[Company Profile and Core Financial Data](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information, key financial performance, and non-recurring gains and losses [Basic Company Information](index=6&type=section&id=I.%20Company%20Profile) Xi'an Tourism Co., Ltd. (000610) is a Shenzhen Stock Exchange-listed company, with Lu Fei as its legal representative | Item | Information | | :--- | :--- | | **Stock Abbreviation** | Xi'an Tourism | | **Stock Code** | 000610 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Company Name** | Xi'an Tourism Co., Ltd | | **Legal Representative** | Lu Fei | [Key Accounting Data and Financial Indicators](index=6&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue decreased by **13.54%**, net loss narrowed by **12.06%**, and operating cash flow increased by **11.08%**, while total assets and net assets declined | Key Financial Indicators | This Reporting Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (Yuan)** | 218,009,096.08 | 252,136,292.00 | -13.54% | | **Net Profit Attributable to Shareholders (Yuan)** | -55,989,631.51 | -63,664,935.45 | 12.06% | | **Net Cash Flow from Operating Activities (Yuan)** | 15,053,308.51 | 13,551,344.10 | 11.08% | | **Basic Earnings Per Share (Yuan/Share)** | -0.2365 | -0.2689 | 12.05% | | **Weighted Average Return on Net Assets** | -26.83% | -13.69% | -13.14% | | | **End of This Reporting Period** | **End of Prior Year** | **Year-on-Year Change** | | **Total Assets (Yuan)** | 2,000,907,532.48 | 2,062,086,439.51 | -2.97% | | **Net Assets Attributable to Shareholders (Yuan)** | 180,692,937.35 | 236,682,568.86 | -23.66% | [Non-recurring Gains and Losses](index=7&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) Total non-recurring gains and losses were **-57,249.56 Yuan**, mainly from government subsidies, asset disposals, and other non-operating items | Item | Amount (Yuan) | Description | | :--- | :--- | :--- | | Non-current asset disposal gains/losses | -41.55 | - | | Government subsidies recognized in current profit/loss | 50,000.00 | Beilin District Commerce Bureau Time-honored Brand Award | | Net other non-operating income/expenses | -115,623.28 | - | | **Total** | **-57,249.56** | - | [Management Discussion and Analysis (MD&A)](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section analyzes the company's core business, competitive advantages, financial performance, asset status, and risk management [Overview of Principal Operations](index=9&type=section&id=I.%20Principal%20Operations%20During%20the%20Reporting%20Period) The company positions itself as a 'Comprehensive Cultural Tourism Service Provider,' driven by 'Pleasant Stay Hotels & Homestays' and 'Pleasant Journey Travel' businesses - Company's core principal businesses are divided into three segments: - **Pleasant Stay Hotels & Homestays**: Covers hotel operations and management, launched the "Xilv Wan'ao" new brand, adopting a "light and heavy asset" strategy[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) - **Pleasant Journey Travel**: Includes Xi'an China Travel Service and Xi'an Overseas Travel Service, developing five major business brands such as study tours, MICE, and vacation travel[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) - **Pleasant Life Innovative Cultural Tourism**: Expands new business formats around the main tourism business, such as "Centimeter City" coffee and Xilv Le Kelong Magical Animal City projects[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) [Core Competencies](index=9&type=section&id=II.%20Analysis%20of%20Core%20Competencies) Core competencies include hotel and homestay brand matrix, digital operations, full-chain travel services, and innovative cultural tourism IP development capabilities - **Hotel & Homestay**: Has built a "Wan'ao" spectrum including nine major brands, covering 10 provinces and 23 cities nationwide, and independently developed "Wan'ao Club" APP, "Zhumaman" hotel management system, and other digital platforms[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - **Pleasant Journey Travel**: Enhanced full-chain control through self-built visa, ticketing, and marketing centers, with 311 stores[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - **Innovative Cultural Tourism**: Implemented an IP brand-led strategy, collaborated with high-traffic scenic spots (e.g., Xi'an City Wall) to provide content planning and promotion, and created new urban cultural tourism projects like "Centimeter City" coffee[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) [Analysis of Principal Operations](index=9&type=section&id=III.