Wen Shukai Pineapple Finance (ID: kaiboluocaijing), written by Wu Jiaoying, edited by Jin Jinwen.

The story of mala Tang in the alley finally comes to the page of listing.

A few days ago, Shanghai Yang Guofu Enterprise Management (Group) Co., Ltd. submitted an application for listing to the Hong Kong Stock Exchange, and officially rushed to "Mala Tang First Share".

A couple in Northeast China who used to make a living by setting up stalls opened 5,783 stores in the whole country and even overseas. The story sounds inspiring, but the business behind it is not brilliant.

Large-scale franchise system and chain operation of extremely light assets enable Yang Guofu to expand rapidly at the lowest cost and seize market share and head position. To put it bluntly, Yang Guofu earns all the money from franchisees, such as collecting franchise fees, selling bottom materials and reselling ingredients.

5,780 franchisees generate about 1.1 billion revenue for Yang Guofu every year, and the brand net interest rate is as high as 15%-17%. For franchisees, it seems that there is no loss. According to Yang Guofu official website, the gross profit rate of its franchisees is as high as 65%, the initial investment is 100,000-300,000, and the monthly net profit is 10,000-40,000. Under normal circumstances, it will be paid back in seven months.

Yang Guofu’s Mala Tang business is booming, but there is no financing before listing. In the eyes of capital, Mala Tang is not a good track, not only because the category ceiling is relatively low, but also because the profit margin contributed by the store to the brand under the franchise mode is too small.

The uncertainty of Yang Guofu in the capital market in the future is also considered to come from this large-scale franchise model with shared management cost and decentralized management power, such as the food safety risks it may bring, the irregularities in franchise stores, the challenge to the internal management ability of brands by continuing to scale up, and the persuasion of consumers by "high price but not high end".

Back in 2003, Mr. and Mrs. Yang Guofu opened their first mala Tang store in Harbin. At first, it was called "Yangji Mala Tang", but there was no memory. The boss simply named it after himself and changed it to "Yang Guofu Mala Tang".

The couple made some improvements to Mala Tang, which was popular in Northeast China at that time. The bottom of the pot was less oily and more soup, and noodles and other staple foods could be added, which was more in line with the eating habits of northerners and became their signature — — "You can drink mala Tang".

Yang Guofu Mala Tang, which is doing well in business, opened its first franchise store in 2007, and in the following 15 years, it spread rapidly in the streets all over the country. According to the prospectus, there are currently 5,783 stores in Yang Guofu Mala Tang. Except for 3 direct stores in Shanghai, the rest are franchise stores, and 21 of them are overseas.

According to the prospectus, from January to September in 2019, 2020 and 2021, the revenue of Yang Guofu Mala Tang was 1.18 billion, 1.11 billion and 1.16 billion respectively, of which the revenue contributed by franchisees was around 90% every year, reaching 1.04 billion, 1.06 billion and 1.1 billion respectively.

The bulk of Yang Guofu’s income is the "raw material price difference" earned from franchisees. According to the prospectus, there are three major names, one isCollect the joining fee, system maintenance fee, training fee and deposit from franchisees.Wait; The second isSell raw materials to franchisees, mainly the bottom material produced by Yang Guofu’s own factory; The third isResale raw materials and equipment to franchiseesIt requires franchisees to purchase raw materials from brands in a unified way.

During the reporting period, Yang Guofu collected various fees such as joining fees every year, which was about 0.5-0.6 billion yuan; The sales income of self-produced raw materials is about 300 million; Reselling raw materials and equipment earned the most, reaching about 700 million.

During this period, the corresponding gross profit margin increased from 27.9% in 2019 to 30.2% in 2021, because Yang Guofu’s factory in Chengdu, Sichuan Province was put into production in September 2018. With the increase of production line and output, the scale effect appeared and the marginal cost was continuously reduced.

In the view of Li Yingtao, the research director of Analysys Brand Retail Industry Center, the running data of enterprises that make money by joining will not be too good-looking, but for Yang Guofu in the expansion stage, joining mode is almost an inevitable choice.

The joining mode of light assets has indeed reduced Yang Guofu’s expenses to the greatest extent. At the same time, because franchisees are responsible for their own profits and losses, this model can also help enterprises hedge some risks, such as sharing the cost burden of manpower and rent for enterprises during the epidemic.

