公告称，营收减少主要受房地产开发业务结算面积下降影响。 北京北辰实业（601588）股份(00588)公布2025年中期业绩，实现收入为约人民币30.19亿元，同比下降 11.97%。公司普通股股东应占亏损约16.47亿元，同比增长114.03%;每股亏损48.92分。 ...

公告称，营收减少主要受房地产开发业务结算面积下降影响。 智通财经APP讯，北京北辰实业股份(00588)公布2025年中期业绩，实现收入为约人民币30.19亿元，同 比下降11.97%。公司普通股股东应占亏损约16.47亿元，同比增长114.03%;每股亏损48.92分。 ...

北京北辰實業股份有限公司董事會 提名委員會議事規則 （2025年8月修訂） 第一條 總則 為規範北京北辰實業股份有限公司（以下簡稱公司）董事會提名委員會（以下 簡稱委員會）組織機構、明確委員會的職責權限、保證委員會的工作效率和科學 決策，根據《中華人民共和國公司法》、《上市公司治理準則》、公司股票上市的交 易所相關上市規則以及國家的其他相關法律、行政法規和《北京北辰實業股份有 限公司章程》（以下簡稱公司章程）、《北京北辰實業股份有限公司董事會議事規 則》的規定，制定本規則。 第二條 性質 委員會是董事會下設機構，負責擬定董事、高級管理人員的選擇標準和程 序，對董事、高級管理人員人選及其任職資格進行遴選、審核。 第三條 成員 委員會由三名董事組成，其中獨立非執行董事兩名，且至少一名不同性別的 成員。委員會設召集人一名，由獨立非執行董事擔任，負責管理委員會日常工 作，召集並主持委員會會議；董事會負責委員會成員和委員會召集人的任免。 第六條 會議的召開 委員任期與董事會任期一致，委員任期屆滿，連選可以連任。期間如有委員 不再擔任公司董事職務，自動失去委員資格，並由董事會根據本條規定補足委員 人數。 第四條 職責 委 ...

Company Announcements and Financial Summary This section provides an overview of the company's interim results and key financial highlights [Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) Unaudited H1 2025 results show decreased revenue and expanded losses attributable to ordinary shareholders | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 3,019,320 | 3,429,871 | -11.97% | | Operating Loss | (1,137,652) | (355,699) | Loss increased by 781,953 | | Loss Attributable to Ordinary Shareholders | (1,647,124) | (769,580) | Loss increased by 877,544 | | Core Operating Loss (after tax, excluding fair value changes) | (1,475,877) | (586,427) | Loss increased by 889,450 | | Fair Value Change Loss on Investment Properties (after tax) | (171,247) | (183,153) | Decreased by 11,906 | Interim Condensed Consolidated Financial Statements This section presents the company's interim condensed consolidated financial statements, including the statement of profit or loss, comprehensive income, and financial position [Interim Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) H1 2025 saw RMB 3.019 billion revenue, a gross loss, and expanded operating and period losses | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 3,019,320 | 3,429,871 | | Cost of Sales | (3,327,281) | (2,941,989) | | Gross Loss / Profit | (307,961) | 487,882 | | Operating Loss | (1,137,652) | (355,699) | | Finance Costs – Net | (473,734) | (350,972) | | Loss Before Income Tax | (1,609,845) | (706,872) | | Loss for the Period | (1,765,459) | (880,432) | | Loss Attributable to Ordinary Shareholders of the Company | (1,647,124) | (769,580) | | Loss Per Share (Basic and Diluted) | (48.92) cents | (22.86) cents | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's total comprehensive loss for the period was RMB 1.765 billion, consistent with the loss for the period, with no other comprehensive income | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss for the Period | (1,765,459) | (880,432) | | Other Comprehensive Income | – | – | | Total Comprehensive Loss for the Period | (1,765,459) | (880,432) | | Attributable to Ordinary Shareholders of the Company | (1,647,124) | (769,580) | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total assets decreased by 5.73% to RMB 54.316 billion as of June 30, 2025, with ordinary shareholders' equity down 10.12% | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Assets | 54,315,622 | 57,619,449 | | Non-current Assets | 20,120,058 | 20,580,436 | | Current Assets | 34,195,564 | 37,039,013 | | Total Liabilities | 37,080,146 | 39,268,837 | | Non-current Liabilities | 20,499,763 | 23,017,509 | | Current Liabilities | 16,580,383 | 16,251,328 | | Net Assets | 17,235,476 | 18,350,612 | | Equity Attributable to Ordinary Shareholders of the Company | 14,636,281 | 16,283,405 | - Equity attributable to ordinary shareholders of the Company decreased by **10.12%** compared to December 31, 2024, primarily due to the loss incurred during the period[90](index=90&type=chunk) Notes to the Financial Statements This section provides detailed notes to the interim financial statements, covering accounting policies, segment information, operating loss, finance costs, and tax expenses [1. Summary of Significant Accounting Policies and Basis of Preparation](index=6&type=section&id=1.%20Summary%20of%20Significant%20Accounting%20Policies%20and%20Basis%20of%20Preparation) Interim financial information is prepared under HKAS 34, with accounting policies consistent with 2024 annual statements, and HKAS 21 amendments having no material impact - Interim financial information is prepared in accordance with **HKAS 34** and has been reviewed but not audited[10](index=10&type=chunk)[11](index=11&type=chunk) - The amendment to **HKAS 21 "Lack of Exchangeability"** became effective on January 1, 2025, and was first adopted, but it has no material impact on the Group's interim financial information[11](index=11&type=chunk)[12](index=12&type=chunk) [2. Segment Information](index=7&type=section&id=2.