Is Wanda Wang Jianlin’s new revenue target of 200 billion true?

“Many people interpret whether Wanda’s selling assets is a failure. In fact, this means they do not understand the basic logic of business at all. There is no business that only buys, and there is no business that only sells. If you buy, just talk about this company. Well, just saying that this company is not good is not understanding business thinking at all."

"Is it a pity to sell the hotel? The Wanda Hotel is well built and the cost is very low, but the hotel as a whole is not good. The average annual return rate is less than 4%, and all hotels eat up the net profits of more than a dozen Wanda Plazas every year.”

“Wanda Plaza itself is a very heavy asset. If we continue to hold cultural tourism projects and hotels. , the asset-heavy scale is too large. If more than a dozen cultural tourism projects are added together, a net increase of 100 billion in liabilities will occur every year for at least five to six years. Now that the world is deleveraging and reducing debt, it is inappropriate to increase leverage and buck the trend. Scientific."

"It is said on the Internet that NetTech will lay off 6,000 people. The total number of NetTech employees is only 3,000. How can it be possible to lay off 6,000 people! Qu Dejun, why don't you come out to refute the rumor?" /p>

“Today I can responsibly say here that Wanda Group will never have any credit default in the world! Wanda has not had a credit default in 30 years. We regard credit as more important than assets and profits. ”

Today, Wanda Group Chairman Wang Jianlin released a summary of Wanda Group’s work in 2017, taking stock of Wanda’s 30 years of gains and losses in advance, revealing for the first time the full picture of Sunac R&F’s three-party transaction, and focusing on the recent Issues such as layoffs, credit defaults and deleveraging have been responded to. The following is an excerpt from Wang Jianlin’s speech. ?

2017 was a very unforgettable year for Wanda. It experienced turmoil and endured some hardships. With the strong support from governments at all levels and all aspects, especially the united efforts of all Wanda employees, we successfully completed various tasks in 2017 under relatively difficult operating conditions. Let me summarize our work in 2017.

Main achievements of last year’s work

Comprehensive completion of work goals

In 2017, Wanda Commercial transferred cultural tourism projects and hotel assets. Affected by this, Wanda Group’s assets , income indicators have decreased. Wanda Group's assets at cost were 700 billion yuan, a year-on-year decrease of 11.5%; of which domestic assets accounted for 93% and foreign assets accounted for 7%. Why mention this data specifically?

Last year, some people said that Wanda had transferred a large amount of assets overseas. The data proves that it is completely untrue. In 2017, Wanda Group’s revenue was 227.37 billion yuan, completing 113% of the plan and a year-on-year decrease of 10.8%. The decrease is due to the fact that the income from transferred cultural and tourism projects was not included in the calculation. In addition, at the end of 2016, we injected Wanda tourism assets into an investment company, and the tourism income of nearly 20 billion was not included in this year's report.

If the impact of changes in tourism revenue is taken into account, although Wanda Group transferred a large number of assets in 2017, revenue only fell by 1.1% year-on-year. Net profit achieved 114% of the annual target and was basically the same year-on-year, indicating that the revenue content is good.

Remarkable results in transformation and development

In the past 100 years, no large-scale real estate company in the world has successfully transformed. Wanda has rewritten business history and successfully transformed into a service-oriented enterprise.

1. The service industry accounts for the vast majority of income. Service industry revenue accounted for 63.4% of Wanda Group's revenue in 2017, a year-on-year increase of 8.4%. In recent years, Wanda’s service industry revenue has increased significantly every year and will continue to increase in the future. Among service industry income, rental income accounts for about 18%, and its growth rate is much higher than that of Wanda's other industries. It has achieved an average growth of more than 30% for many consecutive years. Rent is one of the most long-term and stable cash flows, and the profit ratio is high. An increase in the proportion of income indicates an increase in the gold content of income.

2. The proportion of cultural income has increased. In 2017, Wanda's cultural industry revenue accounted for 28.1% of Wanda Group's revenue, nearly 30%, and has become another pillar industry of Wanda. I hope the cultural group will work hard this year to see if it can exceed 30%.

