京粮B：2020年年度报告（英文版）.PDF

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1、HAINAN JINGLIANG HOLDINGS CO., LTD.ANNUALREPORT 2020March 27, 2021Hainan Jingliang Holdings Co., Ltd.Annual Report 20201HAINAN JINGLIANG HOLDINGS CO., LTD.ANNUALREPORT 2020Part I Important NotesThis Summary is based on the full text of the Annual Report of Hainan Jingliang Holdings Co., Ltd. (togeth

2、erwith its consolidated subsidiaries, the “Company”, except where the context otherwise requires). In order for a fullunderstanding of the Companys operating results, financial position and future development plans, investorsshould carefully read the aforesaid full text, which has been disclosed tog

3、ether with this Summary on the mediadesignated by the China Securities Regulatory Commission (the “CSRC”).Director Qingmei Pingcuo didnt attend the Board Meeting in person due to a business trip, and authorizeddirector Guan Ying to attend and vote on her behalf. Other directors attended the Board Me

4、eting for reviewing ofthis Report and its summary.Independent auditors modified opinion: Applicable Not applicableBoard-approved final cash and/or stock dividend plan for ordinary shareholders for the Reporting Period: Applicable Not applicableThe Company has no final dividend plan, either in the fo

5、rm of cash or stock.Board-approved final cash and/or stock dividend plan for preferred shareholders for the Reporting Period : Applicable Not applicableThis Summary has been prepared in both Chinese and English. Should there be any discrepancies ormisunderstandings between the two versions, the Chin

6、ese version shall prevail.Part II Key Corporate Information1. Stock ProfileStock nameJLKG, JL-BStock code000505, 200505Stock exchange for stock listingShenzhen Stock ExchangeContact informationBoard SecretarySecurities RepresentativeNameGuan YingGao DeqiuAddress15/F, Jing Liang Building, NO. 16 East

7、Third Ring Middle Road, ChaoyangDistrict, Beijing15/F, Jing Liang Building, NO. 16 EastThird Ring Middle Road, ChaoyangDistrict, BeijingHainan Jingliang Holdings Co., Ltd.Annual Report 20202Fax010-51672010010-51672010Tel.010-51672130010-51672029Email gaodeqiu_2. Principal Activities or Products in t

8、he Reporting PeriodThe Company is principally engaged in oils and oilseeds processing and trading, as well as food production. Itruns its oils and oilseeds processing and trading business primarily in Beijing City, Tianjin City and HebeiProvince under the brands of “Gu Chuan”, “Lv Bao”, “Gu Bi” and

9、“Huo Niao”, with the main products beingsoybean oil, rapeseed oil, sunflower seed oil and sesame oil and paste, among others. As for its food productionbusiness, it primarily develops, produces and markets snack food and bread under the brands of “Little Prince”,“MS Dong”, “Jianqiang De Tudou” and “

10、Gu Chuan”, among others, with the main products being potato chips,cakes and pastries and bread. The snack food business covers all provinces and municipalities in China, while thebread business focuses on the Beijing-Tianjin-Hebei region. In this regard, the Company is one of the majorsuppliers for

11、 KFC in North China.3. Key Financial Information(1) Key Financial Information of the Past Three YearsIndicate by tick mark whether there is any retrospectively restated datum in the table below. Yes NoUnit: RMB202020192020-over-2019change (%)2018Operating revenue8,741,749,912.117,440,286,465.5417.49

12、%7,409,124,303.41Net profit attributable to the listedcompanys shareholders184,846,956.70133,341,925.7538.63%167,956,581.15Net profit attributable to the listedcompanysshareholdersbeforeexceptional items164,037,737.59104,483,092.0957.00%127,425,177.20Net cash generated from/used inoperating activiti

13、es-246,540,910.08297,366,794.05-182.91%850,167,551.24Basicearningspershare(RMB/share)0.260.1936.84%0.24Dilutedearningspershare(RMB/share)0.260.1936.84%0.24Weighted average return on equity(%)7.17%5.70%1.47%7.69%31 December 202031 December 2019Change of 31December 2020 over31 December 2019 (%)31 Dece

14、mber2018Total assets5,695,504,493.735,231,266,600.198.87%4,917,148,996.28Equity attributable to the listedcompanys shareholders2,710,571,543.532,406,039,283.8712.66%2,272,469,925.43Hainan Jingliang Holdings Co., Ltd.Annual Report 20203(2) Key Financial Information by QuarterUnit: RMBQ1Q2Q3Q4Operatin

15、g revenue1,719,261,111.712,031,511,955.921,928,342,701.753,062,634,142.73Netprofitattributabletothelisted companys shareholders27,655,045.3246,107,849.8740,894,930.9570,189,130.56Netprofitattributabletothelistedcompanysshareholdersbefore exceptional items23,730,342.7244,264,847.2332,040,014.2964,002

