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Public company info - China Jinmao Holdings Group Ltd. , 00817.HK
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China Jinmao Holdings Group Ltd., 00817.HK - Company Profile
Chairman NING Gaoning
Share Issued (share) 12,687,000,000
Par Currency
Par Value 0.0
Industry Property Development
Corporate Profile Business Summary: During the year, the Group was involved in the following principal activities: • city and property development • commercial leasing and retail operations • hotel operations • provision of property management, design and decoration services Performance for the year: For the year ended 31 December 2020, the revenue of the Group was RMB60,053.9 million, representing an increase of 39% compared with RMB43,355.9 million in last year. For the year ended 31 December 2020, profit attributable to owners of the parent amounted to RMB3,881.0 million, representing a decrease of 40% compared with RMB6,481.8 million in last year, and profit attributable to owners of the parent excluding fair value gains on investment properties (net of deferred tax) was RMB3,229.5 million, representing a decrease of 47% compared with RMB6,144.4 million in last year. Basic earnings per share for the Year were RMB31.86 cents, representing a decrease of 43% compared with RMB55.64 cents in last year. Business Review In 2020, as the COVID-19 continued to spread globally, world economy was hit hard and international environment became more complicated. China was the only major economy in the world to achieve positive economic growth due to its remarkable success in preventing and controlling the epidemic. Insisting on the positioning of “housing without speculation”, China encouraged both housing purchase and renting and adopting city-specific policies to promote the stable and healthy development of the real estate market, while the “three red lines” continued to tighten the financing environment, bringing profound impacts on the profitability and business models of real estate enterprises. Moreover, the epidemic resulted in severe restrictions on consumption, travel and business activities, leading to significant decline in indicators of commercial, hotel and office operation. Despite severe external situation, the Company managed to overcome difficulties and achieve record high sales results, with contracted sales amount reaching RMB231.1 billion for the Year, representing a year-on-year increase of 44%, which had exceeded the RMB200 billion mark for the first time. During the Reporting Period, due to impairments provision on properties under development and properties held for sale of the Group and some of associates and joint ventures of the Group as a result of property market regulation and other reasons, the profit attributable to owners of the parent was RMB3,881.0 million, representing a year-on-year decrease of 40%; the profit attributable to owners of the parent less fair value gains on investment properties (net of deferred tax) was RMB3,229.5 million, representing a year-onyear decrease of 47%. The Company remained committed to its strategic directions and continued to consolidate its positioning as a city operator and focus on the “two-wheel and two-wing driven” core businesses. The Company pushed ahead strategic and organisational upgrade through innovation and mechanism as the driving forces to achieve the goal that its comprehensive strength ranks among the first tier in the industry. As to strategic upgrade, the Company always followed the city operation logic of “In City The Group Gather People and Boost Business”, actively promoted implementation of “Two Supports and Two Synchronisations” to improve the images and upgrade the functions of the cities, with the effectiveness of city operation being fully recognised by the government. In 2020, the Company gained seven city operation projects bringing the cumulative number of projects to 27, which helped the Company obtain quality land resources, gradually showing the advantages of city operation. Meanwhile, as the Company intensively promoted industrial synergy with its shareholders, the headquarters of China National Seed Group officially stationed in Nanfang Science and Technology City in Sanya while Sinochem Petroleum Sales Co., Ltd. landed on Qingdao West Coast Innovation and Technology City. Balance between scale and efficiency was insisted for the development business. While the sales volume of the Company entered the top 15 in the industry for the first time, the Company focused on improving quality and efficiency, emphasising the growth of scale based on efficiency as priority. Firstly, the Company intensified lean management and took the “Year of Cost Management” as an opportunity to continuously enhance the standard of lean management of cost, thus achieving the target of reducing cost for the whole year. Secondly, the Company insisted on the investment strategy of “quality before quantity”. In 2020, the Company successfully entered 4 new cities of Taiyuan, Yantai, Shijiazhuang and Taizhou, thus having entered 51 cities in total. Thirdly, the Company continued to build product competitiveness. The Company was ranked among the top three in CRIC’s Product Strength of China’s Real Estate Enterprises in 2020, and the Jinmao Palace series was selected