3. The asset-light strategy exceeded expectations. The key to Wanda's transformation is Wanda's business transformation. The key to Wanda's business transformation is to transform from a single asset-heavy enterprise to an asset-light enterprise that develops both light and heavy assets. It is completely wrong to say that Wanda will no longer hold properties after its transformation. It is just that Wanda does not hold 100% of its own properties like before. At last year’s annual meeting, Wanda Commercial officially proposed Wanda Commercial’s asset-light strategy.

Wanda's light assets are divided into two categories, one is called investment category and the other is called cooperation category.

In the investment category, others provide money. Wanda helps others find land, design, construct, attract investment, and hand it over to others after completion and operation. There is also a capitalization process. In the cooperative category, Wanda does not contribute any money or land. If it deems the project suitable, it signs a contract with others and helps them build it. After completion, the rent will be divided into 30% and 70%. This is the model we strongly promote.

Within one year after the asset-light strategy was proposed, 24 asset-light Wanda Plazas were opened, and 47 asset-light Wanda Plazas were newly developed. Among them, 37 cooperative asset-light Wanda Plazas were signed, far exceeding the 25 developed at the beginning of the year. It is asset-light, with 10 goals in the investment category and 15 in the cooperation category. The development center deserves praise.

4. Significantly reduce corporate debt. In July last year, Wanda signed a cultural tourism project and hotel asset transfer agreement with Sunac and R&F. This agreement alone reduced debt by 44 billion yuan and recovered 67 billion yuan in cash, equivalent to a debt reduction of 110 billion yuan. Regarding this transfer, there are different opinions. Many interpretations are that Wanda is not going to be able to sell assets. In fact, this is because they do not understand the basic logic of business at all.

First, what is business? Doing business, as the common people say, is called buying and selling. Business is composed of buying and selling. There is no business that only buys, and there is no business that only sells. If you buy, you say this company is good, if you sell, you say this company is bad. This is a complete lack of business thinking. In fact, whether you are buying or selling, the key depends on whether you can make money between buying and selling. Therefore, the key to Wanda’s buying and selling depends on the price at which we buy and the price at which we sell. Wanda has invested in a number of projects overseas in the past few years. Now we have decided to pay off overseas debts and sell half of our assets. Paying off all debts means we made money between buying and selling.

Second, Wanda Plaza itself is a very heavy asset. In the past, Wanda Plaza held all of them by itself. By the end of 2017, 236 plazas had been opened, 210 of which were heavy assets, worth hundreds of billions based on cost price. scale. If we continue to hold cultural tourism projects and hotels, the asset-heavy scale will be too large. Cultural tourism projects can definitely recoup their investment. Through mathematical model analysis, each large-scale cultural tourism project requires seven or eight years of interest-bearing debt to recover, and more than ten years to recoup the investment. Wanda has more than a dozen cultural and tourism projects stacked together. Although most of the cash can be recovered through the sale of properties, the net increase in liabilities will be 100 billion yuan per year for at least five to six years, which is quite stressful. Now the world and China are deleveraging and reducing debt. It is unscientific to increase leverage and go against the trend.

Third, Wanda already holds a large number of higher-yielding Wanda Plaza properties, so there is no need to hold cultural tourism project properties. When Wanda sells hotels, many of our comrades involved in hotel construction and management say, is it a pity to sell them? Wanda Hotels are well built and cost is very low, but the overall average annual return rate of the hotel is less than 4%. All hotels eat up the net profits of more than a dozen Wanda Plazas every year. Therefore, we decided to combine asset-heavy cultural tourism projects with Selling the hotel and doing an asset-light business that only makes a profit but does not lose money is definitely the best strategy. Regardless of whether society understands it or not, and some internal comrades may not understand it, we ask everyone to look back in three years to see whether our decision was correct.

