tp 北京建設 BPHL BEIJING PROPERTIES (HOLDINGS) LTD (於百慕達註冊成立之有限公司) 股份代對 : 925 中期報告 2020 北京建設（控股）有限公司 中期報告 2020 目 錄 公司資料 2 集團架構 3 管理層討論及分析 4 簡明綜合損益表 22 簡明綜合全面收益表 23 簡明綜合財務狀況表 24 簡明綜合權益變動表 26 簡明綜合現金流量表 27 簡明綜合財務資料附註 29 須予披露資料 42 企業管治報告 50 1 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------|--------------------------| | | | | | | | 北京建設（控股）有限公司 | | ...

tp 北京建設 BPHL BEIJING PROPERTIES(HOLDINGS)LTD (於百慕達註冊成立之有限公司) 股份代號：925 年報 2019 目錄 北京建設（控股）有限公司 年報2019 目錄 公司資料2 | --- | |------------------| | | | | | 集團架構 | | 財務摘要 | | 主席報告 | | 管理層討論及分析 | | 董事及高級管理層 | | 董事會報告 | | 企業管治報告 | | 獨立核數師報告 | | 經審核財務報表 | | 綜合損益表 | | 綜合全面收益表 | | 綜合財務狀況表 | | 綜合權益變動表 | | 綜合現金流量表 | | 財務報表附註 | | 物業詳情 | | 五年財務概要 | 3 4 5 6 26 31 50 62 69 70 71 73 74 77 174 178 1 公司資料 北京建設（控股）有限公司 年報2019 公司資料 董事會 執行董事 錢旭先生（主席） 蕭健偉先生（首席執行官） 趙建鎖先生 董麒麟先生 李長鋒先生 鄭靜富先生（首席財務官） 遇魯寧先生 吳健南先生 李書平先生（於二零二零年一月六日辭任） 洪任毅先生（ ...

Financial Performance - The company reported a consolidated loss attributable to shareholders of approximately HKD 80.59 million for the six months ended June 30, 2019, a decrease of about HKD 77.96 million compared to a loss of HKD 158.55 million for the same period in 2018[18]. - The group’s profit before tax for the six months ended June 30, 2019, was a loss of HKD 80,592,000, compared to a loss of HKD 158,553,000 for the same period in 2018, representing a 49% improvement[173]. - The net profit for the period was HKD 360,000, a significant recovery from a loss of HKD 136,370,000 in the previous year[116]. - The company reported revenue of HKD 206,443,000 for the six months ended June 30, 2019, representing an increase of 3.1% compared to HKD 198,868,000 for the same period in 2018[116]. - Gross profit for the same period was HKD 154,190,000, up from HKD 147,604,000, indicating a growth of 4.0%[116]. - The company did not declare an interim dividend for the six months ended June 30, 2019, consistent with the previous year[108]. Business Strategy and Operations - The business model focuses on investing in projects at the initial stage, nurturing project value post-development, and selling mature projects at satisfactory prices to recover cash for debt repayment and reinvestment[19]. - The company plans to sell several mature projects located in Shanghai and Tianjin in 2019 to recover significant funds, aiming to achieve debt reduction, reinvestment, and appropriate shareholder distribution[20]. - The company aims to leverage its status as a state-owned enterprise to acquire land for development in quality locations, further expanding its participation in logistics, industrial, and cold chain sectors[20]. - The company’s strategy includes continuous investment in new projects to create future profit opportunities and provide returns to shareholders[19]. - The company is actively developing high-end industrial properties in the Yangtze River Delta region to meet the demand from high-end manufacturing enterprises relocating from Shanghai[42]. Occupancy Rates and Property Performance - The average occupancy rate of the Beijing Ma Jiao Qiao warehouse reached 100% as of June 30, 2019, with a total lettable area of 589,410 square meters[27]. - The Shanghai Pudong warehouse's average occupancy rate increased from 69.30% in 2018 to 81.00% in 2019, with a lettable area of 211,555 square meters[28]. - The Tianjin Airport warehouse maintained a high occupancy rate of 100% for the Tianyu Wanlong Logistics phases one and two, with a total lettable area of 58,617 square meters[28]. - The average occupancy rate of the warehouse in Meishan, Sichuan, rose from 87.29% in December 2018 to 91.59% in June 2019, with a total lettable area of approximately 97,809 square meters[30]. - The occupancy rate of the Haikou warehouse increased to 99% in June 2019, up from approximately 83.09% in 2018, with a total lettable area of 48,702 square meters[30]. Cold Chain and Logistics Development - The company is focusing on establishing a nationwide cold chain logistics facility, primarily targeting high-value imported meat and seafood, capitalizing