Core Viewpoint - North China International Exhibition Co., Ltd. has been awarded the "Golden Dawn Market Value Management Award" for its robust operational resilience and multi-business synergy centered around exhibition services, establishing itself as a benchmark for high-quality development in the exhibition industry [1][10]. Group 1: Business Strategy and Performance - The core strategy of North China International Exhibition Co., Ltd. is to leverage its exhibition business as an engine to drive the collaborative development of diverse sectors, including real estate and commercial properties [2]. - In 2025, the company achieved significant breakthroughs in major event support, industry chain extension, and hardware facility upgrades, with a total of 22 major exhibition projects hosted [2][3]. - The company successfully organized several established events, including the Service Trade Fair and the China Refrigeration Exhibition, enhancing its leading position in the professional exhibition sector [2][3]. Group 2: Infrastructure Development - The Capital International Exhibition Center and the second phase of the National Conference Center were entrusted to North China International Exhibition Co., Ltd. for operation management, significantly enhancing Beijing's exhibition space and the company's service capabilities [3][4]. - The Capital International Exhibition Center has become the largest and most advanced exhibition venue in Beijing, capable of hosting comprehensive professional exhibitions exceeding 100,000 square meters [4]. Group 3: Commercial Property and Innovation - The commercial property sector of North China International Exhibition Co., Ltd. thrived in 2025, with innovative marketing activities boosting consumer traffic in the Asia-Oceania business circle [5]. - The company is actively creating new consumption scenarios by integrating culture, commerce, tourism, and sports, thereby enhancing regional influence [5]. Group 4: Strategic Partnerships and Ecosystem Development - In 2025, North China International Exhibition Co., Ltd. expanded its strategic partnerships with over ten key entities, including Beijing Telecom and Xiaomi Group, focusing on 5G and AI smart park construction [6]. - The establishment of the Artificial Intelligence Exhibition Ecosystem Alliance marks a significant step towards a smart ecological collaboration in the exhibition industry [6]. Group 5: Market Value Management and ESG - The company emphasizes market value management and ESG governance, implementing systematic measures to enhance intrinsic value and market recognition [7][9]. - North China International Exhibition Co., Ltd. has established a regular market value management mechanism and has been actively engaging with investors through various activities [7]. - The company has been recognized as an "ESG Pioneer Enterprise," reflecting its commitment to economic, political, and social responsibilities [9][10]. Group 6: Future Outlook - Moving forward, North China International Exhibition Co., Ltd. aims to deepen its "exhibition-led" strategy, enhance core competitiveness in the exhibition business, and optimize resource allocation efficiency [10]. - The company plans to continue releasing the composite value of the "exhibition+" ecosystem, contributing to sustainable development in the capital market [10].

Core Viewpoint - The real estate sector continues to face widespread losses, with most listed companies in the A-share market reporting varying degrees of deficit for 2025, except for the leading company, Poly Developments [2][3]. Group 1: Company Performance - Among the 27 listed real estate companies that have released performance forecasts, only Poly Developments reported a positive net profit of approximately 1.03 billion yuan, while the total losses of the other companies ranged from 47.546 billion to 62.464 billion yuan [3]. - Poly Developments experienced a revenue decline of 1.09% year-on-year, with a net profit drop of 79.49% due to decreased gross profit margins and anticipated asset impairment losses of about 6.9 billion yuan [3]. - Other companies, such as China Fortune Land Development, are projected to incur losses of 16 billion to 24 billion yuan for 2025, with net assets expected to decline by 10 billion to 15 billion yuan [4]. Group 2: Industry Challenges - The real estate sector has been struggling with significant losses since 2022, attributed to factors such as low-profit project settlements, increased impairment provisions, and rising interest expenses [6]. - The sales volume of commercial housing is expected to decline by 12.6% year-on-year in 2025, indicating ongoing market challenges [7]. - The real estate development prosperity index has been on a downward trend, reaching 91.45 by December 2025, reflecting a sluggish economic activity in the sector [7]. Group 3: Future Outlook - Analysts suggest that the adjustment cycle in the real estate market may be nearing its end by 2026, with potential growth in the high-quality residential market driven by policy support and demand structure upgrades [8]. - Companies facing significant losses must manage their market value and ensure compliance with financial reporting to avoid delisting risks, which could arise from continuous losses or failure to meet revenue thresholds [9].

