1 特此公告。 北京北辰实业股份有限公司 关于董事长辞任的公告 本公司董事会及全体董事保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏， 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。 北京北辰实业股份有限公司（以下简称"本公司"）董事会谨此宣布，李伟 东先生因工作变动，已向本公司提交辞任申请，辞去本公司董事长、执行董事及 在董事会下设各专门委员会中的一切职务。根据《公司法》《公司章程》及相关 规定，李伟东先生的辞任不会导致本公司董事会成员低于法定最低人数，其辞任 申请自 2024 年 10 月 17 日送达本公司董事会之日起生效。截至本公告日，李伟 东先生不持有与本公司相关的股票及其他有价证券。本公司将尽快按照法定程序 完成本公司执行董事、董事长以及相关董事会专门委员会委员及主席的补选等后 续工作。 李伟东先生已确认其与本公司董事会无不同意见，亦没有任何其他事项需要 通知本公司股东。本公司董事会及李伟东先生确认，没有因其辞任而可能影响本 公司运营的任何事宜。 李伟东先生自任职以来，恪尽职守，勤勉履职，在确立发展战略、推动业务 扩张、提升管理水平、保障股东回报等方面为本公司做出了重大贡献，本公司 ...

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: 2024年9月30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: 2024年9月30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 | | ...

[2024 Interim Report Summary](index=1&type=section&id=2024%20中期報告) This section provides a high-level overview of the company's financial performance for the first half of 2024, highlighting significant declines in revenue and a shift to operating and net losses [Key Financial Highlights](index=1&type=section&id=主要財務亮點) For the six months ended June 30, 2024, the company experienced a significant **52.81%** year-over-year revenue decline, reporting operating and net losses attributable to ordinary equity holders, with a loss per share of **RMB 0.2286**, and no interim dividend declared 2024 First Half Key Financial Data | Metric | 2024 First Half (RMB thousands) | Year-over-year Change | Notes | | :--- | :--- | :--- | :--- | | Revenue | 3,429,871 | -52.81% | | | Operating Loss | (355,699) | -147.10% | Operating profit in prior period | | Loss attributable to ordinary equity holders | (769,580) | Decreased by 902,546 | Profit in prior period | | Loss per share (RMB) | (0.2286) | EPS of 0.0395 in prior period | | | Interim Dividend | Not distributed | Prior period: None | | | Core operating loss (excluding fair value changes) | (586,427) | Decreased by 696,127 | | | Fair value change loss on investment properties (after tax) | (183,153) | | | [Condensed Consolidated Interim Financial Statements](index=2&type=section&id=中期簡明合併財務報表) This section presents the condensed consolidated interim financial statements, including the balance sheet, income statement, comprehensive income statement, statement of changes in equity, and cash flow statement [Condensed Consolidated Interim Balance Sheet](index=2&type=section&id=中期簡明合併資產負債表) As of June 30, 2024, the company's total assets and total liabilities both decreased, resulting in a reduction in net assets, reflecting operating losses and equity changes Consolidated Balance Sheet Key Data | Metric | June 30, 2024 (RMB thousands) | December 31, 2023 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 61,526,823 | 65,155,827 | -5.57% | | Non-current Assets | 20,877,787 | 21,477,985 | -2.79% | | Current Assets | 40,649,036 | 43,677,842 | -6.93% | | Total Liabilities | 40,465,893 | 42,927,967 | -5.74% | | Non-current Liabilities | 20,171,032 | 22,869,681 | -11.80% | | Current Liabilities | 20,294,861 | 20,058,286 | +1.18% | | Net Assets | 21,060,930 | 22,227,860 | -5.25% | | Equity attributable to ordinary equity holders | 18,446,551 | 19,544,170 | -5.62% | [Condensed Consolidated Interim Income Statement](index=5&type=section&id=中期簡明合併利潤表) In the first half of 2024, the company experienced a significant revenue decline, leading to reduced gross profit, and ultimately reported a loss before income tax and a loss for the period due to increased impairment losses on financial assets and fair value changes in investment properties Consolidated Income Statement Key Data | Metric | 2024 First Half (RMB thousands) | 2023 First Half (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 3,429,871 | 7,268,886 | -52.81% | | Cost of Sales | (2,941,989) | (5,977,765) | -50.80% | | Gross Profit | 487,882 | 1,291,121 | -62.21% | | Operating (Loss)/Profit | (355,699) | 755,275 | Turned from profit to loss | | Finance Costs – Net | (350,972) | (387,441) | Costs decreased by 9.42% | | (Loss)/Profit before Income Tax | (706,872) | 379,984 | Turned from profit to loss | | Income Tax Expense | (173,560) | (286,299) | Expense decreased by 39.38% | | (Loss)/Profit for the Period | (880,432) | 93,685 | Turned from profit to loss | | Attributable to ordinary equity holders | (769,580) | 132,966 | Turned from profit to loss | | (Loss)/Earnings per share (RMB cents) | (22.86) | 3.95 | Turned from profit to loss | [Condensed Consolidated Interim Statement of Comprehensive Income](index=6&type=section&id=中期簡明合併綜合收益表) In the first half of 2024, the company reported a total comprehensive loss for the period, primarily driven by the loss attributable to ordinary equity holders Consolidated Statement of Comprehensive Income Key Data | Metric | 2024 First Half (RMB thousands) | 2023 First Half (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | (Loss)/Profit for the Period | (880,432) | 93,685 | Turned from profit to loss | | Other Comprehensive Income | – | – | | | Total Comprehensive (Loss)/Income for the Period | (880,432) | 93,685 | Turned from profit to loss | | Attributable to ordinary equity holders | (769,580) | 132,966 | Turned from profit to loss | [Condensed Consolidated Interim Statement of Changes in Equity](index=7&type=section&id=中期簡明合併權益變動表) As of June 30, 2024, equity attributable to ordinary equity holders decreased due to the loss for the period and changes in other reserves, leading to a corresponding decline in total equity Consolidated Statement of Changes in Equity Key Data | Metric | January 1, 2024 (RMB thousands) | June 30, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Share Capital | 3,367,020 | 3,367,020 | 0% | | Other Reserves | 4,948,137 | 4,687,438 | -5.30% | | Retained Earnings | 11,229,013 | 10,392,093 | -7.45% | | Equity attributable to ordinary equity holders | 19,544,170 | 18,446,551 | -5.62% | | Non-controlling Interests | 2,683,690 | 2,614,379 | -2.58% | | Total Equity | 22,227,860 | 21,060,930 | -5.25% | [Condensed Consolidated Interim Cash Flow Statement](index=8&type=section&id=中期簡明合併現金流量表) In the first half of 2024, the company's operating cash flow shifted from positive to negative, investment cash flow significantly decreased, and financing cash flow turned from net inflow to net outflow, resulting in a net decrease in cash and cash equivalents Consolidated Cash Flow Statement Key Data | Metric | 2024 First Half (RMB thousands) | 2023 First Half (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Net Cash (Used in)/Generated from Operating Activities | (456,580) | 868,838 | Turned from inflow to outflow | | Net Cash Generated from Investing Activities | 16,822 | 67,452 | -75.06% | | Net Cash (Used in)/Generated from Financing Activities | (764,002) | 1,031,781 | Turned from inflow to outflow | | Net (Decrease)/Increase in Cash and Cash Equivalents | (1,203,760) | 1,968,071 | Turned from increase to decrease | | Cash and Cash Equivalents at End of Period | 7,301,722 | 10,356,222 | -29.49% | [Notes to the Condensed Consolidated Interim Financial Information](index=9&type=section&id=中期簡明合併財務資料附註) This section provides detailed notes to the condensed consolidated interim financial information, covering general information, basis of preparation, accounting policies, estimates, financial risk management, segment information, and other financial disclosures [1. General Information](index=9&type=section&id=1.%20一般資料) Beijing North Star Company Limited, established in China in 1997 as part of the state-owned North Star Group's restructuring, is listed on both the Hong Kong and Shanghai stock exchanges, primarily engaging in real estate development, convention and exhibition (including hotel), and commercial property operation and management - The company was established in China on April 2, 1997, as part of the restructuring of Beijing North Star Industrial Group Co., Ltd., its ultimate parent company[7](index=7&type=chunk) - The company issued H shares and listed on the Hong Kong Stock Exchange on May 14, 1997, and issued A shares and listed on the Shanghai Stock Exchange on October 16, 2006, becoming a dual-listed company[7](index=7&type=chunk) - The Group's principal activities are real estate development, convention and exhibition (including hotels), and commercial property operation and management in China[7](index=7&type=chunk) [2. Basis of Preparation](index=9&type=section&id=2.