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Public company info - Jintai Energy Holdings Limited , 02728.HK
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Jintai Energy Holdings Limited, 02728.HK - Company Profile
Chairman Han Jinfeng
Share Issued (share) 4,455,000,000
Par Currency Hong Kong Dollar
Par Value 0.00125
Industry Petroleum & Gases
Corporate Profile Business Summary: The Group is engaged in energy trading, including mainly trading of fuel oil and kerosene, speaker manufacturing and trading business, operation of digital trading parks, kerosene transportation services, service business of customs declaration and trading of electronic products. The Group has operations mainly in Hong Kong and the People’s Republic of China (“PRC”). Performance for the year: During the Reporting Period, the revenue of the Group increased significantly by 368.8% to approximately HK$14,078.81 million (2019: approximately HK$3,003.38 million). During the Reporting Period, the Group recorded a net profit attributable to the Company’s equity holders of approximately HK$321.80 million (2019: net loss attributable to the Company’s equity holders of approximately HK$599.25 million). For the Reporting Period, the basic gain per share of continuing operations was approximately HK8.01 cents (2019: basic loss per share of continuing operations of approximately HK18.16 cents). Business Review： Energy trading business During the Reporting Period, revenue from energy trading business increased significantly to approximately HK$14,017.28 million (2019: approximately HK$2,967.86 million), representing a year-on-year increase of approximately 372%. The increase in revenue was mainly attributable to an increase in the number of customers, an increase in the market share on the energy trading business in PRC and an enhancement on the Group’s product portfolio. During the Reporting Period, the Group experienced the challenges including geopolitics, the US-China trade war and the extreme fluctuations in crude oil price as a result of the outbreak of COVID-19 pandemic worldwide. In view of that, the Group has been actively implementing different strategies for minimizing the impact of the challenges and pandemic crisis including but not limited to seeking new customers, expanding its market share, enhancing its product portfolio and sourcing from new suppliers. The implementation of the aforesaid strategies was quite effective and the performance of the energy trading business has shown significant improvement as compared with that in the previous year. The aforesaid strategies also brought forth the better optimisation of the Group’s energy trading business. In addition, the gradual rebound on the crude oil price in the second half of 2020 and the rapid recovery of the overall economy of China attributed to the effective controls and measures on the COVID-19 pandemic in China resulted in a positive impact on the energy trading business environment. During the Reporting Period, the Company has completed the placing of new shares of the Company for the purpose of sustaining the scale of energy trading business, developing new energy products and strengthening the financial position of the Company. Energy transportation business During the Reporting Period, the Company has acquired the entire equity interest of Lijin Shuntong Logistics Company Limited (利津順通物流有限公司) (“Lijin Shuntong”), which is engaged in the provision of energy transportation service. Lijin Shuntong holds a road transportation business license for hazardous chemicals and owns a fleet of more than 90 tanker trucks with a carrying capacity of 32 tons for each vehicle. The energy transportation business allows the Group to effectively reduce transportation costs and enhance transportation efficiency and provides the Group with a good opportunity for vertical expansion with an aim to enhance customers’ loyalty through providing the Group’s customers with diversified services, such as transporting the Group’s products or other suppliers’ products from the ports to the customers’ refineries or oil depots. The revenue derived from the energy transportation business amounted to approximately HK$5.23 million (2019: nil). In addition, owning a logistics services company can enhance the delivery time control, cost control and create synergy effect with other energy business of the Group. Digital energy trading parks The business operation of the digital energy trading parks has commenced and expanded with rapid development during the Reporting Period. The Group has signed cooperation agreements with enterprises or entities in 13 cities/regions of China, and successfully introduced not less than 236 enterprises into the digital energy trading parks. The operation and service business of digital energy trading parks generates income to the Group through: (1) receiving fixed service fees from enterprises in the trading parks on an annual basis; (2) receiving service fees based on the value-added services provided to the enterprises in the trading parks including the supply chain services and tax planning; (3) applying for tax incentives or financial subsidies from local governments based on the economic benefits of the operation of the trading parks. The revenue derived from the operation of digital energy trading parks for the Reporting Period was approximately HK$3.36 million (2019: nil). The Company believes that the digital energy trading park business can continue to contribute economic benefits and bring new opportunities for the energy trading business of the Group in the future. Services business of customs declaration During the Reporting Period, the