桂林旅游股份有限公司 2016 年第三季度报告正文 证券代码：000978 证券简称：桂林旅游 公告编号：2016-032 桂林旅游股份有限公司 2016 年第三季度报告正文 1 桂林旅游股份有限公司 2016 年第三季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人刘涛、主管会计工作负责人陈罗曼及会计机构负责人(会计主管 人员)陈丽华声明：保证季度报告中财务报表的真实、准确、完整。 2 桂林旅游股份有限公司 2016 年第三季度报告正文 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 2,741,876,439.11 | 2,857,230,919.94 | | -4 ...

Financial Performance - The company's operating revenue for the reporting period was CNY 203,605,522.66, a decrease of 6.99% compared to CNY 218,898,894.77 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was CNY 4,624,742.89, marking a turnaround from a loss of CNY 3,487,240.86, representing a 232.62% improvement[20]. - The net cash flow from operating activities was CNY 77,548,543.90, an increase of 2,319.15% compared to CNY 3,205,614.60 in the previous year[20]. - Basic earnings per share were CNY 0.013, compared to a loss of CNY 0.010 per share in the same period last year, reflecting a 230.00% change[20]. - The operating profit was CNY -9.65 million, a decrease of CNY 4.47 million compared to the previous year[28]. - The decline in revenue was primarily due to a 3.66% decrease in visitor numbers, influenced by prolonged rainy seasons[28]. - The company achieved operating revenue of CNY 203.61 million, a year-on-year decrease of 6.99%[28]. - The net profit excluding non-recurring gains and losses was CNY -5,936,115.45, a deterioration of 43.78% compared to CNY -4,128,626.07 in the same period last year[20]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,795,750,698.47, a decrease of 2.15% from CNY 2,857,230,919.94 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company were CNY 1,465,560,602.08, down 0.90% from CNY 1,478,940,721.39 at the end of the previous year[20]. - Total current assets decreased from CNY 526,878,575.63 at the beginning of the period to CNY 430,317,883.71 at the end, a decline of approximately 18.3%[122]. - Total liabilities decreased from CNY 1,253,313,372.75 to CNY 1,214,140,648.04, reflecting a reduction of approximately 3.1%[124]. - The total owner's equity decreased from CNY 1,603,917,547.19 to CNY 1,581,610,050.43, a decrease of about 1.4%[124]. Government Subsidies and Investments - The company received government subsidies totaling CNY 6 million for public welfare and CNY 3.5 million for local tourism development projects[28]. - The company received government subsidies amounting to 2.0 million for tourism development projects in the region[38]. - The company invested CNY 25.9 million to acquire 70% of the Luoshan Lake Tourism Company, which is also temporarily halted due to market conditions[35]. - The company has a registered capital of CNY 2 billion for the establishment of Guilin Airlines Tourism Group, with a 16% stake contributed from the company[29]. Market and Visitor Statistics - The company reported a total of 1.3849 million visitors to its scenic spots, a year-on-year increase of 0.18%[37]. - The company's Li River cruise business served 232,900 visitors, a year-on-year decrease of 11.40%[37]. - The tourism bus company served 367,800 visitors, a year-on-year decrease of 7.93%[37]. - The Li River Waterfall Hotel received 151,100 visitors, a year-on-year increase of 11.81%[37]. - The company received 352.17 million visitors during the reporting period, a decrease of 3.66% year-on-year[40]. Corporate Governance and Compliance - All directors attended the board meeting to review this report, ensuring governance and oversight[4]. - The company maintains compliance with corporate governance standards as per relevant laws and regulations[65]. - There were no significant litigation or arbitration matters during the reporting period[66]. - The company did not report any significant changes in its operational performance during the reporting period[71]. Future Outlook and Strategic Plans - The company plans to expand its market presence through new tourism projects and partnerships in the coming year[38]. - Future guidance indicates a cautious outlook due to market conditions, with expected revenue growth of around 5% for the next fiscal year[38]. - The company plans to focus on market expansion and new product development to enhance future growth prospects[130]. - The management provided a positive outlook for the next fiscal year, expecting a revenue growth of approximately 15%[144]. Legal Matters - Guilin Tourism Co., Ltd. reported a significant impact on its financial performance due to ongoing litigation, which has affected its asset management and debt repayment capabilities[67]. - The company is currently involved in a lawsuit concerning loan interest disputes, with the court ruling expected to influence future financial outcomes[67]. - The ongoing litigation has created uncertainty regarding the company's future profitability and operational strategies, necessitating careful monitoring of legal developments[67]. Subsidiaries and Operations - The company has several subsidiaries engaged in tourism services, including Guilin Lijiang Waterfall Hotel Co., Ltd. and Guilin Two Rivers and Four Lakes Tourism Co., Ltd.[55]. - The company holds a 51% stake in Guilin Tiandi Holiday Tourism Co., Ltd., which focuses on tourism project investment and management[32]. - The company established a wholly-owned subsidiary, Guilin Blue Shield Information Technology Co., Ltd., with a registered capital of 1 million yuan, focusing on software and information technology services[74]. Revenue Recognition and Accounting Policies - The company's revenue is primarily derived from tourism services, hotel operations, real estate development, vehicle inspection, and property leasing[200]. - Revenue from tourism services is recognized upon completion of services and receipt of payment evidence[200]. - The company recognizes long-term equity investments based on the book value of the acquired entity's equity for business combinations under common control[176]. - The company measures inventory at the lower of cost and net realizable value, with provisions made for inventory write-downs on an individual basis or by category for large quantities of low-value items[175].

