Xiangyu(SH:600057) Sou Hu Cai Jing·2025-08-12 04:49Core Viewpoint - Xiangyu Real Estate is at a critical development juncture with multiple projects set to launch in Shanghai, but the sudden departure of marketing center general manager Sun Quncun introduces uncertainty into the company's market advancement [1][6]. Group 1: Company Background and Leadership Changes - Sun Quncun, a marketing executive born in the 1980s, has a strong educational background with a degree in Industrial Engineering from Tianjin University and an MBA from Nankai University. He joined China Resources Land in 2010 and later worked at Ronshine Group, where he witnessed the company's rapid growth from billions to over a trillion in sales [3]. - After joining Jinhui Group in 2023, Sun Quncun faced liquidity pressures that led to the departure of several executives, including himself. He joined Xiangyu Real Estate in September 2023 [3][6]. Group 2: Strategic Focus and Market Position - Xiangyu Real Estate has shifted its focus to the Shanghai market, establishing a dual headquarters model in Shanghai and Xiamen since 2022. This strategic adjustment has redirected resources towards the Yangtze River Delta region [4]. - In 2023, the company acquired a total of 8 land parcels, with 4 in Shanghai, and achieved significant sales performance, ranking 6th among Shanghai real estate companies with a sales figure of 205.7 billion yuan [4]. Group 3: Project Launch and Sales Performance - Xiangyu Real Estate has several projects in Shanghai at critical launch phases. The project Xiangyu Tianchen Yasu had a subscription rate of 112% for its first phase, but subsequent phases showed declining rates, indicating increasing sales pressure [5]. - The project Xiangyu Jiangwan Yufu faced more severe challenges, with a significant drop in net signing ratios over multiple launches. In contrast, the project Xiangyu Suhe Qilu performed relatively well, achieving a net signing ratio of 87.12% [5]. Group 4: Future Leadership Considerations - Following Sun Quncun's departure, the company is considering both internal promotion and external recruitment for his replacement, with potential candidates including former marketing executives from Greenland and Xuhui [6].