Yesterday，Fosun 188bet online casino games and Culture Group (hereinafter referred to as "Fosun 188bet online casino games"), which is listed in Hong Kong, released its 2018 financial report，This is the first time this company has been listed since the end of last year，The first time to hand over transcripts to the capital market。

Let’s put it simply, was Fosun 188bet online casino games’s performance last year good?The answer is either good or bad, which is by no means a loose end of the bargain.Fosun 188bet online casino games is essentially a cultural 188bet online casino games company，So Emeifeng tries to use the cultural 188bet online casino games perspective to break down Fosun 188bet online casino games in 2018。

When looking at cultural 188bet online casino games companies from a cultural 188bet online casino games perspective, we must first look at operations.

2018 Spring Festival，Atlantis Sanya, a large project invested by Fosun 188bet online casino games, opens (trial operation on the first day of the Spring Festival)。Generally speaking，Whether a cultural 188bet online casino games destination with an investment of over 10 billion will be successful in its first year is crucial。From the opening of the Spring Festival to the end of 2018，Fosun 188bet online casino games’s Atlantis Sanya project has not missed any peak season，Then the number of tourists in the first year of opening is a key indicator。

2018，Atlantis Sanya has approximately 3.2 million visitors，Atlantis’ revenue that 188bet online casino games was 7.500 million。The first full year of such a large project，If the number of tourists exceeds 2 million, it can be said to be qualified，Over three million is certainly not bad。Crossed the threshold of two million tourists，Many small towns with an investment scale of one billion levels usually require two to three years。Of course, there are often more group customers from channel parties in the first year of opening，188bet online casino games results in lower unit prices and most of the one-day tours，For example, the above two numbers can be roughly calculated，You know that the average order price of Atlantis last 188bet online casino games did not exceed 300 yuan。

In addition to having one of the largest natural seawater aquariums in China、A water world with a total area of ​​200,000 square meters，Also has 1314 superior sea view rooms。You need to know，Thousands of rooms in one destination，It shows that 188bet online casino games destination is mainly about immersive experience，The accommodation industry is an important carrier。

from 188bet online casino games，Accommodation indicators are crucial。The second quarter of last year + the first one and a half months、Third quarter、The occupancy rate of Atlantis in the fourth quarter was 47.5%、73%、55.8%，The highest occupancy rate is concentrated in the third quarter，The average room price corresponding to the three time points is 1562 yuan、1982 yuan、2190 yuan。In the case of lower occupancy rates in the fourth quarter，The average room price has gradually increased since the third quarter，188bet online casino games reflects that its positioning strategy still adheres to the high-end and not the volume。It is said that Atlantis’s room occupancy rate exceeded 90% during the Spring Festival 188bet online casino games year。

Accommodation undertakes high-end low-frequency demand，Amusement rides undertake high-frequency travel needs。You can also see clues from Atlantis’ entertainment + catering income，These two incomes are relatively stable，There are no big ups and downs like occupancy rate。The revenue in the third quarter and fourth quarter last 188bet online casino games was 1.1.6 billion and 1.0.9 billion，The difference between the two is seven million。

The above are all good aspects.

Let’s take a look at Atlantis’s operating profit in its 188bet online casino games operation。

Although not published，But Emeifeng made a rough calculation based on the existing financial data，Atlantis’ cultural 188bet online casino games business should have suffered losses last year (this is normal)，Only based on the single fiscal year 2018 (excluding pre-opening costs)，The actual loss of pure Atlantis cultural 188bet online casino games operation (excluding real estate) may be less than 100 million，Is it accurate? Looking forward to the announcement from 188bet online casino games colleagues.

Of course，If the profits carried forward from the Tang'an real estate sales contract are added to the general ledger，Atlantis’ overall operating profit (categorized as destination items) reached a positive 15 last 188bet online casino games5.7 billion，It can be said that it is the best among all。The ins and outs of Tang’an business，There will be explanation below。Let’s continue reading。

Club Med is an important mature asset of Fosun 188bet online casino games，Club Med operates 67 resorts worldwide，40 resorts (including one cruise ship) in Europe, Africa and the Middle East，12 resorts in America，15 resorts in Asia Pacific (including six resorts in China)。In terms of business model，17 resorts adopt the self-sustaining model，41 resorts adopt the rental model，9 resorts adopt management contract model。

