Zhi Tong Cai Jing·2026-01-14 11:28Core Viewpoint - Beijing Beichen Industrial (601588) 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 attributable to owners 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 in investment properties and non-recurring losses, the estimated net loss attributable to owners is projected to be between RMB 2.513 billion and RMB 3.153 billion [1] Cash Position - The expected cash balance at the end of the reporting period is approximately RMB 7.1 billion, indicating sufficient financial reserves and smooth financing channels [1] Business Operations - The company's exhibition (including hotel) and commercial property businesses have maintained stable operations [1] - The primary reason for the losses is attributed to market adjustments, with sales prices of real estate projects not meeting expectations [1] - The company plans to conduct preliminary impairment tests on inventories, anticipating provisions for inventory write-downs on certain real estate projects [1]