Cai Jing Wang·2025-08-22 11:22Group 1 - The core viewpoint of the report indicates that Beichen Real Estate (601588) experienced a decline in overall revenue due to a decrease in the area settled for real estate development, with a total revenue of RMB 30.19 billion, down 11.97% year-on-year [1] - The exhibition (including hotels) and commercial property segments achieved revenue of RMB 14.77 billion, reflecting an increase of 18.32% year-on-year, with a pre-tax profit of RMB 2.012 billion, up 1.59% year-on-year [1] - The company hosted 1,071 various types of exhibition events in self-owned venues and hotels, marking a year-on-year growth of approximately 58.9%, including 18 major exhibition events with a total visitor count of 2.52 million [1] Group 2 - The real estate development segment generated revenue of RMB 14.61 billion (including parking spaces), which represents a year-on-year decline of 29.71% [2] - As of the end of the reporting period, the total financing amount reached RMB 236.9 billion, providing stable financial support for the company's operational development [2] - The company has been optimizing its debt structure and planning financing channels to reduce funding costs, achieving an overall average financing cost reduction to 3.66% [2]