Company code: Beijing North Star Company Limited(601588) company abbreviation: Beijing North Star Company Limited(601588) Beijing North Star Company Limited(601588)
Annual report for 2021
Chairman's speech
Dear shareholders
On behalf of the board of directors, I hereby submit to the shareholders the annual operating performance report of the company as at 31 December 2021. As of December 31, 2021, in accordance with Chinese accounting standards, the company realized an operating revenue of RMB 22094296 million, an increase of 22.77% year-on-year. The total profit of the company and the net profit attributable to the parent company were 565248 million yuan and 202.66 million yuan respectively, with a year-on-year decrease of 51.27% and 25.21% respectively. Earnings per share is RMB 0.02.
Looking back on 2021, China calmly responded to the changes in the century and the epidemic situation in the century, maintained a global leading position in economic development and epidemic prevention and control, and achieved a good start in the 14th five year plan. For the company, under the situation of repeated epidemic and strong industry supervision, the company made concerted efforts to overcome difficulties, and the annual operating revenue achieved stable growth. Property development constantly optimizes the development strategy, focuses on fine management, and maintains steady operation in the rapid changes of the industry. Introducing high-quality strategic investors into the Convention and exhibition industry and establishing the capital Convention and Exhibition Group, focusing on the four positioning of professional operators of service trade fair, service providers of high-end state affairs and government affairs activities, important carriers of the development of the capital Convention and exhibition industry and the benchmark of digital transformation and development of the Convention and exhibition industry, we will strive to build a modern service industry group with convention and exhibition service operation as the core, so as to create a new situation for the leapfrog development of the company's Convention and exhibition industry; Investment property actively responded to market changes, and the operating indicators rebounded moderately; The company's hotels were selected as the Olympic family hotel to help the Beijing Winter Olympics with high-quality service.
Looking forward to 2022, risks and opportunities coexist, challenges and development coexist, and there are many uncertainties in the changes of the epidemic situation and the external environment. However, China's strong economic resilience and long-term fundamentals will not change. The Chinese government will continue to adhere to the general tone of seeking progress while maintaining stability, coordinate epidemic prevention and control and economic and social development, strive to stabilize the macro-economic market and maintain economic operation within a reasonable range. The company will speed up the pace of innovation driven, find and grasp opportunities in the changing situation on the premise of maintaining stability and strictly controlling risks. On the one hand, by improving the level of management and control, adhering to the appropriate scale and focusing on the polishing of product strength, promote the development of the steady operation of the property; On the other hand, taking the establishment of the capital Convention and Exhibition Group as an opportunity, we will fully refine and give full play to the business advantages and brand effect of the Convention and exhibition, accelerate the digital construction, cultivate the advantages of the whole industry chain of the Convention and exhibition, build a new development pattern of the Convention and exhibition industry, further drive the coordinated development of hotels, office buildings, apartments and other industries, and create a new growth engine.
I firmly believe that all Beichen people will work hard to build the company into China's first and internationally leading exhibition brand enterprise and China's leading composite real estate brand enterprise with strong dedication and a high sense of responsibility and live up to the heavy trust of investors!
Finally, on behalf of the board of directors of the company, I would like to extend my most sincere thanks to all shareholders who have always supported the development of the company, and express my heartfelt thanks to the diligence of the board of directors, the board of supervisors and management colleagues of the company, as well as the hard work of all employees of the company!
Important tips
1、 The board of directors, board of supervisors, directors, supervisors and senior managers of the company guarantee the authenticity, accuracy and integrity of the contents of the annual report, and there are no false records, misleading statements or major omissions, and bear individual and joint legal liabilities. 2、 All directors of the company attended the board meeting. 3、 PricewaterhouseCoopers Zhongtian Certified Public Accountants (special general partnership) issued a standard unqualified audit report for the company. 4、 Li Weidong, the person in charge of the company, Hu Hao, the person in charge of accounting, and Du Yan, the person in charge of the accounting organization (Accounting Supervisor), declare that they guarantee the authenticity, accuracy and completeness of the financial report in the annual report. 5、 The profit distribution plan or the plan of converting accumulation fund into share capital in the reporting period adopted by the resolution of the board of directors
The profit distribution plan to be implemented by the company is: Based on the total share capital on the date of equity registration of the company's annual profit distribution in 2021, the company will distribute a cash dividend of RMB 0.01 per share (including tax) to all shareholders, and will not convert the capital reserve into share capital, with a total cash dividend of RMB 33670200 (including tax), and the remaining undistributed profits will be carried forward to the next year.
