Beijing North Star (601588.SH) has announced a forecasted net loss of between 2.685 billion to 3.341 billion yuan in 2024.

Beijing North Star (601588.SH) announced that it is expected to achieve a net profit attributable to the shareholders of the listed company of -2,684.60 million yuan to -3,340.84 million yuan in the annual report of 2024, which will result in a loss compared to the same period last year. It is also expected to achieve a net profit attributable to the shareholders of the listed company, excluding non-recurring gains and losses, of -2,823.40 million yuan to -3,513.50 million yuan in 2024. During the reporting period, the company's exhibition (including hotel) and commercial property operations remained stable. However, due to a decrease in the scale of real estate development and sales, the salable area decreased compared to the same period last year, leading to a decline in revenue. The company dynamically adjusted its marketing strategies for real estate business according to market conditions to facilitate project sales, resulting in a decrease in gross profit margin. Some real estate projects showed signs of impairment, and it is expected that provisions for inventory impairment will be made for some projects based on the principle of prudence.