreasing by 17.6% to RMB 848.64 billion[51] - The hotel sector has faced challenges due to weakened business demand and intense price competition, leading to a decline in occupancy rates and average room prices[50] - The company anticipates broader development opportunities in the exhibition, hotel, and commercial property sectors due to government policies promoting economic growth[78] - The company will adjust real estate policies based on market supply and demand changes to better meet housing needs[79] Governance and Compliance - The company fully complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules during the year[97] - The audit committee, consisting of three independent non-executive directors, reviewed the company's financial reporting procedures and risk management systems[99]

Core Viewpoint - Beijing North Star Industrial Co., Ltd. has released its 2024 Sustainable Development and ESG Report, emphasizing its commitment to environmental, social, and governance (ESG) issues, and showcasing its sustainable development philosophy and performance [1][2]. Group 1: Company Overview - The main business of North Star Industrial includes real estate development, exhibition (including hotels), and commercial properties, with a focus on multi-regional and multi-level national development [2][3]. - The company has established a nationwide development layout involving residential, commercial, and mixed-use properties across 15 core cities, including Beijing-Tianjin-Hebei and the Guangdong-Hong Kong-Macau Greater Bay Area [2][3]. Group 2: ESG Management - North Star Industrial has integrated ESG principles into its corporate vision, mission, and core values, establishing a comprehensive ESG management framework and supervision system [3][4]. - The company has formed a "Carbon Peak and Carbon Neutrality Working Group" to coordinate and implement specific carbon reduction initiatives, aiming to fulfill national carbon neutrality goals [5]. Group 3: Key Performance Indicators - The report includes key performance indicators related to environmental impact, social responsibility, and governance, with a focus on quantifiable targets for reducing emissions and energy consumption [1][2]. - North Star Industrial has set specific goals for reducing carbon emissions and has implemented measures to enhance energy efficiency, such as upgrading old energy-consuming equipment and adopting advanced technologies [5]. Group 4: Community Engagement and Social Responsibility - The company actively participates in social responsibility initiatives, including rural revitalization efforts and community engagement, aiming to enhance the well-being of local communities [4][5]. - North Star Industrial emphasizes the importance of stakeholder communication and has established various channels to engage with stakeholders, ensuring their expectations are met [4].

二、董事会关于本年度未进行现金分红的说明 《章程》《股东分红回报规划》有关利润分配的规定，公司 2024 年 度不具备现金分红的条件。公司留存的未分配利润将用于补充营运资 金及增加项目储备等资金用途，以保障公司稳健经营。 为长远保障广大投资者利益，公司董事会将继续督促公司经营管 理层积极谋划经营发展，稳步提升经营效率和盈利能力，多措并举推 动公司高质量发展，积极回报广大投资者。 北辰实业: 北辰实业2024年年度利润分配方案公告 证券代码：601588 证券简称：北 辰 实 业 公告编号：临 2025-014 北京北辰实业股份有限公司 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： 经中兴华会计师事务所（特殊普通合伙）审计，公司 2024 年年度 归属于上市公司普通股股东的净利润为人民币-2,827,464,028 元，按 母公司报表净利润提取 10%法定盈余公积金人民币 83,108,939 元，截 至 2024 年末母公司未分配利润人民币 3,141,043,827 元。鉴于公司 《章程》《股东分红回报规划 ...