The company's main business includes real estate development, exhibitions (including hotels) and commercial properties. The real estate development business has continued to promote deep regional cultivation and new urban expansion in recent years. By the end of the reporting period, the company's development projects and land reserves were distributed in 15 core cities, including Beijing-Tianjin-Hebei, the Yangtze River Economic Belt, the Sichuan-Chongqing Urban Agglomeration, the Hainan Free Trade Port, and the Guangdong-Hong Kong-Macao Greater Bay Area. The exhibition (including hotel) business is based on the Capital Exhibition Group. It has become a professional operator of the China International Trade in Services Fair, a service provider for high-end government affairs activities, an important vehicle for the development of the capital's international exhibition industry, and is committed to building a world-class exhibition brand. The company relies on Beichen Commercial Management to carry out specialized asset operation and property service management for the company's office buildings, apartments, and general commercial assets.

The company's advantages and core competitiveness are mainly reflected in complex real estate development and operation capabilities and comprehensive influence of exhibition brands. On the one hand, the property types developed by the company cover various types of projects such as high-end residences, villas, apartments, guaranteed housing, office buildings, commercial properties, etc., and have strong professional ability and competitiveness in the development of large-scale and comprehensive real estate projects. On the other hand, the company continues to promote the layout and expansion of the entire exhibition industry chain in terms of exhibition hosting, high-end government event services, exhibition venue and hotel export management, exhibition research, etc., and has now become one of the largest exhibition venue operators in the country. Furthermore, the company makes full use of the advantages of the “headquarters financing” model and has outstanding advantages in terms of loan interest rates.

Analysis of the company's operations in 2023. 1. In real estate development, promote sales guarantee delivery. In 2023, the realized contract sales amount and sales area were RMB 5.278 billion (including parking spaces) and 341,500 square meters respectively. 2. In terms of exhibitions (including hotels) and commercial properties, the company's annual revenue increased significantly. (1) Steady promotion of export management business at exhibitions (including hotels). In 2023, the company signed 10 new contracts to manage stadiums and hotels. By the end of 2023, the company's exhibition venue and hotel export management business had entered 28 cities across the country, including 62 consulting venues and hotel projects, and 55 commissioned management venues and hotel projects, achieving a total area of 4.65 million square meters of fiduciary management venues. (2) On commercial properties, complete the transformation of the Beichen New Space Urban Renewal Project. Beijing Beichenyue Property Service Co., Ltd. was established.

Business plan: In 2024, the company aims to achieve a sales area of 0.7909 million square meters and sign a contract amount of RMB 10.7 billion (including parking spaces).

Investment advice. The company has complex real estate development and operation capabilities and comprehensive exhibition brand influence, and is rated “superior to the market”. The company's main business includes real estate development, exhibitions (including hotels) and commercial properties.

We expect the company's EPS and BPS to be -0.21 yuan and 3.67 yuan respectively in 2024. Considering that the company has now become one of the largest exhibition venue operators in the country and has abundant venue resources, the corresponding reasonable value range is 1.47 yuan to 1.84 yuan, giving the company a “superior to the market” rating for the first time.

Risk warning. The company faces two major risks: real estate regulation and economic downturn.