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1、 HAINAN JINGLIANG HOLDINGS CO.,LTD Annual Report 2017 APRIL 13,2018 HAINAN JINGLIANG HOLDINGS CO.,LTD.ANNUAL REPORT 2017 Part I Important Notes This Abstract is based on the full text of the Annual Report of Hainan Jingliang Holdings Co.,Ltd.(together with its consolidated financial report and subsi
2、diaries,the“Company”,except where the context otherwise requires).In order for a full understanding of the Companys operating results,financial condition and future development planning,investors should carefully read the full text which has been disclosed together with this Abstract on the media de
3、signated by the China Securities Regulatory Commission(the“CSRC”).This Abstract has been prepared in both Chinese and English.Should there be any discrepancies or misunderstandings between the two versions,the Chinese version shall prevail.All the Companys Directors have attended in person the Board
4、 meeting for the review of this Report.No-standard auditors modified opinion:Applicable Not applicable Proposal on cash and/or share dividend,and capital reserve transferred into share capital for common shareholders for the Reporting Period,which has been considered and approved by the Board:Applic
5、able Not applicable The Company plans not to distribute cash or share dividend and transfer capital reserve into share capital for the Reporting Period.Proposal on cash and/or share dividend for preferred shareholders for the Reporting Period,which has been considered and approved by the Board:Appli
6、cable Not applicable Part II Company Profile 1.Stock Profile Stock name JLKG,JL-B Stock symbol 000505,200505 Stock exchange Shenzhen Stock Exchange Contact information Board Secretary SecuritiesRepresentative Name Zhao Yinhu Office address Jing Liang Building,No.16 East Third Ring Middle Road,Chaoya
7、ng District,Beijing Fax 010-51672010 Tel.010-51672029 E-mail address 2.Brief Introduction to Main Business Scope or Products in Reporting Period During the Reporting Period,the Company completed a significant asset restructuring,and its main business scope has changed from real estate development,re
8、sort hotel operation and property management to vegetable oil processing,food production and land restoration.It runs its oils and oilseeds processing and trading business primarily in Beijing City,Tianjin City and Hebei Province under the brands of“Gu Chuan”,“Lv Bao”,“Gu Bi”,“Huo Niao”and“Tian Yi”,
9、with the main products being soybean oil,rapeseed oil,sunflower seed oil and sesame oil and paste,among others.As for its food production business,it primarily develops,produces and markets snack food and bread under the brands of“Xiaowangzi”,“MS Dong”,“Jianqiang De Tudou”and“Gu Chuan”,among others,
10、with the main products being potato chips,cakes and pastries and bread.In 2017,under a market environment that oil and oilseed prices fell sharply in the first half of the year and fluctuated low in the second half of the year,in its oils and oilseeds business division,the Company made innovation in
11、 operation mode,optimization in product structure and enhancement in fine management.A total of 1.6777 million tons of oils and oilseeds were sold during the Reporting Period,generating revenue of RMB6.587 billion(a 29.78%year-over-year increase)with net income attributable to the Company(as the par
12、ent company)before non-recurring gains and losses being RMB80.55 million(a 21.64%year-over-year increase).Firstly,new breakthroughs in oil processing were achieved.In terms of oil processing,the Company focused on lean management by means of 6s,comprehensive budget management,risk prevention and con
13、trol system construction to comprehensively enhance the operation level,keep improving quality and efficiency.The annual processing volume exceeded 1 million tons with an operation rate of 83.33%,being at the forefront of the industry.Secondly,brand product structure was gradually optimized.The seri
14、es of brands including“Gu Chuan”,“Lv Bao”,“Gu Bi”,“Huo Niao”and“Tian Yi”focusing on high value-added products promote continuous optimization of product structure.The Company increased produce R&D,gathered marketing resources and strengthened assessment incentives,and thus achieved substantial growt
15、h in sales of high value-added products such as sesame oil,rapeseed oil and flax seed oil,etc.,of which sales of sesame oil increased by 23.18%year-on-year.Thirdly,steady progress had been made in the trade reserve.In terms of oil and oilseeds trade,the Company adhered to the sales model of combinat
16、ion of futures trading and actual transactions strengthened market judgment,made innovation in operation and prevented business risks,thus achieved an annual trade volume of oils and oilseeds amounted to 424,000 tons,an increase of 59.81%year-over-year,covering more than 12 varieties such as soybean
17、,rapeseed oil and flaxseed.Regarding oil reserve,the Company adhered strictly to the rules and regulations and strengthened the standardized management.There were no accidents throughout the year,and 60,000 tons of storage was successfully completed in-out-stock.In 2017,facing the adverse conditions