Fourth, business safety comes first. We transferred assets and reduced debts by more than RMB 40 billion and recovered nearly RMB 70 billion in cash. Adding the cash we hold on hand, Wanda’s operations have become much safer and can withstand the impact of the storm. And if we do not transfer these assets, we will not be able to invest our limited funds in Wanda Plazas that we need to develop most, and we will not be able to guarantee our plan to open more than 50 Wanda Plazas every year. For the sake of corporate security and to ensure the development of core industries, we must do this.

The cultural industry is growing rapidly

1. Film and television industry. The film and television group’s revenue increased by 35% last year and 199 new cinemas were added. Especially in the English-language film market, Wanda has considerable say. Wanda Cinemas in China are not all opened in Wanda Plazas. About half of them are opened in non-Wanda properties. However, the single-screen revenue of Wanda Cinemas is 1.9 times the domestic average. Online revenue exceeds 90%, and membership revenue is nearly 90%. , indicating a very stable growth in Wanda Film’s revenue.

Wanda Film’s active members have exceeded 100 million, which is a major achievement and lays the foundation for long-term stable growth. It took Wanda Movies nine years to reach 100 million members. I hope you will take another three years to see if the number of members can exceed 200 million by 2020.

2. Sports industry.

Wanda Sports' revenue grew by double digits, and its net profit growth was even more impressive. The Gree "China Cup" International Football Championship was launched in China. This is China's only international football A-level event approved by FIFA and held regularly every year.

It also hosted the Gree "Tour of Guangxi" Road Cycling World Tour, which is China's only men's road cycling world tour. In the first edition, 16 of the world's top teams participated. Men's road cycling clubs are divided into multiple levels, including national and state levels, with the World Tour being the highest level. There are only 18 cycling teams at the World Tour level. The World Tour has many races. Only the Tour de France is participated by 18 teams. Others such as the Giro d'Italia and the Tour de Espa?a are participated by more than a dozen teams. The "Tour of Guangxi" is the third One year, 16 teams participated, and this year all 18 teams are expected to participate. Wanda Sports has also participated in many events such as the Triathlon, Rock ‘n’ Roll Marathon, and BMX World Championships.

3. Cultural tourism industry. The cultural tourism industry performed well last year, with revenue completing 139% and net profit multiples increasing. More importantly, the cultural tourism industry has achieved the goal of asset-light brand management and transformed from a debt-heavy enterprise into an asset-light company.

The hotel management company achieved overall profitability for the first time in 2017, and has newly signed contracts to manage 10 high-star hotels. Since the adjustment of the hotel management company team, the performance has been very gratifying. In the second half of last year, hotel performance increased significantly. Almost all hotels achieved profitability, and the vast majority of hotels achieved relatively rapid growth in profits. This once again proves that management is productivity.

4. Children’s industry. Ten years ago, Wanda Plaza wanted to introduce a comprehensive children's entertainment company. It searched for it in the United States, Europe, Japan, and South Korea for five or six years, but failed to find one. There are basically no companies of this type in the world, and there are one or two that are unwilling to come to China.

We discussed whether to do it ourselves, but this meant entering a new industry, and we were hesitant. But if Wanda Plaza wants to operate on all customer bases, it won’t be enough if young people only like it, but children must also like it. Children represent the future, so if you decide to do it yourself, you will do it while exploring. At the beginning, the company was positioned as a children's entertainment company, and its name was Children's Entertainment Chain Company. Last year, it was renamed Baby King Group. It is positioned as a comprehensive company that focuses on the dissemination of its own IP and the sale of derivatives, and integrates children's education, amusement, and food. Children's Industries, Inc.

Baby King Group opened 60 Baby King parks and 50 early education centers in 2017; overall, it achieved profitability, one year ahead of target. Baby King not only operates well, but also performs very well on many leading indicators. For example, if self-owned IP broadcasts had 4.8 billion viewers across the entire network in the first half of the year, and soared to 15 billion in the second half, it is estimated that the figures in 2018 will be even more gratifying. This means that Baby King's positioning direction is absolutely accurate. It would be wrong if we position Baby King as an amusement company.

