Recently, Beijing North Star Company Limited(601588) ( Beijing North Star Company Limited(601588) . Sh, hereinafter referred to as ” Beijing North Star Company Limited(601588) “) published the annual report for 2021.
In 2021, Beijing North Star Company Limited(601588) achieved an operating revenue of 22.094 billion yuan, a year-on-year increase of 22.8%.
Beijing North Star Company Limited(601588) ‘s revenue mainly comes from two business segments: property development and sales, exhibition and investment property (including hotels). In the current period, the property development and sales sector contributed 20.128 billion yuan of revenue to Beijing North Star Company Limited(601588) and the exhibition and investment property (including hotels) sector generated 1.821 billion yuan of revenue.
As a state-owned holding enterprise in Beijing, in 2021, Beijing North Star Company Limited(601588) in Beijing achieved an income of 6.394 billion yuan, accounting for about 28.9% of the annual revenue; Wuhan achieved revenue of 6.38 billion yuan, accounting for about 28.9% of the annual revenue; Changsha achieved a revenue of 4.016 billion yuan, accounting for about 18.2% of the annual revenue.
Beijing North Star Company Limited(601588) in 2021, the comprehensive gross profit margin was about 20.5%, down from 24% in the same period of last year. Among them, the gross profit margin of the property development and sales sector is about 18.2%, and that of the exhibition and investment property (including hotels) sector is about 47.4%.
Although Beijing North Star Company Limited(601588) ‘s gross profit margin in the property development and sales sector is low and has decreased year-on-year, it has contributed to the main source of profit for the company, with a pre tax profit of 1.235 billion yuan in the current period; Although the gross profit margin of the exhibition and investment property (including hotels) sector is high and has increased year-on-year, the pre tax profit of the current period is a net loss of 150 million yuan.
Thus, Beijing North Star Company Limited(601588) recorded a comprehensive gross profit of 4.535 billion yuan in 2021, compared with 4.312 billion yuan in the same period of last year.
In 2021, Beijing North Star Company Limited(601588) paid taxes and surcharges totaled 1.183 billion yuan, an increase of 42.1% year-on-year, mainly due to the payment of more land value-added tax in the current period.
In addition, Beijing North Star Company Limited(601588) in 2021, the sales expenses reached 613 million yuan, an increase of 13.6% year-on-year; The administrative expenses reached 978 million yuan, an increase of 15.2% year-on-year; Financial expenses reached 561 million yuan, an increase of 86.7% year-on-year.
Therefore, after deducting taxes and surcharges, sales, management, finance and other expenses and adding investment income, the total profit of Beijing North Star Company Limited(601588) in 2021 was about 565 million yuan, a decrease of 51.3% over the same period of last year.
It is worth mentioning that the asset impairment loss of Beijing North Star Company Limited(601588) in 2021 was close to 885 million yuan, roughly equivalent to 895 million yuan in the same period of last year. The current asset impairment loss is mainly due to the inventory depreciation loss of RMB 669 million in the property development and sales sector and the impairment loss of investment real estate of RMB 137 million in the exhibition and investment property (including hotels) sector.
Finally, Beijing North Star Company Limited(601588) achieved a net profit of less than 100 million yuan in 2021, a year-on-year decrease of 82.8%. Among them, the net profit attributable to the shareholders of the parent company in the current period is about 200 million yuan, and the profit and loss of minority shareholders is 100 million yuan.
The property development and sales sector is Beijing North Star Company Limited(601588) the main source of income and profit Beijing North Star Company Limited(601588) ‘s property development and sales business has entered 15 key cities such as Beijing, Guangzhou, Changsha, Wuhan, Hangzhou, Chengdu and Suzhou. In 2021, the cumulative property contract sales reached 16.7 billion yuan, an increase of 37% year-on-year.
At the end of the period, the total land reserve area owned by Beijing North Star Company Limited(601588) was about 5.8572 million square meters, a year-on-year decrease of 17%, including 5.195 million square meters of equity land reserve area.
For the property development and sales sector in 2022, Beijing North Star Company Limited(601588) said it would strive to achieve a sales area of 870000 square meters and a property contract sales of 17 billion yuan under the real estate regulation policy.
Beijing North Star Company Limited(601588) its investment property is led by the exhibition, which drives the coordinated development of hotels, office buildings, apartments and other business forms. At present, the investment properties Beijing North Star Company Limited(601588) holds and operates include the National Convention Center, Beijing International Convention Center and Beichen Intercontinental Hotel in the core area of the Asian Olympic Games, with a total area of more than 1.34 million square meters.
It is reported that these investment properties held by Beijing North Star Company Limited(601588) adopt the cost measurement mode, and the book value at the end of the period is about 8 billion yuan.
As one of the largest exhibition venue operators in China, Beijing North Star Company Limited(601588) has comparative advantages in high-end operation services in the field of exhibition and hotel and exhibition venue output management.
While optimizing and strengthening holding investment properties, Beijing North Star Company Limited(601588) relying on its capital Convention and Exhibition Group, vigorously integrates Convention and exhibition business resources, constantly strengthens the extension and expansion of new business and new technology in the Convention and exhibition industry, explores and develops Convention and exhibition venue operation management, exhibition hosting and supporting services, Convention and exhibition education consulting services, high-end state affairs and government activities guarantee services and other businesses, and constantly innovates the Convention and Exhibition asset light operation mode.
Up to now, the capital Convention and Exhibition Group under Beijing North Star Company Limited(601588) has entered 27 cities across the country, with 52 consulting venues and hotel projects and 35 entrusted management venues and hotel projects. The total area of entrusted management venues has reached 3.34 million square meters, maintaining a leading position in the industry.
It is reported that during the 2022 Winter Olympic Games in Beijing, Beijing North Star Company Limited(601588) its intercontinental Beichen Hotel, Crowne Plaza Beichen five continents, Beijing Wuzhou Hotel and National Convention Center were selected as the venues of the Olympic family hotel. As the time headquarters and event operation dispatching and command center of the International Olympic Committee and the International Paralympic Committee, they are responsible for receiving the main officials of the Olympic Committee, At the same time, the National Convention Center Hotel and the Asian Games Village Hotel are contracted hotels to receive and serve the media and technical officials of the Winter Olympic Games.
By the end of 2021, Beijing North Star Company Limited(601588) bears interest bearing debt of about 30.268 billion yuan, and the overall average financing cost is 5.86%. At the end of last year, the interest bearing debt of Beijing North Star Company Limited(601588) was about 28.968 billion yuan, and the overall average financing cost was 5.96%.
At the end of the reporting period, Beijing North Star Company Limited(601588) held 14.721 billion yuan of monetary capital, an increase from 13.045 billion yuan at the beginning of the period.
