Beijing North Star(601588)2025-03-26 13:45Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of RMB 7,152.407 million, a year-on-year decrease of 54.59%[3]. - The total profit and net profit attributable to the parent company were RMB -3,152.324 million and RMB -2,827.464 million, respectively, with a loss per share of RMB -0.84[3]. - The company's operating revenue for 2024 was CNY 7,152,407,232, a decrease of 54.59% compared to CNY 15,751,478,107 in 2023[25]. - The net profit attributable to shareholders for 2024 was a loss of CNY 2,827,464,028, compared to a profit of CNY 68,064,279 in 2023, representing a decline of 4,254.11%[25]. - The cash flow from operating activities for 2024 was CNY 973,639,664, down 29.82% from CNY 1,387,394,641 in 2023[25]. - The total assets at the end of 2024 were CNY 48,841,884,791, a decrease of 13.13% from CNY 56,225,144,598 at the end of 2023[25]. - The basic earnings per share for 2024 was -CNY 0.84, a decrease of 4,300% compared to CNY 0.02 in 2023[26]. - The weighted average return on equity for 2024 was -25.24%, a decrease of 25.77 percentage points from 0.53% in 2023[26]. - The net assets attributable to shareholders at the end of 2024 were CNY 9,699,142,595, down 24.49% from CNY 12,845,583,320 at the end of 2023[25]. - The company reported a significant decline in revenue and profit margins, indicating challenges in the current market environment[25]. Strategic Focus and Business Development - The company aims to enhance its exhibition business, focusing on creating new competitive advantages in the industry[4]. - In the commercial property sector, the company plans to integrate and renew operations to strengthen high-quality development[4]. - The real estate development business will explore new transformation models amid ongoing industry adjustments[4]. - The company emphasizes the importance of digital transformation and aims to build a new industrial structure that supports mutual benefits and collaborative development[4]. - The company is focusing on restructuring and strategic adjustments to improve financial performance in the upcoming periods[25]. - The company aims to enhance its asset management model and property management standards through its "exhibition + real estate" operational strategy[36]. - The company is focusing on digital marketing strategies and has integrated various business segments to enhance operational efficiency and resource utilization[51]. - The company is committed to optimizing its business strategy and integrating resources to enhance its core competitiveness in the exhibition industry[90]. - The company will focus on enhancing operational service capabilities while innovating business development models in the exhibition and commercial property sectors[95]. Operational Highlights - The company hosted 2,243 events during the reporting period, a year-on-year increase of approximately 1.9%, with a total attendance of 5.8625 million, up 20.6%[45]. - The company completed over 40 major event operations, enhancing its brand influence and recognition in the industry[45]. - The company hosted the 2024 Service Trade Fair with participation from 85 countries and over 8,000 enterprises, achieving an internationalization rate of over 20%[46]. - The number of professional attendees increased by 20% year-on-year, reaching 258,000, with nearly 1,000 transactions completed during the event[46]. - The company achieved a total revenue of RMB 7,152.41 million in 2024, a decrease of 54.59% year-on-year, primarily due to reduced income from the real estate development segment[53]. - The exhibition (including hotels) and commercial property segment generated revenue of RMB 2,960.77 million, an increase of 11.77% year-on-year, with a gross margin of 45.03%, down 1.69 percentage points[57]. Governance and Compliance - The board of directors and management team have committed to ensuring the accuracy and completeness of the annual report[6]. - The company's governance practices comply with the Company Law and relevant regulations, ensuring independence from the controlling shareholder[101]. - No related party transactions have impacted the company's independence, and all transactions were conducted legally[101]. - The company has implemented measures to ensure the independence of its operations from the controlling shareholder[101]. - The management team actively participates in training to enhance their capabilities[101]. - The company has not reported any violations by the controlling shareholder regarding fund occupation or infringement of interests[101]. Environmental and Social Responsibility - The company invested 8.55 million yuan in environmental protection during the reporting period[143]. - The company reduced carbon emissions by 29,053 tons through various carbon reduction measures[149]. - The company has established a comprehensive carbon peak action plan to guide its carbon reduction efforts[150]. - The company actively promotes the use of renewable energy and energy-efficient technologies in its operations[149]. - The company has established a leadership group to oversee carbon peak and carbon neutrality initiatives[150]. - Total investment in poverty alleviation and rural revitalization projects amounted to 8.0666 million yuan, with 500,000 yuan allocated for public welfare assistance[153]. - The company is focusing on sustainable development of collective economic systems in weak collective economy villages in Huairou District, Beijing[157]. Future Outlook - The company aims to achieve a sales area of 463,100 square meters and a contract amount (including parking spaces) of RMB 5.51 billion in 2025[95]. - The company plans to invest RMB 145 million in fixed assets in 2025, with funding sourced from its own capital[94]. - The company expects to complete 223,000 square meters of construction area in 2025, with a total area of 1,093,800 square meters under construction[95]. - The company anticipates broader development opportunities in the exhibition, hotel, and commercial property sectors due to ongoing government initiatives to promote consumption and develop the long-term rental market[88]. Shareholder and Capital Management - The company distributed a cash dividend of CNY 0.02 per share, totaling CNY 67,340,400, which represents 98.94% of the net profit attributable to shareholders for 2023[133]. - The company has a positive profit distribution policy, ensuring compliance with regulations and protecting minority shareholders' rights[134]. - The company received a written notice from its controlling shareholder, Beichen Group, indicating a commitment to increase its holdings of unrestricted circulating A-shares within six months starting from July 10, 2024[160]. - Beichen Group plans to extend its shareholding increase plan for another six months until July 8, 2025, due to market conditions affecting the original timeline[161].