%20編製基準) The interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and should be read in conjunction with the Group's consolidated financial statements for the year ended December 31, 2023 - The interim financial information has been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[8](index=8&type=chunk) - This interim financial information has been reviewed but not audited[7](index=7&type=chunk) [3. Accounting Policies](index=9&type=section&id=3.%20會計政策) Several amendments to Hong Kong Accounting Standards were adopted during the period, but they are not expected to have a significant impact on the Group's interim financial information - The accounting policies applied in this interim financial information are consistent with those applied in the Group's consolidated financial statements for the year ended December 31, 2023, except for the adoption of the following amendments to standards[9](index=9&type=chunk) - Amendments to standards effective and adopted for the first time include: Classification of Liabilities as Current or Non-current, Non-current Liabilities with Covenants, Lease Liability in a Sale and Leaseback, Supplier Finance Arrangements, etc[9](index=9&type=chunk) - The adoption of these amendments to standards is not expected to have a significant impact on the Group's interim financial information[9](index=9&type=chunk) [4. Estimates](index=10&type=section&id=4.%20估計) The preparation of interim financial information requires management's judgment, estimates, and assumptions regarding the application of accounting policies and the amounts reported in the financial statements, and actual results may differ from these estimates - The preparation of interim financial information requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses[11](index=11&type=chunk) - Actual results may differ from these estimates[11](index=11&type=chunk) [5. Financial Risk Management](index=10&type=section&id=5.%20財務風險管理) The company faces market, credit, and liquidity risks, with no changes in risk management policies since year-end, and contractual cash flows for non-derivative financial liabilities indicate significant short-term (under 1 year) debt pressure - The Group's activities are exposed to various financial risks: market risk (including foreign exchange risk, fair value interest rate risk, and cash flow interest rate risk), credit risk, and liquidity risk[11](index=11&type=chunk) - There have been no changes in risk management policies since year-end[11](index=11&type=chunk) Non-derivative Financial Liabilities Maturity Analysis (RMB thousands) | Term | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | Less than 1 year | 17,904,119 | 17,015,532 | | 1 to 2 years | 7,561,429 | 5,957,165 | | 2 to 5 years | 4,521,509 | 9,117,884 | | More than 5 years | 8,581,909 | 8,179,795 | | Total | 38,568,966 | 40,270,376 | [5.1. Financial Risk Factors](index=10&type=section&id=5.1.%20財務風險因素) The company is exposed to market risks (exchange rate, interest rate), credit risk, and liquidity risk, with no changes in its risk management policies - The Group's activities are exposed to various financial risks: market risk (including foreign exchange risk, fair value interest rate risk, and cash flow interest rate risk), credit risk, and liquidity risk[11](index=11&type=chunk) - There have been no changes in risk management policies since year-end[11](index=11&type=chunk) [5.2. Liquidity Risk](index=10&type=section&id=5.2.%20流動性風險) The company's non-derivative financial liabilities' contractual cash flows indicate that as of June 30, 2024, borrowings and payables due within one year totaled approximately **RMB 17.9 billion**, posing liquidity management challenges Non-derivative Financial Liabilities Maturity Analysis (RMB thousands) | Term | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | Less than 1 year | 17,904,119 | 17,015,532 | | 1 to 2 years | 7,561,429 | 5,957,165 | | 2 to 5 years | 4,521,509 | 9,117,884 | | More than 5 years | 8,581,909 | 8,179,795 | | Total | 38,568,966 | 40,270,376 | [5.3 Fair Value Estimation](index=11&type=section&id=5.3%20公允價值估計) The company has no assets measured at fair value other than investment properties, whose fair values are assessed by independent valuers with no transfers between fair value hierarchy levels or changes in valuation techniques during the period - As of June 30, 2024, and December 31, 2023, the Group had no assets measured at fair value other than investment properties[14](index=14&type=chunk) - Detailed disclosures on the fair value of investment properties are provided in Note 7[14](index=14&type=chunk) - There were no transfers between fair value hierarchy levels and no changes in valuation techniques during the period[14](index=14&type=chunk) [6. Segment Information](index=11&type=section&id=6.%20分部信息) The company's business segments include real estate development, convention and exhibition (including hotels) and commercial properties, and other segments; in the first half of 2024, real estate development revenue significantly declined, while convention and commercial property revenue slightly increased, but the real estate development segment reported a substantial adjusted loss before income tax - The company's principal business segments are real estate development, convention and exhibition (including hotels) and commercial properties, and other businesses[15](index=15&type=chunk) Segment Revenue (RMB thousands) | Segment | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | Change | | :--- | :--- | :--- | :--- | | Real Estate Development Segment | 2,079,049 | 5,992,742 | -65.31% | | Convention and Exhibition (including Hotels) and Commercial Property Segment | 1,248,098 | 1,191,616 | +4.74% | | Other Segments | 102,724 | 84,528 | +21.53% | | Total Revenue | 3,429,871 | 7,268,886 | -52.81% | Adjusted (Loss)/Profit Before Income Tax (RMB thousands) | Segment | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | Change | | :--- | :--- | :--- | :--- | | Real Estate Development | (801,340) | 155,932 | Turned from profit to loss | | Convention and Exhibition (including Hotels) and Commercial Property | 198,372 | 205,907 | -3.66% | | Other Segments | (34,567) | (19,819) | Loss widened | | Total | (637,535) | 342,020 | Turned from profit to loss | [7. Right-of-Use Assets, Property, Plant and Equipment, and Investment Properties](index=17&type=section&id=7.%20使用權資產、物業、廠房及設備以及投資物業) As of June 30, 2024, the company's net book values for right-of-use assets, property, plant and equipment, and investment properties all decreased, with investment properties recording fair value losses assessed by independent valuers Asset Net Book Values (RMB thousands) | Asset Type | January 1, 2024 (RMB thousands) | June 30, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Right-of-Use Assets | 414,133 | 398,210 | -3.84% | | Property, Plant and Equipment | 2,433,403 | 2,365,331 | -2.79% | | Investment Properties | 16,739,636 | 16,503,166 | -1.41% | - Fair value loss on investment properties of **RMB 245,672 thousand** was recognized in profit or loss[27](index=27&type=chunk) - Investment properties were valued by **Han Hua Appraisal Limited**, an independent professionally qualified valuer[28](index=28&type=chunk) [7.a Fair Value Hierarchy](index=18&type=section&id=7.a%20公允價值層級) Fair value measurement of investment properties primarily utilizes Level 3 (unobservable inputs), with no transfers between fair value hierarchy levels during the period - Fair value information for investment properties measured in accordance with HKFRS 13 shows no transfers between Level 1, 2, and 3 during