Group 1 - The Beijing North Star Ritz-Carlton Hotel and Beijing North Star Marquis Marriott Hotel are nearing completion and are expected to open in mid-2026 [1][3] - The Ritz-Carlton Hotel will be the third in Beijing, while the Marquis Marriott Hotel will be the first of its brand in the city [3][6] - Both hotels are strategically located near the National Convention Center Phase II, approximately 20 kilometers from Beijing Capital International Airport, providing easy access to major business and cultural areas [3][6] Group 2 - The total number of guest rooms across both hotels is 953, designed to cater to diverse clientele including business travelers, international conferences, and local leisure guests [3][6] - The Ritz-Carlton Hotel features 282 guest rooms and suites, six fine dining restaurants, and a signature spa, making Beijing the first city globally to host three Ritz-Carlton hotels [6] - The Marquis Marriott Hotel offers 671 guest rooms and suites, with over 3,200 square meters of banquet space, including a grand ballroom and executive lounge, promoting a vibrant social space for business and leisure [6]

Group 1 - CITIC Securities is projected to achieve revenue of 74.83 billion yuan and a net profit of 30.05 billion yuan in 2025, reflecting a year-on-year growth of 28.75% and 38.46% respectively [4] - Yipin Hong expects a net loss of 313 million to 442 million yuan in 2025, an improvement from a loss of 540 million yuan in the previous year, due to a decline in product sales and gross margin [2] - Jiamai Packaging anticipates a net profit of 85.44 million to 104 million yuan in 2025, a decrease of 43.02% to 53.38% compared to the previous year, attributed to fewer days in the peak season for the beverage industry [3] Group 2 - Jin Haitong forecasts a net profit of 160 million to 210 million yuan in 2025, representing a significant increase of 103.87% to 167.58% year-on-year, driven by growing demand in the semiconductor packaging and testing equipment sector [3] - Jinyu Group expects a net loss of 900 million to 1.2 billion yuan in 2025, widening from a loss of 555 million yuan in the previous year, as both its building materials and real estate businesses are in a downturn [3] - Beichen Real Estate anticipates a net loss of 2.68 billion to 3.31 billion yuan in 2025, primarily due to underperformance in real estate project sales [4]

Core Viewpoint - Beijing Beichen Industrial (601588) is expected to continue reporting losses for the fiscal year ending December 31, 2025, with projected net losses ranging from RMB 2.696 billion to RMB 3.38 billion compared to the previous year [1] Financial Performance - The company's estimated net loss attributable to owners for 2025 is projected to be between RMB 2.696 billion and RMB 3.38 billion, indicating a continuation of losses year-on-year [1] - Excluding fair value changes in investment properties, the estimated net loss attributable to owners is expected to be between RMB 2.463 billion and RMB 3.093 billion [1] - The fair value loss from investment properties is estimated to be approximately RMB 233 million to RMB 287 million [1] - After excluding fair value changes in investment properties and non-recurring losses, the estimated net loss attributable to owners is projected to be between RMB 2.513 billion and RMB 3.153 billion [1] Cash Position - The expected cash balance at the end of the reporting period is approximately RMB 7.1 billion, indicating sufficient financial reserves and smooth financing channels [1] Business Operations - The company's exhibition (including hotel) and commercial property businesses have maintained stable operations [1] - The primary reason for the losses is attributed to market adjustments, with sales prices of real estate projects not meeting expectations [1] - The company plans to conduct preliminary impairment tests on inventories, anticipating provisions for inventory write-downs on certain real estate projects [1]

