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Jiang Chuya, reporter of Yangtze Business Daily Pentium News

The performance and sales of Beijing Energy Real Estate, a subsidiary of Beijing Energy Group, are both under pressure.

On July 17, Beijing Energy Real Estate (600791.SH) released the company's operating conditions for the second quarter of 2024. The full-caliber contract amount of Beijing Energy Real Estate in the second quarter was 398 million yuan, a year-on-year decrease of 65.15%; the equity-caliber contract amount was 256 million yuan, a year-on-year decrease of 61.50%.

After its performance turned from profit to loss last year, Beijing Energy Real Estate’s operating performance has not improved this year.

In 2023, Beijing Energy Real Estate achieved revenue of 4.535 billion yuan, a year-on-year decrease of 26.60%; the net loss attributable to the parent was 407 million yuan, a year-on-year decrease of 2498.48%; the net assets attributable to shareholders of the listed company were 1.592 billion yuan, a year-on-year decrease of 56.14%.

In the first quarter of this year, Beijing Energy Real Estate achieved a year-on-year decrease of 90% in operating income to 170 million yuan, a net loss of 58 million yuan attributable to the parent company, and a net cash flow from operating activities of -1.997 billion yuan. In terms of sales, the holding subsidiaries sold a total of 84 parking spaces, and the contract amounts of 7 of the company's 10 projects on sale fell year-on-year.

Not long ago, Beijing Energy Real Estate issued an announcement on expected loss for its 2024 semi-annual performance, estimating a net loss of 50 million to 70 million yuan attributable to shareholders of the listed company in the first half of 2024, and a net loss of 51.2 million to 71.2 million yuan after deducting non-recurring gains and losses.

As for the reasons for the expected loss, Beijing Energy Real Estate explained that it was mainly due to the company's small number of carryover projects in this period, the small carryover scale, and the increase in expense expenditures in this period. Compared with the same period last year, the company expects to reduce losses by 30 million to 50 million yuan. The estimated impact of non-recurring gains and losses is 1.2 million yuan.

Despite the losses, Beijing Energy Real Estate still borrowed money to acquire land. On January 4, the second phase DWY-L44 plot of the Dawayao Xincheng project in Lugouqiao Street, Fengtai District, Beijing attracted six real estate companies to participate in the auction, including China Construction Yipin, Beijing Energy Real Estate, Tianheng, China Resources, Beijing Urban Construction, and Xingchuang. In the end, Beijing Energy Real Estate won the lottery with a maximum premium of 15%, with a total price of 3.841 billion yuan.

In order to develop the Dawayao site, on January 23, Beijing Energy Real Estate issued an announcement that it had established a project company, Beijing Fengjing Real Estate Development Co., Ltd., with an investment amount of 1.55 billion yuan.

However, Beijing Energy Real Estate is not "rich". Financial data for the first quarter of 2024 showed that the company's debt-to-asset ratio reached 88.45%, a new high, and the debt situation is quite serious.

In recent years, Beijing Energy Real Estate has raised funds through various means such as bank loans and bond financing. On October 23, 2023, Beijing Energy Real Estate issued the 2023 A-share Stock Prospectus (revised draft) for the issuance of A shares to specific objects, planning to raise 700 million yuan for the construction of the Beijing Energy Xishanyin project and to supplement working capital.

In order to repay the company's debts and project development and construction, Beijing Energy Real Estate planned to apply for a 4 billion yuan interest-bearing loan from Beijing Energy Group in March this year. At the same time, it applied to financial institutions for a comprehensive credit line of no more than 2 billion yuan to reduce the company's capital costs and repay the principal and interest of debts.