the period[29](index=29&type=chunk) Investment Properties Fair Value Measurement (Level 3) (RMB thousands) | Investment Property Type | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | Office Buildings | 6,580,000 | 6,693,605 | | Apartments | 2,151,000 | 2,173,600 | | Convention Centers | 4,130,000 | 4,091,000 | | Shopping Malls | 3,636,100 | 3,769,300 | | Others | 6,066 | 12,131 | | Total | 16,503,166 | 16,739,636 | [7.b The Group's Valuation Process](index=18&type=section&id=7.b%20本集團的估值流程) The company's investment properties are valued by independent professional valuer Han Hua Appraisal Limited, with the finance department team regularly reviewing valuation results and reporting to the CFO - The Group's investment properties were valued by **Han Hua Appraisal Limited** as of June 30, 2024, a valuer holding relevant recognized professional qualifications and having recent experience in the location and category of the investment properties valued[30](index=30&type=chunk) - The Group's finance department has a team responsible for reviewing the valuations performed by independent valuers for financial reporting purposes, reporting directly to the Chief Financial Officer (CFO)[30](index=30&type=chunk) [7.c Valuation Techniques](index=19&type=section&id=7.c%20估值技術) Office buildings, apartments, and shopping malls are valued using the income capitalization approach, while convention centers and Apartment Building A use the discounted cash flow forecast method, and investment properties under construction are valued assuming renovation and completion, considering conversion costs - Valuations for **office buildings, apartments (excluding Block A), and shopping malls** are based on the income capitalization approach (term and reversion method), primarily using unobservable inputs (e.g., market rent, yield rates)[32](index=32&type=chunk) - Valuations for **convention centers and Apartment Block A** utilize the discounted cash flow forecast method, determined by significant unobservable inputs[32](index=32&type=chunk) - For **investment properties under construction**, valuations assume renovation and completion according to the latest proposed renovation plans, taking into account conversion costs[32](index=32&type=chunk) [8. Properties Under Development](index=19&type=section&id=8.%20開發中物業) As of June 30, 2024, the net book value of properties under development decreased, primarily due to reductions in land use rights and capitalized finance costs, alongside a decrease in accumulated impairment Properties Under Development (RMB thousands) | Metric | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Land Use Rights | 8,150,407 | 8,778,115 | -7.15% | | Development Costs and Capitalized Expenses | 3,983,477 | 3,463,306 | +15.02% | | Capitalized Finance Costs | 1,415,069 | 2,053,889 | -31.10% | | Accumulated Impairment | (406,505) | (678,291) | -40.07% | | Net Book Value | 13,142,448 | 13,617,019 | -3.34% | [9. Trade and Other Receivables and Prepayments](index=20&type=section&id=9.%20應收賬款、其他應收款及預付款項) As of June 30, 2024, the company's total trade and other receivables decreased, with amounts due from other related parties and non-controlling interests being major components, and a notable increase in allowance for doubtful debts Trade and Other Receivables and Prepayments (RMB thousands) | Metric | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Trade and Other Receivables | 1,539,330 | 1,789,102 | -13.96% | | Prepayments for Taxes, Construction, and Other Items | 1,787,390 | 1,788,654 | -0.07% | | Total | 3,326,720 | 3,577,756 | -7.02% | Trade and Other Receivables Details (RMB thousands) | Metric | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Trade Receivables – Net | 226,123 | 195,199 | +15.84% | | Amounts Due from Other Related Parties | 834,176 | 873,177 | -4.47% | | Amounts Due from Non-controlling Interests | 760,995 | 859,822 | -11.49% | | Other Receivables – Net | 1,313,207 | 1,593,903 | -17.50% | | Allowance for Doubtful Debts (Other Receivables) | (570,124) | (447,398) | +27.42% | [9.a Trade and Other Receivables](index=21&type=section&id=9.a%20應收賬款及其他應收款) Net trade receivables increased, while amounts due from other related parties and non-controlling interests decreased, with a significant rise in allowance for doubtful debts reflecting increased credit risk Trade and Other Receivables Details (RMB thousands) | Metric | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Trade Receivables – Net | 226,123 | 195,199 | +15.84% | | Amounts Due from Other Related Parties | 834,176 | 873,177 | -4.47% | | Amounts Due from Non-controlling Interests | 760,995 | 859,822 | -11.49% | | Other Receivables – Net | 1,313,207 | 1,593,903 | -17.50% | | Allowance for Doubtful Debts (Other Receivables) | (570,124) | (447,398) | +27.42% | Trade Receivables Ageing Analysis (RMB thousands) | Ageing | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | 0 to 30 days | 96,485 | 146,463 | | 31 to 90 days | 37,170 | 16,456 | | Over 90 days | 164,424 | 93,515 | | Total | 298,079 | 256,434 | [10. Share Capital](index=22&type=section&id=10.%20股本) As of June 30, 2024, the company's authorized, issued, and fully paid share capital remained unchanged at **3,367,020,000 shares** of **RMB 1** each Share Capital Information (RMB thousands) | Metric | December 31, 2023 (Audited) | Changes during the period (RMB thousands) | June 30, 2024 (Unaudited) | | :--- | :--- | :--- | :--- | | Authorized, Issued, and Fully Paid Share Capital (3,367,020,000 shares of RMB 1 each) | 3,367,020 | – | 3,367,020 | [11. Trade and Other Payables and Borrowings/Amounts from Other Parties](index=22&type=section&id=11.%20應付賬款、其他應付款及自其他方取得的借款╱款項) As of June 30, 2024, the company's total trade and other payables decreased, and borrowings/amounts from other parties also significantly reduced, reflecting an optimized liability structure Trade and Other Payables and Borrowings/Amounts from Other Parties (RMB thousands) | Metric | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Trade and Other Payables | 6,368,020 | 7,273,603 | -12.45% | | Borrowings/Amounts from Other Parties | 7,393,340 | 8,944,193 | -17.34% | | Total | 13,761,360 | 16,217,796 | -15.15% | [11.a Trade and Other Payables](index=23&type=section&id=11.a%20應付賬款及其他應付款) Trade payables to third parties and related parties both decreased, as did other taxes payable, indicating the company's efforts in managing payables Trade and Other Payables Details (RMB thousands) | Metric | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Trade Payables to Third Parties | 4,206,538 | 4,744,431 | -11.34% | | Trade Payables to Related Parties | 735,202 | 1,024,351 | -28.23% | | Lease Prepayments Received | 96,891 | 164,171 | -41.09% | | Other Taxes Payable | 201,028 | 261,487 | -23.13% | | Other Payables | 1,053,542 | 980,818 | +7.41% | [11.b Borrowings/Amounts from Other Parties](index=24&type=section&id=11.b%20自其他方取得的借款╱款項) Loans from non-controlling shareholders of subsidiaries, amounts due to North Star Group, and related party borrowings all decreased, while the amount of asset-backed special plans remained relatively stable Borrowings/Amounts from Other Parties Details (RMB thousands) | Metric | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Loans from Non-controlling Shareholders of Subsidiaries | 1,973,519 | 2,060,858 | -4.24% | | Amounts Due to North Star Group | 1,601,733 | 2,902,871 | -44.82% | | Asset-backed Special Plans Issued by the Company | 3,597,695 | 3,610,848 | -0.36% | | Related Party Borrowings/Loans | 172,119 | 321,342 | -46.44% | - Among the loans due to non-controlling shareholders of subsidiaries, **RMB 1,604,390 thousand** and **RMB 282,378 thousand** bear fixed annual interest rates of **6.5%** and **7%**, respectively[41](index=41&type=chunk) - The asset-backed special plans issued by the company include the Tianfeng-North Star Changsha Intercontinental Hotel Asset-Backed Special Plan (raised **RMB 1.05 billion**, 18-year term) and the CITIC Securities-Tianfeng-North Star Century Center Asset-Backed Special Plan (raised **RMB 2.861 billion**, 18-year term)[41](index=41&type=chunk) [12. Borrowings](index=26&type=section&id=12.