Financial Performance - The company's operating revenue for Q1 2016 was ¥97,478,709.40, representing a 0.34% increase compared to ¥97,151,006.31 in the same period last year[8]. - The net profit attributable to shareholders was a loss of ¥10,858,601.09, which is a 20.01% reduction in loss compared to a loss of ¥13,575,615.81 in the previous year[8]. - The net cash flow from operating activities was a negative ¥23,610,360.04, showing a 17.31% improvement from a negative ¥28,552,172.56 in the same period last year[8]. - The total assets at the end of the reporting period were ¥2,728,996,462.34, down 4.49% from ¥2,857,230,919.94 at the end of the previous year[8]. - The net assets attributable to shareholders decreased by 0.73% to ¥1,468,082,258.10 from ¥1,478,940,721.39 at the end of the previous year[8]. - The basic and diluted earnings per share were both -¥0.030, a decrease of 21.05% from -¥0.038 in the same period last year[8]. - The weighted average return on equity improved to -0.74% from -0.93% year-on-year, reflecting a 0.19% increase[8]. - Non-operating income and expenses amounted to a net loss of ¥34,204.98, impacting the overall financial results[10]. Government Support - The company received government subsidies totaling ¥1,164,604.19 during the reporting period, which contributed positively to its financial performance[9]. - The company reported a total of 10,568.20 yuan in government subsidies for public welfare positions, aiding in employment for difficult-to-employ individuals[10]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 30,490[13]. - The largest shareholder, Guilin Tourism Development Company, holds 23.06% of shares, totaling 83,051,422 shares[13]. - Guilin Tourism Development Company is the controlling shareholder of Guilin Wuzhou Tourism Co., Ltd., indicating a significant ownership structure[13]. Cash Flow and Financial Management - Cash and cash equivalents decreased by 61.11% from 197.42 million to 76.78 million due to repayment of bank loans and employee bonuses[15]. - Prepaid accounts increased by 105.19% from 2.39 million to 4.91 million, attributed to prepayments for fuel and hotel renovation[15]. - Investment income surged by 813.86% from 0.44 million to 4.02 million, driven by increased returns from associated companies[17]. - Net cash flow from operating activities improved by 17.31% from -28.55 million to -23.61 million, reflecting increased cash receipts from sales[19]. - The company repaid 10.2 million in short-term loans, reducing the total from 30.7 million to 20.5 million, a decrease of 33.22%[15]. - The company reported a 67.63% decrease in employee compensation payable, from 41.21 million to 13.34 million, due to the distribution of bonuses[15]. - The net cash flow from financing activities decreased by 24.13% from -122.59 million to -93.01 million, indicating reduced bank borrowing[19]. Investments and Acquisitions - Guilin Tourism Co., Ltd. holds a 16% stake in Guilin Airlines Tourism Group Co., Ltd. after a capital contribution agreement signed on March 4, 2016[21]. - As of the report date, Guilin Tourism has received 14.74 million CNY from Guilin Xingjin Industrial Co., Ltd. for the Fulong Garden project[22]. - The company established Guilin Tiandi Holiday Tourism Co., Ltd. with a registered capital of 5 million CNY, holding a 51% stake[23]. - The company transferred 10% of its stake in Guilin Tiandi Holiday Tourism Co., Ltd. to Zhejiang Shenda Intelligent Technology Co., Ltd. for 500,000 CNY[23]. - Guilin Tourism acquired the waterway operation rights for the urban section of the Lijiang River for 45 million CNY, with a capacity of 700 passenger seats[25]. - The company is responsible for integrating existing boat enterprises in the Lijiang urban section, which has a total capacity of 2,395 passenger seats[26]. - The operational rights for the Lijiang River will last for 10 years, from March 30, 2016, to March 29, 2026[25]. - The company aims to enhance its market share by controlling water tourism resources in the Lijiang urban section[26]. Commitments and Warnings - As of April 2016, the initial capital contributions from shareholders amounted to 250,000 CNY, with Guilin Tourism contributing 102.5 million CNY[24]. - The company is currently fulfilling commitments made regarding stock market activities and shareholder agreements[28]. - The company reported a commitment to not reduce its stock holdings in the next six months, having purchased 102,600 shares for approximately 1 million RMB, totaling a transaction amount of 1.0446 million RMB[29]. - There is a warning regarding the potential for significant changes in net profit for the period from January to June 2016, although specific figures were not provided[31]. Compliance and Activities - The company did not engage in any securities or derivative investments during the reporting period[32]. - There were no activities related to research, communication, or interviews conducted during the reporting period[33]. - The company reported no violations regarding external guarantees during the reporting period[34]. - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[35].

