Core Viewpoint - Qujiang Cultural Tourism is facing multiple crises, including continuous losses for three years, asset sales, and operational challenges, leading to significant regulatory scrutiny regarding its ongoing business viability [1][2]. Financial Performance - The company reported a revenue of 1.25 billion yuan in 2024, a decrease of 16.7% year-on-year, with a net profit loss of 131 million yuan [2]. - The company anticipates a continued loss in the first half of 2025, with a projected net profit loss of 69 million to 72.9 million yuan [1]. Operational Challenges - The management of scenic areas has seen a significant decline, with revenue from this segment dropping to 970 million yuan in 2024, a decrease of 32.6%, and a gross margin reduction of 13.57 percentage points [2]. - Specific scenic areas, such as Qujiang Ocean Polar Park and Qujiang Pool Relics Park, experienced revenue declines of 27.87% and 53.04%, respectively, due to reduced ticket sales and management fees [3]. Regulatory Scrutiny - The Shanghai Stock Exchange has raised concerns about the company's ability to continue operations, focusing on the impact of terminated management contracts and the overall financial health of the company [2][4]. - The company acknowledged that its negative net profit over three years has affected its operational activities and has outlined measures to improve its business situation [4]. Accounts Receivable and Asset Sales - As of 2024, the company reported accounts receivable of 1.18 billion yuan, with a bad debt provision of 360 million yuan, representing a 31% provision rate [6]. - The company transferred 100% of its subsidiary, Xi'an Qujiang Daming Palace National Heritage Park Co., Ltd., to a related party for 42.014 million yuan, raising questions about the decision-making process and compliance with internal controls [7].

Core Viewpoint - Qujiang Cultural Tourism has been facing multiple crises, including three consecutive years of losses, asset sales, and operational challenges, leading to significant regulatory scrutiny regarding its ongoing business viability [1][2]. Financial Performance - The company reported a revenue of 1.25 billion yuan in 2024, a decrease of 16.7% year-on-year, with a net profit of -131 million yuan [2]. - The company's net profit has been negative for three consecutive years, with projected losses of 69 million to 72.9 million yuan for the first half of 2025 [1][2]. Business Operations - The revenue from the company's scenic area management business in 2024 was 970 million yuan, down 32.6% year-on-year, with a gross margin decline of 13.57 percentage points [2]. - The company has ceased operations for certain scenic areas and will no longer receive management fees for others, impacting overall revenue and gross margin [3][4]. Accounts Receivable - As of the end of 2024, the company reported accounts receivable of 1.18 billion yuan, with a bad debt provision of 360 million yuan, representing a 31% provision rate [5]. - The company is actively pursuing collections on outstanding receivables, with a repayment plan from government-related entities scheduled from 2025 to 2029 [5]. Asset Sales - In 2024, the company transferred 100% of its subsidiary, Xi'an Qujiang Daming Palace National Heritage Park Co., Ltd., to a related party for 42.014 million yuan [6]. - The decision-making and disclosure processes related to this asset sale have been flagged for deficiencies, raising concerns about compliance and internal controls [6].

Core Viewpoint - Qujiang Cultural Tourism has been facing multiple crises, including continuous losses for three years, asset sales, and significant shareholder equity pledges and freezes, leading to regulatory scrutiny regarding its operational sustainability and financial health [2][6][15]. Financial Performance - The company reported a net profit attributable to shareholders of -1.31 billion in 2024, a 41.09% improvement from -2.22 billion in 2023, but still reflects ongoing losses [5]. - The company has experienced a continuous decline in its net profit, with a total of five consecutive years of negative net profit after excluding non-recurring items [5][7]. - For the first half of 2025, the company anticipates a pre-loss of between 69 million to 72.9 million [5]. Operational Challenges - In 2024, the company achieved an operating revenue of 1.25 billion, a decrease of 16.7% year-on-year, with the scenic area management business revenue dropping by 32.6% [7][10]. - The gross profit margin for the scenic area management business decreased by 13.57 percentage points, indicating significant operational challenges [7][10]. - The company has ceased management operations for several scenic areas due to declining management fees and revenue, impacting overall financial performance [10][11]. Regulatory Scrutiny - The Shanghai Stock Exchange has issued inquiries regarding the company's operational management and the impact of terminated operations on financial data [6][8]. - The company acknowledged that its continuous losses have affected normal operational activities and has outlined measures to improve its financial situation [13][14]. Shareholder Issues - The controlling shareholder, Xi'an Qujiang Tourism Investment Group, has faced judicial auctions of its shares, with 12 million shares recently auctioned off, reducing its stake from 41.76% to approximately 37.06% [23][25][26]. - The company has reported that the controlling shareholder's shares are fully pledged and frozen, raising concerns about the stability of its ownership structure [30]. Accounts Receivable and Asset Sales - The company reported accounts receivable of 1.18 billion at the end of 2024, with a provision for bad debts of 360 million, indicating a high risk of uncollectible accounts [16][18]. - In 2024, the company transferred 100% equity of a subsidiary to a related party for 420.14 million, raising questions about the compliance of the transaction process [19][21].

