Core Viewpoint - The traditional business model of Xi'an's tourism and hospitality industry is facing structural crises, as evidenced by the continuous losses of leading companies despite high visitor numbers and revenue potential [2][5][9] Financial Performance - In the first half of 2025, the three major tourism companies in Xi'an are expected to collectively incur losses exceeding 100 million yuan, with Xi'an Tourism and Xi'an Catering projecting losses of 49 million to 69 million yuan and 48 million to 60 million yuan respectively [3][5] - Xi'an Catering's losses have narrowed compared to the previous year, while Qujiang Cultural Tourism is experiencing a significant increase in its non-recurring losses [3][4] Industry Challenges - The industry is grappling with a reliance on ticket sales and traditional business models, leading to a weak profit conversion from high visitor traffic [2][6] - The operational costs of major attractions are high, and the inability to effectively convert visitor traffic into secondary consumption and derived income is a persistent issue [2][6] Resource Dependency - Despite holding monopolistic resources in the tourism sector, the companies are trapped in a cycle of continuous losses, revealing the limitations of their resource-dependent growth strategies [5][9] - The companies have diversified into various sectors such as oil, real estate, and healthcare, but this shift has led to a deviation from their core business and weakened their operational focus [5][6] Market Dynamics - The emergence of new consumer trends is reshaping market rules, with traditional brands struggling to adapt to the preferences of younger consumers [6][7] - The competitive landscape is intensifying, with online travel agencies (OTAs) disrupting traditional distribution channels, further complicating the companies' ability to maintain profitability [6][7] Strategic Responses - Qujiang Cultural Tourism is initiating a "intellectual property strategy transformation" to monetize its core attractions through IP registration and collaboration with brands [7] - Xi'an Tourism is focusing on expanding its hotel segment, aiming to double its hotel numbers and enhance revenue through capital operations [7][8] Future Outlook - The companies are at a critical juncture, needing to break free from the cycle of resource dependency and inefficient expansion to establish genuine market competitiveness [9] - The success of their transformation efforts will depend on their ability to innovate and adapt to changing consumer demands while overcoming institutional inertia [9]

Core Viewpoint - The tourism sector in A-shares is experiencing significant performance divergence in the first half of 2025, with many companies reporting increased losses while a few are showing substantial profit growth [2][11]. Group 1: Company Performance - Yunnan Tourism is expected to report a net loss of 90 million to 140 million yuan, an increase in losses by 95.79% to 204.57% compared to the previous year [4]. - Xi'an Tourism anticipates a net loss of 49 million to 69 million yuan, which is relatively stable compared to a loss of 63.66 million yuan in the same period last year [5]. - Changbai Mountain is projected to incur a net loss of 2.58 million to 1.58 million yuan, marking a shift from profit to loss due to increased operational costs and decreased visitor numbers [6]. - Dalian Shengya expects a net loss of 19.08 million to 12.72 million yuan, with a significant drop in net profit from the previous year [6]. - Tibet Tourism is set to achieve a net profit of approximately 2 million yuan, marking a turnaround from losses in the previous year [7]. - Xiyu Tourism forecasts a profit of 9 million to 11 million yuan, a decline of 62.55% to 69.36% year-on-year [8]. - Guilin Tourism reports a net profit of about 8 million yuan, recovering from a loss of 19.09 million yuan in the same period last year [10]. - Xiangyuan Cultural Tourism expects a net profit of 90 million to 97 million yuan, an increase of 51.44% to 63.22% year-on-year, driven by new attractions and government subsidies [10]. Group 2: Market Trends and Influences - The performance divergence among tourism companies is influenced by factors such as weather disturbances, cost pressures, and differences in business structures [2][11]. - The summer peak season is anticipated to drive demand, with an expected increase in air travel passenger volume by 5.4% during the 2025 summer season [12]. - Analysts suggest that the combination of peak season demand, policy support, and AI empowerment will catalyze the recovery of natural scenic spots [12]. - The domestic tourism market is expected to remain stable, with a focus on deep experiences and cultural exploration as key consumer demands [12].

