Earnings release
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1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (Stock Code: 588) 2025 THIRD QUARTERLY REPORT This announcement is made pursuant to the disclosure requirements under Rules 13.09 and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. Beijing North Star Company Limited (the “Company ”) is required to publish its third quarterly results pursuant to the Regulations on Disclosure of Information on Quarterly Reports for Listed Companies issued by the China Securities Regulatory Commission. All financial information set out in the 2025 third quarterly report of the Company is unaudited and the relevant financial statements are prepared in accordance with China Accounting Standards for Business Enterprises. The 2025 third quarterly report of the Company will be published in certain newspapers in the People ’s Republic of China (the “PRC”) and on the website of Shanghai Stock Exchange (www.sse.com.cn) on 31 October 2025. The original text of the report is in Chinese. IMPORTANT NOTICE: The board of directors, the directors and the senior management personnel of the Company warrant that there are no misrepresentations or misleading statements contained in or material omissions from this quarterly report, and accept joint and several legal responsibility for the truthfulness, accuracy and completeness thereof. The person-in-charge of the Company, the person-in-charge of accounting operations and the person-in-charge of the accounting institution (chief accountant) warrant the truthfulness, accuracy and completeness of the financial statements in this quarterly report. Have the third quarterly financial statements been audited ½Yes ✓No
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2 I. MAJOR FINANCIAL DATA (I) Major accounting data and financial indicators Unit: Yuan Currency: RMB Items For the reporting period Increase/ decrease for the reporting period as compared with the corresponding period of last year From the beginning of the year to the end of the reporting period Increase/ decrease for the period from the beginning of the year to the end of the reporting period as compared with the corresponding period of last year (%) (%) Operating revenue 1,347,557,653 3.57 4,366,877,339 -7.70 Total profit -614,742,885 Not applicable -2,117,139,906 Not applicable Net profit attributable to the owners of the Company -588,342,675 Not applicable -2,173,756,917 Not applicable Net profit attributable to the owners of the Company after deducting the non-recurring items -601,161,050 Not applicable -2,212,268,445 Not applicable Net cash flow from operating activities Not applicable Not applicable 1,107,080,362 114.45 Basic earnings per share (RMB per share) -0.18 Not applicable -0.65 Not applicable Diluted earnings per share (RMB per share) -0.18 Not applicable -0.65 Not applicable Weighted average return on net assets (%) -7.52 Not applicable -25.24 Not applicable As at the end of the reporting period As at the end of last year Increase/decrease as at the end of the reporting period from the end of last year (%) Total assets 44,730,906,672 48,841,884,791 -8.42 Owners ’ equity attributable to owners of the Company 7,525,340,978 9,699,142,595 -22.41 Note: The “reporting period ” refers to the three-month period from the beginning of this quarter to the end of this quarter, the same hereinafter.
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3 (II) Non-recurring items and amounts ✓Applicable ½Not applicable Unit: Yuan Currency: RMB Non-recurring items Amount of the period Amount from the beginning of the year to the end of the reporting period Profit or loss on disposal of non-current assets, including provision for asset impairment being written off -143,878 -1,203,739 Government grants recognized through profit or loss of the period, excluding those closely related to the normal operation of the Company, in compliance with national policies and regulations, entitled in accordance with the defined criteria and having a continuing impact on the profit or loss of the Company 1,245,647 4,640,502 Capital occupancy fee from non-financial enterprises recognized through profit or loss for the period 3,818,246 12,125,873 Profit or loss on debt restructuring 4,530,212 21,075,822 Other non-operating income and expenses apart from the aforesaid items 4,979,221 10,772,770 Other profit or loss items defined as non-recurring items – 139,160 Less: Effect on income tax 1,703,429 5,208,832 Effect on minority interests (after tax) -92,356 3,830,028 Total 12,818,375 38,511,528