Financial Performance - The company's operating revenue for 2015 was ¥499,996,211.06, a decrease of 49.57% compared to ¥991,375,743.13 in 2014[14]. - The net profit attributable to shareholders for 2015 was ¥29,887,983.13, down 27.48% from ¥41,212,182.33 in 2014[14]. - The net profit after deducting non-recurring gains and losses was ¥26,598,618.21, a decline of 49.33% from ¥52,495,714.61 in 2014[14]. - The basic earnings per share for 2015 was ¥0.083, a decrease of 27.19% compared to ¥0.114 in 2014[14]. - The total assets at the end of 2015 were ¥2,857,230,919.94, a decrease of 6.84% from ¥3,066,930,823.76 at the end of 2014[14]. - The net assets attributable to shareholders increased by 0.93% to ¥1,478,940,721.39 from ¥1,465,253,440.37 at the end of 2014[14]. - The weighted average return on equity for 2015 was 2.03%, down from 2.85% in 2014[14]. - The company received government subsidies related to its business operations amounting to approximately $2.61 million in 2015[21]. - The company achieved a revenue of CNY 499.9962 million, with a net profit attributable to shareholders of CNY 29.888 million, reflecting a year-on-year increase of CNY 54.4273 million in revenue and CNY 50.2714 million in net profit after excluding the impact of the 2014 property project transfer[33]. - The company reported a total revenue of 2.48 billion yuan, with a net profit of 1.73 billion yuan, reflecting a year-on-year increase of 27% in revenue and 12% in net profit[73]. Cash Flow and Investments - The net cash flow from operating activities increased by 116.91% to ¥258,380,077.82 from ¥119,118,059.21 in 2014[14]. - The company’s operating costs decreased by 57.99% to CNY 27,707.67 million, primarily due to the transfer of the Fulong Garden real estate project[40]. - The cash flow from investment activities saw a significant increase of 190.45%, reaching ¥35,168,692.46 compared to ¥12,108,230.19 in 2014[59]. - The cash flow from financing activities decreased by 34.83% to ¥683,000,000.00 from ¥1,048,000,000.00 in 2014[59]. - The company reported a decrease in cash and cash equivalents by 438.86%, resulting in a net decrease of ¥75,291,383.18[60]. - The total investment in the reporting period was ¥3,700,000.00, a drastic decrease of 96.11% compared to the previous year[65]. Tourism Industry Position - The company maintains a leading position in the tourism industry in Guilin, holding 41.55% of the total passenger capacity for cruise ships on the Li River[23]. - The tourism industry is expected to experience stable growth, supported by increasing domestic demand and government policies[24]. - The company has secured long-term operating rights for key tourist attractions, including a 40-year exclusive right for the "Two Rivers and Four Lakes" scenic area until 2050[28]. - The company has a diversified business model, including cruise operations, hotel services, and travel transportation, which has not undergone significant changes during the reporting period[23]. - The overall visitor growth across various subsidiaries indicates a positive trend in the tourism sector for Guilin Tourism Co., Ltd.[74][75][79][78]. Strategic Initiatives and Future Plans - The company launched the "Tourism+" strategy, successfully integrating tourism with cultural and performance elements, exemplified by the establishment of the "Rongbaozhai (Guilin) Auction Co., Ltd." which achieved a transaction volume exceeding CNY 200 million in its first auction[30][37]. - The company is in the process of establishing the Guilin Aviation Tourism Group Co., Ltd. with a registered capital of CNY 2.5 billion, in which the company holds a 16.32% stake[34]. - The company has initiated the "Two Rivers and Four Lakes" project aiming for a 5A-level tourism attraction, which has been included in the preparatory list for 5A-level scenic spots[32]. - The company plans to continue improving its tourism services and expand its market presence in the coming periods[40]. - The company plans to achieve stable growth in tourist reception, operating revenue, and net profit in 2016 compared to 2015[99]. Governance and Management - The company has established a strong governance framework with a clear delineation of roles among board members and management[181][182]. - The independent directors bring valuable insights from their previous roles in other companies, contributing to strategic discussions and decisions[177][178][179]. - The company is committed to maintaining high standards of corporate governance, which is reflected in the composition of its board and management team[181][182]. - The leadership team has a mix of academic qualifications and practical experience, which is essential for navigating the competitive tourism industry[171][172][173][174][175][176]. - The company has appointed several independent directors with diverse backgrounds, including economics, law, and accounting, enhancing governance and oversight[177][178][179][180]. Employee and Social Responsibility - The company employed a total of 2,912 staff, including 775 in the parent company and 2,137 in major subsidiaries[192]. - The company has established a training and re-education mechanism for employees, ensuring training effectiveness through assessments[194]. - The company emphasizes its commitment to corporate social responsibility, focusing on sustainable development and stakeholder rights protection[151]. - The company has implemented measures for energy conservation and environmental protection, aiming for reduced resource consumption[151]. - The company is actively engaged in safety production management, enhancing training and supervision to maintain a good safety record[151].

