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Public company info - Changsha Broad Homes Industrial Group Co. Ltd. - H Shares , 02163.HK
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Changsha Broad Homes Industrial Group Co. Ltd. - H Shares, 02163.HK - Company Profile
Chairman Zhang Jian
Share Issued (share) 122,000,000
Par Currency Renminbi
Par Value 1.0
Industry Construction & Decoration
Corporate Profile Business Summary: The Group is primarily engaged in the industrialization of construction industry in the PRC, including prefabricated concrete unit manufacturing (“PC Unit Manufacturing”) and prefabricated concrete equipment manufacturing (“PC Equipment Manufacturing”). The Group is also engaged in construction contracting business, which has been discontinued since September 2020. Performance for the year: The Group’s revenue decreased by 22.4% from RMB3,369.4 million for the year ended December 31, 2019 to RMB2,613.9 million for the year ended December 31, 2020. The Group’s overall gross profit decreased by 19.0% from RMB1,144.0 million for the year ended December 31, 2019 to RMB926.8 million for the year ended December 31, 2020. the Group's gross profit margin rose from 34.0% for the year ended December 31, 2019 to 35.5% for the year ended December 31, 2020. The Group’s profit for the year decreased by 68.0% from profit of RMB676.9 million for the year ended December 31, 2019 to profit of RMB216.4 million for the year ended December 31, 2020. Business Review Continuing operations PC unit manufacturing During the Reporting Period, the Group's PC unit manufacturing business strived to overcome the impact from different adverse factors of the pandemic and maintained a growing momentum. The revenue from PC unit manufacturing business increased by 5.0% from RMB2,303.7 million for the year ended December 31, 2019 to RMB2,419.2 million for the year ended December 31, 2020; and the revenue from this segment as a percentage of total revenue increased from 68.4% for the year ended December 31, 2019 to 92.6% for the year ended December 31, 2020. The gross profit of PC unit manufacturing business increased by 11.0% from RMB797.9 million for the year ended December 31, 2019 to RMB885.4 million for the year ended December 31, 2020, and the gross profit margin increased from 34.6% for the year ended December 31, 2019 to 36.6% for the year ended December 31, 2020. PC equipment manufacturing During the Reporting Period, the Group's PC equipment manufacturing business recorded revenue of RMB91.8 million, representing a year-on-year decrease of 89.8%, which was primarily due to the improvement in layout of Joint Factories nationwide with the progress of the “Broad Homes United Program” and a delay in establishment of certain Joint Factories as a result of the COVID-19 pandemic. The “Broad Homes United Program” As of December 31, 2020, the Group had contributed to 62 Joint Factories, 58 of which were capable of commercial production and 21 achieved profitability as of December 31, 2020. Discontinued operation Construction contracting During the Reporting Period, the Group's construction contracting business recorded revenue of RMB102.9 million, representing a year-on-year decrease of 39.1%. Starting from 2016, the Group determined to focus on PC units and PC equipment manufacturing business and developing PC unit design and production management system. Accordingly, it ceased to secure new contracts for construction contracting business and relevant projects were successively winding up. To optimize asset structure and concentrate the Group's efforts to reinforce the principal business, the Group disposed of the construction contracting business to Independent Third Parties in September 2020. For details, please refer to the section headed “Major acquisitions and disposals of subsidiaries and associates”. Prospects: Schedule investment in production centres in major potential regions of China and steadily promote the Broad Homes United Program The Group will continue to implement the Group's strategy of “Scale plus Profits”. the Group intend to continue to lead the market through establishing regional production centres in major cities to improve the Group's nationwide layout. Regional production centre is a combination of wholly-owned PC factory and technology centre, where the Group's PC unit manufacturing capability is fully enhanced with support from the Group's strong research and development capability of technology centres while the research results of the technology centres can be quickly applied in real time manufacturing in the Group's PC factories and in turn enhances the production capacity and efficiency while enabling the application and development of the Group's technology. The regional production centres will serve as regional benchmark for the Group's PC units manufacturing and provide technical support to the PC factories in the region. As of December 31, 2020, the Group had established seven regional production centres in Hunan, Zhejiang, Anhui, Jiangsu, Guangdong, Tianjin and Shanghai. Meanwhile, the Group will build new regional production centres in cities which the Group believe to have promising market potentials but where the Group has not established factories, and further enhance the Group's leadership in the prefabricated construction industry in China by enlarging the Group's production scale and profitability. As of December 31, 2020, the Group had accumulatively invested in 62 Joint Factories, 58 of which were capable of commercial production. the Group plans to further increase the number of the Joint Factories to realize a full coverage of major prefabricated construction markets in China with funds generated from the Group's business operation and other financial resources available. Upgrade the Group's digital intelligent platform (AI-CPS) to strengthen