目錄 Contentsin Beijing, the People’s Republic of China (“PRC”) on 2nd April 1997. The H...

目錄Contents

Olympic National Convention Centre奧運國家會議中心

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3

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公司簡介

Corporate Profile

財務概要

Financial Highlights

董事長報告

Chairman’s Report

管理層討論及分析

Management Discussion and Analysis

董事、監事及高級

管理人員簡歷

Profile of Directors, Supervisors

and Senior Management

董事會報告

Report of the Directors

監事會報告

Report of the Supervisory Committee

核數師報告

Auditors’ Report

綜合財務報表

Consolidated Financial Statements

物業組合概要

Properties Profile

董事會二零零四年度利潤分配方案

Directors’ Proposal on the Appropriation

of Profit for the Year of 2004

公司資料

Corporate Information

2 北京北辰實業股份有限公司二零零四年年報

公司簡介 Corporate Profile

Beijing North Star Company Limited (“BNS” or the “Company”) was established by its

sole promoter, Beijing North Star Industrial Group Company (“BNS Group Company”),

in Beijing, the People’s Republic of China (“PRC”) on 2nd April 1997. The H shares of

the Company were issued and listed on The Stock Exchange of Hong Kong Limited

(“SEHK”) on 14th May of the same year. BNS was the first state-owned enterprise engaged

in property business to be listed on the SEHK. Its registered capital is 1,867,020,000

shares, of which 1,160,000,000 shares (62.131%) are domestic shares held by BNS Group

Company and 707,020,000 shares (37.869%) are H shares. In July 1998, the Company

was converted into a sino-foreign joint stock limited company upon approval by the

relevant PRC government authority.

The Company is principally engaged in property development, property investment and

retail operation in Beijing, the PRC. The property development business consists of the

development and sales of houses, apartments, villas and offices of different classes and

features. The major development properties of the Company include Beichen Green Garden

Residential Estate, Jiang Zhuang Hu Garden Villas (Bihai Fangzhou), Changdao Lanqiao

Garden Villas, Hui Xin Apartment and Hui Xin Building etc. Future development projects

consist of Beijing Olympic Park (Zone B) National Convention Centre, Olympic Media

Village, Beichen Building, the premium residential projects of Wenyu River Valley and

Xiangshan. The property investment operation primarily involves the leasing, operating

and management of large scale integrated service properties located in the commercial

areas of the Asian Games and Olympic Games Village. Such investment properties include

Crowne Plaza Park View Wuzhou Beijing, Beijing Continental Grand Hotel, Beijing

International Convention Centre, Hui Yuan Apartment, Hui Yuan International

Apartment, Hui Bin Offices and Hui Xin Offices. Currently, Beichen Shopping Centre is

the Company’s retail operation. Looking into the future, the Company will embark upon

a series of development in its retail operations, focusing particularly on the central area of

the Olympic Games district and Beichen Building.

北京北辰實業股份有限公司（「本公司」）是由

北京北辰實業集團公司（「北辰集團公司」）獨

家發起設立，於一九九七年四月二日在中華人

民共和國（「中國」）北京註冊成立，同年五月

十四日在香港聯合交易所有限公司（「香港聯交

所」）掛牌上市，是國有企業第一家在香港上市

的房地產企業。註冊總股本為 1,867,020,000

股，其中北京北辰實業集團公司持有

1 ,160 ,000 ,000 股，約佔 62 .131% ， H 股

707,020,000股，約佔37.869%。一九九八年七

月經國家有關部門批准轉製成為中外合資股份

有限公司。

本公司主要業務是在北京從事發展物業、投資

物業和零售商業。發展物業包括住宅、公寓、

別墅、寫字樓在內的多元化、多檔次的物業開

發和銷售。主要開發項目有：北辰綠色家園居

住區、姜莊湖別墅（碧海方舟）、長島瀾橋別

墅、㶅欣公寓、㶅欣大廈等。未來的發展物業

項目主要有：北京奧林匹克公園（B區）國家

會議中心、奧運媒體村、北辰大廈、溫榆河高

品質住宅項目和香山高品質住宅項目。投資物

業主要是出租、經營及管理集中於亞奧商圈的

大型綜合服務物業群，該等物業包括北京五洲

皇冠假日酒店、北京五洲大酒店、北京國際會

議中心、㶅園公寓、㶅園國際公寓、㶅賓大

廈、㶅欣大廈寫字樓等。零售商業目前為北辰

購物中心，未來將進行連鎖發展並重點進行奧

運中心區零售商業項目和北辰大廈的零售商業

項目等。

3Annual Report 2004BEIJING NORTH STAR COMPANY LIMITED

財務概要Financial Highlights

業績

Results

2004 2003 2002 2001 2000

人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元

截至十二月三十一日止年度 Year ended 31st December RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

營業額 Turnover 2,395,825 2,326,810 1,761,529 1,856,682 1,952,090

除稅前溢利 Profit before taxation 401,835 442,362 192,372 236,525 165,591

稅項 Taxation (132,635) (149,994) (77,915) (58,294) (42,255)

除稅後溢利 Profit after taxation 269,200 292,368 114,457 178,231 123,336

少數股東權益 Minority interests (7,292) (5,097) 15,533 5,480 15,096

股東應佔溢利 Profit attributable

to shareholders 261,908 287,271 129,990 183,711 138,432

資產及負債

Assets and liabilities

2004 2003 2002 2001 2000

人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元

於十二月三十一日 As at 31st December RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

總資產 Total assets 7,964,620 7,503,188 6,799,061 6,884,029 5,966,893

總負債及少數股東 Total liabilities and

　權益 minority interests (2,808,600) (2,540,710) (2,071,315) (2,266,992) (1,521,062)

5,156,020 4,962,478 4,727,746 4,617,037 4,445,831


財務概要 Financial Highlights

Profit Attributable toShareholders

2004

人民幣千元 RMB’000

20012000

股東應佔溢利

2002 2003

Property andland sales

購物中心業務租金收入酒店業務物業及土地銷售Shopping centreoperations

Rental income Hotel operations其他業務Other operations

Gross Floor / Land Area by Activity

合計 Total

2,209,062

平方米 Sq. m.

截至二零零四年十二月三十一日止年度 Year ended 31st December 2004

主要業務所佔之總樓面／土地面積

發展中物業Properties underdevelopment

持作日後發展物業權益Properties interest held forfuture development

待銷物業Propertiesfor sales

配套設施物業Properties withancillary facilities

投資物業Investmentproperties

1,048,660

93,751

497,607

241,143

70,929

1,121,861

843,538

272,993

33,90254,516

374,785

974,329

289,571

75,41647,428

410,905

1,037,609

265,511

67,88174,776

261,908

183,711

138,432 129,990

287,271

Turnover by Activity人民幣千元 RMB’000

主要業務之營業額

1,952,090 1,856,682 1,761,529 2,326,810 2,395,825

合計 Total

2000 2004200320022001

930,773

881,372

300,276

213,771

69,633

446,606

30,485

114,625

343,715

1,273,631


董事長報告Chairman’s Report

Dear Shareholders,

I am pleased to present to you the operating results of the Company for the year ended

31st December 2004. The Company gained excellent results during the year. As at 31

December pursuant to the Hong Kong Statements of Standard Accounting Practice

(“SSAPs”), turnover for the year achieved RMB2,395,825,000, profit after taxation

amounted to RMB269,200,000, basic earnings per share was RMB0.14.

Under the influence of the austere measures of the PRC in 2004, the Beijing property

market was subject to unprecedented adjustments in land and financial policies. The

stringent land administration, market-oriented supply of land for business operations,

the tightening of grant of loans by financial institutions coupled with the increased interest

rate of the central bank shifted the competition focus in the property market towards

capabilities and professionalism. Stimulated by the prospect of Olympic Games, the

investment properties and retail operation markets in Beijing entered a new growth period

with increased competitions. As such, the Company faced a more complicated operational

environment and severe competitions.

