This year, in addition to the State-owned enterprises that continue to be active, the performance of the shareholder’s business can also be measured. In particular, the Phnom Penh Group received six projects in March and April, 540,000 construction areas and a total land cost of $8.78 billion.

To know that only 2.48 million additional land reserves had been added throughout the year last year, four were found to have been a year.

Uncertainty in the market, however, has also led to general caution. At the recent performance, the Chairman of the Phnom Penh Group said that he had neither spoken about the 2023 marketing targets nor referred to this year’s take-home targets, stating that “the market environment remains critical and focused on high liquidity projects”.

Looking at the future of a house enterprise, the author considers three important aspects: financing, marketing, and earth storage.

This time, the Phnom Penh Group, which appears to be in the gambling future, has seen considerable concern from the recent financial statements.

Annex

The problem of cash flows, with a reduction of nearly 5,400 per year

On the performance side, the Phnom Penh Group is also “upstream” and is in a position to gain. In 2022, the battalion received over $120 billion, an increase of 21.33 per cent, but the net profit declined significantly by between 29 and 9.66 billion yuan renminbi, with a sharp drop of 35 to 6.1 billion yuan renminbi in net domestic profits, or a profit achievement based on a fair value increase of $1.31 billion, which was simply paper-based wealth and did not increase cash flows.

By the first quarter of this year, the growth in the yields of the camps showed a slight increase of 7.5 per cent, but the net profit fell to 66.5 per cent.

With regard to Māori rates and net interest rates, it can be said in 2019 that there has been a discrete decline, with a quarter net interest rate falling to 153 per cent, compared with a net interest rate of 7.64 per cent last year.

The decline in performance has been a business-intensive one, and it is commendable that, in such a low performance, the Phnom Penh Group still chooses cash scores, although the 10 per cent infrared ratio is slightly higher this year than the 30 per cent in previous years, but it is hardly easy to do so.

However, for industries and enterprises, should the bottom be divided? Is the decline in the performance of the Phnom Penh Group temporary or will be a trend?

The annual report shows that at the end of the year, the cash position of the Group was approximately $54.5 billion, a decrease of $10.3 billion over the same period in the previous year; short-term debt was $42.6 billion, with unrestricted cash short-term debt being only 1.13; and the unfettered cash short-term debt was 1.4 times higher than the previous year;

This is not yet the $33.6 billion mark due in this year to cover construction works and land prices!

Tensions in cash flows are reflected not only in cash versus maturity, but also in the cash flow statement.

The annual report shows that the cash received by the Group of 2022 through the sale of commodities and the provision of services amounted to $77.3 billion, a decrease of 24 per cent, and last year also ensured an increase in the annual operating cash flow by reducing the payment of cash related to operating activities;

However, in the first quarter of this year, with the decline in cash flows and the increase in cash flows, the operating cash flows of the Phnom Penh Group fell by 2401.5 per cent to $4,457 million.

Now that the source is difficult, it is a stream. The annual report shows that at the end of the year, the number of active members of the Group was 43011, compared to 47628 at the end of 2021, with a decrease of nearly 5,400 in one year.

Table 2

Over a year, there has been no public financing, and debt concentration is coming to maturity.

The above-mentioned issue of cash flows for the Phnom Penh Group highlights the fact that, in addition to the deterioration of data on short-term debt, cash in hand and cash inflows, the market is most worried about or financed.

The annual report shows that the cash received from loans last year was only $41.3 billion, a decline of 28.44 per cent compared to the overall financial flows of $34.8 per cent, and a significant decline of $363 to $2744 million in net financing cash flows.

There is a difficult situation of bleeding and blood transfusion.

It is even more worrisome that, as of now, Phnom Penh has not been financed in open markets for more than a year.

It is well known that, since May last year, there has been neither the demonstration of cottage business, the financing of high-quality entrepreneurship, or the financing of medium-debt loans, nor the end of the year’s cottage fund, which the Phnom Penh Group has shown to be consuming.

Questioned to the outside: “What did not give a security debt for the Group?”

The annual report shows that only two finances were issued in the open market last year by the Phnom Penh Group, and that in January 2022 a purchase price of ABS was worth approximately $789 million; the other was 1.7 billion yuan renminbi on 23 February; since then, the open market has no longer been financed.