%20Analysis%20of%20Principal%20Operations) First-half operating revenue decreased by **13.54%** due to consumption downgrade, impacting hotel and travel agency businesses, despite cost control efforts - **Hotel Segment**: Facing a market trend of "stable volume, falling prices," the company focused on brand expansion and digitalization, with Wan'ao Club App active members increasing by **47.81%** year-on-year, and 8 new franchised stores opened[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) - **Travel Agency Segment**: Outbound group tour business performed strongly, with revenue growing by **47.75%**, particularly advantageous in Southeast Asia, Japan, and Korea routes[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) - **Innovative Cultural Tourism Segment**: Leveraging scenic spots like Xi'an City Wall, successfully launched popular products such as "Youpo Lazibread," enhancing the profitability of supporting commercial operations[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) | Major Financial Data | This Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 218,009,096.08 | 252,136,292.00 | -13.54% | Impacted by consumption downgrade, decrease in hotel and tourism business revenue | | **Operating Costs** | 213,457,588.55 | 241,976,186.68 | -11.79% | Decreased in line with operating revenue | | **Administrative Expenses** | 20,570,874.96 | 26,617,858.27 | -22.72% | Decrease in employee compensation and intermediary fees year-on-year | | **Net Cash Flow from Financing Activities** | -24,807,420.17 | 44,521,609.76 | -155.72% | Net amount of borrowings obtained and repaid decreased year-on-year | | By Industry | Operating Revenue (Yuan) | Proportion of Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Hotel Industry | 53,318,418.41 | 24.46% | -26.87% | | Travel Agency Business | 139,150,247.24 | 63.83% | -8.19% | | Commercial Trade | 5,996,529.37 | 2.75% | -38.43% | | Amusement Park | 2,053,503.82 | 0.94% | -63.52% | | Leasing | 11,913,791.45 | 5.46% | 10.91% | | Business Segment Over 10% | Operating Revenue (Yuan) | Operating Costs (Yuan) | Gross Margin | Revenue YoY | Costs YoY | Gross Margin YoY | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Hotel Industry** | 53,318,418.41 | 60,005,544.78 | -12.54% | -26.87% | -8.94% | -22.16% | | **Travel Agency Business** | 139,150,247.24 | 131,128,634.54 | 5.76% | -8.19% | -9.26% | 1.11% | [Assets and Liabilities Status](index=12&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities%20Status) Total assets were **2.001 billion Yuan**, a **2.97%** decrease, with stable asset structure and short-term borrowings increasing to **31.85%** of total assets | Major Asset and Liability Items | Period-End Balance (Yuan) | Proportion of Total Assets | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 133,956,188.70 | 6.69% | -1.34% | | Inventories | 364,409,123.75 | 18.21% | 1.74% | | Fixed Assets | 454,322,851.24 | 22.71% | 0.11% | | Right-of-Use Assets | 366,430,961.86 | 18.31% | -0.56% | | Short-term Borrowings | 637,233,907.82 | 31.85% | 2.23% | | Long-term Borrowings | 226,900,000.00 | 11.34% | -0.61% | | Lease Liabilities | 371,212,576.73 | 18.55% | -0.01% | - At period-end, **582,300 Yuan** of monetary funds were restricted due to tourism and guarantee deposits[45](index=45&type=chunk) [Analysis of Major Holding and Participating Companies](index=15&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Most subsidiaries, including hotel and travel agencies, reported losses, with Xi'an Xilv Yibai Hotel Investment Co., Ltd. having the largest loss of **-25.02 million Yuan** | Major Subsidiary Name | Business Type | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | Xi'an Overseas Travel Co., Ltd | Travel Agency | 85,266,480.98 | -1,246,602.33 | | Xi'an China Travel Service International Travel Agency Co., Ltd | Travel Agency | 61,014,562.82 | -4,439,927.58 | | Xi'an Xilv Yibai Hotel Investment Co., Ltd | Hotel Investment Management | 37,214,919.22 | -25,020,889.32 | | Diebu County Zagana Kangyang Real Estate Co., Ltd | Real Estate Development | 0.00 | -5,519,409.11 | | Chengdu Xilv Wan'ao Hotel Management Co., Ltd | Hotel Management | 9,714,069.33 | -3,446,157.01 | [Risks and Countermeasures](index=18&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces market competition, evolving customer