Zhi Tong Cai Jing·2026-01-14 11:22Core Viewpoint - Beijing Beichen Industrial Co., Ltd. (00588) is expected to continue reporting losses for the fiscal year ending December 31, 2025, with projected net losses ranging from RMB 2.696 billion to RMB 3.38 billion compared to the previous year [1] Financial Performance - The company's estimated net loss attributable to owners for 2025 is projected to be between RMB 2.696 billion and RMB 3.38 billion, indicating a continuation of losses year-on-year [1] - Excluding fair value changes in investment properties, the estimated net loss is expected to be between RMB 2.463 billion and RMB 3.093 billion [1] - The fair value loss from investment properties is estimated to be approximately RMB 233 million to RMB 287 million [1] - After excluding fair value changes and non-recurring losses, the net loss attributable to owners is projected to be between RMB 2.513 billion and RMB 3.153 billion, continuing the trend of losses compared to the previous year [1] Cash Position - The estimated cash balance at the end of the reporting period is approximately RMB 7.1 billion, indicating sufficient financial reserves and smooth financing channels for the company [1] Business Operations - The company's exhibition (including hotel) and commercial property businesses have maintained stable operations, but losses are primarily attributed to market adjustments affecting the sales prices of real estate projects [1] - The company has conducted preliminary impairment tests on inventories according to accounting standards, anticipating the need to recognize inventory impairment provisions for certain real estate projects [1]