标签： 武汉夜生活导航

China Satellite Network Group Co., Ltd. (hereinafter referred to as China Star Network), as the main body of the enterprise building the satellite Internet system, earnestly studies, publicizes and implements the spirit of the 20th Party Congress, gives full play to the leading role of the party group in guiding the direction, managing the overall situation and ensuring implementation, runs the party’s leadership and party building through the whole process of the company’s establishment and development, earnestly fulfills the responsibility of managing the party and enterprises, and makes greater contributions to promoting high-quality development.

Give full play to the role of the party group in the direction of enterprise construction and ensure that it always advances in the correct political direction.As a newly established central enterprise, China Star Network firmly puts political responsibility in the first place, deeply understands the position, viewpoint and method of the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era, continuously strengthens the political consciousness, ideological consciousness and action consciousness of undertaking the mission and serving the country, and promotes the decision-making and deployment of the CPC Central Committee to be effective to the letter.

In-depth study and implementation of the spirit of the important instructions of the Supreme Leader General Secretary, to find the initial heart, direction and road, and to ensure that the company’s development strategy is not biased. Always follow the spirit of the important instructions of the Supreme Leader General Secretary, establish a closed-loop working mechanism of continuous learning, research and deployment, implementation, tracking and supervision, comprehensive evaluation, improvement and promotion, and earnestly implement the spirit of important instructions in the whole process of system construction and company development. Formulate the outline of development strategy, prepare the development plan of the 14th Five-Year Plan, put forward the concept definition of satellite Internet, demonstrate the formation of the construction concept of "network-oriented, system-optimal" and the evaluation criteria of "advanced, adaptive, economical and safe", and effectively promote the start of satellite Internet.

Taking the opportunity of studying, propagating and implementing the spirit of the 20th Party Congress and the study and education of the history of the Party as an opportunity, we should lay a solid foundation for the political background of the first generation of system builders, and ensure unity of thinking and keeping pace. By studying theories, reports, party history and advanced knowledge, cadres and employees can be promoted to change their ideas, integrate into new undertakings, enhance their centripetal force, change their methods, integrate into new mechanisms, enhance their competence, change their work style, integrate into new teams and enhance their combat effectiveness. Deeply practice the work style of struggle, innovation, unity and hard work, and create a good atmosphere for the director to start a business and take responsibility by looking at the attitude, action and results.

Give full play to the role of the party group in managing the overall situation in innovation and development, and strive to build a world-class satellite Internet company.As the main body of the enterprise building the satellite Internet system, China Star Network Party Group implements the new development concept completely, accurately and comprehensively, pushes forward innovation in depth, continuously shapes new development momentum and advantages, and strives to undertake the strategic mission of supporting the national strategy, leading scientific and technological innovation and promoting industrial development.

Innovate the operation management system. We will carry out the "five new" work method with the new definition of network system, new standards of technical products, new mechanism of engineering organization, new mode of business operation and new vitality of enterprise development as the main contents, and strive to build a strategic, innovative, platform-based and agile "four-type" enterprise. Based on the reality of system construction and the initial construction of Star Network, according to the management mode of "strategy+operation", the mechanism of "one has three noes" is implemented, and the reuse plan of personnel and teams is implemented. Under the premise of definite responsibilities, business processes and work standards, the ability transformation without fixed organizational boundaries, unconditional resource sharing and barrier-free is realized, and the vertical connection of operation management, horizontal coverage of operation guarantee, efficient and intensive resource allocation and overall reuse of technical capabilities are promoted.

Innovative system engineering methods. Adhere to parallel development in the whole life cycle, carry out design verification based on digital models, continuously improve the efficiency and quality of system construction, reduce costs and risks, and optimize user experience and industrial ecology. Give full play to the role of satellite Internet business organization platform, take technical product standards as the guide, take market-oriented mechanism as the basis, and take strategic partners as the support, and strive to build a new supply chain system that is safe, stable, agile and efficient, dynamically optimized, open and win-win. Explore the establishment of a diversified supplier system and a safe backup mechanism, build a common service platform for upstream and downstream enterprises to trade products and exchange technology, and strive to improve the resilience and safety level of the industrial chain supply chain.

