Financial Performance - The company's operating revenue for 2020 was CNY 1,076,794,038.84, a decrease of 17.50% compared to CNY 1,305,186,979.54 in 2019[15]. - The net profit attributable to shareholders for 2020 was a loss of CNY 71,863,269.23, a decline of 259.60% from a profit of CNY 45,026,654.39 in 2019[15]. - The net cash flow from operating activities was CNY 36,844,097.32, down 21.62% from CNY 47,006,105.03 in 2019[15]. - The total assets increased by 21.53% to CNY 3,215,023,707.75 at the end of 2020, compared to CNY 2,645,450,647.35 at the end of 2019[15]. - The net assets attributable to shareholders decreased by 7.15% to CNY 981,267,388.86 at the end of 2020, down from CNY 1,056,792,656.44 at the end of 2019[15]. - The basic earnings per share (EPS) for 2020 was -0.33 CNY, a decrease of 257.14% compared to 0.21 CNY in 2019[16]. - The diluted EPS for 2020 was also -0.33 CNY, reflecting the same percentage decrease as the basic EPS[16]. - The weighted average return on equity (ROE) dropped to -7.05% in 2020, a decrease of 11.37 percentage points from 4.32% in 2019[16]. - The company reported a total revenue of 384,694,190.40 CNY in Q4 2020, with a net profit attributable to shareholders of -37,177,267.00 CNY[18]. - The total revenue for the entire year was significantly affected, with Q1 revenue at 164,506,399.32 CNY and Q2 at 180,082,299.85 CNY[18]. Impact of COVID-19 - The net profit attributable to shareholders decreased significantly due to reduced main business income from tourism ticket sales impacted by the pandemic[16]. - The impact of COVID-19 led to a 52.1% decrease in domestic tourism numbers, totaling 2.879 billion visits in 2020, down from the previous year[30]. - Domestic tourism revenue fell by 61.1% to 2.23 trillion CNY, a decrease of 3.5 trillion CNY compared to the previous year[30]. - The company’s scenic areas were closed from January 24, 2020, and hotels and restaurants suspended operations from January 27, 2020, due to government pandemic measures[39]. - The company’s open scenic areas began reopening on February 21, 2020, with full operations resuming by May 30, 2020[39]. Business Operations and Strategy - The company operates several major cultural tourism sites, including the "Giant Wild Goose Pagoda" and "Daming Palace National Heritage Park," contributing to its diverse business model[26]. - The company has developed a comprehensive product system for tourism services, including inbound, outbound, and domestic tourism, as well as customized travel options[27]. - The company is focused on expanding its cultural tourism performance through various themed performances and events, enhancing its market presence[27]. - The company plans to expand its market reach and revenue through the commercialization of cultural tourism products and brand marketing strategies[34]. - The company aims to optimize its industry layout and accelerate the integration of culture and tourism, tapping into new consumption growth points for high-quality development[64]. Financial Management and Investments - The company implemented rent reductions for over 200 tenants, amounting to approximately 13.48 million, to support non-state-owned enterprises and individual businesses during the pandemic[48]. - The company plans to invest approximately 155 million RMB in projects including acquiring 55% of Wuxi Huipao Sports Co., Ltd.[82]. - The company will focus on expanding its market share in scenic area management and intellectual services, targeting cultural heritage and leisure products[82]. - The company aims to enhance the integration of technology and tourism, increasing the fusion of internet and tourism products[82]. Related Party Transactions and Governance - The company has committed to avoiding any form of competition with its listed business after becoming the controlling shareholder, ensuring no direct or indirect engagement in similar businesses[94]. - The commitment to avoid or reduce related party transactions has been reiterated, with agreements to ensure fair pricing and compliance with legal disclosure obligations[94]. - The company has disclosed its daily related party transactions for the 2020 fiscal year, which were approved at the 2019 annual general meeting[113]. - The total amount of related party transactions reached CNY 14,676,088.77, accounting for 1.45% of similar transactions[114]. Employee and Community Engagement - The company has implemented comprehensive employee welfare programs, including paid training and various social security benefits[155]. - The company has actively participated in pandemic prevention efforts, including establishing a leadership group and providing support to frontline healthcare workers[151]. - The company has engaged in significant related party transactions, reflecting its integrated business model within the cultural and tourism sectors[116]. - The company has organized various public welfare activities, totaling over 40 events throughout the year, to support healthcare workers and vulnerable groups[153]. Environmental and Regulatory Compliance - The company has successfully completed environmental impact registrations for several projects, including the Night Tour Water Dance Show and the Upgrade of the Royal Banquet Palace[159]. - The company has implemented ISO9001, ISO14001, and GB/45001 management system certifications to enhance environmental awareness among employees[158]. - The company promotes a green office concept, emphasizing resource conservation and low-carbon operations[158]. - The company has not disclosed any reasons for not providing environmental information for non-key pollutant units[159]. Future Outlook - The company anticipates a recovery in domestic tourism in 2021, projecting 4.1 billion domestic tourists and CNY 3.3 trillion in revenue, representing growth of 42% and 48% respectively compared to 2020[62]. - The company is committed to enhancing its core competitiveness and expanding its market presence in response to the evolving tourism landscape[77]. - The company is focused on optimizing and enhancing project designs based on market demand, indicating a proactive approach to business development[117].

