報 | 让空间有爱 202 ANNUA REPORT 寶龍商業管理控股有限公司 POWERLONG COMMERCIAL MANAGEMENT HOLDINGS LIMITED (Incorporated in the Cayman Islands with Limited Liabilty) (於開曼群島註冊成立的有限公司) Stock code 股份代號: 9909.HK DAVE NG POWERLONG P | 让空间有爱 | --- | --- | --- | --- | |-------|-------------------|-------|-------| | | | | | | | | | | | | 目錄 | | | | | | | | | | 集團簡介 公司資料 | | 2 3 | | | 歷程及獎項 | | 4 | | | 主席報告 | | 8 | | | 業務概覽 | | 10 | | | 管理層討論與分析 | | 12 | | | 董事及高級管理層 | | 34 | | | 企業管治報告 | | 39 | | | | | | | | 董事會報告 | | 48 | | | 獨立核數師 ...

Business Operations - As of June 30, 2020, the company managed 51 retail commercial properties with a total managed area of approximately 7.0 million square meters and signed 85 retail commercial properties with a total contracted area of 9.9 million square meters[5]. - The company also managed 52 residential property management projects with a total managed area of approximately 11.6 million square meters and signed 87 projects with a total contracted area of 19.9 million square meters as of June 30, 2020[5]. - The main source of revenue for the company comes from commercial operation services, which include full-chain services for shopping centers and shopping streets[6]. - The company provides market research, tenant recruitment, and opening preparation services to property developers or owners before the opening of retail commercial properties[8]. - The company offers property management services for residential properties, office buildings, and serviced apartments[9]. - The company managed a total of 51 projects in commercial operation services, an increase of 6 projects from 45 in 2019[12]. - The company plans to open several new projects in the second half of 2020, with a total expected construction area of 1,351,532 square meters[20]. - The company aims to replicate its successful light-asset business model by forming strategic partnerships with leading property developers to secure new retail property management contracts[30]. - The company is focused on expanding its commercial operations through selective acquisitions and investments in small to medium-sized commercial service providers with strong growth potential[31]. Financial Performance - For the six months ended June 30, 2020, the total revenue from commercial operation management was approximately RMB 700.4 million, an increase of 12.7% compared to RMB 621.2 million for the same period in 2019[12]. - The residential property management services segment achieved total revenue of approximately RMB 168.2 million, a 31.5% increase from RMB 127.9 million in the same period of 2019[23]. - The group's revenue for the six months ended June 30, 2020, was approximately RMB 868.6 million, an increase of about RMB 119.5 million compared to RMB 749.1 million for the same period in 2019[33]. - Revenue from market research and positioning, tenant recruitment, and opening preparation services was approximately RMB 90.9 million, a year-on-year increase of 87.1%, accounting for about 10.5% of total revenue[35]. - Revenue from business operation and management services was approximately RMB 514.7 million, a year-on-year increase of 12.2%, accounting for about 59.3% of total revenue[36]. - The company's total comprehensive income for the six months ended June 30, 2020, was RMB 144,912 thousand, compared to RMB 87,136 thousand for the same period in 2019, indicating a growth of approximately 66.5%[102]. - The net profit for the six months ended June 30, 2020, was approximately RMB 144.9 million, representing a 66.4% increase from RMB 87.1 million in the same period of 2019[51]. - The gross profit for the period was RMB 254.8 million, up from RMB 197.9 million, reflecting a gross margin improvement[97]. - Operating profit reached RMB 190.2 million, compared to RMB 138.9 million in the previous year, indicating a growth of 37%[97]. Growth and Expansion - The company has been recognized as a high-growth commercial real estate enterprise for the year 2019 by various online platforms in June 2020[5]. - The total managed building area increased to 7.0 million square meters, up from 6.4 million square meters in 2019, representing