Obvious progress in corporate management

1. Budget implementation is in place. For all projects under construction, completion and opening last year, the settlement was completely consistent with the budget. Xishuangbanna International Resort and Nanchang Wanda City are two large-scale cultural and tourism projects with a time span of 5 years and an investment of over 10 billion. Due to our management capabilities and the combination with Zhuyun Software, we can also achieve consistent budgets and final accounts. This is Wanda The results of execution and technology management.

2. Increased return on investment. After the asset-light Wanda Plaza was launched, some people asked why Wanda didn’t invest a penny in 30% of the rent? Just rely on the brand name? Definitely not. It can only be explained that 70% for others is greater than 100% for him. The successful development and implementation of Wanda Plaza’s asset-light standard template and project management software has enabled Wanda Plaza’s investment return to reach an average of 2 digits, twice the industry average. This can explain why Wanda shares 30% of the rent and so many companies come to visit. cooperate.

3. Strictly control management expenses. The cost of real estate is high, and the management cost can be absorbed if it exceeds the cost. However, if the cost exceeds the cost of transforming into a service management enterprise, the business model will not be established. Therefore, we have put a lot of effort into strictly controlling management expenses. Last year, Mr. Ding led relevant departments to conduct special discussions and optimize management links. As a result, Wanda headquarters' expenses did not increase but decreased while its business scale expanded, saving 690 million yuan in management expenses. .

4. Anti-corruption has been effective. Last year, the audit center investigated and dealt with 263 violations, terminated 129 people's labor relations, filed three judicial cases, and recovered 130 million yuan in losses for the company. Wanda Audit has authority and is well-known in the corporate world.

2. Main work arrangements for 2018

Main goals for this year

Wanda Group plans to earn 247.9 billion yuan in 2018.

Commercial real estate revenue was 124.54 billion yuan, including total revenue of commercial management companies of 36.64 billion yuan and rental income of 32.68 billion yuan; 50 newly opened Wanda Plazas and 2 Wanda Malls; real estate revenue of 87.9 billion yuan; new development There are 7 asset-heavy Wanda Plazas and 50 asset-light Wanda Plazas, including 40 cooperation ones and 10 investment ones.

The cultural group’s revenue was 73.3 billion yuan, including 58.1 billion yuan from the film and television group; 9.43 billion yuan from the sports group; 3.07 billion yuan from the cultural tourism group; and 2.64 billion yuan from the Baby King Group.

The financial group’s revenue was 40.8 billion yuan.

Network Group has not yet arranged its revenue plan. Due to strategic cooperation with world-class Internet giants in the first half of the year, it will be arranged after the implementation.

The group’s other income was 9.28 billion yuan.

Enhance core competitive advantages

1. Accelerate the development of Wanda Plaza. Wanda Plaza is Wanda’s core asset, core enterprise and core advantage. As the dividends of urbanization in China decrease, and megacities now have delineated development boundaries, it is no longer possible to create another Wanda in China. China's business has entered a new stage of online and offline integrated development, and Wanda Plaza's ultra-large-scale offline scene is of great value.

I didn’t realize it a year ago, but now the value of Wanda Plaza’s ultra-large-scale and comprehensive consumption scene is becoming more and more prominent. Commercial centers have a competitive radius, especially in third- and fourth-tier cities. Once Wanda Plaza is launched, it will be difficult for competitors within a certain radius to invest again. For example, we have planned nearly 10 large-scale urban complexes in one area in Foshan. We acquired the land, researched and found that there were so many projects in the surrounding area, and decided to open as soon as possible. After Wanda Plaza opened, several nearby projects have not yet opened.

Because we are relatively popular, it is difficult to deploy similar competing businesses. This is like playing Go, gaining the upper hand. Therefore, we need to speed up the nationwide layout of Wanda Plaza, sign more projects as soon as possible, and develop Wanda Plaza to the scale of 1,000 stores earlier. This is Wanda’s moat plan.

