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Public company info - JY Grandmark Holdings Limited , 02231.HK
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JY Grandmark Holdings Limited, 02231.HK - Company Profile
Chairman CHAN Sze Ming Michael
Share Issued (share) 1,646,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Property Development
Corporate Profile Business Summary: The principal activities of the Group are the property development and sales, hotel operations, property management and commercial property investment in the PRC. Performance for the year: Annual contracted sales amounted to approximately RMB3,523.6 million, representing a year-on-year growth of 13.1%. Revenue recognised was RMB2,347.1 million, representing a year-on-year decrease of 2.3% as compared to RMB2,402.8 million in 2019. Gross profit amounted to RMB912.7 million, representing a decrease of 20.2% as compared to RMB1,144.2 million in 2019. Gross profit margin decreased to 38.9% from 47.6% in 2019. Profit for the year was RMB478.4 million, representing a year-on-year decrease by 3.3% as compared to RMB494.9 million in 2019. Core net profit amounted to RMB427.3 million, representing a decrease of 4.4% as compared with RMB446.9 million in 2019. Profit attributable to owners of the Company was RMB485.2 million, representing a decrease of 3.3% as compared to RMB501.5 million over 2019. Basic and diluted earnings per share amounted to RMB0.29, representing a decrease of 29.3% as compared to RMB0.41 over 2019. Business Review Property development and sales The Group focuses on the development of quality residential properties with comfortable and convenient living environment. During the year of 2020, revenue from recognised sales of property development of the Group amounted to RMB2,248.8 million, representing a decrease of 1.8% as compared to RMB2,290.3 million in 2019, accounting for 95.8% of the Group’s total revenue. The slight decrease in revenue recognised was primarily due to a decline in average selling price (“ASP”) as a result of change in mix of properties delivered, while the aggregate GFA completed and delivered in 2020 increased by 97.7% year-on-year as a result of the Group’s continuing expansion. Hotel operations Apart from property development and sales, the Group also operate Just Stay Hotel and Just Stay Resort under the Group's hotel operations business. During the year of 2020, revenue from hotel operations of the Group amounted to RMB61.4 million, representing a slight decline by 16.8% as compared to RMB73.8 million in 2019. Despite the bleak operational performance in the first half of 2020 due to the impact of the outbreak of COVID-19, the two Just Stay hotels seized the opportunity of eased epidemic development and consumption power release. Revenue and operating results from hotel operations have demonstrated a healthy recovery since the second quarter. Commercial property investment Other than holding properties for development and sales, the Group also own commercial properties for leasing purpose. During the year of 2020, revenue from commercial property investment of the Group amounted to RMB18.6 million, representing a decrease by 23.1% as compared with RMB24.2 million in 2019. The decrease was due to less GFA leased by the Group throughout the year of 2020 mainly as a result of the disposal of Zhongshan Jingyue Investment Co., Ltd.* (中山市景悅投資有限公司) and its subsidiary Zhongshan Yueheng Corporate Management Co., Ltd.* (中山市悅恒商業管理有限公司). Property management The Group also derived income from the Group's property management services provided to purchasers of the residential properties. During the year of 2020, revenue from property management services of the Group amounted to RMB18.3 million, representing an increase of 27.1% as compared with RMB14.4 million in 2019, mainly due to increase in GFA of the properties under management. Prospects: The Company anticipates that the domestic property market will be in general favourable in 2021: on one hand, demands for objective nature in the property market will be further released as the consumption recovers, which will stimulate the sales volume; on the other hand, policies will open channels for such businesses as urban renewal, and property investment and development will embrace new opportunities and growth points. Meanwhile, the Group also notice that there will be challenges in the industry. As policies including “no speculation of residential properties” and “three red lines” remain effective, the property investment and development will be tightened to a certain extent, and improving the investment target and capital turnover will be the key of enterprise operation. Furthermore, new turning points emerge in the consumption market after the epidemic, with the focus on location and price changing to the focus on integrated experience that covers multiple aspects including products, supporting facilities and property services. Therefore, real estate enterprises should also foster the comprehensive operation ability while building the products. Based on the foregoing, entering the development stage of comprehensive acceleration, increase and expansion, the Group will maintain a sound financial position in 2021, based on which, it will follow policies and trends, develop businesses of growth potential with a forwardlooking posture and expand diversified business channels. At the same time, the Group will enhance the thinking of innovative operation and introduce high quality platform resources to improve the added value of products and services, thereby cultivating a better appreciation ability and building the comprehensive competitiveness in software and hardware. 1)Investment strategy: The Group will still take economic zones of top level and cities with population inflows as the core of development layout, making the development of high-quality lands and projects in the Guangdong-Hong Kong-Macao Greater Bay Area as the key, focusing on markets of high growth such as Yangtze River Delta and provincial capitals in central and western China and lands with superior environment resources and humanistic resources and continuously expanding the layout through diversified models including tenders, auctions or listing-for-sale, mergers and acquisitions, and joint development, thereby storing sufficient high-quality lands for the Company’s future development. In addition, the Group will also seize the policy opportunities and follow the process of city planning and urbanisation to develop the urban renewal business in regions of high conversion and growth potential. 2)Business strategy: Based on the business strategy of diversified development, the Group will strengthen the resource coordination in businesses of property development, property management, hotel and commercial operation, to maximise the productivity of business segments. In the meantime, the Group will establish ties among the business segments with the vision of building its own industry chain, making it as a strong competitive advantage in the Group’s development of businesses. 3)Product strategy: The post-epidemic era highlights the advantage of “Eco-friendly and People-oriented Property”. The Group will adhere to the positioning of developing markets of high growth, reacting to market demands and focusing on developing selected eco-friendly and people-oriented properties of high quality, high gross profit and high premiums to provide different customer groups with high-class residential and living communities. In the product research and development, the Group will give greater weight to market hotspots including ecology, aesthetics, intelligence and health and make innovation in product style, apartment type and space designs, thus creating products characterised by unique aesthetics and superior experience. In the building of supporting facilities, the Group will enhance the construction of communities and groups based on public space and property services, introduce the concept of “Comprehensive Health” and other supporting resources that offer diverse experience, to improve the added value of products and strengthen the customer stickiness. By creating products with unique competitive advantages, the Group will secure greater market shares in the market segments, promote the brand upgrading further, and improve the brand recognition and influence. In 2021, the Group will maintain the existing development advantages, interact more with the market and improve the competitiveness in technology and business innovation, to create high-quality products and services and build the brand image. In the meantime, it will promote the high-quality growth and the rapid scale expansion with profits allowing adequate cash flows and sales activities featuring high conversion, so that it will create greater value for owners and Shareholders.

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