Core Viewpoint - The company reported a significant decline in revenue and net profit for 1H25, aligning with previous warnings and expectations, while maintaining stable debt levels and making progress in financing [1][2]. Financial Performance - The company’s revenue for 1H25 decreased by 26% year-on-year to 105.3 billion yuan, with a 30% drop in revenue from property development settlements. However, the gross margin improved by 1.3 percentage points to 8.1% [1]. - The net profit attributable to shareholders recorded a loss of 11.9 billion yuan, compared to a loss of 9.9 billion yuan in 1H24, consistent with prior profit warnings [2]. - As of the end of 1H25, the company’s interest-bearing debt stood at 364.3 billion yuan, showing a slight increase of 1% from the end of 2024, with a decrease in the proportion of short-term debt [2]. Business Trends - The property development business continues to face pressure, with a 44% year-on-year decline in contract sales amounting to 82.1 billion yuan from January to July 2025. The company added 6 new land reserves during the first half of the year [3]. - Non-development revenue remained stable at 31.3 billion yuan, increasing its proportion of total revenue by 8 percentage points to 30%, indicating an improvement in revenue structure [3]. - The company completed 13 major transactions in cities like Shanghai, Shenzhen, and Hangzhou, totaling 6.43 billion yuan, and is advancing asset transactions related to various REITs [3]. Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, projecting net losses of 28.3 billion yuan and 17.2 billion yuan, respectively. The current stock price trades at 0.49 times and 0.54 times the projected book value for 2025 and 2026 [4]. - The company retains an outperform rating and a target price of 8.30 yuan per share, suggesting a 16% upside potential from the current stock price [4].

| 证券代码：601588 | 证券简称：北辰实业 | | | 公告编号：临 | 2025-033 | | --- | --- | --- | --- | --- | --- | | 债券代码：188461 | 债券简称：21 | 北辰 | G1 | | | | 债券代码：185114 | 债券简称：21 | 北辰 | G2 | | | | 债券代码：185738 | 债券简称：22 | 北辰 | G1 | | | | 债券代码：254174 | 债券简称：24 | 北辰 | F1 | | | | 债券代码：258224 | 债券简称：25 | 北辰 | F1 | | | | 债券代码：258483 | 债券简称：25 | 北辰 | F2 | | | 北京北辰实业股份有限公司 2025 年上半年房地产业务主要经营数据公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所《上市公司行业信息披露指引第二号 — 房地产》的要求， 本公司 2025 年上半年主要经营数据如下： 1、持有待开发土地面积为 ...