18、 of fierce competition in the end market and rising price on raw and auxiliary materials in its food processing business,the Company got over both internal and external difficulties,achieving sales revenue of RMB829 million for the year(a year-over-year increases of 5.73%)with net income attributabl
19、e to the Company(as the parent company)before non-recurring gains and losses being RMB70.6663 million(a 50.08%year-over-year increase).Firstly,the snack food business maintained a rapid growth.In terms of snack food business,the Company adhered to the development model of“Differentiated Asymmetric C
20、ompetitive Strategy”and“Professional Manufacturing+Cultural Innovation+Internet Gene”,focusing on the three major categories of potato,puffed food and pastry.This business division centered on product R&D,intensified fine management and laid stress on channel expansion,and thus achieved annual sales
21、 revenue of RMB771 million,an increase of 5.47%year-over-year.The Company owned 1,470 clients with a reasonable layout including comprehensive channels,terminal channels,circulation channels and special channels to sell products to all regions in the country.The sales revenue of main products MS Don
22、g and Jianqiang De Tudou accounted for 32.7%of the total sales revenue,playing a significant role in strategic driving effect.The newly introduced Dai BuEr,12 Constellations and Daily Walnut also won a good market response with a sales revenue accounting for 29%of the total,playing an important role
23、 in stimulating the market.Secondly,the bread processing business was ready for expansion.The Company actively expanded the retail market of bread business and enriched the product structure to reversed the downward trend in previous years,and sales in KFC and retail channels increased by 8.5%and 44
24、%respectively,building a base for the next step,that is,on the one hand,the cooperation with the Wumart Group in capital level entered the substantive stage.The two parties had signed a strategic cooperation agreement,and the bread products would be available for sale in the 350 stores of Wumart in
25、Beijing.On the other hand,the expansion of the baking industry would be carried out in an orderly manner,and stores would be opened in Tianjin and Beijing.Moreover,the ERP system and institutional mechanisms would be established for standardization.On December 13,2017,the Board of Directors of the C
26、ompany convened the 22nd meeting of the 8th session to discuss and approve the“Proposal on Signing Project Cooperative Agreements and Launching Projects for Land Rehabilitation and Agricultural Industrialization”,and the Company began to get involved in the field of land restoration.In 2017,the Cent
27、ral No.1 Document“The Central Committee of the Communist Party of China and the State Councils Opinions on Deepening the Structural Supply Side Reform on Agriculture and Accelerating the New Development of Agriculture and Rural Area”clearly clarified that“the increased cultivated land by land remedi
28、ation is allowed to be adjusted within the province as an indicator of compensatory balance for supplementing cultivated land,and the gains from the adjustment of the targets can be obtained according to regulations or contracts”.The Company cooperates with the government and professional land remed
29、iation companies to start with compensatory balance indicators,which can guarantee stable profits and rapid entry into the field of land restoration,building a base for the next step in the expansion of the land restoration industry chain.3.Key Financial Information(1)Key Financial Information of Pa
30、st Three Years Indicate by tick mark whether there is any retrospectively restated data in the table below.Yes No Reasons for retrospective restatements:Business merger under the same control.Unit:RMB 2017 2016 2017-over-2016 change 2015 Before Restated Restated Before Restated Sales revenue 7,917,6
31、39,044.13 969,140,915.32 8,723,491,657.31-9.24%267,068,750.88 13,959,307,849.28 Net income attributable to shareholders of the listed company 129,603,167.36 73,300,570.54 197,319,239.01-34.32%-107,573,743.92-20,028,834.34 Net income attributable to shareholders of the listed company before nonrecurr
32、ing gains and losses 63,818,849.21-134,994,571.34-72,109,287.22 225.52%-237,953,658.00-236,415,787.81 Net cash flows from operating activities -1,379,507,779.66 257,914,814.62 948,330,160.14-245.47%259,599,625.38 1,052,914,971.80 Basic earnings per share(RMB/share)0.2 0.17 0.31-35.48%-0.25-0.03 Dilu
33、ted earnings per share(RMB/share)0.2 0.17 0.31-35.48%-0.25-0.03 Weighted average return on equity(%)5.01%0.00%6.96%-1.95%0.00%0.00%December 31,2017 December 31,2016 Change of December 31,2017 over December 31,2016 December 31,2015 Before Restated Restated Before Restated Total assets 6,082,383,851.2
