BEIJING, March 7, 2016 /PRNewswire/ -- Long Ji Tai He Holding Limited ("Long Ji Tai He Holding" or the "Company", stock code: 1281), a leading provider of smart energy solutions for green cities in China, is pleased to announce its annual results for the year ended 31 December 2015 ("year under review").
Results Highlights:
| (RMB million) |
For the year ended 31 December |
||
| 2015 |
2014 |
Change |
|
| Turnover |
324.2 |
61.8 |
+424.3% |
| Gross profit |
31.8 |
20.0 |
+58.8% |
| Net (loss)/profit for the year attributable to equity shareholders of the Company |
13.0 |
(70.2) |
N/A |
| Basic and diluted (losses)/earnings per share (RMB) |
0.02 |
(0.12) |
N/A |
The year 2015 was a milestone year for Long Ji Tai He Holding, marked by its successful completion of asset restructuring and entry into the clean energy industry. These measures are expected to promote long-term business development of the Company. During the year under review, turnover and gross profit of the Company amounted to RMB324.2 million (2014: RMB61.8 million) and RMB31.8 million (2014: RMB20.0 million) respectively, with significant increases of approximately 424.3% and 58.8% respectively. The Company has achieved a successful turnaround during the year under review, with its net profit for the year attributable to equity shareholders of the Company amounting to RMB13.0 million (2014: net loss of RMB 70.2 million). Both basic and diluted earnings per share of the Company were about RMB0.02 (2014: loss of RMB 0.12).
2015 is the inaugural year of the new millennium for the clean energy industry in the PRC. Under the pressures exerted by worsening environmental problems and energy shortages, the prime mission is to develop a resource-efficient society. The PRC government has actively promoted reform on electric power systems and the construction of energy networks, as well as proactively supporting the development of the clean energy industry including the solar photovoltaic industry. These favourable policies are expected to benefit the Company's future development.
Against the market backdrop of aggressive promotion of "Internet+" smart energies nationwide, Long Ji Tai He Holding is committed to build up a platform for smart energy solution services. The Company provides energy consumers who have access to smart energy service platforms with the last mile smart services, including distributed energies, energy storage systems, etc., providing energy saving, power and energy trading and many other value added services. With a large-scale incorporation of smart energy service platforms, the Group is set to create a green smart ecosystem, bringing mass consumers the experience of smart, customised and clean low carbon energies.
Since its entry into the clean energy business in November 2015, the Company has kicked off its first project on developing a smart energy service platform. Located in Baigou New Town, Baoding City, Hebei Province, the project has already been completed and a 9.5-megawatt distributed photovoltaic station is in operation. The Company is now in the progress of incorporating comprehensive smart energy service platform, which is expected to be put into operation by the first half of 2016.
The main revenue model of the Company is to develop, operate and sell solar power stations. Projects developed by the Company are mainly located in Beijing, Tianjin and Hebei, that is the Bohai Rim region covering the provinces and cities of Hebei, Beijing, Shandong and East Inner Mongolia. The coverage is now expanding to provinces and cities of Henan, Jiangsu, Zhejiang, Anhui and Guangdong in China's central region and eastern coastal region. Currently, the Company has reserved a large number of projects with a total capacity of approximately 800 megawatts and obtained the development right of the project on a 20 megawatts station in Dingzhou of Baoding City. In addition, the Company has also entered into strategic cooperation agreements with certain PRC energy companies, including Beijing BOE Energy Technology Co., Ltd. and Beijing Tsing Yun Energy Technology Co., Ltd., to jointly develop photovoltaic stations.
During the year under review, the main revenue driver of the Company was its primary land development business. In July 2015, the Company has completed its acquisition of the Baoding Donghu Project and will undergo urbanisation of the rural area, public construction investment and primary land development and consolidation. The project is the first development project adopting Public-Private-Partnership (PPP) model in Baoding, Hebei Province and also a key project implemented under government policies at both city and district levels. It is expected that the project will bring stable income return and cash flow to the Company.
Looking ahead, Long Ji Tai He will fully utilize Longjitaihe Group's ample consumer resources from its diversified property business such as industry parks, commercial parks and residential communities, so as to promote its smart energy solutions to these current groups and with this to create a smart energy platform which aims to provide tailor-made products and services for different consumers. The Company will also start its smart energy and solar energy business in Beijing, Tianjin and Hebei districts, as well as the eastern coastal regions. Furthermore, the Company will enhance its technological skills, including the efficiency of solar power stations and data cloud of smart energy service platform. In 2016, the Company plans to develop 2 to 3 smart communities with its smart energy service platform, and also aims to develop solar power stations individually/jointly, with a total capacity of 300 to 400 megawatts.
Mr. Wei Shaojun, Chairman of Long Ji Tai He Holding said, "Benefiting from the development of energy networks and smart use of energy, the Company is committed to expand its smart energy solutions and solar energy businesses. Forging ahead, we strive to become the industry leader of smart energy solutions for green cities, in order to maximize the growth potential of the Company and the returns to our shareholders."
About Long Ji Tai He Holding Limited
Long Ji Tai He Holding is a leading provider of smart energy solutions for green cities in China. Through its smart energy service platform, Long Ji Tai He Holding provides energy consumers with all-round smart services, including decentralized clean energy, energy saving, energy trading and other value-added services. The Company is committed to the balanced development of both the demand and supply sides of energy consumption. The main business of the Company includes planning and implementing smart energy solutions as well as developing, operating and selling high-quality photovoltaic power plants. Leveraging Longjitaihe Group's outstanding track record and strong customer base in both diversified real estate and clean energy business, the Company is determined to become the industry leader for smart energy solutions in China.