Dear Shareholders,

On behalf of the board of directors (the “Board”), I am pleased to present to you the operating results of the Company for the year ended 31 December 2024 (the “Reporting Period”).

As of 31 December 2024, according to the Hong Kong Financial Reporting Standards (“HKFRS”), during the Reporting Period, the Company recorded an operating revenue of RMB7,152,407,000 representing a yearon-year decrease of 54.59%. Loss before tax and loss attributable to ordinary shareholders amounted to RMB3,249,183,000 and RMB2,992,483,000, respectively. In particular, the after-tax core operating losses of the principal activities of the Company (excluding losses arising from the changes in fair value) were RMB2,562,870,000; the loss (after taxation) on changes in fair value of investment properties during the Reporting Period was RMB429,613,000. Loss per share was RMB0.8888.

Looking back on 2024, the macroeconomic environment was complicated and volatile, with both challenges and opportunities coexisting in the market. The Company remained focused on its main responsibilities and deepened its efforts in main business, so as to consolidate the development trend of seeking progress while maintaining stability. It accelerated the synergy and integration of segments, promoted industrial digital transformation, and deeply improved the management system. In terms of the convention and exhibition (including hotels) business, the Company fully seized the market and satisfactorily completed the support for major events, thus significantly increasing the scale of the convention and exhibition sponsoring and undertaking business, steadily enhancing the professional operation capability of convention and exhibition venue and hotel management, and maintaining a leading position in the industry. In terms of the commercial properties business, the Company reinforced brand awareness, strengthened collaborative coordination, and refined asset operations with meticulous efforts, achieving a stable and positive business performance. In terms of the real estate development business, against the backdrop of an industry still undergoing profound adjustments, the Company continued to strengthen risk prevention, adopted multiple measures to boost sales and ensure timely project deliveries, optimized resource allocation and strategic positioning, and actively explored pathways for transformation. In terms of real estate development business, when the industry was still in the stage of deep adjustment, the Company continued to strengthen risk prevention, took various measures to drive sales performance and ensure project delivery timelines, integrated resources to optimize its layout, and actively explored transformation paths.

Looking forward to 2025, the Company will strengthen its confidence in development, maintain strategic focus, and make steady progress, actively serving the development of the capital in the new era and the construction of Beijing as an international consumption center. It will also coordinate high-quality development with high-level security, promote the digital transformation of the industry, and accelerate the construction of a new industrial pattern featuring mutual support, complementary advantages and coordinated development. Among them, the convention and exhibition business will take the lead in creating new competitive advantages in the industry; the commercial properties business will undergo revitalization to enhance professional operational capabilities and serve as a stabilizing force; the real estate development business will achieve transformative breakthroughs by actively exploring new models of transformation and development.

I firmly believe that, all the staff members of North Star will, with strong professional ambition and a high sense of responsibility, strive for building the Company into a first-class international convention and exhibition brand enterprise and a unique composite real estate brand enterprise, without disappointing investors who bestow trust on us.

Finally, on behalf of the Board, I would like to express our most sincere gratitude to all shareholders who have been supporting the development of the Company, and also to all the members of the Board, the supervisory committee and the management of the Company for their due diligence, and I would like to extend our heartfelt thanks to all the staff members of the Company for all the hard work they have done!

By Order of the Board