Financial Performance - The company's operating revenue for Q1 2021 increased by 59.31% year-on-year, reaching RMB 262,071,348.92[5] - The net profit attributable to shareholders of the listed company was RMB -20,235,016.17, showing an improvement compared to RMB -67,922,652.26 in the same period last year[6] - The company reported a basic earnings per share of RMB -0.09, an improvement from RMB -0.32 in the same period last year[6] - Operating profit improved significantly, with a loss of ¥24,391,727.51 in Q1 2021 compared to a loss of ¥80,333,948.60 in Q1 2020, reflecting a positive trend in revenue recovery[15] - Net loss for Q1 2021 was ¥22,273,481.85, an improvement of ¥46,066,577.68 from a net loss of ¥68,340,059.53 in Q1 2020[16] - The company expects a significant reduction in net losses for the year compared to the same period last year, driven by the recovery of the tourism market[28] Cash Flow and Liquidity - The net cash flow from operating activities decreased significantly, amounting to RMB -77,528,324.33, compared to RMB -24,736,274.45 in the previous year[6] - Cash flow from operating activities totaled ¥307,683,960.76, a 35.80% increase from ¥226,565,023.86 in the same period last year, driven by increased revenue[16] - The company experienced a net decrease in cash and cash equivalents of -193,556,996.46, attributed to reduced bank loan receipts and increased costs[18] - The ending cash and cash equivalents balance was ¥288,664,751.24, a 132.82% increase compared to the previous period, also driven by increased financing activities[18] - The company reported cash and cash equivalents at the end of Q1 2021 amounting to ¥288,664,751.24, up from ¥123,985,730.17 at the end of Q1 2020[38] - The company reported a net cash flow from investment activities of -109,503,297.54, a decrease of 124,510,441.73 compared to the previous period, primarily due to reduced payments for project costs[18] Assets and Liabilities - Total assets at the end of the reporting period were RMB 3,125,001,925.85, a decrease of 2.80% from the previous year[10] - The net assets attributable to shareholders decreased by 2.06% to RMB 961,032,372.69 compared to the end of the previous year[10] - The company's total liabilities decreased from CNY 2.23 billion at the end of 2020 to CNY 2.16 billion as of March 31, 2021, a decline of about 3%[32] - The company's total assets decreased from CNY 3.22 billion at the end of 2020 to CNY 3.13 billion as of March 31, 2021, a reduction of approximately 2.8%[32] Shareholder Information - The number of shareholders at the end of the reporting period was 15,708, with the largest shareholder holding 53.16% of the shares[8] - The company held its first temporary shareholders' meeting of 2021 on February 2, 2021, to discuss key resolutions[18] Financing Activities - Short-term borrowings rose by 239.14% to ¥241,825,000.05, mainly due to increased financing scale[12] - Long-term borrowings increased by 42.93% to ¥1,016,500,000.00, reflecting a significant rise in financing activities[12] - Financial expenses increased by 69.75% to ¥13,858,478.06, attributed to an increase in financing scale[15] - The company announced a significant reduction in cash outflows for debt repayment, which decreased by 90.49% to 2,500,000.00[18] Operational Adjustments - The company completed the registration of changes in its business scope on February 20, 2021, reflecting ongoing operational adjustments[18] - The company plans to acquire a 55% stake in Wuxi Huipao Sports Co., Ltd. through capital increase and equity transfer, indicating a strategic move for market expansion[22] Compliance and Regulations - The company is not classified as a key pollutant discharge unit by environmental protection authorities, indicating compliance with environmental regulations[39] - The company has not faced any administrative penalties or investigations related to cultural heritage protection laws during the reporting period[27]

Financial Performance - The company reported a net profit of -60,116,955.70 yuan for the year 2020, resulting in a distributable profit of -16,143,440.89 yuan as of December 31, 2020[3]. - The board of directors proposed no profit distribution for 2020 due to the negative retained earnings[3]. - The company's operating revenue for 2020 was approximately ¥1.08 billion, a decrease of 17.50% compared to ¥1.31 billion in 2019[19]. - The net profit attributable to shareholders was a loss of approximately ¥71.86 million, a decline of 259.60% from a profit of ¥45.03 million in 2019[19]. - The basic earnings per share for 2020 was -¥0.33, down 257.14% from ¥0.21 in 2019[20]. - The total assets increased by 21.53% to approximately ¥3.22 billion at the end of 2020, compared to ¥2.65 billion at the end of 2019[19]. - The cash flow from operating activities was approximately ¥36.84 million, a decrease of 21.62% from ¥47.01 million in 2019[19]. - The weighted average return on equity decreased by 11.37 percentage points to -7.05% in 2020 from 4.32% in 2019[20]. - The company reported a total of ¥69.54 million in non-recurring gains and losses for 2020, compared to ¥15.44 million in 2019[26]. - The company achieved a total revenue of 1,076.79 million yuan in 2020, with the scenic area operation management business accounting for approximately 70.40% of total revenue[31]. Impact of COVID-19 - The company experienced a significant decline in ticket sales revenue due to the impact of the pandemic, affecting overall business performance[21]. - The domestic tourism market saw a significant decline, with 2.879 billion domestic tourists in 2020, a decrease of 52.1% compared to the previous year[32]. - Domestic tourism revenue fell to 2.23 trillion yuan, down 61.1% year-on-year, due to the impact of the COVID-19 pandemic[32]. - The tourism service (travel agency) segment saw a significant revenue drop of 79.61%, attributed to the impact of the COVID-19 pandemic[53]. - The company faced significant impacts on its main business due to ongoing COVID-19 pandemic restrictions[89]. - The company has implemented a rent reduction policy for over 200 tenants, amounting to approximately 13.48 million yuan, to support non-state enterprises and individual businesses during the pandemic[173]. Strategic Initiatives - The company plans to optimize its industrial layout and accelerate the integration of culture and tourism to capture new growth opportunities[72]. - The company aims to leverage new market opportunities and enhance high-quality development