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Public company info - Jiu Rong Holdings Limited , 02358.HK
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Jiu Rong Holdings Limited, 02358.HK - Company Profile
Chairman -
Share Issued (share) 5,472,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Automobiles & Components
Corporate Profile Business Summary: The Group is principally engaged in (1) manufacturing and sales of digital television (“TV”), high definition liquid crystal display TV and set-top box as well as provision of application of solutions regarding integration of telecommunication TV and internet in the digital video industry (“Digital Video Business”); (2) the construction, application and management of new energy vehicles and related products, charging facilities and intelligent management systems (“New Energy Vehicles Business”); (3) the application and management of cloud ecological big data industry (“Cloud Ecological Big Data Business”); (4) properties development of big data industrial park and (5) properties investment for rental income from the big data industrial park. Performance for the year: For the year ended 31 December 2019, the Group achieved turnover of approximately HK$608,698,000, representing an increase of approximately 12% from approximately HK$543,276,000 in last corresponding year. The Group recorded gross profit of approximately HK$107,375,000. The Group achieved profit for the Year attributable to owners of the Company of approximately HK$26,241,000. During the Year under review, the gross profit margin decreased from approximately 23% to 18%. Business Review： The Group is principally engaged in (1) manufacturing and sales of digital television (“TV”), high definition liquid crystal display TV and set-top box as well as provision of application of solutions regarding integration of telecommunication TV and internet in the digital video industry (“Digital Video Business”); (2) the construction, application and management of new energy vehicles and related products, charging facilities and intelligent management systems and processing services in relation to new energy vehicles spare parts (“New Energy Vehicles Business”); (3) the application and management of cloud ecological big data industry (“Cloud Ecological Big Data Business”); (4) properties development of big data industrial park commercial and residential properties (“Properties Development”); and (5) properties investment for rental income from the big data industrial park (“Properties Investments”). 2019 was a challenging year macro-economically with the on-going trade war between the United States and China leads to the slowdown in global economic growth, the Group achieved profit attributable to shareholders of approximately HK$26,241,000 for the year ended 31 December 2019 (2018: approximately HK$54,193,000), representing a decrease of approximately 52% as compared with last year. Despite the continuing intense competition of the Digital Video Business industry, the Group has secured an increase in turnover from the Digital Video Business to approximately HK$355,363,000 for the year ended 31 December 2019 (2018: approximately HK$256,988,000), representing an increase of approximately 38% as compared with last year. The New Energy Vehicles Business recorded turnover of approximately HK$192,609,000 for the year ended 31 December 2019 (2018: approximately HK$271,205,000). As at 31 December 2019, the Group was operating 40 electric vehicles charging stations in Hangzhou with approximately 3,600 alternating current chargers of 40KW/H and approximately 1,200 direct current chargers of 60KW/H in operation. The Group was also operating 4 electric vehicles charging stations in Wuhan with 46 alternating current chargers of 7KW/H and 16 direct current chargers of 60KW/H in operation and 3 electric vehicles charging stations in Nanjing with 17 alternating current chargers of 40KW/H and 72 direct current chargers of 60KW/H. The Board is of the view that the PRC Government has emphasized on the use of new energy vehicles and reduction in carbon emissions with increase in support to the establishment of the new energy vehicles charging piles and its related operations and hence the New Energy Vehicles Business is with substantial growth potential. The Group will continue to invest in the New Energy Vehicles Business and further establish electric vehicles charging stations in Hangzhou and other provinces in the PRC to capture the electric vehicles charging market shares with the aim to be one of the largest new energy vehicles charging facilities operators in the PRC. The Group recorded turnover of approximately HK$25,169,000 for the year ended 31 December 2019 (2018: approximately HK$4,956,000) from the Cloud Ecological Big Data Business, representing an increase of approximately 408% as compared with last year. The Group recorded turnover of approximately HK$16,202,000 for the year ended 31 December 2019 (2018: approximately HK$10,127,000) from the Properties Investment Business, representing an increase of approximately 60% as compared with last year. Following the completion of the acquisition of 100% equity interest of Hangzhou Lu Yun Property Limited* (杭州綠雲置業有限公司), the industrial park in Hangzhou West Lake District Yunqi Cloud-Town (云栖小镇) owned by Hangzhou Lu Yun Property Limited* (杭州綠雲置業有限公司), will be the first big data industrial park of the Group. It is expected that the park will establish a “Cloud Ecological System” to build a new generation of information technology (such as AR/VR, face recognition, digital maps, etc.) and communication technology, such as Internet of Things, big data, cloud computing, (Such as 5G, LTE-V, NB-IOT, etc.) throughout the cloud industry park in all aspects, to create the country’s first allintelligent perception, interoperability cloud ecological park. The Group will co-operate with the local authorities of West Lake District and Yunqi Cloud Town (云栖小镇) as well as famous cloud computing enterprises such as Aliyun (阿里云) and West Lake Electric (西湖电子) to establish big data industrial park and hence to expand the cloud data business market of the Group. Prospects: The Directors will continue to (1) closely evaluate the performance of the above mentioned businesses; (2) invest in the New Energy Vehicles Business, the Cloud Ecological Big Data Business and the properties development of big data industrial park; (3) actively explore new businesses or investments; (4) consider fund raising opportunities which can strengthen the financial position; and (5) focus on product quality and cost control and strictly control capital expenditure in order to continuously maintain the Group’s competitiveness of the Group in order to enhance the value of the Group which will be in the interests of the Company and shareholders as a whole.

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