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4 (III) Particulars of and reasons for changes in major accounting data and financial indicators ✓Applicable ½Not applicable Items Change (%) Main reason Total profit – for the reporting period Not applicable Mainly due to the decrease in settlement income of the real estate development segment of the Company in the period and the provision for inventory depreciation made for some real estate projects Total profit – from the beginning of the year to the end of the reporting period Not applicable Net profit attributable to the owners of the Company – for the reporting period Not applicable Mainly due to the decrease in revenue and the year-on-year decrease in profit of the real estate development segment of the Company in the period Net profit attributable to the owners of the Company – from the beginning of the year to the end of the reporting period Not applicable Net profit attributable to the owners of the Company after deducting the non- recurring items – for the reporting period Not applicable Mainly due to the decrease in the net profit attributable to the owners of the Company in the period Net profit attributable to the owners of the Company after deducting the non- recurring items – from the beginning of the year to the end of the reporting period Not applicable Net cash flow from operating activities – from the beginning of the year to the end of the reporting period 114.45 Mainly due to the increase in cash received by the Company from selling goods and rendering services in the period Basic earnings per share (RMB per share) – for the reporting period Not applicable Mainly due to the decrease in the net profit attributable to the ordinary shareholders of the Company in the period Diluted earnings per share (RMB per share) – for the reporting period Not applicable Basic earnings per share (RMB per share) – from the beginning of the year to the end of the reporting period Not applicable Diluted earnings per share (RMB per share) – from the beginning of the year to the end of the reporting period Not applicable
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5 II. INFORMATION OF SHAREHOLDERS (I) Total number of holders of ordinary shares and number of holders of preference shares with restored voting rights and shareholdings of the top ten shareholders Unit: Share Total number of holders of ordinary shares at the end of the reporting period 116,721 Total number of holders of preference shares with restored voting rights at the end of the reporting period (if any) Not applicable Shareholdings of Top Ten Shareholders (excluding shares lent through refinancing) Name of shareholders Nature of shareholders Number of shares held Shareholding percentage Number of shares subject to selling restrictions Shares pledged, marked or frozen State of shares Number (%) Beijing North Star Industrial Group Co., Ltd State-owned legal person 1,182,842,803 35.130 0 Nil 0 HKSCC NOMINEES LIMITED Foreign legal person 691,592,399 20.540 0 Nil 0 Wangfujing Group Co., Ltd. State-owned legal person 125,300,000 3.721 0 Nil 0 Hong Kong Securities Clearing Company Limited Foreign legal person 31,515,970 0.936 0 Nil 0 Industrial and Commercial Bank of China Limited – Southern CSI All-Share Index Real Estate Traded Open-ended Index Stock Investment Fund ( ʕʈਠვБ ήପ ږ) Others 20,136,916 0.598 0 Nil 0 Zhong Hang Xin Gang Guarantee Co., Ltd. State-owned legal person 15,875,700 0.472 0 Nil 0 Zhang Jun (ڲDomestic natural person 11,396,686 0.338 0 Nil 0 Xu Zhourong (մ) Domestic natural person 9,000,067 0.267 0 Nil 0 Wei Qionghua (ڀDomestic natural person 8,888,825 0.264 0 Nil 0 Tao Xuezhi (ٝDomestic natural person 8,547,564 0.254 0 Nil 0
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6 Shareholdings of Top Ten Holders of Shares Not Subject to Selling Restrictions (excluding shares lent through refinancing) Name of shareholders Number of tradable shares not subject to selling restrictions Class and number of shares Class Number Beijing North Star Industrial Group Co., Ltd 1,182,842,803 RMB-denominated ordinary shares 1,182,842,803 HKSCC NOMINEES LIMITED 691,592,399 Overseas listed foreign shares 691,592,399 Wangfujing Group Co., Ltd. 125,300,000 RMB-denominated ordinary shares 125,300,000 Hong Kong Securities Clearing Company Limited 31,515,970 RMB-denominated ordinary shares 31,515,970 Industrial and Commercial Bank of China Limited – Southern CSI All-Share Index Real Estate Traded Open-ended Index Stock Investment Fund (˙ʕᗇΌ ږ) 20,136,916 RMB-denominated ordinary shares 20,136,916 Zhong Hang Xin Gang Guarantee Co., Ltd. 15,875,700 RMB-denominated ordinary shares 15,875,700 Zhang Jun (ڲ11,396,686 RMB-denominated ordinary shares 11,396,686 Xu Zhourong (մ) 9,000,067 RMB-denominated ordinary shares 9,000,067 Wei Qionghua (ڀ8,888,825 RMB-denominated ordinary shares 8,888,825 Tao Xuezhi (ٝ8,547,564 RMB-denominated ordinary shares 8,547,564 Notes on the connected relationship or acting in concert among the above shareholders HKSCC NOMINEES LIMITED, the second largest shareholder, holds the H Shares of the Company on behalf of various clients; the de facto controller of both Wangfujing Group Co., Ltd., the third largest shareholder, and Beijing North Star Industrial Group Co., Ltd, the controlling shareholder of the Company, is the State-owned Assets Supervision and Administration Commission of People ’s Government of Beijing Municipality; whether the remaining shareholders are concert parties for the purpose of the “Administrative Measures for Takeover of Listed Companies ” is unknown. Explanations on the participation of the top ten shareholders and the top ten holders of shares not subject to selling restrictions in securities financing and refinancing businesses (if any) 1. Zhang Jun (ڲholds 11,396,686 shares through the credit securities account, totaling 11,396,686 shares; 2. Wei Qionghua (ڀholds 8,888,825 shares through the credit securities account, totaling 8,888,825 shares; 3. Tao Xuezhi (ٝholds 7,747,564 shares through the ordinary securities account and 800,000 shares through the credit securities account, totaling 8,547,564 shares.