Innovative scientific and technological research model. Pay attention to the combination of independent innovation, cooperative innovation and open innovation, compile the atlas of satellite internet technology product system, formulate the key core technology research plan, and follow the technical laws to advance in stages. Set up a professional technical team, organize domestic high-level professional and technical personnel in aerospace, electronics, communications and other fields to carry out collaborative research, and resolutely win the key core technology battle. Accelerate the layout of scientific and technological forces, take the creation of national key laboratories as the starting point, promote the layout of scientific and technological innovation platforms at the core and close levels, strengthen basic research, applied basic research and key technology research, and create a source of original technology. We will build a standards-based intellectual property system, implement the "three navigation" project of intellectual property pilot, escort and voyage, clarify the rules of intellectual property ownership and value sharing, and mobilize the enthusiasm of technical research.

Give full play to the role of party group guarantee in the promotion of key tasks, and promote the deep integration of party building and scientific research management.China Star Network Party Group adheres to the style of managing cadres to gather talents, laying a solid foundation at the grassroots level, and building a strong spirit, transforming the party’s political and organizational advantages into development advantages to overcome difficulties, and concentrating on completing the key tasks of system construction and company development.

Highlight the stimulation of vitality and promote the deep integration of cadre talent team construction and market-oriented mechanism reform. Implement the strategy of "talent star network", establish and improve the cadre talent management system and working mechanism, set up the chief teacher system and promote the organic integration of administrative line and technical line, increase the attraction to high-level professionals, and build a satellite Internet talent highland. Through career attraction, market allocation and other means, quickly gather the core team that effectively supports system construction. In the affiliated enterprises, we will explore the leading group construction mechanism led by the leading group of the group and the deep participation of the principal responsible persons of the secondary enterprises, implement the contract management of the tenure system, and strive to build a team of high-quality professional cadres who are worthy of heavy responsibilities.

Highlight organizational empowerment and promote the deep integration of the party’s organizational construction with the group’s key tasks and team capacity building. According to the layout of the company’s business capacity, we should set up party organizations at the same time, formulate the construction plan of the party building system, promote the scientific research management and key work of party building, and realize "two full coverage". Adhere to the key and difficult points of scientific research management as the starting point and contribution point of party building innovation, and set up the party member Innovation Team around the key and difficult tasks such as the implementation of "milestone plan", the construction of "digital star network" and tackling key technical problems. We will implement the "all-line integration" plan for party building, establish a working mechanism of sharing party building resources, discussing innovative ideas, holding important activities together, and sharing experiences and practices, so as to realize the simultaneous promotion of party building innovation through linkage from top to bottom.

Highlight spiritual cultivation and promote the deep integration of ideological and political work and corporate culture construction. Carry forward the great spirit of party building, coordinate the education of ideals and beliefs, the education of situation and tasks, and the propaganda of typical tree selection, carry out the "cultural innovation action", continuously cultivate the spirit of Star Network in the new era, and guide party member cadres to remember and practice the "Three Musts". Do a solid job of "I do practical things for the masses", build a community exchange service platform of Starnet, improve the closed-loop working mechanism of finding problems, studying problems, solving problems and evaluating the effectiveness, and create good conditions for cadres and employees to start businesses without distractions.

Highlight strict management and love, and promote the deep integration of discipline, discipline, anti-corruption and compliance management. Deepen the publicity and education of the party’s work style and clean government, and create a good atmosphere of obeying laws and regulations and forging ahead. Innovatively build a "seven-in-one" comprehensive supervision system, coordinate all kinds of supervision forces such as investors, organizations and personnel, financial assets, and inspections, and carry out supervision services such as law, internal control, risk, compliance, auditing, accountability, and discipline inspection, forming a normal and long-term supervision force. Work together to promote the integration of the rule of law system, rule of law ability and rule of law culture, carry out "looking back" on the construction of rules and regulations, continuously optimize and solidify the management system, and strengthen execution.

(The author is Zhang Dongchen, Party Secretary and Chairman of China Satellite Network Group Co., Ltd.)

[Editor: Jia Zheng]

Recently, 66-year-old Lin Qingxia made a rare appearance for an exclusive interview with the media. She, who has not been seen for a long time, has attracted widespread attention from netizens.

