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LT Smart Energy Announces 2016 Interim Report -final

2016/09/01 10:59
[Abstract]:
LT Smart Energy Announces 2016 Interim Report with Net Profit Surges to RMB42.2 Million Profit successfully realized in the s olar business

LT Smart Energy Announces 2016 Interim Report with Net Profit Surges to RMB42.2 Million

 

Profit successfully realized in the s olar business

 

Smart energy cloud platform commences operation, bringing potential future growth

HONG KONG, Aug. 31, 2016 /PRNewswire/ -- LongiTech Smart Energy Holding Limited (previously known as "Long Ji Tai He Holding Limited" , "LT Smart Energy" or the "Company", stock code: 1281.HK), a leading provider of smart energy solutions for green cities in China, is pleased to announce its unaudited interim results for the six months ended 30 June 2016 ("the Period").

Results Highlights:

(RMB '000)

For the six months ended 30 June (Unaudited)

 

2016

2015

Growth Rate

Revenue

299,954

22,870

1,211.56%

Gross profit

38,864

6,449

502.6%

Profit/(loss) for the period attributable to owners of the Company

42,174

(512)

-

Basic and diluted earnings per share for profit/(loss) attributable to owners of the Company(RMB)

0.0694

(0.0009)

-

The Company has achieved rapid growth in its business and saw a successful turnaround during the Period. Revenue amounted to over RMB299.95 million, representing an increase of 1,211.56% as compared to RMB22.9 million for the same period of 2015. Gross profit increased significantly by 502.6% to RMB38.9 million, as compared to RMB6.4 million for the same period of 2015. Profit for the period attributable to owners of the Company amounted to RMB42.2 millionindicating a remarkable increase of 42.7 million as compared to 2015. Both basic and diluted earnings per share of the Company were RMB0.0694 (1H 2015: loss of RMB0.0009)

During the first half of 2016, targeting the needs of the Company's business transformation, the Company proactively carried out fine tuning, adjustment and improvement of the internal institutional structure, enhancing and allocating technological, R&D, business and operational maintenance teams related to smart energy and solar energy businesses, so as to provide stronger support to the Company's principal business through more effective and professional management. The Company actively expanded the smart energy and solar energy station businesses, completing the initial construction of the cloud platform system for smart energy, acquisition of 3 solar energy stations and initial preparation for the development of certain power stations, laying a solid foundation for future business development.

During the Period, the Company was mainly engaged in the construction of the integrated operation platform for smart energy, the integration of energy service providers, as well as the construction works for the demonstration zones in smart energy industrial and business parks. The platform, independently built by the Company, is a leading comprehensive domestic smart energy operation cloud platform. Through the integration of energy systems and information technology, the platform achieves an automated, efficient and scientific method of management of energy usage, covering energy data collection, process monitoring, energy consumption analysis, energy consumption management, etc., fully connecting the whole information chain from energy supply to consumption. The platform has currently achieved the following functions: real-time monitoring of energy system and equipment, multi-dimension statistical analysis of energy usage, independent operation of energy microgrid, system alarm in the energy usage process, operation and maintenance of energy system and equipment. Currently, the Platform is linked up with industrial park projects at Lightway Industrial Park, as well as the commercial projects represented by BaigouSpecialised Wholesale Market, the key commercial logistics base in northern China. As the smart energy platform has started operation on 22 July 2016, it is expected to generate revenue and profit for the Company in the second half of the year.

Through self-directed and co-development, the Company engaged in development, construction, operation, sales of solar power photovoltaic stations, and provision of relevant consultation management services. Above-ground power stations primarily adopt the BT model (build-transfer), while distributed power stations chiefly adopt the BOO model (build-own-operation). During the Period, the Company held three photovoltaic stations by means of acquisitions, namely HebeiLonghua,  (Ground power station), Shandong Shengxiang, (Distributed), and Jiangsu Huaian, (Distributed) with a total of 30MW installed capacity, and were fully connected to the power grids. During the Period, the development of power stations achieved its first ever profit result with the revenue of approximately RMB11.8 million and profit of RMB28 million for the Company.

Looking ahead, with the PRC being the largest energy producer and consumer of energy in the world, constructing a clean, low-carbon, safe and highly efficient modern energy system has become a top priority for the Chinese government, and has been clearly included in the "13th Five-year Plan" of the PRC. The relevant ministries of the country released guidance on "Internet+" smart energy development one after another, and actively promoted the implementation of "Internet+" smart energy demonstration projects. According to the comments by experts in the National Energy Administration, the implementation of smart energy demonstration projects is expected to bring about investment of at least RMB40 billion this year. In the meantime, the reform in the electricity distribution and sales sector is progressing into the implementation stage, which will break the monopoly in the industry and gradually open the market to private enterprises. Leveraging advanced internet technologies, the energy industry will embrace a revolution and bring history-making development opportunities for companies engaged in related business sectors.

Mr. Wei Shaojun, Chairman of LT Smart Energy said, "Riding on industry trends, favourable national policies, as well as Longjitaihe Group's outstanding performance and solid client base in diversified property and clean energy businesses, the Company is proactively developing the LongiTech Smart Energy Cloud Platform, a comprehensive operation platform of smart energy solutions with independent intellectual property rights. The Company will focus on key energy consumption and environmental pollution regions, Beijing, Tianjin and Hebei, to establish industrial, commercial smart energy demonstration projects. Meanwhile, under the full-fledged support from the government, the Company will rapidly expand its client base through the Hebei Energy Platform Company to initiate large-scale operations. During this process, the Company will offer supplementary services, such as energy conservation and distributed energy, to its customers, and provide the government with energy management reports of the industry, while extracting marketing value from the gigantic volume of data on customers' energy sources. By building, operating and constantly developing and strengthening the comprehensive operation cloud platform of smart energy solutions, it is the Company's expectation to make a contribution to energy conservation, emissions reduction and environmental improvement efforts in the Beijing-Tianjin-Hebei region, and the rest of the country, and play a supportive role in the development of the country's smart energy industry."

About LongiTech Smart Energy Holding Limited

LongiTech Smart Energy Holding Limited (previously known as "Long Ji Tai He Holding Limited") is a leading provider of smart energy solutions for green cities in China. Through its smart energy cloud platform, LT Smart Energy 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. 

 

CONTACT: Mengting Zhao, 010-56120321, zhaomt@longitech.hk