Group has commenced the customs declaration services business. The Company has, through its wholly-owned subsidiary, incorporated Shandong Ruiyuan Shipping Company Limited* (山東瑞源船務有限公司) (“Shandong Ruiyuan”) in April 2020 in Shandong, China with an independent third party. The Group holds 60% of the entire equity interest of Shandong Ruiyaun and accordingly Shandong Ruiyuan has become a non-wholly owned subsidiary of the Group. Shandong Ruiyuan is principally engaged in the provision of customs declaration services. The revenue derived from the customs declaration services business for the Reporting Period amounted to approximately HK$3.99 million (2019: nil). The Group will adopt a cautious approach in operating the said new business. The Board believes the new business will provide a new source of income to the Group. Speaker manufacturing and trading business The speaker trading business recorded revenue of approximately HK$27.93 million during the Reporting Period (2019: approximately HK$35.53 million from continuing operation), representing a drop of approximately 21.4% (2019: decreased by approximately 57.01%). The decrease was mainly due to a decrease in sales orders from existing customers. Nonetheless, its revenue only accounted for approximately 0.20% (2019: approximately 1.18%) of the consolidated revenue from continuing operations of the Group. The speaker trading business remained as a non-core business of the Group. The management of the Company has formulated its business plans to improve the business which includes selling more high-end products and ceasing to sell products with low or no profit margin and strengthening the Group’s product costs control. The Group will continue to adopt a cautious and conservative approach in managing the operation of, and making any further investments into, such non-core business. Trading of electronic products During the Reporting Period, the Group has commenced a new business on trading of electronic products in the PRC. The Company has, through its wholly-owned subsidiary, incorporated Chuangpu Technology Co., Ltd. (“Chuangpu”) in June 2020 in Shenzhen, China with two independent third parties. The Group holds 51% of the entire equity interest of Chaungpu and accordingly Chuangpu has become a non-wholly owned subsidiary of the Group. Chuangpu is principally engaged in trading of electronic products. The revenue from the trading of electronic products amounted to approximately HK$21.02 million (2019: nil). The Group will adopt a cautious approach in operating the newly commenced business. The Board is confident that a sustainable income can be made through trading of electronic products. Prospects: During the Reporting Period, the Company recorded a robust growth, with its revenue ascending to RMB14 billion; representing approximately 3.7 times comparing to that of the corresponding period in 2019. Both the team building and internal administration have been significantly enhanced, and the Group’s management was highly confident to further broaden existing businesses and at the same time strive to explore new energy-related opportunities, allowing the Group’s business scale and profitability to reach to a new height. 1. Energy Trading The Group will continue to expand the market share and range to exploit new large-scale target clients, and to simultaneously continue with the development of new energy-related products and services, in order to strengthen the energy trading business and to achieve sustainable growth in the year of 2021. 2. Digital Trading Industry Park Operation The Group has been successful in developing the “digital trading industry park” operation service of the petrochemical energy industry and have signed cooperative contracts with enterprises in 13 cities and regions to co-build the Jintai Energy Digital Trading Industry Park. The Group has introduced not less than 236 enterprises into the digital park. This business project aims to achieve an operation of 30 industry digital parks, an introduction of more than 1,000 enterprises and the achievement of RMB80 million of service revenue in the year 2021. 3. Business Expansion The Group has completed an acquisition of a company engaging in the transportation of petroleum products. The Group expected synergy effect can be achieved with the Group’s energy trading sector, to lower the transport costs and to safeguard the transport efficiency. In the meantime, the Group will continue to explore new investment and business opportunities in various fields such as energy exploitation, energy transport, petroleum exploration technology service, petroleum refining service, petroleum product retail, Energy Internet and energy finance, with the strategic review of building up an ecosystem within the petrochemical energy industry and enhance the Company’s business competitiveness and business profitability. 4. Fundraising The Group has raised sufficient fund to support its business development by means of equity financing and establishment of joint ventures with large corporations, and will also actively seek strategic investors on an ongoing basis, and strengthen the sources of financing in terms of equity, loans and supply-chain funding to serve as strong backup for the Group’s further development. Moreover, there are still many uncertainties in COVID-19 situation, the Group will continue to monitor its business strategy to cope with the challenges and potential impacts. The Group will further optimize its management team, risk exposure and cost control measures in order to enhance its competitiveness and profitability.

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