Market Overview - The tourism and scenic spots sector experienced a decline of 1.43% on September 17, with Xiyu Tourism leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Notable gainers included Yunnan Tourism, which rose by 9.96% to a closing price of 6.07, with a trading volume of 1.29 million shares and a transaction value of 770 million [1] - Other stocks like Tibet Tourism and Emei Mountain A also showed slight increases, while several stocks, including Xiyu Tourism and Zhenfu Cultural Tourism, saw declines of 3.95% and 1.52%, respectively [2][1] Capital Flow - The tourism and scenic spots sector saw a net outflow of 717 million from main funds, while retail investors contributed a net inflow of 653 million [2] - The capital flow data indicates that Yunnan Tourism had a net inflow of 96.73 million from main funds, while Emei Mountain A and Tibet Tourism also experienced positive net inflows [3]

证券代码：600706 证券简称：曲江文旅 编号：临 2025-041 西安曲江文化旅游股份有限公司 关于控股股东所持部分股份拟被拍卖的提示性公告 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。 二、拍卖价格 展示价为三笔 3,088.4 万元和一笔 162.16648 万元，合计 9,427.36648 万元。 起拍价为 2025 年 10 月 13 日（不含）前 20 个交易日收盘价均价的 70%乘以总 股数。 我司目前正在积极推动该事项的解决方案，要求欠款方尽快还款，解决该事 项，保障我司对上市公司控制权的稳定性，进展情况将及时告知上市公司。" 二、其他相关说明及风险提示 1、本次拟被拍卖的股份处于冻结状态。 一、本次拟被拍卖情况 西安曲江旅游投资（集团）有限公司（以下简称：旅游投资集团）因债务担 保为曲江文化产业资本运营管理有限公司（以下简称：资本运营公司）向绍兴柯 桥汇金小额贷款股份有限公司（以下简称：绍兴柯桥小贷公司）借款连带责任保 证担保，因该担保事项，旅游投资集团所持有公司的共计 12,210,033 万股股票 ...

Core Points - Xi'an Qujiang Cultural Tourism Co., Ltd. announced that its controlling shareholder, Xi'an Qujiang Tourism Investment (Group) Co., Ltd., has had 12,210,033 shares judicially frozen due to debt guarantees [1] - The shares will be publicly auctioned on Taobao's judicial auction platform from October 13 to October 14, with a total display price of approximately 94.273 million yuan [1] - The tourism investment group is actively seeking solutions and urging the debtor to repay the owed amount [1] - The frozen shares do not affect the company's production and operations, nor will it lead to a change in the controlling shareholder or actual controller [1]

Market Overview - On September 15, the tourism and scenic spots sector rose by 0.12% compared to the previous trading day, with Xiyu Tourism leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Key Performers - Xiyu Tourism (300859) closed at 51.06, up 5.34% with a trading volume of 202,300 shares and a transaction value of 1.019 billion [1] - Songcheng Performance (300144) closed at 9.19, up 2.11% with a trading volume of 926,800 shares [1] - Other notable performers include Xi'an Tourism (000610) up 1.53%, Huangshan Tourism (600054) up 0.90%, and Guilin Tourism (000978) up 0.58% [1] Decliners - Longzi Mountain (603099) closed at 50.03, down 2.91% with a trading volume of 123,300 shares [2] - Dalian Shengya (600593) closed at 37.32, down 1.84% with a trading volume of 58,400 shares [2] - Other notable decliners include Lingnan Holdings (000524) down 1.43% and ST Zhangjiajie (000430) down 0.99% [2] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 401 million in main funds, while retail investors saw a net inflow of 361 million [2] - Speculative funds had a net inflow of 39.31 million [2] Individual Stock Capital Flow - Songcheng Performance saw a main fund net outflow of 19.2 million, while retail investors had a net outflow of 23.37 million [3] - Qujiang Cultural Tourism (600706) had a main fund net inflow of 7.83 million, but a retail net outflow of 8.67 million [3] - Huangshan Tourism (600054) recorded a main fund net inflow of 7.2 million, with retail investors experiencing a net outflow of 4.23 million [3]

