桂林旅游股份有限公司 2017 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：2017-070 桂林旅游股份有限公司 2017 年第三季度报告正文 1 桂林旅游股份有限公司 2017 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。 公司负责人李飞影、主管会计工作负责人肖笛波及会计机构负责人(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 2017 年第三季度报告正文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 √ 是 □ 否 追溯调整或重述原因 会计政策变更;会计差错更正 | | 本报告期末 | 上年度末 | | 本报告期末比上年度 末增减 | | --- | --- | --- | --- | --- | | | | 调整前 | 调整后 | 调整后 | | 总资产（元） | 2,693,308,0 ...

Financial Performance - The company's operating revenue for 2016 was CNY 486,241,748.05, a decrease of 2.75% compared to CNY 499,996,211.06 in 2015[15]. - The net profit attributable to shareholders for 2016 was CNY 5,985,425.94, representing a significant decline of 81.15% from CNY 31,746,849.97 in the previous year[15]. - The net profit after deducting non-recurring gains and losses was CNY -20,509,270.45, a decrease of 172.07% compared to CNY 28,457,485.05 in 2015[15]. - Basic earnings per share dropped by 80.68% to CNY 0.017 from CNY 0.088 in the previous year[15]. - The weighted average return on net assets was 0.41%, down from 2.17% in the previous year[15]. - The company achieved operating revenue of CNY 486.24 million, a year-on-year decrease of 2.75%[31]. - The net profit attributable to shareholders was CNY 5.99 million, down 81.15% year-on-year; excluding impairment provisions, the net profit would have been CNY 70.75 million, a 123% increase[31][36]. - The company reported a significant decrease in investment income, with a total of CNY 35,279,780.29, reflecting a -101.07% change[69]. - The company’s financial expenses decreased by 19.18% to CNY 48.61 million, attributed to a reduction in total bank loans by CNY 137 million[46]. - The company’s operating costs decreased by 7.71% to CNY 255.73 million, while sales expenses increased by 6.43% to CNY 13.08 million[46]. Cash Flow and Investments - The net cash flow from operating activities increased by 10.16% to CNY 284,628,942.30 from CNY 258,380,077.82 in 2015[15]. - The company reported a net cash flow from operating activities of 143,019,905.62 CNY in Q4, significantly improving from -23,610,360.04 CNY in Q1[19]. - The company’s investment activities resulted in a net cash outflow of CNY 164.81 million, compared to CNY 59.84 million in the previous year[48]. - The net cash flow from investment activities was -CNY 164,813,304.35, a significant increase in outflow of 175.45% compared to the previous year[66]. - The total investment amount for the reporting period was ¥103,445,000.01, representing a significant increase of 2,695.81% compared to ¥3,700,000.00 in the same period last year[74]. Assets and Liabilities - Total assets at the end of 2016 were CNY 2,666,741,208.26, down 6.46% from CNY 2,850,789,421.61 at the end of 2015[15]. - The net assets attributable to shareholders were CNY 1,460,479,786.80, a slight decrease of 0.82% from CNY 1,472,499,223.06 in 2015[15]. - The company's cash and cash equivalents decreased to CNY 113,894,718.89, down 2.66% from CNY 197,422,365.01 in the previous year[71]. - The company's long-term borrowings increased to CNY 789,700,000.00, reflecting a strategic shift in debt structure[71]. Market Position and Strategy - The company maintains a leading position in the Guilin tourism market, benefiting from resource advantages and policy support[24]. - The company aims to become the largest and strongest tourism group in Guangxi, with a focus on enhancing profitability, increasing market value, and strengthening brand recognition[109]. - The company plans to implement a "345" strategy, which includes three main goals, four key focuses, and five major actions to drive expansion, product upgrades, and management efficiency[109]. - The company recognizes opportunities in the tourism industry due to national development strategies, urbanization, and improved infrastructure, which are expected to enhance tourism consumption[114]. - The company faces competition from similar tourism enterprises and attractions in the local market, necessitating a focus on integrated marketing and service quality to maintain its leading position[108]. Tourism and Visitor Statistics - The company’s tourist reception volume decreased by 1% year-on-year[36]. - The company’s tourist attractions received a total of 3.44 million visitors, a year-on-year increase of 5.48%, while the Li River cruise business saw a decline of 10.74% in visitors[45]. - Guilin