Core Viewpoint - Beijing Beichen Industrial Co., Ltd. (00588) is expected to continue reporting losses for the fiscal year ending December 31, 2025, with projected net losses ranging from RMB 2.696 billion to RMB 3.38 billion compared to the previous year [1] Financial Performance - The company's estimated net loss attributable to owners for 2025 is projected to be between RMB 2.696 billion and RMB 3.38 billion, indicating a continuation of losses year-on-year [1] - Excluding fair value changes in investment properties, the estimated net loss is expected to be between RMB 2.463 billion and RMB 3.093 billion [1] - The fair value loss from investment properties is estimated to be approximately RMB 233 million to RMB 287 million [1] - After excluding fair value changes and non-recurring losses, the net loss attributable to owners is projected to be between RMB 2.513 billion and RMB 3.153 billion, continuing the trend of losses compared to the previous year [1] Cash Position - The estimated cash balance at the end of the reporting period is approximately RMB 7.1 billion, indicating sufficient financial reserves and smooth financing channels for the company [1] Business Operations - The company's exhibition (including hotel) and commercial property businesses have maintained stable operations, but losses are primarily attributed to market adjustments affecting the sales prices of real estate projects [1] - The company has conducted preliminary impairment tests on inventories according to accounting standards, anticipating the need to recognize inventory impairment provisions for certain real estate projects [1]

（股份代號：588） 二零二五年度業績預虧公告 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。 1. 業績預告有關期間：二零二五年一月一日至二零二五年十二月三十一日 2. 業績預虧情況： 本公告乃根據上市規則第13.09條及第13.10B條，以及證券及期貨條例第 XIVA部項下的內幕消息條文作出。 董事會謹此公告，預計截至二零二五年十二月三十一日止年度的本公司所有 者之應佔利潤將繼續虧損。本次所預計的業績未經核數師審閱或審計，並非 基於已經核數師審計或正式審閱之財務資料而作出且仍有待定稿，請本公司 股東及有意投資者關注本公司二零二五年年度業績報告列載之具體財務資料。 本公司股東及有意投資者於買賣本公司證券時務請審慎行事。 本公告由北京北辰實業股份有限公司（「本公司」）根據香港聯合交易所有限公司證 券上市規則（「上市規則」）第13.09條及第13.10B條，以及《證券及期貨條例》（香港 法例第571章）（「證券及期貨條例」）第XIVA部項下的內幕消息條 ...

Core Viewpoint - Beichen Real Estate (601588.SH) expects to report a net loss attributable to shareholders of the listed company ranging from 2.68 billion to 3.31 billion yuan for the year 2025, indicating a continued loss compared to the same period last year [1] Financial Performance - The projected net loss for 2025 is between 2.68 billion yuan and 3.31 billion yuan [1] - The company will continue to experience losses compared to the previous year [1]

Core Viewpoint - Beichen Real Estate (601588.SH) expects to report a net loss attributable to shareholders of the listed company ranging from 2.68 billion to 3.31 billion yuan for the year 2025, indicating a continued loss compared to the same period last year [1] Financial Performance - The projected net loss for 2025 is between 2.68 billion and 3.31 billion yuan, which reflects ongoing financial challenges for the company [1] - The company will continue to experience losses compared to the previous year, suggesting a lack of recovery in its financial performance [1]

Group 1 - The company Beichen Real Estate expects a net profit attributable to shareholders for the year 2025 to be between -2.68 billion to -3.31 billion yuan, indicating continued losses compared to the previous year [1] - The company's exhibition (including hotel) and commercial property businesses have remained stable, but the primary reason for the losses is the market adjustment affecting the sales prices of real estate projects [1] - The company plans to conduct preliminary impairment tests on inventory according to accounting standards, anticipating to recognize inventory impairment provisions for certain real estate projects [1] Group 2 - Haili Biological's valuation has decreased by 50% within eight months, despite a ninefold increase in the acquisition of a company, with its largest client being a company that has not yet been established [1]