Core Viewpoint - The local tourism companies in China, once considered prestigious, are now facing significant financial losses and operational challenges, raising questions about their management and sustainability in the current market environment [2][12][26]. Financial Performance - Guilin Tourism reported a net loss of 200 million yuan in 2024, accumulating losses of nearly 1 billion yuan since 2020 [2][3]. - Qujiang Cultural Tourism incurred a loss of 131 million yuan in 2024, with total losses nearing 600 million yuan over three years [2]. - Zhangjiajie experienced a net loss of 582 million yuan in 2024, with cumulative losses exceeding 1.3 billion yuan over five years [2][10]. Management and Operational Issues - Many local tourism groups operate under a "debt-first, project-later" philosophy, leading to a mismatch between financing needs and operational capabilities [14][25]. - Management teams often lack the necessary expertise, as many come from bureaucratic backgrounds rather than tourism or business sectors [14][25]. - There is a prevalent issue of projects being initiated without proper market research or operational planning, resulting in poor performance and financial losses [16][20]. Market Dynamics - Despite high visitor numbers, many projects fail to generate profit, leading to a reliance on debt financing to sustain operations [7][21]. - The current market is becoming less forgiving, with stricter regulations on financing and project approvals, making it harder for companies to secure funding based on optimistic projections [28][29]. Future Outlook - The local tourism sector may face further declines, with many companies potentially unable to recover without significant changes to their operational models [26][29]. - There is a need for local tourism companies to acknowledge their issues and adjust their strategies, focusing on sustainable practices rather than merely seeking new funding [29].

Core Viewpoint - The company Xi'an Qujiang Cultural Tourism Co., Ltd. (referred to as "Qujiang Culture Tourism") is experiencing a significant disparity between the booming tourism market in Xi'an and its own poor financial performance, continuing to face losses and operational challenges despite high visitor numbers at its attractions [2][6]. Group 1: Tourism Market Performance - During the "May Day" holiday in 2025, Xi'an received 14.75 million tourists, a year-on-year increase of 5.2%, with total spending reaching 12.33 billion yuan, up 7.55% [2]. - Qujiang Culture Tourism operates popular attractions such as the Tang Paradise and the Big Wild Goose Pagoda, which attract large crowds, especially during holidays, contributing significantly to the local tourism economy [3][4]. Group 2: Financial Performance - In 2024, Qujiang Culture Tourism reported total revenue of 1.253 billion yuan, a decrease of 16.68% year-on-year, and a net loss of 131 million yuan, although the loss narrowed compared to the previous year [6][7]. - The company has faced continuous net losses for three consecutive years, with losses of 248 million yuan in 2022, 195 million yuan in 2023, and 131 million yuan in 2024 [6][8]. Group 3: Operational Challenges - The company is criticized for its management and operational capabilities, with suggestions to optimize its management and expand consumer spaces around its attractions to enhance revenue [5][9]. - Qujiang Culture Tourism's business model, primarily based on light asset operations, has led to high accounts receivable, with a balance of 1.177 billion yuan as of December 31, 2024, which poses risks to cash flow and profitability [10]. Group 4: Debt and Shareholder Issues - The company's controlling shareholder, Xi'an Qujiang Tourism Investment Group, is facing significant debt issues, with debts and guarantees exceeding 500 million yuan, leading to judicial actions for debt recovery [10][11]. - Recent announcements indicate that shares held by the controlling shareholder are subject to auction due to debt pressures, which may impact the company's financial stability [11].