on the rising demand for quality food in China's middle-class society[34]. - As of June 30, 2019, the total storage capacity of the cold chain warehouses is 98,000 tons, with an operational rental capacity of 53,000 tons, achieving an average occupancy rate of 75.83% in Tianjin and 36.17% in Qingdao[35]. - The Tianjin cold chain warehouse is expected to reach a storage capacity of 80,000 tons upon completion of the second phase in 2021, integrating cold storage, light processing, trade agency, and cold chain transportation services[35]. - The company has initiated strategic partnerships with various enterprises to enhance its cold chain business, establishing a coastal city storage network and planning to launch an online trading platform in the second half of the year[39]. Financial Position and Liabilities - Total borrowings as of June 30, 2019, were approximately HKD 8,254,680,000, an increase from approximately HKD 7,756,030,000 as of December 31, 2018[94]. - The capital debt ratio was approximately 105.60% as of June 30, 2019, compared to 90.34% as of December 31, 2018[94]. - Cash and cash equivalents decreased by HKD 494,360,000, primarily due to the return of deposits and investments in joint ventures and associates[89]. - The company has a net current liability of HKD 3,079,000,000 as of June 30, 2019[134]. - The company is in discussions for new bank financing to support ongoing operations[134]. Revenue and Income Sources - The revenue from cold chain logistics and trade increased by approximately HKD 8,550,000 or 55.88%, reaching HKD 23,850,000, primarily due to the commencement of trade operations[66]. - The revenue from specialized wholesale markets rose by approximately HKD 2,300,000 or 25.33%, totaling HKD 11,380,000, attributed to increased average occupancy rates and rental prices[67]. - The industrial property segment saw revenue growth of approximately HKD 2,860,000 or 31.67%, reaching HKD 11,890,000, driven by higher occupancy rates in Zhejiang and project completions in Jiangsu[68]. - The revenue from commercial properties decreased by approximately HKD 7,320,000 or 10.12%, totaling HKD 64,980,000, mainly due to reduced rental profits from Guangzhou and lower occupancy rates at the Jindu Holiday Hotel[69]. Investment and Capital Expenditures - The company has invested substantial capital in various quality location projects in China and overseas since 2009, resulting in satisfactory growth in capital value compared to initial investments[20]. - The total construction area of the industrial park project in Jiangsu Province is approximately 489,340 square meters, with a total investment of about RMB 2 billion, and the first phase is expected to be completed in Q1 2022[46]. - The company plans to develop the Jiangsu industrial park project in two phases, with the second phase expected to start in Q3 2020 and be completed by early 2022[46]. - The company aims to diversify its industrial real estate business by providing management services for project investment, design, construction, and leasing[47]. Management and Corporate Governance - The management team is focused on seizing market opportunities and advancing the light asset process to diversify revenue streams and promote healthy corporate development[59]. - The total compensation paid to key management personnel for the six months ended June 30, 2019, was HKD 9,956,000, up from HKD 9,506,000 in the same period of 2018, reflecting an increase of 4.7%[195]. - The company is closely monitoring foreign exchange risks due to its operations primarily in China and financing activities mainly in USD[105]. Compliance and Reporting Standards - The adoption of new and revised Hong Kong Financial Reporting Standards has been implemented, affecting the accounting policies[139]. - The company adopted HKFRS 16, recognizing right-of-use assets of HKD 86,122,000 as of January 1, 2019, and derecognizing prepaid land leases and other receivables totaling HKD 83,072,000 and HKD 3,050,000 respectively[145].

