Shenzhen SASAC's profit plummeted by 93%. Can you still eat calmly after reading this?

Shenzhen SASAC, this name is almost unknown in the economic circle. Its assets are as high as 5 trillion yuan, and it owns more than 40 listed companies, each of which is a giant in the industry. Think of Shenzhen Metro, Shenzhen Airport, OCT, etc., which are all well-known names. Once upon a time, the performance and profits of these companies were like myths and became synonymous with wealth.

The recent financial express report is astonishing. Data from 15 May 2024 showed that profits plummeted by 93%. The amount of tax paid also fell by 20%. What is even more puzzling is that there has been no updated financial data since then. A few months have passed, and everyone can only guess whether the situation is good or bad, which is really frightening.

In March, the SASAC injected 80 billion yuan into a large real estate company in order to prolong its life. What's the result? This once wealth-making machine actually lost 8 billion yuan in the financial report released in the first half of 2024. Not to mention Shenzhen Metro, which lost 1.857 billion in the first quarter. It is really sad that the former glory has become so fragile now.

Shenzhen, a place once regarded as an economic miracle, is now experiencing a sharp decline in the profits of the State-owned Assets Supervision and Administration Commission, which is astonishing. Such changes make people wonder what happened to the entire economic environment.



Where exactly is the problem? It can be attributed to several aspects:

Many companies are closely related to the real estate and financial industries, and both industries have encountered severe challenges in recent years. The downturn in the real estate market has directly affected the profitability of related companies.

The impact of the epidemic cannot be ignored. Shenzhen's economic growth has slowed down significantly, and the income of many state-owned enterprises has dropped sharply, and even a net loss has occurred.

Some companies have been questioned for financial problems, and there are unknown secrets behind their former glory.

At present, Shenzhen is in a critical period of industrial transformation, and the companies under the State-owned Assets Supervision and Administration Commission are facing huge operating pressure and market competition.

These factors are intertwined, leading to the sharp drop in the profits of the State-owned Assets Supervision and Administration Commission. The market reaction also followed, investor confidence was hit, and everyone was watching the future direction.