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Public company info - Beijing Health (Holdings) Limited , 02389.HK
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Beijing Health (Holdings) Limited, 02389.HK - Company Profile
Chairman Zhu Shi Xing
Share Issued (share) 6,079,000,000
Par Currency Hong Kong Dollar
Par Value 0.2
Industry Medical Equipment & Services
Corporate Profile Business Summary: The Group is principally engaged in the provision of geriatric care, medical care and health carerelated services and products. Performance for the year: As of 31 December 2019, revenue of the Group was approximately HK$200,755,000 (2018: HK$178,885,000), representing an increase of 12.2% as compared to that of 2018. The gross profit of the Group was approximately HK$63,387,000 (2018: HK$57,246,000) and the gross profit margin was 31.6% (2018: 32%). Business Review: Geriatric care business Closely aligned with the national development direction of the geriatric care industry, the Group endeavor to develop under the geriatric care services brand names “Golden Sun” and “Hongtai”, the intelligent, ecologically chained geriatric care system that mainly focuses on geriatric care institutions and the integration of medical and geriatric care, and incorporates an intelligent geriatric care platform, home care and community care,. The system delivers onestop geriatric care services to cities and contributes to the continued increase of the profitability of the geriatric care industry. Currently, the Group has developed its geriatric care industry in several cities, including Fuzhou, Shanghai, Nanping, Shijiazhuang, Wuhu, Wuxi, Changzhou. For home and community care business, the Group focused on promoting its cooperation with enterprise entities by developing the peer-to-peer “RMB365 per year +N” residential service, and has contracted with more than 10 organizations in total for the implementation of direct settlement of service fees with the units. This significantly shortened the settlement cycle and effectively improved the Group’s profitability. As of 31 December 2019, the number of elderly members served by the Group reached 560,000; the number of community service centers reached 351; and the number of bed spaces in the geriatric care institutions reached 3,673. The occupancy rate of geriatric care institutions remained stable at a high level. In particular, the occupancy rate of well-established institutions, such as Gulou Senior Apartment (鼓樓老年公寓), Hongru Senior Apartment (鴻儒老年樂園) and Guangyi Geriatric Care Centre (廣益養老中心), remained at over 95% for a long period of time, while the average occupancy rate of new geriatric care institutions reached over 60%. The average occupancy rate of bed spaces of elderly care centers reached over 85%. In 2019, the Group added 1,575 bed paces for geriatric care institutions (in Jiangsu Province, Jiangxi Province, Ningxia Autonomous Region), representing a growth of approximately 75% as compared to that of last year. Meanwhile, the Group has newly established or upgraded three nursing homes that incorporate medical and geriatric care (with medical licenses and settlement permit for medical insurance), and planned to closely cooperate with insurance companies with respect to the long-term healthcare insurance system, which in turn will improve the Group’s profitability. The geriatric care business of “Golden Sun” under the Group has been focusing on highpotential but low-income home-based geriatric care sector, and has deployed to build a big data platform solely for geriatric care by increasing the number of the home-based elderly and then to conduct the sales of elderly-friendly products. The Group’s geriatric care services are mainly operated by providing loan to a number of private non-enterprise entities (collectively referred to as “private non-enterprise entities”, the entities excluded from the Group’s financial consolidation), which were founded by Golden Sun. Under structural problems such as the absence of large-scale capital inputs by investors and low fees for home-based geriatric care services, the financial performance of the Group’s home-based geriatric care services has not been satisfactory and realized as planned to make a profit. Therefore, the Group prudently impaired HK$56,661,000 and HK$70,568,000 of other receivables, goodwill and other intangible assets of the geriatric care business segment for the current year, respectively. In order to recover part of the investment cost, the Group and Ms. Huang Xiaorong (黄小蓉), the chairwoman of the board of Golden Sun, entered into the equity transfer agreement in 16 December 2019, in relation to the sale of 20% equity interest in Fujian Fu Ling Golden Sun Health and Geriatric Company Limited* (福建省福齡金太陽健康養老股份有限公司) (“Golden Sun”) to Ms. Huang Xiaorong. Sale of medical and geriatric products Beijing Vissam Prosperity Furniture Limited* (北京偉森盛業家具有限公司) (“Vissam Prosperity”), a company under the Group engaging in medical and geriatric product business, has become a leading furniture company specialized in areas such as geriatric care, medical and education, which provides top geriatric care institutions, hospitals and schools in the country with environmentally friendly, green and specialized furniture that meets ergonomic principles. During the year, Vissam Prosperity maintained a rapid growth for its business. Key projects delivered include: the Taikang Rehabilitation Hospital project, the Run Jia Geriatric Care Project (潤家養老專案) of Shenyang China Resources, the geriatric care service center project of Guizhou China Railway International Eco City, the geriatric care project of Jinan Zhonghai International, the school project of Hainan Ecological Wisdom New City, the geriatric care project of Zhonghai and the decoration works and furniture project of Beijing Badachu. During the year, newly contracted key projects included the Baihe Baile Chaohu international healthcare general hospital of China Railway No. 4 Engineering, the elderly-friendly furniture project of Shanghai Greenland, the upgrade and reconstruction project for the second academic building of Tsinghua University and the academic building of Shanghai Jiao Tong University. It has also entered into long term strategic cooperation agreement with Taikang Insurance Group, Tianan Life, Beijing Lebai Education and Chengdu Jinwanhui Education. As of 31 December 2019, the contracted sales amount of Vissam Prosperity was approximately RMB201,779,000, representing a year-on-year growth of 20% as compared to that of 2018. It recorded sales revenue of RMB162,648,000 in 2019, representing a year-on-year growth of 15% as compared to that of 2018. In January 2020, the Group and Shanghai Qumun Furniture Co. Ltd. entered into a cooperation agreement to establish a brand-new healthcare furniture flagship enterprise specialised in the areas of professional medical and geriatric care furniture, covering scientific research, design, production, sales and data management. The Group expected that the cooperation would rapidly expand the Group’s professional medical and geriatric care