as one of the top ten luxury residential products in 2020, thus the Company’s products maintained the leading position in the industry. The holding business focused on rapid recovery of results. The hotel business grasped the chance of the post-epidemic travel and resort market to capture opportunities of market recovery, with the operating results of Lijiang Snow Mountain and Hyatt Regency Chongming achieving year-on-year growth. The commercial business, centering around the “consumer insights, innovations through digital and green technology, and linkage without borders” strategy, implemented 12 major highlighted systems in a bid to build Jinmao’s commercial IP, striving to capture operations through optimising operating costs to orderly promote recovery of results for post-epidemic operating projects. The two wings business utilised the “smart technology and green health” featured advantages. The green building business vigorously developed smart energy and building technology business, promoted deepened cooperation between industry, academic and research institutes for effective enhancement of R&D capabilities, and continued to play the role of the Company’s innovation engine. The capital business added three new PE investment projects and continued to expand into the field of big technologies. The property management business realised the launch of its first property service project for city operation. The education business acquired the first site for K12 school and promoted creation of education IP. As to drivers for innovation, the Company carried through the concept of “In Science We Trust” and promoted implementation of the technology innovation new plan to drive city upgrade and industry upgrade through technology empowerment to build the “moats” of the property business, constructing a sustainable city operation ecosystem. Vertical empowerment of existing business. Adhering to customer-orientation, the Company developed more than 300 research projects around customer demands; through the R&D and application of the ion cascade air purification and particle damping and noise reduction technologies, the Company realised upgrade and iteration for its Palace series of products; it continued to enhance the performance of heat source tower heat pumps and bipolar cyclone heat pumps to support the development of smart energy business. Meanwhile, the Company optimised its operation services by developing the “Jinmao Fan” app, online live streaming and other sales and marketing models; implemented smart community pilot, and cooperated with hotels to create crossplatform direct sales for continuous improvement of customer experience. Horizontal acceleration of new track expansion. As of 2020, the Company has nurtured a total of 13 technological enterprises including HDL and Huanji Hi-Tech, covering the fields of visual technology, AI algorithm and assembled construction, etc. Continuous extension of tentacles for innovation helped the Company form new growth points for the future. Intensifying technological innovation system. Through establishing the “Real Estate Technology” Innovation Acceleration Camp, streamlining the innovative investment process, building a scientific research management platform and establishing the innovation management professional sequence, the Company further improved its innovation mechanism and created an atmosphere for supporting operation innovation. Through continuous investment in technologies, Beijing Jinmao Green Building Technology Co., Ltd., Shanghai Jin Mao Construction & Decoration Company Limited and Jinmao Huichuang Construction Technology Co., Ltd. have all been recognised as national high-tech enterprises, and the technological contents and core competitiveness of the Company’s products have been continuously enhanced. As to organisational upgrade, the Company always adhered to the corporate culture of “looking for deficiencies”, and explored organisational and management models that match the current development requirements of the Company through comprehensive market benchmarking. The Company actively responded to state strategies such as the establishment of the Guangdong, Hong Kong and Macau Bay Area and the Hainan Free Trade Port, and seized regional development opportunities by reorganising the former Jinmao Guangzhou, Jinmao Sanya and Jinmao Nanning into Jinmao Guangzhou and Jinmao Fuzhou, completing the Company’s seven regional layouts together with seven professional platforms including hotel, commerce, property, decoration, green building, capital and education to provide organisational protection for implementing the “two-wheel and two-wing driven” business strategy. Meanwhile, adhering to the positions of the headquarters as the “four centres”, the Company optimised the organisation structure at all levels based on the principle of “making the headquarters more refined, regions more specialised, cities more powerful, and projects more simple”, and continued to promote classification and authorisation, continuously enhancing the efficiency of organisational operation and decision-making. As to drivers for mechanisms, adhering to a market-oriented assessment mechanism, the Company continuously improved the performance management system, formed a corporate culture of high performance, adjusted or eliminated