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Public company info - BBMG Corporation - H shares , 02009.HK
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BBMG Corporation - H shares, 02009.HK - Company Profile
Chairman Zeng Jin(Responsibilities of Chairman)
Share Issued (share) 2,339,000,000
Par Currency Renminbi
Par Value 1.0
Industry Construction Materials
Corporate Profile Business Summary: The principal business activities of the Group includes: manufacture and sale of cement and building materials, construction and decoration, trade and logistics, tourism services, real estate development, property investment and management. Performance for the year: Operating revenue of RMB123,634.4 million, an increase of approximately 14.5% from 2020 Gross profit margin from principal business of 15.8%, a decrease of 3.1 percentage points from 2020 Net profit of RMB5,212.7 million, an increase of approximately 1.1% from 2020 Net profit attributable to the shareholders of the parent company of RMB2,933.0 million, an increase of approximately 3.1% from 2020 Core net profit attributable to the shareholders of the parent company (excluding the net fair value gains after tax on investment property) of RMB2,443.9 million, a decrease of approximately RMB5.6 million or approximately 0.2% from 2020 Basic earnings per share attributable to the shareholders of the parent company (after deducting other equity instrument indicators) was RMB0.20, an increase of approximately RMB0.01 from 2020 Basic earnings per share attributable to the shareholders of the parent company (before deducting other equity instrument indicators) was RMB0.27, remained flat as compared with the same period of 2020 Business Review In 2021, adhering to the general work principle of seeking progress while maintaining stability, the Group actively identified changes, adapted to changes, and pursued changes by taking a series of reform and innovation measures and promoting a series of key tasks. With stable and growing economic operations, the Group got off to a good start for the “14th Five-Year Plan”. During the Reporting Period, the Company recorded operating revenue of approximately RMB123,634.4 million, of which operating revenue from its principal business amounted to approximately RMB122,624.1 million, representing a year-on-year increase of approximately 14.2%; total profit amounted to approximately RMB7,880.5 million, representing a year-on-year increase of approximately 1.1%; net profit amounted to approximately RMB5,212.7 million, representing a year-on-year increase of approximately 1.1%; and net profit attributable to the shareholders of the parent company amounted to approximately RMB2,933.0 million, representing a year-on-year increase of approximately 3.1%. 1. Cement and Ready-mixed Concrete Segment The cement business effectively overcame the challenges from a multitude of unfavorable factors such as the sharp rise in energy prices by actively pursuing strategic vantages, further strengthening market strategic layout through ways such as M&A and cooperation and giving full play to its synergy and regional leadership. It reduced costs and increased efficiency through measures such as internal potential exploitation, capacity replacement and lean management, energy saving and consumption reduction. It also promoted the integration of the industrial Internet and cement manufacturing to increase development vitality. The concrete business strengthened process management and control of marketing business, consolidated market expansion, promoted strategic cooperation, controlled and reduced costs in an all-round way, and improved operational quality. The cement and ready-mixed concrete segment recorded operating revenue from its principal business of approximately RMB43,190.0 million during the Reporting Period, representing a year-on-year increase of approximately 2.6%. Gross profit from its principal business amounted to approximately RMB10,621.9 million, representing a year-on-year decrease of approximately 14.7%. The aggregate sales volume of cement and clinker reached approximately 99.72 million tonnes (excluding joint ventures and associates), representing a year-on-year decrease of approximately 7.1%, among which the sales volume of cement and clinker were approximately 89.89 million tonnes and approximately 9.83 million tonnes, respectively. The aggregate gross profit margin for cement and clinker was approximately 26.8%, representing a year-on-year decrease of approximately 4.5 percentage points. The sales volume of concrete totalled 15.28 million cubic meters, representing a year-on-year decrease of approximately 5.4%, while the gross profit margin for concrete was approximately 10.6%, representing a year-on-year decrease of approximately 2.4 percentage points. 2. Modern Building Materials and Commerce and Logistics Segment The modern building materials business reduced and controlled costs, increased market development efforts, boosted sales of products in peak seasons, and increased the structural proportion of high value-added products in total sales revenue. The Company built a platform for collaboration on scientific and technological innovation, promoted the implementation of digital and intelligent construction by subsidiaries, and provided high-quality green building materials products and services for the construction of major engineering and key projects such as the construction of National Xiong’an New Area and the Beijing Winter Olympics. The trading business adhered to steady operation and keeping risks under control. It strengthened strategic cooperation with leading energy and mining enterprises in the world, providing strong support for the overall development of the Group. During the Reporting Period, the modern building materials and commerce and logistics segment recorded operating revenue from its principal business of approximately RMB38,908.3 million, representing a year-on-year increase of approximately 18.1%, while the gross profit from its principal business amounted to approximately RMB1,420.0 million, representing a year-on-year increase of approximately 69.7%. 