Group 1 - The company, Guilin Tourism Co., Ltd., filed a civil lawsuit on April 10, 2024, regarding a stock transfer dispute with specific individuals and a design engineering company [1] - The court ruled in favor of Guilin Tourism, ordering the defendants to assist in the stock transfer registration within fifteen days of the judgment taking effect [2] - As of the announcement date, the company has other unresolved small lawsuits and arbitration matters totaling approximately 13.3 million yuan, which accounts for 1.24% of the company's audited net assets as of December 31, 2024 [2] Group 2 - The current lawsuit judgment is a first-instance ruling and has not yet taken effect, leaving the final outcome uncertain and its impact on the company's current or future profits indeterminate [2]

证券代码：000978 证券简称：桂林旅游 公告编号：2025-038 桂林旅游股份有限公司 关于收到《民事判决书》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。 特别提示： 1.案件所处的诉讼阶段：一审已判决，尚未生效 2.公司所处的当事人地位：原告 3.涉案的金额：桂林桂圳投资置业有限责任公司 35%股权及 4,427.543 万元 （暂计数） 4.对公司损益产生的影响：本次诉讼判决为一审判决，目前尚未生效，当事 人有权在规定期限内提起上诉，案件最终判决结果存在不确定性，对公司本期或 期后利润的影响尚不能确定。 一、本次诉讼基本情况 桂林旅游股份有限公司（以下简称"公司"）于 2024 年 4 月 10 日向桂林市 象山区人民法院（以下简称"象山法院"）提交了《民事起诉状》，就与文良天、 刘美希、广西桂圳装饰设计工程有限公司股权转让纠纷事宜向象山法院提起诉讼。 本案的具体及相关进展情况详见公司 2024 年 4 月 11 日、2024 年 7 月 30 日、 2025 年 5 月 7 日、2025 年 5 月 13 日在《中国证券报》《证券时报》以 ...

Core Viewpoint - The tourism industry continues to face significant losses in the first half of the year, with most companies reporting negative earnings, except for Guilin Tourism, which managed to turn a profit [2][8]. Company Performance - Guilin Tourism reported a net profit of approximately 8 million yuan in the first half of the year, a significant turnaround from a loss of 19.09 million yuan in the same period last year [3]. - The company attributed its performance improvement to a focus on efficiency, product optimization, and enhanced marketing efforts, alongside the recovery of 54.34 million yuan in receivables [3][5]. - Guilin Tourism's attractions received about 1.48 million visitors, a year-on-year increase of approximately 3.09%, with specific attractions like the Li River cruise and the Li River Waterfall Hotel also seeing visitor growth [3][4]. Industry Trends - The overall tourism sector is struggling, with companies like Changbai Mountain Tourism and Dalian Shengya also reporting losses in the first half of the year, with net losses of 0.26 million to 0.16 million yuan and 19.08 million to 12.72 million yuan, respectively [8]. - Factors contributing to these losses include extreme weather conditions, increased labor costs, and a decline in visitor numbers [8]. Strategic Initiatives - Guilin Tourism is focusing on technology integration, launching initiatives like the "Guilin Tourism AI Assistant" for smart travel planning and implementing smart monitoring systems for safety [4][9]. - The company plans to enhance its asset management by addressing underperforming assets and exploring new business models in low-altitude economy and digital cultural tourism [7][9].

Core Viewpoint - The tourism sector in A-shares is experiencing significant performance divergence in the first half of 2025, with many companies reporting increased losses while a few are showing substantial profit growth [2][11]. Group 1: Company Performance - Yunnan Tourism is expected to report a net loss of 90 million to 140 million yuan, an increase in losses by 95.79% to 204.57% compared to the previous year [4]. - Xi'an Tourism anticipates a net loss of 49 million to 69 million yuan, which is relatively stable compared to a loss of 63.66 million yuan in the same period last year [5]. - Changbai Mountain is projected to incur a net loss of 2.58 million to 1.58 million yuan, marking a shift from profit to loss due to increased operational costs and decreased visitor numbers [6]. - Dalian Shengya expects a net loss of 19.08 million to 12.72 million yuan, with a significant drop in net profit from the previous year [6]. - Tibet Tourism is set to achieve a net profit of approximately 2 million yuan, marking a turnaround from losses in the previous year [7]. - Xiyu Tourism forecasts a profit of 9 million to 11 million yuan, a decline of 62.55% to 69.36% year-on-year [8]. - Guilin Tourism reports a net profit of about 8 million yuan, recovering from a loss of 19.09 million yuan in the same period last year [10]. - Xiangyuan Cultural Tourism expects a net profit of 90 million to 97 million yuan, an increase of 51.44% to 63.22% year-on-year, driven by new attractions and government subsidies [10]. Group 2: Market Trends and Influences - The performance divergence among tourism companies is influenced by factors such as weather disturbances, cost pressures, and differences in business structures [2][11]. - The summer peak season is anticipated to drive demand, with an expected increase in air travel passenger volume by 5.4% during the 2025 summer season [12]. - Analysts suggest that the combination of peak season demand, policy support, and AI empowerment will catalyze the recovery of natural scenic spots [12]. - The domestic tourism market is expected to remain stable, with a focus on deep experiences and cultural exploration as key consumer demands [12].

