The long-rumored "appointment of former CHINA RES LAND President Wu Bingqi to OCT" has officially materialized.

On September 5, the State-owned Assets Supervision and Administration Commission (SASAC) officially announced leadership appointments and dismissals involving OCT Group. Wu Bingqi has been appointed as Deputy Party Secretary and Director of OCT Group, and nominated as General Manager candidate.

Simultaneously, Zhang Zhengao has been relieved of his positions as Party Secretary, Standing Committee Member, Chairman, and Director of OCT Group due to retirement. Liu Fengxi has been relieved of his positions as Deputy Party Secretary, Standing Committee Member, and Director of OCT Group, and will no longer serve as General Manager.

This series of personnel changes marks the completion of a crucial generational transition in OCT Group's core management team.

Currently facing profitability pressures and a critical period of business transformation, Wu Bingqi's appointment brings new expectations for the company while also presenting certain challenges. Finding a new balance point for the enterprise's "culture, tourism + real estate" model has become an urgent problem he must tackle.

**PART ONE** **Veteran State-Owned Enterprise Expert Takes Charge**

Wu Bingqi's personal profile has been updated to the top position in OCT Group's management team on the company's official website.

According to the information, Wu Bingqi was born in 1971 and is a senior engineer who has served in multiple state-owned enterprises, including Deputy Party Secretary and President of CHINA RES LAND, and Deputy General Manager of China Construction Group.

This veteran state-owned enterprise executive has been deeply involved in the real estate industry for thirty years, possessing extensive experience in real estate development and asset operations, regional market expansion, and state-owned enterprise management.

Wu Bingqi previously led CHINA RES LAND's Western China region to achieve a 37.8% year-on-year growth in sales from 2019 to 2020, reaching 27.5 billion yuan.

In 2021, after taking over CHINA RES LAND's Northern China region, he drove the region's revenue to grow by over 20% year-on-year to 40.937 billion yuan.

Industry analysts believe that Wu Bingqi's mature industry experience perfectly complements OCT's current challenges of continuous losses and high debt levels.

Bai Wenxi, Vice Chairman of the China Enterprise Capital Alliance, stated that Wu Bingqi's appointment is expected to bring positive changes to OCT in areas such as asset revitalization, capital structure optimization, and development efficiency improvement.

"Wu Bingqi has held core management positions in state-owned enterprises and deeply understands the full-cycle management of real estate development, excelling in asset revitalization and regional cultivation. This experience is expected to help OCT optimize existing projects and improve asset turnover efficiency," he further analyzed.

**PART TWO** **"Culture, Tourism + Real Estate" Model Loses Momentum**

Wu Bingqi's appearance at this time has been hailed as a "firefighter," carrying numerous expectations and attention from the outside world.

Against the backdrop of the real estate industry entering a period of deep adjustment, the model of using real estate sales to subsidize culture and tourism business has become unsustainable. This has put OCT Group, which has long relied on the "culture, tourism + real estate" model, in a very difficult position.

Since 2022, OCT Group's revenue has declined to varying degrees, with net profits continuously in the red. Wind data shows that from 2022 to 2024, OCT Group accumulated losses exceeding 26 billion yuan.

OCT A (000069.SZ), as OCT Group's largest listed company in terms of revenue and market capitalization in tourism and real estate business, also faces revenue and profit pressures.

In 2024, OCT A achieved operating revenue of 54.407 billion yuan, down 2.4% year-on-year; net profit attributable to shareholders was -8.662 billion yuan, with losses increasing by 2.17 billion yuan year-on-year.

Entering the first half of 2025, operating conditions remained worrying, with operating revenue of 11.32 billion yuan, down 50.8% year-on-year; net profit attributable to shareholders was -2.87 billion yuan, with losses increasing by 1.81 billion yuan year-on-year.

The company explained in its financial report that the main reason for increased losses was the decline in project settlement revenue and gross margin compared to the same period last year.

As of the first half of 2025, OCT A's real estate business gross margin was only 5.49%, down 4.25 percentage points from the same period last year. For the comprehensive tourism business, the gross margin decreased by 10.78 percentage points year-on-year to 7.13%, showing weakened business profitability.

As of the end of June 2025, the company's total liabilities amounted to 241.086 billion yuan, including short-term borrowings of 2.82 billion yuan and non-current liabilities due within one year of 38.452 billion yuan. The balance of cash and cash equivalents at the end of the period was 26.577 billion yuan, with existing capital reserves insufficient to cover upcoming debt maturities.

This "report card" not only clearly reveals the pain points in OCT A's current business development but also brings enormous challenges to the newly appointed Wu Bingqi.

Currently, the enterprise faces weak profitability in its culture and tourism business and declining real estate sales, urgently needing to achieve "both light and heavy asset approaches" through mechanism innovation, capital injection, and asset optimization. Wu Bingqi's comprehensive management background and state-owned enterprise resource integration capabilities align with this transformation need, potentially driving the enterprise to find a new balance point in the "culture, tourism + real estate" model.

Bai Wenxi also predicted that Wu Bingqi might introduce "light asset" operational approaches accumulated during his time at China Resources and China Construction, such as bringing in partners for joint development, outputting mature project operating rights, and exploring new profit models like "culture, tourism + healthcare" and "culture, tourism + consumption," thereby reducing heavy asset pressure.