Compared with last year, the Company made major adjustment to its operations and

achieved excellent results during the year. With the aim of bringing the highest return to

shareholders, the Company was able to capitalise on the market trend, fully utilise its

competitive advantages, and reinforce on its professional management the important

endeavour of increasing market share, which thus, led to an enhancement in its integrated

profitability. Through increasing the developing areas with a focus on high quality

residential buildings, the sale of commodity houses was increased by 45.1%, despite the

lack of any income resulting from the sale of land. Merits of the investment properties

were rapidly brought out through integrating the resources and adjusting the product

mix. The success of the investment operation was reflected in the unprecedented growth

各位股東：

本人欣然向各位提呈本公司二零零四年度經營

業績報告。二零零四年本公司取得了良好的業

績，截止十二月三十一日，按照香港會計準

則，全年營業額為人民幣2,395,825,000元，實

現除稅後溢利人民幣269,200,000元，每股基本

盈利為人民幣 0.14元。

二零零四年，在國家宏觀調控的大背景下，北

京市房地產市場經歷了前所未有的土地、金融

政策的調整，受嚴格土地管理、經營性用地供

應完全市場化、提高資金貸款門檻及央行加息

等政策的影響，房地產市場進入實力型、專業

化的全新競爭態勢。同時，在奧運經濟的推動

下，北京市投資物業和零售商業亦步入新一輪

的增長期，市場競爭更加激烈，使本公司面臨

更為複雜的經營環境和更為嚴酷的競爭形勢。

年內，本公司經營與往年相比，作出了重大調

整並取得顯著效果。公司圍繞股東價值最大化

的目標，準確把握市場方向，充分發揮競爭優

勢，不斷強化專業管理，積極擴大市場佔有份

額，公司綜合盈利得到較大提升。發展物業通

過大幅提高開發面積，傾力打造高品質住宅，

在沒有土地轉讓收入的情況下，商品房銷售較

去年上升 45.1%。投資物業通過資源整合、產

品結構調整，優勢迅速顯現，資產得以全面盤

活，經營效益增長幅度為歷年最高。五洲皇冠


董事長報告 Chairman’s Report

in operating results. In merely one year of operation, Crowne Plaza Park View Wuzhou

Beijing achieved a gross profit margin comparable to those of other five star hotels in

Beijing. Both Continental Grand Hotel and International Convention Centre have seen

substantial improvement from the previous track of insignificant profit. The Company’s

retail operation was in line with the market trend. Coupled with a series of creative

marketing strategies, the Company’s retail operation maintained a continuous growth,

despite the extremely competitive business environment.

In March 2004, the Company’s proposed first issuance of ordinary shares (A shares) to

the public in the domestic market, traded in Renminbi, was approved by the Listing

Committee of the China Securities Regulatory Commission (“CSRC”) at its 13th meeting,

making a remarkable progress in the Company’s proposed issuance of A shares. The

Company has also obtained approval from the State Development and Reform Commission

regarding the feasibility study of the Beijing Olympic Park (Zone B) National Convention

Centre Project, which was deployed in December.

假日酒店在開業第一年經營毛利率已接近本市

五星級酒店平均水平，五洲大酒店和國際會議

中心更是徹底打破多年微利狀況。零售商業及

時跟進市場變化，綜合運用一系列創新營銷方

式，在競爭加劇的外部經營環境下仍保持了良

好的經營態勢。

二零零四年三月，本公司在境內向公眾首次發

行人民幣普通股（A股）的申請經中國證監會

股票發行審核委員會第13次會議審核通過，完

成了A股發行實質性進展。本公司持有的北京

奧林匹克公園（Ｂ區）國家會議中心項目可行

性研究報告已取得國家發改委的核准批覆，並

於十二月破土動工。

北京五洲皇冠假日酒店

Crowne Plaza Park View Wuzhou Beijing

北京五洲大酒店

Beijing Continental Grand Hotel


董事長報告Chairman’s Report

Looking into 2005, the construction projects for the Olympic Games will fully commence

in Beijing. The pace of city development will accelerate, and the economic growth will be

robust. The Company will seize every opportunity to increase the overall profit and will

establish and execute development plans for the coming five to ten years. It will also

accelerate the construction of development properties, steadily expand the retail operation

business, continue to enhance the revenue from investment properties, diligently carry

out the construction of the Olympic Project, with a hope to bring satisfactory return to all

shareholders.

Finally, on behalf of the board of directors of the Company (the “Board”), I would like to

express my sincere gratitude for the faithful support from all shareholders and the diligent

work of all the staff.

展望二零零五年，北京將全面啟動奧運工程建

設，加快城市建設步伐，提高經濟增長速度。

本公司將抓住機遇，以提高公司的整體盈利水

平為核心，制定並實施未來五至十年發展規

劃，加快發展物業的開發速度，穩步擴張零售

商業，繼續提高投資物業收益，積極推進奧運

工程建設，為股東帶來更加滿意的回報。

最後，本人謹代表本公司董事會（「董事會」）

向各位股東給予本公司的鼎力支援以及全體員

工的辛勤工作表示衷心的感謝！

趙惠芝

ZHAO Hui-Zhi

董事長

Chairman

中國‧北京　二零零五年一月二十六日

Beijing, PRC, 26th January 2005


管理層討論及分析 Management Discussion and Analysis

1. Operating Environment

Beijing’s economy maintained a rapid pace of growth in 2004. Despite the

implementation of a series of austere measures which slowed down the growth of

capital investment on fixed assets in Beijing, total investment still maintained a

considerable growth. The total property development and investment in Beijing

was increased by 22.5% compared with last year. The government has introduced

many stringent policies on bank mortgage, land supply and development program,

which hastened the adjustment of the property market towards the direction of

well-regulated, transparent, healthy and in good order. Developers who were

financially strong with sufficient land bank and professional development capabilities

gradually became the market leaders. The Beijing property market continued to

maintain an excellent development momentum, where demand and supply were

basically balanced. The transaction of commodity houses increased substantially

and vacancies decreased resulting in a modest rise in average price. Housing

construction was still the hottest spot of development with a constant rise in sales.

Being a significant part in the modern service industry, property investment has

become an important sector and a core development area within the economic

system of the capital. As the capital’s economy grew rapidly and healthily into a

new cycle of speedy growth, especially under the strong waves of Olympic economy,

retail operation business has entered into a fast growing track. The total retail sales

of consumer goods in Beijing increased by 14.4% compared with the same period

of last year.

2. Business Review

In 2004 responding to ever changing complex market conditions and increasingly

fierce competition, the Company’s management, upon careful studies, decided to

make appropriate adjustments to its operating strategies which brought about a

marked improvement in the quality of the Company’s asset portfolio and an increase

in the Company’s overall profitability. Compared with the operating profit of last

year after deducting the compensation from relocation, the operating profit for

the year was increased by 8.1%.

一、經營環境

二零零四年，北京市經濟持續快速增

長。由於國家採取了一系列宏觀經濟調

控措施，北京市全社會固定資產投資增

速雖有所回落，但總量仍保持了一定的

增長態勢。北京市房地產開發投資總供

應量亦較上年同期增長 22.5%。政府在

銀行貸款、土地供應、開發程式方面陸

續出台的緊縮型政策，加速了房地產業

的內部整合，使之向規範、透明、健

康、有序的方向發展，擁有資金優勢、

土地儲備和專業化開發能力的開發商日

漸成為市場的主導。北京房地產市場繼

續保持良好發展勢頭，供求基本平衡，

商品房交易明顯增長，空置面積繼續下

降，平均價格穩中略漲。其中住宅建設

繼續成為開發熱點，銷量穩步提高。投

資物業作為現代服務業的重要組成，已

成為首都經濟結構中的重要產業和重點

發展領域，隨著首都經濟高速、健康發

展，特別是在奧運經濟的強大推動下，

已步入新一輪快速增長期。零售商業處

於快速增長的階段，全市實現社會消費

品零售額比上年同期增長 14.4%。

二、業務回顧

二零零四年，本公司管理層根據市場環

境複雜多變、競爭加劇的狀況，審慎研

究，果斷決策，對公司經營策略進行了

相應的調整，使公司資產質量得到顯著

改善，公司整體盈利能力得到提升，創

造了諸多佳績，本年度經營溢利與去年

扣除搬遷補償後的經營溢利同口徑相比

上升 8.1%。


管理層討論及分析Management Discussion and Analysis

Development Properties

Faced with a series of austere measures implemented by the PRC government in

2004 and the resultant slowing down of growth in the property industry, the

Company adhered to its policies of expanding and developing, rational decision

making, organised management and professional operations. In an environment

where no revenue was generated from land transfers, the Company adopted a series

of practical and effective measures, increased the development area, formulated

and implemented an all-rounded market operation strategy and established a

consolidated sales concept. As a result of an improvement in the quality of the

commodity houses, both the selling prices and sales of such houses increased. The

construction area commenced and resumed during the year approached 559,400

sq. m., the area of completed construction reached 168,500 sq. m.. The sales area

contracted amounted to 169,000 sq. m. and the confirmed sales area amounted to

136,000 sq. m., representing an increase of 45.1% and 31.1% respectively from

the corresponding period of last year. The total operating profit for the year

amounted to RMB178,981,000. B1 & C2 (Ao City) of Beichen Green Garden,

through its fine quality and its position as a high-end district apartment has achieved

發展物業

二零零四年，本公司發展物業在面臨國

家一系列宏觀經濟調控措施，行業增長

幅度趨緩的形勢下，堅持「開拓發展、

理性決策、規範管理、專業運作」的工

作方針，在沒有土地轉讓收入的情況

下，採取一系列切實有效措施，擴大開

發面積，制定並落實全方位的市場運營

計劃，樹立整合營銷理念，通過商品房

品質的提高進而帶動銷售價格的提高和

銷量的增長。全年開復工面積近559,400

平方米，竣工面積達168,500平方米。此

外，合同銷售面積169,000平方米，已確

認收入的銷售面積136,000平方米，分別

比去年同期增長45.1%及31.1%。全年實

現經營溢利人民幣178,981,000元。北辰

綠色家園B1、C2區（傲城）以其精緻的

北辰綠色家園傲城

Ao City of Beichen Green Garden



high market recognition and strengthened the brand image of Green Garden.