%20Segment%20Information) Segment information shows Convention, Exhibition (including Hotel) and Commercial Properties' profit slightly up, while Property Development's loss significantly widened - The Board assesses business based on product and service perspectives, with primary segments being **Convention, Exhibition (including Hotel) and Commercial Properties** and **Property Development**[13](index=13&type=chunk) - Segment results are evaluated based on adjusted loss before income tax, excluding fair value losses on investment properties, but including land appreciation tax and depreciation/impairment provisions for investment properties[13](index=13&type=chunk) [2.1 Segment Revenue](index=8&type=section&id=2.1%20Segment%20Revenue) Convention, Exhibition (including Hotel) and Commercial Properties revenue increased, while Property Development revenue decreased, leading to an overall group revenue decline | Segment | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Convention, Exhibition (including Hotel) and Commercial Properties | 1,476,714 | 1,248,098 | +18.32% | | Property Development | 1,461,344 | 2,079,049 | -29.71% | | Other Segments | 81,262 | 102,724 | -20.90% | | **Total Revenue** | **3,019,320** | **3,429,871** | **-11.97%** | | Revenue Type | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue recognized at a point in time | 1,681,085 | 2,478,389 | | Revenue recognized over time | 618,808 | 488,827 | [2.2 Segment Results](index=10&type=section&id=2.2%20Segment%20Results) Convention, Exhibition (including Hotel) and Commercial Properties' profit before tax slightly increased, while Property Development's loss significantly widened | Segment | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Convention, Exhibition (including Hotel) and Commercial Properties | 201,526 | 198,372 | +1.59% | | Property Development | (1,606,723) | (801,340) | Loss widened by 100.49% | | Other Segments | (26,631) | (34,567) | Loss narrowed by 22.96% | | **Reportable Segment Loss Before Income Tax** | **(1,431,828)** | **(637,535)** | **Loss widened by 124.59%** | [2.3 Segment Assets and Liabilities](index=11&type=section&id=2.3%20Segment%20Assets%20and%20Liabilities) Total segment assets were RMB 40.283 billion and liabilities RMB 21.535 billion as of June 30, 2025, with property development holding the largest asset share | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Segment Assets | 40,283,161 | 42,883,165 | | Total Segment Liabilities | 21,535,488 | 22,866,101 | | Contract Liabilities | 1,818,089 | 1,475,855 | | Additions to Non-current Assets | 13,181 | 103,727 | [2.4 Segment Reconciliation Items](index=12&type=section&id=2.4%20Segment%20Reconciliation%20Items) Revenue from opening contract liabilities decreased significantly, with reconciliation items including headquarters expenses, finance costs, and investment property fair value losses | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue recognized from opening contract liabilities balance | 526,953 | 1,459,686 | -63.90% | | Revenue recognized by Property Development segment | 248,997 | 1,341,945 | -81.45% | | Reconciliation Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Reportable Segment Loss Before Income Tax | (1,431,828) | (637,535) | | Fair Value Loss on Investment Properties | (228,821) | (245,672) | | Reversal of Depreciation and Impairment Losses on Investment Properties | 146,930 | 203,401 | | Land Appreciation Tax | (25,559) | 78,128 | | **Loss Before Income Tax** | **(1,609,845)** | **(706,872)** | - All revenue from external customers is generated in **China**, with no significant revenue from specific external customers[30](index=30&type=chunk)[31](index=31&type=chunk) [3. Operating Loss](index=14&type=section&id=3.%20Operating%20Loss) Operating loss was primarily driven by a significant increase in impairment losses on properties under development and completed properties held for sale | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Fair value loss on investment properties expensed in profit or loss | (228,821) | (245,672) | Decreased by 7.06% | | Impairment losses on properties under development and completed properties held for sale | (1,077,353) | (478,572) | Increased by 125.13% | | Net impairment losses on financial assets | (60,932) | (133,539) | Decreased by 54.37% | | Government grants | 3,763 | 1,075 | Increased by 250.05% | | Investment income | 8,350 | 26,738 | Decreased by 68.86% | - Impairment losses on properties under development and completed properties held for sale are included in **cost of sales** in the interim condensed consolidated statement of profit or loss[33](index=33&type=chunk) [4. Finance Income and Costs](index=14&type=section&id=4.%20Finance%20Income%20and%20Costs) Net finance costs increased by 35.00% to RMB 474 million, primarily due to reduced capitalized interest | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Interest expense | (532,611) | (626,436) | Decreased by 14.98% | | Less: Amount capitalized in properties under development | 43,320 | 206,150 | Decreased by 78.98% | | Finance costs | (489,291) | (420,286) | Increased by 16.42% | | Finance income – interest income | 19,974 | 72,307 | Decreased by 72.38% | | **Net Finance Costs** | **(473,734)** | **(350,972)** | **Increased by 35.00%** | [5. Income Tax Expense](index=15&type=section&id=5.%20Income%20Tax%20Expense) Income tax expense was RMB 156 million, slightly lower than prior year, with standard corporate and land appreciation taxes applicable | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | China Corporate Income Tax | 92,946 | 175,727 | | China Land Appreciation Tax | (25,559) | 78,128 | | Deferred Income Tax | 88,227 | (80,295) | | **Income Tax Expense** | **155,614** | **173,560** | - China Corporate Income Tax rate is **25%**, with certain high-tech enterprises (e.g., Shoudu Convention & Exhibition and North Star Times Convention & Exhibition) subject to a **15%** rate[36](index=36&type=chunk) - The company is subject to **Land Appreciation Tax** at progressive rates ranging from **30% to 60%**[36](index=36&type=chunk) [6. Loss Per Share](index=16&type=section&id=6.