Financial Performance - The company's operating revenue for the first half of 2022 was CNY 42,684,831.16, a decrease of 49.90% compared to CNY 85,196,812.00 in the same period last year[21]. - The net profit attributable to shareholders for the first half of 2022 was a loss of CNY 25,948,758.63, compared to a loss of CNY 1,494,629.31 in the previous year[21]. - The net cash flow from operating activities was negative CNY 24,673,710.31, a decline of 211.80% from CNY 22,069,059.07 in the same period last year[21]. - The total assets at the end of the reporting period were CNY 1,387,167,725.30, down 9.52% from CNY 1,533,177,630.39 at the end of the previous year[21]. - The net assets attributable to shareholders decreased to CNY 998,834,942.70, a reduction of 2.62% from CNY 1,025,676,475.65 at the end of the previous year[21]. - The basic earnings per share for the first half of 2022 was -CNY 0.1168, compared to -CNY 0.0067 in the same period last year[22]. - The weighted average return on net assets was -2.5627%, a decrease of 2.42 percentage points from -0.1447% in the previous year[22]. - The company reported a significant decline in cash flow from operating activities, with a net cash flow of -CNY 24,673,710.31, compared to CNY 22,069,059.07 in the previous year, marking a 211.80% decrease[41]. - The company reported a significant increase in management expenses, which were CNY 20,109,622.74, compared to CNY 32,849,122.48 in the previous year[115]. - The total comprehensive income for the first half of 2022 was CNY 2,095,849.82, a decrease of CNY 11,954,706.71 compared to the same period in 2021[119]. Operational Challenges - The company faced significant challenges due to COVID-19, leading to a sharp decline in tourist numbers and revenue[8]. - The overall performance was negatively impacted by a decrease in visitor numbers compared to the first half of 2021 due to the non-peak travel season and domestic pandemic effects[52]. - The company reported a significant decrease in cash received from sales of goods and services, totaling CNY 42,946,999.35, down 55.5% from CNY 96,493,377.32 in the first half of 2021[120]. - The company reported a significant decline in visitor numbers due to the pandemic, with many scenic areas temporarily closed in August 2022[54]. Strategic Initiatives - The company is focusing on enhancing its tourism offerings by integrating cultural elements and utilizing technology like VR and AI to improve visitor experiences[29]. - The company aims to establish a "Destination Wellness Tourism Port" by developing ecological tourism circles around Lhasa, Linzhi, and Ali regions[35]. - The company has formed a standardized operation model that integrates production and sales services, enhancing operational efficiency and brand influence in the region[34]. - The company is actively pursuing the creation of 5A-rated scenic areas in the Ali region, leveraging the global recognition of Mount Kailash and Manasarovar Lake[35]. - The company has implemented lean management practices, optimizing resource allocation and reducing management expenses by 38.78% to CNY 20,109,622.74 from CNY 32,849,122.48[41]. - The company has focused on enhancing product quality and visitor experience, launching new mid-to-high-end experience products, which received positive feedback from tourists[38]. Financial Management - The company has reduced financial expenses by 75.09% to CNY 398,779.02 from CNY 1,600,742.97, attributed to changes in cash management practices[41]. - The company has increased prepayments by 162.77% to CNY 5,899,203.02, indicating investment in project preparation[45]. - The company has established a risk defense mechanism to ensure stable operations amidst the pandemic, focusing on resource optimization and diversified product offerings[34]. - The company has maintained strong relationships with online travel platforms and international distributors, enhancing its market competitiveness[32]. Community Engagement and Environmental Responsibility - The company employs over 80% local staff in its operations, contributing to local employment and skill enhancement[76]. - Approximately 21.08 million yuan has been paid to support local government initiatives, including education funds for local students[78]. - The company prioritizes the use of new energy vehicles and eco-friendly practices in its operations to reduce carbon emissions[75]. - The company has established agreements with local farmers to purchase agricultural products, boosting local agriculture[77]. - The company actively engages in environmental protection measures, including wastewater treatment and resource recycling[73]. Governance and Compliance - The company has undergone management changes, with new appointments for the chairman and the head of the supervisory board in May 2022[64]. - The company has not disclosed any new employee incentive plans or stock ownership plans during the reporting period[69]. - The company has committed to comply with relevant laws and regulations regarding related party transactions and information disclosure obligations[82]. - The company has undertaken to avoid unnecessary related party transactions and ensure fair pricing in any unavoidable transactions[82]. - The company is working on improving its governance capabilities and operational management levels following regulatory warnings from the Tibet Securities Regulatory Bureau[85]. Legal Matters - The company faced a significant lawsuit involving five construction contract disputes, with a total amount of 12.1024 million yuan at stake[83]. - The company reached a settlement in July 2022, agreeing to pay a total of 4.7871 million yuan to the opposing party[83]. - The company has engaged a specialized legal team to actively respond to the lawsuit and has filed counterclaims against the opposing party[83]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 32,383[96]. - The largest shareholder, Shanghai Jingyao Trading Co., Ltd., holds 26,592,800 shares, accounting for 11.72% of the total shares[98]. - The company completed its share repurchase plan in April 2020, holding 4,770,000 shares, which accounts for 2.10% of the total share capital[99]. - The company has not experienced any changes in its total number of shares or share capital structure during the reporting period[95]. Asset Management - The company's total non-current assets amounted to CNY 778,269,706.31, down from CNY 798,737,683.68, a decrease of approximately 2.6%[108]. - The company assesses the impairment of long-term assets, including equity investments and fixed assets, at the end of the accounting period[195]. - The company measures expected credit losses for accounts receivable based on the entire duration of expected credit losses, reflecting the risk of default[169]. - The company uses a perpetual inventory system for stock, valuing it at actual cost upon acquisition and using a weighted average method for cost determination[173].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 10,591,546.27, representing a decrease of 47.47% compared to the same period last year[4]. - The net profit attributable to shareholders of the listed company was CNY -22,541,418.80, with a basic and diluted earnings per share of CNY -0.1014[4]. - The net profit for Q1 2022 was -23,450,918.24 RMB, compared to -12,929,275.56 RMB in Q1 2021, representing a decline of approximately 81.1% year-over-year[17]. - Operating revenue from sales and services was 7,330,025.84 RMB, down 48.3% from 14,159,874.38 RMB in the same period last year[19]. - The company reported a total profit of -23,451,070.35 RMB for Q1 2022, compared to -12,929,145.23 RMB in Q1 2021, reflecting a decline of approximately 81.1%[17]. - The basic earnings per share for Q1 2022 was -0.1014 RMB, compared to -0.0542 RMB in the same quarter of the previous year[17]. Cash Flow - The net cash flow from operating activities was CNY -32,018,403.84, indicating significant cash outflow during the quarter[4]. - The net cash flow from operating activities was -32,018,403.84 RMB, worsening from -17,091,036.74 RMB in Q1 2021[19]. - Investment activities generated a net cash flow of -18,591,682.55 RMB, compared to -500,413,969.07 RMB in the