Is it in itself unintentional to publicly finance, or is there an embarrassment, under a state of so tight cash flows? This makes the market difficult.

For the Phnom Penh Group, however, there is no “new lending” for public financing, but it is now up to the “old” peak.

The annual report shows that at the end of May this year there were 1.98 billion yuan renminbi in 1800; in June there were 1.06 billion yuan renminbi and 2 billion yuan renminbi in 20 yuan renminbi in MTN002; in July, there were 996 million yuan renminbi in 18 Phnom Penh; and in August, 2 billion yuan renminbi in MN003 in 20 Phnom Penh;

Over the next three months, the accumulated public debt of the Phnom Penh Group, with approximately $8 billion, falls short of the pressure!

The cash flow is so tense and has not been open for over a year and the debt has come to an end when capital is consumed in large-scale hand-held areas, with the genocidal group having the courage to “live the urine”.

3

Where are future profit spaces, when high prices are sold?

With regard to the Phnom Penh Group’s major takeovers in March and April this year, the authors have seen it as a risk of “casinging the future”, in addition to the risk of cash flows, the lack of public financing, the dilemma they face in Phnom Penh.

The first is that the stock of the Phnom Penh Group and the ratio of contractual liabilities are declining significantly. The annual report shows that, by the end of 2022, the stock of the Phnom Penh Group had declined by 20 to 151,05 million yuan renminbi, and that by one quarter it had declined by 20 per cent;

Contract liabilities

Cereal crafts

Tuesday, 9 August, at 3.30 p.m.

Location

Beijing Kungal Hotel

Beijing City New Source 2

The Beijing Platform for the Sound Filming of the Cercle Process will be taken separately at 3.30 p.m. next day.

Advance site for ceramics

The ceramics process consists of nearly one hundred and ten items, rich in the product and not a fine author. It is a matter of concern that, in part, the gallons of masks are added to the galleries of lucratives, which are cherished in the galleries.

In accordance with the current need for prevention and control of the new coronary pneumonia outbreak, the high-risk areas of the epidemic were identified on 29 November 2022 (with specific time calculated from the date of implementation of the corresponding national control measures in the regions concerned) in accordance with the New Coroner Pne Pneumonia Control Programme (Pixth ed.) and the Notification of scientific precision control over the further optimization of the new coronary pneumonia control measures):

High-risk areas (2)

1 The five-mile street ran 163 units in the village of Yun;

2 Sovereignty Street No. 104

The high-risk areas are covered by cover control during periods of “unavailability, access to services”. No new infections have been detected for five consecutive days, and all persons in the fifth-day risk area have a test of acetic anhydride, which is subject to a risk assessment.

Special bulletin.

New Coronary Pneumonia Command, Long-Salaf

29 November 2022

Proclamation for the Delimitation of High-Risk Areas in Long-Shara County

In accordance with the current need for prevention and control of the new coronary pneumonia epidemic, the high-risk areas in the territory of the Grand Bashar district have been identified as follows:

1 Medium-sized and medium-sized caravans in the streets of Long-Shara County, World Community Wideband and Satellite-Life Transmission, Q, Sector K, L, R

2 28 Olympic gardens 39

3 WS05 2 units in the WS Bay sub-region of the mountains 68

4 G11 3 units in the hillwater Bay subsector G11 in the long-sand-counter streets of Rulinga

5. 2 modules of the nightmare park in Long-Shara County on the street and the south ponds 36

6. 6. Lobby 1 in Longsha County

7. 7. Kindu, yellow, yellow, new, indeer-same, new villages in blue fields, ponds, bedding villages (except for a period of 985 on yellow River)

8. 8. Yukio Takasu, Shiqiuyong

9. The high-risk areas are covered by cover control, during which they are “unabled and serviced”. No new coronary infections were detected for five consecutive days, down to low-risk areas. The other regions of El-Shad are low-risk zones, with preventive measures such as “personal protection, avoiding congregation”. The regional scope and control requirements above will be adjusted in due course in the light of changes in the control of the epidemic.

