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Public company info - ZMFY Automobile Glass Services Ltd. , 08135.HK
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ZMFY Automobile Glass Services Ltd., 08135.HK - Company Profile
Chairman Xia Xiufeng
Share Issued (share) 793,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Automobile Retailing, Maintenance & Repair
Corporate Profile Business Summary: The Group is principally engaged in the sales of automobile glass with installation/repair services, trading of automobile glass, installation services of photovoltaic systems, provision of business consultancy services and finance lease services in the PRC. Performance for the year: The Group’s total revenue for the year ended 31 December 2020 amounted to approximately RMB80,469,000, representing a decrease of approximately RMB21,725,000 or 21.3% as compared to that of approximately RMB102,194,000 in 2019. A net loss for the year ended 31 December 2020 amounted to approximately RMB20,659,000, while the loss being reduced by approximately 35.7% from net loss of approximately RMB32,128,000 in 2019. Business Review： Sales of Automobile Glass with Installation/Repair Services and Trading of Automobile Glass Revenue from sales of automobile glass with installation/repair services and trading of automobile glass were the largest source of revenue of the Group, representing approximately 85.1% of the Group’s total revenue in 2020 (2019: 85.9%). Revenue from sales of automobile glass with installation/repair services is provided either at the Group’s service centres to walk-in customers, or by the Group’s motorcade service teams to customers requiring door-to-door services in China. Trading of automobile glass takes place as the Group purchases automobile glass from its automobile glass suppliers and then re-sells the same to industry peers and traders of automobile glass in China. Revenue from sales of automobile glass with installation/repair services and trading of automobile glass decreased by approximately RMB19,261,000 or 21.9% from approximately RMB87,758,000 in 2019 to approximately RMB68,497,000 in 2020. The decrease was mainly due to the continuous decline in the demand of automobile glass in the PRC, the intensified competition in the automobile market in Beijing and the business disruption caused by COVID-19 lockdown. Results of this reportable segment was a loss of approximately RMB15,340,000 in 2020, while the loss increased by approximately RMB5,815,000 from that of approximately RMB9,525,000 in 2019. In addition to the declining business volume and consequent rise in fixed cost per unit, the increased loss was also attributable to higher material cost per unit in the segment in the year as well as increased delivery cost as the Group had to ship materials to various customers’ sites for onsite installation service during the COVID-19 lockdown. The loss was offset by a reduced staff cost with the Group’s contraction efforts. Provision of Installation Services of Photovoltaic System Provision of installation services of photovoltaic system are mostly one-off or ad-hoc projects in nature, seldom providing a predictable and stable revenue stream to the Group; and therefore, are considered as a supplementary income source of the Group. Revenue from provision of installation services of photovoltaic system in 2020 was approximately RMB241,000 (2019: approximately RMB1,301,000). Services provided during 2020 were mainly advisory services in nature and gross profit was RMB63,000, slightly higher than that of RMB62,000 in 2019. Segment loss was approximately RMB516,000 in 2020, decreased from that of approximately RMB1,041,000 in 2019. Business Consultancy Services The business consultancy services segment, comprising of CAS Valley Company Inc. and its subsidiaries (collectively referred as “CAS Group”) and Hengqin Holding Ltd and its subsidiaries (collectively referred to as “Hengqin Group”), contributed no revenue during the year. The business consultancy services segment, which was established as a result of the acquisition of CAS Group in 2017 by the Company and once a profit contributor to the Company, lost its market leadership as the business environment changed over time. For the year ended 31 December 2019, the total revenue generated from this segment was approximately RMB1,810,000. This segment recorded a segment loss of approximately RMB3,957,000 in 2020. The loss mainly came from the administrative costs incurred during the year as this segment still had 2 offices and 3 staff as at 31 December 2020. This segment recorded a segment loss of approximately RMB20,981,000 in 2019. To reduce administrative costs of the Group, the Board decided to divest Hong Kong operations, mainly comprising of Hengqin Group. In January 2021, the Company entered into a sale and purchase agreement to sell its entire shareholding in Hengqin Group, with one of its subsidiaries being ZM Asset Management Limited, a company being approved in 2018 by the Securities and Futures Commission (“SFC”) to carry out Type 9 (Asset Management) and Type 4 (Advising on Securities) regulated activities under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) to independent third parties at an aggregated consideration of HK$800,000. The Company expected the disposal of Hengqin Group will be completed in the coming months. Finance Lease Services For the year ended 31 December 2020, the revenue generated from finance lease services was approximately RMB11,731,000 (2019: approximately RMB11,325,000). Results of reportable segments from finance lease services amounted to profit of approximately RMB4,825,000 in 2020, representing a decrease of approximately RMB670,000 as compared to profit of approximately RMB5,495,000 in 2019. The decline was mainly attributable to an increase in office rental expenses during the year. Prospects: Going forward, the Board will focus to strengthen its existing business position, and continue its best endeavour to seek suitable merger and acquisition opportunities and/or business collaboration.

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