in the tourism sector[72]. - The company is focusing on expanding its historical and cultural tourism offerings, with a particular emphasis on the Tang Dynasty culture and related resources[36]. - The company has established a smart tourism platform, including property management and ticketing systems, to enhance overall tourism services[43]. - The company is focusing on enhancing its "Tang+" brand strategy, which aims to develop new retail opportunities[90]. - The company is expanding its market presence by opening two new cultural tourism sites in 2021, projected to increase overall visitor capacity by 40%[196]. Governance and Compliance - The company received a standard unqualified audit opinion from Sigma Accounting Firm[6]. - The company has committed to avoiding any business that competes with its listed company, ensuring no direct or indirect competition[101]. - The company has made commitments to ensure that its executives will not misuse company assets for personal investments unrelated to their duties[103]. - The company has not reported any instances of funds being occupied or any progress on debt recovery during the reporting period[105]. - The company has maintained compliance with regulations, ensuring the protection of shareholders' rights and preventing insider trading incidents[167]. Employee and Social Responsibility - The company has actively engaged in social responsibility initiatives, including donations and support for frontline medical workers during the COVID-19 pandemic[169]. - The company has assisted 171 registered poverty alleviation households, with 591 individuals, of which 345 are capable of work and 212 have achieved stable employment[165]. - The company emphasizes employee training through a combination of internal and external programs to enhance professional skills and personal qualities[174]. - The company has organized various job fairs and provided transportation subsidies to facilitate employment for impoverished laborers[165]. Future Outlook - The forecast for 2021 anticipates a recovery with domestic tourism expected to reach 4.1 billion visitors and revenue of 3.3 trillion yuan, representing growth of 42% and 48% respectively compared to 2020[69]. - For 2021, the company expects to achieve revenue of approximately 1,350 million yuan and control costs around 980 million yuan[91]. - The company has set a future outlook with a revenue target of 1.5 billion RMB for 2021, indicating a growth expectation of 25%[196]. - The company plans to enhance its market share by focusing on scenic area management and cultural heritage tourism[90].

Financial Performance - Net profit attributable to shareholders decreased by 133.83% to a loss of CNY 34,686,002.23 compared to the same period last year[6]. - Operating revenue decreased by 29.99% to CNY 692,099,848.44 compared to the same period last year[5]. - Basic earnings per share decreased by 133.33% to CNY -0.16 compared to the same period last year[5]. - The weighted average return on equity decreased by 12.89 percentage points to -3.34% compared to the same period last year[5]. - Operating profit decreased by 135.15% to a loss of ¥40,628,043.32, significantly impacted by reduced ticket sales due to the pandemic[16]. - Total profit amounted to a loss of ¥42,418,926.69, reflecting a 135.39% decline driven by decreased ticket revenue[16]. - Net profit fell to a loss of ¥34,853,107.22, a 133.93% decrease attributed to the pandemic's impact on ticket sales[16]. - The company anticipates a cumulative net profit loss for the year due to the impact of COVID-19, with significant operational disruptions from January 2020[25]. Assets and Liabilities - Total assets increased by 15.22% to CNY 3,048,157,738.23 compared to the end of the previous year[5]. - The equity attributable to the parent company decreased to CNY 1,018.44 million, a decline of CNY 100.61 million or 8.99% year-on-year[13]. - Total liabilities amounted to CNY 2,026.56 million, an increase of CNY 606.73 million or 42.73% compared to the previous year[15]. - The total liabilities of the company reached RMB 2,026,558,302.18, compared to RMB 1,586,806,105.73 at the end of 2019, marking an increase of about 27.8%[30]. - The company’s total equity decreased to CNY 1,171,395,611.99 from CNY 1,200,877,264.80 at the end of 2019, a decrease of approximately 2.45%[32]. Cash Flow - Net cash flow from operating activities decreased by 112.80% to a negative CNY 6,384,581.93 compared to the same period last year[5]. - Cash inflow from operating activities decreased by 40.89% to ¥691,999,531.46, mainly due to reduced sales receipts[16]. - Cash received from sales and services declined by 43.51% to ¥603,034,213.48, significantly affected by the pandemic[16]. - The company's cash flow from operating activities decreased by 37.69% to CNY 698,384,113.39 compared to the previous year, primarily due to reduced costs impacted by the pandemic[17]. - The company reported a total cash inflow from financing activities of CNY 741,470,000.00, significantly up from CNY 200,458,408.83 in the same period last year[37]. - The total cash and cash equivalents at the end of the period reached CNY 339,280,454.50, up from CNY 215,998,241.98 at the end of the same period last year[37]. Shareholder Information - The total number of shareholders reached 14,104 at the end of the reporting period[10]. - The largest shareholder, Xi'an Qujiang Tourism Investment (Group) Co., Ltd., holds 53.16% of the shares[10]. Operational Impact - The company experienced a significant decline in ticket revenue due to the impact of the pandemic[6]. - The company has resumed operations for its managed scenic spots and hotels, with gradual recovery in tourism activities starting from March 2020[26]. - The company is actively applying for special funds to support tourism development in response to the pandemic[26]. Revenue and Cost Management - Total revenue for Q3 2020 was CNY 347,511,149.27, a slight increase from CNY 338,625,144.83 in Q3 2019, representing a growth of approximately 0.26%[33]. - Total operating costs for Q3 2020 decreased to CNY 260,194,163.42 from CNY 297,828,968.67 in Q3 2019, a reduction of about 12.67%[33]. - The gross profit margin improved to 57.1% in Q3 2020 compared to 51.6% in Q3 2019, indicating better cost management[36]. Future Outlook - The company plans to focus on market expansion and new product development in the upcoming quarters to enhance revenue growth[33]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[34].