The plan will be implemented after being deliberated and approved by the general meeting of shareholders of the company. 6、 Risk statement of forward-looking statements √ applicable □ not applicable
The development strategy, business plan and other forward-looking statements involved in this report do not constitute the company's substantive commitment to investors. Please pay attention to investment risks. 7、 Whether there is any non operational occupation of funds by the controlling shareholders and their related parties? 8. Whether there is any external guarantee in violation of the specified decision-making procedures? 9. Whether more than half of the directors cannot guarantee the authenticity, accuracy and integrity of the annual report disclosed by the company? 10. Major risk tips
1. Risk of covid-19 pneumonia
The global epidemic situation continues to evolve, with repeated outbreaks in some parts of China. The progress of some real estate development projects and the operation of exhibition and investment properties (including hotels) of the company may be affected in a short time. The degree of impact will depend on the duration of the epidemic and the implementation of local prevention and control policies.
In view of the above risks, the company will establish and improve the epidemic prevention and control mechanism, coordinate the implementation of epidemic prevention and control, and actively take effective measures to minimize or resolve the adverse impact of the epidemic on the company's operation.
2. Policy risk
The development of the real estate industry is closely related to the national policy orientation. In recent years, China has adhered to the principle of "no speculation in housing", continued the "implementation of policies due to the city", and the overall tightening of regulation policies and credit environment may bring some risks to real estate enterprises in terms of land acquisition, project development and construction, sales and financing.
In view of the above risks, the company's property development will strengthen the research on national macro policies, pay close attention to market changes, improve the sensitivity to policies and markets, strengthen the awareness of risk prevention, continuously optimize the business development direction according to the policy guidance, enhance the potential for sustainable development of property development and enhance the comprehensive competitiveness.
3. Market risk
The transaction cost of high-quality real estate continues to rise, and the market differentiation of high-quality real estate continues to push down the hot spot of real estate development. The situation that the cost of land price accounts for a large proportion and the selling price is difficult to effectively improve brings certain risks to the financial cash position and operational stability of the enterprise.
In view of the above risks, the company will pay close attention to the market development trend, strengthen the evaluation of new cities, and select cities and regions with mature market development, good investment environment, net population inflow and relatively reasonable house price income ratio. The company will continue to optimize its development strategy, adhere to an appropriate scale, and strive to strengthen professional management, shorten the development cycle, accelerate the turnover speed, improve the cash return ratio and prevent market risks.
4. Short term risk of talent reserve
With the continuous strengthening of the national layout of real estate development in recent years and the steady progress of the entrusted management of exhibition venues and hotels, the company's demand for all kinds of talents, especially professional talents and senior management talents, has increased significantly, and may face the risk of talent shortage in the short term.
In view of the above risks, the company has established a talent work leading group to strengthen the combination of internal selection and training and market-oriented talent introduction, select and hire professional managers, comprehensively implement the tenure system and contractual management of managers, hold training courses for enterprise leaders and young cadres to improve their business management ability, and promote the construction of high-quality professional leaders; Accelerate the talent reserve by carrying out the three-level talent training system of "Eagle, flying eagle and elite Eagle" of exhibition group and "pilot, long voyage and sail" of real estate group; By increasing the introduction and training of fresh graduates, carry out the "excellent training plan" and strengthen the construction of basic talent team. 11、 Others □ applicable √ not applicable
catalogue
Section 1 interpretation Section 2 company profile and main financial indicators 8 section III Management Discussion and Analysis Section IV corporate governance Section V environmental and social responsibility Section VI important matters Section VII changes in shares and shareholders 53 Section VIII preferred shares 57 section IX relevant information of bonds 58 section x financial report sixty-four
1. The text of the annual report with the signature of the legal representative.
2. Accounting statements with the signatures and seals of the legal representative, the person in charge of accounting and the person in charge of accounting institutions.