previous year, indicating a significant reduction in cash outflow[20]. - Cash and cash equivalents at the end of Q1 2022 totaled 386,597,771.47 RMB, a decrease from 520,875,448.03 RMB at the beginning of the period[20]. - The company incurred a cash outflow of 83,667,590.17 RMB from financing activities, compared to an inflow of 83,885,995.11 RMB in Q1 2021[20]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,395,386,762.74, down 8.99% from the end of the previous year[5]. - Total assets decreased to CNY 1,395,386,762.74 as of March 31, 2022, down from CNY 1,533,177,630.39 at the end of 2021, a reduction of 9.0%[15]. - Total liabilities decreased to CNY 390,545,791.32 in Q1 2022, down from CNY 504,885,740.73 in Q4 2021, a decline of 22.5%[14]. - The company's cash and cash equivalents decreased to CNY 441,087,182.22 as of March 31, 2022, from CNY 575,364,858.78 as of December 31, 2021, representing a decline of 23.3%[13]. - Accounts receivable rose to CNY 38,151,328.82 in Q1 2022, compared to CNY 35,887,154.40 in Q4 2021, indicating an increase of 6.3%[13]. - Short-term borrowings decreased significantly to CNY 59,000,000.00 in Q1 2022 from CNY 124,145,872.22 in Q4 2021, a reduction of 52.5%[14]. Expenses and Income - The company experienced a 194.77% increase in selling expenses due to the introduction of a professional team to enhance marketing capabilities[6]. - The company reported a 49.83% decrease in investment income, attributed to adjustments in cash management strategies[6]. - Total operating costs increased to CNY 35,369,549.98 in Q1 2022, up from CNY 34,285,690.03 in Q1 2021[16]. Government Support and Market Strategy - The company received government subsidies amounting to CNY 849,186.65, which are closely related to its normal business operations[6]. - The ongoing domestic pandemic and travel restrictions have severely impacted the tourism industry, affecting the company's operational performance[11]. - The company plans to enhance market penetration through precise marketing and product planning to gradually recover its operating performance[11].

Financial Performance - The net profit attributable to shareholders for 2021 was -8,063,864.51 CNY, with a net profit of -16,187,481.51 CNY after deducting non-recurring gains and losses[4] - The parent company's net profit for 2021 was 3,755,045.55 CNY, with retained earnings at the beginning of the year at -67,075,824.87 CNY and ending at -63,320,779.32 CNY[4] - The company decided not to distribute profits for 2021 and will not increase capital from the capital reserve[4] - The net profit attributable to shareholders of the listed company for 2021 was a loss of CNY 8.06 million, a decrease of 270.02% from a profit of CNY 4.74 million in 2020[20] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -CNY 16.19 million in 2021, compared to -CNY 25.05 million in 2020[20] - The basic earnings per share for 2021 was -CNY 0.0363, a decrease of 270.42% from CNY 0.0213 in 2020[21] - The overall gross profit margin for 2021 was 39%, showing a slight increase from the previous year[55] - The gross profit margin for the tourism sector was reported at 42.96%, reflecting an increase of 1.83 percentage points year-on-year[74] - The company incurred a net profit attributable to shareholders of -8.06 million yuan for 2021, with a net profit of -16.19 million yuan after excluding non-recurring gains and losses[57] Revenue and Growth - The company's operating revenue for 2021 was CNY 173.73 million, representing a year-on-year increase of 37.97% compared to CNY 125.93 million in 2020[20] - The company achieved an operating revenue of 173.73 million yuan in 2021, an increase of 47.9% compared to the previous year, with core tourism scenic area revenue reaching 105% of 2019 levels[55] - The total number of visitors received in 2021 was approximately 2.22 million, recovering to 105% of pre-pandemic levels, driven by improved domestic pandemic conditions and effective marketing strategies[58] - In 2021, Tibet received 41.5 million tourists, generating 44.1 billion yuan in tourism revenue, with a 3.75% increase in visitor numbers compared to 2019[40] - The company reported a total operating revenue of CNY 173.73 million for the year, representing a year-on-year increase of 37.97%[70] Marketing and Customer Engagement - The company implemented innovative marketing strategies, enhancing product systems and service quality, which contributed to effective revenue growth[27] - The company introduced a professional marketing team to better understand customer needs and develop flexible marketing strategies[28] - The company successfully launched themed activities and collaborations to increase online exposure and product availability, leading to growth in self-driving and small group tours[28] - The company is focusing on digital marketing strategies to expand its customer base, particularly targeting the East China region and utilizing platforms like Douyin and Xiaohongshu for increased exposure[109] - The company organized various themed marketing events, such as the Linzhi Peach Blossom Festival and the first Stargazing Photography Competition, to enhance brand visibility and attract visitors[59] Operational Efficiency and Cost Management - The company has implemented cost reduction and efficiency enhancement measures, including workforce management and resource allocation, to optimize operational efficiency[30] - The operating cost increased to CNY 106.57 million, up 37.46% compared to the previous year, primarily due to fixed cost amortization and new asset costs[71] - The company emphasized the need for cost control measures to enhance profitability and improve operational efficiency[153] - The company is committed to implementing cost reduction and efficiency improvement initiatives to achieve annual operational goals[154] Governance and Compliance - The company has no violations regarding decision-making procedures for external guarantees[7] - The company reported no significant risks that could affect the authenticity and completeness of the annual report[7] - The audit report issued by the accounting firm was a standard unqualified opinion[7] - The company emphasizes the accuracy, timeliness, and completeness of information disclosure, adhering to relevant laws and regulations[122] - The company actively communicates with investors through various channels, ensuring equal access to information and addressing investor inquiries[123] - The company has maintained compliance with governance standards and has not faced significant discrepancies with regulatory requirements[124] Strategic Initiatives and Future Plans - The company is focusing on developing a "Tibet Health and Leisure Tourism Destination" strategy, enhancing product offerings around natural experiences and highland wellness[52] - The company plans to integrate tourism, culture, and wellness into differentiated products to meet diverse customer needs[52] - The company plans to use CNY 34.8 million of raised funds for the enhancement of tourist attractions and digital operations[64] - The company plans to invest CNY 1 billion over the next three years for the development and expansion of tourism business, with CNY 600 million allocated for existing scenic area operations and CNY 400 million for new tourism projects[193] - The company aims to complete the construction of 1-2 5A level scenic areas and develop 1-2 new tourism projects by 2022[193] Environmental and Social Responsibility - The company has prioritized the procurement of new energy vehicles to reduce carbon emissions in its scenic areas[176] - The company has implemented a wastewater treatment system and management policies for recycling water and compliant waste disposal[174] - The company actively contributes to social responsibility by promoting stability and prosperity in border areas and protecting ethnic culture[177] - The company has signed agreements with local farmers to purchase agricultural products, boosting local agriculture[186] - The company has implemented a comprehensive waste management system in its scenic areas to prevent pollution[180] Human Resources and Management - The total number of employees in the parent company and major subsidiaries was 515, with 155 technical personnel and 36 sales personnel[159][160] - The company has established training programs for employees, including safety production and service standardization training[162] - The company has a comprehensive salary management system for directors and senior management, which is determined by the Human Resources Department and approved by the Board of Directors[143] - The company has experienced a change in its management team, with several key personnel transitions noted in the report[140] Asset Management and Financial Strategy - The company has approved the use of up to CNY 60 million of idle raised funds for cash management, with a usage period not exceeding 12 months[63] - The company is in the process of issuing shares and paying cash for asset acquisitions, which includes a fundraising plan[146] - The company has committed to enhancing infrastructure and developing new projects as part of its strategic initiatives[193] - The company plans to acquire assets from New Ao Holdings through a combination of issuing shares and cash, with a performance commitment period covering 2021, 2022, and 2023[192]

