Building an ecosystem with "Exhibition+" and strengthening the core with digital intelligence: Beichen Industrial unlocks new growth opportunities | In-depth analysis of the annual report

Statistical data shows that from 2015 to 2024, the country’s total exhibition area increased from 117 million square meters to 147 million square meters, with the industry’s overall scale steadily expanding. In 2025, China hosted more than 4,000 commercial and trade exhibitions, with total exhibition area nearing 160 million square meters. Both the number of exhibitions and the area grew, and the level of market-driven development continued to improve.

It can be seen that the convention and exhibition industry is entering a new stage of high-quality development, and has become a key lever for facilitating industry cycles and boosting consumption growth. On March 28, Beichen Industry officially released its 2025 annual report, showcasing its strong performance in convention and exhibition operations and ecosystem development.

According to the report, in 2025, Beichen Industry’s convention-and-exhibition and supporting facilities services segment recorded operating revenue of RMB 297.6 thousand, representing a year-on-year increase of 0.53%, and accounting for 49% of the company’s total revenue. Pre-tax profit was RMB 349 million, with the core business maintaining sound overall development.

Industry insiders point out that, as an important platform of the modern market system and the open economy system, the convention and exhibition industry is of great significance for industrial upgrading, innovation and transformation, ensuring a smooth supply chain, and high-level opening up to the outside world. As domestic convention and exhibition development continues and consumption and industry momentum strengthen in parallel, leading enterprises represented by Beichen Industry are entering a broader space for development.

Deepening the Main Convention-and-Exhibition Business, With Both Light and Heavy Assets in Tandem to Cement Its “Lead Chain” Position

In recent years, Beichen Industry has leveraged the Beijing Capital Convention Center to focus on its main convention-and-exhibition business, adopting a model of “heavy-asset self-ownership + light-asset brand output.” It has actively expanded government-run exhibitions and international exhibitions, and has worked to cultivate its own branded exhibitions.

The report shows that in 2025, the company held 2,397 exhibition-related events of all types in its self-owned venues and hotel accommodations, up by approximately 6.9% year on year. Attendance and participation-related passenger flow reached 5.0337 million person-times.

It is understood that in 2025, the National Convention Center Phase II and the Capital International Exhibition Center entrusted to Beichen Industry were put into operation one after another. Among them, Phase II of the National Convention Center operates in conjunction with the National Convention Center self-owned by the company, forming a world-class convention and exhibition complex of over 1.3 million square meters. Within the year, it hosted 55 large meetings and 60 large exhibitions, becoming an important window for international exchanges in Beijing.

Notably, to further energize the festive consumption market and enrich residents’ cultural life, during the 2026 Spring Festival period, Beichen Industry innovatively integrated a diverse set of business formats under “culture, commerce, travel, sports, and exhibitions.” It carefully prepared for and hosted a new type of indoor temple fair— the First Dadu New Year Temple Fair—creating an immersive festive consumption scenario that combines a sense of technology, an international flair, and a distinctly Chinese touch.

In addition, Beichen Industry’s light-asset brand output has advanced steadily, and its nationwide rollout has accelerated. The report shows that in 2025, the company signed 6 new projects for entrusted management of venues and hotels and 3 advisory and consulting projects. As of now, the company’s output management business for convention-and-exhibition venues and hotels has entered 30 cities nationwide, including 76 venue and hotel advisory and consulting projects and 64 entrusted management venue and hotel projects. The total area of venues under entrusted management is nearly 7 million square meters.

With mature operational capabilities and a high-standard service system, Beichen Industry has performed outstandingly in supporting major events and hosting key branded exhibitions.

The report shows that in 2025, Beichen Industry completed high-standard service and support for multiple major state and government-related events, including the Global Women’s Summit, the 4th Ministerial-Level Meeting of the China-LAC Forum, the 10th Annual Meeting of the Board of Governors of the AIIB, the 3rd Session of the 14th Committee of the Beijing Municipal Committee of the Chinese People’s Political Consultative Conference, the China-Africa Economic and Trade Expo, the Shanghai Cooperation Organisation Tianjin Summit, and the Beijing Xiangshan Forum, among others. The “Beichen Service” was highly recognized by the organizers, and its brand influence continued to grow.

Meanwhile, the company also successfully co-hosted and hosted a series of high-caliber exhibitions, including the 2025 China International Fair for Trade in Services (CIFTIS), the 29th World Gas Conference, the Beijing Senior Expo, the IASP World Congress, the Beijing Healthy Lifestyle Consumption Expo, the Beijing Half Marathon Exhibition Expo, the ICCA Global Venue Forum, the China Refrigeration Exhibition, the 27th K-Tec (?), among others. Its market-oriented operational capabilities and industry benchmark position were further consolidated.