%20借款) As of June 30, 2024, the company's total borrowings slightly increased, but long-term borrowings (excluding current portion) decreased, with most borrowings secured or guaranteed, and the company having issued multiple tranches of corporate bonds and medium-term notes Total Borrowings (RMB thousands) | Metric | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Long-term Borrowings (Non-current) | 12,593,114 | 14,984,857 | -15.96% | | Current Portion of Long-term Borrowings | 8,557,614 | 5,575,026 | +53.50% | | Total Borrowings | 21,150,728 | 20,559,883 | +2.87% | - Long-term borrowings of **RMB 13,459,134 thousand** are secured by certain right-of-use assets, investment properties, hotel properties, properties under development, and completed properties held for sale[45](index=45&type=chunk) - The company has issued multiple tranches of five-year corporate bonds and medium-term notes with coupon rates ranging from **3.10% to 4.80%** per annum, some of which include put options[47](index=47&type=chunk)[48](index=48&type=chunk) [13. Operating (Loss)/Profit](index=28&type=section&id=13.%20營運（虧損）╱利潤) In the first half of 2024, the company's operating loss was primarily impacted by fair value losses on investment properties, impairment of properties under development and completed properties held for sale, and increased impairment losses on financial assets Components of Operating (Loss)/Profit (RMB thousands) | Item | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | Change | | :--- | :--- | :--- | :--- | | Fair Value (Loss)/Gain on Investment Properties Recognized in Profit or Loss | (245,672) | 26,612 | Turned from gain to loss | | Impairment of Properties Under Development and Completed Properties Held for Sale | (478,572) | (191,681) | Impairment increased by 149.68% | | Net Impairment Loss on Financial Assets | (133,539) | (58,884) | Impairment increased by 126.79% | | (Loss)/Gain on Deregistration of Joint Ventures | (4,490) | 20,678 | Turned from gain to loss | - The Group had no non-financial assets with indefinite useful lives during the period[50](index=50&type=chunk) [14. Finance Income and Costs](index=28&type=section&id=14.%20融資收益及成本) In the first half of 2024, the company's net finance costs decreased, primarily due to lower interest expenses and capitalized amounts, alongside an increase in interest income Finance Income and Costs (RMB thousands) | Item | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | Change | | :--- | :--- | :--- | :--- | | Interest Expense | (626,436) | (734,443) | Expense decreased by 14.69% | | Less: Capitalized Amount in Properties Under Development and Investment Properties | 206,150 | 304,710 | Capitalized amount decreased by 32.34% | | Finance Costs | (423,279) | (433,577) | Costs decreased by 2.38% | | Finance Income – Interest Income | 72,307 | 46,136 | Income increased by 56.73% | | Finance Costs – Net | (350,972) | (387,441) | Costs decreased by 9.42% | [15. Income Tax Expense](index=29&type=section&id=15.%20所得稅費用) In the first half of 2024, the company's income tax expense significantly decreased, primarily due to reductions in China corporate income tax and land appreciation tax, coupled with an increase in deferred income tax credits - China income tax is calculated in accordance with relevant Chinese laws and regulations, with an applicable income tax rate of **25%**[52](index=52&type=chunk) - The company and certain Chinese subsidiaries are required to pay land appreciation tax on land appreciation amounts at progressive rates ranging from **30% to 60%** in accordance with the Land Appreciation Tax Regulations of the People's Republic of China[52](index=52&type=chunk) Income Tax Expense (RMB thousands) | Item | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | Change | | :--- | :--- | :--- | :--- | | China Corporate Income Tax | 175,727 | 192,055 | -8.40% | | China Land Appreciation Tax | 78,128 | 98,645 | -20.81% | | Deferred Income Tax Credit | (80,295) | (4,401) | Credit increased by 1724.95% | | Total Income Tax Expense | 173,560 | 286,299 | -39.38% | [16. (Loss)/Earnings Per Share](index=29&type=section&id=16.%20每股（虧損）╱收益) In the first half of 2024, the company reported a basic and diluted loss per share of **RMB 0.2286**, compared to an earnings per share of **RMB 0.0395** in the prior period, primarily due to the loss attributable to ordinary equity holders - Basic (loss)/earnings per share is calculated based on the company's (loss)/profit attributable to ordinary equity holders and the weighted average number of ordinary shares outstanding during the six months ended June 30, 2024, and 2023[54](index=54&type=chunk) - The company had no potential dilutive ordinary shares during the six months ended June 30, 2024, and 2023, thus diluted (loss)/earnings per share is equal to basic (loss)/earnings per share[54](index=54&type=chunk) (Loss)/Earnings Per Share (RMB thousands) | Metric | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | | :--- | :--- | :--- | | (Loss)/Profit attributable to ordinary equity holders | (769,580) | 132,966 | | Number of ordinary shares outstanding (thousands) | 3,367,020 | 3,367,020 | | (Loss)/Earnings per share (RMB cents) (Basic and Diluted) | (22.86) | 3.95 | [17. Dividends](index=30&type=section&id=17.%20股息) The Board resolved not to declare an interim dividend for the six months ended June 30, 2024, consistent with the prior period - The Board resolved not to declare an interim dividend for the six months ended June 30, 2024 (six months ended June 30, 2023: nil)[56](index=56&type=chunk) - Dividends related to the year ended December 31, 2023, amounting to **RMB 67,340 thousand**, were approved at the annual general meeting held in May 2024[56](index=56&type=chunk) [18. Pledged Assets](index=30&type=section&id=18.%20抵押資產) As of June 30, 2024, the company pledged various assets, including investment properties, right-of-use assets, property, plant and equipment, properties under development, completed properties held for sale, and trade receivables, as collateral for borrowings totaling **RMB 13,459,134 thousand** - As of June 30, 2024, the Group pledged certain investment properties with a fair value of **RMB 9,695,000 thousand**, right-of-use assets with a net book value of **RMB 246,248 thousand**, property, plant and equipment with a net book value of **RMB 1,462,500 thousand**, properties under development with a carrying value of **RMB 3,472,147 thousand**, completed properties held for sale with a carrying value of **RMB 250,433 thousand**, and trade receivables with a carrying value of **RMB 4,527 thousand** as collateral for borrowings of **RMB 13,459,134 thousand**[57](index=57&type=chunk) [19. Financial Guarantees](index=30&type=section&id=19.%20財務擔保) The company provides phased joint and several liability guarantees for mortgage loans granted by banks to property purchasers, with outstanding guaranteed amounts totaling **RMB 5,553,911 thousand** as of June 30, 2024, though directors consider the likelihood of significant loss to be remote - The Group provides phased joint and several liability guarantees for mortgage loans granted by banks to property purchasers[58](index=58&type=chunk) Outstanding Guaranteed Amounts (RMB thousands) | Metric | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Outstanding Guaranteed Amounts | 5,553,911 | 7,137,252 | -22.20% | - The directors of the company believe that the possibility of the Group incurring any significant loss under these financial guarantee contracts is remote, and therefore no related liabilities have been recognized[58](index=58&type=chunk) [20. Commitments](index=31&type=section&id=20.