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Public company info - Beijing Urban Construction Design & Dev. Group Co. Ltd-H Sh , 01599.HK
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Beijing Urban Construction Design & Dev. Group Co. Ltd-H Sh, 01599.HK - Company Profile
Chairman PEI Hongwei
Share Issued (share) 388,000,000
Par Currency Renminbi
Par Value 1.0
Industry Infrastructure
Corporate Profile Business Summary: The group involved in Design, survey and consultancy services for urban rail transit and urban rail transit related industrial and civil construction and municipal engineering projects; Construction contracting services for urban rail transit and the service concession arrangements under the build-operate-transfer (“BOT”) arrangements. Performance for the year: As of 31 December 2019, the Group’s revenue amounted to RMB8,414 million, representing an increase of RMB1,228 million or 17.09% compared to RMB7,186 million for last year. The Group’s net profit amounted to RMB666 million, representing an increase of RMB112 million or 20.22% compared to the net profit of RMB554 million for last year. Business Review The Group generates its revenue from the design, survey and consultancy segment as well as the construction contracting segment where the Group provides services for infrastructure construction (in particular, urban rail transit). For the year ended 31 December 2019, the Group achieved a revenue of RMB8,414 million, representing an increase of RMB1,228 million or 17.09% compared to RMB7,186 million for the corresponding period of last year. Such increase was mainly attributable to the steady increase in the Company’s revenue driven by the Company’s commitment to design and investment, and the increment created by promoting the layout of the whole industrial chain of urban rail transit and the resource synergy. Design, Survey and Consultancy Business Segment The design, survey and consultancy segment includes design, survey and consultancy services for urban rail transit construction as well as industrial and civil construction and municipal engineering. The design, survey and consultancy segment has been the traditional and core business of the Group. In 2019, the Group intensively developed existing markets by fully utilizing the technical advantages in the industry, consolidated its dominant status in urban rail transit design, properly performed existing contracts and focused on following up state-level new areas and third-tire and fourth-tire cities, and expanded its business into dozens of domestic and overseas cities, and improved the influence of its urban construction brand. The Company won the bids and contracted for a total of 7 overall design projects in Hangzhou, Shenzhen, Chengdu, Chongqing, etc. For the year ended 31 December 2019, revenue of the design, survey and consultancy segment of the Group amounted to RMB3,663 million, representing an increase of RMB149 million or 4.24% compared to RMB3,514 million for the corresponding period in 2018. Among which, the revenue of the urban rail transit construction segment amounted to RMB3,002 million, representing an increase of RMB154 million or 5.41% compared to RMB2,848 million for the corresponding period of last year. The revenue of the industrial and civil construction and municipal engineering segment amounted to RMB661 million, representing a decrease of RMB5 million or 0.75% compared to RMB666 million for the corresponding period of last year. Construction Contracting Business Segment The construction contracting business segment of the Group focuses on the services for urban rail transit construction projects and relevant infrastructure construction projects. The construction contracting projects undertaken by the Group covered cities including Beijing, Kunming, Zunyi, Guangzhou, Urumqi, Zhengzhou and Huangshan. For the year ended 31 December 2019, the Group’s revenue from the construction contracting business segment was RMB4,751 million, representing an increase of RMB1,079 million or 29.38% compared to RMB3,672 million for the corresponding period of last year. Such increase was mainly attributable to the increase of the commencement construction volume of the Company’s projects under construction in Beijing, Kunming and other cities as compared to the corresponding period of last year. Prospects: Establish Urban Rail Transit According to the China Association of Metros (中國城市軌道交通協會), as of 31 December 2019, there was an aggregate operating rail transit distance of 6,730.27 km in 40 cities in mainland China. In 2019, six more cities in the mainland China had urban rail transit in operation, including Wenzhou, Jinan, Lanzhou, Changzhou, Xuzhou and Hohhot. Another 27 cities have new lines (sections) in operation, with 26 lines in operation newly added, and 24 extensions or sections opened, with a total length of 968.77 km. The urban rail transit lines newly added in 2019 involved three modes, including 832.72 km of subway, 59.11 km of inner-city rapid rail transit and 76.94 km of modern tram. In 2019, only a