%20Loss%20Per%20Share) H1 2025 basic and diluted loss per share significantly widened to RMB 0.4892 from RMB 0.2286 in the prior year | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss Attributable to Ordinary Shareholders of the Company (RMB thousands) | (1,647,124) | (769,580) | | Number of Ordinary Shares Issued (thousands of shares) | 3,367,020 | 3,367,020 | | Loss Per Share (Basic and Diluted, RMB cents) | (48.92) | (22.86) | - The company had no potential dilutive ordinary shares for the six months ended June 30, 2025, thus diluted loss per share is equal to basic loss per share[39](index=39&type=chunk) [7. Dividends](index=17&type=section&id=7.%20Dividends) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025, and no final dividend was declared for the year ended December 31, 2024 - The Board resolved **not to declare an interim dividend** for the six months ended June 30, 2025[42](index=42&type=chunk) - The annual general meeting in May 2025 resolved **not to declare a final dividend** for the year ended December 31, 2024[42](index=42&type=chunk) [8. Trade and Other Receivables and Prepayments](index=17&type=section&id=8.%20Trade%20and%20Other%20Receivables%20and%20Prepayments) Total trade receivables increased to RMB 343 million as of June 30, 2025, with a notable rise in older receivables | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 30 days | 65,143 | 125,889 | | 31 to 90 days | 39,516 | 29,836 | | Over 90 days | 237,854 | 125,985 | | **Total Trade Receivables** | **342,513** | **281,710** | - The Group's majority of sales are conducted on a **cash or prepayment basis**, with the remaining amounts having credit terms of **30 to 90 days**[43](index=43&type=chunk) [9. Trade and Other Payables and Borrowings from Other Parties](index=18&type=section&id=9.%20Trade%20and%20Other%20Payables%20and%20Borrowings%20from%20Other%20Parties) Total trade payables decreased to RMB 4.103 billion as of June 30, 2025, with the largest portion being long-aged | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 180 days | 803,263 | 1,499,404 | | 181 to 365 days | 515,678 | 578,138 | | Over 365 days | 2,784,375 | 2,587,259 | | **Total Trade Payables** | **4,103,316** | **4,664,801** | [Reconciliation of Differences between PRC GAAP and HKFRS](index=19&type=section&id=Reconciliation%20of%20Differences%20between%20PRC%20GAAP%20and%20HKFRS) Reconciliation of PRC GAAP and HKFRS financial data highlights differences in investment property depreciation reversal and fair value adjustments | Item | H1 2025 Loss Attributable to Owners (RMB thousands) | H1 2024 Loss Attributable to Owners (RMB thousands) | June 30, 2025 Equity Attributable to Owners (RMB thousands) | December 31, 2024 Equity Attributable to Owners (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | Under PRC GAAP | (1,585,414) | (738,317) | 8,113,729 | 9,699,143 | | Reversal of investment property depreciation and impairment under PRC GAAP | 109,537 | 151,890 | 2,995,689 | 2,886,152 | | Fair value adjustment of investment properties under HKFRS | (171,247) | (183,153) | 3,526,863 | 3,698,110 | | **Under HKFRS** | **(1,647,124)** | **(769,580)** | **14,636,281** | **16,283,405** | Discussion of the Company's Industry and Principal Business Operations During the Reporting Period This section outlines the company's business segments and the broader industry trends impacting its operations during the reporting period [(I) Business Overview](index=20&type=section&id=%28I%29%20Business%20Overview) Core businesses include convention, exhibition (including hotel) and commercial properties, and property development, focusing on full industry chain and national expansion - The company's Convention, Exhibition (including Hotel) business, relying on Shoudu Convention & Exhibition, strengthens the expansion of new businesses and technologies in the MICE industry, actively promoting a **full industry chain layout** and becoming a professional operator for the CIFTIS[47](index=47&type=chunk) - Commercial property business, relying on Beijing North Star Commercial Management Co., Ltd., provides professional asset operation and property management services for various asset types, including **office buildings, apartments, and integrated commercial properties**[48](index=48&type=chunk) - Property development business has formed a **multi-regional, multi-level national development layout**, with projects distributed in 15 core cities including Beijing-Tianjin-Hebei, the Yangtze River Economic Belt, Chengdu-Chongqing urban cluster, Hainan Free Trade Port, and the Guangdong-Hong Kong-Macao Greater Bay Area[49](index=49&type=chunk) [(II) Industry Development](index=21&type=section&id=%28II%29%20Industry%20Development) H1 2025 saw China's GDP grow 5.3%, rapid MICE sector development, recovering hotel occupancy, and a stabilizing Beijing office market, with the property market repairing - China's GDP grew by **5.3%** in H1 2025, with the economy operating steadily and showing positive momentum overall[50](index=50&type=chunk) - The **MICE industry** developed rapidly, with expanding market scale, accelerated digital transformation, and significantly enhanced internationalization; hotel occupancy