Group 1: Hotel Industry Development - In April 2025, a total of 314 new hotels opened in China, including 89 mid-range hotels and 86 domestic mid-to-high-end hotels [1] - There were 113 new hotel projects signed in April, with 2 luxury hotels and 7 international high-end hotels among them [1] - A total of 54 hotels were auctioned in April, with 18 hotels having auction prices exceeding 100 million yuan [1] Group 2: New Resort Openings - The Rizhao Kaiyuan Senbo Resort Park officially opened on May 10, covering an area of 185 acres with a total investment of 2.016 billion yuan [2] - Additional projects, including the Wuhan Kaiyuan Senbo Resort Park and the Tonglu Kaiyuan Senbo Resort, are set to open in June and summer respectively [2] Group 3: New Entertainment Facilities - The largest indoor ski resort in Zhejiang, Hangzhou Hot Snow Miracle, has officially launched, covering a total area of approximately 84,000 square meters [3] - The facility will offer various functions including youth ski training and public ice and snow sports [3] Group 4: Real Estate Transactions - Lexin Technology plans to purchase an office building project from Shanghai Lujiazui Group for 437 million yuan, with a total area of 13,000 square meters [4] - New Huangpu intends to acquire the Silicon Valley SOHO-2 project in Beijing for 215 million yuan, which is currently vacant [7] Group 5: Corporate Governance Issues - Red Star Macalline's general manager, Che Jianxing, is under investigation and has been placed under detention, while other executives continue to perform their duties [5] - Qujiang Cultural Tourism's major shareholder has had 57.05 million shares frozen due to debt disputes [6] Group 6: Upcoming Hotel Auctions - The Dali Strength Hilton Hotel is set for public judicial auction on May 29, with an estimated auction value of approximately 1.093 billion yuan [8]

Core Viewpoint - The Chinese cultural tourism complex industry is entering a transformation and upgrading phase, becoming a significant engine for driving domestic demand growth and promoting industrial upgrades. The market size is projected to reach 2.59 billion yuan in 2024, with a year-on-year growth of 16.11% [1][12]. Industry Overview - Cultural tourism complexes integrate culture as the core driving force, combining tourism, commerce, leisure, and residential functions into a comprehensive space. They aim to meet tourists' needs for cultural experiences, leisure vacations, and shopping while promoting regional cultural heritage and tourism industry upgrades [2]. Industry Development History - The industry has gone through four stages: 1. **Emergence Stage (1978-1999)**: Focused on sightseeing with limited cultural integration. 2. **Initial Exploration Stage (2000-2009)**: Increased emphasis on cultural tourism with early projects combining cultural performances and tourism. 3. **Rapid Development Stage (2010-2019)**: Cultural tourism complexes became key for local economic transformation, supported by national strategies. 4. **Transformation and Upgrading Stage (2020-Present)**: Shift towards high-quality, diversified, and technology-driven experiences, accelerated by the pandemic [4][5][6]. Industry Value Chain - The industry value chain includes: - **Upstream**: Resource development, planning, design, and cultural resource/IP development. - **Midstream**: Operation services of cultural tourism complexes. - **Downstream**: Tourists and consumers [8]. Market Size - The market size of the cultural tourism complex industry is expected to reach 2.59 billion yuan in 2024, with a year-on-year growth of 16.11%. The industry is witnessing trends of cross-industry integration, such as "cultural tourism + technology" and "cultural tourism + commerce" [12]. Key Enterprises - Major players in the industry include: - **China Overseas Chinese Town**: Leading enterprise with a comprehensive business model covering theme parks and cultural performances. - **Sunac Culture**: Known for its "ice and snow world + commercial complex" model. - **China Youth Travel Service**: Focuses on integrated tourism services with projects like Wuzhen and Gubei Water Town. - **Yunnan Tourism**: Leverages rich cultural resources for unique tourism projects [14][16][17]. Industry Development Trends 1. **Integration of Immersive Experiences and Smart Operations**: The industry is transitioning from resource-driven to technology-driven, utilizing advancements in 5G, AI, and the metaverse to enhance visitor experiences [20]. 2. **Demand Differentiation Driven by Generational Changes**: The Z generation and the elderly are shaping the market, leading to a focus on unique experiences and wellness tourism [21][22]. 3. **Green Concepts and Industrial Synergy**: The industry is moving towards low-carbon and industrialized upgrades, with a focus on sustainable practices and collaboration across sectors [23].