furniture business, striving to become a leading enterprise in professional medical and geriatric care furniture industry. Healthcare industrial park business The Group purchased high-quality lands mainly in first-tier cities such as Beijing, Shanghai based on the policies and directions on land planning adjustments of central and local governments. Leveraging on the transformation and upgrading, it introduced advanced industrial construction philosophy to fully satisfy the needs of the government and market users and the focus has been placed on developing new modes of business operations such as corporate headquarters and healthcare industrial parks. As of 31 December 2019, the Group is involved in 7 projects in Beijing, Shanghai, Dali and Canada, with a total site area of 449,200 square meters. The implementation plans of each of the projects have obtained support from the governments where the projects are located. As the positioning of the projects are in line with market demand, they are expected to have considerable potential in commercial value enhancement. On 26 December 2019, the Group sold the Changping, Beijing Project at a total cash receivable of RMB185,184,000. SPORTS AND ENTERTAINMENT BUSINESS Beijing Sports and Entertainment Industry Group Limited (“Beijing Sports”, a company listed on Hong Kong Main Board, stock code:1803 and an associate of the Company) engages in sports related business and positioned at the construction and operation of stadiums and the construction and operation of winter theme parks. MetaSpace (Beijing) Air Dome Corp. (“MetaSpace”), the subsidiary of Beijing Sports, is a leading integrated service provider for the construction and management of air dome facilities in the PRC. These air domes are widely adapted in multi-functional facilities such as sports and recreational facilities, logistic and warehousing centers, industrial storage facilities as well as commercial exhibition spaces. Due to difference in structure from the traditional ones, the construction and operation of air dome structure are low in cost with high efficiency and require short period of time for construction, which enable easy relocation and expansion in open areas. As at the end of 2019, MetaSpace had constructed over 200 air dome facilities throughout the PRC. Currently, the major customers of MetaSpace include sports & event organizers, government departments, real estate developers and warehouse operators. Beijing Sports will continue to invest in the research and development for the design technology for the planning and construction of high-performance air dome facilities and commit to synergise the advantages in areas such as aerodynamics, new materials, ergonomics and energy saving and environmental protection and leave room for multi-functional facilities so as to cater for and meet the needs of customers from different industries and departments. MetaSpace has obtained more than 100 intellectual property rights (including invention patents, patented air flight and insulation system, software, copyrights & trademarks, etc.) covering all key technologies in the construction and installation of air dome structure. For the year ended 31 December 2019, the revenue of MetaSpace generated from construction services of air dome facilities was approximately HK$155 million, of which approximately 63% was used in sports facilities, approximately 22% was used in warehouse facilities and 5% was used in agricultural facilities, while the remaining approximately 10% was used for other functional purposes. At the end of 2018, the strategic cooperation agreement and between the Group and the Chinese Athletic Association was signed, and an agreement of intent was reached. During the year, both parties proactively planned for commercializing the operation of the track and field industry and to remodel the commercial value system of the track and field industry basing on marathon and promote favorable interactions between mass sports, competitive sports and the sports industry in order to drive a prosperous development for public sports, create a unicorn for the Chinese sports industry and play the positive role as industry leader. Prospects: Beijing Enterprises Medical and Health Industry Group will take “Healthy China” as the Group’s mission and continue to grasp and fully utilize the favorable external environment of China’s geriatric, medical and health industry and consider the greater health industry as the development direction, actively explore in the field and seek premium cooperative partners and consolidate social resources in order to speed up deployment in the market. As the policy for geriatric industry in the PRC become more concrete, together with the gradual enhancement of marketisation of the industry, the general geriatric care institutions and the integration of medical care services will become the major development direction for the geriatric industry in the PRC in the future. The Group plans to grasp the opportunity created by policy and market, and strive to increase the number of bed spaces for geriatric care institutions to over 10,000 in three years and endeavor to build an operation mode with more innovative ideas, personalized services and highly efficient profitability. As for the sales of medical and geriatric products, the Group seek to speed up growth in business through the merging with industry peers, expansion of production capabilities, distribution network as well as the brand effect. As for the healthcare industrial park business, the Group will use all effort to push forward the pre-construction developing procedures and negotiate with the local government for a land premium adjustment amount at a competitive level, so as to build a commercial complex with space for social gathering that suits people’s demand for living quality. As for the sports and entertainment business sector, the Group will continue to negotiate with the Chinese Athletic Association based on the strategic co-operation agreement signed in November 2018 by both parties and adopt a corporate operation mode for the track and field industry. By creating different product sectors such as the organization and operation of sport events, training, sports agency, sports finance and application of big data in sports, the Group strive to build a comprehensive industry chain. The outbreak of novel coronavirus pandemic in early 2020 has spread across the world. Given the increasingly difficult environment for businesses, the outbreak may lead to a global economic downturn and depression. The Group’s business mainly focuses on providing geriatric and medical industry related products and services to meet the rigid demand within the industry, which, however, may encounter fluctuation as a result of the pandemic and the economic growth in China, and the influence depends on the time required to get the pandemic under control. In the light of current challenges, the management will closely monitor the development and formulate relevant strategies when necessary.

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