OCT(SZ:000069) 21世纪经济报道·2025-09-05 13:12Core Viewpoint - The recent management changes at China Overseas Chinese Town (OCT) are expected to bring new dynamics to the company, which is currently facing performance challenges in the real estate sector [4][15]. Group 1: Management Changes - On September 5, the State-owned Assets Supervision and Administration Commission announced the appointment of Wu Bingqi as the Deputy Secretary of the Party Committee and Director of OCT, while Zhang Zhenggao and Liu Fengxi were removed from their positions [2][4]. - Wu Bingqi, a seasoned executive with extensive experience in the real estate industry, previously held senior roles at China Resources Land and China State Construction [6][15]. - The retirement of Zhang Zhenggao and the removal of Liu Fengxi indicate a significant shift in leadership at a time when OCT's performance is still recovering [4][15]. Group 2: Financial Performance - OCT's financial performance has been under pressure, with a reported revenue of 11.32 billion yuan and a net loss of 2.87 billion yuan in the first half of 2025, marking a decline for three consecutive years [9][11]. - Cumulative losses from 2022 to 2024 reached over 26 billion yuan, highlighting ongoing financial struggles [9]. - The company has implemented strategic adjustments in debt management and land investment, maintaining a stable total interest-bearing debt of 128.83 billion yuan as of June [11]. Group 3: Strategic Focus - OCT is shifting its focus back to its core real estate business after previously diversifying into "real estate + cultural tourism," which yielded unsatisfactory returns [14][15]. - The company has adopted a "dual-wheel drive" strategy, emphasizing both tourism and real estate to enhance competitiveness [12]. - Recent asset disposals have included several low-yield investments, indicating a strategic realignment towards more profitable ventures [14].