%20承諾) As of June 30, 2024, the company had significant capital commitments for properties under development and investment properties, while the total future minimum lease receivables from investment properties slightly decreased Capital Commitments (RMB thousands) | Item | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Properties Under Development (Contracted but not provided for) | 5,384,264 | 5,162,143 | +4.31% | | Properties Under Development (Authorized but not contracted for) | 2,456,374 | 2,197,717 | +11.77% | | Investment Properties (Contracted but not provided for) | 1,868 | 10,247 | -81.77% | | Investment Properties (Authorized but not contracted for) | 37,257 | 3,349 | +1012.45% | Future Minimum Lease Receivables from Investment Properties (RMB thousands) | Term | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Within 1 year | 699,924 | 749,998 | -6.79% | | 2 to 5 years | 874,238 | 901,478 | -3.02% | | After 5 years | 599,529 | 593,756 | +0.97% | | Total | 2,173,691 | 2,245,232 | -3.19% | [21. Significant Non-Cash Investing or Financing Activities](index=32&type=section&id=21%20重大非現金投資或融資活動) Significant non-cash activities during the period included the recognition of right-of-use assets and lease liabilities for property and equipment, and the offset of dividends receivable from joint ventures against amounts received from joint ventures - The recognition of right-of-use assets and lease liabilities for property and equipment is considered a non-cash investing and financing activity[61](index=61&type=chunk) - During the six months ended June 30, 2024, dividends receivable from joint ventures of **RMB 27,500 thousand** were offset against amounts received from joint ventures[61](index=61&type=chunk) - During the six months ended June 30, 2024, amounts received by the Group from joint ventures of **RMB 125,000 thousand** were offset against the net gain on derecognition of that joint venture[61](index=61&type=chunk) [22. Related Party Transactions](index=32&type=section&id=22.%20關聯方交易) The company engages in numerous related party transactions with North Star Group and other government-controlled entities, including service provision and receipt, loan transactions, and project co-development funds, with changes in the identity of some related parties during the period - The Group is controlled by **North Star Group**, which holds **34.48%** of the company's equity[62](index=62&type=chunk) - Significant transactions between the Group and entities controlled by the Chinese government (government-controlled entities) primarily include bank borrowings and certain purchases of goods and services[62](index=62&type=chunk) - During the period, some non-controlling shareholders (such as China Construction Jiuhua) were considered related parties, while Wuhan Base, Wuhan Jielong, and Shenzhen Jiangwan are no longer considered related parties[62](index=62&type=chunk) [22.i Services Received From/Provided To and Leases With Related Parties](index=33&type=section&id=22.i%20自關聯方接受╱提供服務和租賃) The company provides network and management services to related parties such as Beijing North Star Convention & Exhibition Investment Co., Ltd. and Chenxing Company, while receiving construction services from related parties like China Construction Revenue from Services Provided and Leases (RMB thousands) | Related Party | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | | :--- | :--- | :--- | | Beijing North Star Convention & Exhibition Investment Co., Ltd. | 1,925 | 2,494 | | Beijing Chenxing International Exhibition Co., Ltd. | 402 | 859 | | North Star Group | 1,620 | 1,054 | Expenses for Services Received and Leases (RMB thousands) | Related Party | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | | :--- | :--- | :--- | | Jingxi Sci-Fi Convention & Exhibition (Purchase of exhibition services) | 574 | 672 | | North Star Group (Trademark license fees, lease fees, and management service fees) | 465 | 1,483 | | China Construction (Receipt of construction services) | 398,651 | 352,087 | [22.ii Loans from North Star Group](index=34&type=section&id=22.ii%20自北辰集團取得的貸款) The company's outstanding loans from North Star Group significantly decreased at period-end, with substantial repayments made and new credit loans obtained during the period Loans from North Star Group (RMB thousands) | Metric | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | | :--- | :--- | :--- | | Beginning of period | 2,902,871 | 1,601,907 | | Proceeds from loans | 950,000 | 800,000 | | Repayment of loans | (2,250,000) | (300,000) | | End of period | 1,601,733 | 2,102,275 | - Credit loans provided by North Star Group to the company bear a fixed annual interest rate of **3.90%**[65](index=65&type=chunk)[66](index=66&type=chunk) - During the six months ended June 30, 2024, the company repaid multiple loans from North Star Group and obtained new credit loans totaling **RMB 950,000 thousand**[66](index=66&type=chunk) [22.iii Loans from China Construction Jiuhua](index=34&type=section&id=22.iii%20自中建玖合取得的貸款) The company's outstanding loans from China Construction Jiuhua slightly increased at period-end, with these unsecured loans bearing a fixed annual interest rate of **6.50%** Loans from China Construction Jiuhua (RMB thousands) | Metric | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | | :--- | :--- | :--- | | Beginning of period | 444,948 | 529,935 | | Proceeds from loans | 1,664 | 43,400 | | Repayment of loans | – | (124,000) | | End of period | 454,745 | 445,740 | - The loan is unsecured, bears a fixed annual interest rate of **6.50%**, and is repayable in installments within one year[67](index=67&type=chunk) [22.iv Project Co-development Funds Provided to Associates and Joint Ventures](index=35&type=section&id=22.iv%20向聯營企業和合營企業提供的項目合作開發款) The company provided project co-development funds to Wuhan Jinchen Yingchuang and Guangzhou Guangyue, with slightly reduced period-end balances, and some amounts bearing fixed interest rates Project Co-development Funds Provided to Associates and Joint Ventures (RMB thousands) | Related Party | June 30, 2024 (Unaudited) | January 1, 2023 (Unaudited) | | :--- | :--- | :--- | | Wuhan Jinchen Yingchuang | 282,918 | 287,942 | | Guangzhou Guangyue | 551,258 | 585,235 | | Total | 834,176 | 873,177 | - Of the amounts provided to Wuhan Jinchen Yingchuang, **RMB 264,600 thousand** bear a fixed annual interest rate of **6.5%**, with the remainder being interest-free[71](index=71&type=chunk) - Amounts provided to Guangzhou Guangyue bear a fixed annual interest rate of **6.5%**[72](index=72&type=chunk) [22.v Funds Received from Related Parties](index=36&type=section&id=22.v%20自關聯方取得資金) The company obtained funds from various joint ventures, associates, and non-controlling shareholders, with a reduced period-end balance, and some loans being interest-free or bearing fixed interest rates Funds Received from Related Parties (RMB thousands) | Related Party | June 30, 2024 (Unaudited) | January 1, 2023 (Unaudited) | | :--- | :--- | :--- | | Wuhan Dangdai | 42,000 | 42,000 | | Hangzhou Jinhu | – | 152,500 | | Beijing Chenxuan | 96,220 | – | | Wuxi Shengyang | – | 32,000 | | Wuxi Chenwan | 22,050 | 22,050 | | Jingxi Sci-Fi Convention & Exhibition | 11,864 | 1,115 | | Total | 172,248 | 321,416 | - Funds received from joint ventures and associates are unsecured, interest-free, and have no fixed repayment dates[74](index=74&type=chunk) - Loans from Wuhan Jielong and Wuhan Base are unsecured, bear a fixed annual interest rate of **10.5%**, and have no fixed repayment dates[74](index=74&type=chunk) [22.vi Amounts Provided to Related Parties](index=37&type=section&id=22.vi%20向關聯方提供款項) The company provided funds to Jinyu Real Estate, with the period-end balance remaining unchanged, and these funds are unsecured, non-interest-bearing, and have no fixed repayment terms Amounts Provided to Related Parties (RMB thousands) | Related Party | June 30, 2024 (Unaudited) | January 1, 2023 (Unaudited) | | :--- | :--- | :--- | | Jinyu Real Estate | 416,500 | 416,500 | | Total | 416,500 | 495,500 | - Amounts provided to related parties are unsecured, non-interest-bearing, and have no fixed repayment