moderately recovered, but average room rates were under pressure[51](index=51&type=chunk) - The **property market** continued its repair trend, with increased policy support from central and local governments, but transaction volume slightly decreased in H1, with commercial residential sales area down **3.7%** YoY and sales value down **5.2%** YoY[52](index=52&type=chunk) Analysis of Core Competencies During the Reporting Period Core competencies include leading convention and exhibition brand influence, integrated property development, and low financing costs from its 'headquarters financing' model - The company leverages nearly **30 years of professional MICE operation and international service experience**, actively building a MICE ecosystem, and organizing major exhibitions such as CIFTIS and China Refrigeration Expo[54](index=54&type=chunk) - MICE venue management scale remains **number one nationwide**, having entered 33 cities and regions through self-owned and asset-light management output models[54](index=54&type=chunk) - The company possesses **integrated property development and operation capabilities**, covering multiple property types, and actively innovates development models, promoting the linkage of "MICE + Property" projects[54](index=54&type=chunk) - Utilizing the advantages of its **"headquarters financing" model**, the company has established strategic partnerships with multiple banks and financial institutions, maintaining relatively **low financing costs**, and actively exploring diversified financing channels such as medium-term notes, corporate bonds, and asset securitization[55](index=55&type=chunk) Discussion and Analysis of Operations This section provides a detailed review of the company's operating performance and strategic initiatives across its business segments [(I) Operating Review](index=23&type=section&id=%28I%29%20Operating%20Review) H1 2025 revenue decreased by 11.97% to RMB 3.019 billion, primarily due to lower property development settlement, leading to significantly expanded losses | Indicator | H1 2025 (RMB tens of thousands) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 301,932.0 | -11.97% | | Loss Before Tax | 160,984.5 | Loss increased by 90,297.3 | | Loss Attributable to Ordinary Shareholders | 164,712.4 | Loss increased by 87,754.4 | | Core Operating Loss from Principal Business (after tax, excluding fair value change loss) | 147,587.7 | Loss increased by 88,945.0 | | Fair Value Change Loss on Investment Properties (after tax) | 17,124.7 | - | | Loss Per Share | 0.4892 RMB | - | [1. Convention, Exhibition (including Hotel) and Commercial Properties](index=24&type=section&id=1.%20Convention%2C%20Exhibition%20%28including%20Hotel%29%20and%20Commercial%20Properties) This segment's revenue rose 18.32% to RMB 1.477 billion, with profit before tax up 1.59%, driven by successful events and expanded management | Indicator | H1 2025 (RMB tens of thousands) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 147,671.4 | +18.32% | | Profit Before Tax | 20,152.6 | +1.59% | - Successfully completed service support for major state and government events, including the **4th Ministerial Meeting of the China-Latin American Forum** and the **10th Annual Meeting of the Asian Infrastructure Investment Bank in 2025**[57](index=57&type=chunk) - Successfully hosted the **29th World Gas Conference** and the **2025 China Refrigeration Expo**, with the World Gas Conference exhibition area exceeding **50,000 square meters** and China Refrigeration Expo reaching **115,000 square meters**, both setting new historical highs[57](index=57&type=chunk) - Self-owned venues and hotels hosted **1,071 exhibitions and events**, a YoY increase of approximately **58.9%**; signed **3 new entrusted management projects** for venues and hotels, and **3 consulting projects**, with management output business now in **33 cities nationwide**[58](index=58&type=chunk) - The **National Convention Center Phase II** and **Shoudu International Convention & Exhibition Center** officially commenced operations, forming a world-class MICE complex and successfully undertaking multiple large-scale conferences and exhibitions[59](index=59&type=chunk) - Promoted the normalized operation of the **Asian Olympic Business District New Consumption Innovation Alliance**, organized "MICE Markets," and developed the "Asian Olympic Consumption Pass" to foster integrated development of "MICE, business, culture, tourism, and sports"[64](index=64&type=chunk) - Actively carried out investment promotion for the **Chaoyang Data Industrial Park**, successfully signing **14 industrial enterprises**, contributing to the construction of Beijing's International Science and Technology Innovation Center[66](index=66&type=chunk) | Project Name | Business Type | Building Area (square meters) | Rental Income (RMB tens of thousands) | | :--- | :--- | :--- | :--- | | National Convention Center | Conference, Exhibition | 270,800 | 20,011 | | Beijing International Convention Center | Conference, Exhibition | 58,000 | 4,039 | | North Star Times Tower | Office Building | 131,300 | 6,972 | | North Star Century Center | Office Building | 149,800 | 9,503 | | Beijing Wuzhou Hotel | Hotel | 42,000 | 5,233 | | North Star Huiyuan Hotel Apartment | Apartment | 184,300 | 12,518 | | Changsha North Star Delta Joy City | Commercial | 100,000 | 6,482 | [2. Property Development](index=33&type=section&id=2.