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 344.59 million, a decrease of 46.98% compared to CNY 649.94 million in the same period last year[18]. - The net profit attributable to shareholders of the listed company was a loss of CNY 111.29 million, a decline of 271.13% from a profit of CNY 65.03 million in the previous year[18]. - The net cash flow from operating activities was a negative CNY 59.21 million, compared to a negative CNY 29.95 million in the same period last year[18]. - The basic earnings per share for the first half of 2020 was -CNY 0.52, a decrease of 273.33% compared to CNY 0.30 in the same period last year[19]. - The weighted average return on net assets was -11.12%, a decrease of 17.27 percentage points from 6.15% in the previous year[19]. - The decline in revenue was primarily due to the impact of the pandemic, which affected ticket sales and travel agency income[18]. - The net profit attributable to shareholders decreased compared to the same period last year, primarily due to a reduction in ticket revenue from scenic spots caused by the pandemic[20]. - The net cash flow from operating activities decreased compared to the same period last year, mainly due to a decrease in sales collections[20]. - Earnings per share decreased compared to the same period last year, primarily due to the decline in net profit attributable to shareholders[20]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 3.02 billion, an increase of 14.18% from CNY 2.65 billion at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company decreased by 10.88% to CNY 941.84 million from CNY 1.06 billion at the end of the previous year[18]. - Total liabilities rose by 62.59% to CNY 2,075,850,145.72, primarily due to increased financing[42]. - The company's long-term borrowings surged by 172.21% to CNY 1,054,000,000.00 from CNY 387,200,000.00 year-on-year[42]. - The total restricted assets amount to CNY 713,714,977.62, primarily due to bank acceptance bill guarantees and mortgage loans[44]. Operational Strategies and Market Conditions - The company plans to accelerate the integration of "cultural tourism +" to explore new consumption growth points and promote industrial upgrades[28]. - The hotel industry saw over 90% of its stores resume operations, with occupancy rates reaching around 60% by mid-April[27]. - The company is leveraging policy support to accelerate recovery and development in the cultural tourism sector[28]. - The government has introduced initiatives to boost the cultural tourism industry, enhancing market consumption vitality[28]. - The company acknowledges potential impacts on its main business from sudden public health events that could harm public health[55]. - The company has adjusted its operational strategies in response to the pandemic, focusing on project construction and cost control[53]. Investment and Renovation Projects - The company has successfully completed the renovation of the Xi'an Tanghua Huayi Hotel and the御宴宫 restaurant project, enhancing its service offerings[35]. - The total investment for the Tanghua Hotel renovation project increased from approximately 280 million to about 470 million RMB, reflecting a significant investment adjustment[73]. - The total investment for the Yuyan Palace renovation project is approximately 120 million RMB, with a tentative total construction fee of 4.53 million RMB[75]. - The Yuyan Palace renovation project was completed during the reporting period, with total construction fees incurred amounting to 4,273,584.91 RMB (excluding tax)[75]. Government Support and Subsidies - The company is actively applying for government subsidies to mitigate the impact of the pandemic on its operations[36]. - The company received government subsidies, which are expected to support its financial performance[100]. Related Party Transactions - The company reported a total of 272,991.68 CNY in related party transactions, accounting for 3.81% of total transactions[68]. - The total amount from related party transactions with Xi'an Qujiang Cultural Group and its subsidiaries was 4,502,634.12 CNY, accounting for 1.40% of total transactions[69]. - The company engaged in various agreements with related parties, with the majority following market pricing methods[68]. Legal and Compliance Matters - There were no significant lawsuits or arbitration matters during the reporting period[66]. - The company has maintained a good integrity status, with no major debts or court judgments unfulfilled[66]. - The company has engaged a professional legal team to actively respond to the ongoing litigation and protect its interests[106]. - The company has disclosed all relevant information regarding the legal disputes in its annual report[104]. Accounting Policies and Changes - The company has changed its accounting policies in response to the Ministry of Finance's new revenue standards, effective from January 1, 2020[85]. - The new revenue recognition standard shifts the focus from risk and reward transfer to control transfer, impacting how revenue is recognized[87]. - The company is committed to complying with the revised accounting standards to ensure accurate financial reporting and transparency[86]. Social Responsibility and Community Engagement - The company is actively involved in poverty alleviation efforts in 东明村, focusing on "beautiful countryside" construction and enhancing the ideological awareness of local party members[79]. - During the pandemic, the company assigned management personnel to assist in COVID-19 prevention efforts in the village[79]. - The company plans to continue supporting poverty alleviation through industrial development and fulfilling corporate social responsibility[81].

