Core Viewpoint - The company aims to achieve high-quality development by focusing on three main strategies: "preserving existing assets, expanding new opportunities, and shedding burdens" by 2025 [1] Group 1: Preserving Existing Assets - The company plans to leverage AI to create new tourism experiences, including the "AI Tour Guilin" platform and virtual tour guides [1] - It will develop a matrix of unique products centered around "leisure vacation + in-depth experience," enhancing cultural and thematic educational products [1] - Collaborations with innovative teams like New Oriental Culture and "New Palace Museum" will be pursued to offer customized tourism services and co-create cultural brands [1] - High-end customized products that integrate premium services with business offerings will be developed [1] Group 2: Expanding New Opportunities - The company intends to explore new avenues in cultural tourism consumption, including low-altitude sightseeing projects and a new consumption model of "touring mountains and waters, buying globally" [1] - A major scenic area centered around the Li River will be established, incorporating various cultural elements and creating multi-day tour packages [1] - Integration of resources from Two Rivers and Four Lakes, Ancient Song City, and other attractions will create a comprehensive poetic living experience [1] - The company will advance themed night tours, develop Silver Rock into a 5A scenic area, and promote wellness tourism projects [1] - Plans to acquire mature projects with stable cash flow and profits will be explored for external growth [1] Group 3: Shedding Burdens - The company will enhance the optimization and revitalization of non-performing assets through tailored strategies for each entity [1] - Measures will be taken to address low-efficiency and non-performing assets, including revitalization, divestment, and disposal [1] - A special collection team will be established to recover outstanding receivables, creating space for innovative development [1]

Core Viewpoint - Guilin Tourism Co., Ltd. received a regulatory warning from the Guangxi Securities Regulatory Bureau due to accounting errors related to the treatment of debts from loss-making subsidiaries and misclassification of investment properties [2][3]. Group 1: Accounting Errors - The company corrected accounting errors related to the debts of its loss-making subsidiary, Guilin Lipu Fengyu Rock Tourism Co., Ltd., which reported total assets of 43.97 million yuan and a net asset of -74.25 million yuan at the end of 2022 [3]. - The company acknowledged that the debts owed by the subsidiary had incurred substantial losses and were unlikely to be recoverable, leading to adjustments in the consolidated financial statements [4]. Group 2: Misclassification of Investment Properties - Guilin Tourism also identified misclassifications in its investment properties, particularly concerning Guilin Guizhun Investment Co., Ltd. and Guilin Qintan Passenger Transport Station Co., Ltd. [5]. - The company determined that certain assets classified as "investment properties" did not meet the criteria for such classification and should be reclassified as "fixed assets" and "intangible assets" [7]. Group 3: Regulatory Response - The Guangxi Securities Regulatory Bureau issued a warning letter to Guilin Tourism, which will be recorded in the securities and futures market integrity archive [2]. - The company stated that the warning would not affect its normal production and operational activities, and it is committed to submitting a written rectification report as required [2].

Core Insights - Guilin Tourism Co., Ltd. has reported significant financial losses, with nearly 1 billion yuan lost over the past five years, despite being a well-known tourist destination in China [1][2][5] Financial Performance - In 2024, Guilin Tourism achieved a revenue of 432 million yuan, a year-on-year decrease of 7.58%, with a net loss of approximately 204 million yuan, marking a staggering decline of 1830.7% [2] - The company reported a net loss of 211 million yuan in the fourth quarter of 2024 [2] - In the first quarter of 2025, the company recorded a revenue of 82.63 million yuan, down 6.6% year-on-year, with a narrowed net loss of 13.08 million yuan [5] Visitor Trends - The number of visitors to Guilin has dropped from 8.99 million in 2019 to 5.68 million in 2024, failing to recover to pre-pandemic levels and even lower than 2015 figures [5][7] - Tourist numbers for key attractions like Silver Cave and Zijiang Tianmen Mountain have also declined in 2024 compared to 2023 [7] Investment Issues - Guilin Tourism has invested in several low-profit projects, leading to asset impairment, including over 100 million yuan in impairment provisions for the failed sports and leisure project at Luoshan Lake [7] - The company has five major subsidiaries, with only two (Silver Cave and Guilin Li River Ancient Song Performance Development Co., Ltd.) reporting profits, while the others are operating at a loss [5] Market Dynamics - The decline in visitor numbers is attributed to a combination of poor tourist experiences and increased competition from emerging tourist destinations [8][21] - The average tourist spending in Guilin in 2024 was approximately 1,228 yuan, which is considered low compared to other popular tourist cities [12][14] - The shift in consumer preferences towards self-guided and experiential travel has left Guilin's traditional group tour model struggling to attract younger tourists [15][19] Competitive Landscape - Newer tourist cities are gaining popularity, further fragmenting the market share that Guilin once held [21] - Despite the decline in domestic tourists, there has been an increase in foreign visitors, particularly in areas like Yangshuo, which saw a nearly twofold increase in inbound tourists in 2024 [23]