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7 Shares lent by shareholders holding more than 5% shares, top ten shareholders and top ten holders of tradable shares not subject to selling restrictions participating in the refinancing business ½Applicable ✓Not applicable Changes in the top ten shareholders and top ten holders of tradable shares not subject to selling restrictions as compared with the previous period due to lending/returning of shares through refinancing ½Applicable ✓Not applicable III. OTHER REMINDERS Other important information about the operations of the Company during the reporting period that should be brought to the attention of investors ✓Applicable ½Not applicable From January to September 2025, for convention and exhibition (including hotels) and commercial properties, the total gross floor area of convention centre projects was 367,900 m2, realising a total operating revenue of RMB429,710,000; the total gross floor area of hotel projects was 346,800 m 2, realising a total operating revenue of RMB556,050,000; the total gross floor area of office building and integrated commercial property projects was 578,500 m2, realising a total operating revenue of RMB507,930,000; the total gross floor area of the apartment projects was 184,300 m 2, realising a total operating revenue of RMB198,860,000. From January to September 2025, for real estate development, in respect of land reserve, the Company achieved total land reserve of 3,572,500 m 2 and equity land reserve of 3,325,800 m2, with no newly added real estate reserves; in respect of engineering construction, the Company recorded a new and resumed construction area of 1,093,900 m 2, a new construction area of 0, and a completed area of 27,400 m 2; in respect of project sales, the Company recorded sales area of 210,400 m 2, representing a year-on-year decrease of 0.05%, equity sales area of 193,800 m 2, representing a year-on-year increase of 1.20%, sales amount of RMB2,782 million, representing a year-on-year decrease of 5.53%, equity sales amount of RMB2,557 million, representing a year-on-year decrease of 5.33%, settlement area of 174,400 m 2, settlement amount of RMB1,949 million, and the area to be booked as at the end of the reporting period was 116,000 m 2. IV. QUARTERLY FINANCIAL STATEMENTS (I) Type of audit opinion ½Applicable ✓Not applicable
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8 (II) Financial statements Consolidated Balance Sheet 30 September 2025 Prepared by: Beijing North Star Company Limited Unit: Yuan Currency: RMB Audit Type: Unaudited Items 30 September 2025 31 December 2024 Current assets: Cash at bank and in hand 7,185,729,390 7,905,283,614 Clearing settlement funds Placements with banks and other financial institutions Financial assets held for trading Derivative financial assets Notes receivable – 3,500,000 Accounts receivable 298,469,432 193,517,257 Receivables financing Prepayments 78,261,963 101,223,098 Premiums receivable Reinsurance accounts receivable Deposits receivable from reinsurance treaty Other receivables 858,516,996 875,314,706 Including: Interest receivable Dividends receivable Financial assets held under resale agreements Inventory 23,161,029,351 26,094,048,435 Including: Data resources Contract assets Assets held for sale Non-current assets due within one year 184,472,266 189,718,223 Other current assets 1,629,325,703 1,676,408,602 Total current assets 33,395,805,101 37,039,013,935
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9 Items 30 September 2025 31 December 2024 Non-current assets: Loans and advances to customers Debt investment Other debt investment Long-term accounts receivable 20,869,353 151,201,755 Long-term equity investments 372,182,626 268,298,907 Other investment in equity instruments Other non-current financial assets Investment properties 7,293,999,556 7,507,203,216 Fixed assets 2,520,196,531 2,630,495,426 Construction-in-progress 503,468 557,821 Operational biological assets Oil and gas assets Right-of-use assets 5,423,944 22,485,756 Intangible assets 35,724,774 42,781,399 Including: Data resources 26,979 43,823 Development expenses 892,453 1,422,642 Including: Data resources Goodwill Long-term deferred expenses 14,386,626 15,852,238 Deferred income tax assets 1,068,551,876 1,159,616,391 Other non-current assets 2,370,364 2,955,305 Total non-current assets 11,335,101,571 11,802,870,856 Total assets 44,730,906,672 48,841,884,791