Core Viewpoint - Qujiang Cultural Tourism (600706) is facing severe operational challenges, with continuous net profit losses for three consecutive years, and a projected loss of 131 million yuan in 2024 [1][3]. Financial Performance - The company reported a net profit loss of 248 million yuan in 2022, 195.4 million yuan in 2023, and a projected loss of 131.3 million yuan in 2024, indicating a narrowing loss but no substantial improvement in operational conditions [1][3]. - Revenue for 2024 is expected to decline by 16.7% to 1.25 billion yuan, with core scenic area management revenue dropping significantly by 32.6% to 970 million yuan, and gross margin decreasing by 13.57 percentage points to 23.73% [1][3]. Revenue Decline - The sharp decline in core scenic area revenue is the main reason for the deterioration in performance, with Qujiang Pool Heritage Park revenue down 53.04% and Big Wild Goose Pagoda revenue down 44.56% [1][3]. - Additionally, revenue from the Tang Paradise decreased by 14.74%, and from 2024, the company will no longer receive management fees from key scenic areas, further impacting its traditional profit model [2][3]. Accounts Receivable Issues - As of the end of 2024, the company has accounts receivable of 920 million yuan from the Qujiang New District Management Committee, accounting for 78% of total accounts receivable, with a cumulative provision for bad debts of 360 million yuan, representing a 31% provision rate [4]. - Although the government has promised to repay the debts over five years starting in 2025, the actual repayment pressure remains significant, with only 22.85 million yuan expected to be collected [4]. Operational Challenges - The company attributes the revenue decline to reduced management fees and decreased income from certain scenic areas, alongside rising fixed costs such as lighting production and performance fees, as well as increased depreciation and amortization [4]. - Qujiang Cultural Tourism has implemented measures such as state-owned enterprise reform, optimizing operational models, and enhancing accounts receivable collection efforts to improve operations [4]. Shareholder and Governance Issues - The controlling shareholder, Qujiang Tourism Investment (Group) Co., Ltd., has had all of its shares frozen and marked for judicial purposes, which raises concerns about governance and decision-making processes within the company [4].

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, indicating ongoing operational challenges and a need for strategic adjustments to improve financial performance [2][4][10]. Financial Performance - In 2024, the company achieved operating revenue of 1.25 billion yuan, a year-on-year decrease of 16.7%, with net profit (both before and after deductions) at -131 million yuan [2][4]. - The company's net profit has been negative for three consecutive years from 2022 to 2024 [2][10]. - The revenue from the main business of tourism scenic area operation management fell to 970 million yuan, down 32.6%, with a gross margin decrease of 13.57 percentage points [2][4]. Operational Changes - The company will cease management operations for several scenic areas, including the Daming Palace National Heritage Park and the "Three Rivers and One Mountain" Greenway project, due to poor management fee collection [2][4][10]. - A supplementary agreement was signed on April 27, 2025, confirming the cessation of management fees for the Dayan Pagoda Scenic Area and the Tang Paradise Scenic Area starting in 2024 [2][4]. Revenue Recognition and Accounts Receivable - The year-end accounts receivable balance was 1.18 billion yuan, a decrease of 19.1% year-on-year, with a bad debt provision of 360 million yuan, representing a 31% provision rate [18][20]. - The company has a repayment plan from the Xi'an Qujiang New District Management Committee to settle outstanding receivables over the period from 2025 to 2029 [18][22]. Strategic Initiatives - The company is implementing various measures to improve operational efficiency and reduce costs, including organizational reforms and market expansion plans [10][12]. - The company aims to enhance cash flow and financial stability by actively managing accounts receivable and reducing outstanding debts [10][12]. Real Estate Transactions - The company prepaid 48.86 million yuan for an office building from a related party, with the delivery date postponed to December 31, 2025, due to project delays [26][27]. - The decision to purchase the property was based on the need for improved office space and location advantages, despite the ongoing real estate market challenges [26][27]. Goodwill Impairment - The company reported a goodwill balance of 46.01 million yuan, primarily from the acquisition of a 55% stake in Wuxi Huipao Sports Co., Ltd., with performance commitments not fully met in 2024 [35][36]. - The company did not recognize goodwill impairment for the year, citing evaluations that indicated no impairment was necessary [35][36].

证券代码：600706 证券简称：曲江文旅 编号：临 2025-038 西安曲江文化旅游股份有限公司 关于上海证券交易所 2024 年度报告 问询函回复的公告 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。 公司收到上海证券交易所出具的《关于西安曲江文化旅游股份有限公司 2024 年年度报告的信息披露监管问询函》（上证公函【2025】0754 号），交易所依据《公 开发行证券的公司信息披露内容与格式准则第 2 号－年度报告的内容与格式》（以 下简称《格式准则第 2 号》）《上海证券交易所上市公司自律监管指引第 3 号—— 行业信息披露》（以下简称 3 号指引）等规则的要求，经对公司 2024 年年度报告 事后审核，为便于投资者理解，根据《股票上市规则》第 13.1.1 条规定，要求公 司进一步补充披露信息。相关问询及回复如下： 一、关于经营状况。 年报及前期公告显示，2024 年公司实现营业收入 12.5 亿元，同比下降 16.7%， 实现扣非前后净利润均为-1.31 亿元。2022 至 2024 年，公司扣非前后归母净利润 ...

