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ai161915073836_Yida AR20 Cover_21.5mm_output.pdf 1 23/4/2021 下午12:05 C M Y CM MY CY CMY K Contents Corporate Overview 2 Corporate Information 3 Financial Summary 5 Chairman’s Statement 7 Management Discussion and Analysis 11 Environmental, Social and Governance Report 39 Profile of Directors and Senior Management 60 Directors’ Report 65 Corporate Governance Report 80 Independent Auditor’s Report 90 Consolidated Financial Statements • Consolidated Statement of Profit or Loss 97 • Consolidated Statement of Comprehensive Income 98 • Consolidated Statement of Financial Position 99 • Consolidated Statement of Changes in Equity 101 • Consolidated Statement of Cash Flows 103 • Notes to the Consolidated Financial Statements 105 Yida China Holdings Limited 2020 Annual Report 1 Corporate Overview Yida China Holdings Limited (the “Company”), together with its industrial upgrading strategies, fully integrated internal and external subsidiaries (collectively referred to as the “Group”), founded in resources, further developed and operated Dalian Ascendas IT Park, 1988, headquartered in Shanghai, is China’s largest business park Tianjin Binhai Service Outsourcing Industrial Park, Suzhou High- developer and leading business park operator. The main business tech Software Park, Wuhan Guanggu Software Park, Dalian Tiandi, involves business park development and operation, residential Dalian BEST City, Wuhan Software New Town, Yida Information properties within and outside business parks and office properties Software Park and many other software parks and technology sales, business park entrusted operation and management and parks. It helped the Group achieve its preliminary strategic goals of construction, decoration and landscaping services. On 27 June “National Expansion, Business Model Exploration and Diversified 2014, the Company was successfully listed (the “Listing”) on the Cooperation”. For 20 years, the Group had provided its services Main Board of The Stock Exchange of Hong Kong Limited (the to nearly 80 Fortune Global 500 Companies. The Group had “Stock Exchange”). accumulated rich client base and operation experiences, forming a blue ocean for business development featuring high entry threshold, During the early stage of corporate development, the Group high customer loyalty, whole production chain coverage and established its foothold in Dalian and relied on its local knowledge immunity to cyclicality risk. advantages. Meanwhile, it catered to the international development trends and enjoyed the advantages of its unique business model. Throughout these years upon the Listing, the Group clearly Since 1998, the Group had firmly been seizing the international put forward to be “China’s leading business park operator”. industrial relocation opportunities of service outsourcing industry It pursued its national expansion goal through the strategy of and IT outsourcing industry, implementing “Private Investment “leading the development of asset-light business to actuate asset- + Government Support”, Internationalization and “Industry- heavy business, and developing asset-light and asset-heavy Universities” integration strategies, creating the business model businesses simultaneously”. Thus, the Group, by virtue of using the of City-Industry Integration, and constructing and operating development mode of “City-Industry Integration”, had been fully Dalian Software Park at a high standard. The Group had become exploring its business in major first-tier and second-tier cities and a pioneer in the field of China’s service outsourcing business economically vital regions. park development and operation and had determined its future development direction. In the “second half” of the real estate industry, the Group will cater to the trends and, by virtue of its strong internal and external During the business expansion stage, the Group improved its resources, enhance its core competitiveness as to its business park capacities in all fields, raised abruptly based on its accumulated development and operation to finally achieve scale development strength and established its own core competitiveness. The Group, and performance improvement. by relying on its successful experiences in the operation of Dalian Software Park and the government’s economic development and 2 Yida China Holdings Limited 2020 Annual Report Corporate Information Board of Directors Registered Office Executive Directors Cricket Square Mr. Jiang Xiuwen (Chairman and Chief Executive Officer) Hutchins Drive Mr. Chen Donghui (removed on 15 June 2020) P.O. Box 2681 Mr. Yu Shiping (resigned on 31 March 2021) Grand Cayman KY1-1111 Ms. Zheng Xiaohua (resigned on 31 March 2021) Cayman Islands Mr. Xu Beinan (resigned on 1 April 2020) Headquarters in the People’s Republic of China Non-executive Directors (“PRC”) Mr. Wang Gang 5/F, People’s Insurance Mansion Mr. Zong Shihua (resigned on 4 June 2020) No. 8, Fuyou Road Mr. Zhou Yaogen (resigned on 15 September 2020) Huangpu District Mr. Zhang Xiufeng (appointed on 15 September 2020) Shanghai Mr. Cheng Xuezhi (appointed