Financial Performance - In 2021, the net profit attributable to shareholders of the listed company was -8,063,864.51 CNY, and the net profit after deducting non-recurring gains and losses was -16,187,481.51 CNY[7]. - The parent company's net profit for 2021 was 3,755,045.55 CNY, with an undistributed profit at the beginning of the year of -67,075,824.87 CNY, ending the year with -63,320,779.32 CNY available for distribution[7]. - The company decided not to distribute profits or increase capital reserves for the year 2021, as approved by the board of directors and supervisory board[7]. - The company reported a basic earnings per share of -¥0.0363 in 2021, a decline of 270.42% from ¥0.0213 in 2020[27]. - The weighted average return on net assets was -0.7831% in 2021, down from 0.4549% in 2020, indicating a decline in profitability[27]. - The company reported a net profit attributable to shareholders of -8.06 million yuan for 2021, with a net profit of -16.19 million yuan after excluding non-recurring gains and losses[65]. - The company has accumulated 35.54 million yuan in unused raised funds, with 25.54 million yuan stored in a dedicated account and 10 million yuan in cash management products[69]. - The company’s financial expenses decreased by 136.99% year-on-year, primarily due to increased interest income from self-owned and raised funds[76]. Revenue and Growth - In 2021, the company's operating revenue reached ¥173.73 million, a year-on-year increase of 37.97% compared to ¥125.93 million in 2020[26]. - The company achieved operating revenue of CNY 173.73 million in 2021, a year-on-year increase of 37.97%[76]. - The tourism scenic area generated revenue of 141.56 million yuan, accounting for 81% of the company's total revenue, with a year-on-year growth of 51%[82]. - The tourism service segment achieved revenue of 14.23 million yuan, representing 8% of total revenue[82]. - The tourism commercial segment reported revenue of 10.50 million yuan, making up 6% of total revenue[82]. - The company reported a total of 32.46 billion domestic tourism trips in 2021, with domestic tourism revenue reaching 2.92 trillion yuan, representing a year-on-year increase of 12.8% and 31% respectively, recovering to 54% and 51% of 2019 levels[45]. - The average per trip spending for domestic tourists was 899.28 yuan, an increase of 16.2% compared to the previous year[45]. - The company received 2.22 million visitors in 2021, recovering to pre-pandemic levels, which significantly boosted revenue growth[76]. Operational Efficiency and Cost Management - The company implemented cost reduction and efficiency enhancement measures, effectively controlling labor costs and optimizing resource allocation for short-term profitable products[39]. - The operating cost for the year was CNY 106.57 million, reflecting a 37.46% increase compared to the previous year[76]. - Sales expenses amounted to 10.57 million yuan, an increase of 70% year-on-year, primarily due to the introduction of professional teams to enhance marketing capabilities[63]. - Management expenses rose to 57.09 million yuan, a 5.5% increase from the previous year, attributed to changes in fixed costs and personnel expenses[88]. - The company emphasizes the need for cost control and budget management to enhance efficiency and profitability moving forward[160]. Marketing and Product Development - The company implemented innovative marketing strategies, enhancing brand recognition and product awareness through targeted campaigns and partnerships[35]. - The product system was upgraded to meet diverse customer needs, focusing on unique highland tourism experiences and wellness offerings[37]. - The company successfully launched themed activities and collaborations to boost online exposure and stabilize tourist flow during off-peak seasons[36]. - In 2021, the company launched new experiential products such as the Yarlung Zangbo Grand Canyon deep tour and the Ali outdoor stargazing experience, enhancing the visitor experience and diversifying the product system[38]. - The company is focusing on developing a "Tibet Health and Leisure Tourism Destination" strategy, enhancing product offerings around natural experiences and highland wellness[60]. - The company plans to enhance its marketing strategies and expand its customer base through professional teams and innovative marketing approaches[77]. Corporate Governance and Management - The company’s financial report was audited by Xin Yong Zhong He Accounting Firm, which issued a standard unqualified opinion audit report[10]. - The company emphasizes the accuracy, timeliness, and completeness of information disclosure, adhering to relevant laws and regulations[130]. - The company actively communicates with investors through various channels, ensuring equal access to information and addressing investor inquiries regarding business performance[131]. - The company has established a transparent evaluation and incentive mechanism for senior management, based on annual performance assessments[176]. - The company has maintained a stable management structure with no significant changes in board members during the reporting period[143]. - The company has appointed new executives, including a president and a financial director, to strengthen its management team[156]. Social Responsibility and Environmental Initiatives - The company emphasizes environmental protection and has implemented a complete wastewater treatment system in its scenic areas, adhering to national environmental laws and regulations[187]. - During the reporting period, the company prioritized the purchase of new energy buses and vessels to reduce carbon emissions, effectively lowering pollution from tourist transport[189]. - The company actively engages in social responsibility by employing a significant proportion of local staff, contributing to local economic stability and improving living standards[191]. - The company promotes and protects minority cultures through tourism experiences that highlight local traditions, such as the "Tibetan Family 72 Hours" and "Light Luxury Hiking" activities[192]. - The company has established an ecological protection compensation mechanism to address environmental issues within its scenic areas, ensuring sustainable tourism development[193]. Future Outlook and Strategic Initiatives - The company aims to leverage regional financial policies to maximize returns on idle funds and improve asset utilization efficiency[39]. - The company plans to use a total of CNY 348 million of raised funds for various projects, including the enhancement of scenic areas and a comprehensive digital operation platform[73]. - The company plans to continue its market expansion and strategic acquisitions as part of its growth strategy[154]. - The company is committed to improving operational efficiency and profitability in response to the challenges posed by the COVID-19 pandemic[159]. - The company aims to leverage government incentives and promotional activities to boost business income during off-peak seasons[160].