16、,533.35Net cash generated from/used inoperating activities328,948,834.32-141,853,013.56-273,955,632.37-159,681,098.47Indicate by tick mark whether any of the quarterly financial data in the table above or their summations differsmaterially from what have been disclosed in the Companys quarterly or i

17、nterim reports. Yes No4. Share Capital and Shareholder Information at the Period-End(1) Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well asHoldings of Top 10 ShareholdersUnit: shareNumberofordinaryshareholdersatthe period-end71,627Numberofordinaryshareho

18、ldersatthemonth-endpriortothedisclosure of this Report68,899Numberofpreferredshareholderswith resumedvotingrightsattheperiod-end0Numberofpreferredshareholders withresumedvotingrightsatthemonth-endpriorto the disclosureof this Report0Top 10 shareholdersName of shareholderNature ofshareholderSharehold

19、ingpercentageTotal sharesheld at theperiod-endRestricted shares heldShares in pledge orfrozenStatusSharesBEIJING GRAIN GROUPCO., LTD.State-ownedlegal person39.68%288,439,561164,877,598BEIJING STATE-OWNEDCAPITAL OPERATIONAND MANAGEMENTCENTERState-ownedlegal person6.67%48,510,460WANG YUECHENGDomesticn

20、aturalperson5.66%41,159,88741,159,887LI SHERYN ZHAN MINGForeignnaturalperson1.23%8,939,300GOLD BUFFALORUNYING (TIANJIN)EQUITY INVESTMENTFUND MANAGEMENTCO., LTD.GOLDBUFFALO RUNYINGOther0.51%3,684,503Hainan Jingliang Holdings Co., Ltd.Annual Report 20204(TIANJIN) EQUITYINVESTMENT FUND (L.P.)MEI JIANYI

21、NGDomesticnaturalperson0.36%2,604,203ZHANG XIAOXIADomesticnaturalperson0.27%1,949,250WANG XIAOXINGDomesticnaturalperson0.24%1,748,400TAN WENQIONGDomesticnaturalperson0.20%1,419,700ORIENT SECURITIES（HONG KONG）LIMITEDForeign legalperson0.19%1,354,500Related or acting-in-concert parties among theshareh

22、olders aboveBeijing State-Owned Capital Operation and Management Center owns100% of Beijing Grain Group Co., Ltd., and Beijing Grain Group Co., Ltd. isthe controlling shareholder of the Company (a 39.68% holding). WangYuecheng is a Deputy General Manager of the Company. Apart from that, theCompany d

23、oes not know whether there are any other related parties oracting-in-concert parties among the top 10 shareholders.Shareholders involved in securities margintrading (if any)Shareholder Wang Xiaoxing holds 1,748,400 shares in the Company throughhis account of collateral securities for margin trading

24、in Soochow SecuritiesCo., Ltd.(2) Number of Preferred Shareholders and Shareholdings of Top 10 of Them Applicable Not applicableNo preferred shareholders in the Reporting Period.(3) Ownership and Control Relations between the Actual Controller and the CompanyThe State-Owned Assets Supervision andAdm

25、inistration Commission of the PeoplesGovernment of Beijing Municipality39.68%Beijing State-Owned Capital Operationand Management CenterBeijing Capital Agribusiness Group Co.,Ltd.Beijing Grain Group Co., Ltd.Hainan Jingliang Holdings Co., Ltd.100%100%100%Hainan Jingliang Holdings Co., Ltd.Annual Repo

26、rt 202055. Corporate BondsDoes the Company have any corporate bonds publicly offered on the stock exchange, which were outstandingbefore the date of this Reports approval or were due but could not be redeemed in full?No.Part III Operating Performance Discussion and Analysis1. Business Overview of th

27、e Reporting Period(1) Overall PerformanceThe year 2020 saw sudden, perplexing and tremendous changes in macroeconomic conditions. Facing the impactof the Covid-19 pandemic, the China-United Sates (US) trade war, the economic slowdown and other negativefactors, we withstood the pressure and responded

28、 swiftly. We strengthened operation and management whilemaking unremitting efforts in pandemic control and prevention. As a public company, we explored and analyzednew means to increase our profitability while strengthening the internal control and regulatory compliance as thefoundation of operation

29、al stability and long-term development. Finally, we finished the year with steady growth inoperating performance. For the year under review, the Company recorded operating revenue of RMB8.742 billion,up 17.49% year on year; a gross profit of RMB285 million, up 9.87% year on year; a net profit attrib

30、utable to thelisted companys shareholders of RMB185 million, up 38.63% year on year; and earnings per share of RMB0.26,up 36.84% year on year.As such, the objectives for the year were successfully accomplished.(II) Major Results Achieved1. The Oils and Oilseeds Division: Stable development in a posi

31、tive directionThe Oils and Oilseeds Division effectively resisted the impact of the China-US trade war and the Covid-19pandemic by leveraging the advantages of the oils and oilseeds industry chain. The Division recorded a total profitof RMB136 million during the Reporting Period. Adhering to the ope