Financial Performance - The company reported a net profit of 39,370,524.02 yuan for the year 2019, after deducting a statutory surplus reserve of 3,937,052.40 yuan[2]. - The total undistributed profits at the end of 2019 amounted to 47,635,513.16 yuan, with a distributable profit of 35,433,471.62 yuan for the year[2]. - The company's operating revenue for 2019 was approximately ¥1.305 billion, a decrease of 2.95% compared to ¥1.344 billion in 2018[18]. - Net profit attributable to shareholders was approximately ¥45 million, down 40.83% from ¥76 million in 2018[18]. - Basic earnings per share decreased by 40% to ¥0.21 from ¥0.35 in 2018[19]. - The weighted average return on equity decreased by 3.39 percentage points to 4.32% from 7.71% in 2018[19]. - The net cash flow from operating activities decreased by 68.15% to approximately ¥47 million from ¥148 million in 2018[18]. - The company's comprehensive gross profit margin was 26.22%, a decrease of 0.90 percentage points year-on-year, mainly due to the decline in the gross profit margin of the hotel and catering sector[50]. - The net profit for the fourth quarter was negative at approximately -¥57 million, indicating a significant decline in performance[21]. - The company attributed the decrease in net profit to project suspensions and increased operational costs[20]. Dividend Distribution - The company plans to distribute a cash dividend of 0.17 yuan per 10 shares, totaling 3,661,997.37 yuan (including tax) based on a total share capital of 215,411,610 shares[2]. - The company has not proposed any stock dividends or capital reserves conversion for the year 2019[2]. - The cash dividend distribution for 2019 represents 8.13% of the net profit attributable to ordinary shareholders, which was CNY 45,026,654.39[82]. - In 2018, the cash dividend was CNY 0.45 per 10 shares, totaling CNY 8,077,938.32, which was 10.62% of the net profit[82]. Assets and Liabilities - Total assets increased by 22.59% to approximately ¥2.645 billion from ¥2.158 billion in 2018[18]. - The company's total assets reached CNY 2,645.45 million as of December 31, 2019, an increase of CNY 487.57 million or 22.59% compared to the previous year, primarily due to the increase in fixed assets and construction in progress[47]. - The asset-liability ratio increased to 59.98%, up 7.48 percentage points year-on-year, indicating a higher level of financial leverage[47]. - Total liabilities increased by 40.07% to CNY 1,586,806,105.73, driven by a rise in both short-term and long-term borrowings[59]. - Short-term borrowings increased by 44.08% to CNY 71,896,464.11, reflecting a larger financing scale[58]. - Long-term borrowings rose by 47.20% to CNY 568,209,334.29, indicating increased borrowing activity[59]. Risk Management - The company has outlined potential risks in its future development, which are detailed in the discussion and analysis section of the report[5]. - The company emphasizes the importance of risk awareness regarding future plans and performance forecasts[5]. - The tourism industry is expected to face risks from seasonal factors, public health events, and changes in national policies[76]. Operational Highlights - The company achieved a total revenue of 1,305.19 million CNY in 2019, with the scenic area operation management contributing approximately 65.60% of the total revenue[33]. - The hotel and catering business accounted for 14.64% of the total revenue, while tourism product sales contributed 1.03% and tourism services (travel agency) made up 16.27%[33]. - The company successfully opened the Ocean Polar Park underwater restaurant on June 21, 2019, enhancing the product system of the Ocean Polar Park[46]. - The company launched over 100 cultural events during the reporting period, including the Tang Dynasty Huazhuang performance and various seasonal festivals, contributing to local tourism[46]. - The company expanded its product offerings with the launch of 16 "Tang+" smart convenience stores and several cultural retail shops in major scenic areas[46]. Market and Tourism Insights - In 2019, domestic tourists reached 6.01 billion, representing a year-on-year growth of 8.4%, and domestic tourism revenue was 57,251 million CNY, up 11.7%[34]. - The company operates several 5A and 4A scenic spots, including the "Giant Wild Goose Pagoda" and "Xi'an City Wall," enhancing its cultural tourism offerings[31]. - The company holds a unique competitive advantage due to its access to rare historical and cultural resources, particularly in Shaanxi and Xi'an, which enhances its tourism development potential[42]. - The tourism industry is expected to recover and grow post-COVID-19, with new market demands and business models emerging[34]. Corporate Governance - The audit report issued by Sigma Accounting Firm confirmed the accuracy and completeness of the financial statements[2]. - The company’s board of directors and senior management have confirmed the authenticity and completeness of the annual report[2]. - The company has committed to avoiding competition with its subsidiaries and ensuring fair pricing in related transactions[85]. - The company plans to maintain independence in assets, personnel, finance, and operations as part of its commitments[85]. Accounting Policies and Changes - The company has made changes to its accounting policies and estimates, which are applicable and have been disclosed in detail[86]. - The financial statement format has been adjusted according to the Ministry of Finance's notification, effective from April 30, 2019, without impacting the company's financial status or cash flow[89]. - The new revenue recognition standard will be implemented starting January 1, 2020, aligning with the Ministry of Finance's requirements, and is expected to provide a more accurate reflection of the company's financial performance[92]. - The adjustments in financial reporting include the separation of "receivables" into "notes receivable" and "accounts receivable," and similar changes for payables, enhancing clarity in financial statements[89]. Social Responsibility - The company has actively participated in poverty alleviation efforts, providing employment opportunities for 5 local villagers in the scenic area[136]. - The company has organized over 10 charitable activities, including donations of books and essential goods worth over 20,000 yuan to impoverished communities[137]. - The company is committed to fulfilling its corporate social responsibility while ensuring steady growth and shareholder returns[138]. Employee Management - The total number of employees in the parent company is 1,505, while the total number of employees in major subsidiaries is 3,205, resulting in a combined total of 4,710 employees[180]. - The company has implemented a competitive and incentive-based salary policy, which includes basic salary, performance salary, and statutory items[184]. - The company plans to enhance training for various levels of employees, focusing on management capabilities and modern operational awareness[185]. Related Party Transactions - The total amount of related party transactions reached CNY 147,570,512.39, with various categories including hotel catering and tourism services[102]. - The company has established agreements for pricing based on market pricing methods for all related transactions, ensuring compliance with market standards[99]. - The company’s related party transactions accounted for a small percentage of total revenues, maintaining a balanced approach to related party dealings[102].

