Core Viewpoint - Dalian Shengya (600593.SH) announced a suspension of trading due to plans for a potential stock issuance to specific investors, which may lead to a change in company control [1] Company Overview - Dalian Shengya is a well-known tourism company in Northeast China, with main business segments including scenic area operations, commercial operations, animal operations, and hotel operations [1] - The scenic area operations are the core business, contributing approximately 80% of the company's revenue, divided into Dalian and Harbin scenic areas [1] Recent Performance - The company has seen significant improvement in performance over the past two years, with revenues of 157 million yuan, 468 million yuan, and 505 million yuan for 2022, 2023, and 2024 respectively [3] - The net profit (excluding non-recurring items) for the same years was -95 million yuan, 57 million yuan, and 21 million yuan [3] Future Outlook - A recent earnings forecast indicates that for the first half of 2025, the net profit (excluding non-recurring items) is expected to be only between 15,080 yuan and 22,610 yuan, a year-on-year decrease of 97.54% to 98.36% [3] - The decline in performance is attributed to decreased visitor traffic, reduced revenue, investment losses, and accrued litigation interest due to court rulings [3] Industry Context - The tourism industry in Northeast China has been thriving, with Harbin becoming a phenomenon in tourism [3] - However, another tourism company in the region, Changbai Mountain (603099.SH), also reported a decline in revenue and a shift from profit to loss for the first half of 2025, citing extreme weather and increased operational costs as contributing factors [4]

证券代码：600593 证券简称：大连圣亚 公告编号：2025-025 大连圣亚旅游控股股份有限公司 关于筹划向特定对象发行股票暨控制权拟发生变更的 停牌公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 证券代码 | 证券简称 | 停复牌类型 | | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600593 | 大连圣亚 | 股 A | 停牌 | 2025/7/22 | | | | 鉴于上述事项尚存在重大不确定性，为保证公平信息披露，维护投资者利益， 避免造成公司股价异常波动，依据《上海证券交易所股票上市规则》、《上海证券 交易所上市公司自律监管指引第 4 号—停复牌》等有关规定，经公司向上海证券 交易所申请，本公司股票（证券简称：大连圣亚，证券代码：600593）自 2025 年 7 月 22 日（星期二）上午开市起停牌，预计停牌时间不超过 2 个交易日。 停牌期间，公司将根据上述事 ...

大连圣亚(600593.SH)公告称，因公司正在筹划向特定对象发行股票事项，可能导致公司控制权发生变 更，公司股票自2025年7月22日（星期二）上午开市起 停牌，预计停牌时间不超过2个交易日。停牌期 间，公司将根据事项进展情况履行信息披露义务。 ...

大连圣亚（600593）公告，因筹划向特定对象发行股票，可能导致公司控制权发生变更，公司股票自 2025年7月22日起停牌，预计停牌时间不超过2个交易日。公司将根据事项进展情况，严格按照有关法 律、法规及规范性文件的要求及时履行信息披露义务。待事项确定后，公司将及时发布相关公告并申请 公司股票复牌。 ...

Core Viewpoint - The tourism sector in A-shares is experiencing significant performance divergence in the first half of 2025, with many companies reporting increased losses while a few are showing substantial profit growth [2][11]. Group 1: Company Performance - Yunnan Tourism is expected to report a net loss of 90 million to 140 million yuan, an increase in losses by 95.79% to 204.57% compared to the previous year [4]. - Xi'an Tourism anticipates a net loss of 49 million to 69 million yuan, which is relatively stable compared to a loss of 63.66 million yuan in the same period last year [5]. - Changbai Mountain is projected to incur a net loss of 2.58 million to 1.58 million yuan, marking a shift from profit to loss due to increased operational costs and decreased visitor numbers [6]. - Dalian Shengya expects a net loss of 19.08 million to 12.72 million yuan, with a significant drop in net profit from the previous year [6]. - Tibet Tourism is set to achieve a net profit of approximately 2 million yuan, marking a turnaround from losses in the previous year [7]. - Xiyu Tourism forecasts a profit of 9 million to 11 million yuan, a decline of 62.55% to 69.36% year-on-year [8]. - Guilin Tourism reports a net profit of about 8 million yuan, recovering from a loss of 19.09 million yuan in the same period last year [10]. - Xiangyuan Cultural Tourism expects a net profit of 90 million to 97 million yuan, an increase of 51.44% to 63.22% year-on-year, driven by new attractions and government subsidies [10]. Group 2: Market Trends and Influences - The performance divergence among tourism companies is influenced by factors such as weather disturbances, cost pressures, and differences in business structures [2][11]. - The summer peak season is anticipated to drive demand, with an expected increase in air travel passenger volume by 5.4% during the 2025 summer season [12]. - Analysts suggest that the combination of peak season demand, policy support, and AI empowerment will catalyze the recovery of natural scenic spots [12]. - The domestic tourism market is expected to remain stable, with a focus on deep experiences and cultural exploration as key consumer demands [12].

