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].

（文章来源：证券日报） 证券日报网讯 8月22日晚间，北辰实业发布公告称，2025年半年度公司实现营业收入3，019，319，686 元，同比减少11.97%；归属于上市公司股东的净利润为-1，585，414，242元。 ...

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]

北辰实业8月22日披露的半年报显示，公司上半年实现营业收入30.19亿元，同比下降11.97%；归属于上 市公司股东的净利润亏损15.85亿元，上年同期亏损7.38亿元；基本每股收益-0.47元。 ...

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]

Group 1 - The company reported a total revenue of RMB 30.19 billion for the first half of 2025, a year-on-year decrease of 11.97% due to a decline in the area settled for real estate development [1] - The exhibition (including hotels) and commercial property segments generated revenue of RMB 14.77 billion, representing a year-on-year increase of 18.32%, with a pre-tax profit of RMB 2.012 billion, up 1.59% year-on-year [1] - The company hosted 1,071 events in self-owned venues and hotels, a year-on-year increase of approximately 58.9%, with 18 major events attracting a total of 2.52 million visitors [1] Group 2 - The real estate development segment achieved revenue of RMB 14.61 billion (including parking spaces), reflecting a year-on-year decline of 29.71% [2] - As of the end of the reporting period, the total financing amounted to RMB 23.69 billion, providing stable financial support for the company's operations [2] - The company has been optimizing its debt structure and planning financing channels to reduce funding costs, resulting in an overall average financing cost decrease to 3.66% [2]

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」）將於二零二五年八月二十三日在 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 張杰 主席 中國‧北京 二零二五年八月二十二日 於本公告之日，董事會由八名董事組成，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 2025 年半年度报告摘要 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 2025 年半年度报告摘要 1 / 5 北京北辰实业股份有限公司 2025 年 ...

格隆汇8月22日丨北京北辰实业股份(00588.HK)发布公告，2025年度中期，集团实现收入为人民币 3,019,320,000元，比去年同期下降11.97%。营运亏损为人民币1,137,652,000元，比去年同期增亏人民币 781,953,000元。公司普通股股东应占亏损为人民币1,647,124,000元，比去年同期增亏人民币877,544,000 元。 其中公司除税后主营业务的核心经营业绩（不含公允值变动损失）录得亏损为人民币1,475,877,000元， 同比增亏人民币889,450,000元；本期间投资性房地产公允价值变动损失（税后）为人民币171,247,000 元。 ...