Financial Performance - Operating revenue for the first quarter was RMB 164,506,399.32, a decrease of 48.15% year-on-year, primarily due to reduced ticket and travel agency income impacted by the pandemic[5] - Net profit attributable to shareholders was a loss of RMB 67,922,652.26, representing a decrease of 321.75% compared to the same period last year[5] - Basic and diluted earnings per share were both -0.32 RMB, a decline of 328.57% year-on-year[5] - Total operating revenue for Q1 2020 was CNY 164,506,399, down CNY 152,766,086, or 48.15% year-over-year, primarily due to the impact of the pandemic on ticket and travel agency revenues[14] - The company reported a net loss of CNY 68,340,060 for Q1 2020, a decrease of CNY 98,462,238, or 326.88% compared to a profit in the same period last year[14] - The net loss for Q1 2020 was ¥68,340,059.53, compared to a net profit of ¥30,122,178.91 in Q1 2019, indicating a significant decline in profitability[32] - The operating profit for Q1 2020 was a loss of ¥65,620,483.72, compared to a profit of ¥29,651,090.94 in Q1 2019[33] Cash Flow - The net cash flow from operating activities improved, with a net outflow of RMB 24,736,274.45, compared to a net outflow of RMB 38,511,154.35 in the same period last year[6] - The company’s cash flow statement showed significant changes, indicating potential liquidity challenges[15] - Cash outflow from operating activities totaled approximately $226.6 million in Q1 2020, a decrease of 37.56% compared to $362.8 million in Q1 2019, mainly due to lower costs associated with the pandemic[16] - The cash flow from operating activities showed a net outflow of ¥24,736,274.45 in Q1 2020, an improvement from a net outflow of ¥38,511,154.35 in Q1 2019[34] - The net cash flow from operating activities was approximately -$24.7 million in Q1 2020, an improvement of 35.8% compared to -$38.5 million in Q1 2019[16] - The cash and cash equivalents at the end of Q1 2020 were CNY 40,068,920.38, down from CNY 157,193,238.38 at the end of Q1 2019[35] Assets and Liabilities - Total assets at the end of the reporting period reached RMB 2,667,960,011.09, an increase of 0.85% compared to the end of the previous year[5] - As of March 31, 2020, the company's total assets amounted to approximately CNY 2.67 billion, a slight increase from CNY 2.65 billion at the end of 2019[27] - The company's total liabilities as of March 31, 2020, were approximately CNY 1.68 billion, compared to CNY 1.59 billion at the end of 2019, representing an increase of about 5.4%[28] - The company's total equity decreased to approximately CNY 990.30 million from CNY 1.06 billion, reflecting a decline of about 6.5%[28] - The company's accounts receivable increased to approximately CNY 568.49 million, up from CNY 555.41 million, indicating a rise of about 2.4%[27] Shareholder Information - The company had a total of 15,864 shareholders at the end of the reporting period[9] - The largest shareholder, Xi'an Qujiang Tourism Investment (Group) Co., Ltd., held 53.16% of the shares, totaling 114,511,121 shares[9] Government Support and Future Plans - Non-recurring gains and losses amounted to RMB 1,494,677.86, with government subsidies contributing RMB 260,073.99[7] - The company plans to focus on recovery strategies post-pandemic, including potential market expansion and new product development[14] - The company plans to actively apply for special funds to support the development of tourism enterprises in response to the pandemic[24] - The company announced plans to gradually resume operations following the pandemic, indicating a focus on recovery strategies[18] Financial Ratios and Metrics - The weighted average return on net assets decreased by 9.59 percentage points to -6.64%[5] - Financial expenses increased by CNY 2,906,176, or 55.27%, due to a larger borrowing scale compared to the same period last year[14] - The company's cash and cash equivalents decreased to approximately CNY 140.23 million from CNY 190.70 million at the end of 2019, reflecting a decline of about 26.4%[27]

Financial Performance - The company reported a net profit of RMB 39,370,524.02 for the year 2019, after deducting a statutory surplus reserve of RMB 3,937,052.40[3]. - The total undistributed profits at the end of 2019 amounted to RMB 47,635,513.16, reflecting an increase from the previous year[3]. - The proposed cash dividend is RMB 0.17 per 10 shares, totaling RMB 3,661,997.37 to be distributed to shareholders[3]. - The company’s total share capital as of December 31, 2019, was 215,411,610 shares[3]. - The company's operating revenue for 2019 was approximately ¥1.305 billion, a decrease of 2.95% compared to ¥1.345 billion in 2018[19]. - Net profit attributable to shareholders decreased by 40.83% to approximately ¥45 million from ¥76 million in the previous year[19]. - The net cash flow from operating activities fell by 68.15% to approximately ¥47 million, down from ¥148 million in 2018[19][21]. - Basic earnings per share decreased by 40% to ¥0.21 from ¥0.35 in 2018[20]. - The total assets increased by 22.59% to approximately ¥2.645 billion compared to ¥2.158 billion at the end of 2018[19]. - The weighted average return on equity decreased by 3.39 percentage points to 4.32% from 7.71% in 2018[20]. - The company experienced a significant decline in net profit due to project delays and increased operational costs related to various hotel and tourism projects[22]. - The total share capital increased from 179,509,675 shares to 215,411,610 shares following a stock dividend distribution in July 2019[22]. - Non-recurring gains and losses amounted to approximately ¥15.44 million, a decrease from ¥22.10 million in 2018[27]. - The company reported a quarterly net profit loss of approximately ¥57.5 million in Q4 2019, contrasting with positive profits in the first three quarters[24]. Revenue Sources - The company achieved a total revenue of 1,305.187 million yuan in 2019, with the scenic area operation management business accounting for approximately 65.60% of total revenue[32]. - Hotel and catering business contributed 14.64% to total revenue, while tourism product sales accounted for 1.03%, and tourism services (travel agency) made up 16.27%[33]. - The company operates several 5A and 4A level scenic spots, including the "Giant Wild Goose Pagoda" and "Daming Palace National Heritage Park" among others[30]. - The company has developed a comprehensive product system that includes inbound and outbound tourism, domestic tourism, and various tourism services[31]. - The company’s cultural tourism performance includes various high-value cultural performances, enhancing the overall tourist experience[31]. - The company’s total assets reached CNY 2,645.45 million, an increase of CNY 487.57 million or 22.59% compared to the previous year, primarily due to the increase in fixed assets and construction projects[41]. - The company reported a total revenue of 1.2 billion RMB for the year 2019, representing a year-on-year increase of 15%[185]. Risk Management - The company emphasizes the importance of risk awareness regarding future plans and performance forecasts[5]. - The report includes a detailed description of potential risks faced by the company, which investors should be aware of[6]. - The company anticipates risks related to seasonal factors affecting tourism, public health emergencies, and policy changes impacting its operations[82]. Audit and Compliance - The company has received a standard unqualified audit report from Sigma Accounting Firm[7]. - The financial report is guaranteed to be true, accurate, and complete by the company's management[7]. - The independent directors confirmed that the profit distribution and capital reserve conversion plan complied with relevant laws and regulations[86]. - The