terms[79](index=79&type=chunk) [22.vii Advances Made on Behalf of Related Parties](index=37&type=section&id=22.vii%20為關聯方代墊款項) During the period, the company made advances totaling **RMB 250 thousand** on behalf of related parties, all of which have been fully repaid Advances Made on Behalf of Related Parties (RMB thousands) | Related Party | Advances Made This Year (RMB thousands) | Repayments (RMB thousands) | | :--- | :--- | :--- | | Chenxing Company | 224 | (224) | | Wuhan Dangdai | 13 | (13) | | North Star Group | 13 | (13) | | Total | 250 | (250) | - Amounts provided to related parties are unsecured, non-interest-bearing, and have no fixed repayment terms[79](index=79&type=chunk) [22.viii Balances, Advances, and Amounts for Purchases of Goods and Services](index=38&type=section&id=22.viii%20購買商品及服務的結餘、代墊款及款項) As of June 30, 2024, both amounts due from and to related parties decreased, and loans/advances from related parties significantly declined, with the company recognizing a higher loss allowance for amounts due from related parties Amounts Due from Related Parties (RMB thousands) | Related Party | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | Guangzhou Guangyue | 551,258 | 585,235 | | Wuhan Jinchen Yingchuang | 282,918 | 287,942 | | Jinyu Real Estate | 416,500 | 416,500 | | Total | 1,257,752 | 1,371,784 | Amounts Due to Related Parties (RMB thousands) | Related Party | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | North Star Group | 450 | 713 | | China Construction | 733,530 | 1,020,593 | | Total | 735,331 | 1,033,710 | Loans/Advances from Related Parties (RMB thousands) | Related Party | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | North Star Group | 1,601,733 | 2,902,871 | | China Construction Jiuhua | 454,745 | 444,948 | | Total | 2,228,597 | 3,782,488 | - As of June 30, 2024, the Group recognized a loss allowance of **RMB 548,514 thousand** for amounts due from related parties based on the expected credit loss model[82](index=82&type=chunk) [22.ix Key Management Personnel Remuneration](index=39&type=section&id=22.ix%20關鍵管理人員報酬) In the first half of 2024, the total remuneration for key management personnel, including salaries, other short-term employee benefits, and post-employment benefits, decreased Key Management Personnel Remuneration (RMB thousands) | Item | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | Change | | :--- | :--- | :--- | :--- | | Salaries and Other Short-term Employee Benefits | 6,485 | 9,644 | -32.76% | | Post-employment Benefits | 1,092 | 1,267 | -13.79% | | Total | 7,577 | 10,911 | -30.56% | [22.x Lease Liabilities](index=40&type=section&id=22.x%20租賃負債) As of June 30, 2024, the company's lease liabilities related to land with North Star Group slightly increased, and the final transfer of this land has not yet been completed Lease Liabilities (RMB thousands) | Related Party | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | North Star Group (Lease liabilities related to land) | 16,589 | 16,196 | - The company has entered into an asset transfer agreement with North Star Group to acquire a parcel of land, but the final transfer price has not yet been approved and requires independent shareholders' approval[84](index=84&type=chunk) [22.xi Dividends Received/Receivable](index=40&type=section&id=22.xi%20已收╱應收股息) During the period, the company's joint venture, Hangzhou Jinhu, declared a dividend, with the company's share amounting to **RMB 42,730 thousand** - The Group's joint venture, Hangzhou Jinhu, declared a dividend of **RMB 170,920 thousand** in April 2024, of which the Group's share is **RMB 42,730 thousand**[85](index=85&type=chunk) [Supplementary Information](index=41&type=section&id=補充信息) This section provides supplementary information, including a reconciliation of consolidated interim financial information between China Accounting Standards and Hong Kong Financial Reporting Standards [Reconciliation of Consolidated Interim Financial Information](index=41&type=section&id=合併中期財務資料調節表) The company provides a reconciliation of consolidated interim financial information between China Accounting Standards and Hong Kong Financial Reporting Standards, with key differences arising from the reversal of depreciation and impairment provisions for investment properties and fair value adjustments Reconciliation of Consolidated Interim Financial Information (RMB thousands) | Item | 2024 First Half (Loss)/Profit Attributable to Owners of the Company | 2023 First Half (Loss)/Profit Attributable to Owners of the Company | June 30, 2024 (Equity Attributable to Owners of the Company) | December 31, 2023 (Equity Attributable to Owners of the Company) | | :--- | :--- | :--- | :--- | :--- | | Under China Accounting Standards | (738,317) | 9,570 | 11,779,227 | 12,845,583 | | 1. Reversal of depreciation and impairment provisions for investment properties under China Accounting Standards | 151,890 | 100,130 | 2,773,448 | 2,621,558 | | 2. Fair value adjustments for investment properties under HKFRS | (183,153) | 23,266 | 3,893,876 | 4,077,029 | | Under HKFRS (including attributable to ordinary equity holders) | (769,580) | 132,966 | 18,446,551 | 19,544,170 | [Management Discussion and Analysis](index=42&type=section&id=管理層討論與分析) This section provides management's discussion and analysis of the company's operations, financial performance, industry conditions, core competencies, and future strategies [I. Description of the Company's Industry and Principal Businesses During the Reporting Period](index=42&type=section&id=一、報告期內公司所屬行業及主營業務情況說明) The company's main businesses are convention and exhibition (including hotels) and commercial properties, and real estate development, synergistically developed through a "convention + real estate" model; in the first half of 2024, the convention industry innovated, the hotel sector faced pressure, and the office market slowly recovered, while the real estate market experienced significant supply-demand changes and weak overall activity - The company's principal businesses include convention and exhibition (including hotels) and commercial properties, and real estate development[88](index=88&type=chunk) - The convention and exhibition (including hotels) business, relying on Capital Exhibition, is committed to building "China's leading convention and exhibition brand enterprise"[88](index=88&type=chunk) - The real estate development business has established a multi-regional, multi-level national development layout, involving diverse property types such as residential, apartments, villas, affordable housing, office buildings, and commercial properties, actively innovating development models and promoting "convention + real estate" project synergy[88](index=88&type=chunk) - In the first half of 2024, the convention and exhibition industry showed a clear trend towards digitalization and intelligent transformation, hotel occupancy rates and average room rates declined, and the Beijing office market saw a slight decrease in vacancy rates but continued rental declines[90](index=90&type=chunk) - In the first half of 2024, China's real estate market experienced significant changes in supply and demand, with overall weak activity, a **21.9%** year-on-year decrease in commercial residential sales area, and a **26.9%** decrease in sales value[91](index=91&type=chunk)[92](index=92&type=chunk) [ (I) Company Business Overview](index=42&type=section&id=（一）%20公司業務概要) The company's core businesses are convention and exhibition (including hotels) and commercial properties, and real estate development, integrating resources through a "convention + real estate" model to achieve multi-business synergistic development - The company's principal businesses include convention and exhibition (including hotels) and commercial properties, and real estate development[8

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: 2024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: 2024年9月2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 | | ...