10. The general population is invited to raise awareness of risk prevention, to perform individual responsibility for disease prevention, to observe the laws and regulations governing the control of the epidemic, to strictly implement measures to prevent and control the disease, to support and cooperate actively in the prevention and control of the epidemic and to effectively reduce the risk of its spread. As recently as in the above-mentioned high-risk areas, the first time is requested to report to the community (village) or unit where it is located and to cooperate with measures for the detection and management of nuclear acid.

11. Office of the New Orphan Pneumonia Control Command

12. 28 November 2022

In the evening, Lu Ping, deputy secretary of the school of Philosophy (Preparatory) of Zhejiang University, said that everyone was shocked and sad to hear the news that Professor Pan Liyong died of illness.

A doctoral student of Professor Pan said that everyone was very sad to know the news of Professor Pan’s death today. Professor Pan died of pancreatic cancer. With tenacious perseverance, Professor Pan has struggled with the disease for more than a year.

“Mr. Pan is usually a very kind person to his students. He is very funny and informal. He has the demeanor of a famous scholar in the Wei and Jin Dynasties. However, he is very rigorous academically. He is completely different from his relaxed and pleasant style in life. He doesn’t let go of any details when studying. Next, we students and Mr. Pan’s beloved relatives and friends will hold a simple memorial meeting to catch up with him Recall Mr. Pan’s academic achievements and his life. “

Professor Pan Liyong, born in 1956 in Cixi, Zhejiang Province, is a well-known contemporary aesthetician. Bachelor of Arts from Zhejiang Normal University, master of Arts from Nanjing University and doctor of aesthetics from Fudan University. Chief expert of the major project of the National Social Science Foundation of China, “Research on the construction of Neo Confucianism and Chinese aesthetic discourse system in the song and Ming Dynasties” (20 & zd046).

He began to teach in the Chinese Department of Zhejiang University. He is now a professor and doctoral supervisor of the school of Philosophy (Preparatory) of Zhejiang University. He is also the executive director of the Chinese aesthetic society and a distinguished researcher of the Institute of higher social sciences of Southern University of science and technology. He has been a visiting scholar at the University of London, Durham University and Harvard University in the United States, and has attended international academic conferences for many times. So far, he has published more than 100 academic papers, more than 10 academic monographs, and presided over five general projects and one major project of the National Social Science Foundation. He has edited dozens of books, won national, provincial and ministerial academic awards for many times, and cultivated talents. He is one of the influential leaders in Chinese aesthetic research.

The school of Philosophy (Preparatory) of Zhejiang University introduced Professor Pan Liyong’s academic experience.

Professor Pan Liyong has long been engaged in the study of Chinese classical aesthetics and cultural philosophy, especially in the study of Neo Confucianism aesthetics in the song and Ming Dynasties. He is one of the pioneers in this field.

Since the 1980s, Mr. Pan has started relevant exploration. In 1984, when studying for a master’s degree in Nanjing University, he chose Zhu Xi’s aesthetic thought as the topic of his graduation thesis. After teaching at Zhejiang University in the late 1980s, Mr. Pan published his papers on Zhu Xi’s aesthetic education thought (Confucius Research, issue 01, 1989) and a new exploration of Zhu Xi’s theory of “literature comes out of Tao” (Social Sciences, issue 06, 1989). In 1992, Mr. Pan applied for the national social science fund with the title of “Zhu Zi’s Neo Confucianism aesthetics and its modern significance”, which won the approval of experts, especially Mr. Ye Lang.

Since then, Professor Pan has continuously deepened the study of Zhu Zi’s Neo Confucianism and aesthetics, creatively compared it with German classical philosophy, and published many papers.

In 1999, Professor Pan’s landmark achievement of Neo Confucianism Aesthetics - “Zhu Zi’s Neo Confucianism aesthetics” was published by Dongfang publishing house.

The book is about 500000 words. Through the debate on Neo Confucianism and aesthetics and its important value, it makes a comprehensive study on the Aesthetic Ontology, artistic philosophy, landscape aesthetics, aesthetic personality and other aspects of Zhu Xi’s Neo Confucianism and aesthetics.