3. Property Development Segment The property development business continued to improve product capability and operational efficiency of the group’s projects. It adhered to the approach of quick launch, quick sale and quick payment collection, and intensified efforts to de-stock. It dispersed development risks, and ensured project quality, development progress and house delivery. It adhered to the policy guidance, actively promoted coordination and use of self-own land resources in various regions, aligned with urban renewal and sped up implementation of shanty town and decrepit community renovation projects. In 2021, the Company optimized layout and entered a new city while deeply expanding its presence in the cities it has entered. Throughout the year, it obtained 9 land development rights in total, providing strong support for the sustainable development of the property segment. During the Reporting Period, the property development segment recorded revenue from its principal business of approximately RMB39,730.0 million, representing a year-on-year increase of approximately 26.9%, and the gross profit from its principal business was approximately RMB5,129.7 million, representing a year-on-year increase of approximately 14.1%. The booked GFA was approximately 1,833,600 sq.m. for the year, representing a year-on-year increase of approximately 20.7%, among which booked GFA of commodity housing amounted to approximately 1,729,900 sq.m., representing a year-on-year increase of approximately 42.3%, while booked GFA of policy-oriented housing amounted to approximately 103,700 sq.m., representing a year-on-year decrease of approximately 65.8%. The aggregated contracted sales amount of the Company for the year was approximately RMB37,297 million, representing a year-on-year decrease of approximately 28.6%, among which aggregated contracted sales amount of commodity housing amounted to approximately RMB36,311 million, representing a year-on-year decrease of approximately 13.8%, and the aggregated contracted sales amount of policy-oriented housing amounted to approximately RMB986 million, representing a year-on-year decrease of approximately 90.2%. The aggregated contracted sales area of the Company for the year was approximately 1,478,400 sq.m., representing a year-on-year decrease of approximately 24.0%, among which aggregated contracted sales area of commodity housing amounted to approximately 1,457,400 sq.m., representing a year-on-year decrease of approximately 14.5%, and the aggregated contracted sales area of policy-oriented housing amounted to approximately 21,000 sq.m., representing a year-on-year decrease of approximately 91.3%. As at the end of the Reporting Period, the Company had a land reserve totaling approximately 6,967,600 sq.m. 4. Property Investment and Management Segment It strove to improve operational capacity, thereby securing new leases and renewal of the office building and achieving steady improvement in operational efficiency of hotels, commercial properties and parks. It built a professional commercial operation team to enhance the operational capabilities of commercial properties, developed internal and external markets, and enhanced the management capabilities of high-end residential properties and its brand image. As the reception hotel for the Winter Olympics, Badaling Hot Spring Resort provided accommodation and catering services for various events of the Winter Olympics. During the Reporting Period, the property investment and management segment recorded operating revenue from its principal business of approximately RMB4,519.9 million, representing a year-on-year decrease of approximately 5.4%, and gross profit from its principal business was approximately RMB2,473.0 million, representing a year-on-year decrease of approximately 1.7%. As at the end of the Reporting Period, the Company held approximately 1,746,800 sq.m. of investment properties such as high-end office buildings, commercial and industrial parks (excluding construction in progress and decoration and renovation projects), with a consolidated average rental rate of approximately 81% and a consolidated average rental unit price of approximately RMB4.9/sq.m./day. The high-end investment properties held in core areas in Beijing totaled 1,096,000 sq.m., with a consolidated average rental rate of approximately 79% and a consolidated average rental unit price of approximately RMB7/sq.m./day. Prospects: The year 2022 is an important year for the implementation of the 14th Five-Year plan, and it is also the closing year of the three-year reform of state-owned enterprises. The 20th CPC National Congress and the Beijing 2022 Olympic Winter Games also take place this year. Therefore, this year is characterized by great events, happy events and significant events. Guided by serving the development of the capital, the Company will integrate into the coordinated development of “five initiatives” and “two regions” construction in Beijing, adhere to the general tone of seeking steady growth, put “steady growth” in a prominent position at all times, deeply understand the four challenges faced