Financial Performance - Operating revenue increased by 11.64% to CNY 163,990,027.07 for the current period[7] - Net profit attributable to shareholders increased by 46.73% to CNY 35,258,527.50 for the current period[7] - Net profit attributable to shareholders after deducting non-recurring gains and losses increased by 55.98% to CNY 36,311,879.46[7] - Basic earnings per share rose by 46.27% to CNY 0.098[7] - The weighted average return on equity increased to 2.41%, up from 0.77%[7] - The net profit attributable to the parent company for the first nine months of 2015 was ¥31.77 million, a turnaround from a loss of ¥9.25 million in the same period of 2014, driven by a 15.32% increase in tourist visits[17] - Operating revenue for the first nine months of 2015 increased by ¥46.97 million, a year-on-year growth of 13.98%[17] - The company’s tax expenses increased by 89.86% to ¥8.53 million due to higher profits from increased tourist traffic[17] Assets and Liabilities - Total assets decreased by 7.62% to CNY 2,833,354,205.32 compared to the end of the previous year[7] - The net cash flow from operating activities decreased by 161.30% to CNY 50,583,932.74 year-to-date[7] - As of September 30, 2015, cash and cash equivalents decreased by 80.43% to ¥53.32 million due to the repayment of bank loans[15] - Short-term borrowings decreased by 56.62% to ¥308 million as the company repaid part of its bank loans and adjusted its debt structure[15] - The company repaid bank loans and reduced short-term borrowings, resulting in a net cash outflow from financing activities of ¥249.96 million[18] Investments and Subsidiaries - Investment income rose by 85.99% to ¥22.84 million, primarily from subsidiaries[17] - The company established a new auction company with a registered capital of ¥10 million, holding a 24% stake[21] - The company established a subsidiary with Songcheng Performance Development Co., Ltd. to create the "Li River Eternal Love" performance project, with a total investment of approximately 500 million RMB[23] - The registered capital of the newly established subsidiary is 200 million RMB, with the company contributing 60 million RMB for a 30% stake[23] - The project will cover an area of approximately 160 acres and will include a theater, performance space, cultural tourism, and commercial facilities[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 50,949[11] - The largest shareholder, Guilin Tourism Development Co., Ltd., holds 23.06% of the shares[11] - The company’s executives purchased a total of 102,600 shares of the company stock for a total amount of 1.0446 million RMB between July 16 and August 31, 2015[22] Government Support and Other Activities - The company received government subsidies amounting to CNY 2,205,617.78 during the reporting period[8] - The company has not reported any significant changes in net profit expectations for the year 2015[28] - There were no securities investments or derivative investments reported during the period[29][30] - The company has not engaged in any non-operating fund occupation by controlling shareholders or their affiliates during the reporting period[33] - The company held discussions with institutional investors regarding its development strategy and the "Li River Eternal Love" project on September 29, 2015[31] Cash Flow - The net cash flow from operating activities was ¥50.58 million, a significant improvement from a negative cash flow of ¥82.52 million in the same period of 2014[18] - Prepayments increased by 94.87% to ¥6.16 million, attributed to hotel renovation and installation payments made by a subsidiary[15]

Financial Performance - The company's operating revenue for the reporting period was ¥218,898,894.77, representing a 15.80% increase compared to ¥189,023,739.89 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was -¥3,487,240.86, a significant improvement of 89.52% compared to -¥33,281,279.76 in the previous year[19]. - The net cash flow from operating activities was ¥3,205,614.60, a turnaround from -¥109,261,803.31 in the same period last year, indicating a 102.93% improvement[19]. - The total assets at the end of the reporting period were ¥2,882,716,258.31, down 6.01% from ¥3,066,930,823.76 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company decreased by 1.34% to ¥1,445,561,699.51 from ¥1,465,253,440.37 at the end of the previous year[19]. - The basic earnings per share were -¥0.010, an improvement of 89.13% from -¥0.092 in the same period last year[19]. - The diluted earnings per share were also -¥0.010, reflecting the same percentage improvement as the basic earnings per share[19]. - The weighted average return on net assets improved to -0.24% from -2.36% in the previous year, showing a positive trend[19]. - The company reported an operating profit of -5.18 million