company has not reported any significant issues regarding the occupation of funds or overdue receivables during the reporting period[91]. - The company has not encountered any non-standard audit opinions from its accounting firm[91]. Shareholder Information - The company’s cash dividend policy is designed to provide reasonable returns to shareholders while considering business development needs[87]. - The company did not repurchase shares as part of its cash dividend strategy during the reporting period[89]. - The largest shareholder, Xi'an Qujiang Tourism Investment (Group) Co., Ltd., holds 53.16% of the shares, totaling 114,511,121 shares[174]. - The second-largest shareholder, Zhou Yuguang, holds 4.66% of the shares, totaling 10,027,493 shares[175]. - The company has a total of 1,029,600 shares held by Beijing Tong San Yi Health Food Co., Ltd. that are subject to trading restrictions[177]. - The company has 720,000 shares held by Shanghai Hongkai Sheng Container Co., Ltd. that are also subject to trading restrictions[177]. Strategic Initiatives - The company plans to leverage policy support to accelerate recovery and development in the cultural tourism sector, introducing the new brand "Ancient Capital of a Thousand Years" to stimulate growth[66]. - The company aims to explore new consumption growth points through continuous innovation and integration of "cultural tourism+" strategies[66]. - The company is focusing on product innovation, including the development of marine parks and cultural creative spaces[80]. - The company is committed to expanding its market presence and enhancing core competitiveness through a "going out" strategy[78]. - The company plans to invest approximately 123 million in the renovation of the Datang Furong Garden Fanglin Garden Hotel[80]. - The company aims to maintain a steady growth trajectory by optimizing its service portfolio and expanding its market reach[112]. Community Engagement and Social Responsibility - The company has actively engaged in social responsibility activities, including multiple visits to assist impoverished villages and promote poverty alleviation policies[153]. - The company has implemented targeted poverty alleviation measures, focusing on industrial and employment support, helping improve living conditions for special families[152]. - In 2019, the company donated over 30 sets of books, 62 sets of rice, flour, and oil, and more than 20,000 yuan in cash to impoverished communities[156]. - The company has actively explored new models for poverty alleviation, leveraging local cultural resources to enhance community economic development[149]. Employee Management - The company has established a comprehensive employee management system, ensuring all employees are covered by social security and receive regular health check-ups[155]. - The company has implemented a competitive and performance-based compensation policy for employees, which includes basic salary, performance pay, and statutory contributions[194]. - The company has established a training program focusing on various levels of employees, including specialized training for financial and human resources personnel[196][197]. - The total number of employees in the parent company is 1,505, while the total number of employees in the parent company and major subsidiaries is 4,710[193]. Future Outlook - The company aims to achieve revenue of approximately 1.1 billion and control costs around 780 million for 2020[81]. - The company plans to expand its market presence by opening three new cultural tourism sites in 2020, targeting a 30% increase in regional market share[188]. - Future outlook remains positive, with management emphasizing a focus on sustainable tourism practices and community engagement initiatives[187].

Financial Performance - The net profit attributable to shareholders was RMB 102,534,510.60, a decrease of 9.59% compared to the same period last year[5]. - The basic earnings per share (EPS) was RMB 0.48, down 9.43% from RMB 0.53 in the previous year[5]. - The weighted average return on equity (ROE) decreased by 1.73 percentage points to 9.55%[5]. - The net profit after deducting non-recurring gains and losses was RMB 94,439,730.61, a decrease of 14.27% compared to the previous year[5]. - Total operating revenue for Q3 2019 was approximately ¥338.63 million, a decrease of 5.86% compared to ¥359.83 million in Q3 2018[26]. - Net profit for Q3 2019 was approximately ¥37.23 million, a decline of 13.92% from ¥43.22 million in Q3 2018[27]. - Total profit for the first three quarters of 2019 was approximately ¥119.85 million, down 10.19% from ¥133.44 million in the same period of 2018[27]. - Net profit for the first three quarters of 2019 was ¥86,663,743.68, up 9.3% from ¥79,185,678.99 in the first three quarters of 2018[28]. Cash Flow - The net cash flow from operating activities decreased by 35.38% compared to the same period last year, primarily due to increased payments for ticket collections and revenue sharing agreements[5]. - Cash flow from operating activities for the first three quarters of 2019 was ¥49,875,639.66, a decrease of 35.2% compared to ¥77,178,642.48 in the same period of 2018[29]. - Net cash flow from operating activities decreased to CNY 22,473,302.38, down 78.0% from CNY 102,443,502.52 in the previous year[30]. - Cash inflow from investment activities increased significantly to CNY 182,857,748.68, compared to CNY 80,670,224.74 in the same period last year[30]. - Cash inflow from financing activities rose to CNY 170,558,408.83, up from CNY 140,000,000.00 in the previous year[30]. Assets and Liabilities - Total assets at the end of the reporting period reached RMB 2,539,849,880.67, reflecting a 17.70% increase from the previous year-end[5]. - The company's total assets amounted to approximately CNY 2.54 billion, an increase from CNY 2.16 billion at the end of 2018[22]. - Total liabilities increased to CNY 1,419,828,059.45, up from CNY 1,132,851,593.94, representing a growth of approximately 25.3% year-over-year[23]. - Current liabilities totaled CNY 941,366,384.69, compared to CNY 732,389,546.92, reflecting an increase of about 28.5%[23]. - The company's total liabilities amounted to CNY 1,132,851,593.94, with current liabilities at CNY 732,389,546.92[32]. Shareholder Information - The total number of shareholders reached 15,504 at the end of the reporting period[9]. - The largest shareholder, Xi'an Qujiang Tourism Investment (Group) Co., Ltd., held 53.16% of the shares, with 55,305,720 shares pledged[9]. - The company plans to distribute a cash dividend of CNY 0.045 per share, totaling approximately CNY 8.08 million, alongside a capital increase of 0.2 shares per share for all shareholders[17]. - The company has announced a shareholder return plan for the next three years (2019-2021), although specific details were not provided[12]. Investments and Growth - The company completed a capital increase through profit distribution and capital reserve conversion, raising the total share capital from 179,509,675 shares to 215,411,610 shares[6]. - The company plans to conduct a non-public offering of A-shares to raise funds, as detailed in their announcements[15]. - The company plans to explore new market opportunities and potential acquisitions to drive future growth[27]. Operational Efficiency - The management indicated a focus on cost control and efficiency improvements to enhance profitability in the upcoming quarters[27]. - The company reported a significant increase in prepayments, which rose by CNY 24.65 million, a 163.72% increase, mainly due to prepayments for scenic activities and travel agency group payments[11]. - The company incurred a credit impairment loss of approximately ¥6.35 million in the first nine months of 2019[26].