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10 Items 30 September 2025 31 December 2024 Current liabilities: Short-term borrowings Borrowings from central bank Capital borrowed Financial liabilities held for trading Derivative financial liabilities Notes payable Accounts payable 4,073,514,270 4,664,800,818 Accounts received in advance 99,536,442 100,667,638 Contract liabilities 1,895,585,766 1,475,854,959 Financial assets sold under agreements to repurchase Absorbing deposit and interbank deposit Customer brokerage deposits Securities underwriting brokerage deposits Staff cost 74,338,057 80,601,045 Taxes payable 796,143,440 1,600,007,919 Other payables 1,653,226,120 1,599,141,038 Including: Interest payable Dividends payable 1,162,190 1,162,190 Fee and commission payable Reinsurance accounts payable Liabilities held for sale Non-current liabilities due within one year 6,947,496,872 6,730,196,998 Other current liabilities 56,964 56,964 Total current liabilities 15,539,897,931 16,251,327,379
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11 Items 30 September 2025 31 December 2024 Non-current liabilities: Reserve of insurance contract Long-term borrowings 10,949,813,521 12,117,250,117 Bonds payable 6,825,388,593 3,527,774,103 Including: Preferred shares Perpetual bond Lease liabilities Long-term accounts payable 1,244,000,000 5,089,501,467 Long-term staff cost 85,007,074 86,939,109 Accrued liabilities Deferred income 621,093 1,653,000 Deferred income tax liabilities Other non-current liabilities Total non-current liabilities 19,104,830,281 20,823,117,796 Total liabilities 34,644,728,212 37,074,445,175
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12 Items 30 September 2025 31 December 2024 Owners ’ equity (or shareholders ’ equity): Paid-in capital (or share capital) 3,367,020,000 3,367,020,000 Other equity instruments Including: Preferred shares Perpetual bond Capital reserve 3,453,955,891 3,454,000,591 Less: Treasury shares Other comprehensive income 14,031,506 14,031,506 Special reserve Surplus reserve 1,196,243,325 1,196,243,325 Normal risk provision Undistributed profit -505,909,744 1,667,847,173 Total owners ’ equity (or shareholders ’ equity) attributable to owners of the Parent Company 7,525,340,978 9,699,142,595 Minority interests 2,560,837,482 2,068,297,021 Total owners ’ equity (or shareholders ’ equity) 10,086,178,460 11,767,439,616 Total liabilities and owners ’ equity (or shareholders ’ equity) 44,730,906,672 48,841,884,791 Person-in-charge of the Company: Person-in-charge of accounting operations: Person-in-charge of the accounting institution: ZHANG Jie ZHU Yan DU Yan
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13 Consolidated Income Statement From January to September 2025 Prepared by: Beijing North Star Company Limited Unit: Yuan Currency: RMB Audit Type: Unaudited Items First three quarters of 2025 (January – September) First three quarters of 2024 (January – September) I. Total operating revenue 4,366,877,339 4,730,946,624 Including: Operating revenue 4,366,877,339 4,730,946,624 Interest income Premiums earned Handling charges and commission income II. Total operating costs 5,145,475,324 5,051,312,539 Including: Operating costs 3,291,027,042 3,347,516,243 Interest expenses Handling charges and commission expenses Surrender payment Net expenditure for compensation payments Net provision for insurance liability deposits Policyholder dividend expenses Reinsurance costs Taxes and surcharges 196,922,707 339,155,904 Selling expenses 273,400,174 225,256,690 Administrative expenses 602,099,637 577,731,896 Research and development expenses 2,989,412 – Finance expenses 779,036,352 561,651,806 Including: Interest expenses 796,419,197 642,008,383 Interest income 23,533,309 85,570,798 Add: Other income 26,613,703 50,310,065 Investment income (loss stated with “-”) 31,467,979 32,907,914 Including: Investment income from associates and joint venture 19,009,933 -293,368
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14 Items First three quarters of 2025 (January – September) First three quarters of 2024 (January – September) Gains on derecognition of financial assets measured at amortised cost Foreign currency exchange gains (loss stated with “-”) Gains on net exposure hedges (loss stated with “-”) Profit arising from changes in fair value (loss stated with “-”) Impairment losses on credit (loss stated with “-”) -72,907,152 -143,168,208 Impairment losses on assets (loss stated with “-”) -1,333,556,842 -538,537,237 Gains from disposal of assets (loss stated with “-”) -840 100,901 III. Operating profit (loss stated with “-”) -2,126,981,137 -918,752,480 Add: Non-operating income 12,239,154 14,929,854 Less: Non-operating expenses 2,397,923 6,605,639 IV. Total profit (total loss stated with “-”) -2,117,139,906 -910,428,265 Less: Income tax expenses 213,820,197 142,281,549 V. Net profit (net loss stated with “-”) -2,330,960,103 -1,052,709,814 (I) Classified according to continuity of operations 1. Net profit from continuing operations (net loss stated with “-”) -2,330,960,103 -1,052,709,814 2. Net profit from discontinued operations (net loss stated with “-”) (II) Classified according to the ownership 1. Net profit attributable to the owners of the parent company (net loss stated with “-”) -2,173,756,917 -928,101,569 2. Minority interests (net loss stated with “–”) -157,203,186 -124,608,245