by the Company’s development, grasp the “four opportunities” and properly handle the dialectical relationship between “challenges” and “opportunities”. By implementing the strategic concept of “four developments”, taking high-quality development as the theme, reform and innovation as the driving force, and “digitalization” year as the way, the Company will promote the development during the 14th Five-Year period to achieve steady improvement in quality and reasonable growth in quantity, accelerate the upgrading of the industrial chain, and build a new pattern of synergistic development. Firstly, the Company will continue to seek development. The Company will seek steady growth. The Company will balance the dialectical relationship between “seeking steady growth” and “making progress”, coordinate plans with the development strategies of the state and the law of market economy as a whole, maintain the momentum of steady development, and effectively implement the requirement for steady growth. The Company will carry out tasks ahead of schedule. The Company will plan movements, mobilize staff and arrange the tasks in advance, so that measures are taken during the “window period” and policy dividends are enjoyed, to ensure early launch and early achievement for various measures. The Company will be ready to make “changes”. The Company will plan sustainable development with strategic thinking and actively explore the path of transformation and development. For the large building materials segment, the Company will seek “steady growth” by making “progress”, and make use of the “window period” of demand growth to achieve a rise in sales, price and profit. The Company will enhance market synergy and industry influence to lead the healthy and standardized development of the industry. For the large real estate segment, the Company will seek steady growth while making profits. The Company will maintain a stable scale of existing assets, revenues and profits; protect profits and ensure the appropriate level of profitability for the “low-profit era” projects. For investment properties, the Company will shorten the incubation period for new projects and seize the opportunities in the post-Winter Olympics era to produce profits and benefits as soon as possible. For the equipment manufacturing industry, the Company will seek steady growth while improving the quality. The Company will comprehensively improve its capability to control and reduce costs, explore external markets and synergize internal markets, focus on enhancing the creation of high value-added products, and form a high-end equipment innovation and development and intelligent manufacturing driving force. For the new commerce and service industry, the Company will seek steady growth while taking appropriate risk control measures. The Company will control and reduce risks to achieve stable operations. The Company will lay out commerce industry chain operations, strengthen profitability, expand experience-based new scenes of new consumer services, promote the development of online and offline integration, build an urban intelligent storage and logistics service platform, and create a high-quality pan-home living service industrial ecology. The Company will promote the network freight business to accelerate synergy with the Company’s non-cement industries to provide better value-added services. Secondly, the Company will focus on innovation-driven development. The Company will speed up innovation-driven development in technology research and development, institutional mechanisms and business models to stimulate the endogenous power and development vitality of corporate development. The Company will strengthen development with science and technology innovation. The Company will give more prominence to the strategic position of science and technology innovation, form a strategic support for the Group’s high-quality development and create a new driving force for high-quality development. The Company will effectively promote technological innovation in both externality and internality and achieve technological empowerment. The Company will accelerate the transformation of technological innovation from quantitative accumulation to qualitative leap. The Company will promote green and low-carbon innovative development and accelerate the transformation of digital intelligence. The Company will carry out the Group’s “digitalization” year activities with high standard, accelerate the use of high-value application scenarios of industrial Internet, and build a number of lighthouse factories, black light factories, digital workshops, smart parks and digital communities with leading technology. The Company will establish an innovation service platform for intelligent manufacturing in specific fields, guide the convergence of innovative resources, form intelligent solutions for each industry, realize the parallel promotion and integrated development of informatization, digitization, networking and intelligence, and prepare capacity reserves for building industrial Internet in the future. The Company will deepen the reform of state-owned enterprises. The Company will accelerate the reform action of state-owned enterprises, and come up with real, effective and ultra-regular innovative initiatives in improving the incentive and constraint mechanism, creating a highland of innovative talents, and deeply integrating industry and finance, so as to fully release the dividends of state-owned enterprise reform. The Company will integrate into the trend of innovation and development, and promote the development of “specialized, refined, differentiated