Beijing North Star Company (588) H1 2025 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2025 was RMB3,019.3 million, down 11.97% year-over-year due to a decrease in completed real estate area.

• Operating loss increased to RMB1,138 million, up RMB782 million from the prior year; net loss attributable to shareholders was RMB1,647.1 million, up RMB878 million year-over-year.

• Losses per share were RMB0.4892, compared to RMB0.2286 in the same period last year.

• Core operating loss (excluding fair value changes) was RMB1,475.9 million, up RMB889.5 million year-over-year.

• No interim dividend was declared for the period.

Financial highlights

• Gross loss of RMB307.96 million, compared to a gross profit of RMB487.88 million in the prior year.

• Finance expenses net of income were RMB473.7 million, up from RMB351.0 million year-over-year.

• Total assets at 30 June 2025 were RMB54,316 million; total liabilities were RMB37,080 million.

• Cash and cash equivalents at period end were RMB6,237.4 million.

• Asset-liability ratio was 68% at period end (unchanged from 31 December 2024).

Outlook and guidance

• Focus on collaborative development, reform, and innovation, with emphasis on digitalization and integration across business segments.

• Plans to accelerate real estate project disposals, risk prevention, and cost reduction; target new/resumed construction area of 1,066,500 sqm and completed area of 195,600 sqm in H2 2025.

• Sales area target for H2 2025 is 288,200 sqm with contract value of RMB3.228 billion.

• Fixed asset investment for H2 2025 estimated at RMB40 million, funded internally.