[Expected Performance for the Current Period](index=1&type=section&id=Item%201.%20Expected%20Performance%20for%20the%20Current%20Period) The company anticipates a net loss attributable to shareholders for H1 2025, ranging from **49.00 million yuan to 69.00 million yuan**, largely consistent with the **63.6649 million yuan** loss in the prior year period Performance Forecast Summary | Item | Current Reporting Period (2025.1.1-2025.6.30) | Prior Year Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Loss: 49.00 million yuan – 69.00 million yuan | Loss: 63.6649 million yuan | | **Net Profit After Non-Recurring Items** | Loss: 48.00 million yuan – 68.00 million yuan | Loss: 63.8924 million yuan | | **Basic Earnings Per Share** | Loss: 0.2070 yuan/share – 0.2914 yuan/share | Loss: 0.2689 yuan/share | [Communication with Accounting Firm](index=1&type=section&id=Item%202.%20Communication%20with%20Accounting%20Firm) This performance forecast has not been pre-audited by a certified public accountant - The company explicitly states that this performance forecast has not yet undergone pre-audit by a certified public accountant[2](index=2&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=Item%203.%20Explanation%20of%20Performance%20Changes) The company attributes performance pressure to consumption downgrade and market differentiation, leading to a decline in hotel business revenue, yet net profit remained largely consistent with the prior year due to strengthened cost control - The company's core hotel and tourism business continues to face pressure due to factors such as consumption downgrade and market differentiation[3](index=3&type=chunk) - Revenue from the company's hotel business segment experienced a certain degree of decline compared to the prior year period[3](index=3&type=chunk) - Through continuous strengthening of expense control and precise cost reduction, the company maintained net profit largely consistent with the prior year period[3](index=3&type=chunk) [Other Relevant Information](index=1&type=section&id=Item%204.%20Other%20Relevant%20Information) The company advises investors that this performance forecast is a preliminary estimate by the finance department, with final data subject to the upcoming 2025 semi-annual report, and cautions about investment risks - This performance forecast represents a preliminary estimate by the company's finance department and is not final data[5](index=5&type=chunk) - The company advises investors that specific financial data will be subject to the 2025 semi-annual report to be disclosed by the company, and cautions about investment risks[5](index=5&type=chunk)

Group 1 - The company is involved in a litigation case regarding a construction contract dispute between its subsidiary, Dibe County Zhaqana Health Industry Co., Ltd., and Gansu Construction Investment Civil Engineering Group Co., Ltd. [1] - The subsidiary filed an appeal on July 10, 2025, requesting the court to overturn a previous civil judgment and either support its initial claims or remand the case for retrial [1] - Both parties have filed appeals, leading to uncertainty regarding the impact of the litigation on the company's current and future profits [2] Group 2 - The Gansu Construction Investment Civil Engineering Group also filed an appeal on July 10, 2025, seeking to overturn a judgment that required it to pay construction fees and additional costs, including interest calculated from January 5, 2024 [2] - The company will adjust its accounting treatment based on the progress of the case in accordance with legal regulations and accounting standards [2]

土木公司于2025年7月10日向迭部县人民法院提交本案 上诉书，上诉请求为：撤销（2024）甘3024民初248号民事 判决第二项，依法改判被上诉人向上诉人支付工程款 47,151,858元；撤销（2024）甘3024民初248号民事判决第五 项，依法改判支持上诉人的其他诉讼请求，由被上诉人向上 诉人支付从2024年1月5日起以47,151,858元为基数按LPR利 率3.45%计算至被上诉人实际付清工程款之日的利息，以及 各项损失6,477,549元，司法鉴定费600,000元；案件受理费， 由被上诉人承担。 证券代码：000610 证券简称：西安旅游 公告编号：2025-31 号 西安旅游股份有限公司 关于子公司重大诉讼进展的公告 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个别及连带责任。 一、诉讼事项的基本情况 西安旅游股份有限公司（以下简称"公司"）下属子公 司迭部县扎尕那康养置业有限公司（以下简称"置业公司"） 与甘肃建投土木工程建设集团有限责任公司（以下简称"土 木公司"）建设工程施工合同纠纷诉讼，具体内容详见公 司于2 ...

Group 1 - The tourism sector experienced a short-term surge, with Nanjing Shanglv (600250) hitting the daily limit up [1] - Other companies such as Caesar Travel (000796), Overseas Chinese Town A, Xi'an Tourism (000610), Three Gorges Tourism (002627), and Zhongxin Tourism (002707) also saw significant increases in their stock prices [1]

Core Viewpoint - The company is involved in a legal dispute regarding a construction contract, with significant financial implications pending the outcome of the appeal process [1][4]. Group 1: Litigation Overview - The lawsuit involves the company's subsidiary, Diebu County Zhaqana Health Industry Co., Ltd., as the plaintiff and Gansu Construction Investment Civil Engineering Group Co., Ltd. as the defendant [1][2]. - The dispute arises from a construction contract signed on December 1, 2020, where the defendant allegedly failed to complete the work on time, leading to the plaintiff filing a lawsuit on July 16, 2024 [1][2]. Group 2: Financial Implications - The amount in dispute totals CNY 45,708,808.2, which includes claims for damages and legal costs [1][3]. - The court's ruling requires the plaintiff to pay the defendant this amount, while the defendant retains priority rights over the project’s auction or sale proceeds [3][4]. Group 3: Current Status and Future Actions - The first-instance judgment is currently under appeal, and the company plans to appeal the decision to protect its legal rights [4]. - The impact of this litigation on the company's current and future profits remains uncertain, pending further developments in the case [4].

