June 22，Sanxiang 188bet Co., Ltd. disclosed an appointment announcement，Involving the appointment of a new president of the company。its name，The board of directors recently received a message from the chairman、Resignation report submitted by President Xu Wenzhi，Xu Wenzhi due to division of labor、Resigned from the position of president of the company due to organizational structure adjustment。

simultaneously，Nominated by the company’s board of directors，Review by the Nomination Committee of the Company’s Board of Directors，Sanxiang 188bet reviewed and approved the “Proposal on the Appointment of the President of the Company” at the 19th (Provisional) Meeting of the 7th Board of Directors held on June 19, 2020，The company’s board of directors agrees to appoint Wang Sheng as the company’s president。

Data display，Wang Sheng，Chinese nationality，No right of overseas residence，Bachelor's degree from Xiamen University，Received MBA from China Europe International Business School。He used to be a TV reporter、Edit、Moderator，Later served as Director 188bet External Affairs Department of Shanghai Culture, Radio, Film and Television Group，Vice President and other positions of Oriental Pearl New Media Co., Ltd.。

On Wang Sheng，No real estate related experience seen。More media、Work experience in 188bet communication。

This can also be seen from this personnel change，Sanxiang 188bet is tearing off the label of real estate as its main business，Cultural attributes have become the top priority of its development。

The road to transformation of 188bet

Wang Sheng’s appearance，Perhaps it has something to do with the transformation of Sanxiang 188bet into the dual main businesses of "culture + real estate" in recent years。

July 2015，Sanxiang 188bet announced to the outside world，In order to realize the comprehensive transformation and development strategy of “real estate + culture”，its at a premium of 18.64 times、Acquired 100% equity of Guan 188bet Art Development Co., Ltd. for a total price of 1.9 billion yuan。This is the beginning of the transformation story of Sanxiang 188bet。

Before this，The original name of Sanxiang 188bet is "Sanxiang Shares"，Established in 1996，And listed on the Shenzhen Stock Exchange through backdoor transactions in 2012，The main business is real estate。Its large-scale real estate projects are mainly concentrated in Shanghai，Involving residential property、Business、Office、Serviced apartments and other forms。

In the past few years，The 188bet of Sanxiang as perceived by the outside world，Mostly to develop cultural and performing arts、A company of Cultural Tourism。The main business of real estate is rarely mentioned。

When the acquisition was made，This triggered a heated discussion in the market。Because Guan 188bet was established in 2006，Formerly known as Beijing 188bet Culture and Art Center，Produced by IDG Capital and Zhang Yimou、Wang Chaoge、Established by three directors Fan Yue，Committed to creation、Production、Investment and management gig。

2010，Impressions of Yunfeng Fund Investment View，Become a major shareholder holding approximately half 188bet shares。Yunfeng Fund started from the "Entrepreneur Club" that initially raised funds in Jack Ma and Yu Feng's circle of friends，Later, it gradually developed into a first-line investment institution in China。

In December 2010，Guan Yinxiang held a financing conference，Jack Ma、Yu Feng、Shi Yuzhu and other entrepreneurs also appeared on the platform，It can be said that it attracted much attention as soon as it appeared on the scene。

Coupled with the aura blessed by director IP Zhang Yimou，The 188bet is naturally very popular，At the same time, the market is also looking forward to the acquisition of Sanxiang 188bet。

As understood，The more famous works of Guan 188bet include the G20 summit theatrical performance "The Most Reminiscent of Hangzhou"、China's first real-life landscape performance "188bet of Liu Sanjie"、China’s first indoor situational experience drama "Seeing Pingyao Again"、China’s first drifting multi-dimensional experience drama "Zhiyinhao", etc.。

According to the introduction，Real-life performances represented by the "188bet Series"，It is a performance stage with real mountains and rivers，Based on local culture、Folklore is the main content，Integrated entertainment industry、A unique cultural model in which business masters serve as creative teams，The live performance also links tourist destinations, including the tourism industry、Real Estate、The development of a series of industries such as service industry。

Zhang Yimou said in a media interview，“I’m not sure about the exact number，But the 188bet series has always been very profitable”。It is worth mentioning，Director Wang Chaoge was also named the "Money Printing Director" for his "188bet Series"。It can be seen that this business model was quite profitable in the early days。