Performance Forecast - The company expects a net profit attributable to shareholders of approximately 8 million yuan for the first half of 2025, compared to a loss of 19.0933 million yuan in the same period of 2024, indicating a turnaround from loss to profit [1] - The basic earnings per share are projected to be approximately 0.017 yuan per share, recovering from a loss of 0.041 yuan per share in the previous year [1] Revenue Drivers - The company has implemented measures such as optimizing product structure, enhancing marketing efforts, and strengthening accounts receivable collection, which contributed to the increase in visitor numbers [1] - The company received approximately 1.4802 million visitors at its scenic spots, representing a year-on-year increase of about 3.09% [1] - The Li River cruise business served approximately 338,200 visitors, reflecting a year-on-year growth of about 1.62% [1] - The Li River Waterfall Hotel welcomed approximately 107,300 visitors, showing a year-on-year increase of about 6.98% [1] Non-Recurring Gains - The company reversed previously accrued bad debt provisions amounting to 19.99 million yuan, which positively impacted the net profit for the first half of 2025 by the same amount, classified as non-recurring gains [2]

[Performance Forecast Overview](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company anticipates turning a profit in H1 2025 with net income of approximately **8 million yuan**, despite a continued loss after deducting non-recurring items Key Performance Indicators for H1 2025 Performance Forecast | Item | Jan-Jun 2025 (Estimated) | Jan-Jun 2024 (Actual) | Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | Profit: approx. 8 million yuan | Loss: 19.0933 million yuan | Turned Loss into Profit | | Net Profit After Non-Recurring Gains/Losses | Loss: approx. 16.1 million yuan | Loss: 18.0874 million yuan | Loss Narrowed | | Basic Earnings Per Share (yuan/share) | Profit: approx. 0.017 | Loss: 0.041 | Turned Loss into Profit | [Analysis of Performance Change Reasons](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Change%20Reasons) The company's turnaround to profitability is driven by moderate growth in core business tourist volumes and the significant impact of recovering historical receivables and reversing bad debt provisions Tourist Reception Volume by Business Segment in H1 2025 | Business Segment | Tourist Reception (Approx. visitors) | Year-on-Year Growth (Approx.) | | :--- | :--- | :--- | | Scenic Area Business | 1.4802 million | +3.09% | | Li River Cruise Passenger Transport | 0.3382 million | +1.62% | | Li River Waterfall Hotel | 0.1073 million | +6.98% | - The company recovered **54.34 million yuan** in prior-year receivables, leading to the reversal of a **19.99 million yuan** provision for bad debts, which, as a non-recurring gain, directly increased the net profit for the first half of 2025 by **19.99 million yuan**[6](index=6&type=chunk) [Other Explanations and Risk Warnings](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) The company has pre-communicated with its annual audit accounting firm regarding the performance forecast, with no disagreements, and advises investors that the forecast is preliminary - This performance forecast has not been pre-audited by a certified public accountant, but the company has pre-communicated with the accounting firm providing annual audit services on related matters, and there are no disagreements between the parties[4](index=4&type=chunk) - The company reminds investors that this performance forecast is a preliminary calculation by the finance department, and specific financial data will be detailed in the company's 2025 semi-annual report; investors are advised to be aware of investment risks[7](index=7&type=chunk)

