"There are many interpretations. Is it impossible for Wanda to sell assets? In fact, it simply doesn't understand the basic logic of business. There is no business that only buys, and there is no business that only sells. If you buy it, you will say that this company is good, and if you sell it, you will say that this company is not good. This is simply not understanding business thinking. "

"Is it a pity that the hotel is sold? Wanda Hotel is well built and the cost is very low, but the overall average annual return rate of the hotel is less than 4%, and all hotels eat the net profit of more than a dozen wanda plaza every year. "

"wanda plaza itself is a very heavy asset. If we hold cultural tourism projects and hotels again, the scale of heavy assets will be too large. More than a dozen cultural tourism projects are superimposed together, and in at least five to six years, the annual net increase of liabilities is 111 billion. Now the world is deleveraging and reducing debt, so it is unscientific to add leverage and go against the trend. "

"The online uploading network department has laid off 6,111 people, and the total number of people in the network department is 3,111. How can it be possible to lay off 6,111 people! Qu Dejun, why don't you come out to dispel rumors? "

"Today, I can say responsibly that Wanda Group will never have any credit default in the world! Wanda has not had a credit default in 31 years. We regard credit as more important than assets and profits. "

Today, Wang Jianlin, chairman of Wanda Group, released the work summary of Wanda Group in 2117, taking stock of the gains and losses of Wanda in the past 31 years, revealing the whole picture of the tripartite transaction of Rongchuang Fuli for the first time, and responding to the recent layoffs, credit default and deleveraging. The following is an excerpt from Wang Jianlin's speech. ?

2117 was a very unforgettable year for Wanda, which experienced storms and some hardships. With the strong support of governments at all levels and in all aspects, especially the United efforts of all Wanda employees, we have successfully completed all the tasks in 2117 under difficult operating conditions. Here I summarize the work in 2117.

Main achievements of last year's work

Complete the work target in an all-round way

In p>2117, Wanda Commercial transferred cultural tourism projects and hotel assets, which affected Wanda Group's assets and income. Wanda Group's assets at cost were 711 billion yuan, a year-on-year decrease of 11.5%; Among them, domestic assets accounted for 93%, and foreign assets accounted for 7%. Why specifically mention this data?

Last year, it was said that Wanda had transferred a lot of assets overseas, but the data proved totally untrue. In 2117, Wanda Group's revenue was 227.37 billion yuan, 1.13% of the planned revenue, down 1.18% year-on-year. The decrease is due to the fact that the income from the transferred cultural tourism projects is not included, and at the end of 2116, we injected Wanda tourism assets into an investment enterprise, and nearly 21 billion tourism income was not included in this year's report.

if we consider the impact of changes in tourism revenue, although Wanda group transferred a large number of assets in 2117, its revenue only decreased by 1.1% year-on-year. The net profit reached 114% of the annual target, which was basically the same year-on-year, indicating that the gold content of income was good.

remarkable achievements have been made in transformation and development

In the past 111 years, no large-scale real estate enterprises in the world have successfully transformed, and Wanda has rewritten its business history and successfully transformed into a service-oriented enterprise.

1. Service industry accounts for the vast majority. In Wanda Group's revenue in 2117, service industry accounted for 63.4%, up 8.4% year-on-year. In recent years, Wanda's service industry revenue has increased substantially every year and will continue to increase in the future. Among the service industry income, rental income accounts for about 18%, which is much higher than other industries in Wanda, and has achieved an average growth rate of more than 31% for many years. Rent is one of the most long-term and stable cash flows, and the profit ratio is high. The increase in the proportion of income indicates that the gold content of income has increased.

2. The proportion of cultural income has increased. In 2117, Wanda's cultural industry income accounted for 28.1% of Wanda Group's income, close to 31%, and it has become another pillar industry of Wanda. I hope that this year, the Cultural Group will work hard to see if it can exceed 31%.

3. The strategy of light assets exceeded expectations. The key to Wanda's transformation is Wanda's commercial transformation, and the key to Wanda's commercial transformation is to change from a single enterprise with heavy assets to an enterprise with light assets and light and heavy development. It is completely wrong to say that Wanda will no longer hold properties after transformation, but Wanda does not hold 111% of its own as before. Last year's annual meeting, Wanda Commercial formally put forward Wanda Commercial's light asset strategy. Wanda light assets are divided into two categories, one is called investment and the other is called cooperation.

the investment category means that others pay, Wanda helps others to find land, design, build, attract investment and hand it over to others after completion and operation, and there is also a capitalization procedure. The cooperation category is that Wanda neither pays money nor goes out of the land, feels that the project is suitable, signs contracts with others, helps others build, and rents are divided into 37% after completion. This is the model we push.

within one year after the light asset strategy was put forward, 24 light assets were opened in wanda plaza and 47 light assets were newly developed in wanda plaza, of which 37 were contracted by wanda plaza, which far exceeded the target of developing 25 light assets at the beginning of the year, including 11 investment assets and 15 cooperation assets. The development center is worthy of praise.