yuan, an improvement of 33.30 million yuan compared to the previous year[26]. - The company reported a net profit of 60.12 million, which is a year-over-year increase of 5.77%[32]. Revenue and Growth - The company achieved operating revenue of 218.89 million yuan, a year-on-year increase of 15.80%[26]. - The total number of tourists received by the company's scenic spots reached 1.38 million, a year-on-year growth of 18.72%[30]. - The company's cruise passenger transport business served 262,900 tourists, reflecting a year-on-year increase of 19.28%[30]. - The company reported a total revenue of 360.1 million yuan for the first half of 2015, reflecting a significant increase compared to the previous period[123]. - User data indicates a 30% increase in the number of visitors to the company's attractions compared to the same period last year[124]. - Future guidance indicates a projected revenue growth of 20% for the next fiscal year, driven by increased marketing efforts[124]. Investment and Expansion - The company plans to expand its investment in the Guilin tourism sector, focusing on enhancing service offerings and operational efficiency[32]. - The company is exploring potential acquisitions to enhance its service portfolio and market reach, with a budget allocation of 10 million yuan for this purpose[48]. - The company plans to expand its market presence by entering three new regions in the upcoming quarter[122]. - The company is investing $250 million in new product development, focusing on innovative technologies[122]. - The company is exploring potential mergers and acquisitions to enhance its competitive edge in the market[128]. Cash Flow and Financial Health - The overall operational cash flow showed a positive trend, indicating improved financial health and sustainability[32]. - The company reported a significant increase in cash received from investment income, rising to ¥35,128,620.88 from ¥4,624,111.03, an increase of over 661%[117]. - The net cash flow from investment activities improved to ¥9,685,363.59, compared to a negative cash flow of ¥-197,411,346.74 previously[117]. - The total cash and cash equivalents at the end of the period decreased to ¥108,758,245.16 from ¥388,289,251.93, a decline of approximately 72%[117]. Shareholder and Dividend Policies - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[4]. - The cash dividend policy complies with the company's articles of association and shareholder resolutions[51]. - The decision-making process for the cash dividend policy is complete and transparent[51]. - Independent directors fulfilled their responsibilities regarding the cash dividend policy[51]. - The rights of minority shareholders were adequately protected during the dividend distribution process[51]. Assets and Liabilities - Total liabilities decreased from CNY 1,461,772,944.09 to CNY 1,304,624,239.14, a reduction of approximately 10.74%[106]. - Current liabilities decreased from CNY 985,125,619.67 to CNY 583,716,321.24, a decrease of about 40.73%[106]. - Total assets decreased from CNY 3,066,930,823.76 to CNY 2,882,716,258.31, a decline of approximately 6.01%[106]. - Owner's equity decreased from CNY 1,605,157,879.67 to CNY 1,578,092,019.17, a decrease of approximately 1.69%[106]. Operational Efficiency and Cost Management - Operating expenses increased to 121.40 million, reflecting a decrease of 0.47% compared to the same period last year[32]. - Financial expenses increased by 2.95% during the reporting period, with bank loan interest rising to 29.92 million[32]. - The management emphasized the importance of sustainability initiatives in future strategies, aiming for a 10% reduction in operational costs through eco-friendly practices[48]. - The company aims to improve operational efficiency, targeting a cost reduction of 3% in the upcoming fiscal year[125]. Accounting and Compliance - The company has not made any adjustments or restatements to previous years' accounting data due to changes in accounting policies or corrections of accounting errors[19]. - The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises, reflecting the financial position as of June 30, 2015[138]. - The company has established a unified accounting policy for its subsidiaries to ensure consistency in financial reporting[147]. Market Position and Competitive Edge - The company has a 40-year exclusive operating right for the "Two Rivers and Four Lakes" scenic area, valid until 2050[36]. - The company holds a 66-year operating right for the Lijiang Yinziyan scenic area, valid until 2068[36]. - The company has maintained its ability to continue as a going concern for at least 12 months from the reporting date[136]. - The company has a diverse range of business operations, including tourism trade and the manufacturing and sales of tourism crafts[133].