34、3 1,385,469,635.17 5,007,343,324.00 21.47%1,714,444,000.65 6,921,922,664.53 Equity attributable to shareholders of the listed company 2,101,342,683.37 65,088,302.88 1,383,081,876.55 51.93%-217,136,869.15 984,066,397.14 Notes:Sales revenue of 2016 is higher than that of 2017 primarily because the sal
35、es revenue of January-May 2016 includes revenue of RMB1.865 billion from the grain trading business(transferred at the end of May 2016)and there was no such business in the current period.Net income attributable to shareholders of the listed company of 2017 is lower than that of 2016 primarily becau
36、se the Company earned net income of RMB152.85 million in 2016 from disposal of its equity investments in Heilongjiang Longshi Pearl River Media Co.,Ltd.and Days Hotel&Suites Sanya Resort as well as three villas in Sanya City,Hainan Province.Cash used in operating activities is of a large amount beca
37、use in the oil and oilseed business,the Company purchased a large quantity of soybeans in the international market at the end of 2017 according to its production and operation plan for 2018,which had been made upon careful analyses on the international and domestic markets.(2)Key Financial Informati
38、on by Quarter Unit:RMB Q1 Q2 Q3 Q4 Sales revenue 1,545,437,876.41 1,737,124,400.52 2,232,700,520.70 2,402,376,246.50 Net income attributable to shareholders of the listed company 29,668,391.83 30,000,740.02 42,164,080.63 27,769,954.88 Net income attributable to shareholders of the listed company bef
39、ore nonrecurring gains and losses 13,757,116.56 18,420,025.56 10,579,084.33 21,062,622.76 Net cash flows from operating activities -124,811,091.49-564,681,487.32-305,046,738.32-384,968,462.53 Indicate by tick mark whether any of the financial data in the table above or their summations differs mater
40、ially from what have been disclosed in the Companys quarterly or semi-annual reports.Yes No 4.Share Capital and Shareholder Information (1)Numbers of Common Shareholders and Preferred Shareholders with Resumed Voting Rights as well as Shareholdings of Top 10 Shareholders Unit:share Common shareholde
41、rs at period-end 30,241 Common shareholders at month-end prior to disclosure of this Report 33,650 Preferred shareholders with resumed voting rights at period-end 0 Preferred shareholders with resumed voting rights at month-end prior to disclosure of this Report 0 Top 10 shareholders Name of shareho
42、lder Nature of shareholder Shareholding percentage at period-end(%)Shares Restricted shares Pledged or frozen shares Status Shares BEIJING GRAIN GROUP CO.,LTD.State-owned juridical person 42.06%288,439,561 164,877,598 BEIJING STATE-OWNED CAPITAL OPERATION AND MANAGEMENT CENTER State-owned juridical
43、person 7.07%48,510,460 48,510,460 CHINA DEVELOPMENT BANK CAPITAL CO.,LTD.State-owned juridical person 3.33%22,828,451 22,828,451 GOLD BUFFALO RUNYING(TIANJIN)EQUITY INVESTMENT FUND(L.P.)Domestic non-state-owned juridical person 3.33%22,828,451 22,828,451 LI SHERYN ZHAN MING Foreign natural person 3.
44、30%22,620,168 0 MEI JIANYING Domestic natural person 0.38%2,597,803 0 XU ZHEN Domestic natural person 0.37%2,518,300 0 Frozen 1,550,000 ZHANG XIAOXIA Domestic natural person 0.28%1,949,250 0 WANG XIAOXING Domestic natural person 0.27%1,836,500 0 ZHONG YI Domestic natural person 0.25%1,730,083 0 Rela
45、ted or acting-in-concert parties among shareholders above Beijing State-Owned Capital Operation And Management Center owns 100%of Beijing Grain Group Co.,Ltd.,and Beijing Grain Group Co.,Ltd.is a shareholder of the Company(a 42.06%holding).Apart from that,the Company does not know whether there are
46、any other related parties or acting-in-concert parties among the top 10 shareholders.Shareholders conducting securities margin trading(if any)1.Shareholder Wang Xiaoxing holds 1,836,500 shares in the Company through his account of collateral securities for margin trading in Soochow Securities Co.,Lt
47、d.2.Shareholder Zhong Yi holds 1,730,083 shares in the Company through his account of collateral securities for margin trading in Fortune Securities Co.,Ltd.(2)Number of Preferred Shareholders and Shareholdings of Top 10 of Them No preferred shareholders in the Reporting Period.(3)Ownership and Cont
48、rol Relations between Actual Controller and the Company State-owned Assets Supervision and Administration Commission of Peoples Government of Beijng Municipality 100%5.Corporate Bonds The Company has no corporate bonds publicly offered and listed on the stock exchange,which were undue before the dat
49、e of this Reports approval or were due but could not be redeemed in full.Part III Company Performance Discussion and Analysis 1.Business Review for Reporting Period(1)Overall Performance In face of the increasingly unfavorable market and industry environments,the Company pursued progress amid stabil
50、ity.For 2017,the Company recorded sales revenue of RMB7.918 billion,with net income attributable to its shareholders being RMB129.6 million and earnings per share RMB0.20.By operating division,the oils division generated sales revenue of RMB6.587 billion(a 29.78%year-over-year increase)with net inco