on 31 March 2021) PRC Mr. Ni Jie (appointed on 31 March 2021) Principal Place of Business in Hong Kong Independent Non-executive Directors Room 1215, 12th Floor Mr. Yip Wai Ming Two Pacific Place Mr. Guo Shaomu 88 Queensway Mr. Wang Yinping Admiralty Mr. Han Gensheng Hong Kong Joint Company Secretary Principal Share Registrar and Transfer Office Ms. Wang Huiting Ms. Kwong Yin Ping Yvonne Conyers Trust Company (Cayman) Limited Cricket Square Authorised Representatives Hutchins Drive P.O. Box 2681 Mr. Jiang Xiuwen Grand Cayman KY1-1111 Ms. Wang Huiting Cayman Islands Board Committees Hong Kong Branch Share Registrar and Transfer Audit Committee Office Mr. Yip Wai Ming (Chairman) Computershare Hong Kong Investor Services Limited Mr. Guo Shaomu Shops 1712-1716, 17th Floor Mr. Wang Yinping Mr. Han Gensheng Hopewell Centre 183 Queen’s Road East Remuneration Committee Wanchai Hong Kong Mr. Wang Yinping (Chairman) Mr. Jiang Xiuwen Mr. Guo Shaomu Mr. Han Gensheng Nomination Committee Mr. Jiang Xiuwen (Chairman) Mr. Yip Wai Ming Mr. Wang Yinping Mr. Han Gensheng Yida China Holdings Limited 2020 Annual Report 3 Corporate Information (continued) Auditor PricewaterhouseCoopers Certified Public Accountants Registered Public Interest Entity Auditor Legal Advisors As to Hong Kong Law Sidley Austin As to PRC Law Commerce & Finance Law Offices As to Cayman Islands Law Conyers Dill & Pearman (Cayman) Limited Principal Bankers Bank of Dalian Shanghai Pudong Development Bank Harbin Bank Huaxia Bank Stock Code 3639 Company’s Website www.yidachina.com 4 Yida China Holdings Limited 2020 Annual Report Financial Summary A summary of the results and of the assets, liabilities and non-controlling interests of the Group for the last five financial years, as extracted from the published audited financial statements, is set out below: Year ended 31 December 2020 2019 2018 2017 2016 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue 5,204,224 6,077,400 7,356,958 7,317,619 7,004,548 Cost of sales (3,959,448) (3,946,801) (5,305,746) (5,551,155) (5,460,083) Gross profit 1,244,776 2,130,599 2,051,212 1,766,464 1,544,465 Other income 37,917 52,733 51,927 70,491 72,949 Gains arising from acquisition of subsidiaries 454,889 49,389 790,959 – 583,113 Fair value gains on investment properties 81,073 147,396 6,586 341,216 201,219 Net impairment losses on financial and contract assets 2,635 (9,174) (23,861) – (19,270) Other (losses)/gains – net 81,055 297,643 (45,058) 19,998 (342,839) Selling and marketing expenses (169,350) (208,086) (192,886) (236,083) (215,505) Administrative expenses (451,296) (520,801) (502,698) (478,585) (434,358) Finance costs – net (832,091) (683,098) (659,853) (334,461) (278,346) Share of profits and losses of joint ventures and associates 86,876 50,808 8,810 449,702 (80,676) Profit before income tax 536,484 1,307,409 1,485,138 1,598,742 1,030,752 Income tax expenses (339,645) (669,306) (681,552) (504,480) (456,599) Profit for the year 196,839 638,103 803,586 1,094,262 574,153 Owners of the Company 172,576 450,164 833,919 984,302 564,000 Non-controlling interests 24,263 187,939 (30,333) 109,960 10,153 196,839 638,103 803,586 1,094,262 574,153 Yida China Holdings Limited 2020 Annual Report 5 Financial Summary (continued) As at 31 December 2020 2019 2018 2017 2016 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 ASSETS, LIABILITIES AND NON-CONTROLLING INTERESTS TOTAL ASSETS 45,466,485 43,873,463 43,086,362 37,097,484 35,959,502 TOTAL LIABILITIES (33,154,703) (31,337,942) (31,247,803) (25,954,578) (25,812,973) NON-CONTROLLING INTERESTS (282,208) (678,523) (463,615) (404,727) (274,189) 12,029,574 11,856,998 11,374,944 10,738,179 9,872,340 6 Yida China Holdings Limited 2020 Annual Report Chairman’s Statement Dear shareholders, I am pleased to present you the annual results of the Group for the year ended 31 December 2020 (the “Year”). Jiang Xiuwen Chairman and Chief Executive Officer Yida China Holdings Limited Yida China Holdings Limited 2020 Annual Report 7 Chairman’s Statement (continued) Results I. Concentrating on city-industry projects, exploring multiple cooperation models, in During the Year, the Group recorded revenue of RMB5,204 million, order to improve operational efficiency of which sales income from residential properties within business The Group continued to emphasise the development of parks, office properties and standalone residential properties its business under the “city-industry integration” model. was RMB3,555 million. Rental income from business parks was By establishing professional partnerships with multiple RMB538 million; business park operation and management income financial institutions and maintaining cooperation in project was RMB63.07 million; construction, decoration and landscaping expansion, industry resource sharing, and the establishment income was RMB419 million; and property management income of investment and financing platforms, the Group achieved was RMB630 million. Gross profit decreased by 41.6% to RMB1,245 complementary advantages, risk sharing, and benefit sharing.
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