During the year, an average of 80 units of Green Garden was sold per month. Both

Changdao Lanqiao Garden Villas and Bihai Fangzhou Garden Villas were ranked

amongst the top ten distinctive villas for two consecutive years. Moreover, Changdao

Lanqiao Garden Villas was rated as “The Best Property in Beijing in 2004”. The

sales rate of Changdao Lanqiao Garden Villas Phase I reached 97%, while its

occupancy rate reached 70%. A sales rate of over 30%, grossing 39 sold units

which were available for sale for only eight months, was achieved in Phase II.

Other than increasing its development and sales efforts, the Company also actively

strove to increase its land bank reserve. In May 2004, Beijing North Star Real

Estate Development Company Limited acquired the project of Xiangshan which

is located at an excellent site. The land will be developed into high quality garden

villas and apartments with a gross construction area of over 200,000 sq. m..

品質、區域高端住宅產品的定位得到了

市場的認同，並提升了綠色家園項目整

體品牌形象，綠色家園全年實現月平均

銷售80套。長島瀾橋項目和碧海方舟項

目連續兩年被評為北京十大精品別墅，

其中長島瀾橋更被評為 “二零零四年北

京地產年度代表作 ”。長島瀾橋一期銷

售率達到97%，入住率達到70%。二期

開盤僅八個月，已實現銷售39套，銷售

率已超過 30%。本公司發展物業在增強

開發銷售力度的同時，還積極增加土地

儲備。二零零四年五月，北京北辰房地

產股份有限公司取得了位於香山的絕佳

位置，總建築面積為20多萬平方米的高

檔別墅、住宅項目。

長島瀾橋

Changdao Lanqiao Garden Villas



Investment Properties

During the year, the investment property business adopted in its operations the

concepts of detailed market segmentation, stringent cost control, professional

management and the provision of high quality services. Capitalising on its

advantages of integrated resources while exploring other income streams, the

turnover from its operations for the year was doubled. An operating profit

amounting to RMB185,178,000, representing an increase of 70.4 % over last year.

An operating profit of RMB49,962,000 was recorded during the first full financial

year after resources integration of Beijing Continental Grand Hotel and Beijing

International Convention Centre which was a successful upturn after years of low

profitability. The gross profit margin of the Crowne Plaze Park View Wuzhou

Beijing, during its first year of operation, approached the average of other five star

hotels of the city. Through internal structural modification, the revenue and profit

of both Hui Yuan Apartment and Hui Yuan International Apartment achieved a

constant increase as more potential tenants were attracted. Under increased market

supply and the increase of new offices, the average occupancy rate of Hui Bin

Offices reached a record level of 97% since 1993 after thorough studies on sales

strategies for the exploration of new tenants and the retention of existing tenants.

投資物業

過去一年，投資物業本著「細分市場、

嚴控成本、專業管理、優質服務」的經

營理念，發揮資源整體優勢、挖潛增

收，全年營業額比上一年翻一番，實現

經營溢利人民幣185,178,000元，較上年

增長 70.4%。其中北京五洲大酒店和北

京國際會議中心在實施資源整合後的第

一個完整年度，即實現經營溢利人民幣

49,962,000元，徹底打破了多年微利的狀

況。北京五洲皇冠假日酒店在開業第一

年經營毛利率已接近本市五星級酒店平

均水平。㶅園公寓和㶅園國際公寓通過

調整結構，實現產品與客源結構的合理

配比，收入和利潤穩步提升。㶅賓大廈

在市場供應放大、新寫字樓增加的形勢

下，潛心研究銷售對策，加強對新舊客

戶的開發，平均出租率達 97%，創造出

一九九三年以來的最好水平。

㶅賓大廈

Hui Ben Building

㶅園國際公寓

Hui Yuan International Apartment

㶅賓大廈

Hui Bin Offices



北辰購物中心

Beichen Shopping Centre

北辰購物中心

Beichen Shopping Centre

Retail Operation

Since 2004, the retail market in Beijing, overall, displayed a relatively complex

competitive environment with the northern part of Beijing experiencing more

severe competition. In order to cope with changing market conditions, Beichen

Shopping Centre promptly optimized its product mix. Having studied consumer

preferences and sales strategies, the Company implemented a number of innovative

promotion activities to better satisfy customers’ needs. As a result, turnover increased

slightly for the year. An operating profit of RMB41,302,000 was recorded.

During the year, the Company worked diligently in preparation for the issuance of

its A shares and remarkable progress was achieved. The issuance of A shares was

approved by the Listing Committee of the CSRC at its 13th meeting on 22nd

March 2004. After a whole year of preparation, the construction of Beijing Olympic

Park (Zone B) National Convention Centre project commenced at the end of the

year.

零售商業

北京零售商業整體市場自去年開始呈現

較為複雜的競爭態勢，京北地區的競爭

形勢更加劇烈。北辰購物中心及時跟進

市場變化，通過調整商品結構，綜合應

用消費心理與促銷策略組合等展開一系

列創新營銷活動，最大限度滿足消費者

的需求，全年實現經營溢利人民幣

41,302,000元。

本公司年內積極推進A股發行的各項工

作，並取得了實質性進展。二零零四年三

月二十二日，A股發行的申請得到證監

會股票發行審核委員會第 13次會議的審

核通過。而北京奧林匹克公園（B區）國

家會議中心項目經過一年的精心籌備，已

於年底前如期順利實現破土動工。



3. Prospects

It is expected the GDP growth for Beijing will remain at a relative high level in

2005 towards the “Olympic Cycle” period. With a promising macro economy,

increases in urbanisation rate and residents’ income, deregulation of the property

investment through the relaxation of governmental approvals, higher transparency

in land supply, the modification of the city planning of Beijing and the introduction

of the “Comfort City” concept will speed up and sustain the development of Beijing’s

property market in a balanced and healthy manner. Demand for conference centres,

hotels, residential and commercial properties faces a promising operating

environment due to the rapid economic development of the city and the Olympics.

There will be a rapid influx of overseas retailers which will bring about a more

competitive environment with the lifting of restrictions in 2005. However, with

the rapid growth of consumer demands, the retail market will have a strong

development. As a result, therefore, there will be immense potential and huge

room for development for the retail sector.

The Company will experience great advancement in 2005 and will grasp any

opportunities arising from the rapid development of the city and the economic

activities generated by the Olympics Games to bring the greatest return to its

shareholders. Through the implementation of the following initiatives, the Company

seeks to improve its overall profitability and to build itself up into a first tier listed

company within the industry.

