深业集团近十年首现亏损 新掌门王昱文“地产+”转型能否解局？

Core Viewpoint - The leadership transition at Shenye Group marks a critical period for the company as it seeks to transform and recover from recent financial difficulties under the new chairman, Wang Yuwen [1][3][6]. Company Overview - Shenye Group, a state-owned enterprise in Shenzhen, has evolved from a trading company established in 1983 to a major player in real estate and urban development, with total assets growing from under 10 billion to nearly 200 billion yuan [1][2]. - The company operates two publicly listed subsidiaries, Shenzhen Holdings and Shahe Shares, and has developed 197 projects across 20 provinces and 58 cities, covering an area of 45.67 million square meters [1][2]. Financial Performance - In 2023, Shenye Group reported revenues of 19 billion yuan, a total profit of 5.03 billion yuan, and a net profit of 3.09 billion yuan, with total assets reaching 192.5 billion yuan [2]. - However, in 2024, the company faced significant challenges, with revenues dropping to 17.12 billion yuan, a year-on-year decrease of 10.1%, and a net loss of 594 million yuan, marking the first net loss since 2015 [6][9]. Leadership Transition - Wang Yuwen, who has extensive experience in real estate and management, succeeded the long-serving chairman Lü Hua, who retired after 12 years [1][2][6]. - Wang's appointment is seen as a pivotal moment for Shenye Group, as he is expected to lead the company through its transformation and address the financial pressures it currently faces [6][10]. Strategic Goals - Shenye Group aims to achieve total assets of 265.8 billion yuan, net assets of 79.7 billion yuan, revenues of 50.5 billion yuan, and a net profit of 7.6 billion yuan by 2025, with a target debt-to-asset ratio of under 70% [8][9]. - The company plans to enhance its core capabilities in commercial real estate, industrial real estate, and traditional residential turnover, while also exploring new business areas such as property management and healthcare [10][11]. Market Position and Challenges - The company is at a crossroads, with its heavy reliance on real estate becoming a disadvantage amid industry adjustments, necessitating a shift towards innovation-driven growth [4][5]. - The performance of its listed subsidiaries, Shenzhen Holdings and Shahe Shares, has also been under pressure, with significant declines in revenue and profitability reported for 2024 [6][7].