For example, the company currently has 464 employees, but the employee cost is only over 30 million per year; Its research and development expenses are less than 2.5 million in the first three quarters of 2021, and only 630,000 in 2019; Advertising marketing expenses were less than 5 million in the first three quarters of 2021, and even only 770,000 in 2019.

Under the low-cost operation, the profits of Yang Guofu during the reporting period reached 180 million, 170 million and 220 million, and the net interest rate was as high as 15%-17%.. Compared with other catering brands in online celebrity, Yang Guofu can really be said to be "making small money in silence".

According to Li Yingtao’s analysis, the golden time for the rapid rise of an industry is only 3-5 years. The joining mode is more conducive to Yang Guofu’s market sinking, and it can quickly seize market share through scale. Moreover, this is also in line with the cost-effective attribute of mala Tang category in public perception.

Judging from the distribution of stores,The sinking trend of the Yang Guofu market is indeed obvious. According to the prospectus, 45% of its stores are located in third-tier cities and below, 43% in second-tier cities, and only about 12% in first-tier cities.

Yang Guofu made a lot of money by joining in. Was the franchisee "cut leek"?

According to official website, Yang Guofu, the cost of joining its stores is not high, with 23,900 yuan in first-tier cities, 13,900 yuan in second-and third-tier cities, 10,900 yuan in county towns, 6,900 yuan in towns and villages, and 39,900 yuan in Beijing. Plus deposit, advertising expenses, equipment, early raw materials, decoration, rent, manpower and other expenses, the total investment amount ranges from 109,200 yuan to 281,900 yuan.

In addition, according to its profit analysis in official website,The gross profit margin of franchise stores can reach 65%This is roughly consistent with the average gross profit margin of the industry that Kaipineapple Finance learned. In Beijing, first, second and third tier cities, counties and towns, the unit price of customers is calculated according to 20 yuan, 18 yuan, 16 yuan, 14 yuan, 12 yuan and 10 yuan respectively.The annual net profit under normal passenger flow can reach 158,400 yuan-489,600 yuan respectively.. According to this estimate, the return period of a Yang Guofu Mala Tang franchise store is about 7 months.

Take franchise stores in first-tier cities in the first three quarters of 2021 as an example. The average annual purchase amount of each store is 315,000, which is the raw material cost of a store. According to the gross profit margin of 65%, a store’s revenue in three quarters is about 900,000, and its annual revenue is about 1.2 million, which is basically consistent with the profit analysis given by official website.

Many analysts believe that mala Tang is indeed a good business for franchisees.

"Mala Tang is a daily fast food, with rich ingredients and high consumer acceptance; It is highly standardized, easy to be copied and addictive. In addition, this category has lower requirements for chefs and service personnel and lower labor costs than other Chinese foods. " Li Yingtao pointed out that the most important thing is that the gross profit margin is relatively high.

Of course, this is also the reason why Yang Guofu can quickly open stores and form a large-scale chain format by joining.

In the past two years, the Chinese catering industry has enjoyed the same scenery in the capital market, with hot pot, barbecue, noodle restaurant and pot-stewed flavor being thrown all over. Mala Tang, with a market size of nearly 200 billion, has attracted little attention.

According to public information, only two brands in the mala Tang industry have received financing, among which Xiaoman pepper mala Tang, which was established in 2015, received three rounds of financing from 2018 to 2021; In addition, Fuke Mala Tang received a financing of tens of millions of yuan in 2017. Yang Guofu and Sean, two industry giants, have never had financing experience.

"The problem lies in the supply side." Ling Xiao, an investor in the catering field, told Kaipineapple Finance.

The first is the business model. Ling Xiao analyzed that if the direct marketing model is adopted, the brand will face a relatively long capital cycle, but also take into account regional site selection and store management, and the expansion will be very slow. But if the joining mode is adopted,The raw material cost of the store is the brand’s supply chain income, and the high gross profit of the store means that it contributes less to the brand’s profit.. "Even in such a large-scale Yang Guofu, nearly 6,000 stores contribute 1.1 billion a year, which is not too much."

In addition, the game between franchisees and brands is inevitable. "In fact, it is difficult for brands to completely control the food selection and supply chain of stores.In order to reduce the cost, some franchisees may bypass the managers to purchase by themselves, and as a result, the product quality becomes difficult to control.. "LingXiao said.