1. Speeding Up the Development Process of Development Properties

The Company will focus on three areas for its development properties

during 2005. Firstly, the Company will increase its development scale, ensure

the commenced and resumed construction area reach a total of 1,142,000

sq. m.. It is expected that the new construction area will be 686,700 sq. m.

and construction of 342,700 sq. m. will be completed. Secondly, the

Company will strengthen its sales operation in relation to commodity houses

三、前景

二零零五年，北京市國民生產總值增長

預計仍將保持較高水準，城市建設將步

入「奧運週期」。宏觀經濟形勢繼續向

好、城市化率和居民收入的日益提高、

政府以減少行政審批為標誌的房地產投

資體制改革、土地供應制度的透明規

範、北京市城市總體規劃修編的完成及

「宜居城市」理念的提出，都將進一步促

進北京房地產業持續、協調、健康及快

速地發展。在首都經濟高速發展及奧運

經濟的推動下，會展、旅遊酒店業、公

寓、寫字樓將具有快速增長的良好環

境。零售商業將在二零零五年全面取消

對外商進入的限制性規定，國外的零售

商業公司快速搶佔市場，市場競爭將更

加激烈，但消費需求持續快速增長，購

銷繁榮活躍的局面，將為零售商業帶來

巨大的市場機遇和發展空間。

二零零五年，也是本公司實現跨越式發

展至關重要的一年。本公司決心抓住首

都城市建設快速發展、奧運經濟全面啟

動的有利時機，秉承保障股東利益最大

化的一貫原則，從提高公司整體收益水

平入手，全力實施以下工作目標，努力

將公司逐步打造為具有同行業一流水平

的上市公司。

1、發展物業加速發展

二零零五年，本公司發展物業將重

點做好三個方面的工作。首先，擴

大開發規模，確保開復工面積達到

1,142,000平方米，新開工面積達

686,700平方米，竣工面積將達到

342,700平方米。其次，加強商品



which includes Green Garden C2 & B3, Changdao Lanqiao Garden Villas

and Bihai Fangzhou project, to achieve a better result. Green Garden C1

& C3, Wenyu River project and Xiangshan project will commence

construction in the first half of the year and will work towards having such

properties to be on the market for sale as soon as possible. Thirdly, the

geographical coverage will be duly expanded. The Company will fully utilise

the opportunities arising from the consolidation of the Beijing property

market to develop its business through participation in open land auctions,

acquisitions and joint ventures to build up its land reserve. The Company

will also study the property market outside Beijing in preparation for market

expansion. The Company will actively speed up the preparation for the

construction commencement of Beichen Building with a view to completing

the project for operation by 2007.

2. Continuous Growth of Investment Properties Portfolio

Emphasis on the professional management of the Company’s portfolio will

be placed and will be categorised into hotels, residential properties and

offices in order to maximise the profitability by establishing their respective

distinctive market positions. Through the provision of quality services and

standardised professional management, the Company aims to build up an

esteemed market position of its investment properties.

房銷售力度。綠色家園 C2、 B3

區、長島瀾橋及碧海方舟項目經營

銷售力爭創造更佳業績，綠色家園

C1、C3區、溫榆河項目和香山項

目力爭於二零零五年上半年內開工

建設並爭取盡快開盤銷售。第三，

實施適度區域擴張。本公司將充分

利用北京房地產業實施整合的契

機，通過參與土地公開交易、收購

合作等多種形式增加土地儲備，同

時積極研究京外房地產市場，做好

適度區域擴張的準備。此外，本公

司將全力推進北辰大廈項目的開工

建設，爭取在二零零七年前竣工並

投入運營。

2、投資物業持續增長

本公司於新一年度將加大對酒店、

公寓、寫字樓三類物業的整合力

度，分類實行專業化管理，突出產

品的市場定位，以達到提高投資物

業收益水平的目的，並通過提高服

務質量，做到管理規範化、專業

化，逐步建立本公司投資物業的專

業品牌。

碧海方舟

Bihai Fangzhou Garden Villas



3. Continuous Growth of Retail Operation

Starting from 2005, the Company’s retail operation will adopt a new

management system and operation model. Under the development

framework of the retail operation, the Company’s supermarket chains and

department stores will systematically build up specific units that

accommodate the business profile and ancillary functions of the Company’s

shopping centres. The organisation modes, management systems, operation

systems, and the information and automation systems required for the

further development of the Company’s retail operation will be established.

Preparation will be made for the development of the Beichen Building’s

shopping arcade, the retail projects of Green Garden and the Olympic

National Convention Centre in order to lay the foundation for the

Company’s retail chain operations.

3、零售商業穩步擴張

從二零零五年開始，本公司零售商

業將創新管理體制和運行模式，建

立在零售商業整體發展框架下的超

市連鎖和百貨經營模式，分步建立

與購物中心業態和配送職能相適應

的專業組織，建設零售商業發展所

要求的組織模式、管理體系、運營

體系及資訊和辦公自動化系統，著

手進行北辰大廈精品百貨店、綠色

家園零售商業項目、奧運國家會議

中心突破商業項目的籌備，為未來

連鎖經營打好基礎。

北辰大廈

Beichen Building



4. Active Pursuit of the Issuance of A Shares

The CSRC already implemented a pricing inquiry system for the issuance

of A shares at the beginning of the year. The Company will speed up the

preparation for the issuance of its A shares with the aim to complete the

listing exercise as soon as practicable. At the same time, the Company will

explore other financing channels to raise funds for the continued

developments of the Company in the coming years.

5. Formulation of Corporate Development Strategies

Formulate the Company’s mid and long term development strategies to

establish the overall corporate advancement objectives for the coming five

to ten years as well as concrete implementation plans in respect of the

Company’s development property, investment property and retail and

commercial operations. All these will form a scientific and reliant basis for

the further development of the Company.

6. Active Endeavours of the Implementation of the Olympic Games Project

During the first half of 2005, the Company will finalise the progress schedule

and phase-by-phase implementation plans for development of the Olympic

National Convention Centre project under effective control. Particular

emphasis will be placed on the research for the critical tasks during the

preliminary stage. Efforts will be made to ensure precise estimation and

supervision to support the smooth progress of project implementation.

The Company will strive to complete the first and second levels of the

4、積極推進A股發行

二零零五年開始中國證監會即已啟

動 A股首發詢價制度工作。本公

司將加緊跟進 A股發行的各項工

作，力爭盡快完成發行上市。同

時，並積極研究其他融資方式，為

公司未來幾年持續發展做好資金支

援。

5、制定公司發展戰略規劃

編製公司中長期發展戰略規劃，確

立公司未來五至十年的總體發展戰

略和目標，以及發展物業、投資物

業、零售商業三項業務的具體實施

步驟，為公司進一步發展提供科

學、嚴謹的依據。

6、積極實施奧運項目建設

在新年度上半年，本公司將有效控

制奧運國家會議中心項目開發進度

計劃及各階段工作目標的實施，注

重前期工作關鍵環節的研究，正確

預測、嚴密監控、積極推進項目的

工程建設，力爭使該項目會議中心

部分在年底前完成主體結構首層及

奧運國家會議中心項目

Olympic National Convention Centre Project



superstructure of the convention centre as well as the substructure of the

ancillary portion by the end of the year. At the same time, the Company

will also assess the feasibility of the properties by comparing the use of its

commercial properties and their design functionality. Forward planning

will also be made in respect of enhancing the profitability of the properties

after the Olympic Games.

In 2005, the Company’s new management, together with its staff, will work even harder

in order to achieve more remarkable operating results and better returns for its shareholders.

We would like to take this opportunity to express our sincere gratitude for the trust and

support of shareholders.

二層結構施工，配套部分在年底前

完成主體結構地下結構施工。同

時，在前一時期對該項目作出商業

物業配比和功能設計定位的基礎

上，深入研究各類物業的商業運營

模式，為進一步提高該項目賽後持

續經營盈利能力作出超前策劃。

各位股東，二零零五年本公司新一屆管理層將

同北辰實業全體員工一道，銳意進取、再創輝

煌，以優質的經營業績回報股東。在此，北辰

實業全體管理人員對股東的信任和大力支持表

示衷心感謝。

承董事會命

By Order of the Board

賀江川

HE Jiang-Chuan

總經理

General Manager




董事、監事及高級管理人員簡歷Profile of Directors, Supervisors and Senior Management

Chairman

Ms. ZHAO Hui-Zhi, aged 52, is the chairman of the Company. She graduated from the

Beijing Administration College. Ms. Zhao joined the Group in March 1989 and was

appointed as a director and deputy general manager of the Company in 1997. She then

became the general manager of the Company during the period from June 2000 to February

2004. In February 2004, Ms. Zhao was appointed as the chairman of the Company. She

has 14 years of experience in property management such as hotels, convention centres,

apartments and office buildings.

Executive Directors

Mr. HE Jiang-Chuan, aged 41, is a director and general manager of the Company. Mr.

He graduated from Beijing Economic College with a master’s degree in economics and is

qualified as a senior financial economist. He was the deputy director of the Beijing

Municipal Housing Reform Office and the chief of the Municipal Housing Fund

Management Centre. Mr. He joined the Group in November 1994 and was appointed as

a director of the Company, deputy general manager and company secretary in 1997. He

has been the general manager of the Company since February 2004. Mr. He has over 10

years of experience in the property operation and management.

Mr. LI Yan-Ling, aged 59, is a director of the Company. Mr. Li graduated from Beijing

Industrial University in 1969, specialising in chemical industry. He has a bachelor degree

and is a senior engineer. Mr. Li was the factory director of Beijing Chemical Industrial

Secondary Factory, the deputy general manager of Beijing Chemical Industrial Group

Company as well as the deputy chairman and general manager of Beijing Chemical Group

Company Limited. In 1996, Mr. Li acted as the director of Economic Committee of

Beijing municipal government and the director of the Office of Science, Technology and

Industry for National Defense of Beijing municipal government. He has been appointed

as the chairman of BNS Group Company since 2000 and was the chairman of the Company

during the period from 2001 to February 2004.

