频繁跨界难掩颓势 卧龙地产更名“新能”背后的资本腾挪术

Core Viewpoint - Wolong Real Estate is undergoing a significant transformation by shifting its focus from real estate to the renewable energy sector, as indicated by its name change to "Wolong New Energy" effective May 15, 2025, reflecting its strategic pivot away from traditional real estate operations [1] Group 1: Business Transition - Wolong Real Estate has a history of diversifying its business, previously attempting to enter the gaming and mining sectors, but these efforts have not yielded sustainable success [1][2] - The company has faced declining performance in its real estate segment, with a reported sales revenue decrease of 34.71% in 2022 and a further decline of 22.74% in 2023 [5][6] - The recent acquisition of stakes in four energy-related companies marks the company's third major business transition, aiming to establish a foothold in the renewable energy market [8] Group 2: Financial Performance - In 2022, Wolong Real Estate achieved a total revenue of 4.735 billion yuan, with mining trade contributing 3.095 billion yuan, a year-on-year increase of 247.91%, while real estate sales dropped to 1.627 billion yuan [5] - The company's mining trade revenue in 2023 was 3.471 billion yuan, reflecting a 12.13% increase, but real estate sales fell to 1.257 billion yuan, down 22.74% [6] - For 2024, the company anticipates a further decline in both mining trade and real estate sales, with projected decreases of 28.62% and 15.35%, respectively [6] Group 3: Strategic Challenges - The recent acquisitions in the energy sector involve companies that are currently operating at a loss, raising questions about the viability of this strategic shift [8] - Wolong Real Estate's overall revenue for 2024 is projected to be 3.61 billion yuan, a decrease of 24.08%, with net profit expected to drop by 75.15% [9] - The company's historical focus on specific regional markets has limited its growth potential, with revenues stagnating around ten billion yuan over the past three years [9]