Financial Performance - The company's operating revenue for Q3 2021 was CNY 54,187,653.39, a decrease of 24.56% compared to the same period last year[3]. - The net profit attributable to shareholders for Q3 2021 was CNY 10,425,853.01, down 66.84% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 9,759,021.77, a decrease of 66.95% compared to the same period last year[3]. - The basic earnings per share for Q3 2021 was CNY 0.0469, down 67.06% year-on-year[5]. - The company reported a significant decline in net profit for Q3 2021 due to the resurgence of the pandemic affecting the tourism industry[9]. - Total operating revenue for the first three quarters of 2021 reached ¥139,384,465.39, a significant increase of 47% compared to ¥94,799,781.44 in the same period of 2020[27]. - The company's net profit for the first three quarters of 2021 showed a loss of ¥117,413,388.62, an improvement from a loss of ¥126,362,537.00 in the same period of 2020[23]. - The company’s total comprehensive income for Q3 2021 was CNY 8,765,756.59, compared to a comprehensive loss of CNY 814,686.39 in Q3 2020[29]. Assets and Liabilities - The total assets at the end of Q3 2021 were CNY 1,503,477,043.86, an increase of 9.92% compared to the end of the previous year[5]. - Total assets increased to ¥1,503,477,043.86 as of September 30, 2021, from ¥1,367,733,636.77 at the end of 2020, representing an increase of approximately 9.9%[23]. - Current liabilities decreased to ¥299,076,297.87 from ¥315,318,226.16 in the previous year, showing a reduction of about 5.1%[23]. - Non-current liabilities rose significantly to ¥158,848,189.57 from ¥17,386,435.66, indicating a substantial increase of over 800%[23]. - The company reported a total equity of ¥1,045,552,556.42 as of September 30, 2021, compared to ¥1,035,028,974.95 at the end of 2020, reflecting a slight increase of 1.5%[23]. - The company has a total of $1.03 billion in equity attributable to shareholders, reflecting a stable financial position[38]. Cash Flow - The cash flow from operating activities for the year-to-date period was CNY 22,864,643.62, a decrease of 12.04% compared to the previous year[3]. - Cash flow from operating activities for the first nine months of 2021 was CNY 22,864,643.62, down from CNY 25,995,410.79 in the same period of 2020[32]. - Cash and cash equivalents at the end of Q3 2021 totaled CNY 638,469,652.28, up from CNY 135,478,871.79 at the end of Q3 2020[34]. - The company reported cash inflow from investment activities of CNY 1,119,322,916.41 in the first nine months of 2021, compared to CNY 562,154,766.74 in the same period of 2020[32]. - The net cash flow from financing activities for Q3 2021 was CNY 105,283,642.75, an increase from CNY 63,203,234.26 in Q3 2020[34]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 21,285[11]. - The top 10 shareholders hold a total of 59,933,287 shares, accounting for 26.41% of the company's total share capital[13]. - The top shareholder, Shanghai Jingyao Trading Co., Ltd., holds 26,592,800 shares, accounting for 11.72% of the total shares[13]. - Guofeng Group Co., Ltd. reduced its holdings by 5,906,916 shares through block trading during the third quarter of 2021[14]. - The company repurchased 4,770,000 shares, representing 2.10% of the total share capital, with no changes in holding during the reporting period[14]. Strategic Initiatives - The company plans to acquire 100% equity of Beihai Xinyi Cruise Co., Ltd. through issuing shares and cash payment, which will enhance its marine tourism transportation services[15]. - The company has approved a change in the use of raised funds amounting to 348 million RMB for various tourism project upgrades and digital operation platform construction[17]. - The company has initiated projects to enhance the Yarlung Zangbo Grand Canyon scenic area and other tourist sites, with a total planned investment of 348 million RMB[17]. - The company aims to improve its profitability by overcoming seasonal limitations in the Tibet tourism industry through strategic acquisitions[15]. Other Financial Metrics - The weighted average return on equity for Q3 2021 was 1.0049%, a decrease of 1.98 percentage points compared to the previous year[5]. - The company's inventory as of September 30, 2021, was ¥7,523,978.03, a decrease from ¥7,761,740.91 at the end of 2020, indicating a decline of approximately 3.1%[21]. - The company’s long-term borrowings increased to ¥157,708,900.09 from ¥16,626,019.07, marking a significant rise of over 846%[23]. - The company executed the new leasing standards effective January 1, 2021, impacting financial reporting[40]. - The total liabilities increased by approximately $1.95 million compared to the previous reporting period[38].

