西安曲江文化旅游股份有限公司2025 年半年度报告 公司代码：600706 公司简称：曲江文旅 西安曲江文化旅游股份有限公司 2025 年半年度报告 1 / 176 西安曲江文化旅游股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人庄莹 主管会计工作负责人（副总经理）申书宇 及会计机构负责人（会计主 管人员）王菁声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 报告期内，公司未制定半年度利润分配预案或公积金转增股本预案。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成公司对任何投资者及相关 人士的承诺，投资者及相关人士均应对此保持足够的风险认识，并且应当理解计划、预测与承诺 之间的差异。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 ...

Core Viewpoint - The tourism and scenic area sector experienced a rise of 0.64% on August 22, with Xiyu Tourism leading the gains. The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1]. Group 1: Stock Performance - Xiyu Tourism (300859) saw a closing price of 45.08, with an increase of 8.52% and a trading volume of 271,100 shares, amounting to a transaction value of 1.201 billion yuan [1]. - Changbai Mountain (6602099) closed at 42.10, up 2.33%, with a trading volume of 125,300 shares and a transaction value of 523 million yuan [1]. - Xi'an Tourism (000610) closed at 13.75, up 1.40%, with a trading volume of 316,000 shares and a transaction value of 431 million yuan [1]. - Other notable performers include Jiuhua Tourism (661809) at 37.35 (+1.00%), Songcheng Performance (300144) at 8.86 (+0.80%), and Xiangyuan Cultural Tourism (600576) at 7.92 (+0.51%) [1]. Group 2: Market Trends - The tourism and scenic area sector experienced a net outflow of 192 million yuan from main funds, while retail investors saw a net inflow of 238 million yuan [2]. - The overall market sentiment indicates a mixed performance, with some stocks experiencing declines, such as Tibet Tourism (600749) down 2.96% and Caesar Travel (000796) down 1.49% [2].

Group 1 - The stock price of Qujiang Cultural Tourism reached 10.86 yuan as of August 21, 2025, with an increase of 0.13 yuan, representing a rise of 1.21% from the previous trading day [1] - The opening price on the same day was 10.68 yuan, with a highest point of 10.99 yuan and a lowest point of 10.54 yuan, resulting in a trading volume of 208,800 hands and a transaction amount of 225 million yuan [1] - Qujiang Cultural Tourism operates in the tourism and hotel sector, focusing on scenic area operations, cultural performances, and hotel management, leveraging the rich cultural tourism resources of Xi'an Qujiang New District [1] Group 2 - On the morning of August 21, the stock price of Qujiang Cultural Tourism experienced a rapid rebound within 5 minutes, exceeding a 2% increase, and reported 10.85 yuan at 9:53 AM with a transaction amount of 64.07 million yuan [1] - In terms of capital flow, on August 21, the net outflow of main funds was 6.43 million yuan, with a cumulative net outflow of 11.62 million yuan over the past five days [1]

Market Overview - The tourism and scenic area sector increased by 0.59% on August 20, with Xi'an Tourism leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Stock Performance - Xi'an Tourism (000610) closed at 13.67, up 5.72% with a trading volume of 505,600 shares and a transaction value of 690 million [1] - Other notable performers include Qujiang Cultural Tourism (600706) up 2.68% and Xiangyuan Cultural Tourism (600576) up 2.59% [1] - The worst performer was Sizang Tourism (600749), which fell by 9.49% [2] Capital Flow - The tourism and scenic area sector saw a net inflow of 15.86 million from main funds, while retail investors contributed a net inflow of 11 million [2] - The sector experienced a net outflow of 126 million from speculative funds [2] Individual Stock Capital Flow - Xi'an Tourism had a main fund net inflow of 73.99 million, but a net outflow of 39.14 million from speculative funds [3] - West Region Tourism (300859) also saw significant main fund inflows of 57.16 million, with speculative funds showing a net outflow [3] - Songcheng Performance (300144) had a main fund net inflow of 48.22 million, but faced a net outflow from speculative and retail investors [3]

