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Public company info - Jiyi Holdings Limited , 01495.HK
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Jiyi Holdings Limited, 01495.HK - Company Profile
Chairman Hou Wei
Share Issued (share) 815,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Construction & Decoration
Corporate Profile Business Summary: The Group is principally engaged in the business of sale and distribution of building and home improvement materials and furnishings and provision of interior design and engineering services in the People’s Republic of China (the “PRC”). Performance for the year: Total revenue of the Group decreased by approximately RMB25.8 million or approximately 4.3% from approximately RMB599.5 million for FY2018 to approximately RMB573.7 million for FY2019. The Group’s overall gross profit increased by approximately RMB20.9 million or approximately 37.4% from approximately RMB56.0 million for FY2018 to approximately RMB76.9 million for FY2019. The Group’s profit for the year increased by approximately RMB0.8 million or approximately 6.3% from approximately RMB12.3 million for FY2018 to approximately RMB13.1 million for the Reporting Period. Business Review With the shift of the Group’s strategic focus from the sale and distribution of merchandise to the provision of interior design and building engineering services, despite there was a slight decrease in revenue due to significant and widespread slowdown of the world’s economy, the Group had succeeded in achieving a stable growth in terms of gross profits and net profits in 2019. In FY2019, the provision of interior design and building engineering services segment accounted for 65% of the total revenue (2018: 52%), while the sale and distribution of merchandise segment accounted for 35% of the total revenue (2018: 48%). Provision of interior design and building engineering services The Group achieved rapid growth in the provision of interior design and building engineering services to the Group’s customers and continued to achieve fruitful results in FY2019. During the Reporting Period, the Group focused on a number of sizeable corporate construction projects and also commenced work on various new projects which led to significant increase in revenue. The revenue generated from the provision of interior design and engineering services increased by approximately RMB59.8 million or approximately 19.2%, from approximately RMB311.4 million in FY2018 to approximately RMB371.2 million in FY2019, and the Group recorded an increase in gross profit of approximately RMB22.3 million or approximately 68.4%, from approximately RMB32.6 million in FY2018 to RMB54.9 million in FY2019. The gross profit margin increased from approximately 10.5% in FY2018 to approximately 14.8% in FY2019. Sale and distribution of merchandise The sale and distribution of merchandise remained a stable source of revenue to the Group. In FY2019, with the aforementioned shift of the Group’s strategic focus, the Group experienced a decrease of approximately RMB85.6 million or approximately 29.7% in revenue from the sale and distribution of merchandise from approximately RMB288.1 million in FY2018 to approximately RMB202.5 million in FY2019, in particular, the revenue from building materials and furnishing products had a decrease of approximately 38.3% and approximately 14.9% respectively, while there is noticeable increase of approximately RMB12.3 million or approximately 59.2% in revenue from home improvement materials. Overall, the Group recorded a consolidated net profit of approximately RMB13.1 million for FY2019, representing an increase of approximately RMB0.8 million or approximately 6.3% as compared with consolidated net profit of approximately RMB12.3 million for FY2018. Such increase was mainly resulted from the net effect of the increase in gross profit generated from the business segment of the provision of interior design and building engineering services of approximately RMB22.3 million and the decrease in distribution and selling expenses of approximately RMB2.0 million, offset by the increase in impairment losses under expected credit loss model of approximately RMB15.9 million, as well as the increase in the administrative expenses of approximately RMB7.5 million. Prospects: In FY2019, the Group continued to expand its core engineering services business while maintaining a stable business of sale and distribution of merchandise. The revenue from engineering services business has continued to record a significant growth during the Reporting Period, which was mainly due to the on-going construction of several sizeable corporate projects during the Reporting Period. Starting from FY2019, the Group is committed to develop its strategic footprint in the Guangdong-Hong Kong-Zhuhai-Macao Greater Bay Area. In August 2019, the Group incorporated a new subsidiary, Jiyi Industrial Group (Shenzhen) Co., Ltd, with an aim to extend the Group’s two core businesses in Shenzhen, which is the sale and distribution of building and home improvement materials and furnishings, and the provision of interior design and building engineering services. The Group is currently working with various strategic partners in Shenzhen on a number of potential corporate Engineering Procurement Construction (“EPC”) projects which is expected to launch in 2020. The subsidiary of the Group, Guangdong Jiyi Xinya Decoration and Design Construction Company Limited (the “Jiyi Xinya”) signed an EPC contract in February 2020 with an advanced cultural and media company, and Jiyi Xinya will be the general contractor of a cultural complex construction project in the Foshan City of Guangdong Province, which includes the construction of a multi-functional holographic theater that could accommodate 2,000 people and a three-storey mall with a variety of themes surrounding the elements of celebrities and stars, animation, sports and gaming that provides interactive experience between customers and celebrities. This project is expected to be completed in the third quarter of 2020. The Group will continue to look for opportunities to participate in more EPC projects, including governmental projects, corporate projects, as well as cultural and entertainment development projects. The Group is also actively seeking for business breakthrough and transformation with the use of information technology. The Group is currently investing resources in the development of a full-scale home design and renovation platform that provides ecological and one-stop solutions to customers from interior design, sourcing of building materials and furnishings, renovation management, to post-renovation repairs and maintenance, etc.. It is expected that the investment in information technology will enable us to deliver a better experience to the Group’s existing and potential customers and bring positive impact to the Group’s businesses.

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