%20Property%20Development) Property development revenue decreased by 29.71% to RMB 1.461 billion, with profit before tax loss widening, due to reduced settlement and lower gross margins | Indicator | H1 2025 | YoY Change | | :--- | :--- | :--- | | Operating Revenue (including parking spaces) | 146,134.4 RMB tens of thousands | -29.71% | | Loss Before Tax | 160,672.3 RMB tens of thousands | Loss increased by 80,538.3 RMB tens of thousands | | Contract Sales Value (including parking spaces) | 2.282 billion RMB | +4.03% | | Sales Area | 174,900 square meters | +15.34% | | Settlement Area | 137,400 square meters | -15.83% | | Settlement Value | 1.461 billion RMB | -29.71% | - The **North Star Hongxiang Villa project** achieved strong initial sales, with cumulative sales of **RMB 480 million**; the **Chongqing North Star Yuelai No. 1 project** achieved sales of **RMB 330 million**[69](index=69&type=chunk) - During the reporting period, the company achieved **1,093,900 square meters** of commenced and resumed construction area, **27,400 square meters** of completed area, and the **A2-1 building of Changsha North Star Delta project** was successfully topped out[69](index=69&type=chunk)[74](index=74&type=chunk) - The company's total land reserve is **3,696,900 square meters**, with equity land reserve of **3,445,800 square meters**, and no new property reserves added[71](index=71&type=chunk) - As of the end of the reporting period, the area pending settlement was **198,287 square meters**[77](index=77&type=chunk) [3. Digital Transformation](index=38&type=section&id=3.%20Digital%20Transformation) Digital transformation integrated marketing across segments and established an asset-operations-finance platform to enhance management efficiency - The company integrated digital marketing capabilities across its **convention, exhibition, commercial property, and property development** segments, forming a unified external digital marketing outlet to enhance resource utilization efficiency and market competitiveness[78](index=78&type=chunk) - Completed the construction of an **asset-operations-finance integrated digital platform**, promoting integrated management of asset management, business operations management, and financial management to improve resource allocation efficiency[78](index=78&type=chunk) [4. Financing Activities](index=39&type=section&id=4.%20Financing%20Activities) Total financing reached RMB 23.69 billion, with average financing cost reduced to 3.66%, ensuring stable operational funding | Indicator | Amount (RMB tens of thousands) | | :--- | :--- | | Total Financing at Period End | 2,368,745 | | Overall Average Financing Cost | 3.66% | | Capitalized Interest Amount | 4,332 | - The company strengthened capital planning, enhanced debt control, maintained a stable interest-bearing debt scale, and continuously optimized its debt structure to reduce funding costs[79](index=79&type=chunk) [(II) Company Development Strategy](index=39&type=section&id=%28II%29%20Company%20Development%20Strategy) Strategy focuses on synergistic development and innovation, advancing convention and exhibition, accelerating property transformation, and enhancing commercial property operations - The **Convention and Exhibition business segment** aims to build an international first-class, domestic leading MICE brand, strengthen the full industry chain layout, fully serve and guarantee state and government events, innovate and enhance the market-oriented operation of CIFTIS, and expand its hosting and organizing business[83](index=83&type=chunk) - The **Commercial Property business segment** aims to build a domestic leading brand in public building and industrial park asset operation and management, deeply promote the innovative development of the Asian Olympic Business District New Consumption Alliance, strengthen asset management, and accelerate the investment promotion and infrastructure construction of industrial parks[84](index=84&type=chunk) - The **Property Development business segment** will focus on the "one core, two wings" strategy, accelerate the disposal of existing projects, with an estimated sales area of **288,200 square meters** and contract sales of **RMB 3.228 billion** in H2, and promote deep synergy of "MICE + Property + Commercial Management"[85](index=85&type=chunk) - **Digital transformation** will actively cultivate new digital businesses, systematically promoting digital transformation around the MICE industry's upstream and downstream service ecosystem, the Asian Olympic urban consumption center business district ecosystem, and the company's various business types[86](index=86&type=chunk) - In terms of **financing and capital expenditure**, the company will strengthen capital planning, innovate financing methods, and enhance debt control, with an estimated fixed asset investment of **RMB 40 million** in H2[87](index=87&type=chunk) Risks the Company May Face This section identifies key risks, including market downturns in the property sector and challenges in talent acquisition and retention [1. Market Risk](index=41&type=section&id=1.