证券代码：000610 证券简称：西安旅游 公告编号：2025-30 号 西安旅游股份有限公司 关于子公司重大诉讼的公告 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个别及连带责任。 一、本次诉讼基本情况 西安旅游股份有限公司（以下简称"公司"）下属子公 司迭部县扎尕那康养置业有限公司(以下简称"置业公司") 于近日收到甘肃省迭部县人民法院送达的关于置业公司与 甘肃建投土木工程建设集团有限责任公司(以下简称"土木 公司")建设工程施工合同纠纷一案的《民事判决书》，现 将有关情况公告如下： （一）各方当事人 原告(反诉被告):迭部县扎尕那康养置业有限公司 地址：甘肃省甘南州迭部县西河滩社会福利院 法定代表人：刘文忠 重要内容提示： 案件所处的诉讼阶段：详见公告正文 公司所处的当事人地位：公司子公司为原告、反诉被告 涉案的金额：45,708,808.2元及案件受理费用 对上市公司损益产生的影响：目前本次诉讼案件一审判 决处于上诉期内，尚未生效，后续诉讼进展对公司本期利润 或期后利润的影响存在不确定性。 被告(反诉原告):甘肃建投土木工程建 ...

Core Viewpoint - The tourism industry, once expected to thrive, is now facing significant challenges, highlighted by the bankruptcy of Qinghai Tourism Investment Group and the struggles of various tourism companies despite an increase in domestic travel and spending [2][3][4][8]. Group 1: Industry Challenges - Qinghai Tourism Investment Group and its subsidiaries have filed for bankruptcy, shocking the tourism sector [3]. - The company, which aimed for significant growth and public listing, mismanaged its resources, leading to a loss of 4.8 billion in registered capital [4]. - 44 listed companies in the tourism sector reported their Q1 earnings, with 25 experiencing negative revenue growth, accounting for 56.8% of the total [4]. Group 2: Financial Performance - Major airlines like China Southern Airlines, China Eastern Airlines, and Air China reported substantial losses in Q1, with losses of 747 million, 995 million, and 2.044 billion respectively [7]. - Despite a 26.4% increase in domestic travel and an 18.6% rise in spending, the tourism industry is struggling financially [8][9]. Group 3: Market Dynamics - The tourism market is saturated, with an increase in A-level scenic spots and travel agencies, yet average income has dropped by nearly 40% [31]. - Online travel platforms like Ctrip and Tongcheng are thriving, with Ctrip reporting a net profit of approximately 4.3 billion in Q1, showcasing the "shovel effect" where service providers profit while actual tourism businesses struggle [28][30]. Group 4: Shifts in Consumer Behavior - The tourism industry is transitioning to a 2.0 era, where experiential value is prioritized over mere scarcity of resources [46][50]. - Successful attractions like Jiuhua Mountain and Disney have capitalized on immersive experiences, contrasting with traditional scenic spots that fail to adapt [39][41]. Group 5: Future Outlook - Many tourism platforms are likely to face severe financial difficulties or bankruptcy if they cannot adapt to the changing market dynamics and consumer preferences [55][56]. - The current environment suggests a need for a significant restructuring within the tourism sector to eliminate ineffective players and allow successful entities to thrive [58][59].

Core Insights - The elderly tourism market in China is experiencing significant growth due to the increasing elderly population, with projections indicating that by the end of 2024, the population aged 60 and above will exceed 300 million, accounting for 22% of the total population [1][6][9] - The market size for elderly tourism is expected to reach 1.67 trillion yuan in 2024, reflecting a year-on-year growth of 18.8% [22] - Government policies are actively supporting the development of elderly tourism, including financial subsidies and tax incentives for tourism companies to create products and services tailored for the elderly [9][11] Industry Overview - Elderly tourism refers to the tourism industry targeting consumers aged 60 and above, characterized by a preference for in-depth travel experiences and longer trips [2][4] - The elderly tourism industry has developed a comprehensive supply chain encompassing accommodation, transportation, attractions, entertainment, and shopping [4] Market Demand - The increasing number of elderly individuals is driving demand for tourism services, with the elderly population's consumption patterns shifting from basic necessities to diverse areas such as cultural entertainment and health management [8][20] - In the consumption structure of the elderly demographic, leisure travel activities dominate, accounting for 57% of their spending [20] Policy Support - The Chinese government has introduced various policies to promote elderly tourism, including the launch of special tourism trains and the development of tourism products that cater to the elderly [9][11][12] - Local governments are also implementing initiatives to enhance elderly tourism, such as improving facilities for elderly travelers and promoting cultural and health tourism [12][13] Current Trends - The elderly tourism market is transitioning from a niche to a mainstream market, with elderly travelers now representing over 20% of the total tourism population [18] - The rise of the "self-care economy" is leading to increased willingness to spend on travel, with per capita domestic tourism expenditure reaching a historical high in 2024 [16][22] Future Outlook - The elderly tourism industry is expected to evolve towards diversification, high-end offerings, and personalized experiences, with a growing preference for slow-paced and experiential travel [24] - Technological advancements will play a crucial role in enhancing the travel experience for elderly consumers, with applications of AI and other technologies in monitoring safety and health during travel [24]