There are 4 months left in 2024，Information on various media related to the industry，Not much exciting。High-end hotels are placed on different platforms“SALE”，But few transactions；Datang Evernight City only earned 230,000 yuan in the first half of this year，But“Trader”Qujiang Cultural Tourism has debts of nearly 2.7 billion yuan；Called“The third share of long-term rental apartments”'s Rubik's Cube Apartment，Many stores in Shenzhen have affected tenants due to rent arrears from major landlords，.......All kinds of things，All related to cash flow problems in business operations。

In business activities，Cash flow plays a vital role，It is not only the blood of corporate operations，It is also an important indicator to measure the health of the enterprise。Cash flow is first and foremost the guarantee of corporate schedule operations，It is also 188bet Online Sports Betting and Casino the basis for corporate expansion and investment，It is also a benchmark for measuring the financial health of an enterprise。

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Cash flow is the blood of enterprise survival，Borrowing the concept of modern medicine，The company’s bloodline originates from“Blood transfusion”and“Hematopoiesis”Composed of two parts。The sources of corporate cash flow are usually divided into three categories: cash flow generated from operating activities、Cash flow from investing activities and cash flow from financing activities。

Virtuous cycle and bad cycle

Overview of the current status of the industry，Enterprises that can successfully continue to operate and expand in scale，All are based on the cash flow (own blood) generated by operating activities，&ldquo that has further expanded its operations through financing activities;Blood transfusion”，And be able to get ideal returns in investment activities，The three major sources of cash flow form a virtuous cycle，It is enough to support the sustainable development of the enterprise。

Companies currently experiencing cash flow problems，Tend to focus on fundraising activities，Seeking to be constantly“Blood transfusion”And expand，Real estate hotels basically borrow bank loans and are used as a tool to increase the premium of commercial housing，As a hotel operator itself，Not in a good location、In reality, the design 188bet app download function and quality are flawed，The cash flow generated from operating activities is not even enough to repay bank loan interest。

When the development of the main business is hindered，Tools become burdens，When real estate companies have cash flow problems，Hotels are used as tools again，Being sold and want to get cash back，However, due to factors such as the overall quality of the tool hotel and its creditor's rights and debts，is not favored by investors and has many failed auctions。

“Hematopoiesis”The role of function

Datang Everlasting City，Opened almost 15 years ago，Invest 5 billion to build，In the first half of this year, the media attracted attention because he only earned 230,000 yuan，Because it is a listed company，Financial reports must be published every quarter and every year，How many unlisted cities that never sleep also have unsatisfactory investment returns？

This is whether the company can“Hematopoiesis”'s topic，A project can become an internet celebrity that year，It must be innovative、Uniqueness and common knowledge，But to become an enduring Ivy League company，It also needs to be top-notch and sustainable。It is said that this year the Tang Dynasty Evernight City was used to divert traffic，Ticket charges canceled，Products and services other than tickets fail to make tourists willing to open their wallets，Resulting in a sudden drop in revenue。

Disneyland，Total investment 24.600 million yuan，The 188bet Online Sports Betting and Casino average annual income is 8.7 billion yuan，Tickets account for 50% of revenue，Other income also accounts for 50%，After 7 years of opening，Investment in new construction“Spider-Man”Theme Park，To further attract tourists to generate new consumption desires。

The impact of business model on cash flow

According to media reports，Several Rubik’s Cube apartments in Shenzhen that currently have rent arrears，All are directly operated stores。What is distinctive in the rapid development of our industry is the use of rental property management，This model is from the perspective of expanding quantity，Seize the market faster than self-built properties，But when economic policies change，Or when a similar epidemic affects operations，The risks and challenges are great。

For example, to seize the market，Obtain properties when rents are high，But with the economic downturn，Intensified competition among peers，The long-term rental apartment cannot be rented at the expected price，The hotel cannot sell the expected room rate，The expensive rent has become the biggest burden on the enterprise，Seriously affecting investment return。

Because of this，my country’s economy and mid-range limited service hotel chain group，They all started with direct sales of rental properties，Five years ago, direct-operated stores still accounted for about 40%-50%，But currently the proportion of direct sales has been reduced，Several major economic 188bet app models、Mid-range limited service chain group，All promote the franchise model，The proportion of direct-operated stores is controlled at around 10%，To reduce the cash flow risk affected by rent。

Cash flow management starts from the beginning of the project

It is the same concept as asset management，For the "blood" cash flow of the enterprise，It’s not the time when companies can’t even afford the wages of their employees，Only selling assets in order to save。A company must have healthy cash flow，Need to start with source funding activities。

At the beginning of the preparation of an accommodation project，Only a very small number of companies will invest 100% of their own cash，Debt management is a normal mode，But reasonable capital structure becomes the key。Financing channels for non-listed companies are generally through debt financing (bank loans or multi-shareholder financing)，Listed companies will use equity financing  (Companies obtain funds by issuing new shares or attracting investor investment)，The financing ratio of unlisted companies plays a major role in the cash flow risk after the opening of future projects。

In the stage of vigorous real estate development，The proportion of bank loans used by real estate companies to build hotels often accounts for about 70%，Bank interest is 8%-9%，Such a capital structure carries great cash flow risks for hotel companies from the beginning，Because in accordance with global 188bet Online Sports Betting and Casino industry practice，The hotel is developing steadily under the local economy，Normal operating return on investment is between 6% and 8%，And our current status quo cannot achieve this return ratio。In other words，at&ldquo，The annual net profit is not enough to repay the bank’s loan interest，Those who are not doing well can only survive by borrowing new loans in exchange for old ones。

at“Blood transfusion”Not easy，“Hematopoiesis”The more difficult moment，The industry needs to return to market norms，Return to the original intention of the industry，This requires practicing endurance，Get ready for a long run。