桂林旅游股份有限公司 2025 年第三季度报告 证券代码：000978 证券简称：桂林旅游 公告编号：2025-047 桂林旅游股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或 重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 一、主要财务数据 单位：元 | 项目 | 本报告期金额 | 年初至报告期 | 说明 | | --- | --- | --- | --- | | | | 期末金额 | | | 非流动性资产处置损益（包括已计提资产减 | 36,190.17 | 240,627.23 | | | 值准备的冲销部分） | | | | | 计入当期损益的政府补助（与公司正常经营 业务密切相关、符合国家政策规定、按照确 | 425,162.55 | 6,1 ...

Core Insights - The tourism and scenic spots sector increased by 0.57% on October 27, with Dalian Shengya leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Sector Performance - Dalian Shengya (600593) closed at 49.80, up 6.68% with a trading volume of 172,100 shares and a transaction value of 843 million [1] - Other notable performers include: - Tibet Tourism (600749) at 18.58, up 1.75% [1] - Peijiang Co. (002033) at 8.72, up 1.40% [1] - Lingnan Holdings (000524) at 13.81, up 0.95% [1] - Caesar's Rotating Industry (000796) at 6.14, up 0.82% [1] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 77.52 million from institutional investors, while retail investors saw a net inflow of 187 million [2] - Key individual stock capital flows include: - Dalian Shengya with a net inflow of 65.19 million from institutional investors [3] - Caesar's Rotating Industry with a net inflow of 35.32 million from institutional investors [3] - Jiuhua Tourism (661809) with a net inflow of 8.69 million from institutional investors [3]

Core Points - Guilin Tourism plans to publicly transfer 100% equity and 237 million yuan of debt of its long-term loss-making subsidiary, Zijiang Danxia Tourism Co., marking the divestment of an unprofitable asset that has not generated profit since its acquisition in 2007 [2][5][6] - The company faces significant operational challenges, with 8 out of 10 major subsidiaries reporting negative net profits and 5 being insolvent as of mid-2025 [2][7] - Despite a strategic plan aimed at reversing losses, the company reported a net loss exceeding 200 million yuan in 2024 and negative net profit in the first half of 2025, indicating that the effectiveness of the strategy remains to be seen [2][10] Financial Performance - From 2020 to mid-2025, Guilin Tourism only achieved revenue growth and profitability in 2023, with all other periods showing a decline in revenue and net losses [2][9] - The company’s revenue dropped from 606 million yuan in 2019 to 129 million yuan in 2022, with cumulative net losses of approximately 769 million yuan during this period [9] - In 2023, the company reported a revenue increase of 260.89% to 467 million yuan, with net profit and non-recurring net profit both increasing by over 100% [9][10] Strategic Initiatives - The company has proposed a strategic framework called "one core, one optimization, two wings, three expansions" to address its financial difficulties and explore new business areas such as smart tourism and low-altitude economy [2][10] - The strategic plan includes enhancing core tourism operations, optimizing asset structure, and developing new tourism-related industries, although the results of these initiatives have yet to materialize [10] - The company aims to leverage national policies promoting high-quality tourism development and capitalize on the opportunity to establish Guilin as a world-class tourist city [3][10] Market Concerns - The prolonged losses and the decision to sell Zijiang Danxia have raised concerns about the company's internal management and risk assessment processes [6][7] - The potential for the Zijiang Danxia asset to face similar challenges as another subsidiary, Fengyu Rock, which has repeatedly failed to sell its stake, is a point of market speculation [7][10] - The company acknowledges the need for improved performance metrics and monitoring mechanisms for its subsidiaries to prevent future losses [6][7]

Group 1: MUJI's Performance in China - MUJI's parent company reported a record revenue of 784.6 billion yen for the fiscal year 2025, representing an 18.6% year-on-year growth [1] - Operating profit reached 73.8 billion yen, up 31.5% year-on-year, marking a historical high [1] - The number of MUJI stores in China increased by 24 to a total of 422, contributing to a global net increase of 107 stores, totaling 1,412 [1] Group 2: Shanghai's Camping Policy - Shanghai government encourages designated areas for camping in various locations, including tourist attractions and parks, under specific regulations [2] - This policy is expected to benefit camping operators and outdoor equipment brands in the short term, facilitating rapid deployment [2] - Long-term implications include monitoring land use and environmental regulations, with potential revenue increases for tourism operators and outdoor product companies [2] Group 3: China Eastern Airlines' Wi-Fi Initiative - China Eastern Airlines announced free Wi-Fi service for all economy class passengers on its wide-body domestic flights starting October 11 [3] - This initiative is anticipated to enhance passenger experience, potentially increasing seat occupancy and fare premiums [3] - The long-term value of in-flight internet access may lead to new revenue streams from advertising and content sharing [3] Group 4: Guilin Tourism's Asset Disposal - Guilin Tourism plans to publicly transfer 100% equity and debt of its wholly-owned subsidiary, Zijiang Danxia Company, which operates a scenic area [4] - This divestiture is aimed at reducing financial pressure and improving overall profitability in the short term [4] - If the transfer price exceeds book value, it could enhance cash flow for marketing or new projects, with the tourism sector currently at a historical low valuation [4]