The scale of one thousand stores means that Wanda Plaza can cover 90% of the 336 cities at or above the prefecture level across the country, leaving about 10% of prefecture-level cities due to insufficient population and consumption; major county-level cities cover 30% , because some counties in China have larger populations and stronger spending power. What is the concept of building a nationwide network of Wanda Plazas? For example, assuming that a 300-kilometer subway line can carry 3 million people every day, a 600-kilometer subway line will not carry 6 million people, but more than 10 million. Because once a network is formed, the capacity is not the relationship between 1 plus 1 equals 2, but 1 plus 1 is greater than 2.

The rental income, advertising income, and online and offline integration value we can get from 1,000 stores will definitely not be 5 times what it is now. The key to accelerating development is to speed up asset-light. Starting from 2018, Wanda will increase the number of Wanda Plazas opened every year.

2. Increase the proportion of experience consumption. The best way to increase the stickiness of Wanda Plaza is to increase experience formats, which is the top priority. Experiential consumption is irreplaceable. Some people say that delicacies can also be packaged, but do packaged delicacies still taste delicious? Entertainment, fitness, singing, and watching movies all need to be experienced on site, and cannot be replaced by the Internet.

We need to gradually increase the proportion of cultural businesses. When society develops to a certain level, people’s spiritual pursuit will be greater than their material pursuit. Otherwise, we cannot understand why cultural things can be passed down for hundreds of thousands of years, and why a book, a movie, a song, and an opera can be widely circulated. Within three years, Wanda Plaza’s experience industry will increase to 65%, and within five years we will strive to increase it to 70%. This is not only a matter of business management, but also the planning and design department must innovate. It is hoped that starting from 2018, several innovation squares will be evaluated every year, mainly focusing on experiential formats, cultural formats, and more innovative ideas.

3. Allocate outstanding management talents. In the future, outstanding talents will be inclined towards business management, and training at Wanda College should also be tilted towards business management to form a trend.

Continuous enterprise transformation

Enterprise transformation has no end, which is the eternal theme of enterprise management. Don’t think that enterprise transformation will be completed in a few years, when the enterprise transformation is not completed.

1. Accelerate the pace of asset-light development

The Wanda brand is very effective. We must speed up the development of Wanda Plazas as asset-light projects. There should be no less than 50 projects per year, and there is no cap on the number of cooperation projects. Someone wrote an article about the construction of commercial centers. It is the limit for a company to build 50 commercial centers a year. He may have used Wanda as the analysis condition. But Wanda wants to break through this "limit". This year, Wanda’s asset-light rental share exceeded 1 billion yuan, and it may increase by one billion yuan every year in the future. It can be seen that the prospects for light assets are very good. Asset-light companies such as Wanda Movies, Baby King, and Cultural Tourism must also accelerate their development.

2. Formation of new pillar industries

Wanda Plaza is the core industry of Wanda Group. We also need to develop new core enterprises and new pillar industries. One is the film and television industry. It is necessary to continue to maintain high growth, make up for content shortcomings, and achieve the medium and long-term corporate goals of film and television. The second is the sports industry. Focus on its own IP events and regard China as the growth pole of the sports industry. The third is the cultural tourism industry. It is necessary to study beyond Wanda City to develop and manage large-scale cultural and tourism projects of other owners. The wine management also stepped out from managing Wanda's own hotels. The hotel management team has managed hundreds of high-star hotels as soon as possible, and this year has signed 15 new high-star hotel management contracts. The fourth is Baby King Group. Baby King should take IP dissemination and derivative income as its development direction. Last year, Baby King became popular all of a sudden. The reason is that it has an IP and tells attractive stories.

What is the difference between Wanda City and Disney and Universal? It’s just that the entertainment theme is not your own story. If there is a story and IP, and then it is disseminated, it will be completely different. Last year, Baby King's net profit from derivatives was nearly 100 million yuan. If Baby King one day develops into billions or tens of billions in derivatives revenue, with thousands of offline stores, it will be enough to be popular, and it will be fine if the physical stores are not profitable. This is the development model. I believe that Baby King may surpass Wanda Movies and become another new core enterprise of Wanda Group. First, this industry can become bigger.