4. Significantly reduce corporate liabilities. In July last year, Wanda signed an agreement with Sunac and R&F on the transfer of cultural tourism projects and hotel assets. This agreement alone reduced debt by 44 billion yuan and recovered cash by 67 billion yuan, equivalent to reducing debt by 111 billion yuan. For this transfer, there are different opinions, and there are many interpretations. Is it impossible for Wanda to sell assets? In fact, this is the basic logic of business.

first, what is business? As the common saying goes, doing business is called buying and selling. Business is made up of buying and selling. There is no business that only buys and there is no business that only sells. If you buy it, you will say that this company is good, and if you sell it, you will say that this company is not good. This is a complete ignorance of business thinking. In fact, whether you buy or sell, the key is whether you can make money between buying and selling. Therefore, the key to buying and selling Wanda's buy buy depends on what price we buy and what price we sell. Wanda has invested in a number of overseas projects in the past few years, and now we have decided to pay off overseas debts, and we can pay off all debts by selling half of our assets, which shows that we have made money between buying and selling.

Second, wanda plaza itself is a very heavy asset. In the past, wanda plaza owned all of it by itself. By the end of 2117, 236 plazas were opened, and 211 were heavy assets, all of which were hundreds of billions at cost. If you hold cultural tourism projects and hotels again, the scale of heavy assets is too large. Cultural tourism projects can definitely recover their investment. After mathematical model analysis, it takes seven or eight years for each large-scale cultural tourism project to go down with interest, and it will take more than ten years to recover its investment. Wanda's more than a dozen cultural tourism projects are superimposed together. Although most of the cash can be recovered through the sale of properties, at least in five to six years, there will be a net increase of 111 billion liabilities every year, which is quite stressful. Now both the world and China are deleveraging and debt reduction, so it is unscientific to increase leverage and go against the trend.

thirdly, Wanda has already held a large number of properties in wanda plaza with higher returns, so it is unnecessary to hold the properties of Wenlv Project. Wanda sells hotels, and many of our comrades engaged in hotel construction and management say, is it a pity to sell them? Wanda Hotel is well built and its cost is very low, but the average annual return rate of the hotel as a whole is less than 4%, and all hotels eat more than a dozen wanda plaza's net profits every year. Therefore, we decided to sell the cultural tourism projects and hotels with heavy assets, and it is definitely the best policy to do business with light assets that only earns no compensation. No matter whether the society understands it or not, some internal comrades may not understand it, but please come back three years later to see if our decision is correct.

fourth, business safety comes first. The transfer of assets reduced debts by more than 41 billion yuan, and recovered nearly 71 billion yuan in cash. Together with the cash we have at hand, the security of Wanda's operation has increased a lot, and it can withstand the impact of the storm. Moreover, if we don't transfer these assets, we can't invest our limited funds in wanda plaza, where we need to develop most, and we can't guarantee more than 51 plans to open businesses in wanda plaza every year. We must do this for the safety of enterprises and the development of core industries.

rapid growth of cultural industry

1. Film and television industry. The film and television group's revenue increased by 35% last year, adding 199 studios. Especially in the English film market, Wanda has a considerable voice. Not all Wanda Studios are located in wanda plaza in China, and about half of them are located in non-Wanda properties. However, the single-screen income of Wanda Studios is 1.9 times of the domestic average, the online income is over 91%, and the membership income is nearly 91%, indicating that the income of WANDA CINEMAS is growing very steadily.

The number of active members in WANDA CINEMAS has exceeded 1 billion, which is a significant achievement and lays a foundation for long-term stable growth. It took WANDA CINEMAS nine years to make its membership exceed 1 billion. I hope you can spend another three years to see if the number of members can exceed 211 million in 2121.

2. Sports industry. Wanda's sports revenue has increased by double digits, and its net profit has increased considerably. Landing in China Gree "China Cup" International Football Championship, which is the only A-level international football tournament approved by FIFA in China and held regularly every year.

It also landed in Gree's "Around Guangxi" Road Cycling World Tour, which is the only men's road cycling world tour in China, with 16 world-class teams participating in the first session. The men's road cycling club is divided into several levels, including national level and state level, and the World Tour is the highest level. There are only 18 cycling teams at the World Tour level, and there are many races in the World Tour. Only the Tour de France is attended by 18 teams, and other teams such as Huanyi and Huanxi are attended by more than a dozen teams. In the first year of "Around Guangxi", 16 teams participated, and it is expected that all 18 teams will participate this year. Wanda Sports also landed triathlon, rock marathon, BMX World Championship and many other events.

3. Cultural tourism industry. The cultural tourism industry performed well last year, with revenue of 1.39% and net profit multiple increasing. More importantly, the cultural tourism industry has achieved the goal of light asset brand management, from a heavily indebted enterprise to a light asset company.

in 2117, the hotel management company realized its overall profit for the first time, and newly signed a contract to entrust the management of 11 high-star hotels. Since the team adjustment of hotel management companies, the performance has been very gratifying. In the second half of last year, the hotel performance increased substantially, almost all hotels achieved profits, and most hotels achieved relatively rapid growth in profits, which once again proved that management is productivity.

