Wen Leju Finance and Economics Yan Ming AssociationAs the chairman and general manager for many years, Sun Jie, who is nearly half a hundred years old, has finally unloaded some of the burdens on his body.
On November 14, Sun Jie resigned as the general manager of Financial Street Property, but still served as executive director and chairman.
As the leader of the Financial Street Property, the 49-year-old Sun Jie is quite low-key, he rarely appears in public, and the last time he appeared in the field of vision was at the 2023 interim results conference held by the Financial Street Property.
We will continue to implement cost control measures, continue to innovate in value-added business, and focus on the core needs of customers in various formats to find profitable value-added service industries. ”
Removing the position of general manager, Sun Jie's title has been streamlined a lot, but, as Sun Jie said at the results conference, to continue to implement cost control and find profit margins, his performance pressure is still not small.
Unlike most listed property companies, Financial Street Property has listed food and beverage services separately in its business segments. However, its F&B operation does not seem to have added any benefit to property management services, and the business has been in the red for two and a half consecutive years.
In 2021, the F&B business of Financial Street Property lost 33770,000 yuan;The loss further widened to 1829 in 202250,000 yuan;The loss for the first half of 2023 was 43360,000 yuan.
In fact, since the annual report data is available, Financial Street Property has been in a state of loss in 2019, with a loss of 28810,000 yuan. However, it is interesting to note that when the 2020 annual report was released, the gross profit of the F&B service of the Financial Street property was negative, i.e. a loss of 17070,000 yuan;In the 2021 annual report, the data of Financial Street Property has changed its face, changing the gross profit in 2020 from the previous negative value to 5510,000 yuan, and marked with the words "relisted".
From the perspective of overall profitability, the property on Financial Street also showed a downward trend. In the first half of this year, the gross profit of the property on Financial Street was 12.6 billion yuan, compared with the same period in the first half of the year3.1 billion yuan, a decrease of more than 400 yuan. Last year, its gross profit has begun to decline, and in 2022, the gross profit of Financial Street properties achieved 24.9 billion yuan, compared with 26.3 billion yuan, a decrease of 14.19 million yuan.
In addition, the gross profit margin of Financial Street properties has also experienced three consecutive declines, from 21 in 202024%, down to 19. in 20219%, and then to 179%, further reduced to 1776%。
In terms of management scale, although it is a small step, the proportion of third parties has declined, and the proportion of related parties has increased. In the first half of this year, 53% of the property area was developed by the Financial Street affiliate group, compared with 52% in the same period last year3% down 07 percentage points.
How to improve the ability to expand, improve the profit margin, and how to get rid of the dilemma of loss in the catering business are many problems to be solved in front of Chairman Sun Jie.
Sun Jie, 49, has worked in Financial Street Group for 26 years. In fact, he is also a veteran of the restaurant industry.
In January 1997, Sun Jie, who was in his 20s, became involved with Financial Street Property, starting with the position of deputy manager of the food and beverage department, and then precipitated in Beijing Shuncheng Hotel for 11 years, taking over as the general manager, responsible for supervising the management and operation of the company.
However, there were gaps in the public information on his curriculum vitae for the period 2008-2011. According to the information, in the three years after 2011, Sun Jie worked in Financial Street Asset Management***, responsible for commercial property development and asset management business.
Around 2014, it was a period for Financial Street Property to go out of Beijing and expand in other places. It was during this period that Sun Jie became the general manager of the company, and in November 2017, he was appointed as the chairmanAt the same time, he serves as the deputy secretary-general of Beijing Property Management Industry Association.
From the perspective of the equity structure of the Financial Street Property, the State-owned Assets Supervision and Administration Commission of Xicheng District, Beijing, indirectly holds the Financial Street Property 3435% stake;Chinese Life Insurance holds 21. Financial Street Property through Tiantai Real Estate32% equity.
In addition, 126 employees of the Company and its subsidiaries hold 1662% equity. According to public information, Rongxin Hetai was established on July 10, 2015, and its purpose is to provide shareholding channels for its employees and motivate employees.
Sun Jie has dedicated most of his career to Financial Street Property, and the company has not treated him badly. Among all employees, Sun Jie holds the largest interest in Rongxin Hetai, reaching 316%。Another person with the same shareholding as him is Song Ronghua, the party secretary of the company who has just become general manager.
Related companies: Financial Street Property HK01502, Financial Street SZ000402