Mr. LIU Jian-Ping, aged 51, is a director of the Company. Mr. Liu graduated from the

Beijing Administration College before he joined the Group in 1988. He was appointed as

the manager of Beijing Continental Grand Hotel in November 1989 and was reappointed

as a director of the Company in 2003.

Independent Non-executive Directors

Mr. MENG Yan, aged 50, is an independent non-executive director of the Company. He

is currently the director, professor and supervisor of doctorate students in the Central

University of Finance and Economics. Mr. Meng was appointed as an independent non-

executive director of the Company in 2003.

Mr. YU Jing-Song, aged 52, is an independent non-executive director of the Company.

He has a doctorate degree in law and is a national outstanding youth in the PRC. He is

currently a professor and supervisor of doctorate students of the Law School of the Renmin

University of China. Mr. Yu was appointed as an independent non-executive director of

the Company in 2003.

董事長

趙惠芝女士，52歲，本公司董事長。趙女士畢

業於北京行政學院，研究生學歷。於一九八九

年三月加入本集團，一九九七年任本公司董

事、副總經理，二零零零年六月至二零零四年

二月任本公司總經理，二零零四年二月獲委任

為本公司董事長。趙女士具有14年酒店、會議

中心、公寓及寫字樓等物業管理經驗。

執行董事

賀江川先生，41歲，本公司董事及總經理。賀

先生畢業於北京經濟學院，持有經濟學碩士學

位，具有高級金融經濟師資格，曾出任北京市

房改辦公室副主任及市住房資金管理中心負責

人。其於一九九四年十一月加入本集團，一九

九七年任本公司董事、副總經理並兼任公司秘

書，二零零四年二月獲委任為本公司總經理。

賀先生具有十餘年的房地產經營管理經驗。

李岩嶺先生，59歲，本公司董事。於一九六九

年畢業於北京工業大學化工專業，擁有大學學

歷及為高級工程師。李先生曾任北京化工二廠

廠長、北京化學工業集團公司副總經理、北京

化學集團有限責任公司副董事長、總經理，一

九九六年出任北京市經委主任兼市政府國防科

學技術工業辦公室主任，於二零零零年獲委任

為北辰集團公司董事長，在二零零一年至二零

零四年二月期間兼任本公司董事長。

劉建平先生，51歲，本公司董事。劉先生畢業

於北京行政學院，研究生學歷，於一九八八年

加入本集團，一九八九年十一月被委任為北京

五洲大酒店的經理，並於二零零三年繼續獲委

任為本公司董事。

獨立非執行董事

孟焰先生，50歲，本公司獨立非執行董事，現

任中央財經大學會計系主任，教授、博士生導

師。二零零三年出任本公司獨立非執行董事。

余勁松先生，52歲，本公司獨立非執行董事，

法學博士，國家有突出貢獻的中青年專家，現

為中國人民大學法學院教授、博士生導師。二

零零三年出任本公司獨立非執行董事。


董事、監事及高級管理人員簡歷Profile of Directors, Supervisors and Senior Management

Mr. FU Yiu-Man, Peter, aged 50, is an independent non-executive director of the Company.

Mr. Fu graduated from the University of Pennsylvania, the US, in 1978, majoring in

finance. Mr. Fu had worked for ABN AMRO HG Asia, Vickers Ballas, Swiss Bank

Corporation of New York and Barings Securities in Hong Kong. He joined the Peregrine

Group in 1991 and was responsible for the sales of Hong Kong equities. He is currently

the director and general manager of Kim Eng Capital (Hong Kong) Limited. Mr. Fu

possesses more than 20 years of experience in brokerage business. Mr. Fu was reappointed

as an independent non-executive director of the Company in 2003.

Supervisory Committee

Chairman

Mr. SHEN Yi-Shan, aged 58, is the chairman of the Company’s supervisory committee.

Mr. Shen is responsible for the supervision and management of the auditing affairs of

BNS Group Company. He was reappointed as the chairman of the Company’s supervisory

committee in 2003.

Supervisors

Ms. ZHOU Yan-Rong, aged 55, is a supervisor of the Company and the finance officer

of the BNS Group Company. She is a senior accountant and has extensive experience in

financial management. Ms. Zhou has been supervising BNS Group Company’s financial

affairs since 1991. She was reappointed as a supervisor of the Company in 2003.

Mr. LIU Yao-Zhong, aged 50, is a supervisor of the Company and the chairman of the

trade union of BNS Group Company. Mr. Liu has 13 years of experience in trade union.

He was reappointed as a supervisor of the Company in 2003.

Company Secretary

Mr. GUO Chuan, aged 36, is a company secretary of the Company. Mr. Guo graduated

from Capital University of Economics and Business with a bachelor’s degree in economic

law, and is a qualified lawyer. He joined the Group in 1991, and was the deputy officer

and officer of Secretariat of the Board of the Company. In February 2004, he was appointed

as the company secretary. Mr. Guo is the secretariat of the Professional Committee of

Properties and Construction Projects of the Beijing Lawyers Association.

Mr. LEE Ka-Sze, Carmelo, aged 44, is the company secretary of the Company on Hong

Kong compliance. Mr. Lee graduated from the University of Hong Kong with a bachelor’s

degree in law. He is a practising solicitor in Hong Kong and a partner of Woo, Kwan, Lee &

Lo, the Company’s legal adviser on Hong Kong law. Mr. Lee was reappointed as the

company secretary in 2003.

符耀文先生，50歲，本公司獨立非執行董事。

符先生於一九七八年畢業於美國賓夕法尼亞大

學，主修財務。曾在香港任職於浩威證券、唯

高達證券、紐約瑞士銀行及霸菱證券。一九九

一年加入百富勤集團，專責香港證券銷售業

務，現為金英融資（香港）有限公司董事兼總

經理。其在證券業務方面有累計超過20餘年的

經驗。其於二零零三年繼續獲委任為本公司獨

立非執行董事。

監事會

監事長

沈倚山先生，58歲，本公司監事會主席。沈先

生負責監督管理北辰集團公司審計業務，於二

零零三年繼續獲委任為本公司監事會主席。

監事

周燕榮女士，55歲，本公司監事，同時擔任北

辰集團公司財務部部長。周女士具有高級會計

師資格，從一九九一年起一直在北辰集團公司

擔任財務領導工作，具有豐富的財務經驗。周

女士於二零零三年繼續獲委任為本公司監事。

柳耀中先生，50歲，本公司監事，同時擔任北

辰集團公司工會主席，擁有 13年工會工作經

驗。柳先生於二零零三年繼續獲委任為本公司

監事。

公司秘書

郭川先生，36歲，公司秘書。畢業於首都經濟

貿易大學，經濟法學學士，具有律師資格。郭

先生於一九九一年加入本集團，曾任本公司董

事會秘書處副主任、主任職務，二零零四年二

月獲委任為公司秘書。郭先生為北京市律師協

會房地產與建築工程專業委員會秘書長。

李嘉士先生，44歲，公司秘書，負責有關本公

司遵守香港規定的事宜。李先生畢業於香港大

學，持有法律學士學位，為香港的執業律師，

亦是胡關李羅律師行（本公司香港法律的法律

顧問）的合夥人之一。李先生於二零零三年繼

續獲委任為本公司秘書。


董事會報告 Report of the Directors

The Board is pleased to present to the shareholders their report together with the audited

accounts of the Company and its subsidiaries (the “Group”) for the year ended 31st

December 2004.

Principal Activities

The Company is principally engaged in property investment, property leasing, land and

property development, retail operation, hotel operation and the provision of food and

beverage services. The subsidiaries are mainly engaged in property development and

investment in Beijing, the PRC.

Results and Financial Position

The results of the Group for the year ended 31st December 2004 and its financial position

as at the same date prepared in accordance with the accounting principles generally accepted

in Hong Kong are set out on pages 35 to 39 of the annual report.

Dividends

The Board recommends the payment of a final dividend of RMB0.15 per share for the

year ended 31st December 2004 totalling RMB280,053,000.

Financial Highlights

The Group’s consolidated results and summaries of assets and liabilities for the last five

years are set out on pages 3 to 4 of the annual report.

Major Customers and Suppliers

During the year, the Group purchased less than 30% of goods and services from its five

largest suppliers and sold less than 30% of its goods and services to its five largest customers.

None of the directors, their associates or any shareholders (which to the knowledge of the

directors own more than 5% of the Company’s share capital) had an interest in the major

suppliers or customers mentioned above.