一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日（以下简称"报告期"）。 证券代码：600593 证券简称：大连圣亚 公告编号：2025-024 大连圣亚旅游控股股份有限公司 2025 年半年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 万元；归属于母公司所有者的扣除非经常性损益的净利润：919.72 万元。 （二）每股收益：0.0954 元。 三、本期业绩变化的主要原因 本期业绩变化主要系报告期景区客流下降，营业收入减少及确认投资损失、 按照诉讼判决计提诉讼迟延利息等原因综合所致。 （二）业绩预告情况 1.经公司财务部门初步测算，预计 2025 年半年度实现归属于母公司所有者 的净利润-1,907.84 万元到-1,271.90 万元，与上年同期相比，将出现亏损；预计 2025 年半年度实现归属于母公司所有者的扣除非经常性损益后的净利润 15.08 万元到 22.61 万元，与上年同期相比，减少 897.11 万元到 904.64 万元，同 ...

大连圣亚（600593）公告，预计2025年半年度实现归属于母公司所有者的净利润-1907.84万元到-1271.9 万元，与上年同期相比，将出现亏损；预计2025年半年度实现归属于母公司所有者的扣除非经常性损益 后的净利润15.08万元到22.61万元，与上年同期相比，减少897.11万元到904.64万元，同比减少97.54% 到98.36%。本次业绩预告相关数据是公司财务部门初步测算的结果，未经注册会计师审计。 ...

Core Insights - Dalian Shengya has faced significant challenges in profitability despite a long history since its listing in 2002, with a current market value of 3.935 billion yuan compared to 1.932 billion yuan at the time of listing [1][3] Business Overview - The main business of Dalian Shengya includes tourism, with the highest revenue contribution from scenic area operations at 80.86%, followed by commercial operations at 11.98% [3] - The company reported a cumulative profit decline of 418.10% over 23 years, with 6 years of losses and only 11 years of profit, indicating instability in profitability [3] Financial Performance - Revenue increased from 114 million yuan in 2020 to 505 million yuan in 2024, showing growth but with an unstable trajectory [3] - The net profit remained at -70 million yuan in both 2020 and 2024, highlighting ongoing challenges in achieving profitability [3] Market Value Trends - Dalian Shengya reached a market peak of 7.364 billion yuan on December 17, 2024, with a stock price of 57.17 yuan, but as of July 10, 2024, the market value decreased to 3.935 billion yuan, representing a loss of 3.429 billion yuan or 46.56% [5]

Core Viewpoint - The tourism industry, once expected to thrive, is now facing significant challenges, highlighted by the bankruptcy of Qinghai Tourism Investment Group and the struggles of various tourism companies despite an increase in domestic travel and spending [2][3][4][8]. Group 1: Industry Challenges - Qinghai Tourism Investment Group and its subsidiaries have filed for bankruptcy, shocking the tourism sector [3]. - The company, which aimed for significant growth and public listing, mismanaged its resources, leading to a loss of 4.8 billion in registered capital [4]. - 44 listed companies in the tourism sector reported their Q1 earnings, with 25 experiencing negative revenue growth, accounting for 56.8% of the total [4]. Group 2: Financial Performance - Major airlines like China Southern Airlines, China Eastern Airlines, and Air China reported substantial losses in Q1, with losses of 747 million, 995 million, and 2.044 billion respectively [7]. - Despite a 26.4% increase in domestic travel and an 18.6% rise in spending, the tourism industry is struggling financially [8][9]. Group 3: Market Dynamics - The tourism market is saturated, with an increase in A-level scenic spots and travel agencies, yet average income has dropped by nearly 40% [31]. - Online travel platforms like Ctrip and Tongcheng are thriving, with Ctrip reporting a net profit of approximately 4.3 billion in Q1, showcasing the "shovel effect" where service providers profit while actual tourism businesses struggle [28][30]. Group 4: Shifts in Consumer Behavior - The tourism industry is transitioning to a 2.0 era, where experiential value is prioritized over mere scarcity of resources [46][50]. - Successful attractions like Jiuhua Mountain and Disney have capitalized on immersive experiences, contrasting with traditional scenic spots that fail to adapt [39][41]. Group 5: Future Outlook - Many tourism platforms are likely to face severe financial difficulties or bankruptcy if they cannot adapt to the changing market dynamics and consumer preferences [55][56]. - The current environment suggests a need for a significant restructuring within the tourism sector to eliminate ineffective players and allow successful entities to thrive [58][59].

证券代码：600593 证券简称：大连圣亚 公告编号：2025-023 大连圣亚旅游控股股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 连续 12 个月内新增案件涉案金额合计：1,905.61 万元。 大连圣亚 梁涛 一审未开庭 纷 注：2021 年 2 月，大连圣亚曾以股权转让纠纷为由向法院提起诉讼，请求解除大连圣亚与梁涛 签订的《股权收购意向协议》及其补充协议，并请求梁涛返还股权收购意向金及违约金合计 1,560 万元，后法院判决驳回大连圣亚诉讼请求。 《股权收购意向协议》系基于云南海洋魅力旅游发展有限公司（以下简称"云南海洋魅力"）、 昆明市土地开发投资经营有限责任公司与大连圣亚签订的《昆明安宁大白鲸·滇海奇幻王国海洋公园 项目三方合作协议》、云南海洋魅力与大连圣亚签订的《昆明大白鲸·奇幻世界项目合作协议》 （原《昆 ? 本次新增案件均为尚未判决或尚未开庭审理的案件，对公司本期利润或期后利 润等的实际影响将以法院最终判决及年度审计结果为准，敬请广大投资者注意 投资风险。 大连圣亚旅游控股 ...