The above table is a two-188bet online casino games comparison of Club Med’s financial data，Total revenue in 2018 reached 12.6 billion，An increase of nearly 9 points compared to 2017，At the same time, reception capacity and housing prices have increased。The occupancy rate has decreased，188bet online casino games may be due to the five new projects it opened last year。

Because Club Med comes with an all-inclusive feature including accommodation，Based on the above data，A simple calculation shows that Club Med received about 8 million tourists last 188bet online casino games，If you add the 3.2 million passengers of Atlantis Sanya，Fosun 188bet online casino games received more than 10 million tourists worldwide in 2018。

Not used for ten years，Guo Guangchang has used capital to create a multi-million-level cultural 188bet online casino games giant, which is amazing，And this is just the beginning。

If you see 188bet online casino games，Emei Peak wants to ask，Do you think there is something wrong with Fosun Travel?？

In the financial report released by Fosun 188bet online casino games today，Everything you say is good，For example, the profit before interest, taxes, and amortization soared、Increase in income、Improving profit margins, etc.，Of course these are facts。However，You need to know that 188bet online casino games is due to the revenue from the Tang’an real estate project supported by Atlantis being recognized in 2018。

Have to admit，Real estate income plays an irreplaceable role in market-oriented cultural 188bet online casino games projects。Let’s see，What has Tang'an Real Estate in Atlantis contributed。

A total of 3.3 billion contract revenue from the Tang'an real estate project was recognized and carried forward to 2018，At the same time, it contributed nearly 1.9 billion gross profit to Fosun 188bet online casino games，The most important thing is that it contributed 1.7 billion operating profits，This also led to key growth in most of Fosun 188bet online casino games’s financial indicators。

What can be compared is，Club Med’s revenue of more than 10 billion，Operating profit is 4.400 million。

From a business perspective，Emei Feng thinks there is nothing wrong with this，The development of cultural 188bet online casino games projects has promoted the increase in land prices，House price income provides ammunition support for enterprises to operate cultural 188bet online casino games in the long term，Cultural 188bet online casino games projects during the operation period will generate continuous cash flow to support themselves。The logic is not difficult to understand，This chain is also commonly used。But this chain is not foolproof，Return to Fosun 188bet online casino games’s Atlantis project in Sanya，You have to admit that Fosun Travel is very lucky，And it’s scary but not dangerous。

Cultural 188bet online casino games project investment is asset-heavy investment，Long cycle operation，Fill in massive funds，In the final analysis, it is a question of capital chain。All of these are subject to the sales cycle of the project supporting real estate，And all of 188bet online casino games depends on the real estate control policy。

If you remember Emei Peak correctly，The Tang'an real estate project supporting Atlantis should be launched in November 2016，188bet online casino games is the last crazy period of the national real estate market，The Tang'an project also received the most valuable half-year window。

May 10, 2017，Sanya real estate purchase restrictions、Sudden upgrade of sales restriction policy，The market then entered a period of depression。188bet online casino games policy suspends the sale of housing to non-provincial households that already own one or more homes in Hainan；Families who are not registered residents of the province and have no housing in Hainan，To purchase commercial housing in downtown Sanya, you need to provide personal income tax or social security certificate for one consecutive year；It can only be sold after two years after obtaining the property ownership certificate, etc.。

The opening of the Ruotang'an project was half a year late，Then the current situation of 188bet online casino games unknown。There are many examples before our eyes，For example, Ruyi Island of Zhonghong Holdings、Beijing Yumafang commercial and residential projects, etc.。

Compared to other established cultural 188bet online casino games giants，Fosun 188bet online casino games’s “new recruit” is really good at this stage，Time、Universal location；Channel、The content covers both domestic and foreign countries and is top-notch；Resource acquisition、G-side support and instant access。

But，You see it’s a big problem when so many good things come together，How to create a butterfly change from quantity to quality？How can "young people" continue to support big stores？Digested、No price reduction、And can go up？Answer these questions，It’s really difficult。This is true for Guo Guangchang，The same applies to the existing 188bet online casino games team。

Of course，Fosun 188bet online casino games also needs to control the two sectors of cultural 188bet online casino games + real estate，How to control them respectively？The concept of listed companies、Theme、Where are the new modes such as space？

Too many questions，There are many conclusions，Today we will write a financial report，Others will be written later。