Lijiang Waterfall Hotel received 328,000 visitors in 2016, an increase of 8.65% year-on-year[89]. - Guilin Two Rivers and Four Lakes Tourism received 1,203,900 visitors in 2016, up 5.82% year-on-year, with a net profit increase attributed to a subsidy of 18 million yuan from the local government[90]. - Guilin LiPu Yinzi Cave Tourism welcomed 1,676,700 visitors in 2016, a growth of 14.16% year-on-year, driven by adjustments in operational strategy[94]. Corporate Governance and Compliance - The company has committed to fulfilling all relevant promises made by its actual controllers and shareholders during the reporting period[138]. - Guilin Tourism committed to maintaining operational independence from Guilin Airlines, ensuring that management and financial decisions are made independently[140]. - The company guarantees that its senior management will work exclusively for Guilin Tourism and will not hold positions in Guilin Airlines or its affiliates[140]. - The company has not reported any significant changes in its subsidiary operations during the reporting period[183]. - The company has not faced any situations that could lead to suspension or termination of its listing following the annual report disclosure[148]. Social Responsibility and Community Engagement - The company has been actively involved in poverty alleviation efforts, investing 41,400 yuan in the Sanhe Village project, resulting in the poverty alleviation of 9 out of 10 targeted households[172]. - The company has established a partnership with local government to develop the sugar orange industry as a means of sustainable poverty alleviation[172]. - The company intends to innovate poverty alleviation strategies by promoting cooperatives and utilizing e-commerce platforms to expand the industrial coverage[175]. - The company emphasizes the integration of corporate social responsibility into its development strategy, ensuring fair and accurate information disclosure[176]. Future Outlook - The company plans for stable growth in visitor numbers, operating revenue, and net profit in 2017 compared to 2016[120]. - The company aims to enhance innovation, improve development quality, and strengthen brand image as part of its strategic initiatives[121]. - The company plans to continue exploring opportunities for expansion and collaboration in the tourism sector despite current challenges[43].

Financial Performance - The company's operating revenue for the first half of 2017 was ¥261,607,012.57, representing an increase of 28.49% compared to the same period last year[15]. - The net profit attributable to shareholders of the listed company reached ¥29,126,128.28, a significant increase of 529.79% year-on-year[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥22,565,643.67, marking a turnaround from a loss of ¥5,936,115.45 in the previous year[15]. - The basic and diluted earnings per share were both ¥0.081, reflecting a growth of 523.08% compared to the same period last year[15]. - The net cash flow from operating activities was ¥42,618,452.12, down by 45.04% from the previous year[15]. - Total assets at the end of the reporting period were ¥2,692,877,649.89, an increase of 0.98% from the end of the previous year[15]. - The net assets attributable to shareholders of the listed company were ¥1,489,606,190.68, up by 1.99% compared to the end of the previous year[15]. - The company reported a total revenue of 24.8 million yuan, with a net profit of 3.4 million yuan, reflecting a growth of 15% year-over-year[82]. - The company reported a total revenue of 25.43 million RMB for the first half of 2017, reflecting a stable performance[153]. - The company reported a significant increase in cash flow from operations, totaling 500 million, up 20% from the previous year[183]. Accounting Policies and Changes - The company has undergone a change in accounting policy due to the revision of the accounting standards related to government grants, effective from June 12, 2017[16]. - The company has made a change in accounting policy regarding government subsidies, moving them from "non-operating income" to "other income" in the profit statement, with no significant impact on financial status or cash flow[18]. - The board of directors confirmed that the accounting policy change aligns with the latest accounting standards and does not harm the interests of shareholders, particularly minority shareholders[19]. - The independent directors agreed that the accounting