%20Market%20Risk) Property market adjustment and subdued buyer confidence may lead to low sales volumes and prices, impacting cash collection efficiency - A sustained downturn in the property market may lead to continued low sales volumes and prices, directly impacting cash collection efficiency and posing risks to the company's operational stability[88](index=88&type=chunk) - The company will select cities and regions with **mature market development, favorable investment environments, and net population inflow**, and is committed to improving its cash collection ratio[88](index=88&type=chunk) [2. Talent Reserve Risk](index=41&type=section&id=2.%20Talent%20Reserve%20Risk) Business expansion increases demand for specialized and senior management talent, posing a significant talent shortage risk - The company faces a significant increase in demand for various talents, especially **specialized and senior management talent**, posing a risk of talent shortage[89](index=89&type=chunk) - The company actively builds a "grand talent" work framework, attracting and gathering talent through "excellent training programs," school-enterprise cooperation, and market-oriented recruitment, while strengthening the cultivation of young management talent[89](index=89&type=chunk) Discussion and Analysis of Financial Performance This section analyzes the company's financial resources and liquidity position, highlighting changes in equity and debt structure [Financial Resources and Liquidity Position](index=42&type=section&id=Financial%20Resources%20and%20Liquidity%20Position) Ordinary shareholders' equity decreased by 10.12% due to period losses, with total bank and other borrowings at RMB 13.361 billion and an asset-liability ratio of 68% - Equity attributable to ordinary shareholders of the Company decreased by **10.12%** compared to December 31, 2024, primarily due to the loss of **RMB 1.647 billion** incurred during the period[90](index=90&type=chunk) | Borrowing Type | Net Amount at Period End (RMB tens of thousands) | | :--- | :--- | | Bank and Other Borrowings (excluding bonds) | 1,336,060.2 | | Five-year Corporate Bonds | 225,571.3 | | Three-year Corporate Bonds | 32,445.5 | | Two-year Corporate Bonds | 87,289.6 | | Five-year Medium-Term Notes | 330,138.3 | | Three-year Medium-Term Notes | 71,382.8 | | Asset-Backed Special Plan Financing | 285,857.0 | | Indicator | June 30, 2025 (RMB tens of thousands) | | :--- | :--- | | Current Assets | 3,419,556.4 | | Current Liabilities | 1,658,038.3 | | Bank Deposits and Cash (excluding restricted bank deposits) | 623,737.7 | | Asset-Liability Ratio | 68% | - The Group's operations are all conducted within **Mainland China** and settled in **RMB**, with no significant foreign exchange fluctuation risk[92](index=92&type=chunk) - As of June 30, 2025, outstanding phased guarantees amounted to **RMB 4.074 billion**, which had no material impact on the financial position[92](index=92&type=chunk) Share Capital and Major Shareholder Holdings This section details the company's share capital structure, major shareholder information, and directors' interests [Share Capital](index=43&type=section&id=Share%20Capital) Total registered share capital was 3,367,020,000 shares as of June 30, 2025, including domestically listed A-shares and overseas listed H-shares | Share Class | Number of Shares | Percentage | | :--- | :--- | :--- | | Domestically Listed A-shares | 2,660,000,000 shares | 79.002% | | Overseas Listed H-shares | 707,020,000 shares | 20.998% | | **Total Registered Share Capital** | **3,367,020,000 shares** | **100%** | [Major Shareholder Holdings](index=43&type=section&id=Major%20Shareholder%20Holdings) Beijing North Star Industrial Group Co., Ltd. was the largest shareholder as of June 30, 2025, holding 35.02% of total share capital | Shareholder Name | Nature of Interest | Capacity | Share Class | Number of Shares Held | Percentage of Total Share Capital | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing North Star Industrial Group Co., Ltd. | Corporate Interest | Beneficial Owner | A-shares | 1,179,122,931 shares | 35.02% | [Directors' Interests](index=43&type=section&id=Directors%27%20Interests) No directors, chief executives, or their associates held registrable interests or short positions in the company's or its associated corporations' securities as of June 30, 2025 - As of June 30, 2025, no directors, chief executives, or their respective associates held any registrable interests or short positions in any shares, underlying shares, or debentures of the company or its associated corporations[95](index=95&type=chunk) Corporate Governance This section outlines the company's commitment to high corporate governance standards, including compliance with codes and the role of the audit committee [Corporate Governance Code](index=43&type=section&id=Corporate%20Governance%20Code) The company fully complied with all code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules, maintaining high governance standards - The company fully complied with all code provisions of the **Corporate Governance Code** as set out in Appendix C1 of the Listing Rules during the period[96](index=96&type=chunk) [Model Code for Securities Transactions by Directors](index=44&type=section&id=Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The company adopted the Model Code, confirming directors and former supervisors complied with its standards during the reporting period - The company has adopted the **Model Code**, and confirmed that its directors and former supervisors have complied with the required standards set out in the Model Code during the reporting period[97](index=97&type=chunk) [Audit