Only after this business came into the hands of Sanxiang 188bet，The road to profit appears to be very bumpy。

2018，Guan 188bet’s performance encounters Waterloo，It also directly caused Sanxiang 188bet to accrue 11.A huge impairment of goodwill of RMB 5.2 billion。Financial report display，Sanxiang 188bet revenue in 2018 16.3.3 billion yuan，Decreased by 33% year-on-year.99%；Net profit-4.5.6 billion yuan，271 year-on-year decrease.85%。

In fact, it can be seen from the data，In addition to the growth recorded in 2017, Sanxiang 188bet’s cultural and performing arts business，Since then, the income has shown a downward trend year by year。

According to data disclosure，2016-2019，Sanxiang 188bet’s total operating income is 67.0.5 billion yuan、24.7.4 billion yuan、16.3.3 billion yuan、19.8.8 billion yuan。where，The cultural and performing arts income in the corresponding year is 1.9.3 billion yuan、3.4.9 billion yuan、0.7.6 billion yuan、0.7.3 billion yuan，The proportion of revenue is 2.88%、14.11%、4.65%、3.69%。

The other side，This set of data also explains，In recent years, Sanxiang 188bet’s real estate business still accounts for the majority of revenue。

Just in the process of transforming cultural tourism，Sanxiang 188bet has also fallen behind a lot in real estate business。In 2016-2019，Sanxiang 188bet achieved contract sales amount of 25 respectively.1.9 billion yuan、10.1.2 billion yuan、27.9.2 billion yuan、14.6.8 billion yuan，The corresponding year-on-year growth rate is -32.36%、-59.83%、175.89%、-47.42%。

As of now，Sanxiang 188bet is based in Shanghai, except for the Qiantan project that entered the market not long ago，Only four projects left for sale，All of them are only at the end of the project。

In terms of land reserves，2019 annual report display，The only remaining land bank in Sanxiang 188bet’s total land reserve is the 16-19 plot of land in Sanxiang Forest Haishang City, Yanjiao, Hebei Province，Land area 26.220,000 square meters，Total building area 85.320,000 square meters。

As the saying goes, "There are gains and there are losses"，But for the 188bet of Sanxiang，Potentially more to lose。

New tasks of media president

Due to frequent performance thunderstorms on the road to transformation，Sanxiang 188bet has also received annual report inquiry letters from the Shenzhen Stock Exchange for two consecutive years。

In response to the inquiry letter for the 2018 annual report，Sanxiang 188bet also disclosed in detail the reasons for the decline in performance for the first time，And attribute it to the influence of the macro environment。

Reasons for the 27% year-on-year decline in real estate sales revenue in 2018，Sanxiang 188bet Reply，Some of the company’s development projects are located in core areas of their respective regions、Core location，Most significantly affected by real estate regulation，Unable to obtain the pre-sale license as planned、Realize sales。

And the performance of Guan 188bet fell，its name，As the country strengthens the management policies related to local government debt，After 2018，Reduced government investment willingness，Most of the investors in cultural tourism projects mainly operated by 188bet are investment platforms with local government backgrounds，Resulting in the decline in the number of contracts signed and the number of projects under negotiation in 2018。

In addition，Guan Yinxiang once made a performance compensation promise，Promise that the net profit attributable to the parent company from 2015 to 2018 will not be less than 100 million 188bet respectively、1.300 million 188bet、1.600 million 188bet、1.6.3 billion 188bet。

But in fact，The net profit realized by Guan 188bet from 2015 to 2018 was 1.0.2 billion yuan、1.2.5 billion yuan、1.300 million yuan、2761.170,000 yuan，None of them have fulfilled their performance commitments。

Sanxiang 188bet also detailed the reasons for its failure to fulfill its commitments in the annual report inquiry letter。

2016，Preparing for the performance of the Hangzhou G20 Summit caused "188bet of the West Lake" to be suspended for the whole year，Resulting in not receiving the 188bet ticket sharing and maintenance fees (approximately 5 million yuan) that year，As a result, the current performance is slightly lower than the promised performance；2017，The bankruptcy and reorganization of Guilin Guangwei Wenhua Tourism and Culture Industry Co., Ltd. caused Guan 188bet Art Development Co., Ltd. to confirm an impairment loss of long-term equity investment 4712.480,000 yuan。