demands, and force majeure risks, addressed by brand, product, and operational strategies - **Risks Faced:** - **Intensified Market Competition Risk**: Frequent price wars and product homogenization in the industry lead to market share erosion[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - **Customer Demand Iteration Risk**: Consumer demand shifts towards personalization and experiential travel, risking customer loss if product updates lag[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - **Force Majeure Impact Risk**: The tourism industry is susceptible to external environmental factors such as natural disasters and emergencies[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - **Countermeasures:** - **Deepen Brand Strategy**: Enhance brand recognition and influence through multi-channel marketing[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - **Promote Product Innovation**: Develop differentiated advantages by focusing on high-end customized tours and immersive cultural tourism experiences in niche segments[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - **Diversify Business Layout**: Extend the industry chain to mitigate single-business risks[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - **Optimize Customer Experience**: Reconstruct products with a "user-centric mindset" to enhance customer satisfaction and loyalty[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - **Improve Emergency Mechanisms**: Establish comprehensive emergency plans and strengthen risk response capabilities[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) [Corporate Governance, Environmental, and Social (GES)](index=19&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's profit distribution plan and its commitment to social responsibility initiatives [Profit Distribution Plan](index=19&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20in%20This%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions for the first half of 2025 - The company plans no profit distribution or capital reserve conversion for the half-year period[67](index=67&type=chunk) [Social Responsibility](index=19&type=section&id=V.%20Social%20Responsibility%20Status) The company actively fulfills social responsibilities through volunteer services, care stations for workers, and rural revitalization support - **Cultural Heritage**: During the Spring Festival, a team of gold-medal tour guides was formed to provide in-depth explanations for tourists[69](index=69&type=chunk)[70](index=70&type=chunk) - **Care for Workers**: During Labor Day, care stations were set up to provide free tea and drinks for delivery riders, sanitation workers, and others[69](index=69&type=chunk)[70](index=70&type=chunk) - **Rural Revitalization**: Supported rural revitalization through consumption assistance by purchasing **67,000 Yuan** worth of poverty alleviation products[69](index=69&type=chunk)[70](index=70&type=chunk) [Significant Matters](index=21&type=section&id=Section%205%20Significant%20Matters) This section outlines the company's major litigation cases, significant related party transactions, and substantial guarantees [Litigation Matters](index=22&type=section&id=VIII.%20Litigation%20Matters) Two major lawsuits were disclosed: a sales contract dispute for **56.341 million Yuan** and a construction contract dispute for **45.7089 million Yuan**, both under appeal | Litigant | Opponent | Cause of Action | Amount Involved (Yuan) | Progress | | :--- | :--- | :--- | :--- | :--- | | Company Supply Chain Management Branch | Sichuan Nonferrous New Material Technology Co., Ltd | Sales Contract Dispute | 56,341,000 | Partial judgment rendered, company applied for enforcement | | Subsidiary Zagana Kangyang Real Estate | Gansu Construction Investment Civil Engineering Construction Group | Construction Project Contract Dispute | 45,708,900 | After first-instance judgment, both parties appealed | [Significant Related Party Transactions](index=24&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) Significant non-operating fund transfers to controlled subsidiaries resulted in a **226.1017 million Yuan** receivable from Xi'an Xilv Yibai Hotel Investment Co., Ltd | Related Party (Receivable) | Relationship | Period-End Balance (Yuan) | Reason for Formation | | :--- | :--- | :--- | :--- | | Xi'an Xilv Yibai Hotel Investment Co., Ltd | Controlled Subsidiary | 226,101,700 | Fund Turnover | | Xi'an Tourism Ecological Industry Co., Ltd | Controlled Subsidiary | 89,224,200 | Fund Turnover | | Diebu County Zagana Kangyang Real Estate Co., Ltd | Controlled Subsidiary | 78,607,400 | Fund Turnover | | Xi'an China Travel Service International Travel Agency Co., Ltd | Controlled Subsidiary | 46,237,500 | Fund Turnover | [Significant Guarantees](index=27&type=section&id=2.