Committee](index=44&type=section&id=Audit%20Committee) The Audit Committee, composed of three independent non-executive directors, reviews financial reporting and internal controls, and has reviewed the interim results - The Audit Committee is composed of three independent non-executive directors: **Dr. Zhou Yongjian, Mr. Gan Peizhong, and Ms. Qian Aimin**[98](index=98&type=chunk) - The Audit Committee and the Board have reviewed the Group's unaudited interim results for the six months ended June 30, 2025[98](index=98&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=44&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the period[99](index=99&type=chunk) [Entrusted Deposits and Matured Time Deposits](index=44&type=section&id=Entrusted%20Deposits%20and%20Matured%20Time%20Deposits) No entrusted deposits were held; all cash deposits were in Chinese commercial banks, with no issues retrieving matured bank deposits - The Group had no entrusted deposits placed with Chinese financial institutions, and all cash deposits were held in commercial banks in China[100](index=100&type=chunk) - The Group has not encountered any situations where bank deposits could not be retrieved after maturity[100](index=100&type=chunk) [Employees](index=44&type=section&id=Employees) The company had 5,039 employees as of June 30, 2025, with performance-based remuneration and regular training, but no share option schemes or bonuses - As of June 30, 2025, the company had **5,039 employees**[101](index=101&type=chunk) - The company reviews employee remuneration based on performance and profitability, with total employee wages linked to the company's economic benefits, and no share option schemes or bonuses are provided to employees[101](index=101&type=chunk) - The company regularly provides training to its operating managers in areas such as business management, foreign languages, computer skills, business knowledge, and policy regulations[101](index=101&type=chunk) [Staff Quarters](index=44&type=section&id=Staff%20Quarters) The company did not provide any staff quarters to its employees during the reporting period - The company did not provide any staff quarters to its employees during the period[102](index=102&type=chunk) Significant Events After the Reporting Period No significant events affecting the company occurred after June 30, 2025, as of the announcement date - No significant events affecting the company occurred after June 30, 2025, and up to the date of this announcement[103](index=103&type=chunk) Other Information This section provides details on the publication of the interim report, availability of documents for inspection, and the composition of the Board of Directors [Publication of Interim Report](index=45&type=section&id=Publication%20of%20Interim%20Report) The company's 2025 interim report will be published on the HKEX and company websites in due course - The company's 2025 interim report will be published on the HKEX website and the company's website in due course[104](index=104&type=chunk) [Documents Available for Inspection](index=45&type=section&id=Documents%20Available%20for%20Inspection) The original 2025 interim report, signed by the Chairman, will be available for inspection at the Board of Directors' Office - The original copy of the 2025 interim report, signed by the Chairman, will be available for inspection at the Board of Directors' Office[105](index=105&type=chunk) [Board Composition and Language Discrepancy](index=45&type=section&id=Board%20Composition%20and%20Language%20Discrepancy) The Board comprises eight directors, five executive and three independent non-executive, with the Chinese version prevailing in case of discrepancy - The company's Board of Directors consists of **eight directors**, including Mr. Zhang Jie, Ms. Liang Jie, Mr. Yang Huasen, Ms. Zhang Wenlei, and Mr. Wei Mingqian as executive directors, and Dr. Zhou Yongjian, Mr. Gan Peizhong, and Ms. Qian Aimin as independent non-executive directors[106](index=106&type=chunk) - In case of any discrepancy between the Chinese and English versions of this announcement, the **Chinese version shall prevail**[107](index=107&type=chunk)

Core Points - The company held its 37th board meeting on August 22, 2025, with 8 directors present and 7 in attendance, confirming compliance with legal regulations [2] - The board unanimously approved the semi-annual report for the period ending June 30, 2025, with 8 votes in favor and no opposition [2] - The company decided not to distribute an interim dividend for the first half of 2025, with the same unanimous approval [3] Summary by Categories Financial Reports - The board approved the semi-annual report and its summary, as well as the overseas interim performance announcement [2] - The company will not distribute an interim dividend for the first half of 2025 [3] Asset Management - The board approved a proposal for asset impairment provision for the first half of 2025 [2] Governance - The board authorized the company secretary to finalize necessary modifications to the semi-annual report before its release [3] - The board approved the selection management measures for the accounting firm [3] - The board revised the rules for the nomination committee meetings and the diversity policy for board members [4]

（文章来源：每日经济新闻） 北辰实业8月22日晚间发布公告称，公司第十届第三十七次董事会会议于2025年8月22日以现场结合通讯 的方式召开。会议审议了《关于2025年半年度计提资产减值准备的议案》等文件。 ...