关于西安曲江文化旅游股份有限公司 希格玛会计师事务所（特殊普通合伙） Xigema Cpas(Special General Partnership) 上海证券交易所上市公司管理一部: 贵部于2025年6月月5日下发的 《关于西安曲江文化旅游股份有限公司2024 年年度报告的信息披露监管问询函》(上证公函(2025) 0754号) (以下简称 "问询函"〉已收悉。我们阅读了西安曲江文化旅游股份有限公司(以下简称 "曲江文旅"或"公司")对相关问题的回复,并对问询函中需要我们说明的事 项进行了审慎核查,现汇报说明如下。 一、关于经营状况 年报及前期公告显示,2024年公司实现营业收入12.5亿元,同比下降 16.7%,实现扣非前后净利润均为-1.31亿元。2022至2024年,公司扣非前后归母 净利润已连续三年为负。报告期内公司单季度营业收入呈现下降趋势,单季度净 利润波动较大。公司主营旅游景区运营管理等业务,2024年公司景区运营管理业 务实现营业收入9.7亿元,同比下降32.6%,毛利率同比减少13.57个百分点。鉴 于管理酬金回款情况,公司自2024年起不再对大明宫国家遗址公园、"三河一 山"绿道项目及镁 ...

Group 1 - Qujiang Cultural Tourism (曲江文旅) disclosed that Shaanxi Runyan Technology won a judicial auction for 12 million shares, representing 4.70% of the company's total shares, at an average price of approximately 9.57 yuan per share, totaling about 115 million yuan [1] - Following the share transfer, Qujiang Tourism Investment's stake in Qujiang Cultural Tourism will decrease to 37.06%, as it is currently facing a debt crisis with all its shares frozen [1] - The auction attracted significant interest, with one block of 4 million shares starting at a price of 29.4952 million yuan and receiving 261 bids before being won by Shaanxi Runyan for 39.1152 million yuan [1] Group 2 - Shaanxi Runyan was established in July 2021 with a registered capital of 5 million yuan and is fully controlled by Hong Kong Junyan Investment [2] - Li Bozheng, the actual controller of Junyan Capital, serves as the executive director and general manager of Shaanxi Runyan [2] - Junyan Investment has developed a large investment system, focusing on private equity funds, private securities, and real estate asset management [3] Group 3 - Junyan Investment has previously engaged in asset integration for local listed companies, including a significant asset restructuring involving the sale of 100% equity of two companies for a total of 8.84 billion yuan [4] - The companies involved in the restructuring have reported continuous losses since 2022, with significant net losses recorded [5] - Despite these efforts, the restructuring did not save the listed status of Renrenle, which was delisted in July 2023 [6] Group 4 - Qujiang Cultural Tourism has been experiencing continuous losses, with a projected loss of 13 million to 16.9 million yuan for the first half of 2025, and a projected non-net profit loss of 69 million to 72.9 million yuan [6]

证券代码：600706 证券简称：曲江文旅 编号：临 2025-037 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 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： 公司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），持有公司股份 10,651.1121 万股，占公司总股本的比例为 41.76%；本次被 司法拍卖的 1200 万股占公司总股本的 4.70%。本次拍卖后续还涉及竞买人缴纳拍 卖余款、法院执行法定程序、股权变更过户等环节，其最终结果仍存在一定的不 确定性。如未来股权变更过户，旅游投资集团仍持有公司 9,451.1121 万股，约占 公司总股本 37.06%，不会导致公司控股股东及实际控制人发生变化。 一、本次司法拍卖结果情况 公司于 2025 年 7 月 4 日披露了《关于控股股东所持部分股份拟被拍卖的提示 性公告》（详见公告编号：临 2025-034）。近日，公司收到控股股东旅游投资集 团出具的《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 ...

证券之星消息，8月5日旅游及景区板块较上一交易日上涨0.99%，西藏旅游领涨。当日上证指数报收于 3617.6，上涨0.96%。深证成指报收于11106.96，上涨0.59%。旅游及景区板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600749 | 四藏旅游 | 26.53 | 4.53% | 61.80万 | 15.58亿 | | 000558 | 天府文旅 | 7.32 | 4.13% | 310.63万 | 22.05亿 | | 000796 | 凯撒旋业 | 5.44 | 2.26% | 170.69万 | 9.21亿 | | 660509 | 长自山 | 37.80 | 1.45% | 4.96万 | 1.86亿 | | 002707 | 众信旅游 | 7.63 | 0.93% | 17.71万 | 1.34亿 | | 002159 | 三特索道 | 15.46 | 0.91% | 3.35万 | 5149.45万 | | 000610 | 西安旅游 | 12. ...