policy change complies with relevant regulations and does not adversely affect the company or its shareholders[20]. - The supervisory board also supported the accounting policy change, affirming its compliance with laws and regulations[21]. - The company identified significant accounting errors related to its associate company, Jinggangshan Tourism Development Co., affecting the accounting for long-term equity investments and investment income for the years 2014, 2015, and 2016[22]. - The company followed the necessary procedures for correcting significant accounting errors in accordance with accounting standards and disclosure rules[28]. Investments and Acquisitions - The company is actively exploring "secondary consumption" as a key strategy for growth in 2017[55]. - The company plans to launch the "Li River Ancient Love" performance project with a total investment of approximately 50 million yuan, with the first phase expected to start operations in mid-2018[58]. - The company signed a contract to acquire water tour operating rights for 45 million yuan, with a capacity of 700 passenger seats[59]. - The company is considering strategic acquisitions to bolster its product offerings, with a budget of $200 million allocated for potential mergers[110]. - The company is exploring potential mergers and acquisitions to enhance its competitive edge in the market[185]. Market and Operational Insights - The main business drivers for the current period are the Silver Rock Scenic Area and the Lijiang cruise passenger transport business[48]. - In the first half of 2017, the company received 4.367 million tourists, a year-on-year increase of 24%[54]. - The company achieved operating revenue of 261.61 million yuan, a year-on-year increase of 28.49%[62]. - The company owns 100% of the five-star hotel Guilin Lijiang Waterfall Hotel and operates 28 star-rated cruise ships with a total capacity of 2,707, accounting for approximately 31.11% of the total star-rated cruise ships in Guilin[48]. - The company has a fleet of 394 taxis, representing about 18.48% of the total taxi fleet in Guilin[48]. - The company is focused on expanding its market presence and improving service offerings to attract more visitors in the future[83]. - The company is actively monitoring market trends to adapt its strategies accordingly[83]. Future Outlook and Strategies - The company plans to expand its market presence by entering three new regions, targeting a 25% increase in market share within the next two years[82]. - The company has outlined a future outlook projecting a revenue growth of 10% for the next fiscal year, driven by new product launches and market expansion strategies[82]. - The company is investing in new technology to enhance customer experience and streamline operations, with a budget allocation of 50 million yuan for R&D[119]. - The company plans to enhance its capital structure by increasing its equity base through retained earnings[193]. - The company is committed to improving shareholder value through strategic initiatives and operational efficiencies[193]. Legal and Compliance Matters - The company reported a significant lawsuit involving a borrowing dispute with China Cinda Asset Management Co., Ltd., with an estimated amount of 2.7575 million yuan[115]. - Another lawsuit related to a share transfer dispute with an individual, with an estimated amount of 1.844 million yuan, is scheduled for court hearing on August 29, 2017[115]. - The company has not undergone any bankruptcy reorganization during the reporting period[112]. - There are no penalties or rectification measures applicable to the company during the reporting period[116]. - The company has not reported any major litigation or arbitration matters other than those mentioned[114]. Corporate Social Responsibility - The company has successfully helped 9 out of 10 identified impoverished households escape poverty by the end of 2016[135]. - The company invested a total of 58,500 CNY (5.85 million CNY) in poverty alleviation efforts during the reporting period[137]. - Infrastructure improvements include the construction of roads and water supply projects in the targeted poverty-stricken village[138]. - The company has committed to follow-up assistance for the 36 individuals who were lifted out of poverty in early 2017[138]. - The management emphasized a commitment to sustainability, with plans to reduce carbon emissions by 20% over the next five years[82].