The existing competition pattern in the industry has also discouraged many investors. In the past two years, the pyramid features of mala Tang industry are obvious, with the head position being seized by Yang Guofu Mala Tang and Sean Mala Tang, and the waist and tail being divided by more street mala Tang shops. Ling Xiao commented, "The track is basically formed, with little incremental space and difficult differentiation.. "

Just because Yang Guofu is large in scale, profitable and has few rivals does not mean that it can sit back and relax.

Judging from the prospectus,Franchisees are not loyal to Yang Guofu.. In 2019, the number of newly opened and closed stores was 986 and 1068 respectively. By the first nine months of 2021, the number of newly opened and closed stores was 962 and 439 respectively. At the same time, more and more stores have been operating for less than two years, and fewer and fewer stores have been open for more than three years.

Many analysts believe that,There is great uncertainty about Yang Guofu’s performance in the capital market, and the first one is the hidden worry of the large-scale franchise model..

According to the prospectus, Yang Guofu does not directly manage a large number of franchise stores, but hires and authorizes third-party enterprises to help manage and supervise the operation of franchise stores. Generally speaking, the authorization management period is one year, and the service fee paid by the brand to the third-party enterprises is directly linked to the performance of the franchise stores, the purchase amount and the number of new stores. By the end of September 2021, there were 18 third-party partners.

"This model is equivalent to sharing the management costs, letting the third party undertake the management functions, and also obtaining the so-called management profits. But at the same time, alsoIt reflects that a company’s organizational ability is relatively poor, and it has no strong cross-regional management ability and self-built team ability.. "LingXiao analysis.

Under this franchise management system, in the past few years, Yang Guofu Mala Tang has been repeatedly exposed to food safety problems.

In 2017, more than 20 stores were exposed to the problem of inconsistent licenses on the take-away platform; In 2018, a store was exposed to employees who put their feet on the counter when cutting meat; In July, 2021, a blogger made an unannounced visit to his store, and photographed that there were some problems in the kitchen, such as the ingredients continued to be used after being bitten by rats, the dishcloth for washing vegetables was used to clean shoes, and the meat was directly cooked without washing.

"The attention of listed companies is higher and more concentrated.Once food safety or product quality problems occur, the voice of public opinion will be rapidly amplified, which will have a negative impact on the stock price.. "Li Yingtao said.

He believes that there are still two problems to be verified in Yang Guofu’s joining model. First,Can the management and control of franchisees be continuously and stably put in place after listing?"The more it develops to the later stage and the larger the scale, the less stamina and explosive power it will have to join." The second isListed companies must comply with regulations.Some non-compliance phenomena of existing franchisees must be corrected, which also tests the management and control ability of enterprises.

Ling Xiao believes that the performance of enterprises in the secondary market is related to their growth in the long run. "At present, there is no second growth curve in Yang Guofu, and the ceiling of this category of mala Tang is relatively low. Even if the size of the store doubles again after three or four years, it is difficult to see the profit increase."

When the ceiling of scale gradually appears, Yang Guofu’s income-increasing strategy seems to be leaning towards the other end of the scale — — Raise the price. Judging from the feedback from some consumers,Although it is weighed by the catty, the price is opaque and is becoming more and more expensive.

The profit analysis table of its joining in official website shows that the per capita consumption of the stores in Beijing with the highest customer unit price is only 20 yuan. According to the prospectus, the unit prices of Yang Guofu’s three direct stores in Shanghai in the past three years were 34.3 yuan, 32.3 yuan and 29.3 yuan respectively. However, this price is different from many consumers’ feedback. On social platforms, there are many consumers’ feedback, and a normal amount of mala Tang can usually reach 40 to 50 yuan. Even in the county, a price can easily reach more than 30 yuan.

In Ling Xiao’s view, the price of mala Tang has a ceiling.It is unlikely to tell high-end stories. "The concept of cheap fast food has been deeply rooted in people’s hearts. Perhaps the brand will slowly raise the price according to the relationship between supply and demand or with confidence in the product, but when consumers find that the psychological expectation gap is too large, it is likely to reduce the frequency of consumption."

"Playing the scale first and then raising the value is more suitable for the early stage of the rapid development of the industry.After the scale and profit are stable, enterprises must cultivate ‘ Internal strength ’Otherwise, the future development pressure will be very great. "Specific to Yang Guofu, in Li Yingtao’s view, perhaps the first step is to enhance channel control and direct profitability, such as slowly reducing franchise stores and increasing the proportion of direct stores.

Note: At the request of the interviewee, Ling Xiao and Pepe are pseudonyms.