Financial Performance - The company reported revenue of RMB 3,429,871,000 for the six months ended June 30, 2024, a decrease of 52.81% compared to RMB 7,268,886,000 in the same period last year[2]. - Operating loss for the period was RMB 355,699,000, a decline of 147.10% from a profit of RMB 755,275,000 in the previous year[2]. - Loss attributable to ordinary shareholders was RMB 769,580,000, a reduction of RMB 902,546,000 compared to the previous year's loss[2]. - Core operating performance (excluding fair value changes) recorded a loss of RMB 586,427,000, a decrease of RMB 696,127,000 year-on-year[1]. - The total adjusted profit before tax for the group was a loss of RMB 637,535,000 for the six months ended June 30, 2024, compared to a profit of RMB 342,020,000 in the same period of 2023[12]. - The company reported a loss before tax of RMB (706,872) thousand for the six months ended June 30, 2024, compared to a profit of RMB 379,984 thousand for the same period in 2023, indicating a significant decline in performance[18]. - Basic and diluted loss per share attributable to ordinary shareholders was RMB 22.86, compared to earnings of RMB 3.95 in the same period last year[2]. Asset and Liability Management - Total assets decreased to RMB 61,526,823,000 as of June 30, 2024, down from RMB 65,155,827,000 at the end of 2023[4]. - Non-current liabilities, including long-term borrowings, amounted to RMB 12,593,114,000, down from RMB 14,984,857,000[5]. - Current liabilities totaled RMB 20,294,861,000, compared to RMB 20,058,286,000 in the previous period[5]. - The company's net assets decreased to RMB 21,060,930,000 from RMB 22,227,860,000[5]. - Total liabilities also decreased to RMB 40,465,893 thousand as of June 30, 2024, compared to RMB 42,927,967 thousand as of December 31, 2023[20]. - The company's equity attributable to ordinary shareholders decreased by 5.62% as of June 30, 2024, primarily due to a loss attributable to ordinary shareholders of RMB 769.58 million during the period[75]. Revenue by Segment - For the six months ended June 30, 2024, the real estate development segment generated revenue of RMB 2,079,049,000, compared to RMB 5,992,742,000 for the same period in 2023, reflecting a significant decrease[8]. - The exhibition (including hotels) and commercial properties segment reported revenue of RMB 1,248,098,000 for the six months ended June 30, 2024, up from RMB 1,191,616,000 in the previous year, indicating a growth of approximately 4.7%[8]. - The group’s other segments generated revenue of RMB 102,724,000 for the six months ended June 30, 2024, compared to RMB 84,528,000 in the same period of 2023, representing an increase of about 21.5%[8]. Market Conditions - The real estate market saw a significant decline, with national residential sales area down 21.9% year-on-year to 40,114.18 million square meters, and sales revenue down 26.9% to RMB 41,269.74 billion in the first half of 2024[37]. - The overall real estate market activity remained weak, with transaction volumes at historically low levels across various cities[37]. - The company is facing market risks due to overall downward pressure in the national real estate market, influenced by declining resident income and housing price expectations[72]. Strategic Initiatives - The company is focusing on integrating exhibition resources and expanding its exhibition industry, aiming to become China's leading exhibition brand[33]. - The company is actively pursuing new strategies to mitigate risks and adapt to the changing market environment, focusing on high-quality development[35]. - The company is enhancing its asset management model and property management standards to support its "exhibition + real estate" operational strategy[33]. - The company is committed to developing a diversified operation model to enhance industry competitiveness[69]. Operational Highlights - The company hosted 674 exhibitions in the first half of 2024, a year-on-year increase of approximately 18%, with a total attendance of 1.4225 million people, up about 9%[42]. - The company signed 2 new management contracts and 4 consulting projects, expanding its management business to 29 cities across key strategic development areas[43]. - The company has a total managed venue area of 4.7 million square meters, maintaining a leading position in the industry[43]. Future Outlook - The company expects to achieve a construction area of 1.7462 million square meters and a completion area of 586,500 square meters in the second half of 2024, aiming for a sales area of 639,200 square meters with a contract amount (including parking spaces) of RMB 8.506 billion[70]. - The company plans to invest RMB 123 million in fixed assets in the second half of 2024, with funding sourced from its own capital[71]. - The company aims to increase its market share through strategic investments and new project launches in key regions[60].