Group 1 - The company held its seventh board meeting on October 9, 2025, where all nine directors attended, and the meeting complied with relevant laws and regulations [2][3] - The board approved the proposal to publicly transfer 100% equity and debt of its wholly-owned subsidiary, Guilin Zijiang Danxia Tourism Co., Ltd., which operates the Zijiang Tianmen Mountain Scenic Area [3][7] - The company plans to conduct information disclosure before the formal transfer process, in accordance with national and regional regulations [7][8] Group 2 - Guilin Zijiang Danxia Tourism Co., Ltd. has a registered capital of 50 million yuan and is fully owned by the company [10] - As of June 30, 2025, the company's debt to Zijiang Danxia was approximately 237.11 million yuan [12] - The purpose of the transaction is to optimize the company's asset structure, improve operational efficiency, and reduce losses, with no significant impact expected on the company's operations and business development [12]

Core Viewpoint - Guilin Tourism Co., Ltd. plans to publicly transfer 100% equity and debt of its wholly-owned subsidiary, Zijiang Danxia Tourism Co., Ltd., which operates the Zijiang Tianmen Mountain Scenic Area [1] Group 1 - Zijiang Danxia Tourism Co., Ltd. has a registered capital of 50 million yuan [1] - The decision was approved during the sixth meeting of the seventh board of directors of Guilin Tourism [1] - The transfer will be conducted through a public listing on a property trading platform [1]

证券代码：000978 证券简称：桂林旅游 公告编号：2025-045 桂林旅游股份有限公司关于拟公开挂牌转让 桂林资江丹霞旅游有限责任公司 100%股权暨债权 并拟在产权交易机构进行信息预披露的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、交易概述 桂林资江丹霞旅游有限责任公司（以下简称"资江丹霞公司"）为桂林旅游 股份有限公司（以下简称"公司"或"本公司"）的全资子公司，注册资本 5,000 万元，主要经营资江天门山景区。 公司第七届董事会 2025 年第六次会议审议通过了关于拟公开挂牌转让资江 丹霞公司 100%股权暨债权的议案，公司董事会同意公司在产权交易机构以公开 挂牌方式转让持有的资江丹霞公司 100%股权暨所持资江丹霞公司债权（以下简 称"本次交易"）。 根据《企业国有资产交易监督管理办法》（国务院国资委、财政部令第 32 号）及《广西壮族自治区企业国有资产交易监督管理办法》（桂国资发〔2018〕2 号）等相关规定及要求，在正式挂牌转让前，公司拟在产权交易机构进行信息预 披露，该次信息预披露不构成交易行为。 桂林市国资委已同意公 ...

证券代码：000978 证券简称：桂林旅游 公告编号：2025-044 桂林旅游股份有限公司第七届董事会 2025 年第六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、董事会会议召开情况 桂林旅游股份有限公司（以下简称"公司"或"本公司"）第七届董事会 2025 年第六次会议通知于 2025 年 9 月 28 日以书面或电子文件的方式发给各位董事。 会议于 2025 年 10 月 9 日以通讯表决的方式召开。 本次董事会会议应出席董事 9 人，实际出席董事 9 人(其中：委托出席的董 事人数 0 人)。会议的召开符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 桂林资江丹霞旅游有限责任公司（以下简称"资江丹霞公司"）为本公司的 全资子公司，注册资本 5,000 万元，主要经营资江天门山景区。 公司董事会同意公司在产权交易机构以公开挂牌方式转让持有的资江丹霞 公司 100%股权暨所持资江丹霞公司债权。 根据《企业国有资产交易监督管理办法》（国务院国资委、财政部令第 32 号）及《广西壮族自治区企业国有资产交易监督管理办法》（ ...

Core Viewpoint - Guilin Tourism (000978.SZ) plans to publicly transfer 100% equity and debt of its wholly-owned subsidiary, Zijiang Danxia Tourism Co., Ltd. [1] Group 1 - Zijiang Danxia Company has a registered capital of 50 million yuan and primarily operates the Zijiang Tianmen Mountain Scenic Area [1] - The seventh board of directors of the company approved the proposal for the public transfer of the subsidiary's equity and debt during its sixth meeting in 2025 [1] - The transfer will be conducted through a public listing on a property rights trading institution [1]

Core Viewpoint - The company’s board has agreed to publicly transfer 100% equity and debt of its wholly-owned subsidiary, Guilin Zijiang Danxia Tourism Co., Ltd. [1] Financial Summary - As of June 30, 2025, the company's debt to the subsidiary amounts to 237 million yuan [1] - The total assets of Zijiang Danxia are 20.85 million yuan, with total liabilities of 256 million yuan, resulting in a net asset value of -235 million yuan [1] Transaction Details - The counterparty for this transaction has not yet been determined, and it is expected that this will not constitute a major asset restructuring [1]