July 23，Sanxiang 188bet sports betting disclosed the 2020 semi-annual report，This company has dual main businesses of “culture + real estate”，Used a cliff-like decline in performance。

Sanxiang 188bet sports betting is a relatively “unique” real estate company，Almost stopped acquiring land in recent years，Sales mainly come from previously reserved projects in Shanghai and Hangzhou，In recent years, sales have maintained a scale of 2 to 3 billion。Due to the decrease in carryover income in the first half of the year，leading to a cliff-like decline in performance。

On the other hand，The company is known as the "cultural performing arts" business as one of its two main businesses，Actually, it accounts for less than 4%。In 2015, the company acquired Guanyin 188bet sports betting from Zhang Yimou and other management at a high premium，After three years of commitment period，The company’s net profit increased from the previous 1.300 million dropped to 20 to 30 million。

The real estate business has remained unchanged for many years，No new land bank；Cultural and performing arts business income declines，Unstable source。Where is the future of Sanxiang 188bet sports betting？

Real estate business: The decrease in carryover in the first half 188bet sports betting year affects profits. We have not acquired land for many years

Sanxiang 188bet sports betting’s operating income in the first half of the year 4.9.4 billion yuan，Decreased by 66% year-on-year.22%；Net profit 7446.270,000 yuan，Down 80% year-on-year.75%。

The company disclosed that the decline in performance was mainly due to the decrease in carry-over income from the real estate business。Sanxiang 188bet sports betting Real Estate business is mainly concentrated in Shanghai、Hangzhou and surrounding Beijing area，Sales have been relatively stable，Maintained at two to three billion in recent years，From 2016 to 2019，Real estate sales are 25.1.6 billion yuan、9.1.2 billion yuan、27.9.2 billion yuan、39.1.4 billion yuan。

First half of 2020，The company has an opening project - Sanxiang 188bet sports betting Famous Residence，Opening on June 22nd，Average price 12.180,000 yuan/square meter，142 units in total，All properties sold out on the opening day，This project contributed 22.Sales of 1.1 billion yuan。

But what cannot be ignored is，Sanxiang 188bet sports betting’s land bank is relatively small，With the sale of items in hand，Uncertainty in the future。

As of the end of 2019，There are 4 main projects under construction in Sanxiang 188bet sports betting，Respectively, "Sanxiang 188bet sports betting Famous Residence" in Shanghai、Hangzhou "Haishangguandi"、Plot 14 and 15 of Hebei’s “Sanxiang Forest Haishang City”，The total planned building area is 35.920,000 square meters。There are 6 projects for sale，Total salable area 74.830,000 square meters，50 sold so far.860,000 square meters，23 remaining.970,000 square meters。

The sales area in 2019 is 10.810,000 square meters，Based on the current situation of on-sale and completed projects，Only enough for two or three years to sell，The reserve items are slightly insufficient。And 2018、2019 and the first half of 2020，No land was obtained in Sanxiang 188bet sports betting。

The company’s only land plot in Yanjiao also has the problem of slow development progress。As early as October 2011，Sanxiang 188bet sports betting obtained the land use rights of six plots in Yanjiao through bidding, auction and listing，One of the residential plots、A piece of commercial and service land in December 2015、Obtained construction permit in January 2017，But not all the land was delivered due to government reasons，Cannot construct normally，Not yet completed，The construction of the other four plots has not yet started。

Insufficient reserves have resulted in the company’s sales in recent 188bet sports betting mainly coming from Shanghai projects。Projects currently under construction are mainly located in Yanjiao and Hangzhou, Hebei，Shanghai accounts for a small proportion。In the future, as the Shanghai project is sold out，Can we maintain the current sales volume、Gross profit margin and disposal speed，Worth attention。

Performing business: 188bet sports betting revenue acquired at high premiums continues to decline. 11 has been provided.5.4 billion goodwill impairment

Sanxiang 188bet sports betting claims to be a company with dual main businesses of “culture + real estate”，But in 2019, 90% of revenue came from real estate sales，If you add house rental and construction，Accounting for 94%；Cultural and performing arts revenue accounts for less than 4%。

The cultural segment of Sanxiang 188bet sports betting mainly uses Guan 188bet sports betting Art Development Co., Ltd., which was acquired in 2015, as its business platform，Representative works include "The Most Reminiscent of Hangzhou"、"188bet sports betting of Third Sister Liu"、"See Pingyao Again" etc.。

In 2015, Sanxiang 188bet sports betting acquired 100% equity of Guan 188bet sports betting for a consideration of 1.9 billion yuan，The total owner’s equity of the company at that time was 9675.580,000 yuan，Evaluated value is 16.6.7 billion yuan，Evaluation added value 1622.71%。The purchase price is a premium of 13% over the appraised value.99%。

Original shareholders promised from 2015 to 2017，The net profit attributable to the parent company of Guan 188bet sports betting shall not be less than 100 million yuan respectively、1.300 million yuan、1.600 million yuan。And Guan 188bet sports betting actually achieved a net profit of 100 million yuan attributable to the parent company in the past three years、1.2.5 billion yuan、1.3.2 billion yuan。Failed to complete performance commitment for two consecutive years。After the end of the 2018 performance commitment period，Guan 188bet sports betting’s net profit dropped to 2761.170,000 yuan，Provision for goodwill impairment in the current year 11.5.4 billion yuan。2019 Guanyinyi net profit 3798.150,000 yuan，Still no improvement。

First half of this year，Get business income from Guanyin 1.2.9 billion yuan，Net profit 5615.260,000 yuan。Due to the sharp decline in real estate sales revenue，Viewing 188bet sports betting revenue accounted for 26%。The substantial increase in performance is mainly due to the confirmation of a transaction 1.200 million yuan in production revenue。

Different from entertainment companies whose income mainly comes from box office，Sanxiang 188bet sports betting’s performing arts income mainly comes from production income，The box office share is relatively small。The advantage of this business model is that it is asset-light、Lower risk，Generate income upon delivery of works。The disadvantages are the same as those of film and television production companies，Depend on the sky，Unstable income。

At present, some of the company's performing arts projects have been losing money for many years，For example, "188bet sports betting of Mount Putuo"，Premiered in 2010，As of 2018, it has lost 9.83 million。"188bet sports betting of Hainan Island" will be performed in 2009，Later, it was discontinued due to poor performance。Loss-making projects will undoubtedly affect the company’s subsequent project signings。The previous main creator Zhang Yimou and other management personnel have left one after another，It will also bring uncertainty to the quality of subsequent works。

What’s more important，Guanxiang performing arts projects mainly rely on local government investment，With the slowdown in economic growth in recent years，Reduced local income，Potential reduction in investment。In this case，Watch whether the 188bet sports betting can maintain sustained growth，It’s a big suspense。

*Source of this 188bet sports betting：Sina Finance, author: Wang Yong, original title: "Sanxiang 188bet sports betting’s performance has plummeted: it has not acquired land for many years, and the performing arts business is unstable and difficult to support the overall situation》.