Core views:

Beichen Industrial's main business is complex real estate development and exhibition operation. In the first half of the year, the pace of real estate development business contracted moderately, land acquisition efforts declined, and mainly digested land storage in the early stages. The exhibition operation business is still expanding, and the leading position in the industry has been further consolidated, but due to the impact of the pandemic, the release of performance has been suppressed. Overall, Beichen Industrial is under pressure in both real estate development and exhibition operations, but the pace of business has slowed down. Coupled with relatively unobstructed financing channels, financing costs have further declined, and cash flow has remained relatively stable.