西安曲江文化旅游股份有限公司 关于控股股东所持部分股份拍卖进展公告 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。 证券代码：600706 证券简称：曲江文旅 编号：临 2025-040 公司于 2025 年 8 月 8 日披露了《西安曲江文化旅游股份有限公司关于控股股 东所持部分股份拍卖的结果公告》（详见公告编号：临 2025-037）。2025 年 9 月 8 日，公司收到控股股东西安曲江旅游投资（集团）有限公司（以下简称：旅游投 资集团）出具的《西安曲江旅游投资（集团）有限公司关于所持曲江文旅部分股 份司法拍卖进展的通知》，主要内容如下： "根据我司 2025 年 8 月 6 日《关于所持曲江文旅部分股份司法拍卖进展的通 知》相关内容，2025 年 8 月 5 日用户陕西润研科技有限责任公司竞得曲江文旅 1200 万股股票。 目前根据浙江省绍兴市中级人民法院《告知书》，买受人已放弃此次竞价结 果。后续如有相关进展，我司将及时告知上市公司。" 公司指定的信息披露媒体为《中国证券报》及上海证券交易所网站 http://www ...

Core Insights - The tourism and scenic area industry has shown a mixed performance in the first half of 2025, with 23 listed companies reporting a total revenue of 17.55 billion yuan, a year-on-year increase of 4.8%, but a net profit of 1.167 billion yuan, down 4.25% [2][3] - The divergence in performance among companies is attributed to differences in tourism resources, location conditions, operational models, and capital operation capabilities, reflecting a deepening marketization process in the tourism industry [2][3] Revenue Performance - Among the listed companies, China Youth Travel Service (中青旅) led with a revenue of 4.866 billion yuan, while Tibet Tourism (西藏旅游) reported less than 100 million yuan [3][4] - Ten companies achieved positive revenue growth, with Tianfu Culture and Tourism (天府文旅) leading at an 86.75% increase, followed by Xiangyuan Culture and Tourism (祥源文旅) at 35.41% and Jiuhua Tourism (九华旅游) at 22.26% [3][4] Profitability Analysis - Seven companies, including Changbai Mountain (长白山) and Dalian Shengya (大连圣亚), reported losses, with Changbai Mountain transitioning from profit to loss due to extreme weather and rising costs [4][8] - Companies like Guilin Tourism (桂林旅游) and Tibet Tourism achieved profitability through non-recurring gains, with Guilin reporting a net profit of 8 million yuan, a 141.94% increase [4][5] Challenges Faced - Extreme weather and cost pressures were significant factors leading to losses for several companies, with Changbai Mountain and Dalian Shengya both citing decreased visitor numbers and increased operational costs [8][9] - Yunnan Tourism experienced a substantial revenue decline of 61.22%, primarily due to project delays and losses from its subsidiaries [10] Notable Performers - Xiangyuan Culture and Tourism was the only company to achieve over 30% growth in both revenue and net profit, with a revenue of 500 million yuan and a net profit of 92 million yuan [11] - ST Zhangjiajie (ST张家界) reported a revenue increase of 11.40% to 194 million yuan, with a significant reduction in net loss by 45.60% [12] Visitor Trends - Visitor numbers showed significant variation, with Jiuhua Mountain receiving approximately 5.65 million visitors, a year-on-year increase of 11.81%, while Emei Mountain and Lijiang saw declines in visitor numbers [13]

Core Viewpoint - The launch of the "Qingdao Beer Exchange" in Xi'an represents a successful integration of cultural tourism and commercial activities, creating a unique immersive experience for consumers while promoting the local economy and cultural heritage [3][5][21]. Group 1: Cultural and Commercial Integration - The "Qingdao Beer Exchange" allows consumers to engage in a trading-like experience with beer prices fluctuating in real-time, enhancing the enjoyment of local culture and commerce [3][7]. - The project exemplifies the successful fusion of ancient cultural elements with modern commercial practices, positioning Xi'an as a leading destination for cultural tourism [5][21]. - The collaboration with various brands, such as Master Kong and Anmuxi, showcases the innovative approach to integrating cultural experiences with consumer products [9][11]. Group 2: Night Economy Development - The "Long'an Night·Night Unending" event aims to boost Xi'an's night economy by showcasing key attractions and enhancing nighttime consumer experiences [23][25]. - The design of night tourism experiences is expected to extend visitor stay by 2-4 hours, thereby increasing overall consumption [25][28]. - The ongoing development of the night economy in Xi'an, particularly in the Qujiang area, highlights the city's commitment to enhancing its cultural and commercial landscape [26][30]. Group 3: Policy and Market Trends - Recent government policies emphasize the importance of cultural tourism and its economic potential, encouraging innovative transformations to enhance cultural dissemination [30][31]. - The integration of culture, tourism, and commerce is seen as a necessary strategy for both immediate and long-term economic benefits [31][33]. - The focus on creating immersive cultural experiences aligns with national strategies to stimulate domestic demand and enhance consumer engagement in the cultural tourism sector [30][31].