Among them, the 2025 China International Fair for Trade in Services made further breakthroughs in key areas such as exhibition display, conference forums, and market-oriented招商. In total, cumulative admissions reached 282k person-times, up 8% year on year. The exhibitors’ internationalization rate exceeded 20%. Both market-oriented revenue and the total amount of sponsorship achieved “dual growth.” During the event, it hosted more than 40 supporting events, showcasing nearly 140 typical “Beijing Service” cases and reaching over 900 cooperation outcomes.

It can be seen that, backed by its full-chain operational strength, Beichen Industry’s market-oriented operation level for its convention-and-exhibition business has continued to improve, its industry leading position has been continuously reinforced, and its brand value and overall competitiveness have reached a new level.

Deepening “Exhibitions +” Synergy to Build a Full-Chain Value Ecosystem

Leveraging its advantages as a core convention-and-exhibition platform, Beichen Industry connects its convention-and-exhibition supporting facilities services business and real estate business through an “exhibitions +” strategy, building a full-chain value ecosystem.

In recent years, Beichen Industry, relying on Beichen Business Management (Beichen Commercial Management), has coordinated and carried out convention-and-exhibition supporting facilities services. It has carried out professional asset operations and property service management for multi-category asset holdings owned by the company, such as office buildings, apartments, and comprehensive commercial properties. It has created an asset operations management model with “Beichen characteristics” and a property management standard system, establishing a new benchmark for asset management in the Beijing Asian Games–Olympics commercial district.

Specifically, in the office segment, the company integrated internal resources to form a “full-spectrum” office product system with a total scale of over 500k square meters. This covers various business spaces, including ultra-grade A, grade A, and 5A. It implemented targeted marketing for the two major regional markets of the Asian Games and the Olympic Games. In 2025, it signed deals with leading enterprises in multiple industries such as TMT, energy, and finance, achieving a net absorption area of about 40k square meters.

In industrial parks, relying on professional exhibition resources such as the China International Science and Technology Fair (KOC) and other events, the company focuses on strategic emerging industries to build a three-park industrial layout and improve the operating quality of supporting facilities such as office buildings. In 2025, the “Chaoyang Data Element Industrial Park” successfully signed 37 customers, with an industrial clustering intensity of 82%. At the same time, it introduced the first trusted data space for automobile distribution nationwide, and established an “Artificial Intelligence Convention and Exhibition Industrial Park,” and took on the “Intelligent Robot Innovation Application Base,” helping build the Beijing international science and technology innovation center and a global benchmark city for the digital economy.

In commercial operations, the Changsha Beichen Triangle River commercial project achieved independent operations in 2025 and was officially renamed “Changsha Beichen Hui.” Meanwhile, the Beijing Beichen Hui project under entrusted management continued to innovate its operating model and optimize the consumption experience. In 2025, the project’s opening rate reached 99%. Total customer flow exceeded 8.3 million person-times, with the quality of commercial operations and market attractiveness rising steadily.

At the same time, Beichen Industry has continued to innovate consumption scenarios and operating models, with a clear synergy effect across commercial districts and faster rollout of new consumption scenarios. In 2025, Beichen Industry launched an “Asian Games–Olympics Consumption Pass,” a Chaoyang food sightseeing bus “Zhongzhou Line,” and hosted events such as the Asian Games–Olympics International Hih Beer Festival, creating multi-format integrated consumption scenarios. It also joined hands with multiple parties to establish the Changsha Beichen Riverside Commercial District New Life Innovation Alliance, forming a north-south linkage with the Asian Games–Olympics commercial district. This further improved the “convention-and-exhibition” ecosystem, helping continuously enhance brand influence and market expansion.

Besides convention-and-exhibition supporting facilities services, the real estate segment is deeply embedded in the “exhibitions +” system, using the “leading” role of convention and exhibition to drive coordinated development of the real estate segment.

The report shows that in 2025, the company planned theme events such as the “Spring Festival Home-Buying Season,” the “Heart-Moving May Day Travel & Leisure & Shopping Festival,” and “Car Dealer Business Day.” It flexibly adjusted its promotional strategies, and during the Spring Festival period, the subscription and signing indicators recorded a significant year-on-year increase. During the period, the company achieved contract sales amount (including parking spaces) of RMB 297.6k. Projects in multiple locations including Changsha, Suzhou, and Beijing achieved strong sales. Among them, the Beichen Hongxiangfu project ranked first in both number of units sold and sales area in the Beijing market.