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15 Items First three quarters of 2025 (January – September) First three quarters of 2024 (January – September) VI. Other comprehensive income (net of tax) (I) Other comprehensive income attributable to the owners of the parent company (net of tax) 1. Other comprehensive income that will not be reclassified into profit or loss (1) Changes arising from remeasurement of defined benefit plans (2) Other comprehensive income which cannot be reclassified into profit and loss under equity method (3) Changes in fair value of investment in other equity instruments (4) Changes in fair value of the enterprise ’s own credit risk 2. Other comprehensive income that will be reclassified into profit or loss (1) Other comprehensive income that will be reclassified into profit or loss under equity method (2) Changes in fair value of investment in other debt instruments (3) Financial assets reclassified into other comprehensive income (4) Provision for credit impairments of other debt investments (5) Cash flow hedge reserve (6) Exchange differences on foreign currency translation (7) Others (II) Other comprehensive income attributable to minority interests (net of tax)
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16 Items First three quarters of 2025 (January – September) First three quarters of 2024 (January – September) VII. Total comprehensive income -2,330,960,103 -1,052,709,814 (I) Total comprehensive income attributable to the owners of the parent company -2,173,756,917 -928,101,569 (II) Total comprehensive income attributable to minority shareholders -157,203,186 -124,608,245 VIII. Earnings per share: (I) Basic earnings per share (RMB/share) -0.65 -0.28 (II) Diluted earnings per share (RMB/share) -0.65 -0.28 Person-in-charge of the Company: Person-in-charge of accounting operations: Person-in-charge of the accounting institution: ZHANG Jie ZHU Yan DU Yan
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17 Consolidated Statement of Cash Flows From January to September 2025 Prepared by: Beijing North Star Company Limited Unit: Yuan Currency: RMB Audit Type: Unaudited Items First three quarters of 2025 (January – September) First three quarters of 2024 (January – September) I. Cash flows from operating activities: Cash received from selling goods and rendering services 5,048,099,476 4,537,235,587 Net increase in deposits from customers and placements from banks and other financial institutions Net increase in borrowings from central bank Net increase in placements from other financial institutions Cash received from premiums of original insurance contracts Net cash received from reinsurance business Net increase in deposits from policyholders and investments Cash received from interest, handling charges and commissions Net increase in placements from banks Net increase in fund for repurchases of businesses Net cash received from securities trading agency services Refund of tax and levies received 105,276,314 55,080,428 Cash received relating to other operating activities 303,516,214 260,373,017 Sub-total of cash inflow from operating activities 5,456,892,004 4,852,689,032
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18 Items First three quarters of 2025 (January – September) First three quarters of 2024 (January – September) Cash paid for purchase of goods and receipt of services 2,174,003,716 2,692,191,575 Net increase in loans and advances to customers Net increase in placements with central bank and other financial institution Cash paid for claims on original insurance contracts Net increase in placements with banks and other financial institutions Cash payment for interest, handling charges and commissions Cash payment for policyholder dividend Cash paid to and paid for employees 792,858,856 731,464,618 Taxes paid 1,230,834,501 754,404,197 Cash paid relating to other operating activities 152,114,569 158,397,625 Sub-total of cash outflow from operating activities 4,349,811,642 4,336,458,015 Net cash flow from operating activities 1,107,080,362 516,231,017 II. Cash flows from investing activities: Cash received from disinvestments – 45,080,000 Cash received from returns on investments 195,112 52,203,325 Net cash received from disposal of fixed assets, intangible assets and other long-term assets 594,055 1,127,375 Net cash received from disposal of subsidiaries and other business units 4,781,965 385,390 Cash received relating to other investing activities 27,571,333 – Sub-total of cash inflow from investing activities 33,142,465 98,796,090
