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Public company info - Shanghai Jin Jiang Capital Company Limited - H Shares , 02006.HK
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Shanghai Jin Jiang Capital Company Limited - H Shares, 02006.HK - Company Profile
Chairman Yu Min Liang
Share Issued (share) 1,392,000,000
Par Currency Renminbi
Par Value 1.0
Industry Diversified Tourism, Hotel & Restaurant
Corporate Profile Business Summary: The Group is principally engaged in investment and operation of hotels and related businesses (the “Hotel Related Businesses”) in Mainland China, investment and operation of passenger transportation vehicles, logistics and related businesses (the “Passenger Transportation Vehicles and Logistics Business”) and investment and operation of travel agency and related businesses (the “Travel Agency Business”) in Mainland China. Performance for the year: For the Reporting Period, the Group realised sales revenue of approximately RMB20,971,742,000, representing an increase of approximately 1.7% as compared to the same period of last year. Operating profit of the Group amounted to approximately RMB2,914,005,000, representing an increase of approximately 34.1% as compared to the same period of last year. EBITDA of the Group amounted to approximately RMB6,265,996,000, representing an increase of approximately 41.5% as compared to the same period of last year. Profit attributable to shareholders of the Company amounted to approximately RMB675,964,000, representing a decrease of approximately 11.3% . Business Review: Full Service Hotels The operation and management of Full Service Hotels represents one of the major sources of revenue for the Group. During the Reporting Period, operation of Full Service Hotels contributed approximately RMB2,046,027,000 to the Group’s revenue, decreasing by approximately 1.1% as compared to the same period of last year, which was mainly attributable to the slowdown in demand for Full Service Hotels under the impact of the external environment.During the Reporting Period, the supply outgrew the demand in the hotel market in Shanghai. The RevPAR of the Group’s high Star-rating Full Service Hotels in Shanghai decreased by approximately 10% year-on-year, reflecting an approximately 6.2% yearon-year decrease in average room rate and a 4.1% year-on-year decrease in average Occupancy Rate. As at the end of the Reporting Period, the Group owned or managed 92 Full Service Hotels which were in operation across the world, offering approximately 28,000 guest rooms, among which 71 hotels with approximately 21,000 guest rooms were owned by third parties but managed by the Group. Select Service Hotels The business of Select Service Hotels represents another principal business of the Group, mainly covering Select Service Hotels operated by Jin Jiang GDL Asia, GDL, Plateno Group and Vienna Hotels. During the Reporting Period, continuous growth in the business scale and revenue of Select Service Hotels contributed approximately RMB14,798,595,000 to the revenue of the Group, representing an increase of approximately 2.4% as compared to the same period of last year and accounting for approximately 70.6% of the Group’s turnover.As at the end of the Reporting Period, there were 8,514 Select Service Hotels in operation offering 845,177 guest rooms in total. Analysed by the nature of the hotel properties, there were 989 self-managed hotels (accounting for approximately 12%) offering 112,343 guest rooms (accounting for approximately 13%) and 7,525 franchised hotels (accounting for approximately 88%) offering 732,834 guest rooms (accounting for approximately 87%). Analysed by the class of hotel brands, there were 3,563 middle-end hotels (accounting for approximately 42%) offering 424,088 guest rooms (accounting for approximately 50%) and 4,951 budget hotels (accounting for approximately 58%) offering 421,089 guest rooms (accounting for approximately 50%). As at the end of the Reporting Period, there was a net increase of 1,071 Select Service Hotels. Analysed by the nature of the hotel properties, there was a reduction of 23 self-managed hotels and an increase of 1,094 franchised hotels. Analysed by the class of hotel brands, there was an increase of 1,100 middle-end hotels and a reduction of 29 budget hotels. During the Reporting Period, the back-office systems of Jin Jiang GDL Asia, GDL, Plateno Group and Vienna Hotels were integrated by the Group in a proactive manner with the support of the information technology system in order to realise complementary advantages and synergy effects. Food and Restaurants During the Reporting Period, the Group developed its food and restaurant operations through several food and restaurant chain companies invested by Jin Jiang Hotels, generating revenue of approximately RMB343,602,000 for the Group, which represented a decrease of approximately 0.9% as compared to the same period of last year and accounting for approximately 1.6% of the Group’s turnover. During the Reporting Period, Jin Jiang Hotels continued to develop the group catering business. It carried out the research and development of processed food with input from the national-grade chefs of the Group and stepped up with effort in sales via online e-commerce platforms. Passenger Transportation Vehicles and Logistics During the Reporting Period, the revenue of passenger transportation vehicles and logistics was approximately RMB2,537,719,000, representing an increase of approximately 4.5% as compared to same period of last year and accounting for approximately 12.1% of the Group’s turnover. During the Reporting Period, Jin Jiang Investment completed the hospitality assignment for the second Import Expo with success, as it provided approximately 1,300 vehicles to support core vehicle transport services for foreign government trade delegations and other visiting delegations as well as the transportation requirements of relevant government authorities. More than 2,700 transport service assignments with 3,700 turnouts of vehicles, representing a 86% year-on-year growth, were successfully completed for major conferences and tournaments, including the “World Enforcement Conference”, “Second Meeting of the 13th CPPCC”, “F1 Grand Prix”, the “2nd Chinese Brands Day”, World AI Conference, 20th China International Industry Fair, Lujiazhui Forum, Mayors’ consultation session and WGC HSBC