董事和高级管理人员所持本公司股份及其变动管理办法 （2025 年 8 月修订） 公司董事和高级管理人员就其所持股份变动相关事项（持有股份 比例、持有期限、变动方式、变动数量、变动价格等）作出承诺 的，应当严格遵守。 （一）董事、高级管理人员离职后半年内； （二）董事、高级管理人员承诺一定期限内不转让并在该期限内 的； 北京北辰实业股份有限公司 券交易所公开谴责未满 3 个月的； （七）公司可能触及重大违法强制退市情形，在上海证券交易所 规定的限制转让期限内的； （八）法律、行政法规、中国证监会和上海证券交易所规则以及 公司章程规定的其他情形。 （三）公司因涉嫌证券期货违法犯罪，被中国证监会立案调查或 者被司法机关立案侦查，或者被行政处罚、判处刑罚未满 6 个月 的； （四）董事、高级管理人员因涉嫌与公司有关的证券期货违法犯 罪，被中国证监会立案调查或者被司法机关立案侦查，或者被行 政处罚、判处刑罚未满 6 个月的； （五）董事、高级管理人员因涉及证券期货违法，被中国证监会 行政处罚，尚未足额缴纳罚没款的，但法律、行政法规另有规定 或者减持资金用于缴纳罚没款的除外； （六）董事、高级管理人员因涉及与公司有关的违 ...

北京北辰实业股份有限公司 会计师事务所选聘管理办法 第一章 总则 第一条 为规范北京北辰实业股份有限公司（以下简称"公司"）选聘（含 续聘、改聘，下同）会计师事务所相关行为，切实维护公司及股东利益，提高财 务信息质量，根据《中华人民共和国公司法》《中华人民共和国证券法》《国有 企业、上市公司选聘会计师事务所管理办法》等法律、行政法规和规范性文件以 及《北京北辰实业股份有限公司章程》（以下简称"《公司章程》"）和公司有 关货物、服务采购招标管理规定，并结合公司实际情况，制定本办法。 第二条 本办法所称选聘会计师事务所，是指公司根据相关法律法规要求 ，聘任会计师事务所对财务会计报告发表审计意见、出具审计报告的行为。 第三条 公司选聘或解聘会计师事务所，应当经董事会审计委员会（以下 简称"审计委员会"）审议同意后，提交董事会审议，并由股东会决定。公司 不得在股东会作出决议前聘请会计师事务所开展审计业务。 第四条 本办法适用于公司总部，公司下属全资、控股子公司及参股企业 （以下统称"下属企业"）参照执行。 第二章 会计师事务所选聘要求 第五条 公司选聘的会计师事务所应当具备下列基本条件： （一）具有独立的法人资格，具 ...

北京北辰实业股份有限公司董事会 提名委员会议事规则 (2025 年 8 月) 委员任期与董事会任期一致，委员任期届满，连选可以连任。期间如有委员 不再担任公司董事职务，自动失去委员资格，并由董事会根据本条规定补足委员 人数。 第四条 职责 委员会的主要职责是： 一、至少每年核查董事会的架构、人数及组成（包括技能、知识及经验 方面）、协助董事会检视董事会整体经验、技能、资格及专业知识等技能组 合与多元化元素，考虑公司长期策略及定位，并就根据公司策略需对董事 第一条 总则 为规范北京北辰实业股份有限公司（以下简称公司）董事会提名委员会（以 下简称委员会）组织机构、明确委员会的职责权限、保证委员会的工作效率和科 学决策，根据《中华人民共和国公司法》《上市公司治理准则》、公司股票上市地 交易所相关上市规则以及国家的其他相关法律、行政法规和《北京北辰实业股份 有限公司章程》（以下简称公司章程）、《北京北辰实业股份有限公司董事会议事 规则》的规定，制定本规则。 第二条 性质 委员会是董事会下设机构，负责拟定董事、高级管理人员的选择标准和程序， 对董事、高级管理人员人选及其任职资格进行遴选、审核。 第三条 成员 委员会由三 ...

董事会秘书工作细则 北京北辰实业股份有限公司 董事会秘书工作细则 （2025 年 8 月修订） 第一章 总 则 第一条 为进一步明确北京北辰实业股份有限公司（以下简称"公司"）董事 会秘书的职责、权限、规范其行为，更好地发挥其作用，根据《中华人民共和国 公司法》（以下简称《公司法》）、《上海证券交易所股票上市规则》等有关法律、 法规、监管规则和《北京北辰实业股份有限公司章程》（以下简称《公司章程》） 的规定，特制订本细则。 第二条 董事会秘书为公司的高级管理人员，对公司和董事会负责。董事会 工作部为董事会及董事会秘书的办事机构。董事会秘书作为公司与上海证券交易 所之间的指定联络人，依据有关法律法规及《公司章程》，忠实、勤勉地履行职 责。 董事会秘书应当具备履行职责所必需的财务、管理、法律等专业知识和履行 职责所必需的工作经验，具有良好的职业道德和个人品质。 第四条 具有下列情形之一的人士不得担任董事会秘书： 第二章 董事会秘书的任职资格 第三条 公司董事会秘书须具有以下任职资格： （一）根据《公司法》等法律法规及其他有关规定，不得担任董事、高级 管理人员的情形； （二）被中国证监会采取不得担任上市公司董事、高 ...