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19 Items First three quarters of 2025 (January – September) First three quarters of 2024 (January – September) Cash paid for acquiring fixed assets, intangible assets and other long-term assets 57,010,060 99,503,020 Cash paid to acquire investment 4,655,000 – Net increase in pledged loans Net cash paid for acquisition of subsidiaries and other business units Cash paid relating to other investing activities 98,000,000 – Sub-total of cash outflow from investing activities 159,665,060 99,503,020 Net cash flows from investing activities -126,522,595 -706,930 III. Cash flows from financing activities: Cash received from capital contribution 4,900,000 – Including: Cash received from capital contributions by minority shareholders of subsidiaries 4,900,000 – Cash received from borrowings 914,538,266 1,195,270,065 Cash received from issuance of bonds 1,559,787,440 378,252,000 Cash received relating to other financing activities 24,170,000 1,673,277,158 Sub-total of cash inflow from financing activities 2,503,395,706 3,246,799,223
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20 Items First three quarters of 2025 (January – September) First three quarters of 2024 (January – September) Cash repayments of borrowings 2,844,954,671 1,013,536,858 Cash payments for distribution of dividends and profits or interest expenses 733,600,153 966,102,991 Including: Dividends and profit paid to minority shareholders by subsidiaries 10,799 – Cash paid relating to other financing activities 430,990,498 2,780,091,539 Sub-total of cash outflow from financing activities 4,009,545,322 4,759,731,388 Net cash flows from financing activities -1,506,149,616 -1,512,932,165 IV. Effect of foreign exchange rate changes on cash and cash equivalents V. Net increase in cash and cash equivalents -525,591,849 -997,408,078 Add: Balance of cash and cash equivalents at the beginning of the period 6,783,364,401 8,505,481,550 VI. Balance of cash and cash equivalents at the end of the period 6,257,772,552 7,508,073,472 Person-in-charge of the Company: Person-in-charge of accounting operations: Person-in-charge of the accounting institution: ZHANG Jie ZHU Yan DU Yan
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21 Balance Sheet of the Parent Company 30 September 2025 Prepared by: Beijing North Star Company Limited Unit: Yuan Currency: RMB Audit Type: Unaudited Items 30 September 2025 31 December 2024 Current assets: Cash at bank and in hand 4,983,774,814 5,664,621,843 Financial assets held for trading Derivative financial assets Notes receivable Accounts receivable 95,085,388 73,309,794 Receivables financing Prepayments 15,403,725 22,624,610 Other receivables 53,487,232 61,169,014 Including: Interest receivable Dividends receivable Inventory 92,118,115 103,529,494 Including: Data resources Contract assets Assets held for sale Non-current assets due within one year 11,337,983,413 9,910,150,687 Other current assets 26,694,177 31,694,891 Total current assets 16,604,546,864 15,867,100,333
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22 Items 30 September 2025 31 December 2024 Non-current assets: Debt investment Other debt investment Long-term accounts receivable 9,292,008,712 12,286,766,070 Long-term equity investments 10,053,810,083 9,321,069,923 Other investment in equity instruments Other non-current financial assets Investment properties 4,245,759,789 4,367,988,596 Fixed assets 1,019,811,218 1,076,177,438 Construction-in-progress 501,301 557,821 Operational biological assets Oil and gas assets Right-of-use assets 4,084,781 19,444,894 Intangible assets 11,658,460 16,068,037 Including: Data resources Development expenses Including: Data resources Goodwill Long-term deferred expenses Deferred income tax assets 269,678,048 332,936,221 Other non-current assets Total non-current assets 24,897,312,392 27,421,009,000 Total assets 41,501,859,256 43,288,109,333