the Group's capability The Group plans to further upgrade the PC-CPS intelligent manufacturing management system to AI-CPS on the existing basis, so as to break through the traditional management mode, create a digital organization, procure digitalization as the long-term strategy for enterprise development, comprehensively promote digitalization of market, factory, supply chain, manpower and finance, base business decision-making on more accurate and objective data, change management from organization and process-driven to data-driven, complete data-based operation, change uncertainties into certainties and turn managers into operators. With the enhancement of digital capability, the unique problems of non-standard products and prolonged and uncertain delivery in the prefabricated construction industry will be better solved, and JIT (Just In Time)-like efficiency and precision are pursued in this industry where supply and demand remains uncertain, with the ultimate goal being improving operational efficiency and profitability. Comprehensively popularize technical marketing to maximum value created for strategic customers The Group will further focus on clients who are among the top 50 real estate developers in China, adhere to the Group's strategic philosophy of “Creating Value with the Group's Client”, comprehensively popularize technical marketing, position ourselves as customer engineer capable of business and technology services, and provide technology, business and on-site full-process upgrade services, to directly demonstrate and create value with technology. The Group plans to continue to promote cooperation with brand property developers and large-scale construction enterprises, allocate various resources to provide all-round technical services and product support for strategic customers, and facilitate customers to better improve construction quality, quantify and control construction costs, and accelerate progress and turnover. the Group strives to build a comprehensive connection with strategic customers in terms of technical exchange, product demand and information interaction, thus cultivating multi-dimensional and in-depth customer reliance and achieving maximum scale. Expand in overseas markets Affected by the global outbreak of COVID-19 since the beginning of 2020, the Group will postpone the Group's plan of expansion in overseas markets. After the material adverse effects from the pandemic subside, the Group plan to promote and export fully prefabricated villa products or export fully prefabricated building products and relevant construction management, technologies, equipment and services to overseas markets when appropriate. Fully prefabricated building products can substantially reduce construction effort on-site and can be constructed in a more efficient, environmental-friendly and energy-saving manner as compared with traditional buildings. Such products are more competitive in the market as they are in line with the value orientation of the people in the developed countries and popular islands for tourists. Develop module integration services The Group divides its PC prefabricated construction business into two major sectors, being B2B and B2C. the Group's prefabricated business division is responsible for the B2B unit, which is primarily engaged in PC unit and PC equipment manufacturing business. the Group's module integration technology division is responsible for the B2C unit, mainly including the B-house product business. Such product primarily targets at C-end consumers by adopting the online and offline “Internet +” mode for providing one-stop industrial fully prefabricated rural high-end housing service for production, sales, installation and after-sales service leveraging the establishment of an information platform system and the Group's PC factories across the nation. The forty-year period since reform and opening up in China witnessed the four decades of urbanization, when vast rural population continuously poured into cities, resulting in an ever-intensifying contradiction in housing among the urban population. With the implementation of such policies as the integration of urban and rural areas and the construction of beautiful countryside as advocated by the government, a growing number of urban elites expect to own an ideal house in proximity to cities. The MOHURD issued the Notice on Carrying out the Pilot Work of Rural Housing Construction (關於開展農村住房建設試點工作的通知) on February 2, 2019, pursuant to which, provinces and cities across the country successively rolled out relevant documents on rural housing construction management to guide the rural housing construction management in a unified and standardized manner. The official implementation of the new Land Administration Law of the PRC (中華人民共和國土地管理法) on January 1, 2020 and policies such as the confirmation of rural land rights significantly promoted the development of the rural self-built housing market, and at the same time laid a legal basis for standardizing rural self-built housing systems. The upgraded B-house products were launched after the pandemic, which attracted instant and great market attention and response. The B-house products have led the construction industry into the product-based era from the project-based era. the Group has established an internet platform for residential property trading and pioneered in adopting the marketing model of “housing 4S shops + business agents” in rural areas to utilize external resources in different regions, thereby facilitating rapid business expansion to cover major regions in China. Through active exploration and implementation in 2020, the Group expects that there will be certain breakthrough in the Group's B2C business, thereby laying solid foundation for large-scale development in next year.

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