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Public company info - Seazen Group Limited , 01030.HK
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Seazen Group Limited, 01030.HK - Company Profile
Chairman Wang Xiaosong
Share Issued (share) 6,210,000,000
Par Currency Hong Kong Dollar
Par Value 0.001
Industry Property Development
Corporate Profile Business Summary: The principal activities of the Group are property development, property investment and commercial property management in China. Performance for the year: The Group’s revenue increased by 58.5%, to approximately RMB86,851.2 million for the year ended 31 December 2019 from approximately RMB54,781.0 million for the year ended 31 December 2018. Net profit attributable to equity holders of the Company increased by 15.5% to approximately RMB7,812.3 million for the year ended 31 December 2019 from approximately RMB6,761.0 million for the year ended 31 December 2018. Core earnings attributable to equity holders of the Company increased by 20.1% to approximately RMB6,802.0 million for the year ended 31 December 2019 from approximately RMB5,663.1 million for the year ended 31 December 2018. Business Review In 2019, the central government tightened its control over the real estate market. The central government strongly reiterated that “homes are for living in, not for speculation”, and stated that real estate should not be used as a short-term means of stimulating the economy, so as to prevent the inclination towards financialization of commercial apartments and housing bubble. In addition, the central government has taken various economic measures, especially by giving credit in the form of financial instruments, to push ahead with the establishment of a long-term mechanism, which would ensure the steady and healthy development of the property market. All our staff worked together and overcame risks and challenges under the guidance of the two-pronged strategy of “residential plus commercial properties” development. While maintaining the steady growth of results, we promoted the high quality development of our organization, the rapid upgrade of the building of systems and the achievement of various performance targets. In 2019, the Group achieved contracted sales of approximately RMB270,801 million, representing a year-on-year increase of 22.5%, and maintained its national ranking as 8th in respect of sales amount. The Group recorded commercial rental income of approximately RMB4,069 million, representing a year-on-year growth of 92.3%, and maintained its nationwide leading position in the ranking based on the scale of commercial plazas and rental income. In 2019, the Group built on the advantages from residential and commercial properties which are mutually complementary and synergize with each other, thus creating a core competitive edge for sustainable development in the future. Efficient operation of residential property development and a solid foundation with improved quality and efficiency During the year, based on its strategy of focusing on regional development, the Group prioritized operations, adopted a high-quality and high-turnover model, and benefited from its competitiveness from economies of scale. The Group has achieved a contracted sales revenue of approximately RMB270.8 billion by launching over 380 projects in 102 cities. Among these, two of our regional companies in Suzhou and Sunan have respectively contributed sales of over RMB20 billion. Six regional companies in Shanghai, Nanjing, Hangzhou, Beijing, Tianjin, and Ningbo have contributed with respective contracted sales of over RMB10 billion. In addition, 10 regional companies have contributed with respective sales of over RMB5 billion. While exploiting the demand from city markets where we have presence and increase the market share year by year, the Group further expanded its coverage in popular first-tier and second-tier cities, including Beijing, Tianjin, Changsha and Kunming, with 72 newly acquired projects and additional land reserves that cover a GFA of approximately 25.08 million sq.m. Such moves have further solidified the Group’s regional coverage and ensured the sustainability of its medium- to long-term development. As of 31 December 2019, the Group’s land reserves have covered 105 cities nationwide, with a total land bank GFA of 124 million sq.m., providing sufficient saleable resources for maintaining stable development in the future. With “100 malls in 100 cities” progressing rapidly, Wuyue Plazas stand firmly in the commercial sector In 2019, the Group continued to speed up the expansion of Wuyue Plazas by obtaining 24 Wuyue Plazas, and opening a total of 21 Wuyue Plazas throughout the year, accumulated to opening a total of 63 Wuyue Plazas by the end of the year with an overall occupancy rate of over 99%. The Group recorded a rental income of approximately RMB4.07 billion. The expansion further improved the “Wuyue” brand and the nationwide layout and also secured stable profit for the Group. As at the end of March 2020, the Group had a total of 124 Wuyue Plazas in 80 cities across the country, ranking top in the industry in terms of commercial projects and area under management. Prospects: At the beginning of 2020, China was at the forefront of the impact of the COVID-19 epidemic. Most industries came across unprecedented crises and their normal operations were disrupted. The Group promptly responded to the call of the government and upheld its social responsibilities through donation and rental reduction in support of the safety of frontline medical workers. We also worked with our Wuyue Plaza merchants to overcome current difficulties. Despite the daunting challenges posed by the epidemic, the Group still firmly believes that we will stay united, turn the corner and overcome the epidemic under the leadership of the central government. The Group will pay close attention to the risks and opportunities brought about by the epidemic, and spare no efforts to achieve all our performance targets in 2020. Meanwhile, we will make up for business shortcomings resulting from the emergency, and stay alert on the changes in the industry model and further development opportunities. As the industry has reached its peak and entered a plateau with increasing concentration, how to maintain high-quality, stable and sustainable growth in the future will be the main concern for the Group. In 2020, the Group will fully optimize its own investment level, operation capabilities, marketing methods, product quality, service coordination, organizational support mechanism, and accelerate the construction of information technology to ultimately achieve greater levels of profitability. The Group will maintain calm and objective judgements on the external environment, focus on the long-term development strategy supported by the two-pronged “residential plus commercial properties” model, spare no effort in reducing the adverse impact of the COVID-19 epidemic on the Company’s residential property sales and business operations, and constantly adjust its strategies in response to changes in the market in a timely manner. For 2020, the Group’s target for contracted sales is RMB250 billion, with a plan to add 30 new Wuyue Plazas, and a target for rental income at RMB5.5 billion, which we are confident and will make all efforts to meet. As a comprehensive developer with nationwide presence, the Group consistently upholds its mission of “Happy Home, Happy Life.” The Group is committed to bringing happiness to more customers by continuously satisfying the needs of customers’ pursuit of a better life through its professional product innovation capability. In 2020, the Group will continue to adhere to its original aspirations, engage in responsible decision-making and actions, and constantly strive to become an industry-leading and sustainable enterprise that is built to last.

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