Core Viewpoint - The debt crisis of Qujiang Cultural Tourism continues to escalate, with its controlling shareholder's shares being judicially frozen and auctioned, significantly impacting the company's financial performance and operational stability [3][4][5]. Shareholder and Shareholding Structure - The controlling shareholder, Xi'an Qujiang Tourism Investment Group, holds 114,511,120 shares, accounting for 44.90% of the total share capital. All of these shares have been frozen, with 210,000 shares directly frozen, 57,050,000 shares under provisional freezing, and 57,250,000 shares marked for judicial purposes [1][4]. Debt Situation - The total amount involved in the lawsuits related to the controlling shareholder's debt issues is 303.18 million yuan, with significant debts owed to various financial institutions [5]. The controlling shareholder is also under pressure due to guarantees for loans totaling 20.3 million yuan [5]. Financial Performance - In Q1 2025, the company reported a revenue decline of 23.67% to 306 million yuan, with a net loss of 43.61 million yuan, marking a staggering year-on-year drop of 2161.76% [3][11]. For the full year 2024, the company recorded a revenue of 1.253 billion yuan, down 16.68%, and a net loss of 131 million yuan, although this was a 32.79% improvement from the previous year's loss [8][11]. Operational Challenges - The company's core business segments, particularly scenic area operations, hotel and catering, and tourism product sales, have all seen significant revenue declines. The scenic area operations, which account for 52% of the main business revenue, dropped by 32.57% to 651 million yuan [9][10]. The overall gross margin has also decreased from 37.30% to 23.73% [9]. Recent Developments - The company has faced multiple instances of its shares being put up for judicial auction, with significant portions of its equity at risk. This situation has raised concerns about the controlling shareholder's ability to make decisions regarding the company's future [7][8]. The company is actively seeking to resolve these issues before judicial actions are finalized [5][6].

证券代码：600706 证券简称：曲江文旅 编 号：临 2025-023 西安曲江文化旅游股份有限公司 关于控股股东股份冻结、轮候冻结及司法标记的公告 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。 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 114,511,121 股，占公司总股本的 44.90%。旅游投资集团本 次冻结 210,033 股，轮候冻结 57,051,088 股，司法标记 57,250,000 股。 | | 持股数量 | 占公司总 | 累计被冻结 | | 累计司法标记 | 合 | | --- | --- | --- | --- | --- | --- | --- | | 计占其所 | 合计占公司 | | | | | | | 股东名称 | | | | | 持股份比例 | | | | （股） | 股本比例 | 数量（股） | 数量 | | | | （股） | | 总股本比例 | | | | | | 旅游投资集团 | | 44.90% | 57,261,1 ...

证券代码：600706 证券简称：曲江文旅 编号：临 2025-023 西安曲江文化旅游股份有限公司 关于控股股东股份冻结、轮候冻结及司法标记的公告 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。 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 114,511,121 股，占公司总股本的 44.90%。旅游投资集团本 次冻结 210,033 股，轮候冻结 57,051,088 股，司法标记 57,250,000 股。 公司于 2025 年 5 月 13 日收到控股股东旅游投资集团通知，主要内容如下： "近日，我司向西安曲江文化产业资本运营管理有限公司了解到，因其与借 款方绍兴柯桥汇金小额贷款股份有限公司合同纠纷，我司作为担保方，承担了连 带担保责任。浙江省绍兴市中级人民法院将我司持有曲江文旅股票 210,033 股进 行司法冻结，57,051,088 股进行轮候冻结，57,250,000 股进行司法标记。 截止目前，我司因债务问题涉及的诉讼，分别为浙江浙银金融租赁股份有 ...

证券代码：600706 证券简称：曲江文旅 编号：临 2025-024 活动时间：2025 年 5 月 20 日 15:00-17:00 活动地址："全景路演" 网址：https://rs.p5w.net。 西安曲江文化旅游股份有限公司 关于参加"2025 年陕西辖区上市公司投资者 集体接待日暨 2024 年度业绩说明会"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。 为促进上市公司规范运作、健康发展，增强上市公司信息透明度，加强与广 大投资者沟通交流，进一步提升投资者关系管理水平，陕西上市公司协会在陕西 证监局指导下，联合深圳市全景网络有限公司举办"2025 年陕西辖区上市公司投 资者集体接待日暨 2024 年度业绩说明会"。 届时，公司高管人员将通过互动平台与投资者进行网络沟通和交流，欢迎广 大投资者踊跃参加！ 特此公告。 西安曲江文化旅游股份有限公司董事会 2025 年 5 月 13 日 1 ...