China has a large number of children, 300 million, and it will continue to expand after the two-child policy. Chinese parents are willing to spend money on their children, especially on education. Second, there are no competitors. There is no company in China that considers IP dissemination and derivative income as the core like Baby King. It cannot be played with just funds. This is a high threshold.

In addition, we have the upper hand and will open 800 stores by 2020. Who can compete with us? The third is the high valuation of enterprises. Baby King is a non-traditional industry and has started to integrate online and offline development from the beginning. It focuses on IP communication, derivatives sales, and educational entertainment. This kind of enterprise has high valuations at home and abroad. Fourth, the growth potential is promising. I’m very happy to see Baby King’s 5-year estimate, and I hope you can turn the estimate into reality.

3. Continue to reduce corporate debt. Wanda Group will use all capital means to reduce corporate liabilities, including selling non-core assets, equity transactions while maintaining control, and cooperative management of other people's assets, etc. Wanda will gradually pay off all overseas interest-bearing liabilities, and Wanda Commercial A-share delisting funds also have a reliable plan. At the same time, it is planned to use two to three years to reduce corporate debt to an absolutely safe level. Today I can responsibly say here that Wanda Group will never have any credit default in the world! Wanda has not had a single credit default in 30 years. We regard credit as more important than assets and profits.

Online and offline integrated development

Practice has proved that it will be difficult to distinguish between online and offline companies in the future. Four or five years ago, Brother Xiao Ma and I had an argument. Now we look at our cooperation. The two become one, online and offline must be integrated. The situation is stronger than people. The Internet is moving towards the Internet of Things. This is the trend.

1. The key is to integrate ideas. The key for all Wanda’s system leaders, the people sitting in the front row, is to realize that integrated development is a trend, and if they don’t integrate, they will be eliminated. All systems must launch their own useful application software, especially key enterprises such as business management, film and television, and Baby King. It is necessary to integrate the research businesses of Wanda’s commercial management, network technology and information centers to establish a Wanda New Consumption Research Institute.

This is an important measure. The research direction should not just focus on how to master consumption data to serve ourselves. We must also think about how to add value to merchants and make them find it useful. Wanda has such a large scale and different types of consumption scenarios, so it should be hard to figure it out.

2. Start from the actual results, do not play with concepts, and do not spend a lot of money.

One mistake I once made was to give Qu Dejun too much money. I discussed with some entrepreneurs and they said that it would have been better to give Netco less money and set an investment limit. It seems you can't give too much money. This is not to say that Internet Technology has not made achievements. This cooperation and negotiation with others gave me and the team a new understanding of Internet Technology. They have developed some useful things, but these things have a cultivation period and cannot be immediately accepted by the capital market. . It turned out that the direction was wrong, and I always wanted to do it on a large scale. If it was developed for Wanda Plaza and tourist resorts, it might have become famous long ago.

3. Independent research and development. It is reported on the Internet that 6,000 people will be laid off in the Internet Department. The total number of people in the Internet Department is only 3,000. How can it be possible to lay off 6,000 people! Qu Dejun, why don't you come out to refute the rumors? We should emphasize independent research and development. No matter who Netcom cooperates with this year, whether it is in the form of capital or strategic cooperation, the research and development of our own application software cannot stop. Why did Wanda set up its own research institute? I don’t believe that others will spend a lot of money to make something useful to us. Even if it can be made, we don’t know when. Therefore, we would rather spend less money every year, find a few people, continue promising R&D projects, and study online and offline integrated application software. We must continue to do it ourselves. This is very clear.

4. Open development. It is necessary to open the Wanda Scenario Platform to all scientific and technological innovation enterprises, universities, research institutions and individuals, and to continue to launch the second innovation accelerator, hoping to continue it one session after another. Many people are very short-sighted. If they don't achieve anything in one year or two years, they will stop doing it. If I had originally bought and held the stocks of the two Marcos, how much would they have increased by now? There is a process from research and development to commercialization of scientific and technological innovation products, and we must persist in it.