Financial Performance - The company's operating revenue for the first half of 2021 reached ¥85,196,812, a significant increase of 270.82% compared to ¥22,974,975.31 in the same period last year[19]. - The net profit attributable to shareholders was -¥1,494,629.31, showing an improvement from -¥32,521,829.96 in the previous year[19]. - The net cash flow from operating activities was ¥22,069,059.07, a recovery from -¥21,481,897.72 in the same period last year[19]. - The basic earnings per share for the first half of 2021 was -¥0.0067, an improvement from -¥0.1452 in the same period last year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -36,173,379.34, showing an improvement of CNY 629,807.22 year-on-year[20]. - The net loss for the first half of 2021 was CNY 2,037,152, a substantial improvement compared to a net loss of CNY 33,547,284 in the same period of 2020, reflecting a reduction of approximately 94%[109]. - The company reported a net loss of CNY 127,839,241.63, compared to a loss of CNY 126,362,537.00 in the previous period[102]. Asset and Liability Management - Total assets increased by 9.45% to ¥1,496,950,049.49 from ¥1,367,733,636.77 at the end of the previous year[19]. - The net assets attributable to shareholders slightly decreased by 0.14% to ¥1,032,311,584.60 from ¥1,033,788,289.23 at the end of the previous year[19]. - Total liabilities increased to CNY 462,200,402.10 from CNY 332,704,661.82, reflecting a growth of approximately 38.8%[102]. - Short-term borrowings rose significantly to CNY 124,130,044.46, compared to CNY 59,063,097.22, marking an increase of about 110%[102]. - Long-term borrowings increased to CNY 148,018,981.00 from CNY 16,626,019.07, representing a growth of approximately 789%[102]. Tourism and Market Performance - In the first half of 2021, domestic tourist numbers reached 2.355 billion, recovering to 77% of 2019 levels, and increasing by 153% compared to 2020[27]. - Domestic tourism revenue for the same period was CNY 1.95 trillion, recovering to 70% of 2019 levels, and growing by 208% year-on-year[27]. - The tourism economic operation composite index (CTA-TEP) for the first half of 2021 was 106.05, reflecting a year-on-year increase of 33.73%[27]. - The company operates major tourist attractions in Tibet, including the Yarlung Zangbo Grand Canyon and Basum Lake, which are key destinations for domestic tourism[25]. - From January to June 2021, the company received 17.58 million domestic and international tourists, a year-on-year increase of 110.9%, achieving a total tourism revenue of 17.954 billion yuan, up 138.1% year-on-year[30]. Strategic Initiatives and Developments - The company is focusing on the development of smart tourism, leveraging digital platforms to enhance customer engagement and operational efficiency[28]. - The company plans to expand its tourism services and cultural offerings, including the promotion of Tibetan opera and regional publications, to enhance its market presence[25]. - The company has launched new tourism products including hot spring therapy, camping, hot air ballooning, and off-road experiences to cater to the upgraded domestic tourism consumption[32]. - The company is integrating resources to create tailored products for different consumer groups, including high-end tours and family-friendly experiences[35]. - The company plans to acquire 100% equity of Beihai Xinyi Cruise Co., Ltd. from New Hope Holdings to expand its marine tourism transportation services and enhance its product system[38]. Risk Management and Compliance - The company is closely monitoring pandemic prevention measures to ensure the safety of tourists and employees amid recent COVID-19 outbreaks[37]. - The company has implemented measures to strengthen safety management and training to mitigate production safety risks in its scenic areas, which are characterized by challenging geographical conditions[51]. - The company is actively monitoring policy environment changes, particularly in border areas, to maintain favorable policy support and enhance risk identification capabilities[51]. - The company is committed to improving its emergency response plans for pandemic prevention and control, ensuring safe operations while promoting domestic tourism[51]. Environmental and Social Responsibility - The company has established a photovoltaic energy utilization system in multiple scenic areas to reduce carbon emissions[64]. - The company prioritizes the purchase of new energy vehicles for sightseeing buses to minimize environmental impact[66]. - The company has implemented multiple measures to support rural revitalization, including local product procurement agreements[69]. - The company has been recognized as an "Excellent Unit for Poverty Alleviation and Rural Revitalization" by the Tibet Autonomous Region Securities Association[68]. - The company has created temporary job opportunities in various scenic areas, enhancing local employment[68]. Corporate Governance and Shareholder Relations - The company has elected a new board of directors and supervisory board, with significant changes in management personnel, including the appointment of a new president and vice president[58]. - The company has not proposed any profit distribution or capital reserve conversion plans for the half-year period, indicating a focus on reinvestment[60]. - The company completed the repurchase of 4,770,000 shares, accounting for 2.10% of the total share capital[61]. - The company has not reported any negative resolutions during the recent shareholders' meeting, indicating strong shareholder support for its proposals[57]. Financial Reporting and Compliance - The financial statements are prepared in accordance with the accounting standards set by the Ministry of Finance, ensuring a true and complete reflection of the company's financial status[138]. - The company recognizes revenue when customers obtain control of goods or services, which occurs upon fulfilling contractual obligations[197]. - The company has established criteria for derecognizing financial liabilities when obligations are discharged[151]. - The company has committed to measures to protect the interests of minority investors during its non-public stock issuance[74].