The book won the second prize of the outstanding achievement award of philosophy and social sciences of Zhejiang provincial government (2002). So far, it has become an important reference for the study of Chinese classical aesthetics and a recognized introductory classic of Neo Confucianism aesthetics. It has been rated as one of the representative achievements of the third stage of Zhu Zi study in the 20th century by Professor Zhang Liwen, Professor Cai Fanglu and other Zhu Zi study authorities Zhu Xi’s representative achievements in the study of the book of songs.

In addition, Professor Pan’s paper “comparison between Zhu Zi’s Neo Confucianism aesthetics and German classical aesthetics” (literature and art research, issue 03, 2001) also won the second prize of the scientific research achievement award of colleges and universities in Zhejiang Province (2002).

While developing Neo Confucianism aesthetics, Professor Pan began to try his important branch - the study of mind aesthetics, and took Wang Yangming as the starting point. His “the significance and influence of Yangming’s theory of mind in aesthetics” (Research on literature and art, issue 01, 1995) became the earliest research paper on Wang Yangming’s theory of mind and aesthetics in China.

In 1996, Mr. Pan’s application for “Yangming’s psychological aesthetics and the aesthetic trend of the Ming and Qing Dynasties” was approved by the social science planning project of Zhejiang Province.

In 2003, Professor Pan’s doctoral thesis “ontological Gongfu theory and Yangming psychology aesthetics” was approved and praised by Fudan University. In the same year, Professor Pan’s application for “Research on the aesthetics of Yangming’s psychology: starting from the ontology of time” won the project approval of the National Social Science Foundation. Since then, Professor Pan has successively published many research papers on the aesthetics of Yangming’s psychology, which has attracted the attention of the academic circles.

In 2010, another of his masterpieces, the integration of all things: the aesthetic wisdom of Yangming’s mind theory, was published by Peking University Press. As the first book at home and abroad to systematically explore the aesthetic wisdom of Yangming’s psychology, based on the in-depth study of Yangming’s psychology and relevant classics, the book widely absorbs the research results of modern scholars at home and abroad, and makes a modern interpretation of the aesthetic wisdom contained in Yangming’s psychology.

In the process of studying Zhu Xi’s Neo Confucianism aesthetics and Wang Yangming’s mind aesthetics, Professor Pan naturally gradually expanded his academic vision to the scope of Neo Confucianism in the whole song and Ming Dynasties, tried to explore the significance of Neo Confucianism in the song and Ming Dynasties to the construction of the whole Chinese aesthetic discourse system, and achieved gratifying results.

In 1996, Mr. Pan’s application for “personality aesthetic education thought and its modern significance of Neo Confucianism aesthetics in song and Ming Dynasties” was approved by the Ninth Five Year Plan humanities and social sciences fund of the State Education Commission. In the same year, his application for “Neo Confucianism and personality aesthetic education in song and Ming Dynasties” was also approved by the National Social Science Fund. The final achievement of the above two projects, the monograph on personality aesthetic education of Neo Confucianism in song and Ming Dynasties, was published by the people’s Publishing House in 2020.

It is worth mentioning that at the end of 2020, Professor Pan presided over the application, and the topic “Research on the construction of Neo Confucianism and Chinese aesthetic discourse system in the song and Ming Dynasties” jointly participated by dozens of domestic experts and scholars was approved by the national major social science project.

The purpose of this topic is to analyze its historical influence on the construction of Chinese traditional aesthetic discourse system by discussing the theoretical character of Neo Confucianism and aesthetics in song and Ming Dynasties, which is the integration and Transcendence of Chinese traditional mind philosophy

The national conditions survey center of education of China Institute of education and social development of Beijing Normal University established a research group to conduct a questionnaire survey and individual interviews on the “double reduction” reform. The questionnaire survey covered principals, teachers, students and parents of 3564 schools in 213 districts and counties of 31 provinces, autonomous regions and Xinjiang Construction Corps, with a total effective sample of 1.689 million; One to one interview 105 principals and 316 parents from 12 provinces and 36 districts and counties.

According to the report, 96.8%, 92.8%, 90.5% and 96.0% of principals, teachers, parents and students agreed with the “double reduction” policy respectively. The “double reduction” policy has been widely agreed, especially by students and principals.