inappropriate city general managers and persons-incharge of professional lines to promote improvement of organisation effectiveness. The Company insisted on the dual alignment of results performance and incentive, continuously implemented value creation assessment requirements, promoted strong linkage between salary allocation and operation results, and flexibly adopted various medium and long-term incentive mechanisms based on various business practices to enhance motivation and creativity of employees. In addition, the Company continued to strengthen selection and cultivation of talents, improved the mechanism for accelerating the development of young talents, and effectively stimulated the vitality of the organisation. As a state-owned enterprise and a listed company, China Jinmao also attaches great importance to and takes a proactive approach in fulfilling its social responsibilities by actively engaging in environmental protection, charity and other public welfare activities. The Company remains committed to its green strategy. As of the end of 2020, the Company has cumulatively obtained 219 green building certifications or labels. Being a leader in the green building industry, the Company has been invited repeatedly to participate in many important events such as the Conference on International Green and Energy-Efficient Building, and has won the first place in the Competitiveness of Green Development of Central and State-owned Enterprises in 2020. The Company has vigorously developed its smart energy business and obtained the Grade 5A certificate for the Green Heat Supply Service Certification. It has invested in, constructed and operated 54 energy stations with a total energy supply area of about 40 million sq.m., which is expected to reduce carbon emissions by more than 370,000 tonnes per year, equivalent to the effect of planting 20.97 million trees. Meanwhile, the Company continued to increase its investment in public charity. 2020 is the year of winning the victory in building a moderately prosperous society and poverty alleviation. The Company actively participated in the task of poverty alleviation, with focus on education and poverty alleviation while insistence on poverty alleviation through consumption. Throughout the year, the Company brought and helped sell more than RMB3 million of agricultural products for poor areas, actively contributing to winning the battle for poverty alleviation. It produced drinking water jointly with Shibadong Village in Hunan Province to help revitalise the village. To support education development in targeted areas, the Company helped construction of mobile libraries with the highest elevation in Gangba County in Tibet, cumulatively made donations for building 23 mobile libraries, supported the construction of 45 schools, made donations to 25 schools, supported the construction of 7 healthcare facilities, and set up special funds for education and medical assistance across China, which received positive social response. Prospects: Looking ahead, the world today is undergoing great changes unseen in a century, while economic situation remains complex and severe and there are uncertainties in the change of the epidemic and external environment. However, the long-term positive fundamentals of China’s economy remain unchanged while a new round of technological revolution and industrial transformation is intensively evolving and intertwined, being at the historical point of achieving major breakthroughs, and technologies are expected to reshape the landscape of global competition. Against the future development environment at home and abroad, the 14th Five-Year Plan proposes that China will speed up construction of a new development pattern based on domestic macrocirculation along with domestic and international dualcirculation to promote the key role of technological innovation in smoothing the dual-circulation, and regard self-reliance and self-improvement in science and technology as the strategic support for national development. Meanwhile, China has pushed forward the people-orientated new urbanisation strategy to develop and strengthen city clusters and urban areas, and implemented urban renewal to solve outstanding housing problems in large cities. Therefore, it is expected that the real estate industry will still have relatively large room for steady development moving forward. In the new era, China Jinmao will take the initiative to start the new journey. Entering its new stage with a contracted sales amount of RMB200 billion, China Jinmao has put forward the development concept of “insisting on In Science We Trust and insisting on city operation”. In the next five years, under the guidance of the brand new “two-wheel and two-wing driven” strategy, China Jinmao will strengthen technological innovation, and will pay close attention to strengthen quality and efficiency so as to establish the new development pattern for the “14th Five-Year Plan” of the Company. The Group will brave the waves together and set sail again light. In the face of the new stage, new opportunities and new challenges, China Jinmao’s employees will overcome difficulties while moving forward with resolve and will to maximise value for all shareholders with even more remarkable results.

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