Financial Overview - The total assets of the company decreased from 2,062,086,439.51 yuan to 2,000,907,532.48 yuan, a reduction of approximately 3% [1][2][3] - Total liabilities increased slightly from 1,847,190,832.79 yuan to 1,847,654,902.00 yuan, indicating a marginal rise [2][3] - The total equity of the company decreased from 214,895,606.72 yuan to 153,252,630.48 yuan, reflecting a decline of about 29% [2][3] Income Statement Highlights - The total operating revenue for the first half of 2025 was 218,009,096.08 yuan, down from 252,136,292.00 yuan in the same period of 2024, representing a decrease of approximately 13.5% [4][5] - Total operating costs also decreased from 321,070,403.08 yuan to 280,858,107.07 yuan, a reduction of about 12.5% [4][5] - The net profit for the first half of 2025 was -61,642,976.24 yuan, compared to -69,101,257.13 yuan in the first half of 2024, showing an improvement in losses [4][5] Cash Flow Analysis - The net cash flow from operating activities was 15,053,308.51 yuan, an increase from 13,551,344.10 yuan year-on-year [6][7] - Cash flow from investing activities showed a net outflow of -21,861,892.08 yuan, compared to a larger outflow of -50,058,021.45 yuan in the previous year [6][7] - The net cash flow from financing activities was -24,807,420.17 yuan, a decrease from a positive inflow of 44,521,609.76 yuan in the same period last year [6][7] Asset Composition - Current assets totaled 664,470,488.90 yuan, down from 678,197,635.87 yuan, indicating a decrease of about 2.5% [1][2] - Non-current assets decreased from 1,383,888,803.64 yuan to 1,336,437,043.58 yuan, a decline of approximately 3.4% [1][2] Liabilities Breakdown - Current liabilities increased from 1,092,578,310.07 yuan to 1,125,002,952.75 yuan, reflecting a rise of about 3% [2][3] - Non-current liabilities decreased from 754,612,522.72 yuan to 722,651,949.25 yuan, a reduction of approximately 4.2% [2][3]

西安旅游股份有限公司 2025 年半年度报告摘要 前 10 名股东持股情况（不含通过转融通出借股份） 证券代码：000610 证券简称：西安旅游 公告编号：2025-35 西安旅游股份有限公司 一、重要提示 西安旅游股份有限公司 2025 年半年度报告摘要 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者应 当到证监 会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 ?不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 ?不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 ?不适用 二、公司基本情况 股票简称 西安旅游 股票代码 000610 股票上市交易所 深圳证券交易所 联系人和联系方式 董事会秘书 证券事务代表 姓名 刘文忠 孙蕙 西安市曲江新区西影路 508 号西影大 西安市曲江新区西影路 508 号 西影大 办公地址 厦3层 厦3层 电话 029-82065555 029-82065555 电子信箱 liuwenzho ...

格隆汇8月15日丨西安旅游(000610.SZ)公布2025年半年度报告，上半年公司实现营业收入2.18亿元，同 比下降13.54%；归属于上市公司股东的净利润-5598.96万元；归属于上市公司股东的扣除非经常性损益 的净利润-5593.24万元；基本每股收益-0.2365元。 ...

单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 133,956,188.70 | 165,673,456.50 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 100,000.00 | 209,590.91 | | 应收账款 | 53,432,982.51 | 61,364,559.12 | | 应收款项融资 | | | | 预付款项 | 15,706,852.75 | 19,534,829.95 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | | | | 其他应收款 | 59,491,614.00 | 56,725,072.61 | | 其中：应收利息 | | | | 应收股利 | | | | 买入返售金融资产 | | | | 存货 | 364,409,123.75 | 339,641,586.84 | | 其中：数据资源 | | | | 合同资产 | 4,615,952.07 | 4,61 ...

西安旅游股份有限公司 2025年半年度非经营性资金占用及其他关联资金往来情况汇总表 法定代表人： 陆飞 主管会计工作的负责人：刘文忠 会计机构负责人：张华 附表 3 | 编制单位： 西安旅游股份有限公司 | | | | | | | | | | 单位：元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的 关联关系 | 上市公司核算的 会计科目 | 2025年期初占用资金余额 2025年度占用累计发 | 生金额（不含利息） | 2025年度占用资金的 利息（如有） | 2025年度偿还累计 发生金额 | 2025年期末占用资金 余额 | 占用形成原因 | 占用性质 | | 现大股东及其附属企业 | | | | | | | | | | | | 小 计 | —— | —— | —— | - | - | - | - | | - —— | —— | | 前大股东及其附属企业 | | | | | | | | | | | | 小 计 | —— | —— | —— | - ...

审议通过《2025 年半年度报告全文及摘要》 监事会认为：董事会编制和审议西安旅游股份有限公司《2025 年 半年度报告全文及摘要》的程序符合法律、行政法规及中国证监会的 规定，报告内容真实、准确、完整地反映了上市公司的实际情况，不 存在任何虚假记载、误导性陈述或者重大遗漏。 表决结果：3 票赞成，0 票反对，0 票弃权。 特此公告。 西安旅游股份有限公司 第十届监事会第九次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、会议通知发出的时间和方式： 西安旅游股份有限公司（以下简称"公司"）第十届监事会第九 次会议通知于 2025 年 8 月 4 日以书面方式通知各位监事。会议于 2025 年 8 月 14 日（星期四）在公司会议室召开，应到监事 3 名，实到 3 名， 会议召开符合《公司法》及《公司章程》的规定。 二、议案审议情况： 证券代码：000610 证券简称：西安旅游 公告编号：2025-34 号 西安旅游股份有限公司监事会 2025 年 8 月 14 日 ...

证券代码：000610 证券简称：西安旅游 公告编号：2025-33号 西安旅游股份有限公司 第十届董事会第九次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、会议通知发出的时间和方式 西安旅游股份有限公司（以下简称"公司"）第十届董事会 第九次会议通知于 2025 年 8 月 4 日以书面方式通知各位董事。 第十届董事会第九次会议于 2025 年 8 月 14 日（星期四）在 公司会议室召开。本次会议应到董事 8 名，实到 8 名，监事 3 名 列席。会议由董事长陆飞先生主持。本次会议采用现场表决的方 式，会议符合《公司法》及《公司章程》的规定。 三、议案的审议情况 审议通过《2025 年半年度报告全文及摘要》 具体内容详见同日披露的《2025 年半年度报告摘要》及《2025 年半年度报告》。 表决结果：8 票赞成，0 票反对，0 票弃权。 特此公告。 西安旅游股份有限公司董事会 2025 年 8 月 14 日 第 1 页 二、会议召开和出席情况 ...

Group 1 - The company Xi'an Tourism reported a revenue of approximately 218 million yuan for the first half of 2025, representing a year-on-year decrease of 13.54% [1] - The net loss attributable to shareholders for the same period was approximately 55.99 million yuan, with a basic earnings per share loss of 0.2365 yuan [1] - In comparison, for the first half of 2024, the company reported a revenue of approximately 252 million yuan and a net loss of about 63.66 million yuan, with a basic earnings per share loss of 0.2689 yuan [1] Group 2 - As of the report, the market capitalization of Xi'an Tourism is 3 billion yuan [2]

[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].