%20Significant%20Guarantees) Total actual guarantees reached **280.8102 million Yuan**, **155.41%** of net assets, primarily for subsidiary borrowings and project homebuyers, with **280.8102 million Yuan** for high debt-to-asset ratio entities | Guarantee Situation | Amount (Yuan) | | :--- | :--- | | **Total Actual Guarantee Balance at Period-End** | 280,810,200 | | **Proportion of Total Actual Guarantees to Company's Net Assets** | 155.41% | | **Debt Guarantees Provided for Guaranteed Parties with Debt-to-Asset Ratio Exceeding 70%** | 280,810,200 | | **Amount of Guarantees Exceeding 50% of Net Assets** | 190,463,700 | [Share Changes and Shareholder Information](index=31&type=section&id=Section%206%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes and the holdings of its major shareholders [Share Changes](index=31&type=section&id=I.%20Share%20Change%20Status) Total share capital remained unchanged at **236,747,901 shares**, with restricted shares decreasing by **15,300** due to executive share release | Share Class | Before This Change (Shares) | After This Change (Shares) | Change (Shares) | | :--- | :--- | :--- | :--- | | **Restricted Shares** | 1,258,907 | 1,243,607 | -15,300 | | **Unrestricted Shares** | 235,488,994 | 235,504,294 | +15,300 | | **Total Share Capital** | **236,747,901** | **236,747,901** | **0** | [Shareholder Information](index=33&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) The company had **64,020** common shareholders, with the largest shareholder's **31,388,170** shares pledged and the second largest shareholder's entire stake frozen - The total number of common shareholders at the end of the reporting period was **64,020**[109](index=109&type=chunk) | Top Two Shareholder Names | Shareholder Nature | Shareholding Proportion | Period-End Shareholding | Share Status | | :--- | :--- | :--- | :--- | :--- | | Xi'an Tourism Group Co., Ltd | State-owned Legal Person | 26.57% | 62,902,145 | Pledged 31,388,170 Shares | | Panjing Equity Investment Fund Management (Shanghai) Co., Ltd - Panjing Win-Win No. 6 | Domestic Non-State-owned Legal Person | 5.01% | 11,850,028 | Frozen 11,850,028 Shares | [Financial Report](index=37&type=section&id=Section%208%20Financial%20Report) This section presents the company's unaudited consolidated and parent company financial statements [Financial Statements](index=37&type=section&id=II.%20Financial%20Statements) Unaudited 2025 semi-annual consolidated and parent company financial statements show a loss-making status with slight asset contraction but positive operating cash flow [Consolidated Balance Sheet](index=37&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, total assets were **2.001 billion Yuan**, total liabilities **1.848 billion Yuan**, and equity **181 million Yuan**, with a **92.34%** debt-to-asset ratio | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | **Total Current Assets** | 664,470,488.90 | 678,197,635.87 | | **Total Non-current Assets** | 1,336,437,043.58 | 1,383,888,803.64 | | **Total Assets** | **2,000,907,532.48** | **2,062,086,439.51** | | **Total Current Liabilities** | 1,125,002,952.75 | 1,092,578,310.07 | | **Total Non-current Liabilities** | 722,651,949.25 | 754,612,522.72 | | **Total Liabilities** | **1,847,654,902.00** | **1,847,190,832.79** | | **Total Equity Attributable to Parent Company Owners** | 180,692,937.35 | 236,682,568.86 | | **Total Owners' Equity** | **153,252,630.48** | **214,895,606.72** | [Consolidated Income Statement](index=42&type=section&id=3.