In terms of students’ homework burden, the report shows that more than 88% of teachers consciously and strictly control the total amount of written homework, 75.3% of students feel that the amount of homework is less than that of the previous semester, and 83.4% of students can basically complete written homework or most written homework in school.

“Burden reduction is to improve quality, which can promote burden reduction.” In terms of school homework design, the report points out that 53.2% of students believe that teachers “can arrange targeted homework according to my learning situation”, 47.8% of students believe that “homework requiring brain thinking has been increased”, and 45.9% of students believe that “homework for activities such as science, sports and art has been increased”.

The report shows that 89.0% of students are satisfied with after-school service, of which 64.2% are very satisfied; 88.4% of the parents were very satisfied with the after-school service, of which 48.4% were very satisfied. 85.8% of students participated in after-school services, and more than 74% of students participated in after-school services five days a week. The average after-school service is 120 minutes a day. The school has rich after-school services, and more than 91% of schools provide homework guidance and various interest courses. The after-school services of schools in all provinces are mainly homework counseling and various interest courses.

The survey results show that 86.5% of the students like school life, of which the proportion of students in grade 4, grade 6 and grade 8 like school life is 90%, 88.1% and 79.9% respectively; 75.5% of parents believed that the total time for children to read, exercise, work and social practice at home from Monday to Friday increased, of which 28.2% thought that it increased by more than 2 hours, the proportion of 1-2 hours increased by 35.9%, and the proportion of less than 1 hour increased by 11.4%.

In terms of students’ sleep time, the report said that 68.2% of parents believe that their children’s sleep time has increased significantly. The average sleep time in primary school is 9.3 hours and that in junior middle school is 8.5 hours.

In addition, the report shows that the burden of students’ after-school training has been effectively reduced. 83.5% of the students did not participate in off campus discipline training, and 63.3% did not participate in non discipline training. Among the students who participated in off campus discipline training, 31.5% of parents thought that the number of children participating in discipline training courses was reduced.

Beijing News reporter Feng Qi

Zhang Yong, the founder of Haidilao, passed the “mantle” to the eldest disciple Yang Lijuan.

Inside Haidilao, Yang Lijuan is regarded as the heroine of “inspirational chicken soup” by grass-roots employees: an 18-year-old girl who shoulders the “huge debt” of her family, joined Haidilao as a waiter when she was poor, and became the CEO of the world’s largest chain hot pot brand after 27 years.

On the evening of March 1, Haidilao announced that Yang Lijuan was transferred to CEO, and founder Zhang Yong will no longer serve as CEO, but will continue to serve as chairman of the board of directors and executive director. A person familiar with the matter told Hu sniff: “Zhang Yong is not quitting, but will still grasp the long-term strategy. Yang Lijuan is deeply trusted by Zhang Yong and is regarded as Zhang’s confidant and disciple.”

Yang Lijuan is the best footnote to make complaints about the “sea fishing dream”: born in the ordinary family, dropping out of high school, less than 160 and without a stunning face value, speaking slightly loudly, and being “dressed in a simple way” in the early years, like the epitome of about 130 thousand seafloor employees today. In this complex and unfathomable world, sweat and brains are not relied on. But she finally realized the qualitative change of life by relying on the submarine fishing system.

Execution is the most eye-catching label on Yang Lijuan. Some people in the circle regard Yang Lijuan as the “front-line commander” of her mentor, which is the key to implementing Zhang Yong’s business philosophy. Since 2012, Yang Lijuan has officially taken over the operation of all Haidilao stores. Her style is described as “being able to fight a hard battle” + “resolutely implementing Zhang Yong’s will”. In the years of promoting the system of “connecting interests and locking management” in Haidilao, Yang Lijuan is the actual executor of this task. During the “closing and stop loss” period of Haidilao in 2021, Yang Lijuan became the person in charge of the “woodpecker plan” - which is compared to “finding out the pests under the tree epidermis” to strengthen internal management.

Being CEO means that Yang Lijuan will assume more responsibilities, and the hot pot Jianghu in front of her is by no means calm.