Catalogue of documents for future reference 3. The original audit report with the seal of PWC Zhongtian Certified Public Accountants (special general partnership) and the signature and seal of certified public accountant.
4. Originals of all company documents and announcements publicly disclosed in newspapers designated by the CSRC during the reporting period.
5. The text of the annual report published on the Hong Kong stock exchange.
Section I interpretation
1、 Interpretation in this report, unless the context otherwise requires, the following words have the following meanings: Interpretation of common words
Beichen group refers to Beijing Beijing North Star Company Limited(601588) Group Co., Ltd
The company refers to Beijing North Star Company Limited(601588)
The group refers to the company and its subsidiaries
Beichen real estate refers to Beijing Beichen Real Estate Development Co., Ltd
Tianchengtian refers to Beijing tianchengtian Real Estate Development Co., Ltd
Jiangzhuang Lake refers to Beijing Jiangzhuang Lake Garden villa development Co., Ltd
Changsha Beichen and Changsha Company refer to Changsha Beichen Real Estate Development Co., Ltd
Oasis Trading refers to Beijing Beichen Oasis Trading Co., Ltd
Xincheng property refers to Beijing Beichen Xincheng Property Management Co., Ltd
Beichen supermarket refers to Beijing Beichen supermarket chain Co., Ltd
Beichen exhibition group refers to Beijing Beichen Exhibition Group Co., Ltd
Beichen Hotel refers to Beijing Beichen Hotel Management Co., Ltd
Beichen Xintong refers to Beijing Beichen Xintong Network Technology Service Co., Ltd
Polaris fund refers to Beijing Polaris real estate investment fund management Co., Ltd
Chenyun property refers to Chenyun property management center of Beijing Beijing North Star Company Limited(601588) Group Co., Ltd
Yuanchenxin property refers to yuanchenxin Property Management Branch of Beijing Beijing North Star Company Limited(601588) Group Co., Ltd
Beichen Asia refers to Beijing Beichen Asian Games Village Automobile Trading Market Co., Ltd
National Convention Center refers to Beijing North Star Company Limited(601588) National Convention Center
Century Yujing refers to Changsha century Yujing Real Estate Co., Ltd
Hangzhou Beichen refers to Hangzhou Beichen Real Estate Co., Ltd
Beijing Beichen contemporary refers to Beijing Beichen contemporary real estate Co., Ltd
Wuhan contemporary refers to Wuhan contemporary Beichen Real Estate Co., Ltd
Beichen information service refers to Beijing Beichen Exhibition Information Service Co., Ltd
Times exhibition refers to Beijing Beichen times Exhibition Co., Ltd
Exhibition Research Institute refers to Beijing Beichen Exhibition Research Institute Co., Ltd
Suzhou Beichen Xuzhao refers to Suzhou Beichen Xuzhao Real Estate Co., Ltd
Hangzhou Chenxu refers to Hangzhou Chenxu Real Estate Co., Ltd
Nanjing Xuchen refers to Nanjing Xuchen Real Estate Co., Ltd
Wuhan Optical Valley refers to Wuhan Optical Valley creative culture and Technology Park Co., Ltd
Chengdu Beichen refers to Chengdu Beichen Real Estate Co., Ltd
Langfang real estate refers to Langfang Beichen Real Estate Development Co., Ltd
Hefei Chenxu refers to Hefei Chenxu Real Estate Development Co., Ltd
Chengdu Tianfu refers to Chengdu Beichen Tianfu Real Estate Co., Ltd
Chengdu Chenshi refers to Chengdu Chenshi Real Estate Co., Ltd
Hangzhou Jinghua refers to Hangzhou Beichen Jinghua Real Estate Co., Ltd
Hangzhou xufa Real Estate Co., Ltd
Hangzhou Jinhu refers to Hangzhou Jinhu Real Estate Development Co., Ltd
Pilot exhibition refers to Beijing Beichen pilot business Exhibition Co., Ltd
Ningbo Jinghua refers to Ningbo Beichen Jinghua Real Estate Co., Ltd
Chongqing Liangjiang