Entering 2018，Affected by the macro environment，Guan 188bet’s business expansion is significantly lower than expected，Failed to sign new projects after the "Tengchong Volcano" project in early 2018，Achieved production income of 2562 only in the execution project "Return to the Three Gorges".960,000 yuan，Resulting in a significant drop in production revenue of more than 90% compared to the previous period。

In addition to the above disclosure of the reasons for the thunderous performance of Sanxiang 188bet，There are also many voices discussing in the market。

The first is the bankruptcy reorganization of Guangwei Company mentioned above in August 2017，It built the Lijiang Liu Sanjie Song Fair in phases from 2001 to 2004、Landscape Theater and other cultural projects，Produced the world's first live landscape performance "188bet·Liu Sanjie"。

A series of performances that impressed the whole country at that time，Some experts pointed out that its form and content lacked novelty，Perceptions of local culture are often overly symbolic，Lack of deep digging，And consumers are already tired of this performance model。

On the other hand，It’s Zhang Yimou、Wang Chaoge、The IP service periods of three directors Fan Yue have expired one after another，There is a certain transition period and uncertainty for the Guanyin 188bet management team to implement the new business development plan。

It is reported，Zhang Yimou’s employment agreement expires in May 2019，We have not yet signed a service agreement with Guan Yinxiang，The "Letter of Commitment Regarding Service Period and Other Matters" between Director Wang Chaoge and Director Fan Yue expired in July 2018，Neither Wang Chaoge nor Fan Yue signed a service agreement with Guan 188bet after expiration。

The "aces" of the series have withdrawn one after another，The 188bet of the brand is greatly reduced accordingly。Sanxiang 188bet also confessed in the inquiry letter，In the short term, it will have a certain impact on the expansion of tourism, cultural and performing arts projects。

However，The departure of Zhang Yimou and others has a shallow impact，The most fundamental thing is the “make quick money” business model of Guan 188bet。Back in 2010，Some people openly criticized the "188bet" series，Super large-scale investment、Old-fashioned expression techniques，Let most scenic spots make money，Loss of business。

According to the annual report of Sanxiang 188bet，Guan 188bet’s profit model is “performance creation” + “intellectual property licensing” + “art troupe operation and management” + “shareholder equity dividend” model，Main income comes from performing arts creation、Performance ticket share、Content maintenance、Operation management fees and shareholder equity dividends, etc.。

But regardless of performance、What is the future?，Sanxiang 188bet still needs to continue to develop this business。So，They brought in the new president Wang Sheng。

Wang Sheng once worked for Shanghai Oriental Pearl New Media Co., Ltd.，As the vice president at that time, he laid the path for the digital marketing and advertising model 188bet Oriental Pearl in 2016，Includes cross-screen matrix、Precise delivery，Integrated Marketing、Coupling development, etc.。It can be seen that he has his own method for digital marketing，Also more experienced in external affairs。

Disclosed according to the 2019 annual report，The 188bet Series has formed an industrial chain of "cultural performing arts - driving tourism - business services - promoting employment - attracting investment"，By turning a local show into an IP，Carry out derivative development related to this IP to form a complete industrial chain。

where，External publicity is an important part。Wang Sheng, who is from the media, may be able to play a key role。

In addition to the business of viewing impressions，Sanxiang 188bet’s cultural tourism segment also includes the Mango Plaza project jointly developed with Hunan Radio and Television Station，Participated in investing in Chinese Culture Phase II (Shanghai) Equity Investment Center (Limited Partnership)，Aimed at entertainment、Layout in technology and consumer fields。

Another at the end of 2018，Sanxiang 188bet invests in Viacom Golden Scepter, an important strategic partner of Viacom China，Both parties will jointly develop an international tourist resort with cultural and creative industries as the core in China。It mainly focuses on and deeply expands in 4 project areas，Respectively, Jiangsu Nanjing project、Zhejiang Shaoxing Project、Zhejiang Hangzhou Project、Zhejiang Huzhou Project。

As 188bet end of 2019，The above four projects have been planned with the main local leaders、The land department conducted in-depth communication，All are in the late implementation process。

*Source of this article：Guandian 188bet Network, author:Guandian 188bet Network, original title:《Resolution丨The new president of Sanxiang 188bet Media and the gains and losses of cultural tourism and real estate》.