Core Viewpoint - The tourism industry, once expected to thrive, is now facing significant challenges, highlighted by the bankruptcy of Qinghai Tourism Investment Group and the struggles of various tourism companies despite an increase in domestic travel and spending [2][3][4][8]. Group 1: Industry Challenges - Qinghai Tourism Investment Group and its subsidiaries have filed for bankruptcy, shocking the tourism sector [3]. - The company, which aimed for significant growth and public listing, mismanaged its resources, leading to a loss of 4.8 billion in registered capital [4]. - 44 listed companies in the tourism sector reported their Q1 earnings, with 25 experiencing negative revenue growth, accounting for 56.8% of the total [4]. Group 2: Financial Performance - Major airlines like China Southern Airlines, China Eastern Airlines, and Air China reported substantial losses in Q1, with losses of 747 million, 995 million, and 2.044 billion respectively [7]. - Despite a 26.4% increase in domestic travel and an 18.6% rise in spending, the tourism industry is struggling financially [8][9]. Group 3: Market Dynamics - The tourism market is saturated, with an increase in A-level scenic spots and travel agencies, yet average income has dropped by nearly 40% [31]. - Online travel platforms like Ctrip and Tongcheng are thriving, with Ctrip reporting a net profit of approximately 4.3 billion in Q1, showcasing the "shovel effect" where service providers profit while actual tourism businesses struggle [28][30]. Group 4: Shifts in Consumer Behavior - The tourism industry is transitioning to a 2.0 era, where experiential value is prioritized over mere scarcity of resources [46][50]. - Successful attractions like Jiuhua Mountain and Disney have capitalized on immersive experiences, contrasting with traditional scenic spots that fail to adapt [39][41]. Group 5: Future Outlook - Many tourism platforms are likely to face severe financial difficulties or bankruptcy if they cannot adapt to the changing market dynamics and consumer preferences [55][56]. - The current environment suggests a need for a significant restructuring within the tourism sector to eliminate ineffective players and allow successful entities to thrive [58][59].

Group 1 - Guilin Zhixing Tourism Network Technology Co., Ltd. has been established with a registered capital of 500,000 yuan [1] - The company's business scope includes battery leasing, electric vehicle charging infrastructure operation, and charging control equipment leasing [1] - The company is jointly held by Guilin Tourism (000978) and its wholly-owned subsidiary, Guilin Tourism Automobile Transportation Co., Ltd. [1]

Summary of Key Points Core Viewpoint - Guilin Tourism Co., Ltd. has announced the lifting of restrictions on the sale of shares following a non-public issuance of 108,030,000 A-shares at a price of 4.43 RMB per share, increasing the total share capital from 360,100,000 to 468,130,000 shares [1]. Group 1: Share Issuance Details - The non-public issuance was approved by the China Securities Regulatory Commission, allowing the company to issue shares to its controlling shareholder, Guilin Tourism Investment Group [1]. - The total number of shares after the issuance is 468,130,000, with the newly issued shares accounting for approximately 23.08% of the total before the lifting of restrictions [1]. Group 2: Share Structure Changes - Before the lifting of restrictions, the company had 108,041,250 restricted shares, which will decrease to 11,250 after the lifting, while the unrestricted shares will increase from 360,088,750 to 468,118,750 [1]. - The total share capital remains at 468,130,000 shares post-restriction [1]. Group 3: Commitments from Shareholders - Guilin Tourism Investment Group has made commitments to avoid engaging in activities that could harm the interests of the company and its minority shareholders [1]. - The group has pledged to assist the company in acquiring rights to operate similar businesses and to integrate any relevant business or assets into the company as per agreements [1]. Group 4: Compliance and Other Information - The company confirms that there are no non-operational fund occupations by the controlling shareholder, and there are no guarantees provided by the company for the shareholder [1].

证券代码：000978 证券简称：桂林旅游 公告编号：2025-036 桂林旅游股份有限公司 非公开发行限售股份解除限售上市流通的提示性公告 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。 二、本次解除限售股份的上市流通安排 1.本次解除限售股份的上市流通日为 2025 年 6 月 11 日。 | 序号 | 股东名称 | 持股数量 | 本次解除限 | 本次解除限售股 | 本次解除限 售股份占公 | | --- | --- | --- | --- | --- | --- | | | | （股） | 售的股份数 量（股） | 份占公司无限售 条件股份的比例 | 司总股本的 | | | | | | | 比例 | | 1 | 桂林旅游投资集团 | 174,150,473 | 108,030,000 | 30% | 23.08% | | | 有限公司 | | | | | 2.本次解除限售的股东 1 名，为公司控股股东旅投集团，持股情况如下： 1 特别提示： 1.本次解除限售的股份 108,030,000 股，占公司总股本的 23.08%。 2.本次解除限售股份上市流通日 ...