Financial Performance - The company's operating revenue for Q1 2015 was ¥97,151,006.31, representing an increase of 18.57% compared to the same period last year[6] - The net profit attributable to shareholders was -¥13,575,615.81, a decrease of 49.79% year-on-year[6] - The basic and diluted earnings per share were both -¥0.038, a reduction of 49.33% from -¥0.075 in the same period last year[6] - The net profit attributable to the parent company improved by CNY 13.46 million to a loss of CNY 13.58 million from a loss of CNY 27.04 million, driven by a 25.78% increase in visitor numbers to 572,800[16] - Operating revenue increased by 18.57% to CNY 9.99 million, attributed to the growth in visitor numbers[16] Cash Flow and Assets - The net cash flow from operating activities was -¥28,552,172.56, showing an improvement of 74.40% compared to -¥111,534,310.74 in the previous year[6] - The company's cash and cash equivalents decreased by 50.13% to CNY 135.91 million from CNY 272.51 million, primarily due to repayment of bank loans and employee bonuses[14] - The net cash flow from operating activities improved to a negative CNY 28.55 million from a negative CNY 111.53 million, due to increased cash receipts from sales and reduced cash payments[17] - Total assets at the end of the reporting period were ¥2,904,635,470.01, down 5.29% from the previous year-end[6] - The net assets attributable to shareholders were ¥1,451,677,824.56, a decrease of 0.93% compared to the previous year-end[6] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 24,191[11] - The largest shareholder, Guilin Tourism Development Company, held 23.06% of the shares, totaling 83,051,422 shares[11] - No repurchase transactions were conducted by the top ten ordinary shareholders during the reporting period[12] Government Support and Expenses - The company received government subsidies amounting to ¥314,849.91 during the reporting period[8] - The income tax expense increased by 437.17% to CNY 2.90 million from CNY 0.54 million, due to higher profits and the issuance of employee bonuses[15] Investments and Liabilities - The company recorded an investment income of CNY 0.44 million, a turnaround from a loss of CNY 1.57 million in the previous period, due to increased earnings from associated companies[15] - The company repaid bank loans, resulting in a 35.25% decrease in non-current liabilities due within one year to CNY 45 million from CNY 69.5 million[14] Corporate Changes and Plans - The company’s major shareholder changed, with the establishment of Guilin Aviation Tourism Group Co., Ltd. with a registered capital of CNY 2.5 billion[19] - The company terminated its plan for a non-public stock issuance due to uncertainties in resource integration projects[21] Miscellaneous - No research, communication, or interview activities were conducted during the reporting period[27] - The report is signed by the Chairman of Guilin Tourism Co., Ltd., Liu Tao, on April 27, 2015[28]

Financial Performance - The company achieved operating revenue of CNY 991,375,743.13, a year-on-year increase of 123.13%[22]. - Net profit attributable to shareholders reached CNY 41,212,182.33, representing a year-on-year growth of 287.12%[22]. - The financial report indicates a net profit margin of 12%, reflecting a stable financial position despite market challenges[21]. - The company reported a net cash flow from operating activities of CNY 119,118,059.21, up 331.27% compared to the previous year[22]. - The company’s basic earnings per share were CNY 0.114, an increase of 280.00% compared to the previous year[22]. - The weighted average return on equity was 2.85%, up from 0.75% in the previous year[22]. - The company’s operating costs for 2014 were CNY 659,509,600.00, an increase of 159.70% year-on-year, primarily due to the transfer of the Fulong Garden real estate project[29]. - The company achieved a net profit of CNY 69.72 million from the transfer of the Fulongyuan project[74]. Dividend Distribution - The company plans to distribute a cash dividend of 0.45 RMB per 10 shares based on a total of 360,100,000 shares, with no stock bonus[5]. - A cash dividend of CNY 0.45 per 10 shares (tax included) will be distributed, totaling CNY 16,204,500, which represents 39.32% of the net profit attributable to shareholders for 2014[122]. - The company did not distribute dividends in 2013, as the profit per share was below CNY 0.1, and the undistributed profit was used to supplement working capital[119]. - The company’s profit distribution plan for 2014 is subject to approval at the annual general meeting[124]. - The company has not made any adjustments to its profit distribution policy during the reporting period, ensuring compliance with relevant regulations[116]. Market Expansion and Strategy - Future outlook indicates a projected revenue growth of 10% for the next fiscal year, driven by new marketing strategies and product offerings[21]. - Market expansion plans include entering two new provinces, aiming to increase market share by 20% in the next two years[21]. - The company plans to conduct refinancing in 2015 to raise funds for acquiring and integrating related tourism resources, with the amount depending on project needs and market conditions[99]. - The company aims to become the largest and strongest tourism group in Guangxi, with a focus on sustainable development and effective management[88]. - The company plans to implement a "345" strategy to enhance profitability, increase market value, and strengthen brand recognition[88]. Technology and Innovation - The company is investing in new technology development, focusing on enhancing customer experience through digital platforms[21]. - The company is committed to quality improvement and cultural construction, aiming to elevate brand image and create 5A scenic areas[97]. - The company is enhancing its management system and product innovation to mitigate risks associated with potential changes in tax policies[103]. Operational Efficiency - The company has committed to improving operational efficiency, targeting a 5% reduction in costs through process optimization[21]. - The company aims to control its debt ratio within a reasonable range while improving its asset and financial structure through capital operations[90]. - The company will focus on enhancing operational efficiency and profitability, with a strong emphasis on revenue growth and