new round of urban rail transit construction planning in Zhengzhou, Xi’an and Chengdu obtained approval. The total length of the newly approved construction planning lines was 486.25 km, with a total investment of RMB342.578 billion, and all the approved lines are subways. In addition, the adjustment to the construction planning scheme for phase II of Beijing urban rail transit was approved, and the lines of the projects involved in this adjustment were 201.2 km long, with a total investment of RMB122.212 billion. Amid the mounting development pressure facing the urban rail transit industry in 2019, the Company maintained its leading position in the industry. The Company secured 7 general contracting projects, including Hangzhou line 3 north extension and Beijing Winter Olympics branch line in terms of urban rail transit design, continuing to maintain a leading market share. Civil Construction With the development of economy and the demand for energy saving and environment protection, an array of new technologies, such as green building technology, the application of green materials, and smart building solutions, are widely used in engineering practice, and market’s demand for eco-friendly design has shifted to practical from theoretical. The Company continued to improve its design products based on its own features that have formed and differentiated from general civil construction market, such as rail transit vehicle base and comprehensive property development on top, integrated development of urban underground space, rail transit metro station decoration and other design fields. Moreover, the Company looked to enhance campus planning of civil buildings and the business in such fields as campus buildings, green and energy-efficient buildings, smart city, residential and prefabricated buildings and public buildings through special research. PPP In 2019, affected by the macroeconomics, domestic fixed assets investment continued to decline, and the growth rate of infrastructure investment experienced a further slowdown. The PPP infrastructure market was also affected, showing a downward trend. In 2019, the Ministry of Finance, the State Council, the National Development and Reform Commission of the PRC and multiple departments jointly issued the Opinions on Promoting the Normative Development of Public – Private Partnership (Cai Jin [2019] No.10) (《財政部關於推進政府和社會資本合作規範發展的實施意見》（財金[2019]10號文）), Government Investment and Financing Ordinance (Order of the State Council No.712) (《政府投融資條例》（國務院令第712號文）), the Notice on Strengthening the Investment and Construction Management of PPP Projects According to Laws and Regulations (Fa Gai [2019] No. 1098) (《關於依法依規加強PPP項目投資及建設管理的通 知》（發改[2019]1098號文）) and other policy documents, having a profound impact on the PPP market under high pressure of rectification and standardization. In 2020, with the introduction and improvement of the Operation Guide for the Government and Social Capital Cooperation Model (revised version) (《政府和社會資本合作模式操作指南（修訂稿）》) and relevant policy documents, PPP market will step into a mature phase, therefore, standardization and high quality will become a market norm. Rail Transit in Coordination with Innovation Construction In 2019, the Company comprehensively carried out technology innovation R&D and services and made a series of science and technology R&D achievements, so as to comprehensively enhance the Company’s science research and technology level, and serve the Company’s entire industrial chain layout, thus formed a science and technology innovation system which integrates science research management, technology R&D and achievement-making, the construction of technology innovation platforms, expert service and talent cultivation. Industrialization of Science and Technology On 16 October 2019, Beijing issued “Several Policies and Measures on Deepening the Reform of the Science and Technology System in the New Era and Accelerating the Construction of National Science and Technology Innovation Centres” (referred to as “30 Articles for Science and Innovation”) (《關於新時代深化科技體制改革加快推進全國科技創新中心建設的若干政 策措施》(“科創30條”)) to create new competitive advantages for enterprises in Beijing, provide policy, environmental and funding guarantees and promote innovation and breakthroughs in a large number of principal areas. In 2019, the Company took the lead in deploying the cloud market of urban rail with a large first-mover advantage. The industrialization of the station intelligent all-in-one that has been successfully developed and the urban rail cloud overall solution are the Company’s most distinctive and competitive advantages in the current market. Comprehensive Water Environment Improvement Project At the end of 2018, the General Office of the State Council issued “Guiding Opinions of the General Office of the State Council on Continuing to Make up for Shortcomings in the Infrastructure Field” (《國務院辦公廳關於保持基礎設施領域補短板力度的指導意見》), which clearly pointed out that local governments need to speed up the treatment of black and odorous waters, support the comprehensive treatment