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23 Items 30 September 2025 31 December 2024 Current liabilities: Short-term borrowings Financial liabilities held for trading Derivative financial liabilities Notes payable Accounts payable 492,555,240 541,097,921 Accounts received in advance 87,433,085 86,503,434 Contract liabilities 145,262,965 197,380,955 Staff cost 60,743,997 64,033,611 Taxes payable 243,167,870 582,264,538 Other payables 6,853,835,514 7,442,956,062 Including: Interest payable Dividends payable Liabilities held for sale Non-current liabilities due within one year 5,095,198,807 5,049,174,119 Other current liabilities Total current liabilities 12,978,197,478 13,963,410,640 Non-current liabilities: Long-term borrowings 8,647,446,255 9,844,352,117 Bonds payable 6,825,388,593 3,527,774,103 Including: Preferred shares Perpetual bond Lease liabilities Long-term accounts payable 1,244,000,000 4,487,616,667 Long-term staff cost 85,007,074 86,939,109 Accrued liabilities Deferred income 621,093 1,653,000 Deferred income tax liabilities Other non-current liabilities Total non-current liabilities 16,802,463,015 17,948,334,996 Total liabilities 29,780,660,493 31,911,745,636
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24 Items 30 September 2025 31 December 2024 Owners ’ equity (or shareholders ’ equity): Paid-in capital (or share capital) 3,367,020,000 3,367,020,000 Other equity instruments Including: Preferred shares Perpetual bond Capital reserve 3,658,025,039 3,658,025,039 Less: Treasury shares Other comprehensive income 14,031,506 14,031,506 Special reserve Surplus reserve 1,196,243,325 1,196,243,325 Undistributed profit 3,485,878,893 3,141,043,827 Total owners ’ equity (or shareholders ’ equity) 11,721,198,763 11,376,363,697 Total liabilities and owners ’ equity (or shareholders ’ equity) 41,501,859,256 43,288,109,333 Person-in-charge of the Company: Person-in-charge of accounting operations: Person-in-charge of the accounting institution: ZHANG Jie ZHU Yan DU Yan
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25 Income Statement of the Parent Company From January to September 2025 Prepared by: Beijing North Star Company Limited Unit: Yuan Currency: RMB Audit Type: Unaudited Items First three quarters of 2025 (January – September) First three quarters of 2024 (January – September) I. Operating revenue 1,430,826,172 1,535,218,820 Less: Operating costs 620,034,129 640,057,789 Taxes and surcharges 117,557,202 124,282,434 Selling expenses 57,961,243 50,490,300 Administrative expenses 408,961,901 395,924,313 Research and development expenses Finance expenses -202,464,968 -319,905,256 Including: Interest expenses 649,316,444 745,874,828 Interest income 854,841,728 1,070,198,836 Add: Other incomes 1,303,151 3,009,970 Investment income (loss stated with “-”) 15,168,816 28,998,001 Including: Investment income from associates and joint ventures 3,007,960 – Gains on derecognition of financial assets measured at amortised cost Gains on net exposure hedges (loss stated with “-”) Profit arising from changes in fair value (loss stated with “-”) Impairment loss on credit (loss stated with “-”) 10,480,437 -135,634,033 Impairment losses on assets (loss stated with “-”) Gains from disposal of assets (loss stated with “-”)
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26 Items First three quarters of 2025 (January – September) First three quarters of 2024 (January – September) II. Operating profit (loss stated with “-”) 455,729,069 540,743,178 Add: Non-operating income 4,957,861 9,123,601 Less: Non-operating expenses 1,451,288 1,090,910 III. Total profit (total loss stated with “-”) 459,235,642 548,775,869 Less: Income tax expenses 114,400,576 140,016,261 IV. Net profit (net loss stated with “-”) 344,835,066 408,759,608 (I) Net profit from continuing operations (net loss stated with “-”) 344,835,066 408,759,608 (II) Net profit from discontinued operations (net loss stated with “-”) V. Other comprehensive income (net of tax) (I) Other comprehensive income that will not be reclassified into profit or loss 1. Changes arising from remeasurement of defined benefit plans 2. Other comprehensive income which cannot be reclassified into profit and loss under equity method 3. Changes in fair value of investment in other equity instruments 4. Changes in fair value of the enterprise ’s own credit risk
