第一财经·2025-09-05 11:37Core Viewpoint - The appointment of Wu Bingqi as the new leader of Overseas Chinese Town Group is seen as a crucial move to address the company's ongoing losses and operational challenges, which have persisted since 2022 [2] Group 1: Leadership Change - Wu Bingqi has been appointed as the Deputy Secretary of the Party Committee and nominated as the General Manager of Overseas Chinese Town Group, following a career in major state-owned enterprises [2][4] - His previous experience includes significant roles at China Resources Land and China State Construction, where he demonstrated strong business capabilities [5][6] Group 2: Company Performance - Overseas Chinese Town Group has faced declining revenues since 2022, with three consecutive years of losses, and the losses are expected to increase in the first half of this year [2][9] - The company reported a revenue drop from approximately 767.67 billion to 544.07 billion yuan from 2022 to 2024, with year-on-year declines of 25.17%, 27.39%, and 2.4% respectively [11] - In 2022, the company recorded a net loss of 10.9 billion yuan, marking its first loss since going public, with further losses projected for 2023 and 2024 [11][12] Group 3: Business Model and Challenges - The company has historically operated under a "cultural tourism + real estate" model, achieving significant revenue growth from 35.5 billion to 81.8 billion yuan between 2016 and 2020 [10] - However, the real estate sector's downturn and the impact of the pandemic have severely affected its sales and profitability, leading to a decline in operational performance [11][12] - The company's real estate segment saw a revenue drop of over 70% in the first half of this year, with a gross margin further declining to 5.49% [12]