CCTV News:According to WeChat official account’s news that Shanghai Internet rumored WeChat, the Shanghai rumor platform recently received fans’ inquiries about whether the news that "Shanghai will bid for the Olympic Games" is true. Shanghai Sports Bureau replied that Shanghai has no plans to bid for the Olympic Games at present.

　　Although Shanghai has no plans to bid for the Olympic Games, it is closely related to the Olympic spirit. In May this year, when President Bach of the International Olympic Committee visited Shanghai, he said that many sports practices in Shanghai are exemplary. He looked forward to cooperation with Shanghai and believed that Shanghai would become an Olympic sports city. Gong Zheng, Mayor of Shanghai said that under the guidance of the International Olympic Committee, Shanghai will introduce more top international events, gather more international sports organizations, actively participate in international sports exchanges and cooperation, and make greater contributions to the development of the international Olympic cause.

　　According to the introduction of the Municipal Sports Bureau, in February this year, Shanghai formally submitted its bid to the International Olympic Committee for the first stop of the Olympic qualification series, including freestyle BMX, skateboarding, break dancing and rock climbing. Recently, the International Olympic Committee officially confirmed that Shanghai will be one of the host cities of the Olympic qualification series, and the competition will be held in Huangpu Riverside from May 16 to 19, 2024. In addition, in 2024, 2025 and 2026, Shanghai has introduced new international top single sports events. However, Shanghai has no plans to bid for the Olympic Games.

　　Maybe some netizens want to ask, there is also the word "Olympic Games" in the "Olympic Qualification Series". What is its relationship with the Olympic Games? As the name implies, the Olympic qualification series is a competition for athletes to qualify for the Olympic Games, and it is an important step for freestyle BMX, break dancing, skateboarding and rock climbing athletes to qualify for the 2024 Paris Olympic Games, but it is very different from the comprehensive Olympic Games, and the two cannot be equated.

　　At the press conference held by the Shanghai Municipal Government on September 26th, we also introduced the holding of the Shanghai leg of the Olympic Qualifying Series. It is reported that Shanghai uses the existing riverside open space to hold the Olympic qualification series, hoping to create a more open, inclusive and shared sports environment for the citizens, and create a charming riverside waterfront space that is athletic, social, green, powerful, fast and hot.

　　Original title: Xinhua Viewpoint’s important data in the first quarter was released. How do you view the current economic situation?

　　In 2022, the first quarterly report of China’s economy was released on the 18th: the gross domestic product (GDP) was 270.178 billion yuan, up 4.8% year-on-year.

　　In the face of the multiple tests brought about by the increasingly complex and severe international environment and frequent domestic epidemics, how do you view this "transcript"? The "Xinhua Viewpoint" reporter combed the key data.

　　GDP increased by 4.8% year-on-year.

　　In the first quarter, China’s GDP increased by 4.8% year-on-year, 0.8 percentage points higher than that in the fourth quarter of 2021 and 1.3% higher than that in the previous quarter.

　　Fu Linghui, spokesperson of the National Bureau of Statistics and director of the National Economic Statistics Department, said that since the beginning of this year, the international situation has become more complicated and severe, and the domestic epidemic situation has also shown the characteristics of multiple points, wide coverage and frequent occurrence, which has increased the impact on economic operation. Facing the complicated situation, efforts were made from the central government to the local government to stabilize the macro-economic market and effectively cope with the risk challenges. The national economy continued to recover and the overall start was stable.

　　He also pointed out that since March, the world situation has evolved in a complicated way, and the impact of domestic epidemics has continued, and some unexpected factors have exceeded expectations. The growth rate of some major indicators has slowed down and the downward pressure on the economy has increased.

　　"Don’t take it lightly and don’t lose heart." Yang Guangpu, an associate researcher at the the State Council Development Research Center, said that although it is more difficult to achieve the annual growth target, the long-term fundamentals of China’s economy have not changed; With the continuous optimization and adjustment of epidemic prevention and control policies and a series of steady growth policies, there is a foundation to achieve the annual growth target of around 5.5%.

　　Residents’ income grew steadily.

　　In the first quarter, the per capita disposable income of the national residents was 10,345 yuan, a real increase of 5.1% after deducting the price factor. Among them, the per capita disposable income of urban residents was 13,832 yuan, a year-on-year increase of 4.2%; The per capita disposable income of rural residents was 5,778 yuan, a year-on-year increase of 6.3%.