On that day, Lin Qingxia wore a solid-colored loose top with a leopard print silk scarf, with exquisite makeup and tight skin, and her temperament was still elegant and noble. Lin Qingxia said that she had lost 11 kilograms in six months at home, and now she is back in a slender and slender state.

In the interview, Lin Qingxia also mentioned that her beauty is achieved through a combination of diet and exercise. Lin Qingxia, who is 66 years old, still insists on the good habit of exercising for 1 hour a day. She often encounters wild boars when climbing mountains, and she gets out of the car to shoot boldly.

In addition to climbing mountains, Lin Qingxia is more passionate about ball sports. She says playing table tennis can not only promote blood circulation, make the skin blow and break, but also prevent Alzheimer’s disease. In addition to table tennis, Lin Qingxia also plays badminton twice a week.

But according to another local media report, Lin Qingxia accidentally injured her right eye when she went out to play badminton with friends not long ago. During this operation, Lin Qingxia not only treated the wound but also solved the problem of cataracts, and her daughter has been carefully watching and accompanying her, which makes her feel warm.

Lin Qingxia officially entered the entertainment industry after filming the love movie "Outside the Window" in 1973, and was widely popular with the public for her superb acting skills and beautiful appearance. Lin Qingxia has rarely appeared in front of audiences since she retired from the movie in 1944.

Today, Lin Qingxia has changed her identity and become a writer. So far, she has published three collections of essays. In 2023, she won the annual supplement award of a magazine, which is also the first award she has won in her 16-year writing career.

Although Lin Qingxia rarely appears, it can be seen from the interview that her agent still has very high requirements for her body management. And Lin Qingxia also has her own opinions on "beauty". She bluntly said that it is very hard to search for beauty after the age of 60. To accept the laws of nature, there is nothing to be afraid of when you grow old and become ugly.

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Article | Hong Kong Stock Research Institute

Recently, following the termination of Wanda Commercial Management’s bond issuance plan, the Securities Supervision Commission questioned the authenticity of Wanda’s shopping mall sales data, and the freezing of Zhuhai Wanda Commercial Management’s equity by the court, Wanda Commercial Management encountered "water reverse" again – Fitch released a report downgrading Wanda Commercial Management’s rating, and believes that Zhuhai Wanda Commercial Management may not be able to complete the listing before the end of 2023.

The influx of negative news has cast more and more clouds over Zhuhai Wanda Commercial Management’s fourth impact on Hong Kong’s IPO.

And in the Wanda Group debt pressure, nearly 40 billion yuan bet the deadline is approaching, the Zhuhai Wanda Commercial Management impact on Hong Kong stocks, is also considered to be Wanda’s last battle, for this reason, Wanda opened a new round of "sell sell sell". So, in this case, carrying Wanda’s future asset-light model, can it still be bright?

Zhuhai Wanda Commercial Management is the product of Wanda’s commercial real estate sector.

Wanda’s commercial real estate sector once included commercial real estate development, residential real estate development and commercial property management. It is worth mentioning that Wanda’s real estate sales revenue reached 160 billion yuan at the peak, and then with the official proposal of "real estate and housing not speculation", the development of the real estate industry has gradually returned to rationality.

Under this trend, Wanda Commercial changed its name to Dalian Wanda Commercial Management in 2019, and from then on, its business focus shifted to commercial management. In this regard, Wang Jianlin clearly set the tone that the real estate group "does not pursue sales, exists for commercial management, and digests Wanda Plaza residential facilities every year to maintain tens of billions of sales." This choice is also in line with the development trend of the industry.

At that time, China’s commercial plazas were in the second half of the rapid expansion cycle. Data show that from 2016 to 2021, the growth rate of China’s stock commercial plazas, although declining, still maintained an average annual growth rate of about 15%. The total number of commercial plazas increased from 2,862 to 5,936. For the business management giant Wanda, the business management business undoubtedly has a lot of room for development.