Fixed Assets

Details of the movement of fixed assets of the Group during the year are set out in note 14

to the accounts.

董事會謹向股東提呈董事會報告及本公司及其

附屬公司（「本集團」）截至二零零四年十二月

三十一日止年度經審核之財務報告。

主要業務

本公司之主要業務為物業投資、物業出租、土

地和物業開發、零售商業、經營酒店及餐飲

業。附屬公司之主要業務是在中國北京進行物

業發展及投資。

業績及財務狀況

本集團按香港普遍採納之會計準則之截至二零

零四年十二月三十一日止年度業績及於該日之

財務狀況載於年報第 35頁至第 39頁。

股息

董事會建議派發截至二零零四年十二月三十一

日止年度末期股息，每股人民幣0.15元。合共

人民幣 280,053,000元。

財務摘要

本集團於過往五年之合併業績、資產及負債摘

要載於年報第 3頁至第 4頁。

主要客戶及供應商

本年度內，本集團從其五位最大供應商購入之

貨品及服務少於百分之三十，向其五位最大客

戶售出之貨品及服務亦少於百分之三十。

概無董事、彼等之聯繫人士或任何股東（指據

董事所知擁有本公司百分之五以上股本權益之

股東）於上述之主要供應商或客戶中擁有任何

權益。

固定資產

本集團在本年度的固定資產變動情況分別載於

財務報表附註 14。


董事會報告Report of the Directors

Principal Properties

The summary of principal properties owned by the Group is set out on pages 88 to 89 of

the annual report.

Reserves

Details of movements of reserves of the Group and the Company during the year are set

out in note 24 to the accounts.

Purchase, Sale and Redemption of Shares

The Company had not redeemed any of its shares during the year. Neither the Company

nor any of its subsidiaries had purchased or sold any of the Company’s issued shares

during the year.

Directors and Supervisors

The directors and supervisors for the year and up to the date of this report are as follows:

Executive Directors

ZHAO Hui-Zhi Chairman

HE Jiang-Chuan Director

LI Yan-Ling Director

LIU Jian-Ping Director

Independent Non-Executive Directors

MENG Yan Director

YU Jing-Song Director

FU Yiu-Man, Peter Director

Supervisors

SHEN Yi-Shan Chairman

ZHOU Yan-Rong Supervisor

LIU Yao-Zhong Supervisor

The biographical details of directors, supervisors and senior management are set out on

pages 18 to 19 of the annual report.

主要物業

本集團擁有之主要物業概要載於年報第88頁至

第 89頁。

儲備

於本年度內本集團及本公司儲備之變動情況載

於財務報表附註 24。

購買、出售及贖回本公司之股份

本公司於本年度內並無贖回本公司的股份。本

公司及其附屬公司於本年度內並無購買或出售

本公司的股份。

董事及監事

於本年度內及截至本報告日期之董事及監事芳

名如下：

執行董事

趙惠芝董事長

賀江川董事

李岩岭董事

劉建平董事

獨立非執行董事

孟焰董事

余勁松董事

符耀文董事

監事

沈倚山監事長

周燕榮監事

柳耀中監事

董事、監事及高級管理人員之簡介載於年報第

18頁至第 19頁。



Qualified Accountant

The Company has not yet employed a Qualified Accountant pursuant to Rule 3.24 of the

Rules Governing the Listing of Securities on the SEHK (the “Listing Rules”). The Company

is in the process of locating a suitable candidate to assume such position as soon as possible.

Election of Directors and Supervisors

The existing directors and supervisors were elected on the Annual General Meeting

(“AGM”) held on 20th May 2003.

The Company has received a letter from Mr. LI Yan-Ling (“Mr. Li”) tendering his

resignation as an executive director of the Company with effect from the conclusion of

the AGM. An ordinary resolution will be proposed at the AGM to accept the resignation

of Mr. Li as an executive director and to authorise the Board to terminate the existing

service contract with Mr. Li.

BNS Group Company has proposed to nominate Mr. CHEN Ji (“Mr. Chen”) as a candidate

for an executive director of the Company in place of Mr. Li with effect from the conclusion

of the AGM. An ordinary resolution will be proposed at the AGM to elect Mr. Chen as

an executive director and authorise the Board to enter into service contract with Mr.

Chen.

Directors’ Emoluments

Details of directors’ emoluments are set out in note 8 to the accounts.

Highest Paid Individuals

During the year, the five individuals with the highest remuneration in the Group are all

not the directors of the Company.

Management Contracts

Except for the connected transactions as stated in this report, no contracts concerning the

management and administration of the whole or any substantial part of the business of

the Company were entered into or existed during the year.

合資格會計師

本公司仍未按香港聯交所證券上市規則（「上市

規則」）第3.24條聘用一名合資格會計師。本公

司現正尋找適當人選以盡快出任該職位。

董事及監事換屆事宜

本公司現任董事、監事於二零零三年五月二十

日舉行的股東週年大會（「股東週年大會」）上

換屆選舉產生。

本公司已接獲李岩岭先生（「李先生」）提出由

股東週年大會結束時起辭任本公司執行董事之

函件。是項辭任須待股東於股東週年大會上通

過普通決議案批准。於股東週年大會上將提呈

普通決議案以接納李先生辭任執行董事職務，

並授權董事會終止與李先生訂立之現有服務合

同。

北京北辰集團公司已建議提名陳冀先生（「陳先

生」）為候選人參選為本公司執行董事以替代李

先生，由股東週年大會結束時生效。於股東週

年大會上將提呈普通決議案以選舉陳先生為執

行董事，並授權董事會與陳先生訂立服務合

同。

董事酬金

董事酬金情況載於財務報表附註 8。

最高酬金人士

本年度本集團獲最高酬金之首五名人士均非本

公司董事。

管理合約

除本報告中提到的關連交易所簽訂之合約外，

本年度內，本公司並無就整體業務或任何重要

業務之管理或行政工作簽訂或存在任何合約。



Directors’ and Supervisors’ Interests in Shares

As at 31st December 2004 none of the directors, supervisors and chief executives of the

Company has any interest or short positions in the shares, underlying shares or debentures

of the Company or its associated corporations (as defined under the Securities and Futures

Ordinance (“SFO”)) as recorded in the register required to be kept under Section 352 of

SFO or as otherwise notified to the Company and the SEHK pursuant to the Model

Code for Securities Transactions by Directors of Listed Companies. None of the directors,

supervisors and chief executives of the Company, their spouses or children under the age

of 18 years had been granted any rights to subscribe for equity or debt securities of the

Company, nor has any of them exercised such rights during the year.

Interests of Directors and Supervisors in Contracts

Apart from service contracts in relation to the Company’s business, no contract of

significance to which the Company, its holding company, any of its subsidiaries or its

fellow subsidiaries was a party, and in which a director or supervisor had a material interest,

whether directly or indirectly, subsisted at the end of the year or at any time during the

year.

Interests of Directors in Competing Business

During the year and up to the date of this report, none of the directors or management

shareholders has any interest in business which competes or may compete with the business

of the Group under the Listing Rules.

Details of Share Offering and Listing

Class of shares H shares

Listing place Hong Kong

Offer price HK$2.40 per share

Listing date 14th May 1997

Number of issued shares 707,020,000 shares

The highest trading price during the year HK$2.02 per share

The lowest trading price during the year HK$1.20 per share

The opening price on the first trading day of the year HK$1.58 per share

The closing price on the last trading day of the year HK$1.79 per share

Total number of shares traded during the year 1,043,971,647 shares

董事及監事所佔股本權益

於二零零四年十二月三十一日，本公司董事、

監事及高級行政人員概無在本公司或其相關法

團（定義見證券及期貨條例第XV部（「證券及

期貨條例」））的股份、相關股份及債權證中，

擁有任何根據證券及期貨條例第 352條規定須

予備存的登記冊所記錄或依據上市公司董事進

行證券交易的標準守則通知本公司或香港聯交

所的權益或淡倉。於本年度內，本公司董事、

監事及高級行政人員或彼等之配偶或18歲以下

子女概無持有可認購本公司股本或債務證券之

權利，彼等亦無行使任何該項權利。

董事及監事之合約權益

於本年度末及本年度內任何時間，除有關本公

司業務之服務合約外，本公司、其控股公司、

任何本公司之附屬公司或同系集團之附屬公司

概無訂有本公司各董事及監事直接或間接擁有

重大利益之重要合約。

董事於競爭性業務之利益

於年內及截至本報告日期止，按上市規則規

定，本公司之董事及管理層股東無與本集團業

務有所競爭或可能競爭之業務中持有權益。

股票發行與上市情況

股份類別 H股

上市地點香港

發行價格港幣 2.40元

上市日期一九九七年

　五月十四日

發行股數 707,020,000股

二零零四年最高成交價港幣 2.02元

二零零四年最低成交價港幣 1.20元

二零零四年最初交易日

　開盤價港幣 1.58元

二零零四年最後交易日

　收盤價港幣 1.79元

二零零四年

　交易總股數 1,043,971,647股



股本

本公司於二零零四年十二月三十一日之已發行

股份總數為 1,867,020,000股，包括：

內資股 1,160,000,000 佔 62.131%

H股 707,020,000 佔 37.869%

主要股東持股情況

於二零零四年十二月三十一日，本公司根據證

券及期貨條例第 336條規定須予備存的登記冊

所記錄，本公司董事、監事及高級行政人員以

外的股東在本公司的股份及相關股份中擁有的

權益及淡倉如下：

本公司股份的好倉情況：

除上述所披露者外，根據證券及期貨條例第

336條規定須予備存的登記冊所示，本公司並

無接獲任何有關於二零零四年十二月三十一日

在本公司股份及相關股份中擁有的權益或淡倉

的通知。

Share Capital

The Company’s total number of issued shares as at 31st December 2004 was 1,867,020,000

shares, comprising:

Domestic shares 1,160,000,000 Representing 62.131%

H shares 707,020,000 Representing 37.869%

Substantial Shareholders’ Shareholding

As at 31st December 2004, the interests or short positions of the shareholders, other than

a director, supervisor or chief executives of the Company, in the shares and underlying

shares of the Company as recorded in the register required to be kept by the Company

under Section 336 of the SFO were as follows:

Long positions in the shares of the Company:

佔有關類別

的股本比率佔總股本

股東名稱股份類別股份數目權益性質 Percentage of 比率

Name of Class No. of 身份 Nature of the relevant Percentage of

shareholders of shares shares held Status interest share class total shares

北京北辰實業集團公司內資股 1,160,000,000 實益持有人法團權益 100.00% 62.13%

Beijing North Star Domestic Beneficial Corporate

Industrial Group shares owner interest

Company

陳楚輝 H股 60,846,000 實益持有人個人權益 8.6% 3.26%

CHEN Chu-Hui H shares Beneficial Personal

owner Interest

Save as disclosed above, the register required to be kept under Section 336 of the SFO

showed that the Company had not been notified of any interests or short positions in the

shares and underlying shares of the Company as at 31st December 2004.



Use of Proceeds of H Share Issue

The Company issued H shares in May 1997. The H shares commenced trading on the

SEHK on 14th May 1997. The net proceeds of the issue (after deducting expenses)

amounted to approximately RMB1,730,440,000.

The net proceeds have been utilised in accordance with the section headed “Use of Proceeds”

in the Company’s prospectus dated 6th May 1997. All the net proceeds from the previous

issue have been fully utilised.

Designated Deposit and Due Fixed Deposit

As at 31st December 2004, the Group had no designated deposits placed with financial

institutions in the PRC. All of the Group’s cash deposits are placed with commercial

banks in the PRC and are in compliance with relevant laws and regulations. The Group

has not experienced any incident of not being able to withdraw bank deposits when due.

Employee

As at 31st December 2004, the Company has 4,416 employees. The remuneration policy

of the Company is implemented from total salary paid with reference to its economic

efficiency. Save from the remuneration disclosed above, the Company does not maintain

any share option scheme for its employees. The Company regularly provides for its

administrative personnel trainings on various subjects, including operation management,

foreign languages, computers skills, industry know-how and policies and laws, in different

forms, such as seminars, site visits and study tours.

Staff Housing Quarters

During the year, the Group did not provide any housing quarters to its staff.

發行 H股募集所得資金運用情況

本公司於一九九七年五月發售H股並於一九九

七年五月十四日在香港聯交所掛牌上市，共籌

集資金淨額（扣除費用後）約為人民幣

1,730,440,000元。

籌集資金淨額之運用乃根據公司於一九九七年五

月六日發行之招股說明書中「所得款項用途」一

欄所述，本公司前次募集資金已全部使用完畢。

委託存款及逾期定期存款

截至二零零四年十二月三十一日，本集團並無

任何委託存款放於中國金融機構，本集團之所

有現金存款現均存放在中國之商業銀行，並符

合適用之法例及規則。本集團並未遇到銀行存

款到期而未能取回的情況。

僱員

截至二零零四年十二月三十一日，本公司僱員

人數為 4,416人；實行企業工資總額與企業經

濟效益掛漖的僱員酬金政策。除上述酬金政策

外，本公司未向僱員提供認股權計劃，本公司

定期對經營管理者提供的培訓包括：經營管

理、外語、計算機、業務知識及政策法規等。

培訓方式包括：講座、參觀學習、訪問、考察

等。

員工宿舍

本年度本集團並無向員工提供任何員工宿舍。



Connected Transactions

During the year 2004, the Company entered into the following business transactions

with its controlling shareholder, BNS Group Company to which the SEHK has, subject

to certain conditions, granted a waiver on 6th October 1997 to the Company from

compliance with the requirements stipulated in Chapter 14 of the Listing Rules to disclose

details of such connected transactions by press notice and/or to obtain prior independent

shareholders’ approval.

1. According to a land leasing agreement signed on 11th April 1997 and the “Land

Use Right Agreement” dated 28th July 2003 entered into with BNS Group

Company, BNS Group Company has undertaken to modify the area of the land

represented by the state-owned land use right leased to the Company by a member

company of the Group under the “Lease of State-owned Land Use Right” from the

original 195,165.42 sq. m. to 167,165.42 sq. m. and the annual rent for such land

use right from the original RMB15,000,000 to RMB12,848,000, effective from

2004. The Company had already paid the rent for 2004 to BNS Group Company

before 31st December 2004.

關連交易

截至二零零四年度止，本公司與北辰集團公司

進行的交易列示如下：於一九九七年十月六

日，香港聯交所已有條件豁免本公司遵守上市

規則第十四條規定的責任。據此，本公司毋須

以新聞通告形式及／或通函方式披露該等關連

交易的詳情及／或事前取得獨立股東的批准。

1、根據於一九九七年四月十一日與北辰集

團公司簽訂的一項土地租賃協議及二零

零三年七月二十八日簽署的《土地使用

權協定》，北辰集團公司承諾將原《國有

土地使用權租賃合同》中集團公司出租

給本公司使用的國有土地使用權面積，

從195,165.42平方米變更為167,165.42平

方米，承租國有土地使用權年租金從人民

幣 15,000,000元變更為人民幣 12,848,000

元。雙方同意自二零零四年度開始按照

新的租金標準支付。本公司已於二零零

四年十二月三十一日前支付予北辰集團

公司。



2. Pursuant to a miscellaneous service agreement dated 11th April 1997 entered into

with BNS Group Company, the amount settled with BNS Group Company for

the year ended 31st December 2004 is as follows:

Principal services provided by BNS Group Company to the Company:

人民幣總值千元

Gross amount定價基準 Pricing basis RMB’000

Heating 國家價 State price 3,920

Security 市場價 Market price —

Total 3,920

Principal services provided by the Company to BNS Group Company:

人民幣總值千元

Gross amount定價基準 Pricing basis RMB’000

Electricity 市場價 Market price 12

Telephone 市場價 Market price 12

Total 24

Save as provided otherwise in the relevant agreement, the services provided by the

Company or BNS Group Company were charged in accordance with the pricing

scheme determined by the government. Where there is no such pricing scheme,

the service charge would be determined by reference to comparable local market

rate. If no such market rate is available, the price shall be determined on the basis

of the reasonable cost incurred by the Company or BNS Group Company (as

appropriate) in providing the services.

Save as disclosed above, the Company had not entered into any other disclosable

transactions.

2、根據本公司與北辰集團公司於一九九七

年四月十一日簽訂的一項綜合服務協

議，截至二零零四年十二月三十一日止

年度，與北辰集團公司之間就該協議所

收取及支付之款項詳情如下：

北辰集團公司提供予本公司的主要服務

項目：

熱力

保安

總計

本公司提供予北辰集團公司的主要服務

項目：

電力

電話

總計

除協議另有訂明者外，本公司或北辰集

團公司所提供的各種服務的代價均按現

行政府所定的價格而計算。然而，如並

無可供使用的政府所定價格，則有關價

格將按可供比較的當地市價，如無當地

市價，則按本公司或北辰集團公司於提

供有關服務時所出現的合理成本（視情

況而定）計算。

除上文披露者外，並無其他須予披露的交易。



Bank Loans

As at 31st December 2004, the bank loans of the Group are set out in notes 21 and 22 to

the accounts.