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 3,429,871,062, a decrease of 52.81% compared to CNY 7,268,886,173 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was a loss of CNY 738,317,139, a significant decline of 7,815.16% compared to a profit of CNY 9,569,699 in the previous year[20]. - The net cash flow from operating activities was CNY 152,395,882, down 90.15% from CNY 1,547,704,025 in the same period last year[20]. - The total assets at the end of the reporting period were CNY 52,638,412,386, a decrease of 6.38% from CNY 56,225,144,598 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company decreased by 8.30% to CNY 11,779,227,484 from CNY 12,845,583,320 at the end of the previous year[20]. - Basic earnings per share for the first half of 2024 were -CNY 0.22, a decrease of 7,433.33% compared to CNY 0.003 in the same period last year[21]. - The weighted average return on net assets was -5.99%, a decrease of 6.06 percentage points from 0.07% in the previous year[21]. - The company reported a significant decline in both revenue and profit, indicating challenges in the current market environment[20]. - The company continues to face pressure on cash flow and profitability, necessitating strategic adjustments moving forward[20]. Risk Management - The company faces potential risks as outlined in the management discussion and analysis section[5]. - The management has emphasized the importance of risk awareness for investors regarding forward-looking statements[5]. - The company is committed to strengthening risk management and has exited three underperforming project companies[37]. - The company plans to closely monitor market trends and focus on mature markets with favorable investment environments, aiming to optimize development strategies and improve cash recovery rates to mitigate market risks[58]. Corporate Governance - The board of directors confirmed the authenticity, accuracy, and completeness of the semi-annual report, with no significant omissions or misleading statements[2]. - There are no violations of decision-making procedures regarding external guarantees[5]. - The company has not disclosed any significant changes in shareholder structure during the reporting period[7]. - The company did not propose any profit distribution or capital reserve increase plans in the current report[63]. - The company appointed Liang Jie as the new General Manager and elected him as an Executive Director during the 2024 first extraordinary general meeting[61]. - The company held its 2023 annual general meeting on May 16, 2024, where several new directors and supervisors were elected, including independent directors Zhou Yongjian, Gan Peizhong, and Chen Deqiu[62]. Environmental and Social Responsibility - The report includes a section on environmental and social responsibility, indicating the company's commitment to these areas[7]. - The company emphasizes strict compliance with various environmental laws and regulations, implementing internal management measures to enhance environmental protection and energy conservation[64]. - The company has established a carbon peak action plan, focusing on four key tasks: planning and system construction, energy transition, integration of business layout with green development, and special actions in the low-carbon field[66]. - The company actively promotes green construction and has developed green construction plans for multiple ongoing projects, emphasizing resource conservation and pollution control[65]. - The company is committed to enhancing water resource utilization efficiency, conducting assessments on the types, quantities, and quality of recyclable water resources[65]. Market and Business Development - The company is actively preparing for major events such as the 2024 Digital Expo and the 2024 Beijing Science and Technology Expo, enhancing its market presence[33]. - The company is focusing on the "exhibition + real estate" project linkage to drive innovation and development in response to current industry trends[31]. - The company has expanded its management output business, entering 29 cities with a total managed venue area of 4.7 million square meters, maintaining a leading position in the industry[33]. - The company plans to enhance its exhibition business by focusing on the integration of various business segments, aiming to become China's leading exhibition brand[38]. - The company is actively promoting the integration of commercial properties and enhancing market research to create a new commercial ecosystem in the Asia-Oceania region[36]. Financial Position and Debt Management - The company achieved a total financing amount of RMB 1.30 billion during the reporting period, ensuring the stability of its cash flow[37]. - The company has established long-term strategic partnerships with multiple banks and financial institutions, optimizing its debt structure and maintaining a low financing cost advantage[31]. - The company’s long-term borrowings were RMB 10.79 billion, accounting for 20.50% of total liabilities, a decrease of 2.64% from the previous year[44]. - The company’s interest-bearing debt at the beginning and end of the reporting period was CNY 21.968 billion and CNY 21.825 billion, respectively, reflecting a year-on-year decrease of 0.65%[101]. - The total interest-bearing debt under the consolidated scope increased from CNY 24.171 billion to CNY 24.748 billion, representing a year-on-year increase of 2.39%[103]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 126,212[82]. - The largest shareholder, Beijing Beichen Industrial Group Co., Ltd., holds 1,161,000,031 shares, representing 34.482% of the total shares[82]. - HKSCC NOMINEES LIMITED is the second-largest shareholder with 690,876,399 shares, accounting for 20.519%[82]. - The third-largest shareholder, Wangfujing Group Co., Ltd., holds 125,300,000 shares, which is 3.721% of the total[82]. - There are no changes in the number of shares held by the top ten shareholders compared to the previous period[84]. Accounting Policies and Financial Reporting - The financial statements are prepared in accordance with the Chinese Accounting Standards and reflect the company's financial position accurately[134]. - The company has maintained its accounting policies without any changes during the reporting period[125]. - The group recognizes expected credit losses for financial assets measured at amortized cost based on the expected credit loss model, considering historical loss experience and current economic conditions[145]. - The company recognizes revenue when control of goods or services is transferred to customers, with specific conditions for different business types[173]. - The company recognizes expected credit losses for financial guarantee contracts as part of expected liabilities[172].

本公司董事会及全体董事保证本报告内容不存在任何虚假记载、误导性陈述或重大遗 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。 根据上海证券交易所《上市公司行业信息披露指引第二号 — 房地产》的要求， 本公司 2024 年上半年主要经营数据如下： 一、 2024 年上半年房地产开发业务概述 2024 年 1-6 月，就房地产开发而言，在土地储备方面，公司实现总土地储备 421.44 万平方米，权益土地储备 392.38 万平方米，无新增房地产储备；在工程建设方 面，公司实现新开工面积4.00万平方米，开复工面积183.61万平方米，竣工面积8.99 万平方米；在项目销售方面，公司实现销售面积 151,672 平方米，销售金额 21.94 亿 元；结算面积 163,234 平方米，结算金额 20.79 亿元；报告期末待结转面积 109,745 平 方米。 1 | 证券代码：601588 | 证券简称：北辰实业 | | 公告编号：临 | 2024-038 | | --- | --- | --- | --- | --- | | 债券代码：188461 | 债券简称：21 | 北辰 G1 | | | | 债券 ...

| 证券代码：601588 | 证券简称：北辰实业 | | 公告编号：临 | 2024-037 | | --- | --- | --- | --- | --- | | 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 2024 半年度计提资产减值准备的公告 本公司董事会及全体董事保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏， 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。 北京北辰实业股份有限公司（以下简称"公司"或"本公司"）于 2024 年 8 月 28 日召开的第十届董事会第十次会议审议通过了《关于 2024 年半年度计提 资产减值准备的议案》。现将相关情况公告如下： 一、计提资产减值准备情况 为客观、公允地反映本公司截至 2024 ...

北京北辰实业股份有限公司（以下简称"本公司"）第十届董事会第十次会 议于 2024 年 8 月 28 日（星期三）上午 9:30 于北京市朝阳区北辰东路 8 号汇欣大 厦 A 座 12 层第一会议室以现场结合通讯的方式召开。本次会议应出席董事 9 名， 实到董事 8 名，独立非执行董事周永健先生以通讯方式出席并进行表决，独立非 执行董事陈德球先生委托独立非执行董事甘培忠先生进行表决。会议由本公司董 事长李伟东先生主持，本公司部分监事和高级管理人员列席了会议。本次会议的 召开符合公司章程及有关法律法规的相关规定。 会议一致通过决议如下： 一、以 9 票赞成，0 票反对，0 票弃权，批准本公司截至 2024 年 6 月 30 日止 境内半年度报告、报告摘要及境外中期业绩公告、中期报告。 本议案已经本公司董事会审计委员会审议通过并同意提交董事会审议。 | 证券代码：601588 | 证券简称：北辰实业 | | 公告编号：临 | 2024-039 | | --- | --- | --- | --- | --- | | 债券代码：188461 | 债券简称：21 | 北辰 G1 | | | | 债券代码：185114 ...

1、本公司截至 2024 年 6 月 30 日止境内半年度报告、报告摘要及境外中期业 绩公告、中期报告的编制和审议程序符合法律、法规、公司章程和公司内部管理 制度的各项规定。 | 证券代码：601588 | 证券简称：北辰实业 | | 公告编号：临 | 2024-040 | | --- | --- | --- | --- | --- | | 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 第十届第二次监事会决议公告 本公司监事会及全体监事保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏， 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。 北京北辰实业股份有限公司（以下简称"本公司"）第十届监事会第二次会 议于 2024 年 8 月 28 日（星期三） ...