　　From the source of income, the per capita wage income, net operating income, net property income and net transfer income of the national residents increased by 6.6%, 5.4%, 6.1% and 6.3% respectively in nominal terms.

　　Guang Xu Jian, a professor at School of Public Administration, Renmin University of China, said that wage income grew rapidly among residents’ income sources, which to some extent showed that policies and measures to stabilize market players and ensure employment continued to be effective, but the growth of net operating income was relatively low, reflecting that the recovery of the operating conditions of small and micro enterprises and self-employed individuals was still not in place.

　　Consumption growth is restrained to some extent.

　　In the first quarter, the total retail sales of social consumer goods reached 10,865.9 billion yuan, a year-on-year increase of 3.3%. Among them, in March, the total retail sales of social consumer goods decreased by 3.5% year-on-year, which was the first negative growth since August 2020.

　　Fu Linghui said that despite the recent epidemic, in the first quarter, the contribution rate of final consumption expenditure growth to economic growth was 69.4%, which was still the largest among the three major demands. As the impact of the epidemic is gradually controlled, the employment priority policy will continue to exert its strength, which will promote the consumption power and willingness of residents.

　　Yang Guangpu said that with more and more urban real estate regulation and control, residents’ reasonable demand for real estate is expected to be released, and new consumption growth will be conducive to sustained consumption growth.

　　Both foreign trade and foreign investment remain "open and stable"

　　In the first quarter, the total import and export value of China’s goods trade increased by 10.7% year-on-year, and the actually used foreign capital increased by 25.6% year-on-year, both of which continued double-digit growth.

　　Affected by the epidemic, some foreign trade enterprises are facing stage problems such as blocked production and operation and poor logistics and transportation.

　　Zhuang Rui, a professor at university of international business and economics National Institute of Opening-up, believes that under the current situation, it is still necessary to ensure that the policies of stabilizing foreign trade and helping enterprises to bail out difficulties are implemented in detail, and enterprises should also take the initiative to attack according to the new characteristics of foreign trade, seize the opportunity of system dividends, new models and new formats, and constantly improve their ability to resist risks and competitiveness.

　　Zhao Ping, vice president of the Research Institute of the China Council for the Promotion of International Trade, believes that the epidemic situation is temporary, and China has a strong industrial base and a stable investment environment, which will provide more opportunities for foreign-funded enterprises in the process of continuously promoting high-quality development and high-level opening up.

　　The investment growth rate rebounded rapidly.

　　In the first quarter, the national investment in fixed assets increased by 9.3% year-on-year. Among them, infrastructure investment increased by 8.5%, manufacturing investment increased by 15.6% and real estate development investment increased by 0.7%.

　　Wang Jingwen, director of the Macro Research Center of China Minsheng Bank Research Institute, believes that accelerating the deployment and utilization of government special bonds from the central government to the local government to expand effective investment has promoted the growth rate of infrastructure investment to rebound. However, affected by the epidemic and other factors, in the past two months, many industries have faced some pressure to maintain steady investment growth.

　　Fu Linghui said that as China’s efforts to support the development of the real economy continue to increase, the transformation and upgrading of traditional industries and the innovation and development momentum of emerging industries will increase, which will help drive the growth of industrial investment. At the same time, focusing on the major strategic deployment of the country and the "14 th Five-Year Plan", it is also conducive to the expansion of investment to moderately advance infrastructure investment.

　　Consumer prices maintained a moderate increase.

　　In the first quarter, the national consumer price index (CPI) rose by 1.1% year-on-year. From March, CPI rose by 1.5% year-on-year, which was larger than last month, and was generally within a reasonable range.

　　Guo Liyan, director of the Comprehensive Situation Research Office of China Macroeconomic Research Institute, said that the continuous sharp decline in pork prices has lowered the CPI increase. However, due to factors such as the multi-point epidemic in China and the increase in international commodity prices since March, the CPI increase has expanded year-on-year, and some people’s livelihood commodities such as fresh vegetables have increased significantly.

　　Fu Linghui said that from the perspective of supply, grain production has been bumper and stocks are abundant; The production capacity of live pigs has generally recovered, the supply of pork is generally sufficient, and the price is still falling. At the same time, the measures to ensure supply and stabilize prices in the market will continue to be effective, which is also conducive to price stability. Therefore, there are foundations and conditions for maintaining overall price stability.

　　Commodity prices rose.