Pre-emptive Rights

There are no provisions for pre-emptive rights under the Articles and related laws which

oblige the Company to offer new shares on pro-rata basis to existing shareholders.

Subsidiaries

Details of the Company’s subsidiaries are set out in note 15 to the accounts.

Major Litigation

The Group is not involved in any litigation or arbitration of material importance during

the year.

Results of Operations

Comparison of Financial Year 2004 to Financial Year 2003:

二零零四年

比二零零三年

上升／（下跌）

Increase/

(decrease)

二零零四年二零零三年 compared to

2004 2003 2003

（人民幣千元）（人民幣千元）

(RMB’000) (RMB’000) (%)

Turnover 2,395,825 2,326,810 3.0

Profit attributable to shareholders 261,908 287,271 (8.8)

Segment operating profit/(loss):

Properties and land sales 178,981 234,847 (23.8)

Shopping centre operations 41,302 48,300 (14.5)

Rental income 135,168 111,106 21.7

Hotel operations 50,010 (2,401) —

Other operations 80 (9,855) —

銀行貸款

於二零零四年十二月三十一日，本集團之銀行

貸款詳情載於財務報表附註 21及 22。

優先購買權

根據本公司的章程及有關法律，並無規定本公

司發行新股時須先讓現有股東按其持股比重購

買新股。

附屬公司

本公司各附屬公司之詳細資料載於財務報表附

註 15。

重大訴訟

本年內本集團概無重大訴訟或仲裁事項。

經營業績

二零零四年財政年度與二零零三年財政年度之

比較：

營業額

股東應佔溢利

分部經營溢利／（虧損）：

　物業及土地銷售

　購物中心業務

　租金收入

　酒店業務

　其他業務



Policies on Income Tax

The Company and its subsidiaries, paid the PRC enterprise income tax at a rate of 33%.

Financial Resources and Liquidity

At 31st December 2004, the shareholders’ funds of the Group were increased by 3.9%

from that of 31st December 2003. The Group’s total borrowing from banks as at 31st

December 2004 was RMB330,000,000 which is wholly repayable within one year. Current

assets of the Group, which mainly comprised of cash at bank and on hand, and land and

properties under development held for sale, amounted to RMB2,203,465,000, whereas

the Group’s current liabilities amounted to RMB2,024,638,000. As at 31st December

2004, cash at bank and on hand amounted to RMB500,879,000.

As at 31st December 2004, there were no pledge on the Group’s assets. Gearing ratio for

the Group was 33.2%, calculated by dividing total liabilities over total assets.

The Group has arranged bank financing for certain purchases of our properties and provided

guarantee to secure the repayment obligations of such purchasers. The outstanding

guarantees amounted to RMB1,045,438,000 as at 31st December 2004. The Group has

no exposure to exchange rate fluctuation and hedging.

所得稅政策

本公司及其附屬公司遵照中國法律及法規，按

應納稅所得的 33%交納企業所得稅。

財政資源及流動資金狀況

於二零零四年十二月三十一日之股東權益較二零

零三年十二月三十一日的股東權益上升 3.9%。

本集團在二零零四財政年度結束日之借款淨額為

人民幣330,000,000元。本集團借款來自銀行。

本集團流動資產主要是銀行存款及現金、持作出

售的土地及發展中物業，流動資產的數額為人民

幣 2,203,465,000元，而流動負債數額則為人民

幣 2,024,638,000元。於二零零四年十二月三十

一日，銀行存款及現金的餘額為人民幣

500,879,000元。

本集團截至二零零四年十二月三十一日止無資產

抵押，集團的資產與負債比率為33.2%（計算方

式為總負債除以總資產）。

本集團為若干物業買家安排銀行融資，並提供

擔保保證有關買家的還款責任。於二零零四年

十二月三十一日，尚未履行的擔保為人民幣

1,045,438,000元。集團並無㶅率波動風險及對

其進行對沖。



Code of Best Practice

The Board has established an audit committee (the “Audit Committee”) to review and

supervise the Company’s financial reporting process and internal control pursuant to

paragraph 14 of the Code of Best Practice (the “Code of Best Practice”) (which has been

replaced by C.3 of the “Code on Corporate Governance Practices” with effect from 1st

January 2005) set out in Appendix 14 to the Listing Rules. The Company’s Audit

Committee is bound by the terms of reference formulated guidelines as stipulated in the

“A Guide for Effective Audit Committees” issued by Hong Kong Institute of Certified

Public Accountants. The Board has adopted a revised term of reference of the Audit

Committee to include the prescribed provisions in “Code on Corporate Governance

Practices” on 26th January 2005. The Audit Committee consists of three independent

non-executive directors, including Mr. MENG Yan, Mr. YU Jing-Song and Mr. FU Yiu-

Man, Peter, with Mr. MENG Yan as the chairman.

The Company has complied with the Code of Best Practice which was in force prior to

1st January 2005 throughout the year ended 31st December 2004.

Model Code

The Company has adopted the Model Code set out in Appendix 10 to Listing Rules as

the code of conduct regarding securities transactions by the directors (the “Model Code”).

Having made specific enquiry of all directors, the Company confirmed that all directors

have complied with the required standard set out in the Model Code.

Public Float

Based on the information that is publicly available to the Company and within the

knowledge of the directors, as at the date of this report, there is sufficient public float of

more than 25% of the Company’s issued shares as required under the Listing Rules.

Other Major Events

The Company’s issuance of ordinary shares (A shares), traded in Renminbi, was approved

by the Listing Committee of the China Securities Regulatory Commission (“CSRC”) at

its 13th meeting in March 2004.

最佳應用守則

董事會已按照上市規則附錄 14之「最佳應用守

則」（「最佳應用守則」）第14段（由二零零五年

一月一日起由《企業管治常規守則》C.3所取

代），於二零零四年九月成立一個旨在檢討及監

察本公司的財務㶅報程序及內部控制的審核委員

會（「審核委員會」）。該審核委員會乃受到由香

港會計師公會刊發的《審核委員會有效運作指

引》所載的指引方針制定的職權範圍所約束。董

事會於二零零五年一月二十六日採納經修訂後的

審核委員會職權範圍以包括《企業管治常規守

則》規定的條文。審核委員會由三名現任獨立非

執行董事孟焰先生、余勁松先生及符耀文先生組

成，孟焰先生為審核委員會主席。

截至二零零四年十二月三十一日年度止，本公

司均有遵守於二零零五年一月一日前有效之最

佳應用守則。

標準守則

就董事之證券交易，本公司已採納上市規則附

錄10所載之標準守則為本公司董事進行證券交

易之守則（「標準守則」）。本公司向所有董事

作出特定查詢後，確認所有董事均已完全遵守

標準守則列示所有要求的標準。

公眾持股量

就可提供本公司之公開資料及本公司董事所

知，於本報告日，本公司已發行股份有足夠並

超過上市規則規定 25%之公眾持股量。

其他重大事項

二零零四年三月，本公司發行人民幣普通股

（A股）經中國證監會股票發行審核委員會第13

次會議審核通過。



核數師

本公司帳目經由羅兵咸永道會計師事務所審

核。彼等依章告退，但願繼續受聘為本公司之

核數師。股東周年大會上將提程決議案重新委

任羅兵咸永道會計師事務所為本公司核數師。

承董事會命

By Order of the Board

趙惠芝

ZHAO Hui-Zhi

董事長

Chairman



Auditors

The accounts have been audited by PricewaterhouseCoopers who retire and being eligible,

offer themselves for reappointment. A resolution reappointing PricewaterhouseCoopers

as the auditors of the Company will be proposed at the forthcoming AGM.


監事會報告 Report of the Supervisory Committee

To the shareholders,

The Supervisory Committee of Beijing North Star Company Limited (the “Supervisory

Committee”), in compliance with the provisions of the Company Law of the People’s

Republic of China (the “PRC Company Law”), the relevant laws and regulations of Hong

Kong and the Articles of Association of the Company, under their fiduciary duty, took an

active role to work reasonably and cautiously with diligence to protect the interests of the

Company and its shareholders.

During the year, the Supervisory Committee attended the meetings of the Board and the

AGM. It provided reasonable suggestions and opinions to the Board in respect of the

operation and development plans of the Company. It also strictly and effectively monitored

and supervised the Company’s management in making significant policies and decisions

to ensure that they were in compliance with the laws and regulations of the PRC and the

Articles of Association of the Company

目錄 Contentsin Beijing, the People’s Republic of China (“PRC”) on 2nd April 1997. The H...

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Transcript of 目錄 Contentsin Beijing, the People’s Republic of China (“PRC”) on 2nd April 1997. The H...