Beijing North Star Company Limited released its 2025 annual results, posting a net loss attributable to ordinary shareholders of RMB 3.05 billion, widening slightly from the RMB 2.99 billion loss in 2024. Group revenue retreated 15.27% year on year to RMB 6.06 billion as lower property completions weighed on the real-estate development segment.
\n\nGross loss narrowed to RMB 220.97 million from 2024’s RMB 698.05 million, but operating loss remained substantial at RMB 1.90 billion. Finance costs, net of income, reached RMB 902.50 million, while income-tax expense rose to RMB 493.02 million. Loss per share deteriorated to RMB 0.9045 versus RMB 0.8888 a year earlier.
\n\nSegment performance diverged. • Convention & Exhibition and Ancillary Facilities Services generated RMB 2.98 billion revenue, up 0.5%, with pre-tax profit of RMB 348.56 million (-29.2% YoY) amid a shift in revenue mix. • Real-Estate Development revenue fell 27.2% to RMB 2.92 billion; the segment recorded a pre-tax loss of RMB 2.95 billion, an improvement of RMB 0.47 billion from 2024.
\n\nImpairment charges continued to pressure earnings. The group booked RMB 2.18 billion in property inventory write-downs and RMB 92.44 million in impairment on financial assets. Fair-value losses on investment properties after tax added RMB 277.03 million to the bottom-line deficit.
\n\nBalance-sheet metrics softened. Total assets slipped to RMB 51.87 billion (-10.0%), while total liabilities declined to RMB 36.18 billion (-7.9%). The asset-liability ratio edged up to 70%. Cash and cash equivalents stood at RMB 6.38 billion, supplemented by RMB 0.68 billion in restricted deposits. Interest-bearing debt was RMB 23.32 billion; average financing cost decreased to 3.56%.
\n\nThe board proposed no final dividend for 2025 (2024: RMB 67.34 million). No share repurchases or new share issues were undertaken during the year.
\n\nOperational highlights include the successful launch of Phase II of China National Convention Center and Capital International Exhibition & Convention Center, elevating Beijing North Star’s managed venue portfolio to 64 projects across 30 cities. In real estate, contracted sales (including parking spaces) reached RMB 3.22 billion on 0.25 million sq m, while 2026 construction starts and resumptions are planned at 0.96 million sq m with targeted contracted sales of RMB 3.4 billion.
\n\nGovernance update: the board appointed Executive Director Mr. Zhu Yan as a member of the Legal Compliance Committee alongside existing members.
\n\nLooking ahead to the opening year of China’s 15th Five-Year Plan, Beijing North Star plans to intensify its “convention & exhibition +” strategy, pursue urban-renewal opportunities, curb risks in property development, and deepen digital transformation, with estimated 2026 capex of RMB 162 million funded by internal resources.