Group 1 - The company held its fourth meeting of the seventh board of directors on May 21, 2025, with all nine directors present, complying with relevant regulations [1] - The board approved the appointment of Chen Lihua as the Chief Financial Officer, following the review and consent of the nomination and audit committees [1] - The board also appointed Chen Wei as the Secretary of the Board, replacing Wang Xiaolong, with Chen Wei possessing the necessary qualifications and experience [2] Group 2 - Chen Lihua, born in May 1974, has a university degree in accounting and is a senior accountant, CPA, and tax advisor, with a history of working in various financial roles within the company since June 2008 [3] - Chen Wei, born in April 1979, holds a bachelor's degree in economics and has been with the company since 2000, serving as the securities affairs representative and currently as the general manager of the securities department [5]

证券代码：000978 证券简称：桂林旅游 公告编号：2025-035 桂林旅游股份有限公司第七届董事会 2025 年第四次会议决议公告 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 年第四次会议通知于 2025 年 5 月 16 日以书面或电子文件的方式发给各位董事。 会议于 2025 年 5 月 21 日上午以通讯表决的方式召开。本次董事会应出席董事 9 人，实际出席 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 1.经通讯表决，会议以 9 票同意，0 票反对，0 票弃权，审议通过了关于聘 任公司财务总监的议案。 根据《深圳证券交易所股票上市规则》《公司章程》等有关规定及工作需 要，经公司董事会提名委员会、董事会审计委员会审核同意，公司董事会聘任 陈丽华女士为公司财务总监（简历见附件 1）。 传真号码：0773-3558955 2.经通讯表决，会议以 9 票同意，0 票反对，0 票 ...

Group 1 - The tourism market is experiencing a recovery, but there are complaints from two groups: workers traveling during holidays facing high costs and overcrowding at popular destinations [1][2] - Despite the challenges, the travel enthusiasm continues, with Ctrip reporting a 23% year-on-year increase in domestic travel bookings during the Dragon Boat Festival [3] - The overall spending on tourism has increased, which is generally positive for tourism-related companies [4] Group 2 - However, many scenic tourism companies are struggling financially, with only four out of 18 listed companies showing growth in both revenue and profit for 2024 [6][13] - Guilin Tourism, a major player, reported a net loss of 204 million yuan in 2024, a staggering decline of 1830.7% year-on-year, despite high visitor numbers [8][9] - The trend of increasing visitors leading to greater losses is noted, with some companies facing severe financial difficulties [18] Group 3 - The financial struggles of tourism companies are attributed to various factors, including a decline in visitor numbers for natural scenic spots and increased competition from new attractions [22][29] - For instance, Zhangjiajie saw a drop in visitors from nearly 80 million in 2019 to 35.7 million in 2024 [24] - Many natural scenic companies are facing challenges due to low repeat visitor rates and declining ticket prices, impacting their revenue [29] Group 4 - Theme park companies like Haichang Ocean Park are also experiencing revenue declines despite increased visitor numbers, with ticket revenue dropping from 903 million yuan in 2023 to 895 million yuan in 2024 [36] - The overall revenue for Haichang Ocean Park decreased by 0.13% due to the impact of consumer spending trends [37] - Even companies like Songcheng Performing Arts, which reported growth, are facing challenges with core project revenues declining significantly [39] Group 5 - Some companies are successfully adapting to the changing market by diversifying their offerings and focusing on new projects, such as Songcheng Performing Arts, which saw a 25.49% increase in revenue in 2024 [43] - The company has shifted its focus to popular tourist cities and lower-tier markets, resulting in significant revenue growth from new projects [45] - Innovative experiences and interactive projects are becoming essential for attracting visitors, as seen with the success of the Laojieling scenic area [54][56]

Core Viewpoint - The local tourism companies in China, once considered prestigious, are now facing significant financial losses and operational challenges, raising questions about their management and sustainability in the current market environment [2][12][26]. Financial Performance - Guilin Tourism reported a net loss of 200 million yuan in 2024, accumulating losses of nearly 1 billion yuan since 2020 [2][3]. - Qujiang Cultural Tourism incurred a loss of 131 million yuan in 2024, with total losses nearing 600 million yuan over three years [2]. - Zhangjiajie experienced a net loss of 582 million yuan in 2024, with cumulative losses exceeding 1.3 billion yuan over five years [2][10]. Management and Operational Issues - Many local tourism groups operate under a "debt-first, project-later" philosophy, leading to a mismatch between financing needs and operational capabilities [14][25]. - Management teams often lack the necessary expertise, as many come from bureaucratic backgrounds rather than tourism or business sectors [14][25]. - There is a prevalent issue of projects being initiated without proper market research or operational planning, resulting in poor performance and financial losses [16][20]. Market Dynamics - Despite high visitor numbers, many projects fail to generate profit, leading to a reliance on debt financing to sustain operations [7][21]. - The current market is becoming less forgiving, with stricter regulations on financing and project approvals, making it harder for companies to secure funding based on optimistic projections [28][29]. Future Outlook - The local tourism sector may face further declines, with many companies potentially unable to recover without significant changes to their operational models [26][29]. - There is a need for local tourism companies to acknowledge their issues and adjust their strategies, focusing on sustainable practices rather than merely seeking new funding [29].