Core Viewpoint - The company, Qujiang Cultural Tourism, is facing significant financial challenges, including a planned auction of shares held by its controlling shareholder due to legal issues, while also projecting a decline in revenue for the upcoming year [1][2][3]. Group 1: Share Auction and Legal Issues - The controlling shareholder, Xi'an Qujiang Tourism Investment Group, is set to auction 12 million shares of Qujiang Cultural Tourism, representing 10.48% of its holdings and 4.70% of the total share capital [1][3]. - The shares are currently frozen due to a legal dispute involving a loan guarantee, with the auction scheduled to take place on a judicial auction platform [5][6]. - The company is actively seeking to resolve the matter before judicial proceedings to protect its interests [2][5]. Group 2: Financial Performance - Qujiang Cultural Tourism has reported continuous losses over the past three years, with a total loss of 574 million yuan [2][8]. - The company's revenue for 2022, 2023, and 2024 was 891 million yuan, 1.504 billion yuan, and 1.253 billion yuan, respectively, showing a decline of 34.75% in 2022 and a further decrease of 16.68% in 2024 [8][9]. - The company expects revenue to drop by approximately 20% in 2025, projecting around 1 billion yuan in revenue [2][10]. Group 3: Business Segments and Performance - The company operates in seven major business segments, with three experiencing declines in revenue [9]. - In 2024, revenue from scenic area operations fell by 32.57% to 651 million yuan, while hotel and restaurant revenue decreased by 10.6% to 277 million yuan [9]. - Conversely, tourism services, landscaping, and sports projects showed growth, with increases of 54.01%, 35.09%, and 52.62%, respectively [9].

Group 1 - Baichuan Energy plans to reduce its shareholding by up to 26.82 million shares, accounting for 2% of the total share capital, due to personal investment and funding needs [1] - Jinhong Gas intends to distribute a cash dividend of 1.00 yuan per 10 shares, with the record date on May 15, 2025 [2] - Jiahe Meikang's shareholder plans to reduce its stake by up to 1% of the total share capital due to liquidity needs [2][3] Group 2 - Jiadu Technology will cancel 10.20 million repurchased shares, reducing its total share capital from 2.143 billion shares to 2.133 billion shares [4] - ILE Home's shareholder plans to reduce its stake by up to 154,250 shares, accounting for 0.4778% of the total share capital, due to funding needs [5] - Lai Yifen has fully removed related batches of its honey date dumpling products from shelves due to consumer health concerns [6][7] Group 3 - CATL's vice chairman Li Ping and spouse plan to donate 4.05 million shares to Fudan University for establishing a research fund, reducing Li Ping's shareholding from 4.58% to 4.48% [8] - Shuanghuan Transmission's shareholders completed their reduction plan, selling a total of 6.69 million shares, accounting for 0.789% of the total share capital [9] - Chengfei Integration reported no significant changes in its business operations or external environment despite stock price fluctuations [10] Group 4 - Guizhou Tire's controlling shareholder plans to increase its stake by no less than 50 million yuan and no more than 100 million yuan within six months [11] - *ST Youshu's application to revoke the delisting risk warning has been approved, and its stock will resume trading under a new name [13] - Jingwei Huikai's shareholders plan to reduce their stake by up to 3% of the total share capital due to funding needs [14] Group 5 - Hualan Biological's major shareholder plans to reduce its stake by up to 3% of the total share capital due to funding needs [15] - Huyou Pharmaceutical's shareholder plans to reduce its stake by up to 2.997% of the total share capital due to funding needs [16] - Dongpeng Holdings' shareholders plan to reduce their stake by up to 1.5% of the total share capital due to funding needs [17] Group 6 - Keleke's controlling shareholder plans to reduce its stake by up to 3% of the total share capital due to funding needs [18] - Dongfang Ocean's major shareholder plans to reduce its stake by 1% of the total share capital due to investor redemption requests [19] - Yisheng Shares reported a sales revenue of 141 million yuan from white feather chicken seedlings in April, with a year-on-year decrease of 7.28% [20] Group 7 - Qujiang Cultural Tourism's controlling shareholder's 12 million shares are set to be auctioned due to contractual disputes, representing 4.70% of the total share capital [21] - Duople's shareholder plans to reduce its stake by up to 123,800 shares, accounting for 2% of the total share capital, due to personal funding needs [22][23]