Organizational Structure Adapts to Transformation

In order to adapt to the transformation and meet the needs of the capital market, Wanda plans to adjust the company’s management structure, mainly in commercial real estate, and of course it needs to be submitted to the board of directors. , formal action can only be taken after approval by the shareholders' meeting. What I’m talking about today is one of my suggestions.

1. Establish a business management group. It is to change the name of the original commercial real estate and become a pure commercial property owner and operation manager, so that the company strategy will be clearer, the business model will be purer, and the market valuation will be higher. If there is real estate development, it is still classified as a real estate company, but Wanda's commercial rental profits are already greater than development profits.

In the future, business management will be about collecting rents and achieving double-digit growth in profits every year. On this basis, we will create something through online and offline integration, so that the company's market valuation will be higher. The new business management company will be mainly asset-light and supplemented by heavy asset holding. We have made a simulated company statement and the debt ratio is also very low. It can be said to be a very good company. The new business management group will be the core enterprise of Wanda Group.

2. Establish a real estate group. The first is to be responsible for digesting the real estate business of the commercial management group. It turns out that commercial real estate also has some real estate development business. The real estate group must help digest it as soon as possible, but the profits belong to the commercial management group. Secondly, Wanda Plaza should be developed with a heavy emphasis on assets, and we do not rule out purely residential development. For many years, Wanda Real Estate has provided one-stop services from planning, design, development and sales, all with its own team, and has a good reputation in the market. Third, brand management can also be exported. The real estate group does not seek to grow bigger, but mainly focuses on profits. The group gave the newly established real estate group a debt ceiling, which is very low. The real estate group considers business development under the debt ceiling and is not required to be large-scale. Now in China's real estate, liabilities and sales are basically equal. The more sales, the more liabilities. If the real estate group takes this path, the group's current debt reduction will not make much sense. The main task of the real estate group is to build Wanda Plaza, and it can also do some business on the side.

3. Establish a new network technology company. After the strategic partners are identified, business goals can be determined. This sentence is for the Internet science comrades.

Undertake corporate social responsibility

1. Targeted poverty alleviation. Continue to invest in poverty alleviation in Danzhai, and ensure that large-scale live performances are staged on the first anniversary of the opening of the tourist town. In 2018, Danzhai tourist town will ensure 4 million tourists and strive to have 5 million tourists. According to the standards of the National Tourism Administration, 2 million is considered a major tourism county. If we achieve 5 million this year, county-level tourism may be among the best. The biggest problem in Danzhai tourist town now is that there are too few overnight tourists. Many tourists only eat one meal after visiting. Some people even bring their own food to eat, drink the mineral water and throw away the bottle.

Of course, problems arise one by one. At the beginning, we were worried that there were not enough tourists. We said that the maximum number of tourists would be 1 million a year. This 1 million is the most basic number of tourists to support the town. Now that there are 3 million tourists in half a year, it is necessary to study how to let tourists stay overnight, so that revenue can be increased and Danzhai's tourism boost can be greater. We need to go down immediately after the annual meeting to carefully study measures to increase overnight tourists. As long as the path is right, we can invest again.

2. Employment. This year there are 180,000 new people, including 80,000 college students.

3. Donate. This year, 400 million yuan will be allocated.

4. Environmental protection. This year it won 100 national green building labels.

This year marks the 30th anniversary of Wanda’s founding. As the ancients said, “We stand at thirty.” There is an internationally recognized standard that a company with a short life span of less than 10 years is a company, a company with a life span of 10 to 30 years is a medium life company, and a company with a life span of more than 30 years is a long-lived company. Wanda is standing at a new starting point for a longevity company, so this year is the best time for Wanda. An extremely important year. Wanda is going to be a century-old enterprise and has ushered in a new starting point. This year we will carry out a series of meaningful celebrations on the premise of frugality. I also hope that all Wanda colleagues, especially the leaders of each system, can achieve their goals and achieve goals this year. The house was full. I hope that during the 30th anniversary celebration, no system will fail to achieve its goals. Let us celebrate Wanda’s 30th anniversary with practical actions.