In its financial report, Beichen Industry stated that good housing is the core demand of the market, and that quality-focused and service-oriented approaches have become the mainstream trend in home buying. In the future, Beichen Industry will keep building high-quality good housing, improve product strength and service strength with customer needs as the orientation, and drive the real estate business to transform into a specialized urban renewal service provider based on “conventions and exhibitions +.”

Digital and Intelligent Enablement for Upgrading, Building Core Competitiveness

Currently, digitalization and data assetization are becoming the core proposition for transformation and upgrading across industries. With the comprehensive rollout of AI technology, digital marketing and data governance bring the industry new opportunities for efficiency breakthroughs, experience upgrades, and model innovation. Beichen Industry actively embraces technological change, using a digital and intelligent transformation to improve business quality and efficiency.

The report shows that in 2025, the company completed an upgrade and renovation of its exhibition smart-venue operations management platform by implementing digital and intelligent upgrades for both self-owned exhibition venues and entrusted-operations venues. It built a unified “Software as a Service” (“SaaS”) operations management digital platform, standardized digital operations management standards and processes, and improved the efficiency and quality of venue services.

In addition, the company initiated and established the “Artificial Intelligence Convention and Exhibition Ecosystem Alliance,” supporting the digital and intelligent transformation of convention-and-exhibition and supporting facilities services and the coordinated development of the ecosystem.

In digital marketing, the company launched the “Asian Games–Olympics Circle” digital platform, and initiated the digital construction of the “Polaris” big-member system. It integrated digital marketing resources across two major business segments—convention-and-exhibition and supporting facilities services, as well as real estate development—to build a unified external digital marketing platform. It enables “unified brand promotion, unified channel expansion, and unified resource deployment,” effectively improving overall resource allocation efficiency and comprehensive market competitiveness.

In data governance, it has improved its data governance system, unified its data foundation, and achieved standardization of governance and operational data. It successfully obtained two authoritative certifications: Data Management Capability Maturity (DCMM)—Level 3 for customers (steady level), and Digital Transformation Maturity (DLMM)—scenario-level (three-star level).

Industry insiders say that, in the future, the core of digitalization lies in data governance and deep AI application: embedding digital technologies into end-to-end business processes, optimizing operations through data insights, improving experiences, and creating value—so that digitalization truly becomes a company’s core competitiveness.

Prudent Financial Operations; Shareholder Increases in Holdings Signal Long-Term Confidence

Based on the favorable development momentum of the convention-and-exhibition core business and coordinated advancement of diversified businesses, in 2025, Beichen Industry’s overall operating performance and financial structure were optimized in parallel.

The report shows that in 2025, Beichen Industry achieved operating revenue of RMB 6.06 billion. Among this, revenue from the real estate development business was RMB 282k, with a gross margin of 25.49%. The convention-and-exhibition and supporting facilities services segment achieved operating revenue of RMB 297.6 thousand, with a gross margin of 40.44%, highlighting outstanding profitability quality.

In addition, in terms of capital, Beichen Industry has continued to strengthen overall coordination and debt management, steadily reducing the scale of interest-bearing liabilities to lay a solid financial foundation for prudent operations. As of the end of the reporting period, the company’s total financing amount was RMB 23.32 billion. Its debt structure continued to improve, with more reasonable financing channel arrangements. Its financing cost was effectively controlled, and the company’s overall average financing cost decreased to 3.56%. In the same period, the company’s net cash flow from operating activities was RMB 500k, up RMB 155 million from the same period last year, with continued improvement in cash flow performance.

At the same time, the controlling shareholder also increased its shareholding to demonstrate recognition of Beichen Industry’s sound operating fundamentals. On April 1, 2026, Beichen Industry issued an announcement stating that from November 21, 2025 to March 31, 2026, the controlling shareholder Beichen Group increased its holdings of the company’s unrestricted A shares via centralized competitive bidding on the Shanghai Stock Exchange: 12.7953 million shares, representing 0.48% of the total A-share capital of the company, and 0.38% of the company’s total share capital. The amount of the increase was RMB 40k (excluding transaction fees).

With overall operations remaining stable, its financial structure continuously optimized, and shareholder confidence firmly established, Beichen Industry has laid a solid foundation for high-quality development in the next stage. Looking ahead to 2026, as the first year of the “15th Five-Year Plan” (2026–2030) and “15th–25th Five-Year” (note: unclear original wording), the convention and exhibition economy will usher in new development opportunities. Beichen Industry stated that it will continuously expand the meaning of “Exhibitions +,” leverage the platform role of the convention-and-exhibition industry to empower multiple industries, create an “Exhibitions +” ecosystem circle, and work with others to build a new ecosystem for coordinated development of the convention-and-exhibition industry. At the same time, with digital and intelligent enablement as a key starting point, it will promote deep coordination across business segments, continuously strengthen the lead-chain driving role.