Financial Performance - Operating revenue surged by 268.18% to CNY 20,162,981.25 compared to the same period last year[6] - Net profit attributable to shareholders was a loss of CNY 12,309,418.87, an improvement from a loss of CNY 18,684,889.53 in the previous year[6] - The net cash flow from operating activities was negative at CNY -17,091,036.74, worsening from CNY -10,216,431.98 year-on-year[6] - The weighted average return on net assets was -1.1978%, an improvement from -1.7866% in the previous year[6] - Basic and diluted earnings per share were both CNY -0.0554, compared to CNY -0.0831 in the same period last year[6] - The company reported a net loss of CNY -138,671,955.87 for the period, compared to a loss of CNY -126,362,537.00 in the previous year[26] - The net loss for Q1 2021 was CNY 12,929,275.56, an improvement compared to a net loss of CNY 19,631,589.23 in Q1 2020, reflecting a reduction of approximately 34.3%[33] - The operating profit (loss) for Q1 2021 was -CNY 12,930,545.23, compared to -CNY 19,758,827.12 in Q1 2020, showing a decrease in losses by about 34.5%[33] - The company reported a net loss of CNY 5,025,654.55 in Q1 2021, an improvement from a net loss of CNY 14,569,807.30 in Q1 2020[35] Assets and Liabilities - Total assets increased by 5.09% to CNY 1,437,343,785.68 compared to the end of the previous year[6] - Cash and cash equivalents decreased by 91.95% to CNY 37,940,465.04 from CNY 471,559,475.74 at the beginning of the year[12] - Total current assets increased to CNY 667,659,024.33 as of March 31, 2021, up from CNY 594,222,244.30 at the end of 2020, representing a growth of approximately 12.5%[24] - Total liabilities decreased to CNY 415,244,086.29 from CNY 332,704,661.82, indicating a reduction of approximately 21.5%[26] - Total liabilities as of Q1 2021 amounted to CNY 333,316,592.08, compared to CNY 291,810,248.86 in Q1 2020, representing an increase of approximately 14.2%[32] - Total equity attributable to shareholders decreased to CNY 1,021,478,870.36 from CNY 1,033,788,289.23, a decline of about 1.2%[26] Borrowings and Financial Activities - The company reported a significant increase in short-term borrowings, rising to CNY 124,136,736.11, a 110.17% increase from CNY 59,063,097.22 in the previous year[4] - Long-term borrowings also increased substantially to CNY 123,689,116.29, reflecting a 643.95% rise from CNY 16,626,019.07 in Q1 2020[7] - The company received CNY 243,000,000.00 in cash from new bank loans, a 396.33% increase compared to CNY 48,959,134.35 in the same period last year[18] - The company reported a financial expense of CNY 1,606,212.92 in Q1 2021, which increased from CNY 811,371.22 in Q1 2020, marking an increase of approximately 97.7%[32] Revenue and Costs - The company's operating revenue for Q1 2021 was CNY 20,162,981.25, a significant increase of 268.18% compared to CNY 5,476,412.48 in Q1 2020[8] - The operating cost for Q1 2021 was CNY 15,382,502.44, which represents an increase of 38.90% from CNY 11,074,492.93 in the same period last year[9] - Total operating costs for Q1 2021 were CNY 34,285,690.03, up from CNY 25,541,041.81 in Q1 2020, indicating an increase of about 34.2%[32] - Cash received from sales of goods and services was CNY 14,159,874.38, up 41.37% from CNY 10,015,689.92 in Q1 2020[13] Shareholder Information - The total number of shareholders reached 22,022, indicating a broadening of the shareholder base[10] - The top shareholder, Guofeng Group Co., Ltd., holds 13.18% of the shares, with a total of 29,921,325 shares[10] Strategic Initiatives - The company is in the process of a major asset restructuring, planning to acquire 100% equity of Beihai Xinyi Cruise Co., Ltd. through a combination of stock issuance and cash payment[20] - The company has initiated the transfer of tourism-related business, assets, liabilities, and personnel from the parent company to its wholly-owned subsidiaries, with the process ongoing[18] - The company has utilized CNY 5,000,000.00 of idle raised funds for temporary liquidity support and CNY 22,000,000.00 for cash management[17] Cash Flow - The net cash flow from investing activities was -CNY 500,413,969.07, significantly higher than -CNY 27,355,640.70 in the previous year[39] - Total cash outflow from operating activities was CNY 77,886,382.35, compared to CNY 20,504,183.09 in Q1 2020[38] - The net cash flow from financing activities was CNY 83,885,995.11, an increase from CNY 45,112,805.11 in Q1 2020[39] - The company reported a total cash inflow from operating activities of CNY 60,795,345.61, compared to CNY 10,287,751.11 in Q1 2020[38] Compliance and Reporting - The company reported its first quarter results for 2021, indicating a focus on the implementation of new leasing standards[42] - There were no adjustments made to prior comparative data due to the new leasing standards[42] - The audit report for the first quarter is not applicable[42] - The company did not provide specific performance metrics or user data in this report[42] - Future outlook and performance guidance were not detailed in the document[42] - There were no mentions of new product or technology developments in this report[42] - Market expansion and acquisition strategies were not discussed[42] - Other new strategies were not highlighted in the first quarter report[42] - The report indicates a focus on compliance with new financial reporting standards[42] - Overall, the document lacks detailed financial performance metrics and strategic insights[42]

Financial Performance - In 2020, the company's operating revenue was CNY 125,925,459.99, a decrease of 32.99% compared to CNY 187,918,350.69 in 2019[26] - The net profit attributable to shareholders was CNY 4,743,002.14, down 77.24% from CNY 20,842,355.56 in the previous year[26] - The net profit excluding non-recurring gains and losses was CNY -25,051,967.54, representing a decline of 509.54% compared to CNY 6,117,110.82 in 2019[26] - Cash flow from operating activities was CNY 20,935,761.82, a decrease of 73.77% from CNY 79,803,420.80 in 2019[26] - The company's net assets attributable to shareholders decreased by 2.03% to CNY 1,033,788,289.23 from CNY 1,055,157,295.27 in 2019[26] - Basic earnings per share decreased by 76.82% to CNY 0.0213 from CNY 0.0919 in the previous year[28] - The net profit attributable to shareholders, excluding non-recurring gains and losses, significantly declined, resulting in a basic earnings per share of CNY -0.1124, a decrease of 516.30% compared to CNY 0.0270 in 2019[28] - The weighted average return on equity dropped by 1.50 percentage points to 0.4549% from 1.9538% in the previous year[28] Impact of COVID-19 - The company reported a significant decline in both revenue and profit due to the impact of external factors[26] - The impact of the pandemic led to a decrease in visitor numbers across the company's scenic spots, adversely affecting overall business performance[28] - In 2020, domestic tourism in China saw a total of 1.28 billion visitors, a decline of 52.1% year-on-year, with quarterly declines of 83.4% in Q1, 51.0% in Q2, 34.3% in Q3, and 32.9% in Q4[43] - The tourism industry in Tibet experienced a 12.6% decrease in visitor numbers, receiving 35.05 million tourists in 2020, and generated a total tourism revenue of 36.642 billion yuan, down 34.5% from the previous year[44] Tourism Operations and Services - The company operates major tourist attractions in Tibet, including the Yarlung Zangbo Grand Canyon and Basum Lake, which are classified as national 5A and 4A scenic areas[38] - The company is expanding its tourism services, including business travel, health care, and incentive travel[40] - The company plans to enhance its tourism services and