　　Geopolitical conflict, international commodity price innovation and other factors have driven domestic commodity prices to rise. In the first quarter, the national producer price index (PPI) rose by 8.7% year-on-year, including a 1.1% increase in March.

　　Fu Linghui said that the conflict between Russia and Ukraine has affected the efficiency of the global supply chain, and the transportation and transaction costs of bulk commodities have increased, which has increased the pressure of rising prices. Therefore, under the background of tight supply and demand relationship and increasing uncertainty in the international commodity market, it is more likely that the price will fluctuate at a high level.

　　In view of the abnormal fluctuations in the prices of commodities such as coal and iron ore, Guo Liyan said that as the effects of a series of measures to ensure supply and stabilize prices continue to appear, it is expected that the PPI will gradually decline in general during the year, and it is suggested that enterprises should make plans for energy use, employment, inventory and investment to ensure that the production and operation of enterprises remain stable.

　　Employment pressure has increased.

　　In the first quarter, 2.85 million new jobs were created in cities and towns nationwide, and the national average unemployment rate was 5.5%, slightly higher than the same period of last year by 0.1 percentage point. Among them, in March, the national urban survey unemployment rate was 5.8%, up 0.3 percentage points from the previous month.

　　Fu Linghui believes that January and February were mainly due to seasonal factors, and job-seekers changed jobs before and after the Spring Festival, which led to an increase in the national urban survey unemployment rate. Since March, affected by the domestic epidemic, the production and operation difficulties of enterprises have increased, and the employment difficulties of some people have increased.

　　"The employment priority policy has continued to exert its strength, and the efforts to help enterprises bail out have also increased, and the employment situation has remained basically stable." Fu Linghui said that this year, the government will further reduce taxes and fees and increase its support for the real economy, which is conducive to the development of enterprises and stabilize jobs. At the same time, the sustained development of entrepreneurial innovation is also conducive to promoting the increase of jobs; Strengthening vocational skills training and employment assistance is also conducive to the convergence of supply and demand in the job market.

　　The real estate market is expected to stabilize gradually.

　　In the first quarter of this year, the real estate market showed a certain downward trend: the investment in real estate development increased by 0.7% year-on-year, while the sales area of commercial housing decreased by 13.8% and the sales of commercial housing decreased by 22.7%.

　　Fu Linghui said that with the moderate liberalization of restrictions on purchases and sales, lowering the threshold for the use of provident funds, and speeding up the approval of home purchase loans, the housing demand in some cities has been released, and the decline in sales area has narrowed.

　　He believes that in the next stage, all localities will adhere to the principle of "staying and not speculating", continue to stabilize land prices, stabilize housing prices, stabilize expectations, improve the long-term mechanism of the real estate market, and actively meet reasonable housing demand, and the downward trend of commercial housing sales nationwide may be alleviated; With the continuous improvement of the long-term rental market and the acceleration of the construction of affordable housing, the real estate market is expected to gradually stabilize. (Reporter Zou Duowei, Shu Jing, Xie Xiyao, Song Jia, Liu Weiwei, Natalie, Meng Yingru)

    Improving the delivery power in an all-round way is not only the embodiment of the social responsibility of housing enterprises, but also a deeper demonstration of their product strength and competitiveness.

    As a central enterprise, Poly Development has always maintained its strength and resilience, adhered to "long-term doctrine", insisted on "creating value for customers" in the first place, attached great importance to delivery, and created and continuously optimized "6321 delivery system". Since 2022, all projects have been delivered on time and with good quality, and customer satisfaction has steadily increased.

    Facing the complicated situation, from "guaranteed delivery" to "quality delivery", how can Poly develop?

    The strength of steady operation is the basis of high-level delivery.

    As one of the few real estate enterprises with double growth, Poly Development has not only maintained a steady increase in revenue and profit, but also won the first opportunity in the market competition.

    The semi-annual report shows that in the first half of the year, Poly Development achieved a total operating income of 110.8 billion, a year-on-year increase of 23.10%; Realized a net profit of 14.924 billion, a year-on-year increase of 1.60%; The net profit of returning to the mother was 10.826 billion, a year-on-year increase of 5.11%.

    In terms of financial security, Poly Development continued to maintain a comprehensive green file. As of the first half of the year, the financing cost of Poly’s development was at a low level in the industry, and three major international rating agencies, such as Standard & Poor’s, Moody’s and Fitch, all gave investment-grade ratings.