But since then, with the high land prices in first- and second-tier cities and the frequent emergence of "land kings" in the core area, Wanda’s previous asset-heavy business management model of self-built commercial plazas has been unsustainable due to the need to invest a lot of money. Therefore, in 2021, Dalian Wanda Commercial Management will divest its business again, and establish a new subsidiary Zhuhai Wanda Commercial Management to conduct asset-light operations in commercial property management business, and strengthen its business layout in third- and fourth-tier cities.

In fact, compared with real estate companies such as Vanke, Country Garden, and China Resources, which mainly focus on residential development, Wanda has accumulated profound experience in the operation and management of commercial plazas. Moreover, the shift in the focus of industry development has also provided a rare opportunity for its expansion in third- and fourth-tier cities. Since the beginning of the new century, in the construction frenzy of Chinese shopping centers, there have been obvious geographical stratification. In the first ten years, 60% of the new shopping centers were concentrated in four first-tier cities, and then began to gradually extend to second-tier cities. In recent years, with the increasing vacancy rate of shopping centers in first- and second-tier cities, the expansion of the industry has also begun to sink.

With the continuous improvement of brand power in low-tier cities and the advantages of low capital investment and fast replication of the asset-light model itself, Zhuhai Wanda Commercial Management has experienced a wave of expansion. According to the prospectus, by the end of 2022, Zhuhai Wanda Commercial Management managed a total of 472 commercial plazas, of which 288 were from the parent company and 184 were owned by independent third parties, accounting for nearly 40%. In contrast, in recent years, real estate companies that have also begun to develop an asset-light model have made slightly slower progress. For example, China Resources Vientiane Life, a subsidiary of China Resources Real Estate, has an operating income of only 4.20 billion yuan as of 2022, and the projects under management still mainly come from the parent company, accounting for 86%.

At the same time, Zhuhai Wanda Commercial Management’s operating performance is also quite eye-catching. According to the prospectus, Zhuhai Wanda Commercial Management will achieve revenue of 27.10 billion yuan in 2022, net profit will reach 7.50 billion yuan, and the return on net assets is quite high. Its net assets equivalent to 4% of the parent company’s net assets contributed 72% of the total profit of the parent company Dalian Wanda Commercial Management. Strong profitability has also made Zhuhai Wanda Commercial Management Wanda’s "cash cow". From 2019 to the first half of 2022, the cumulative cash dividend will be 13.273 billion yuan, the vast majority of which will flow to Wanda Commercial Management, which holds nearly 80% of the shares.

If you look at it alone, after layers of stripping, Zhuhai Wanda Commercial Management seems to have "crossed a thousand mountains in a light boat". However, when you zoom in to the entire Wanda system, things may not be so easy. It can be said that Zhuhai Wanda Commercial Management’s light asset operation is still moving forward with a heavy load.

When Zhuhai Wanda Commercial Management was established in 2021, it introduced a group of heavyweight investors up to 38 billion yuan in financing. As a bet, Zhuhai Wanda Commercial Management needs to be listed before the end of 2023. If it cannot be listed as scheduled, it will not only have to repay the entire investment of 38 billion yuan in cash, but also pay an additional 8% interest.

Now, after the failure of multiple submissions to the Hong Kong Stock Exchange, the end of the bet is approaching. At the same time, due to multiple factors, Wanda Film and other sectors continue to slump, and financing is limited, Wanda Group’s debt problem has become increasingly prominent.

On April 28, Dalian Wanda Commercial Management disclosed the 2022 corporate bond report on the Shanghai Stock Exchange. As of December 31, 2022, the company’s short-term borrowing balance was 5.046 billion yuan, an increase of 948.74% year-on-year; the non-current liabilities due within one year were 68.768 billion yuan, an increase of 304.12% year-on-year. In June, Wanda Commercial Management issued bonds with a quota of 6 billion yuan and was forced to terminate the issuance. The financing channels were significantly tightened, which was related to Zhuhai Wanda Commercial Management’s delay in listing.

It can be seen that for Wanda, the Zhuhai Wanda Business Management sprint IPO is largely an important attempt to revitalize the overall situation. But even putting aside the pressure of capital and other aspects and returning to the asset-light operation model itself, Zhuhai Wanda Business Management is also facing no small challenges.