桂林旅游股份有限公司 关于收到广西证监局警示函的公告 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。 证券代码：000978 证券简称：桂林旅游 公告编号：2025-034 一、桂林旅游全体董事、监事和高级管理人员应加强证券法律法规的学习， 不断提高履职能力，忠实勤勉、谨慎履职，切实提高公司规范运作水平，杜绝类 似问题发生。 桂林旅游股份有限公司（以下简称"公司"）于 2025 年 5 月 16 日收到中国 证券监督管理委员会广西监管局（以下简称"广西证监局"）出具的《关于对桂 林旅游股份有限公司及有关责任人出具警示函措施的决定》（〔2025〕9 号）（以下 简称"警示函"），现将具体情况公告如下： 一、警示函的具体内容 "桂林旅游股份有限公司、申光明、文政、王小龙： 2025 年 4 月 12 日桂林旅游股份有限公司（以下简称桂林旅游）披露《关于 前期会计差错更正的公告》,对超额亏损子公司债权、出租资产的会计处理进行 差错更正，对 2022 年度、2023 年度、2024 年一季度、2024 年半年度、2024 年 三季度财务报表相关科目进行追溯调整。 桂林 ...

Core Viewpoint - The Chinese cultural tourism complex industry is entering a transformation and upgrading phase, becoming a significant engine for driving domestic demand growth and promoting industrial upgrades. The market size is projected to reach 2.59 billion yuan in 2024, with a year-on-year growth of 16.11% [1][12]. Industry Overview - Cultural tourism complexes integrate culture as the core driving force, combining tourism, commerce, leisure, and residential functions into a comprehensive space. They aim to meet tourists' needs for cultural experiences, leisure vacations, and shopping while promoting regional cultural heritage and tourism industry upgrades [2]. Industry Development History - The industry has gone through four stages: 1. **Emergence Stage (1978-1999)**: Focused on sightseeing with limited cultural integration. 2. **Initial Exploration Stage (2000-2009)**: Increased emphasis on cultural tourism with early projects combining cultural performances and tourism. 3. **Rapid Development Stage (2010-2019)**: Cultural tourism complexes became key for local economic transformation, supported by national strategies. 4. **Transformation and Upgrading Stage (2020-Present)**: Shift towards high-quality, diversified, and technology-driven experiences, accelerated by the pandemic [4][5][6]. Industry Value Chain - The industry value chain includes: - **Upstream**: Resource development, planning, design, and cultural resource/IP development. - **Midstream**: Operation services of cultural tourism complexes. - **Downstream**: Tourists and consumers [8]. Market Size - The market size of the cultural tourism complex industry is expected to reach 2.59 billion yuan in 2024, with a year-on-year growth of 16.11%. The industry is witnessing trends of cross-industry integration, such as "cultural tourism + technology" and "cultural tourism + commerce" [12]. Key Enterprises - Major players in the industry include: - **China Overseas Chinese Town**: Leading enterprise with a comprehensive business model covering theme parks and cultural performances. - **Sunac Culture**: Known for its "ice and snow world + commercial complex" model. - **China Youth Travel Service**: Focuses on integrated tourism services with projects like Wuzhen and Gubei Water Town. - **Yunnan Tourism**: Leverages rich cultural resources for unique tourism projects [14][16][17]. Industry Development Trends 1. **Integration of Immersive Experiences and Smart Operations**: The industry is transitioning from resource-driven to technology-driven, utilizing advancements in 5G, AI, and the metaverse to enhance visitor experiences [20]. 2. **Demand Differentiation Driven by Generational Changes**: The Z generation and the elderly are shaping the market, leading to a focus on unique experiences and wellness tourism [21][22]. 3. **Green Concepts and Industrial Synergy**: The industry is moving towards low-carbon and industrialized upgrades, with a focus on sustainable practices and collaboration across sectors [23].

截至本公告披露日，王小龙先生未持有公司股票。 证券代码：000978 证券简称：桂林旅游 公告编号：2025-033 桂林旅游股份有限公司 关于财务总监辞职的公告 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。 桂林旅游股份有限公司（以下简称"公司"）董事会于2025年5月13日收到 财务总监王小龙先生提交的书面辞职报告。王小龙先生因工作调整，辞去公司财 务总监职务。辞职后，王小龙先生继续担任公司董事、副总裁、董事会战略委员 会委员职务。 王小龙先生辞去公司财务总监职务不会影响公司的正常运行。根据《深圳证 券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第1号——主 板上市公司规范运作》《公司章程》等相关规定，其辞职报告自送达董事会时生 效。公司将按照相关规定尽快完成财务总监的选聘工作。 王小龙先生担任公司财务总监期间，恪尽职守、勤勉尽责，公司董事会对王 小龙先生在任职期间为公司所作出的贡献表示衷心感谢！ 特此公告。 桂林旅游股份有限公司董事会 2025 年 5 月 13 日 ...