After the epidemic, the competition of hot pot track has doubled, the subdivided vertical hot pot has risen rapidly, and the middle waist brand has expanded rapidly. According to the data from ncbd, by the end of December 2021, there were 395000 hot pot enterprises in China, reaching a new peak since the epidemic. In this new round of hot pot craze, fish hot pot, beef hot pot and other sub categories quickly seized the market. Taking fish hot pot as an example, there are more than 18000 fish hot pot enterprises in China, while there are more than 5000 related enterprises in Sichuan. The middle waist brand is also trying to become the “new king of hot pot”. Laowang, qixintian and Banu hot pot have entered the expansion period and began to impact the IPO.

Standing in the fierce track is Haidilao, which has been born for 28 years and is not at its peak: in November 2021, Haidilao announced the closure of 300 stores, which is the largest trend of Haidilao’s closure since its listing; On February 21 this year, Haidilao issued a profit warning. It is estimated that the net loss in 2021 will be about 3.8 billion yuan to 4.5 billion yuan (including the loss of about 3.3 billion yuan to 3.9 billion yuan caused by the closure of more than 300 stores in 2021).

Repeated outbreaks and global fluctuations in the cost of food materials are putting pressure on undersea fishing. According to the public information of Haidilao, affected by the epidemic and other factors, the operating performance fell year-on-year in the second half of 2021, and the losses of overseas stores increased in 2021.

“Zhang Yong needs someone to do something subversive.” Zhu danpeng, an analyst of China’s food industry, told Hu olfactory that 2022 is a very critical year for Haidilao. “Haidilao needs an iron fist to make subversive reform.”

“Iron Lady”

“This is a person who will not be bound by complex interpersonal and interest relationships.” An insider familiar with the top management of Haidilao who asked not to be named told huolf that Yang Lijuan was famous for “daring”, “loyalty” and “iron face” in the company. In the 27 years of working for Haidilao, she has successfully performed almost every task assigned by Zhang Yong.

The above person described a detail. In the early days of Haidilao, Zhang Yong asked all shop assistants to learn computer typing (it was 1996-1998 at that time, and computers were not as popular as today). Many shop assistants thought typing was of little significance to their work, so they gave up studying. Yang Lijuan saved money to buy a 7000 yuan computer and applied for a month’s night school typing training course. It is said that Yang Lijuan is the only ordinary clerk who implemented Zhang Yong’s “learning typing” instruction, which makes Zhang Yong look at it with new eyes.

An early catering practitioner who worked in Haidilao described another detail. In the early meetings of Haidilao, Zhang Yong’s speech was always full of philosophy and unrestrained. He would talk about “the distant future”. As a result, some grass-roots employees cannot “materialize” Zhang Yong’s ideas during implementation, and Yang Lijuan is often the fastest person to understand them - she is extremely good at understanding the actual requirements behind Zhang Yong’s “unrestrained” and then implement them quickly.

These characteristics make Yang Lijuan one of the first employees to win the trust of Zhang Yong in the entrepreneurial history of Haidilao. When Zhang Yong opened his second Haidilao store in Jianyang, Sichuan, only 19-year-old Yang Lijuan was appointed the manager of Haidilao’s old store in Jianyang.

Zhang Yong has a deep influence on Yang Lijuan’s mind. A well-known story is that Zhang Yong once paid off Yang Lijuan’s debt. At that time, Yang Lijuan’s mother found Haidilao store and told Yang Lijuan that “the family was full of debt collectors”. After learning about this, Zhang Yong directly helped her pay off the debt, and did not deduct money from Yang Lijuan’s salary and bonus. In Jianyang City around 1998, such “big brother style” was rare. After this incident, Yang Lijuan almost lived in the store - she worked first and left last every day. According to familiar people, she had “the heart to repay Zhang Yong for her kindness”.

In the following two decades, Zhang’s “trust and reliance” on Yang has been deepened. In almost every key strategy of Zhang Yong, Yang Lijuan can be seen in the front line. Even Yang Lijuan will be appointed “things that are good to the company but easy to offend people”, such as the “woodpecker plan” in 2021.

In 2021, affected by the impact of the epidemic and the previous aggressive expansion strategy, Haidilao appeared “inefficient stores” in some cities - some stores violated the law of opening stores and appeared at inappropriate points, resulting in poor performance; There are also some stores because