    As a head enterprise, Poly Development still maintains its outstanding and leading development ability, and its healthy and steady business indicators undoubtedly set up a responsible image of housing enterprises for the market and owners.

    Insisting on customer thinking is the guarantee of delivering advanced quality.

    Poly development always takes customers as the center, adheres to the customer strategy, and "listens to customers’ voices, improves products and services in combination with customers’ needs, and creates value for customers". After more than ten years of customer satisfaction survey, the National 400 Call Center responded quickly to customers’ demands, invited the owners to attend the site open day before delivery, and took the initiative to conduct home interviews after delivery … "What you see is what you get, and what you show is what you deliver" is the commitment of Poly Development.

    What you see is what you get, thanks to the new construction system and the continuous upgrading of quality. Through the standardization of design products, Poly has developed into a mature, stable and reliable construction system integrating design, material and construction, and continuously iterated the construction system and process standards.

    What you see is what you get, thanks to information empowerment and accurate control of the process. Poly develops the application of "Building a Good Cloud", making the construction process transparent, online, visual and standardized, so that every batch of materials can enter the site and every key process can be checked and accepted.

    What you see is what you get, thanks to the 6321 lean delivery management system, which dynamically controls delivery. Since 2016, Poly Development has taken customer experience as the core, integrated resources and established the 6321 delivery dynamic management method, and combined with external third-party quality evaluation agencies and professional industry service consulting agencies to continuously optimize the management actions before delivery.

    "6321" lean delivery management system is the key to realize quality delivery.

    Nowadays, under the self-demand of constantly listening to customers and lean management, Poly Development has already extended "6321" to front-end quality and back-end service, forming an efficient and powerful grid delivery system, which has not only achieved high-quality delivery on time, but also formed a series of distinctive and customer-satisfied delivery results.

    Before delivery: professional third-party flying inspection, multiple rounds of professional inspection, and comprehensive interception of quality hazards. Poly Development insists on using third-party evaluation agencies such as Ruijie to evaluate and inspect all projects in China, covering the whole construction process from foundation construction to delivery, and iterates the evaluation system every year.

    Under the influence of the epidemic, Shanghai Poly Tianyue Project still fulfilled its high-quality delivery promise as scheduled; Fujian Poly Yunshang Project entered the site in April ahead of schedule, with the elimination of key problems as the primary plan, and five rounds of inspection were carried out according to the classification of working procedures. At the time of final delivery, the number of problems per household was only 0.2.

    Real delivery scene of Poly Development Holding Project

    Delivery period: communicate with the owner’s needs at high frequency, and take the initiative to carry out the site open day, so that the owner can "see" what he sees.

    "Opening the door to welcome guests" and accepting supervision highlight Poly’s confidence and strength. Poly Development is also committed to let every owner witness the "growth of home".

    Jiangxi Company Poly Nanchang Tianhui Project, in conjunction with the government, established a safety standardization site, invited the owners to observe it on the spot, and created the plain appearance of the exhibitors of Poly Ingenuity Factory. The Linyu Project of Baoli West Lake in Shanxi Province aims at "firmly eliminating defects" and invites the owners to visit the site 100%. Hubei Company solidified the owners’ meeting as a standard link, and Nanchang Tianhui Project established a safety standardized site in conjunction with the government, inviting owners to observe on the spot. Four months before Hangzhou Tianhui delivered, the site was opened, the garden was 100% presented, and exclusive owners’ docking was established.

    Hangzhou Poly Tianhui Construction Site Opening Scene

    After delivery: there is a rapid response platform and active and caring service, which reflects the confidence of central enterprises in fulfilling their customers’ promises.

    Poly Development continues to listen to customers’ voices and build a national integrated call center, becoming one of the few real estate enterprises with a headquarters call center. "Zero-delay dispatch" and "8-hour response" are the service features of Poly. Poly Property also launched the "Advanced Quality Action" nationwide, and through the 12 key service scenarios of "Three Hearts and Three Lines", the owners were allowed to transmit the service temperature in high-frequency scenes such as pedestrian moving lines, leisure moving lines and vehicle moving lines, so as to enhance the owners’ perception with high-quality services.

    In the view of Poly Development, delivery is not the end, but the starting point of fulfilling the promise of products and services, and the prime point of providing customers with a better life. With its steady business situation, reliable fund management advantages and full-chain system delivery mechanism, Poly Development has more confidence and ability to achieve "smooth delivery" to "quality delivery".