BUCID(SH:600266) 2 1 Shi Ji Jing Ji Bao Dao·2025-06-25 09:13Core Viewpoint - Beijing Urban Construction Investment Development Co., Ltd. (referred to as "Urban Development") is undergoing management changes to revitalize its real estate business amid ongoing market adjustments and past performance fluctuations [2][3][10]. Group 1: Management Changes - Zou Zhe has been appointed as the new Party Secretary of Urban Development, replacing Shu Zhaowu, who will no longer hold this position [2][3]. - Shu Zhaowu has served in various roles within the company since 2012, including Vice General Manager and Party Secretary, and will continue as Chairman until July 2027 [5][8]. - The management change is seen as part of Beijing Urban Construction Group's strategy to enhance its real estate operations during a challenging market period [3][10]. Group 2: Financial Performance - Urban Development has experienced significant fluctuations in performance, with net profit dropping to 640 million yuan in 2021 and incurring losses of 926 million yuan in 2022 and 951 million yuan in 2023 [5][6]. - Despite achieving a record revenue of 25.44 billion yuan in 2023, the company still reported losses due to declining gross margins and increased asset impairment losses [6][7]. - The gross margin for real estate development fell to 14.1%, a decrease of 4.2 percentage points year-on-year, with a more significant drop in the Beijing region [7]. Group 3: Strategic Focus - Urban Development's management emphasizes the importance of cash flow management, particularly in light of the company's recent performance challenges [11]. - The company aims to enhance its real estate development efforts by focusing on both new land acquisitions and the liquidation of existing projects to ensure financial stability [11]. - In the first quarter of the current year, Urban Development reported a significant revenue increase of 435.9% year-on-year, achieving total revenue of 6.614 billion yuan and a net profit of 43.17 million yuan [12].