从雅居乐3月公布的2011年年报显示,去年雅居乐净利润52.34亿元,下降18.5%。营业额为229.45亿元,同比上涨11.8%。虽然整体的营业额依然保持了上升的态势,但清水湾的销售有所放缓。也就是说,营业额的上涨并不意昧着现金状态的良好。事实上,按照雅居乐去年年报来看,其资金链条或许已经处于近年来最差的状况。而这一切的背后,正隐藏着企业经营模式的危机。 The 2011 annual report released from Agile in March showed that Agile net profit last year was 5.234 billion yuan, down 18.5%. Turnover of 22.945 billion yuan, up 11.8%. Although the overall turnover still maintained an upward trend, the sales of Clear Water Bay have slowed down. In other words, the rise in turnover does not mean a good cash position. In fact, according to Agile last year’s annual report, its funding chain may have been in the worst condition in recent years. Behind all this, is hiding the crisis of business model.