of water environment in major river basins, and at the same time solidly promote the three-year action for the improvement of rural residents settlements, support the rural toilet improvement work, promote the construction of rural domestic garbage and sewage treatment facilities, and promote the comprehensive construction of villages. At the same time, the Ministry of Housing and Urban-Rural Development of the PRC also emphasized that in 2019, it is necessary to focus on “Improving the Disaster Prevention Capabilities of Urban Infrastructures and Building Constructions” and strive to improve urban carrying capacity and systemization. Urban and Rural Planning and Architectural Creation With the institutional reform of urban and rural planning authorities at all levels, the national urban and rural planning has entered a new era of “land space planning”, and cities in various regions have entered a more refined and qualitative development stage. On the one hand, land and space planning has further strengthened the rigid control and policy-leading role of the plan; on the other hand, shed reform, old community renovation, and street improvement have further strengthened the implementation and completion of the plan; and the responsibility planner system allows planning to enter the streets and the grassroots, which strengthens the participation of the public. The planning market shows two hot phenomena. One is “land space planning”, which is about to enter the stage of large-scale compilation throughout the country; the other is a plan for upgrading the existing planning, such as street improvement, integrated updating design of the station area, and rural revitalization. General Contract For Engineering As of October 2019, there are 28 cities under construction and about to prepare for the construction of rail transit projects. There are 6 types of tendering modes adopted by owners, which are divided into traditional contracting mode, general contract for construction of large section mode, PPP mode, general contract for construction of large section mode + PPP mode, PPP + TOD mode and EPC mode. Traditional contracting mode was adopted in five cities, including Beijing and Hangzhou, accounting for approximately 18%; general contract for construction of large section mode was applied in 14 cities, including Changchun, Chengdu, Qingdao and Zhengzhou, accounting for approximately 50%; PPP mode was used in 6 cities, including Wuhan, Taiyuan and Shijiazhuang, accounting for approximately 22%; general contract for construction of large section mode + PPP mode was employed in Tianjin, accounting for approximately 4%; EPC mode was used in Changsha, accounting for approximately 4%; PPP + TOD mode was adopted in Chongqing, accounting for approximately 4%. From the above statistics, it can be seen that 80% of the total number of cities adopting the general contract for construction of large section mode and the PPP mode, and local governments tendering in these two modes explicitly require or prefer the completion of construction by central enterprises. Investment Construction Management In 2019, the orientation of industrial policy is to cultivate and develop emerging industries, transform and upgrade traditional industries, vigorously develop modern service industries, and support the development of green industries. At the same time, it emphasizes the development of industrial integration, including the integration of manufacturing and service industries, the integration of the digital economy and the real economy, and the integration of first, second, and third industries in rural areas. The purpose is to break the original boundaries between the industries, so that the entire industries’ supply system and supply quality can better meet the people’s needs for a better life. According to data from the Ministry of Finance, in 2019, local governments have issued local debt of RMB4,362.4 billion, of which new local debt exceeded RMB3 trillion for the first time, and local refinancing bonds used for borrowing and repaying broke through RMB1 trillion for the first time, and more than RMB100 billion of replacement bonds were included. According to the anticipation of relevant agencies and experts, there is no doubt that the scale of local debts will exceed RMB5 trillion in 2020. The State Council encourages special debt to be invested in transportation infrastructures (such as railways, rail transit, urban parking lots), energy projects (such as urban and rural power grids, natural gas pipeline networks, and gas storage facilities), ecological protection projects (such as agriculture, forestry and water conservancy, urban sewage treatment). Overall, China’s investment in infrastructure still has much room for improvement and potential. The Company seized the government’s counter-cyclical adjustments, increased the investment environment for infrastructure construction, planned ahead and carried out market tracking of existing and newly approved rail transit projects.

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