32、ration mode of Hedging + Basis Trading +Inventory Rotation and leveraging its experience in coping with the China-US trade war, Jingliang Tianjin madescience-based analyses and judgments and planned preemptively, finally securing a stable operating profit. Theannual output of soybean oil hit a new r

33、ecord high, exceeding the target set for the year.Adopting a hedging mode,Jingliang Oils and Oilseeds strengthened the research and development of new product categories andimplemented more rigorous market analysis, focusing on categories with stable demand and small impact from thepandemic, such as

34、 domestic soybean, sunflower seed oil and non-genetically modified rapeseed oil. The annualsales of oils and oilseeds hit a new record high. Through the trusteeship of Hongjingyuan, Guchuan Edible Oilinnovated the mode of Beijing-Inner Mongolia industry assistance, as the trusteeship is a win-win co

35、operationbetween two companies of complementary advantages and the new mode is expected to produce a greater povertyalleviation effect. In addition, by developing the Groups trade union benefits platform, the Division made all-outefforts to promote the sales of all categories of products and impleme

36、nt online promotions. TianweikangHainan Jingliang Holdings Co., Ltd.Annual Report 20206continued to develop its warehousing services platform, strengthened the management of edible oil reserves,improved the level of warehousing services, improved the inventory rotation efficiency and implementedemer

37、gency stock allocation tasks.2. The Foods Division: Stable growthDue to the pandemic-induced sluggish market demand, the Foods Division recorded a total profit of RMB174million in the Reporting Period. Zhejiang Xiaowangzi actively worked to develop new products and explore newchannels. The 4D Corn R

38、oll, a new product, has been launched on the top three platforms, namely, Be & Cheery,Lyfen and Three Squirrels. The sales volume has grown significantly. With the in-store special-shaped islandbooth strategy implemented in Yonghui, RT-Mart, Walmart and other hypermarkets, the average sales per stor

39、ehas grown significantly. Thanks to the growing sales of new products and stable sales of old products, a goodmomentum has been maintained. Taking advantage of the stabilizing domestic situation of the pandemic, GuchuanBread increased sales at KFC and Green Tea stores, increasing the proportion of s

40、ales at Green Tea stores anddistributors and further optimizing the customer/channel structure.3. Stable expansion through acquisition and trusteeshipFollowing the plan of implement a batch, improve a batch and expand a batch, acquisition and restructuringwere implemented in a layer-by-layer, step-b

41、y-step approach. During the Reporting Period, we successfullyacquired the remaining equities of Zhejiang Xiaowangzi. Through this project, we gained experience and laid afoundation for future acquisition and restructuring projects. We improved the management of the two companiesunder the Companys tr

42、usteeship, Hongjingyuan and Shanghai Sunlon, by providing standardized guidance andprofessional management, improving their corporate governance structures and streamlining their operationprocesses. The preset targets for the trusteeships have been achieved.4. Solid and effective efforts in pandemic

43、 control and preventionWe actively responded to the severe challenges posed by the Covid-19 pandemic, implementing targeted controland preventive actions in a well-planned manner. Promptly responding to the calls from government authorities,we established a pandemic control and prevention leadership

44、 team and a pandemic control and preventioninspection team, established a pandemic control and prevention system and implemented various pandemiccontrol and prevention measures in a strictly disciplined and thoroughly planned manner. We actively worked touse the financial support policies for pandem

45、ic relief to reduce the Companys cost of capital.5. Continuous improvement in management levelFirst, with the implementation of an online office platform, the power of execution has been improved, betterensuring the implementation of the Companys policies and plans. Second, a personnel development s

46、ystem hasbeen established and improved, which has served to promote multi-directional communication and upper-lowerinteraction. The Jingliang Holdings Forum was created as a means to improve the overall quality of theCompanys middle and senior managers, promote their market-consciousness and share t

47、heir managementexperience. Third, pilot efforts were made to drive regulatory compliance. We investigated our headquarters andsubsidiaries for regulatory compliance batch by batch, reviewed the regulatory compliance policies, liabilities andHainan Jingliang Holdings Co., Ltd.Annual Report 20207risks

48、 of our major businesses and updated the checklist of regulatory compliance risks associated with our equityinvestments, thereby laying a solid foundation for regulatory compliance and improving the regulatorycompliance management level.2. Significant Change to Principal Activities in the Reporting

49、Period Yes No3. Product Category Contributing over 10% of Principal Business Revenue or ProfitApplicable Not applicableUnit: RMBProductcategoryOperating revenueOperating profitGross profitmarginYoY change inoperatingrevenue (%)YoYchange inoperating profit(%)YoYchange ingross profitmargin (%)Oils and

50、oilseeds7,799,378,959.10136,231,943.724.64%20.90%52.85%0.15%Foodprocessing898,193,522.11174,173,301.8529.46%-4.52%-6.77%-2.18%4. Business Seasonality that Calls for Special Attention Yes No5. Significant YoY Changes in Operating Revenue, Cost of Sales and Net Profit Attributable to the ListedCompany