loss recovery[97]. Risks and Challenges - The board has highlighted risks associated with market fluctuations and regulatory changes that could impact future performance[13]. - The company faces challenges from unstable global economic recovery and intensified competition in the domestic tourism market[94]. - The company is subject to price regulation by the Guilin municipal government for ticket pricing, limiting its ability to adjust prices based on market changes[102]. Sustainability and Corporate Responsibility - The company emphasizes the importance of sustainable practices in its operations, aiming for a 30% reduction in carbon footprint by 2025[21]. - The company emphasizes the integration of corporate social responsibility into its development strategy, ensuring the protection of stakeholders' rights and sustainable development[125]. - The company has implemented water, electricity, and oil consumption management indicators to achieve energy-saving and emission-reduction goals[125]. Acquisitions and Investments - The company has identified potential acquisition targets to enhance its service portfolio and expand its operational capabilities[21]. - The company completed the acquisition of 100% equity of Guilin Lijiang Waterfall Hotel for CNY 121.89 million and the overall acquisition of Guilin's "Two Rivers and Four Lakes" project for CNY 599.38 million in 2010[61]. - The company acquired 100% equity of Guilin Hot Spring Villa Tourism Trade Co., Ltd. for CNY 25.1 million, contributing a net profit of -CNY 142,300 since its inclusion in the consolidated financial statements[114]. Visitor Statistics - The company reported a significant increase in user data, with a year-over-year growth of 15% in tourist visits[21]. - In 2014, the company received 7.6036 million tourists, an increase of 5.41% compared to the previous year[31]. - Guilin Lijiang Waterfall Hotel received 223,900 visitors in 2014, a year-on-year increase of 15.28%, but revenue and net profit decreased due to a drop in average room rates[68]. - Guilin Two Rivers and Four Lakes Tourism received 1,000,500 visitors in 2014, reflecting a year-on-year growth of 15.72%[69]. - Guilin Lijiang Silver Rock Tourism Co., in which the company holds 96.87% equity, received 1.2721 million visitors in 2014, an increase of 18.85% year-on-year[75].

Financial Performance - Net profit attributable to shareholders increased by 30.11% to CNY 24,029,253.33 for the reporting period[7]. - Operating revenue for the period was CNY 146,891,932.41, reflecting a growth of 4.88% year-on-year[7]. - Basic earnings per share rose by 31.37% to CNY 0.067, while diluted earnings per share also increased by 31.37%[7]. - The company reported a net profit attributable to shareholders of CNY -9,252,026.43 for the year-to-date, a 269.53% increase compared to the previous year[7]. - The weighted average return on equity was 1.64%, up from 0.37% in the previous year[7]. - The company recorded a 72.42% decrease in non-operating income, primarily due to a prior year's one-time gain from an acquisition[20]. Cash Flow - The net cash flow from operating activities showed a significant decline of 298.14%, amounting to CNY -82,522,137.10[7]. - Operating cash flow decreased by ¥124,171,500.00 compared to the previous year, primarily due to increased cash payments for project development[21]. - Investment cash flow decreased by ¥94,698,400.00, attributed to heightened development efforts in various projects[21]. - The net cash flow from investing activities was -275,596,067.31 yuan, an increase of 52.35% compared to the previous year[23]. - The net cash flow from financing activities was 343,074,355.61 yuan, an increase of 520.71% compared to the same period in 2013[23]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 30,076[12]. - The largest shareholder, Guilin Tourism Development Company, held 23.06% of the shares, totaling 83,051,422 shares[12]. - The first major shareholder of the company has changed to Guilin Aviation Tourism Group Co., Ltd., which holds 65% of the shares[23]. - The company repurchased 2 million shares in 2013, maintaining a 10.81% stake as of the report date[16]. Assets and Liabilities - Total assets increased by 11.30% to CNY 3,090,440,016.37 compared to the end of the previous year[7]. - Accounts receivable increased by 42.72% to ¥95,077,231.17 compared to the beginning of the year, primarily due to increased ticket revenue from parks and tours[16]. - Prepayments surged by 161.97% to ¥305,248,500.31, mainly due to advance payments for land acquisition and infrastructure projects[17]. - Construction in progress rose by 116.26% to ¥241,635,941.80, reflecting increased investment in various projects[17]. - Short-term borrowings increased by 114.64% to ¥865,000,000.00, indicating a significant rise in bank loans[16]. - Other payables decreased by 56.37% to ¥59,856,635.36, mainly due to a payment related to a court ruling[18]. Investments and Acquisitions - The company has made an initial investment of 100 million yuan in a project with its major shareholder, which has a 40-year investment period[32]. - Guilin Tourism Co., Ltd. acquired 51% of Guilin Fengyu Rock Tourism Co., Ltd., which has a registered capital of 26 million yuan, and operates Fengyu Rock Hotel and cave tour services[35]. - Guilin Fengyu Rock Tourism Co., Ltd. approved the acquisition of 100% equity of Guilin Hot Spring Mountain Villa Tourism Trade Co., Ltd. for 25.1 million yuan, with the company’s net profit being -6.95 thousand yuan since its consolidation[35]. Accounting and Reporting - The company is undergoing a review of its consolidated financial statements due to new accounting standards implemented in July 2014[30]. - The company has not disclosed specific impacts of long-term employee benefits on its financial statements due to the need for actuarial assessments[33]. - The company has reassessed the scope of its consolidated financial statements based on revised accounting standards[34]. - New accounting standards issued in 2014 have been applied to adjust relevant financial statements, including available-for-sale financial assets and long-term equity investments[36]. - The company confirmed that the new accounting standards will not have any significant impact on its financial statements[37]. Management - The chairman of the company is Zhang Xijun, who signed the report on October 28, 2014[38].

