Beijing North Star Company (588) H2 2025 earnings summary

Executive summary

• Operating revenue for 2025 was RMB6,060.5 million, down 15.27% year-over-year, mainly due to a decrease in completed area in real estate development.

• Loss attributable to ordinary shareholders was RMB3,045.3 million, with a loss per share of RMB0.9045.

• No final dividend was declared for 2025.

Financial highlights

• Revenue declined from RMB7,152.4 million in 2024 to RMB6,060.5 million in 2025.

• Gross loss for 2025 was RMB220.97 million, compared to RMB698.05 million in 2024.

• Operating loss narrowed to RMB1,903.1 million from RMB2,490.8 million year-over-year.

• Net loss for the year was RMB3,281.7 million, compared to RMB3,586.2 million in 2024.

• Total assets at year-end were RMB51,868.3 million, with total liabilities of RMB36,182.8 million.

Outlook and guidance

• The company will focus on synergistic development and reform-driven innovation, prioritizing convention and exhibition as its core business.

• Real estate development will emphasize risk prevention, transformation, and cash flow stabilization, with a projected sales area of 343,000 sqm and contracted sales of RMB3.4 billion in 2026.

• Estimated fixed asset investment for 2026 is RMB162 million, funded internally.