BCDC(SH:600376) 第一财经·2025-06-10 07:01Core Viewpoint - The article discusses the challenges faced by Shoukai Co., a prominent real estate company in Beijing, highlighting its financial difficulties, legal disputes, and declining market position, which have led to significant losses and operational struggles [2][9][11]. Financial and Legal Issues - Shoukai Co. has recently had two bank accounts frozen, totaling nearly 200 million yuan, due to lawsuits related to construction payments [2][5][6]. - The company reported a net loss of 8.14 billion yuan in 2024, with a cumulative loss of nearly 15 billion yuan over the past three years [11]. - Legal disputes have resulted in a total of 1.425 billion yuan in claims against the company, representing 10.5% of its net assets as of the end of 2024 [6][11]. Operational Challenges - The company identified four major operational challenges: significant decline in sales performance, ongoing liquidity issues, severe profit decline, and shrinking business scale [9][10][11]. - Sales revenue dropped by 49.31% year-on-year in 2024, with a total revenue of 24.213 billion yuan [11]. - The gross margin fell from 19.81% in 2021 to 4.80% in 2024, while net profit margin shifted from 2.46% to -38.90% during the same period [11]. Market Position and Competition - Shoukai Co. has seen its market share in Beijing decrease, dropping from the top sales position to fifth place in 2024, and further down to tenth place in early 2025 [15][16]. - The company faces intense competition from state-owned enterprises and other major players in the real estate market [15][16]. Strategic Responses - In response to its challenges, Shoukai Co. has initiated measures to improve its situation, including project liquidation, cost reduction, and organizational restructuring [14][15]. - The company plans to achieve sales of 278 billion yuan and new construction of 260,000 square meters in 2025, aiming to stabilize its operations [17].