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Public company info - China Logistics Property Holdings Co. Ltd. , 01589.HK
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China Logistics Property Holdings Co. Ltd., 01589.HK - Company Profile
Chairman LI Shifa
Share Issued (share) 3,254,000,000
Par Currency U.S. Dollar
Par Value 6.25E-5
Industry Property Investment
Corporate Profile Business Summary: The Group is principally engaged in the leasing of storage facilities and the related management services in China. Performance for the year: The Group’s revenue increased by 22.4% from RMB582.3 million in 2018 to RMB712.5 million in 2019. the Group’s gross profit increased by 26.0% from RMB433.9 million in 2018 to RMB546.7 million in 2019, and the Group’s gross profit margin increased from 74.5% in 2018 to 76.7% in 2019. the Group’s operating profit decreased by 11.2% from RMB1,267.6 million in 2018 to RMB1,126.0 million in 2019. As a percentage of the Group’s revenue, the Group’s operating profit decreased from 217.7% in 2018 to 158.0% in 2019. the Group’s profit of the year decreased by 23.6% from RMB553.6 million in 2018 to RMB423.1 million in 2019. The Group’s profit for the year attributable to the owners of the Group decreased by 40.6% from RMB557.2 million in 2018 to RMB331.1 million in 2019. Business Review As at 31 December 2019, the Company had 176 logistics facilities in operation in 37 logistics parks, located in logistics hubs in 18 provinces or centrally administered municipalities. The Group expanded its network of logistics facilities to cope with the growing demand for premium logistics facilities in China and was therefore able to grow its revenue by 22.4% from RMB582.3 million in 2018 to RMB712.5 million in 2019. The Group’s gross profit increased from RMB433.9 million in 2018 to RMB546.7 million in 2019. In June 2019, the Company successfully issued convertible bonds with an aggregate principal amount of HK$1,109,000,000 at the rate of 6.95% due 2024. The convertible bonds became listed on the Stock Exchange on 27 June 2019. A portion of the proceeds from the issuance of the convertible bonds have been used to repay the principal and interests of a loan in the principal amount of US$100,000,000 and the interests for the existing US dollar senior notes at a coupon rate of 8% due 2020. The remaining proceeds were used to repay the interests of the US dollar senior notes and the principal of other offshore loans. All proceeds have been used as at the date of this announcement. Prospects: In 2020, the Group will continue its efforts to achieve its goal to develop into the largest provider of premium logistics facilities in China and maintaining its leading position as a premium logistics facilities provider in China. The Group intends to continue to pursue the following: Strengthen nationwide network across major logistics hubs — The Group has continued to strengthen its nationwide network of logistics facilities by developing its land held for future development and acquiring new land for investment projects, identifying new investment projects and selectively acquiring existing logistics facilities. As at 31 December 2019, the Group has approximately 0.6 million sq.m. of GFA of land held for future development and approximately 4.6 million sq.m. of GFA of investment projects. Going forward, the Group plans to continue its focus in regions that are more economically developed, such as the GuangdongHong Kong-Macao Greater Bay Area, Yangtze River Delta economic zone, the Bohai economic zone and the Pearl River Delta economic zone, as well as other selected provincial and logistics node cities, to continuously strengthen its nationwide network. For example, in the Greater Bay Area, in addition to the Group's existing Zhaoqing and Huizhou projects, which have been in operation, the Group will use the opportunity brought by the country’s promotion of the construction of the Greater Bay Area and the integration of the Yangtze River Delta to actively seek new investment opportunities in the region with an aim to continue to build a network of logistics facilities in the region. Accelerate lease-up cycle and optimize tenant portfolio — In 2019, the occupancy rate for the Group's stabilized logistics parks reached 90.3%, approximately 2.4 percentage points higher than the overall occupancy rate in the market, which represented one of the Group's achievements attributable to the Group's continuous efforts in promoting the strategy of accelerating lease-up cycle and optimizing tenant portfolio. In the future, the Group will continue to maintain constant dialogues with both existing and prospective tenants to manage lease renewals and fill up vacancies at its logistics facilities in a timely and efficient manner. In particular, the Group will continue to leverage the strong network effect of its logistics facilities portfolio to attract existing and prospective tenants with a view to expanding the Group’s national footprint in China. In the meantime, in view of the continuous growth of China’s domestic consumption and e-commerce market as well as the strong growth of emerging industries such as new retail, the Group will continue to optimize its tenant portfolio and increase the proportion of such companies to better meet the market demand. Innovate product portfolio in response to the market demand – In recent years, in addition to the efforts the Group have made to facilitate the traditional and high standard of warehousing services and the development of its ancillary facilities, the Group have also strived to satisfy the warehousing needs of difference types of customers, such as fresh food e-commerce companies, cold chain operators, etc., through continuous adjustments to the Group's products. The cold chain market has experienced rapid expansion due to the upgrade of the consumption industry in the PRC and gradual standardization of the logistics industry. According to the relevant data regarding the cold chain logistics network in the PRC, the market size of the fresh food e-commerce in the PRC has grown at a compound growth rate of over 50% to more than RMB350 billion between 2016 and 2019. However, there are still some issues facing the cold chain ancillary warehousing facilities currently in the PRC, such as supply shortage, high construction cost and poor warehousing facilities. Aiming to optimize the Group’s own product structure and better serve the Group's customers, the Group plan to join hands with relevant quality cold chain facilities providers in the future to commence renovation and construction of certain warehousing facilities and build cold room facilities equipped with a precise temperature control system, with a view to satisfying regional warehousing needs of various fresh food ecommerce companies and other customers. In the beginning, the Group will focus the Group's efforts on domestic core markets to provide the Group's customers with corresponding high-standard cold room facilities. Diversify sources of capital and lower cost of capital — The Group will strive to expand the Group's own financing platform by leveraging the advantages of Hong Kong being an international financial center. The Group will absorb domestic and foreign capital to reduce financing costs through bonds, loans and other diversified financing channels. The Group will also develop its own fund investment management platform to achieve a more flexible capital operation and to gain better control over the Group’s asset-liability ratio. Attract, motivate and cultivate management talent and personnel — The Group will continue to recruit both domestic and international talent in order to create a well-rounded work force with a diversity of backgrounds. The Group will also continue to provide training programs and essential learning tools with a view to cultivating top tier management talent in the logistics facilities industry. Similarly, the Group will also seek to diversify and enhance its incentive mechanisms to better align the interests of management, employees and the Group. Reduce the environmental impact of operations — The Group is committed to reducing the environmental impact of its operations and promoting environmental sustainability. The Group will continue to increase its efforts to expand its business with minimal environmental impact going forward by designing and developing its projects based on long-term energy savings and efficiencies. In particular, it plans to increase the use of clean and renewable energy and reduce the Group’s carbon footprint by installing solar panel on top of its logistics facilities. Besides, the Group will experimentally install water recycling system in some logistics parks, and will promote it to all logistics parks across the country after achieving favorable results.

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