an increase of 0.6 million square meters[12]. - The contracted building area increased to 9.9 million square meters, up from 7.5 million square meters in 2019, an increase of 2.4 million square meters[12]. - The number of managed projects in residential property management increased to 52, up from 44 in 2019, adding 8 new projects[23]. - The company plans to continue investing heavily in the Yangtze River Delta region, particularly in key economic hubs like Shanghai, Hangzhou, Ningbo, and Nanjing, to solidify its leadership position[30]. Shareholder Information - As of June 30, 2020, the company had a total of 621,500,000 shares issued, with Mr. Xu Huafang holding 45,000,000 shares, representing approximately 7.24%[65]. - Major shareholder Mr. Xu Jiankang holds 405,000,000 shares, accounting for 65.16% of the company's total shares[70]. - The board proposed an interim dividend of HKD 0.1 per share, totaling approximately HKD 62.2 million (equivalent to about RMB 56.8 million)[74]. - The company will suspend share transfer registration from November 20 to November 25, 2020, to determine eligibility for the interim dividend[75]. - The company has established a share incentive plan to retain talent and promote long-term sustainable development[76]. Cash Flow and Liquidity - The group's cash and cash equivalents were approximately RMB 2,950.4 million, an increase of 12.8% from RMB 2,616.1 million as of December 31, 2019[58]. - Operating cash flow for the six months ended June 30, 2020, was approximately RMB 262.4 million, compared to RMB 200.0 million in the same period last year[60]. - The company reported a net cash inflow from financing activities of RMB 55,398 thousand for the first half of 2020, compared to a net outflow of RMB 124,544 thousand in the same period of 2019[105]. - Cash and cash equivalents at the end of June 30, 2020, amounted to RMB 2,950,420 thousand, a significant increase from RMB 134,277 thousand at the end of June 30, 2019[105]. Investment and Acquisitions - The company acquired a 60% stake in Zhejiang Xinghui Commercial Management Co., Ltd. for RMB 40.6 million, which manages 14 retail projects with a total construction area of approximately 890,000 square meters[26]. - The company plans to use the net proceeds from its IPO for strategic acquisitions and investments in other business service providers[64]. - Approximately 50% of the net proceeds are planned for strategic acquisitions of other small to medium-sized business service providers to expand the business operations[84]. - The company plans to invest approximately HKD 64.9 million to acquire over 51% of a business operation service provider between January 1, 2020, and June 30, 2020[88]. Risk Management and Compliance - The company confirmed compliance with all applicable corporate governance codes as of June 30, 2020[79]. - The company has not detected any violations of the securities trading standards by directors during the reporting period[80]. - The company has maintained its risk management policies without any changes since the end of the previous financial year[117]. Employee and Talent Management - The company is committed to providing systematic training and career development opportunities to attract and retain talent, recognizing employees as key to its success[32]. - Employee costs for the six months ended June 30, 2020, were RMB 290,234 thousand, a decrease from RMB 297,133 thousand in the same period of 2019, representing a reduction of approximately 0.3%[140]. Other Financial Metrics - The total managed building area for commercial properties was 7.0 million square meters, a year-on-year increase of 9.4%[36]. - The total managed building area for residential properties increased to 11.6 million square meters, also a year-on-year increase of 9.4%[38]. - The gross profit margin for the six months ended June 30, 2020, was 29.3%, an increase of 2.9% compared to 26.4% for the same period in 2019[43]. - The total liabilities increased to RMB 1,832,904 thousand as of June 30, 2020, compared to RMB 1,503,916 thousand as of December 31, 2019, reflecting a rise of about 22%[127].