and innovative (專精特新)” and little giant enterprises. The Company will achieve model innovation in serving the development of the capital. Focusing on the construction of the “International Science and Innovation Center” and “National Cultural Center” in Beijing, the Company will explore the formation of a dynamic space in conjunction with the capital’s high-quality development. Focusing on technology and cultural services, the Company will promote the extension of traditional productive services to specialization and the high-end of the value chain. Thirdly, the Company will take countermeasures to prevent risks. The Company will coordinate high-quality development and risk prevention concerning work safety: The Company will follow up and properly resolve risks and hazards in a timely manner, such as preparing for patrol inspections, resolving disputes, handling complaints immediately upon receipt, resolving historical problems, and taking safety and environmental protection countermeasures. The Company will strengthen and improve the construction of the internal control system, enhance the capability to prevent and control major risks, and accelerate the construction of the “four-in-one” management system of law, compliance, internal control and risk control. Therefore, the Company will further optimize the integration of the internal control information system. Moreover, the Company will firmly guard the bottom line of no major risks and improve the effectiveness of ensuring work safety and exercising environmental management in an all-round manner. The Company will also guard against systemic risk events arising from local risks and against the risk of loss of control. The Company will establish a regular communication and coordination mechanism with the local government, make good use of the two mechanisms of “service stewardship” and joint municipal meetings on historical problems, and continuously track new government policies and requirements to find a solution for the Group’s historical problems. The development strategy of core principal business of the Company in 2022: In terms of the large building materials industry, the group plan to promote scale development. Focusing on the carbon neutrality and carbon emission peaking policy and transformation of digital intelligence, the group will make use of key strategic resources, 5G+industrial mutual network integration, and carbon neutrality and carbon emission peaking action to achieve industry leadership. The group will optimize the layout, adjust the structure, and create new industrial advantages. The group will carry out transformation, promote upgrading, and accelerate the digital iteration of the industry. The group will expand the path, improve efficiency, and lead green and low-carbon development. In terms of cement, focusing on building a development layout of “one core, one body, two wings, and multiple points”, the group plan to steadily implement regional mergers and acquisitions and promote capacity replacement. The group will strengthen the marketing ability to generate profits, build market advantages, consolidate and expand the value highland in the core areas of the Beijing-Tianjin-Hebei region, and continuously improve the market control in the core region; further extend the industrial chain, make up for the weaknesses and sharpen strengths, and expand the reserve of mining resources; develop the environmental protection industry to create new benefit growth points; promote the development of the building materials park; optimize the site layout and promote the integration of the concrete industry. In terms of new building materials, the group plan to carry out integrated and intensified development in all industries to enhance the scale of development and profitability of assembly-type buildings. The group will expand the customer demands, cultivate leading enterprises, promote scale expansion and market integration in niche industries, and create “little giant” enterprises and invisible champion enterprises. In terms of the large real estate industry, the group plan to realize steady development. For the property development business, the group will make prudent investments and continue to promote the cooperative development model; optimize the layout, and implement targeted policies to achieve “accelerated cash flows”. The group will coordinate the “six relationships”, improve the capability of compound property operation of investment, development and construction, operation and management, and property services, expand the application of green building materials through synergy, and gain benefits from product competitiveness, commercial operation efficiency, and project quality control capability. The group will effectively increase the group’s efforts on de-stocking. For the property operation business, the group will strengthen the coordination with the development business, build a professional team for commercial operation and enhance the commercial property operation capability; serve the four centers, revitalize the group’s own land resources and promote the establishment of BBMG brand for urban renewal. Business Plan In 2022, the Company will adhere to the general principle of seeking progress while maintaining stability and implement the strategic concept of “Four Development”. With high-quality development as the theme, reform and innovation as the driving force, and the “digitalization” year as the starting point, it will promote the upgrade of the industrial chain and create a new landscape of coordinated development.

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