Champions, among others. During the Reporting Period, Jin Jiang Automobile continued to dominate the market of vehicle transportation services for cruises, serving 41 cruise visits including Silver Whisper, MS Westerdam, Sapphire Princess and RMS Queen Mary, among others, with approximately 1,500 turnouts of vehicles, representing a 30% year-on-year growth. There were approximately 1,900 charter business limousines in operation, including 56 new limousines for the long-term charter business, and recording a net increase of more than 15 clients. As at the end of 2019, Jin Jiang Automobile provided 51 buses for the Disneyland service, including 40 inpark blue buses for tourists and 11 yellow buses for staff. Jin Jiang Cold has further increased the weighting of its charter warehouse service. The GFA of the charter warehouse service has increased to 45,900 sq.m. and the comprehensive warehouse utilisation ratio has increased to 87%, following the proactive effort of its business department inviting its previous retail tenants to take up the charter warehouse service. In a vigorous move to expand its domestic logistics business, JHJ Transportation brought the strengths of its Shanghai headquarters into full play and coordinated the development and operation of a number of integrated logistics projects by its local branches. Meanwhile, it continued to make progress in centralised procurement, resulting in further reductions in operating costs. JHJ Transportation became a China Customs certified enterprise (AEO general certification) during the Reporting Period, and might apply for advanced certification in the future, as and when required by its internal conditions and operational requirements. Travel Agency During the Reporting Period, revenue of the travel agency business amounted to approximately RMB1,122,766,000, decreasing by approximately 5.5% as compared to the same period of last year and accounting for approximately 5.4% of the Group’s turnover. In accordance with its main objective of “excellent management and quality and efficiency enhancement”, the Company was actively engaged in the innovation, transformation and upgrade of key business projects during the Reporting Period under the circumstances of market downturn caused by growing downward pressure on the economy, recurrence of natural disasters and other uncertainties, endeavouring to enhance the brand name, quality and efficiency of Jin Jiang Travel and to improve the operational and management standard of its travel business. To address changes in market trends, the Company further optimised the organisational structure of its subsidiary travel agencies in terms of departmental setups, product positioning and business processes. The outbound business was principally focused on the market of individual travelling and customised trips with enhanced efforts in online marketing. The domestic business segment emphasised product diversity with consistent launch of products that could satisfy the needs of a broad spectrum of consumers. In terms of marketing, a flattened management structure was adopted to increase operating efficiency. Meanwhile, centralised procurement plans for outbound and domestic tours coupled with enhanced cooperation with local travel agencies and wholesale agencies, hotels, airlines, cruise operators and third-party platforms has provided opportunities for product cost reduction and improvements in profit margin. While maintaining its traditional businesses, the three key projects of Meeting and Awards, Conference and Exhibition as well as Research and Academy were formed to foster new growth point for breakthrough. The organisational structure and remuneration regime for the three projects have already been finalised to provide a solid foundation of in-depth implementation. Information Technology During the Reporting Period, the Group further consolidated its shared global platform for hotel finance, procurement and IT integration, merging the portals for hotel services on the business end to provide consistent and high-standard services for a full range of high-end, mid-end and budget hotels. Through the WeHotel platform, resources in technology, membership, direct marketing and distribution were consolidated into the Company’s official global hotel reservation platform with optimal customer experience. By interactions of online and offline operations, the core competitiveness of the Company’s global hotels has been enhanced. Prospects: The uncertainties in the global economic conditions, periodic structural supply-and-demand correlation in the hotel industry and rapid development of information technology relating to the Mobile Internet will continue to affect the development of the Group’s principal business. Nevertheless, with the introduction and implementation of government policies to promote the development of the tourism industry, broad prospects for future development still hold out for China’s hotel and tourism industry. The Group will actively address the challenges and seize the opportunities that might arise. In pursuit of its strategic plan of “intensive domestic business development, global deployment and multinational operations”, the Group will uphold a development philosophy underpinned by innovation, coordination, eco-friendliness, openness and sharing as it seeks to further entrench supply-side reforms, step up with the development of its core business, forge the “Jin Jiang” brand and advance the progress of international development in a prudent manner. The Group will make vigorous efforts to ensure proper integration relating to mergers and acquisitions, while driving capital, assets and fund operations and industry developments in a concerted manner to facilitate capital innovation and business breakthrough. The Group will also make advances in the innovation of mechanisms and regimes, with a view to enhancing vigour and energy in business development. The Group will step up with the international development and drive the progress of key projects as and when appropriate. Structural adjustments will be implemented and the industry mix will be improved. The Group will persist in a global manpower strategy emphasising market-orientation, internationalisation and specialisation. Efforts will also be made to further enhance risk control and corporate governance.

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