Market Performance - The tourism and scenic spots sector rose by 1.21% on August 28, with Tianfu Culture and Tourism leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Key Stocks in Tourism Sector - Tianfu Culture and Tourism (000558) closed at 6.42, up 5.77% with a trading volume of 2.815 million shares and a transaction value of 1.774 billion [1] - Other notable performers include: - Caesar Travel (000796) at 5.38, up 5.28% [1] - Qujiang Culture and Tourism (600706) at 10.92, up 3.02% [1] - Xiyu Tourism (300859) at 44.60, up 2.95% [1] - Zhongxin Tourism (002707) at 8.07, up 1.51% [1] Capital Flow Analysis - The tourism and scenic spots sector saw a net inflow of 52.0195 million in main funds, while retail investors experienced a net outflow of 69.5711 million [2] - Notable capital flows include: - Caesar Travel had a main fund net inflow of 14.66 million, but retail investors had a net outflow of 93.9169 million [3] - Xiyu Tourism experienced a main fund net inflow of 24.3052 million, with a retail net outflow of 20.6620 million [3] - Qujiang Culture and Tourism had a main fund net inflow of 18.2792 million, but retail investors faced a net outflow of 26.9226 million [3]

Core Viewpoint - The financial performance of Qujiang Cultural Tourism (600706) for the first half of 2025 shows a significant decline in revenue and a negative net profit, indicating increased short-term debt pressure and overall weak financial health [1] Financial Performance Summary - Total operating revenue for the first half of 2025 was 532 million yuan, a decrease of 30.95% compared to 770 million yuan in 2024 [1] - The net profit attributable to shareholders was -13.88 million yuan, an increase of 92.58% from -18.7 million yuan in the previous year [1] - The gross profit margin fell to 6.62%, down 70.81% from 22.68% in 2024 [1] - The net profit margin improved to -2.94%, an increase of 88.14% from -24.75% in 2024 [1] - Total expenses (selling, administrative, and financial) amounted to 103 million yuan, accounting for 19.35% of revenue, a slight decrease of 1.01% year-on-year [1] Cash Flow and Debt Situation - Cash flow per share was 0.5 yuan, an increase of 96.09% from 0.26 yuan in 2024 [1] - The current ratio was 0.67, indicating rising short-term debt pressure [1] - The interest-bearing debt decreased by 15.18% to 954.1 million yuan from 1.125 billion yuan in 2024 [1] Historical Performance Insights - The company's historical return on invested capital (ROIC) has been weak, with a median of 3.38% over the past decade and a low of -8.79% in 2022 [1] - The company has reported losses in 8 out of 37 annual reports since its listing, suggesting a generally poor financial track record [1]

Group 1 - The core point of the article is that Qujiang Cultural Tourism has significantly reduced its losses by over 90% in the first half of 2025, with a net loss of 13.88 million yuan, attributed to financial improvements and enhanced operational efficiency [1] - The company benefited from substantial receivables during the reporting period, which contributed to its financial recovery [1] - The optimization of the asset structure and cost reduction measures through internal controls have played a crucial role in the company's performance [1] Group 2 - Wuliangye has launched a new low-alcohol product, "Wuliangye·Yijianqingxin," with an alcohol content of 29 degrees, priced at 399 yuan per 500ml bottle, available exclusively online [2] - The collaboration with celebrity G.E.M. as the global ambassador aims to attract younger consumers, reflecting the industry's shift towards low-alcohol and health-conscious drinking trends [2] - This strategic move indicates a response from traditional liquor companies to the evolving market demands, transitioning from high-alcohol products to a more diversified competition landscape [2]