operations by transferring related business assets and personnel to fully-owned subsidiaries, with the restructuring process ongoing[46] - The company aims to achieve a 20% increase in both tourism visitors and revenue in 2021, supported by the addition of 29 new domestic flight routes and a 20% reduction in ticket prices[45] - The company is focusing on developing highland wellness tourism, outdoor sports, and specialty tourism products, including hot spring therapy and camping experiences, to meet diverse visitor needs[54] Cost Management and Efficiency - The company reduced sales expenses by 54.16% to 6.23 million yuan from 13.60 million yuan, with a sales expense ratio of 4.95%, down 2.29 percentage points year-on-year[75] - The company implemented cost reduction and efficiency improvement measures, resulting in a 21.65% decrease in management expenses to 54.10 million yuan from 69.04 million yuan[75] - The company observed a growth in the proportion of independent travelers, with self-booking and participation in self-driving clubs becoming more popular among tourists[76] Digital Transformation and Innovation - The company has established a digital operation platform and smart tourism systems to improve visitor experience and operational efficiency, achieving "full-process scenario service" upgrades[57] - The company has successfully integrated smart tourism applications to provide personalized services, enhancing the overall visitor experience[45] - The company is focusing on local tourism market development and digital capability construction to tap into the full tourism market, effectively increasing customer flow[63] Shareholder and Governance Matters - The company decided not to distribute profits for 2020, with retained earnings at the end of the year amounting to CNY -67,075,824.87[7] - The company has committed to submitting feasible asset integration or disposal plans to the board of Tibet Tourism within three years following the completion of share transfer[122] - The company has not reported any significant accounting errors or changes in accounting policies that would affect its financial statements[125] - The company has established a commitment to ensure that all directors and senior management will not engage in activities that could harm the company's interests during the non-public offering process[123] Community Engagement and Social Responsibility - The company actively engaged in poverty alleviation efforts, including local employment opportunities and agricultural product purchases, to support the community[146] - The company invested a total of RMB 629.60 million in poverty alleviation efforts, helping 11 registered impoverished individuals to escape poverty[148] - The company provided RMB 5 million in financial aid to impoverished students as part of its education poverty alleviation initiatives[149] - The company has committed to ongoing poverty alleviation plans, including job creation and skills training in tourism for local residents[150] Future Outlook - The long-term outlook for the tourism industry in China remains optimistic, with expectations of recovery to pre-pandemic levels by 2022[43] - The company is committed to transforming its business model to meet the rising demand for high-quality tourism experiences, driven by changing consumer preferences post-COVID-19[106] - The company plans to invest CNY 1 billion in tourism business development and expansion over the next three years, aiming to complete the establishment of 1-2 5A level scenic spots by 2020[123]

Financial Performance - The company's operating revenue for 2020 was CNY 125,925,459.99, a decrease of 32.99% compared to CNY 187,918,350.69 in 2019[21]. - The net profit attributable to shareholders for 2020 was CNY 4,743,002.14, down 77.24% from CNY 20,842,355.56 in 2019[21]. - The cash flow from operating activities was CNY 20,935,761.82, a decline of 73.77% compared to CNY 79,803,420.80 in the previous year[21]. - The basic earnings per share for 2020 were CNY 0.0213, a decrease of 76.82% from CNY 0.0919 in 2019[23]. - The weighted average return on equity was 0.4549% for 2020, down 1.50 percentage points from 1.9538% in 2019[23]. - The net profit after deducting non-recurring gains and losses was CNY -25,051,967.54, a significant decline of 509.54% compared to CNY 6,117,110.82 in 2019[21]. - The total operating revenue for 2020 was CNY 125,925,459.99, a decrease of 32.98% from CNY 187,918,350.69 in 2019[195]. - The total operating costs for 2020 were CNY 142,401,786.05, down 20.77% from CNY 179,804,399.34 in 2019[195]. - Net profit for 2020 was CNY 5,833,242.06, a decline of 72.91% compared to CNY 21,503,972.77 in 2019[196]. - Investment income for 2020 was CNY 11,669,521.28, a decrease of 6.89% from CNY 12,532,610.50 in 2019[196]. - Financial expenses increased to CNY 4,412,573.00 in 2020 from CNY 1,816,519.01 in 2019, primarily due to higher interest expenses[196]. - The total comprehensive income for 2020 was CNY 5,833,242.06, down from CNY 21,503,972.77 in 2019[197]. Assets and Liabilities - The total assets at the end of 2020 were CNY 1,367,733,636.77, an increase of 3.58% from CNY 1,320,516,942.12 at the end of 2019[22]. - The total equity attributable to shareholders at the end of 2020 was CNY 1,033,788,289.23, a slight decrease of 2.03% from CNY 1,055,157,295.27 in 2019[22]. - Total assets increased to CNY 1,388,533,309.70 in 2020, up from CNY 1,349,932,157.71 in 2019, representing a growth of approximately 2.9%[192]. - Total liabilities rose to CNY 332,704,661.82 in 2020, compared to CNY 266,349,377.21 in 2019, indicating an increase of about 24.9%[189]. - Current liabilities totaled CNY 315,318,226.16, up from CNY 246,622,960.58 in 2019, representing an increase of approximately 27.8%[192]. - The company's inventory decreased to CNY 366,739.80 from CNY 6,159,237.20, a reduction of about 94%[191]. - The total non-current assets amounted to CNY 666,602,145.03, an increase from CNY 634,227,923.35 in 2019, indicating a growth of approximately 5.1%[192]. Operational Recovery - In Q3 2020, the company reported a significant recovery in performance with a net profit of CNY 31,442,439.71, marking a notable turnaround from previous quarters[25]. - The total operating revenue for Q3 2020 was CNY 74,414,568.35, reflecting a strong recovery in visitor numbers as inter-provincial travel restrictions were lifted[25]. - The company experienced a net loss of CNY 18,684,889.53 in Q1 2020, which improved to a profit in Q3, indicating a positive trend in operational recovery[25]. - The cash flow from operating activities in Q3 2020 was CNY 47,477,308.51, showcasing a strong rebound in cash generation capabilities[25]. - The domestic tourism market showed signs of recovery, with the number of domestic tourists in Q2 at 637 million, down 51.0% year-on-year, and in Q3 at 1.001 billion, down 34.3% year-on-year[32]. - The company anticipates a recovery in the tourism economy in 2022, potentially returning to pre-pandemic levels[32]. Tourism Industry Impact - The company reported a decrease in visitor numbers to its scenic spots due to the pandemic, impacting overall performance[23]. - The domestic tourism industry saw a 52.1% year-on-year decline in visitor numbers in 2020, with a total of 2.879 billion domestic tourists, highlighting the impact of the COVID-19 pandemic[31]. - In 2020, the total number of domestic and international tourists received in Tibet was 35.05 million, a decrease of 12.6% year-on-year, with tourism revenue reaching 36.642 billion RMB, down 34.5%[33]. - The average growth rate of the tourism industry in Tibet has been maintained at over 18% in recent years, with tourism revenue accounting for over 