Financial Performance - The company's operating revenue for the reporting period was ¥189,023,739.89, a decrease of 1.62% compared to the same period last year[17]. - The net profit attributable to shareholders of the listed company was -¥33,281,279.76, representing an increase in loss of 58.69% year-on-year[17]. - The net cash flow from operating activities was -¥109,261,803.31, a significant decline of 560.15% compared to the previous year[17]. - Basic earnings per share were -¥0.092, a decline of 58.62% compared to the same period last year[17]. - The weighted average return on net assets was -2.36%, a decrease of 0.88% year-on-year[17]. - The company reported a revenue of CNY 189.02 million for the period, a decrease of 1.62% year-on-year[23]. - The net profit attributable to shareholders was CNY -33.28 million, down 1,230.84 thousand compared to the previous year[23]. - The main reasons for the decline in revenue and net profit include a CNY 7.52 million decrease in revenue from the subsidiary Lijiang Waterfall Hotel and reduced investment income of CNY 1.54 million[30]. - The tourism service industry generated CNY 174.49 million in revenue, with a gross margin of 32.93%, down 2.09% year-on-year[32]. - The scenic area segment achieved CNY 84.60 million in revenue, with a gross margin of 38.61%, an increase of 5.12% year-on-year[32]. Cash Flow and Investments - The company’s operating cash flow net amount was CNY -109.26 million, a significant increase of 560.15% year-on-year[28]. - The company’s investment cash flow net amount was CNY -197.41 million, an increase of 29.25% year-on-year due to intensified project development[28]. - The financing cash flow net amount increased by 667.08% year-on-year to CNY 444.67 million, attributed to increased bank loans[28]. - The company invested CNY 70 million during the reporting period, a decrease of 43.85% compared to CNY 133.90 million in the same period last year[34]. - The total amount of raised funds was CNY 991.70 million, with CNY 6.56 million invested during the reporting period[41]. - The company has completed the investment in three out of four promised projects from the fundraising, with the remaining project still under construction[42]. Market and Operational Developments - The company plans to participate in the establishment of Guilin Aviation Tourism Group Co., Ltd. with a registered capital of CNY 2.5 billion[24]. - The company received 3.41 million tourists during the reporting period, an increase of 3.37% year-on-year[30]. - The number of visitors to the company's scenic spots reached 1.1644 million, an increase of 6.44% year-on-year[25]. - The average room rate at the five-star hotel decreased, leading to a revenue drop of CNY 7.52 million despite a 17.50% increase in guest numbers[23]. Shareholder and Equity Information - The company plans not to distribute cash dividends or issue bonus shares for this period[3]. - The total number of shares remained at 360,100,000, with no changes in the share structure or ownership distribution[93]. - The company did not issue any new shares or conduct any stock splits during the reporting period[93]. - The company has not engaged in any major litigation or arbitration matters during the reporting period[57]. - There were no violations or penalties reported during the period, indicating a clean compliance record[82][83]. Accounting and Compliance - The company has made significant accounting error corrections affecting previous financial statements, particularly in financial expenses and net profit[17]. - The company does not report any differences in net profit and net assets under international or foreign accounting standards during the reporting period[18][19]. - The financial report for the first half of 2014 has not been audited[81]. - The company has not reported any major accounting errors or corrections during the period[86]. - The financial statements are prepared based on the going concern assumption and comply with the relevant accounting standards[140]. Future Outlook and Strategic Initiatives - The company plans to expand its market presence by opening three new tourist attractions by the end of 2014[45]. - Guilin Tourism is exploring potential mergers and acquisitions to strengthen its market position and diversify its offerings[45]. - The company is focusing on the development of eco-tourism projects, with an investment of 0.5 billion RMB planned for sustainable tourism initiatives[45]. - New technology will be implemented to improve customer service and streamline operations, with an estimated budget of 0.3 billion RMB allocated for this purpose[45]. - The company provided a positive outlook for the next quarter, expecting a revenue growth of 15%[97].