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Chairman's Statement
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Dear Shareholders,
On behalf of the Board of Directors of Zhongmin Baihui Retail Group Ltd,
it is my pleasure to present to you the Company’s Annual Report for the
financial year ended 2020.
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The Chinese economy managed to register positive growth in 2020 despite the negative effects of COVID-19 on
economic activities in the first half of 2020. According to the National Bureau of Statistics of China, the Chinese GDP
grew 2.3% in 2020 while retail sales of consumer goods, excluding automobiles, fell 4.1% in 2020. Within the subsegments
of retail sales, supermarket sales grew 3.1% while department store sales fell 9.8%. Swift and decisive actions
by the Chinese government, with the cooperation of businesses and residents, brought the spread of COVID-19 under
control and economic activities gradually regained normality.
Against this challenging macro-environment, the Group managed to achieve profit after taxation of RMB55.2 million in
2020, a respectable annual growth rate of 5.8% on the back of a 17.1% increase in revenue to RMB1,230.2 million. In
view of our positive performance and to reward our shareholders, we are proposing a final dividend of SGD2.0 cents per
share for a total of SGD3.0 cents per share for the year. The total dividend per share for FY2020 is maintained at the
same level as FY2019. We aim to maintain a good dividend pay-out ratio whenever possible.
We have adjusted our store rollout plan, partly due to the effects of COVID-19. A new 7,700 sqm store in Jinjiang,
Quanzhou City was opened on 26 March 2021. With this new store opening, we would currently have a total of 16 selfowned
stores, 3 managed stores and an outlet mall in Changsha. Over the next 12 months, we will open a 380,000 sqm outlet mall
in Wuxi, Jiangsu Province, a 1,200 sqm store in Quangang, Quanzhou City and a 3.500 sqm store in Guangde, Anxi County,
Quanzhou City. There are plans to open a 15,200 sqm store in Zhangzhou Port, Zhangzhou City, a 192,500 sqm outlet mall
in Longwen, Zhangzhou City and a 110,800 sqm outlet mall in Nan’an, Quanzhou City. Other retail projects are also being
planned. The Group has come a long way since its IPO in 2011 when we started with just one self-owned store.
We have confidence that the Group will continue to deliver satisfactory results this year and beyond and
I thank our shareholders for their patience and support.
Mr Lee Swee Keng
Executive Chairman
13 July 2021
我谨代表中闽百汇零售集团有限公司董事会发布 2020
年度年报。
尽管新冠肺炎对2020 年上半年的经济活动产生了负面影响，但中国经济在2020 年实现了正增长。根据中国国家统计局的数据，
2020 年中国国内生产总值增长了2.3%。不包括汽车在内的国内消费品零售额在2020 年下降了4.1%。其中，超市销售额增长3.1%，
百货商店销售额下降9.8%。中国政府的迅速果断行动，在企业和居民的配合下，控制了新冠肺炎的传播，使经济活动逐步恢复正常。
在这一充满挑战的宏观环境下，集团于2020 年的表现还是不错，税后利润为人民币5524 万元，年增长率为5.8%，而销售也有17.1%
的镇长至人民币12.3 亿元。考虑到积极的业绩和对股东的奖励，我们建议本年度派发每股新币2.0 分，含年每股新币3.0 分，每股
股息保持在2019 年的水平。之后我们也会尽量保持一个好的支付比例。
应为新冠肺炎的因素，我们有调整开店计划。我们有一家7700 平方米的泉州晋江门店，已经在2021 年3 月26 日开业。开了这店后，
集团共有16 家自营店、3 家管理店和一家奥拉。未来12 个月内，我们将在江苏无锡开设一家380,000 平方米的奥莱，泉州市泉港一家1,200
平方米的门店，泉州市安溪县广德3,500 平方米的门店。我们也计划在漳州市漳州港开设一家15,200 平方米的门店，漳州市龙文一家192,500
平方米的奥莱和泉州市南安一个110,800 平方米的奥莱。另外集团还有几个项目也在计划中。自2011 年IPO 以来，
从一家自营店我们已经已经有了一点成就。我们相信，集团今年将继续取得令人满意的业绩，我感谢股东的耐心和支持。
李瑞庆
执行主席
2021 年 7 月 13 日
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