25% of the region's GDP, higher than the national average[32]. Strategic Initiatives - The company is expanding its travel agency services, offering business travel, wellness, and incentive travel services to diversify its revenue streams[30]. - The company’s operational strategy focuses on the development of wellness tourism destinations and cultural tourism, aligning with national tourism growth trends[30]. - The company plans to increase domestic flight routes by 29 in 2021, with a projected annual decrease of 20% in ticket prices for domestic routes, aiming for a passenger throughput of over 6 million[34]. - The company has successfully established a digital operation platform and various smart tourism systems, enhancing visitor experience and operational efficiency[39]. - The company has introduced new tourism products including hot spring therapy, outdoor sports, and cultural experiences, responding to the upgrading of domestic tourism consumption[39]. - The company is focusing on high-quality content development to cater to different tourist segments, including customized products for high-end visitors[79]. Cost Management - Sales expenses were reduced to 6.23 million yuan, a decrease of 54.16% from 13.60 million yuan, with a sales expense ratio of 4.95%, down 2.29 percentage points year-on-year[47]. - The company implemented cost reduction and efficiency improvement measures, resulting in a 21.65% decrease in management expenses to 54.10 million yuan from 69.04 million yuan[47]. - The company’s marketing expenses decreased by 54.16% to RMB 6.23 million, reflecting reduced marketing activities due to the pandemic[54]. - The operating cost of the leisure tourism destination segment was CNY 55.17 million, accounting for 71.16% of total operating costs, with a year-on-year decrease of 9.39% due to cost reduction measures implemented during the pandemic[60]. Community Engagement and Social Responsibility - The company provided approximately 4.4 million RMB in welfare funds to the local government and donated 50,000 RMB for educational purposes during the reporting period[111]. - Local employees accounted for 60% of the workforce at the Yarlung Zangbo Grand Canyon scenic area, including five registered impoverished households[111]. - The company signed agreements to purchase local agricultural products, such as potatoes and mushrooms, to support poverty alleviation efforts[112]. - The company invested a total of RMB 629.60 million in poverty alleviation efforts, with RMB 29.20 million specifically allocated to industry development projects[113]. - A total of 11 registered impoverished individuals were helped to achieve employment through the company's initiatives[113]. - The company allocated RMB 5 million for educational support to impoverished students and RMB 3.60 million for healthcare resources in impoverished areas[114]. Governance and Compliance - The company has established a governance structure that complies with relevant laws and regulations, ensuring the protection of minority shareholders' rights[158]. - The company has maintained independence from its controlling shareholder in terms of personnel, assets, finance, and operations[159]. - The company has not reported any changes in actual control during the reporting period[135]. - The company emphasizes the accuracy, timeliness, and completeness of information disclosure, adhering to relevant regulations[161]. - The internal control self-assessment report for 2020 was prepared and disclosed, with no significant deficiencies noted[169]. - The internal control audit report issued by the accounting firm provided a standard unqualified opinion[169].

Financial Performance - Operating revenue for the first nine months was CNY 98,019,350.88, representing a decrease of 37.23% year-on-year[7] - Net profit attributable to shareholders was a loss of CNY 1,079,390.25, a decline of 104.32% compared to the same period last year[7] - Cash flow from operating activities for the first nine months was CNY 25,995,410.79, down 48.07% year-on-year[7] - Basic earnings per share for the reporting period was -CNY 0.0049, a decrease of 104.45% compared to the previous year[7] - The company reported a net loss of CNY 4,058,420.06 after deducting non-recurring gains and losses, a decline of 126.26% year-on-year[7] - The company's operating revenue and net profit attributable to shareholders significantly declined in the first half of 2020 due to the impact of the COVID-19 pandemic[30] - Net profit for the first three quarters of 2020 was CNY -68,126,280.35, an improvement from CNY -71,799,346.00 in the same period of 2019[37] - The company reported a net loss of RMB 132.18 million in retained earnings as of September 30, 2020, compared to a loss of RMB 131.11 million at the end of 2019[34] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 1,388,698,890.53, an increase of 5.16% compared to the end of the previous year[7] - Current assets totaled CNY 759,070,333.88, an increase from CNY 715,704,234.36 in the previous year[36] - Non-current assets amounted to CNY 646,532,408.94, slightly up from CNY 634,227,923.35 year-over-year[36] - Total liabilities increased to CNY 309,930,137.46 from CNY 235,960,785.98, indicating a rise in financial obligations[37] - Short-term borrowings rose to CNY 110,000,000.00, compared to CNY 93,634,614.65 in the previous year[37] - Long-term borrowings increased significantly to CNY 74,841,000.00 from CNY 18,841,000.00, suggesting a strategic shift in financing[37] - The company reported a total equity of 1,054,167,564.91 RMB, with an attributable equity to shareholders of 1,055,157,295.27 RMB[56] Cash Flow and Investments - The company’s cash received from investment activities decreased by 44.61% to approximately ¥550 million compared to the previous period[16] - The company reported a total cash inflow from investment activities of CNY 562,154,766.74, significantly lower than CNY 1,002,150,836.44 in the previous year, resulting in a net cash outflow of CNY 46,991,932.80 from investment activities[49] - The company’s cash inflow from sales of goods and services was CNY 97,797,551.42, down 38.6% from CNY 159,256,648.05 in the previous year[48] - The net cash flow from investment activities was -27,895,210.24 RMB, compared to -6,033,512.80 RMB in the previous year, indicating a decline in investment returns[51] - The company received CNY 166,365,385.35 from financing activities, a significant increase compared to CNY 72,000,000.00 in the previous year[49] Shareholder Information - The total number of shareholders at the end of the reporting period was 24,520[10] - The top shareholder, Guofeng Group Co., Ltd., held 29,921,325 shares, accounting for 13.18% of the total shares[11] Operational Changes and Strategies - The company has not disclosed any new product developments or market expansion strategies in this report[6] - The company plans to promote the "Colorful Forest Festival" and leverage the "Winter Travel in Tibet" policy to enhance business profitability in Q4 2020[14] - The company plans to transfer its scenic area operations and related services, assets, liabilities, and personnel to wholly-owned subsidiaries, which was approved by the shareholders' meeting[28] Cost Management - The company implemented cost reduction measures, resulting in a 71.85% decrease in selling expenses compared to the previous period[16] - Total operating costs for Q3 2020 were CNY 39,849,486.28, down from CNY 60,537,359.16 in Q3 2019, reflecting a significant reduction in expenses[39] - The company incurred sales expenses of CNY 879,725.13 in Q3 2020, a significant decrease from CNY 3,755,230.40 in Q3 2019, reflecting a reduction of approximately 76.6%[44]