Compared with the asset-heavy model, the asset-light model has two main advantages. First, it is no longer necessary to pay attention to land acquisition, construction, etc., but focuses on the operation of shopping malls. After the professional division of labor is clearer, it can give full play to its strengths, thereby improving business performance. Second, the traditional asset-heavy model itself has accumulated a large amount of funds, and its expansion speed is bound to be constrained by the scale of funds, while the asset-light model only exports brand and management, which greatly reduces the demand for funds, so it can achieve rapid expansion, and once the operation model is formed, it can be quickly replicated, and the scale effect is more prominent.

As mentioned above, Zhuhai Wanda Commercial Management has been able to expand significantly, largely due to the asset-light model itself. However, after a wave of rapid expansion, Zhuhai Wanda Commercial Management’s subsequent continued growth is also facing uncertainty.

In recent years, under the policy tone of reducing leverage and debt, there are not a few real estate enterprises that attach importance to the asset-light model, such as Country Garden, Longhu, Vanke Printing, China Resources Land, Joy City Holdings, and Baolong Real Estate. They have all accelerated the layout of asset-light projects. For example, Xincheng Holdings will have 31 Wuyue Plaza openings in 2023, and sinking cities will dominate.

At the same time, the oversupply of domestic commercial plazas has gradually become apparent. Data show that from 2017 to 2022, the number of commercial plazas with a rental rate of less than 70% in China increased from 7,800 to 10,948, and it is estimated that it will reach 13,182 by 2027. With the overall oversupply compounded by the influx of many leading real estate enterprises, the market competition in the commercial management track may become more intense.

In this competition landscape, although Wanda business management plans to open 51 in 2023, and focuses on the distribution of third-, fourth- and fifth-tier cities, with the rise of a number of unique emerging business entities, the increase in its acquisition may be more limited.

Moreover, under the predicament of debt pressure, there are frequent news of Wanda’s sale of projects in the market. After the "century sale" of 13 cultural tourism projects and 77 hotels packaged and sold in 2017, Wanda seems to be going to stage "selling, selling" again this year. Relevant actions include selling Wuhan Hanjie Wanda Plaza to SKP Group, transferring more than 80% of the equity of the partnership to China Huarong, reducing its holdings of Wanda Film 37.1877 million shares and cashing out 447 million yuan. In addition, there are rumors in the market that Wanda will sell more than 20 shopping malls in Jiangsu, Zhejiang and Shanghai.

The non-stop sale of assets has also attracted speculation that Wanda’s so-called "light assets" are actually "clearing assets", and some industry insiders believe that Wanda’s clearing assets may now affect the basic business of Zhuhai Wanda Commercial Management.

However, according to Wanda Group, the follow-up operation rights of the equity transfer projects are still retained by Wanda Commercial Management, which is not affected by the equity change, and most of the projects sold are heavy asset projects and are not under the umbrella of Zhuhai Wanda Commercial Management. From this point of view, there may be no need to worry too much.

In addition, in the medium and long term, the industry still has room to explore its business potential in the future. The main reason is that in the construction of a new development pattern, with the increasing fundamental role of consumption in economic development, shopping malls still have great development value as large-scale physical consumption platforms that can meet a variety of needs.

In terms of management scale, Zhuhai Wanda Commercial Management is already the world’s largest commercial square operating company, with a construction area of 65.60 million square meters in the management mall, exceeding the combined second to tenth place in China. From the perspective of the rental rate, an important indicator to measure the operation capacity of business management enterprises, Zhuhai Wanda Commercial Management’s leading position is also very consolidated. According to the prospectus, as of 2022, the average rental rate (excluding parking spaces) of Zhuhai Wanda Commercial Management reached 98.6%; over the same period, Xincheng was 95.13%, Longhu was 93.9%, and the printing power was 93.2%.

Based on this, if Wanda Commercial Management continues to strengthen its refined operations, establish a better ecosystem for its asset-light model operation, and meet the current stock demand to the greatest extent, such as its recent launch of the "Wanda Smart Business Platform", which provides integrated value-added services for merchants in the four scenarios of location selection, rental, store opening, and operation, it may be conducive to breaking through many constraints and promoting the potential of the asset-light model to a greater extent, thereby demonstrating greater investment value and taking this bumpy road to listing.