Financial Performance - The company's revenue for 2018 was HKD 480,705,000, an increase of 43.5% compared to HKD 335,025,000 in 2017[19]. - The profit before tax for 2018 was HKD 316,529,000, up from HKD 298,687,000 in 2017, reflecting a growth of 5.6%[19]. - The net profit for the year was HKD 100,200,000, a significant decrease from HKD 295,584,000 in 2017, representing a decline of 66.1%[19]. - The total assets increased to HKD 18,321,421,000 in 2018 from HKD 17,860,702,000 in 2017, marking a growth of 2.6%[19]. - The company's equity attributable to shareholders decreased to HKD 3,930,578,000 in 2018 from HKD 4,419,323,000 in 2017, a decline of 11.0%[19]. - The cash and bank balances at the end of 2018 were HKD 1,820,360,000, compared to HKD 1,728,714,000 in 2017, showing an increase of 5.3%[19]. - The basic and diluted earnings per share for 2018 were both HKD (0.34), compared to HKD 4.41 in 2017, indicating a significant drop[19]. - The company recorded a comprehensive loss attributable to shareholders of approximately HKD 23,680,000 for the year ended December 31, 2018, compared to a comprehensive profit of approximately HKD 300,920,000 for the year ended December 31, 2017[25]. - The financing cost increased significantly, with the interest rate on USD bonds rising from 4.375% in 2017 to 9.0% in 2018, directly impacting the operating profit of the projects[22]. Strategic Initiatives - The company is focusing on market expansion and new product development as part of its future strategy[19]. - The management is optimistic about future growth despite the current financial challenges faced in 2018[19]. - The company plans to officially launch its international trade business in the cold chain sector in the second quarter of 2019, aiming to diversify revenue sources[27]. - The company is preparing to exit several completed projects in the second half of 2019 to recover development profits and further reduce debt[27]. - The company aims to enhance market understanding of its business model to better reflect its net asset value and future profit growth potential[22]. - The company is committed to reinvesting recovered funds from project sales into new property projects to ensure sustainable profit growth[22]. Operational Performance - The average occupancy rate of the Beijing Majia Bridge warehouse reached 97.36% in 2018, while the Shanghai warehouse improved its average occupancy rate from 69.34% in 2017 to 76.30% in 2018[30][35]. - The total leasable area of the Beijing Majia Bridge logistics park is approximately 591,768 square meters, with a projected completion of all phases expected in 2019[34]. - The cold chain business focuses on high-value imports, particularly in the rapidly growing sectors of meat and seafood, with plans to expand into related industries[27]. - The group owns four warehouses in Meishan, Sichuan, with a total leasable area of approximately 97,810 square meters, achieving a rental rate increase from 26.45% in early 2018 to 87% by December 2018[36]. - In Haikou, Hainan, the group has two warehouses with a total leasable area of 48,870 square meters, achieving an average rental rate of approximately 79.30% during 2018, with full occupancy reached in Q1 2019[38]. - The group plans to construct a two-story modern warehouse of approximately 129,887 square meters, with construction expected to be completed by June 2020[38]. - The Tianjin cold chain warehouse has a storage capacity of approximately 45,000 tons and has attracted 239 clients, maintaining full storage since March 2018[46]. - The Qingdao cold chain warehouse has a storage capacity of 8,000 tons, with plans to diversify services and integrate new business models to mitigate operational risks and increase storage capacity[46]. Investment and Development - The group is establishing a limited partnership private equity fund in collaboration with Prologis, focusing on logistics real estate, which will facilitate the acquisition of several logistics properties and support new property investments and developments[40]. - The group aims to develop a national cold chain logistics facility, focusing on high-value imported meat and seafood, to capitalize on the increasing demand for quality food driven by the rising middle class in China[43]. - The industrial real estate segment has a total planned area of 849,004 square meters, with an operational rental area of 66,015 square meters, achieving an average occupancy rate of 100% in 2018[50]. - The Jiangsu Changzhou project, with a total investment of approximately RMB 2 billion, is planned to cover about 200 acres and a total construction area of approximately 459,197 square meters[53]. - The Cambodia-China Special Economic Zone project has acquired approximately 14,868,696 square meters of land, with an additional 1,130,208 square meters under acquisition[56]. - The company has invested in a first-tier land development project in Cambodia, establishing its first overseas base[183]. Market and User Growth - The company reported a significant increase in revenue, achieving a total of 1.2 billion in the last fiscal year, representing a growth of 15% year-over-year[151]. - User data indicates a rise in active users to 3 million, up from 2.5 million in the previous year, marking a 20% increase[151]. - The company has set a future outlook with a revenue target of 1.5 billion for the next fiscal year, indicating an expected growth of 25%[151]. - The company plans to expand its market presence in Southeast Asia, with plans to enter three new countries by the end of the next fiscal year[151]. - A strategic acquisition of a local competitor is in progress, expected to enhance market share by 10%[151]. Sustainability and Corporate Governance - The management team emphasizes a focus on sustainability initiatives, aiming to reduce carbon emissions by 30% over the next five years[151]. - The company is committed to sustainable development and adheres to environmental laws and regulations, including those related to air pollution and waste discharge[178]. - The company has no serious violations of applicable laws and regulations that would significantly impact its business and operations during the year[179]. Financial Position and Ratios - The total amount of bonds and bank borrowings as of December 31, 2018, was approximately HKD 7.76 billion, with a debt-to-equity ratio of 118%[186]. - The company's retained earnings available for distribution to shareholders were HKD 423,880,000 as of December 31, 2018[196]. - The group's current ratio and quick ratio as of December 31, 2018, were approximately 76.15% and 72.83%, respectively, compared to 71.76% and 53.53% the previous year[117]. - The company faces significant interest rate risk as all existing borrowings (excluding bonds) are subject to floating interest rates, which could adversely affect profitability if rates increase significantly[186].