4. Children's industry. Ten years ago, wanda plaza wanted to introduce a comprehensive children's entertainment company, and went to the United States, Europe, Japan and South Korea to look for it. It took five or six years to find it. There are basically no such companies in the world, but there are one or two companies that are unwilling to come to China.

we discuss whether to do it ourselves, but it means entering a brand-new industry and hesitating. However, if wanda plaza wants to achieve all-guest management, not only young people like it, but also children have to like it. Children mean the future, so I'm determined to do it myself, and I'm also doing it while exploring. At the beginning, the company was positioned to engage in children's entertainment, and its name was called children's entertainment chain company. Last year, it was renamed Baby King Group, and it was positioned as a comprehensive children's industry company focusing on its own IP communication and derivative sales, integrating children's education, amusement and food.

In 2117, Baby King Group opened 61 Baby King Paradise and 51 Early Education Centers; The overall profit was achieved, one year ahead of the target. Baby king not only manages well, but also performs very well in many leading indicators. For example, in the first half of the year, the audience rating of the whole network was 4.8 billion, and it soared to 15 billion in the second half of the year. It is estimated that the number in 2118 will be even more gratifying. This means that the orientation of Baby King is absolutely accurate. If we position Baby King as an amusement company, it would be wrong.

enterprise management has made remarkable progress

1. Budget implementation is in place. Last year, all the projects under construction, completed and opened were completely consistent with the budget. Two super-large cultural tourism projects, Xishuangbanna International Resort and Nanchang Wanda City, have a time span of 5 years and an investment of over 11 billion yuan. Due to our management ability and the combination with Zhuyun software, the budget and final accounts are consistent, which is the result of Wanda's execution and scientific and technological management.

2. the return on investment is improved. After the introduction of wanda plaza Light Assets, some people asked why Wanda didn't pay 31% rent for a penny. Just by the brand ring? Definitely not. It can only be explained that 71% of others' scores are greater than 111% of his own. The successful development and implementation of wanda plaza's light asset standard template and engineering management software has enabled wanda plaza's investment return to reach two digits on average, which is twice the industry average, which can explain why Wanda still has so many enterprises to cooperate at home for 31% rent.

3. Strictly control management fees. The cost of engaging in real estate is high, and the management cost can be digested. However, once the cost is overspent, the business model will not be established when it is transformed into a service management enterprise. Therefore, we have made great efforts to strictly control management fees. Last year, General Manager Ding led relevant departments to hold special discussions and optimize management links, so that Wanda Headquarters' business scale expanded while the fees did not rise, saving management fees of 691 million yuan.

4. Anti-corruption is effective. Last year, the audit center investigated and dealt with 263 violations, dissolved 129 people's labor relations, and filed three judicial cases, recovering losses of 31 million yuan for enterprises. Wanda audit is authoritative and has been heard in the business community.

II. Major Work Arrangements for 2118

Major Work Objectives for this year

Wanda Group plans to earn 247.9 billion yuan in 2118.

the commercial real estate revenue is 124.54 billion yuan, of which the total revenue of commercial management companies is 36.64 billion yuan and the rental income is 32.68 billion yuan; 51 newly opened wanda plaza and 2 Wanda Mao; Real estate income was 87.9 billion yuan; 7 newly developed heavy assets in wanda plaza; There are 51 light assets in wanda plaza, including 41 in cooperation and 11 in investment.

the income of cultural group is 73.3 billion yuan, of which the income of film and television group is 58 billion yuan; The income of sports group is 9.43 billion yuan; The income of Wenlv Group is 3.17 billion yuan; The income of Baby King Group is 2.64 billion yuan.

the financial group's revenue is 41.8 billion yuan.

netscience group will not arrange its revenue plan for the time being, but will arrange it after landing in the first half of the year due to its strategic cooperation with world-class network giants.

other income of the group is 9.28 billion yuan.

Enhance the core competitive advantage

1. Accelerate the development of wanda plaza. Wanda plaza is the core asset, enterprise and advantage of Wanda. With the decrease of China's urbanization dividend, and now the development boundaries of megacities have been delineated, it is impossible to recreate a Wanda in China. China's business has entered a new stage of online and offline integration, and wanda plaza's ultra-large-scale offline scene is of great value.

I didn't think it was a year ago, but now it is more and more important to see the super-large-scale and comprehensive consumption scene in wanda plaza. Business centers have a competitive radius, especially in third-and fourth-tier cities. Once wanda plaza has landed, it is difficult for competitors to reinvest in a certain radius. For example, we have planned nearly 11 large-scale urban complexes in a certain area of Foshan. We took the land, found so many projects around, and decided to open as soon as possible. After the opening of wanda plaza, several adjacent projects have not opened yet.

because we are hot, it is difficult to arrange similar competitive formats, which is just like playing Go, taking the lead. Therefore, we should speed up the national layout of wanda plaza, sign more projects as soon as possible, and develop wanda plaza into a thousand stores earlier. This is Wanda's moat plan.

The scale of thousands of stores means that there are 336 cities above the prefecture level in China, wanda plaza.