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Public company info - Xinda Investment Holdings Limited , 01281.HK
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Xinda Investment Holdings Limited, 01281.HK - Company Profile
Chairman Wei Qiang
Share Issued (share) 1,485,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Alternative Energy
Corporate Profile Business Summary: The Group is principally engaged in smart energy business and public infrastructure construction business. Performance for the year: The Group’s revenue and gross profit for the Reporting Period amounted to RMB147,460,000 (for the same period of 2018: RMB708,493,000) and RMB78,674,000 (for the same period of 2018: RMB243,831,000), respectively. The gross profit margin was 53.4% (for the same period of 2018: 34.4%). The loss attributable to owners of the Company was RMB264,522,000 (for the same period of 2018: profit attributable to owners of the Company of RMB107,720,000), representing a decrease of approximately 79.2% and 345.6%. Business Review Smart Energy Business The Group’s smart energy business, positioned as comprehensive energy services for the user side, mainly serves to meet the demands from customers including industrial, commercial and residential sectors as well as public institutions. The Group provides its customers with a full range of smart energy comprehensive utilization services based on various energy resources including electricity, heat and gas by leveraging on its smart energy cloud platform (the ‘‘Cloud Platform’’) with proprietary intellectual property rights, to help customers improve their energy utilization efficiency and reduce energy consumption cost, whereby building a diversified, clean and low-carbon energy supply system. The Group works to realize the above business objectives by integrating its energy systems with internet technology. On one hand, the Group acquires premium energy assets and projects by expanding its offline business in comprehensive energy supply such as electricity, heat and gas, and generates stable operation and investment returns from operating and managing such assets. On the other hand, the Group uploads the real-time data of electricity, heat and gas consumption of its industrial and commercial enterprises and residential users to the Cloud Platform, integrates and analyzes such big data, and taps into the energy consumption potential of customers, so as to provide them with other full industrial chain services, including multi-energy complementation of electricity, heat and gas, smart operation and maintenance, energy trade, energy efficiency analysis, and consultancy management to energy finance and energy big data. Offline Energy Business Given the uncertainties in industry development during the Reporting Period, the Group’s offline energy business mainly focused on stabilizing and improving the operation of its existing solar power plants, in tandem with prioritizing risk control as well as sorting out and optimizing the original investment structure. In respect of the solar power business, the Group held the same 11 solar power plants with the same aggregate installed capacity of approximately 64 MW during the Reporting Period as in the corresponding period of last year. Out of the 11 plants, 10 were industrial and commercial distributed solar power plants and one was a ground power plant. In spite of their natural attenuation, the Group’s solar power plants delivered a historic new high in power generation during the Reporting Period, by improving technology and enhancing operation and maintenance management. For the Reporting Period, power generation totaled approximately 80,724 MWh (for the same period of 2018: 75,044 MWh). With respect to the home photovoltaic system business, the national policy in 2018 has a continuous impact on the solar power industry. Although the country promulgated the subsidies policy on solar power business in 2019, it was announced late and officially implemented from 1 July 2019, with a substantial reduction in subsidies (from RMB0.37 per kWh to RMB0.18 per kWh, decreased by RMB0.19 per kWh) with an imposition of quota control (from the previous unlimited scale to a cap of around 3.5 GW). The quota for subsidies in the home photovoltaic industry in 2019 had been all utilised as of October 2019. In view of such a slash in subsidies and a squeezed profit margin, the Group mainly worked on digesting the inventories of its home photovoltaic system business from 2018, with limited expansion for new business during the Reporting Period. In respect of the heating business, the Group mainly focused on the operations of the distributed gas heating projects which had already been established during the Reporting Period. Meanwhile, the Group reassessed the investment returns and risks for some of its heating projects, withdrew from the investment projects that failed to meet the performance target, and invested more in projects with better growth to ensure investment returns and control investment risks. During the Reporting Period, the Group withdrew its 40% equity interests investment in Shandong Hailifeng Clean Energy Joint Stock Co., Ltd.* (山東海利豐清潔能源股份有限公司) (‘‘Hailifeng’’) and invested in the 40% equity interests in Gao Bei Dian City Long Chuang Central Heating Company Limited* (高碑店市隆創集中供熱有限公司) (‘‘Longchuang Heating’’), a subsidiary of a connected person. In the future, subject to the actual operation and financial conditions of Longchuang Heating, the fulfillment of profit guarantee and other factors, the Group is entitled to, at any time, further increase its equity interests in Longchuang Heating to at least 51% and therefore Longchuang Heating will become a subsidiary of the Company. Longchuang Heating currently operates a centralized heat supply project in Gaobeidian City, Hebei Province, covering an aggregate area of over 6 million sq.m. It also plans to boost its heat supply capacity by another 14,700,000 sq.m. by 2031. In addition, the Group invested in and operated part of the campus hot water business during the Reporting Period, with a coverage of approximately 12,000 students. In respect of incremental power distribution grids, the Group optimized and reconstructed its original assets and operation during the Reporting Period, in an effort to maximize the effectiveness of the assets. In July 2019, the Group established a power distribution network joint venture with two local state-owned enterprises via its subsidiary in Xinjiang, to make full use of the existing transformer station assets of the Group at Xinjiang HMAC Hefeng Industrial Park. Such a move has also provided an opportunity for the Group to engage in capacity expansion of the Industrial Park in the future. Online Intelligent Management We work to improve the efficiency of the Group's energy utilisation through big data processing and intelligent management at the Cloud Platform, to ensure the reliability and stability of energy supply and attain optimized operation, less energy consumption and better user experience. All the solar power plants of the Group are connected to the Cloud Platform, which is capable of monitoring the power generation and operation of each power plant in real time, as well as analyzing and comparing with the operation of the power plants, eliminating breakdowns in a timely manner, and increasing the power generation of the power plants when