Company Overview - The company was successfully listed on the Hong Kong Stock Exchange on December 30, 2019, raising a net amount of approximately RMB 1.24 billion[29]. - The company was registered as an exempted limited company in the Cayman Islands on March 25, 2019, and its shares were listed on the main board of the Stock Exchange on December 30, 2019[198]. - The board of directors includes key executives such as Mr. Xu Huafang (Chairman and CEO) and Mr. Zhang Yunfeng (Chief Executive Officer)[197]. Property Management and Operations - As of December 31, 2019, the company managed 51 retail commercial properties with a total managed gross floor area of 7.0 million square meters, and had signed contracts for 72 retail commercial properties totaling 8.9 million square meters[5]. - The company also managed 51 residential properties with a total managed gross floor area of approximately 11.5 million square meters, and had signed contracts for 86 properties totaling approximately 19.5 million square meters[6]. - The residential property management services segment achieved total revenue of approximately RMB 285.3 million for the year ended December 31, 2019, representing a 29.2% increase from RMB 220.8 million for the year ended December 31, 2018[69]. - The group provides property management services for residential properties, office buildings, and serviced apartments, including pre-sale management and post-delivery management services[199]. Financial Performance - For the year ended December 31, 2019, the group achieved revenue of approximately RMB 1,620.5 million, representing a year-on-year increase of 35.0%[31]. - The net profit for the same period was approximately RMB 178.6 million, and if excluding listing expenses, the net profit was approximately RMB 208.0 million, reflecting a year-on-year increase of about 56.0%[31]. - Revenue from business operation and management services was approximately RMB 986.5 million, accounting for 60.9% of total revenue, with a year-on-year increase of 37.1%[82]. - The company's revenue from property leasing services was approximately RMB 205.4 million, a slight decrease of 1.3%, contributing 12.7% to total revenue[82]. Strategic Initiatives and Partnerships - The company has established a strategic partnership with Tencent to enhance its digital service offerings[24]. - The group launched the "Button Plan" and successfully implemented the world's first "Micro-Calculus" function, enhancing customer experience through technology[31]. - The company aims to leverage opportunities arising from the COVID-19 pandemic for business upgrades and potential mergers and acquisitions in 2020[32]. - The company has established a joint venture, Shanghai Baoshen Digital Technology Co., to further advance digital operations in commercial management[62]. Market Expansion and Development - The group opened 6 new projects in 2019, with 5 located in the Yangtze River Delta, reinforcing its market leadership in the region[31]. - The company plans to expand its footprint with new projects in cities such as Hangzhou, Ningbo, and Wenzhou, with several projects scheduled to open by the end of 2021[59]. - The company is currently preparing for the Haiyang Baolong Tiandi project, which is still in the planning stage[58]. - The company aims to replicate its successful light-asset business model with leading property developers nationwide to gain new retail property management contracts[75]. Technology and Innovation - The company launched its first generation digital platform "Powerlong Didi Card" mobile application in 2015, indicating a focus on technological innovation[19]. - The company is focused on leveraging AI and big data technologies to optimize business operations and improve customer experiences through its strategic initiatives[62]. - The "Pay and Earn Points" feature, launched in January 2020, resulted in a 37% increase in member growth and a 22% increase in consumption frequency within the first month of activation[64]. Leadership and Governance - The company has a strong leadership team with extensive experience in finance, operations, and strategic management across various sectors[127]. - The company has established a Nomination Committee to regularly review the structure, size, and composition of the Board and to recommend changes[173]. - The company has implemented a board diversity policy, considering various factors such as skills, experience, and demographics in the nomination process[179]. - The company has made appropriate arrangements for employees to confidentially raise concerns regarding financial reporting and internal controls[169]. Awards and Recognition - The company received multiple awards in 2019, including the Outstanding Management Company Award from the China Shopping Center Association[26]. - The group has been recognized for its contributions to the real estate industry, with several awards highlighting its leadership and influence[124]. Employee and Talent Management - The company plans to continue providing competitive compensation to attract and retain talent, emphasizing the importance of employee development for operational performance and innovation[78]. - The company employed 5,019 staff as of December 31, 2019, slightly down from 5,052 in 2018, emphasizing the importance of attracting and retaining high-quality employees for business growth[116]. Risk Management and Compliance - The board has established a risk management and internal control system, which is reviewed annually, and considers it effective and adequate for managing significant risks[188]. - The Audit Committee reviewed the company's financial reporting system, compliance procedures, internal controls, and risk management systems on March 9, 2020, and discussed the reappointment of external auditors[167]. Future Outlook - The company provided an optimistic outlook for the next quarter, projecting a revenue growth of 25%[129]. - The management team emphasized the importance of sustainability, committing to a 50% reduction in carbon emissions by 2025[131].