Core Viewpoint - The article discusses the controversy surrounding the fundraising practices of the Wuxi Marathon charity run, highlighting potential legal issues regarding the classification of fundraising as either public donation or commercial marketing [1][2][6]. Group 1: Fundraising Practices - The Wuxi Marathon charity run has been ongoing since 2018, with 500 charity spots available for 2024 and an increase to 1500 spots for 2025 [1]. - The registration fee for the 2025 Wuxi Marathon is 1600 yuan per person, with 200 yuan designated as the event registration fee and 1400 yuan as the charity donation fee [2][3]. - There are concerns that the event operator, Wuxi Huipao Sports Co., Ltd., is improperly acting as the recipient of donations, which should legally be directed to a qualified charity organization [3][6]. Group 2: Legal Implications - Legal experts argue that if Wuxi Huipao is soliciting donations from the public, it may be violating laws regarding public fundraising, as only registered charities can conduct such activities [3][6][7]. - The distinction between public fundraising and commercial marketing is blurred in the Wuxi Marathon's operations, raising questions about compliance with the Charity Law [4][5][6]. - The lack of a public fundraising registration for the Wuxi Marathon raises further legal concerns, as no records of such a registration were found in the relevant government platforms [7].

特此公告。 西安曲江文化旅游股份有限公司董事会 2025 年 8 月 19 日 1 西安曲江文化旅游股份有限公司 关于变更定期报告预约披露时间的公告 证券代码：600706 证券简称：曲江文旅 编号：临 2025-039 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。 西安曲江文化旅游股份有限公司（以下简称"公司"）原定于 2025 年 8 月 22 日披露 2025 年半年度报告。为保障半年度报告的完整性和准确性,本着谨慎性原 则，经向上海证券交易所申请，公司 2025 年半年度报告披露日期变更为 2025 年 8 月 26 日。 ...

Core Insights - The tourism and scenic area sector experienced a rise of 2.16% on August 18, with Tibet Tourism leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Sector Performance - Tibet Tourism (600749) saw a closing price of 29.44, with a significant increase of 10.01% and a trading volume of 325,000 shares, amounting to a transaction value of 943 million yuan [1] - Caesar Travel (000796) also rose by 10.00% to a closing price of 5.28, with a trading volume of 1,111,300 shares, resulting in a transaction value of 575 million yuan [1] - Other notable performers included Huangshan Tourism (600054) with a 3.53% increase, closing at 12.31, and Dalian Shengya (600593) with a 3.13% increase, closing at 32.26 [1] Capital Flow - The tourism and scenic area sector saw a net inflow of 354 million yuan from main funds, while retail funds experienced a net outflow of 73.84 million yuan [2] - Major stocks like Tibet Tourism and Caesar Travel attracted significant main fund inflows of 204 million yuan and 202 million yuan, respectively [3] - Conversely, retail investors showed a net outflow from several stocks, including a notable outflow from Caesar Travel of 86.52 million yuan [3]

Group 1 - The stock price of Qujiang Cultural Tourism as of August 12, 2025, is 10.40 yuan, down 0.76% from the previous trading day [1] - The company operates various scenic spots including Qujiang Ocean Polar Park, Datang Furong Garden, and Big Wild Goose Pagoda, but has experienced revenue decline due to management fee adjustments and contract expirations [1] - Qujiang Cultural Tourism has faced regulatory inquiries due to three consecutive years of net profit losses and the termination of operations at some scenic spots [1] Group 2 - The company expects to continue incurring losses in the first half of 2025, with a projected non-recurring net profit loss of between 69 million to 72.9 million yuan [1] - As of the end of 2024, the accounts receivable balance reached 1.18 billion yuan, with a bad debt provision ratio of approximately 31% [1] - On August 12, the net outflow of main funds was 3.61 million yuan, with a cumulative net outflow of 24.99 million yuan over the past five days [1]

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].