necessary. The Group’s distributed gas heating business enables gas module furnaces to maintain optimal combustion efficiency in various environments through intelligent management and control. Project data such as the temperature of the supply and return water collected by sensors at the equipment terminal are transmitted to the Cloud Platform through 4G modules. Operation and maintenance personnel can design equipment operation strategies based on such data and give instructions via the Cloud Platform. At the same time, with remote intelligent management and control, the Group can timely respond to changes in weather and working conditions, adjust operating parameters and improve energy efficiency. In terms of the campus hot water business, the Group leverages on the eco-campus IoT big data Platform, which can automatically collect energy consumption data and generate charts and energy consumption audit reports in various forms, to achieve dynamic monitoring on energy consumption, prepare the optimum operational plan for higher energy efficiency and more reliable hot water supply, and provide the best solution to energy-saving operation. In the future, the Group will continue to strengthen its technological research and development and investment on the Cloud Platform, so as to effectively support and serve data access to and business development of the Group in respect of the segments of electricity, heat, and gas. During the Reporting Period, the smart energy business contributed approximately RMB116,806,000 in revenue to the Group (for the same period of 2018: RMB529,258,000), representing a decrease of approximately 77.9% as compared to the same period of last year; and the loss attributable to owners of the Company was approximately RMB193,267,000 (for the same period of 2018: profit attributable to owners of the Company of RMB130,063,000), representing a decrease of approximately 248.6% as compared to the same period of last year. The decrease in revenue and profit was mainly attributable to substantially lower revenue and profit generated by the Group from its home photovoltaic system business during the Reporting Period under the impact of the national policies on solar power industry, and a considerable amount of provision made by the management for the trade receivables of the home photovoltaic system business for the sake of prudence. Public Infrastructure Construction Business The public infrastructure construction business represents such construction business under the Baoding Donghu Project in Baoding City, Hebei Province, and the related pre-investment and post-construction operation management business. During the Reporting Period, the public infrastructure construction business generated revenue of approximately RMB30,654,000 for the Group (for the same period of 2018: RMB179,235,000), with loss attributable to owners of the Company amounting to approximately RMB48,915,000 (for the same period of 2018: profit attributable to owners of the Company of RMB15,107,000). The decrease in revenue and profit was mainly attributable to the fact that the Group’s revenue and profit fell significantly due to a major decline in investment under the Baoding Donghu Project during the Reporting Period, and that due to the settlement and tariff adjustment for the project by the Baoding Government, the Group made a provision of approximately RMB47,815,000 during the Reporting Period (for the same period of 2018: nil) for its income tax, certain expenses and related profits recorded in the previous years. The above provision was made on a one-off basis. A wholly owned subsidiary of the Group signed a new supplementary agreement with the Baoding Government in respect of the Baoding Donghu Project in December 2019, to agree on tariff settlement and revenue recognition etc. of the project. Hence, the provision will not affect the Group’s future development, investment and revenue recognition of the project. For details, please refer to the announcement issued by the Company on 16 December 2019. Prospects: 2020 is destined to be an unusual year. The coronavirus pandemic (the ‘‘Pandemic’’) that spread across the world, together with other unsettling factors, has added to the woes of the already sluggish global economy. The Chinese economy has also suffered such material adverse impacts as a result, with all industries exposed to varying degrees of shock and impact. Facing the difficulty and complexity of external economic situation, the Group will continue to uphold the Group's strategy of stable operation, with enhanced meticulous management and operation management in 2020. In respect of the Group’s 11 solar power plants and distributed heating business, the Group’s clients mainly comprised enterprises and schools who suspended their operations due to the Pandemic. This is expected to leave a considerable impact upon the Group’s revenue from power generation and heat supply in the first quarter. However, each first quarter usually sees a low electricity consumption by enterprises due to the Chinese New Year, and the distributed heating business accounted for a relatively small proportion of the Group’s total revenue and profit. With the Pandemic getting under control in China, enterprises have made great efforts to resume work, which allows the Group to expect no material adverse impact from the Pandemic on the Group’s financial performance in 2020. Meanwhile, the Group’s public infrastructure construction business in Baoding Donghu has an untapped development capacity of more than RMB2 billion, with subsequent investment and development to take place successively according to the government’s development plan and progress. In the meantime, the Group will continue to optimize the Group's business structure. Considering that the solar power industry in the PRC is in the transition period from subsidy withdrawal to grid parity, the industry is confronted by quite limited profit margin and huge pressure on cash flow pressure. In 2020, the Group will mainly focus on the operation of the existing solar power plants, and actively control the business scale of the home photovoltaic system business with low profit margins. In respect of the heating business, the nationwide implementation of energy conservation and emissions reduction policies and the increasing urbanization rate in China have created a continuous stream of huge demand for the urban centralized heating and distributed clean heating markets. Moreover, the heating business, especially the urban centralized heating business, is characteristic of less exposure to external economic conditions, strong industry stability and good cash flow. In 2020, the Group will further develop the heating business, particularly the urban centralized heating business, based on the Group's experience of investment and operation management in the heating industry (including distributed heating and urban centralized heating). At the same time, the Group will make full use of the big data analysis and processing capabilities of the Cloud Platform, reduce the energy consumption of heating projects, and improve energy efficiency, meticulous management and asset management capabilities, in order to attain higher project returns. the Group will also explore investment and development in other clean energy businesses when opportunities arise.

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