%20Consolidated%20Income%20Statement) First-half total operating revenue was **218 million Yuan** (**-13.54%** YoY), total operating costs **281 million Yuan** (**-12.52%** YoY), and net loss narrowed to **-55.99 million Yuan** | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | | :--- | :--- | :--- | | **I. Total Operating Revenue** | **218,009,096.08** | **252,136,292.00** | | **II. Total Operating Costs** | 280,858,107.07 | 321,070,403.08 | | Including: Operating Costs | 213,457,588.55 | 241,976,186.68 | | **III. Operating Profit** | -61,506,259.44 | -69,198,412.87 | | **IV. Total Profit** | -61,621,882.72 | -69,239,953.87 | | **V. Net Profit** | -61,642,976.24 | -69,101,257.13 | | Net Profit Attributable to Parent Company Shareholders | -55,989,631.51 | -63,664,935.45 | | Minority Interest Income/Loss | -5,653,344.73 | -5,436,321.68 | [Consolidated Cash Flow Statement](index=44&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) First-half net operating cash flow was **15.05 million Yuan** (**+11.08%** YoY), with net outflows from investing and financing, and period-end cash equivalents at **133 million Yuan** | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | **15,053,308.51** | **13,551,344.10** | | **Net Cash Flow from Investing Activities** | **-21,861,892.08** | **-50,058,021.45** | | **Net Cash Flow from Financing Activities** | **-24,807,420.17** | **44,521,609.76** | | **Net Increase in Cash and Cash Equivalents** | **-31,616,003.74** | **8,014,932.41** | | **Cash and Cash Equivalents at Period-End** | **133,373,932.59** | **186,307,770.38** | [Notes to Consolidated Financial Statements](index=70&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) Key financial statement items are detailed, including top five accounts receivable debtors at **41.44%**, development costs at **359 million Yuan**, total borrowings at **864 million Yuan**, and significant guarantees | Inventory Classification | Period-End Book Value (Yuan) | | :--- | :--- | | Raw Materials | 1,918,118.24 | | Merchandise Inventory | 1,807,166.88 | | **Development Costs** | **358,664,881.17** | | Low-value Consumables | 2,018,957.46 | | **Total** | **364,409,123.75** | | Borrowing Classification | Period-End Balance (Yuan) | | :--- | :--- | | Short-term Borrowings | 637,233,907.82 | | Long-term Borrowings | 226,900,000.00 | | **Total** | **864,133,907.82** | [Other Submitted Data](index=133&type=section&id=Section%209%20Other%20Submitted%20Data) This section details the company's financial transactions with related parties [Fund Transactions with Related Parties](index=133&type=section&id=III.%20Fund%20Transactions%20Between%20Listed%20Company%20and%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) Non-operating fund transfers to subsidiaries resulted in a total year-end balance of **483.7871 million Yuan** in receivables from related parties | Related Party (Receivable) | Nature of Transaction | Period-End Balance (Yuan) | | :--- | :--- | :--- | | Xi'an Xilv Yibai Hotel Investment Co., Ltd | Non-operating Transaction | 226,101,700 | | Xi'an Tourism Ecological Industry Co., Ltd | Non-operating Transaction | 89,224,200 | | Diebu County Zagana Kangyang Real Estate Co., Ltd | Non-operating Transaction | 78,607,400 | | **Total** | **--** | **483,787,100** |

Core Viewpoint - The launch of the "Qin-Jin Good Tourism Card" represents a significant step in the integration of cultural and tourism resources between Shanxi and Shaanxi provinces, facilitating a collaborative model for regional tourism development [1][3]. Group 1: Product Overview - The "Qin-Jin Good Tourism Card" is priced at 365 yuan, allowing access to 214 scenic spots and performance venues across 22 cities in 5 provincial-level administrative regions [1]. - The card combines resources from Shanxi and Shaanxi provinces, as well as surrounding areas, creating a vast tourism network that includes 8 cities in Shaanxi and 11 cities in Shanxi, along with locations in Hubei, Inner Mongolia, and Hebei [2]. - The card offers a one-stop travel experience, enabling visitors to access popular attractions such as the Qinling Wildlife Park and the Jiao Family Courtyard without needing to purchase additional tickets [2]. Group 2: Benefits and Features - The card serves as a "collection of tourism rights," catering to various travel needs, with 205 core scenic spots offering free entry and 9 locations providing exclusive discounts [2]. - It includes 8 5A-rated scenic spots and 98 4A-rated scenic spots, ensuring a high-quality experience for tourists [2]. - The card also extends benefits to the service sector, having signed agreements with 12 quality hotels to enhance accommodation options for travelers [2]. Group 3: Economic Impact - The introduction of the card is expected to break down regional tourism barriers, reduce travel costs, and shift the tourism industry in Shanxi and Shaanxi from independent development to collaborative growth [3]. - It is anticipated to become a key driver for revitalizing tourism consumption in the Yellow River basin and promoting regional economic integration [3].

