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Public company info - Sunshine 100 China Holdings Ltd. , 02608.HK
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Sunshine 100 China Holdings Ltd., 02608.HK - Company Profile
Chairman YI Xiaodi
Share Issued (share) 2,552,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Property Development
Corporate Profile Business Summary: The principal activities of the Group are property and land development, property investment, property management and hotel operation. Performance for the year: During the Reporting Period, the Group’s revenue increased by 9.4% to RMB8,288.6 million in 2019 from RMB7,579.1 million in 2018 . For the Reporting Period, the Group’s gross profit increased by 32.0% to RMB2,100.0 million in 2019 from RMB1,590.8 million in 2018. The loss attributable to equity shareholders of the Company for the year of 2018 was RMB30.0 million, the profit attributable to equity shareholders of the Company for the year of 2019 was RMB1,804.8 million. Business Review In 2019, the Company experienced fluctuations in stock price in the Hong Kong market, and restrictions on purchases and prices in the domestic market. With such difficult external environment, we insisted on business transformation and upgrading, to effectively improve our operational capabilities, capitalized opportunities through the disposal of part of our lands and residential projects to optimise our asset structure and increase our cash reserve, and successfully expanded the land reserve and development of the primary project. We not only achieved profitable results of the year but also laid a solid foundation for the development in the next few years. 1. Further strengthening of the competitiveness of our core products 2019 is a year when the core products of the Company have been vigorously developed and improved. The unit sales price of the contracted sales of Himalaya for the year reached RMB27,500 per square metre, which led to an increase in the contracted sales price and gross profit for the year. Among the RMB10.338 billion contract sales of the year, the proportion of sales of non-residential core products rose to 50%. One of the core products, Commercial Street Complex, has matured over the past year. The completion of Changsha Phoenix Street and Changzhou Phoenix Street both achieved expected success. The opening of sale of Wuhan Phoenix Street was also met with popular response, with an average price of RMB44,000 per square metre. In addition, the Wuhan Phoenix Street project has obtained residential area at a low price from the government, which has significantly improved investment returns. This mode of commercial street complex with residential project is also being negotiated and implemented in other cities, which will become a new highlight for the development of Sunshine 100 in the future. The core product Himalaya apartments has also developed considerably in the past year. For example, in Tianjin, it recorded RMB575 million contracted sales with the unit price reached RMB49,000 per square metre, which realized the increase in both quantity and price. The delivery and operation of Chongqing and Tianjin projects have achieved a good brand recognition in the market. At the same time, in 2019, Himalaya projects have established their presence in Beijing, Yantai, Yueyang, Weifang and other cities, new projects are also under active negotiation. In 2019, the Company prepared three high-quality cultural tourism-oriented projects around Beijing. With the maturity of the Guilin and Lijiang cultural tourism-oriented projects, the cultural tourism-oriented product line will also become a new business sector of Sunshine 100 in the next few years. 2. Gradual release of high-quality land reserve value Over the years, the Company has set up primary land development projects in the Yangtze River Delta, the Pearl River Delta, and the Greater Beijing Circle. In 2019, the Company timely transferred the 1.2 million square meters residential area of the Qingyuan Arles project in Pearl River Delta and achieved ideal returns. At the same time, the Company completed the road opening works of the Wenzhou Arles project last year and the demolition works of Beijing North Xinlong County High-speed Rail New Town, thus laid a solid foundation for land listing in 2020 and the next few years. After years of planning, Sunshine 100 leads its peers with huge margin in land reserve across the country. As at the end of 2019, the Company has obtained a planned land area of more than 12 million square meters at a value of more than RMB150 billion. Xinglong and Wenzhou Lucheng District have primary development lands that exceed 6,000 mu and 2,000 mu respectively, while the land area of cultural tourism-oriented projects contracted and intended exceed 3,000 mu. Among them, over 2,000 mu of primary development land will be approved for listing and sales in 2020. It is foreseeable that within the next decade, primary land development will become a growing focus for the continued profitability of the Company. 3. The improving operation system The high returns achieved by Sunshine 100’s core products and its good brand image are inseparable from the strong investment in establishing a good operating system. For example, after the commercial street complex is opened, the Company will introduce the Phoenix Fair, anchor stores and partners. Himalaya apartments adopted a unified three-to-five-years leaseback operation. In the short term, the operating investment of the Company will increase year by year, but the service income will also increase rapidly. In 2019, the operating income of the Company for the year increased by 3.2% to RMB649.7 million. With the substantial increase in holding and leaseback properties, the operating income of the Company will increase significantly. As the commercial properties operated and held by the Company are located in the downtown section of the city or landmark buildings, rents and operating income will increase steadily and continuously as the operation matures. Prospects: The golden era of the rapid development of China’s real estate has ended, and real estate enterprises entering the second half of the competition are facing elimination-based competition that are more cruel and fierce. Sunshine 100 has persisted in business transformation and upgrading for many years to create the competitiveness of its core products in specific market segments. Its competitive advantages and benefits are beginning to emerge. I believe that the next few years will be a good opportunity for the Company to vigorously develop and progress. 1. Speeding up the process of inventory turnover in 2020, continuously improve profitability and reduce corporate liabilities The Company persists on effective growth strategies and will not blindly compare the scale of sales. In 2020, the Company will seize the opportunity to sell primary lands in Wenzhou and Xinglong after improvement in transportation in those areas, actively promote the transfer and cooperation of residential projects, and increase cash flow to support core product expansion, while continuing to control its debts and leverage ratios and reducing the risk therein. We expect the Company to experience a favourable growth in profit in the next few years. 2. Accelerating the development of core products With the promotion of the branding of Sunshine 100’s core products, in the development of new projects, the commercial street complex has been provided with a low-cost residential area by the government in the tender, which will greatly accelerate the return of cash and improve profitability. The Himalaya apartments products have been favored by the capital market, and the Company will be able to invest a small amount of funds for rapid expansion and implementation of its new projects. The cultural tourism-oriented projects will focus on projects around Beijing, which will launch in 2020 successively. 3. Promoting organizational reform and establising a sound incentive mechanism In order to adapt to the business transformation and product upgrading of the Company, the Company will vigorously promote internal reform and innovation of incentive mechanisms. The Company will be developed into a professional enterprise with innovation capability, profitability and brand influence. The Company will change its strategy from pursuing scale strength and expansion in the past to continuously pursuing professional capabilities. It should be emphasized that the transformation, upgrading, innovation and reform require great courage to break through, like the break of the pupae into a butterfly. Such courage cannot exist without the consensus of all employees to support the reform. Sunshine 100 focuses on innovative corporate culture, clear and firm values, which is a solid foundation to enable us to complete the transformation and upgrade, and for us to pursue a new course of development.

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