Financial Performance - The company's operating revenue for the first half of 2019 was approximately ¥649.94 million, representing a 3.63% increase compared to ¥627.20 million in the same period last year[19]. - The net profit attributable to shareholders of the listed company decreased by 8.91% to approximately ¥65.03 million, down from ¥71.39 million in the previous year[19]. - Basic earnings per share decreased by 10.00% to ¥0.36, down from ¥0.40 in the same period last year[20]. - The net profit after deducting non-recurring gains and losses was approximately ¥58.34 million, a decrease of 15.39% from ¥68.95 million in the same period last year[19]. - The company reported a significant decrease in net cash flow from operating activities, amounting to CNY -29.95 million, primarily due to reduced sales collections[39]. - The company reported a total of 6.69 million yuan in non-recurring gains and losses, with government subsidies closely related to normal business operations amounting to 4.24 million yuan[23]. Assets and Liabilities - The total assets of the company increased by 9.34% to approximately ¥2.36 billion, compared to ¥2.16 billion at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company rose by 5.56% to approximately ¥1.08 billion, up from ¥1.02 billion at the end of the previous year[19]. - The company's asset-liability ratio increased to 54.11%, up by 1.61 percentage points from the beginning of the year[36]. - The company's total liabilities grew by 12.70% to CNY 1,276,732,418.68 from CNY 1,132,851,593.94[42]. - Current liabilities increased by 19.76% to CNY 877,085,041.34, compared to CNY 732,389,546.92 in the previous period[42]. Revenue Sources - The company achieved a total operating revenue of 649.94 million yuan in the first half of 2019, with the scenic area operation management business accounting for approximately 70.03% of the total revenue[28]. - The hotel and catering business contributed 14.17% to the total revenue, while tourism product sales and tourism services accounted for 1.12% and 12.76%, respectively[28]. - The company reported a significant increase in tourism revenue in Xi'an, with a total of 1.40 billion tourists and total tourism revenue of 145.78 billion yuan, representing year-on-year growth of 21.9% and 27.0%[30]. Strategic Initiatives - The company has diversified its business model to include six major sectors: scenic area operation, hotel management, travel agency services, cultural performances, tourism product sales, and landscaping[27]. - The company is focused on expanding its market presence through strategic partnerships and enhancing its service offerings in the cultural tourism sector[26]. - The company has initiated key projects such as the Ocean Polar Park underwater restaurant and the Louguan Tourist Distribution Center, which opened on May 1, 2019[35]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding forward-looking statements and does not commit to any specific future performance[5]. - The company has committed to ensuring that related party transactions are conducted at fair prices and in compliance with legal regulations[63]. - The company has a commitment to reduce related party transactions with its subsidiaries and ensure compliance with relevant laws and regulations[63]. Financial Management - The company has authorized the chairman to approve the use of idle funds for low-risk financial products, with a limit of CNY 100 million[55]. - The company has engaged in financial product investments totaling 40 million and 50 million, with average annualized returns reported[61]. - The company plans to enhance the management of accounts receivable to mitigate risks associated with delayed payments from management fees[54]. Shareholder Information - The company reported a profit distribution plan for the first half of the year, with a capital reserve increase proposal[62]. - The cash dividend distributed was 0.45 yuan per 10 shares, totaling 8,077,935.38 yuan (including tax)[101]. - The largest shareholder, Xi'an Qujiang Tourism Investment (Group) Co., Ltd., holds 53.16% of the shares, totaling 95,425,934 shares[104]. Accounting Policies and Changes - The company has implemented changes in accounting policies and estimates, effective from January 1, 2019, which do not impact financial status, operating results, or cash flow[84]. - The financial statement format has been revised according to the Ministry of Finance's notification on April 30, 2019, affecting the presentation of balance sheets and income statements[85]. - The company has not reported any significant accounting errors that require retrospective restatement during the reporting period[87]. Corporate Governance - The company has renewed its appointment of Sigma Accounting Firm for the 2019 financial report and internal control audit, with a one-year term[66]. - There were no significant lawsuits or arbitration matters during the reporting period[66]. - The company has no adverse integrity issues, such as failing to fulfill court judgments or large debts that are overdue[66].