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27 Items First three quarters of 2025 (January – September) First three quarters of 2024 (January – September) (II) Other comprehensive income that will be reclassified into profit or loss 1. Other comprehensive income which can be reclassified into profit and loss under equity method 2. Changes in fair value of investment in other debt instruments 3. Financial assets reclassified into other comprehensive income 4. Provision for credit impairments of other debt investments 5. Cash flow hedge reserve 6. Exchange differences on foreign currency translation 7. Others VI. Total comprehensive income 344,835,066 408,759,608 VII. Earnings per share: (I) Basic earnings per share (RMB/share) (II) Diluted earnings per share (RMB/share) Person-in-charge of the Company: Person-in-charge of accounting operations: Person-in-charge of the accounting institution: ZHANG Jie ZHU Yan DU Yan
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28 Statement of Cash Flows of the Parent Company From January to September 2025 Prepared by: Beijing North Star Company Limited Unit: Yuan Currency: RMB Audit Type: Unaudited Items First three quarters of 2025 (January – September) First three quarters of 2024 (January – September) I. Cash flows from operating activities: Cash received from selling goods and rendering services 1,438,715,133 1,513,882,531 Refund of tax and levies received 38,818,060 – Cash received relating to other operating activities 78,860,481 127,579,118 Sub-total of cash inflow from operating activities 1,556,393,674 1,641,461,649 Cash paid for purchase of goods and receipt of services 428,219,934 360,407,906 Cash paid to and paid for employees 456,235,205 429,819,531 Taxes paid 633,490,460 330,772,788 Cash paid relating to other operating activities 68,235,218 137,303,278 Sub-total of cash outflow from operating activities 1,586,180,817 1,258,303,503 Net cash flow from operating activities -29,787,143 383,158,146
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29 Items First three quarters of 2025 (January – September) First three quarters of 2024 (January – September) II. Cash flows from investing activities: Cash received from disinvestments 4,639,176,308 4,230,564,484 Cash received from returns on investments 369,287,854 536,107,469 Net cash received from disposal of fixed assets, intangible assets and other long-term assets 561,664 1,009,842 Net cash received from disposal of subsidiaries and other business units Cash received relating to other investing activities Sub-total of cash inflow from investing activities 5,009,025,826 4,767,681,795 Cash paid for acquiring fixed assets, intangible assets and other long-term assets 18,009,208 38,840,329 Cash paid to acquire investment 3,897,162,646 3,983,791,285 Net cash paid for acquisition of subsidiaries and other business units Cash paid relating to other investing activities Sub-total of cash outflow from investing activities 3,915,171,854 4,022,631,614 Net cash flows from investing activities 1,093,853,972 745,050,181
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30 Items First three quarters of 2025 (January – September) First three quarters of 2024 (January – September) III. Cash flows from financing activities: Cash received from capital contribution Cash received from borrowings – 445,270,065 Cash received from issuance of bonds 1,559,787,440 378,252,000 Cash received relating to other financing activities 119,000,000 1,550,000,000 Sub-total of cash inflow from financing activities 1,678,787,440 2,373,522,065 Cash repayments of borrowings 2,284,903,671 986,036,858 Cash payments for distribution of dividends and profits or interest expenses 626,403,408 779,878,803 Cash paid relating to other financing activities 511,850,486 2,653,826,180 Sub-total of cash outflow from financing activities 3,423,157,565 4,419,741,841 Net cash flows from financing activities -1,744,370,125 -2,046,219,776 IV. Effect of foreign exchange rate changes on cash and cash equivalents V. Net increase in cash and cash equivalents -680,303,296 -918,011,449 Add: Balance of cash and cash equivalents at the beginning of the period 5,655,710,861 7,269,697,171 VI. Balance of cash and cash equivalents at the end of the period 4,975,407,565 6,351,685,722 Person-in-charge of the Company: Person-in-charge of accounting operations: Person-in-charge of the accounting institution: ZHANG Jie ZHU Yan DU Yan
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31 Adjustments to financial statements at the beginning of the year upon the first adoption of new accounting standards or interpretations of standards from 2025 ½Applicable ✓Not applicable By Order of the Board Beijing North Star Company Limited ZHANG Jie Chairman Beijing, the PRC 30 October 2025 As at the date of this announcement, the Board comprises eight directors, of which Mr. ZHANG Jie, Ms. LIANG Jie, Mr. YANG Hua-Sen, Ms. ZHANG Wen-Lei and Mr. WEI Ming- Qian are executive directors and Dr. CHOW Wing-Kin, Anthony, Mr. GAN Pei-Zhong and Ms. QIAN Ai-min are independent non-executive directors.