通过天眼查大数据分析，西安旅游股份有限公司共对外投资了18家企业，参与招投标项目52次，知识产 权方面有商标信息46条，此外企业还拥有行政许可32个。 来源：金融界 西安旅游最新一期业绩显示，截至2025一季报，公司营业总收入9489.34万元、同比减少27.40%，归属 净利润3231.90万元，同比减少7.32%，扣非净利润3243.74万元，同比减少7.34%，流动比率0.608、速动 比率0.279、资产负债率91.16%。 天眼查商业履历信息显示，西安旅游股份有限公司，成立于1996年，位于西安市，是一家以从事公共设 施管理业为主的企业。企业注册资本23674.7901万人民币，实缴资本23674.7901万人民币。公司法定代 表人为陆飞。 金融界消息 截至2025年8月14日收盘，西安旅游（000610）报收于12.83元，上涨1.1%，换手率8.83%， 成交量20.80万手，成交金额2.69亿元。 资金流向方面，今日主力资金净流入2961.18万元，占比成交额11.02%。其中，超大单净流入734.46万 元、占成交额2.73%，大单净流入2226.72万元、占成交额8.29%，中单净流出流出 ...

天眼查商业履历信息显示，西安旅游股份有限公司，成立于1996年，位于西安市，是一家以从事公共设 施管理业为主的企业。企业注册资本23674.7901万人民币，实缴资本23674.7901万人民币。公司法定代 表人为陆飞。 通过天眼查大数据分析，西安旅游股份有限公司共对外投资了18家企业，参与招投标项目52次，知识产 权方面有商标信息46条，此外企业还拥有行政许可32个。 金融界消息 截至2025年8月13日收盘，西安旅游（000610）报收于12.69元，下跌0.31%，换手率 3.66%，成交量8.63万手，成交金额1.10亿元。 资金流向方面，今日主力资金净流出1231.08万元，占比成交额11.21%。其中，超大单净流出724.88万 元、占成交额6.6%，大单净流出506.20万元、占成交额4.61%，中单净流出流入619.71万元、占成交额 5.64%，小单净流入611.37万元、占成交额5.57%。 西安旅游最新一期业绩显示，截至2025一季报，公司营业总收入9489.34万元、同比减少27.40%，归属 净利润3231.90万元，同比减少7.32%，扣非净利润3243.74万元，同比减少7.34 ...

Group 1 - The tourism and hotel sector is experiencing a significant downturn, with multiple companies facing substantial declines in stock prices [1] - Xizang Tourism (600749) has hit the daily limit down, indicating severe market reaction [1] - Tianfu Cultural Tourism (000558) has dropped over 3%, reflecting negative sentiment in the industry [1] Group 2 - Other companies such as Xiyu Tourism (300859), Qujiang Cultural Tourism (600706), and Xi'an Tourism (000610) have also seen notable declines in their stock prices [1]

Core Viewpoint - The night tourism industry in China is expected to grow significantly, with total spending projected to reach 1.91 trillion yuan in 2024, marking a year-on-year increase of 21.7% [1][7][20]. Night Tourism Industry Definition and Types - Night tourism refers to various tourism and leisure activities conducted between dinner and bedtime, extending tourism activities from day to night. Key projects include night sightseeing, cultural experiences, dining, shopping, and emerging activities like night camping and night cycling [2][5]. Current Development Status of Night Tourism Industry - In 2024, the total number of domestic tourists in China is expected to reach 5.615 billion, with urban residents accounting for 4.37 billion and rural residents for 1.245 billion [5][7]. Night Tourism Industry Development Environment - Related Policies - New policies encouraging night economy activities, including dining, cultural entertainment, and tourism, are being implemented across various regions in China to promote high-quality development of the night economy [14][16]. Night Tourism Industry Competitive Landscape - The night tourism industry has formed a competitive landscape characterized by a "national team leading, cultural tourism groups competing, and new forces breaking through" model. Key players include Liard, Xi'an Tourism, Overseas Chinese Town, and Songcheng Performance [17][19]. Night Tourism Industry Development Strategies - Developing night tourism is seen as an effective way to achieve high-quality and connotative development in the tourism industry. It can promote structural reforms and upgrades in tourism supply, enhance the overall utilization of tourism resources, and improve the tourist experience [20].

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]