Financial Performance - The company's operating revenue for 2015 was approximately ¥499.99 million, a decrease of 49.57% compared to ¥991.38 million in 2014[15]. - The net profit attributable to shareholders for 2015 was approximately ¥31.75 million, down 14.74% from ¥37.24 million in 2014[15]. - The net profit after deducting non-recurring gains and losses was approximately ¥28.46 million, a decline of 41.35% from ¥48.52 million in 2014[15]. - The basic earnings per share for 2015 were ¥0.088, down 14.56% from ¥0.103 in 2014[15]. - The diluted earnings per share for 2015 were also ¥0.088, reflecting the same decline of 14.56% from ¥0.103 in 2014[15]. - The weighted average return on equity for 2015 was 2.17%, a decrease of 0.42% from 2.59% in 2014[15]. - The company achieved a net profit of CNY 31,746,849.97 for the year 2015, with a proposed cash dividend of CNY 0.50 per share, totaling CNY 18,005,000[113]. - The company plans to distribute CNY 55,099,383.02 of undistributed profits to the next fiscal year after the 2015 dividend distribution[113]. Cash Flow and Assets - The net cash flow from operating activities increased by 116.91% to approximately ¥258.38 million, compared to ¥119.12 million in 2014[15]. - The total assets at the end of 2015 were approximately ¥2.85 billion, a decrease of 6.80% from ¥3.06 billion at the end of 2014[15]. - The net assets attributable to shareholders at the end of 2015 were approximately ¥1.47 billion, an increase of 1.07% from ¥1.46 billion at the end of 2014[15]. - The company’s cash and cash equivalents decreased from ¥272,513,748.19 (8.91% of total assets) to ¥197,422,365.01 (6.93% of total assets), a decline of 1.98%[66]. - The company’s total investment in the reporting period was ¥3,700,000.00, a significant decrease of 96.11% compared to ¥95,100,000.00 in the previous year[67]. Visitor Statistics - The company received 4.7% more visitors compared to the previous year, indicating a positive trend in customer engagement[35]. - The company received 3.2575 million visitors in total, representing a year-on-year increase of 12.46%[41]. - In 2015, Guilin Two Rivers and Four Lakes Tourism Co., Ltd. received 1.1377 million visitors, a year-on-year increase of 13.71%[76]. - Guilin Lijiang Yinziyan Tourism Co., Ltd. received 1.4688 million visitors in 2015, with a year-on-year growth of 15.47%[80]. - The subsidiary Guilin Lijiang Waterfall Hotel received 301,900 visitors, a year-on-year increase of 34.82%, contributing to its net profit growth[75]. Strategic Initiatives - The company has a strategic partnership with Guilin Tourism Development Company to develop famous scenic spots, enhancing its market position[30]. - The company is in the process of developing the "Tourism + Internet" initiative, aiming to integrate online and offline services through the establishment of Guilin Tiandi Holiday Tourism Co., Ltd.[32]. - The company aims to secure approximately CNY 23 million in policy funds from various government levels to support tourism infrastructure projects[34]. - The company has initiated a strategic restructuring to optimize resources and assets, although plans for additional financing were temporarily halted[34]. - The company plans to implement a "345" strategy focusing on three major goals, four key priorities, and five major actions to drive growth and brand recognition[92]. Market Position and Competition - The company maintains a dominant position in the tourism sector in Guilin, holding 41.55% of the total passenger capacity of the Li River cruise boats[25]. - The company is facing competition from similar tourism enterprises and scenic spots in the local market[90]. - The company aims to maintain a stable market share and leverage its integrated operational advantages to counter competition[91]. - The company is focused on expanding its market presence and enhancing its operational management under the leadership of its current executives[177]. Operational Efficiency - The company has implemented a new organizational structure to enhance management efficiency, including the establishment of several new departments and a performance evaluation system[33]. - The company is focusing on innovation and reform to improve management and operational efficiency[100]. - The company aims to enhance management and reduce operational costs to improve service quality and develop high-quality new products[105]. Corporate Governance and Compliance - The company has a governance structure in place to ensure transparency and protect the rights of minority shareholders in profit distribution decisions[112]. - The company has been actively engaging with institutions through research and communication activities, with a total of 4 receptions during the reporting period[108]. - The company has not made any capital reserve transfers to increase share capital for the 2015 fiscal year[113]. - The company has maintained the same accounting policies and estimates compared to the previous financial report[125]. Future Outlook - The company plans to achieve stable growth in tourist reception, operating revenue, and net profit in 2016 compared to 2015[100]. - The company aims to enhance its sustainable development capacity and reduce the asset-liability ratio through refinancing in 2016[102]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25% based on anticipated market expansion and new product launches[190]. - The management team emphasized the importance of digital transformation, with a target to increase online bookings by 40% in the upcoming year[190]. Employee and Management Information - The total number of employees in the company is 2,912, with 775 in the parent company and 2,137 in major subsidiaries[198]. - The professional composition includes 2,189 production personnel, 94 sales personnel, 158 technical personnel, 144 financial personnel, and 327 administrative personnel[198]. - The company has established a training and re-education mechanism for employees, ensuring training effectiveness through assessments and evaluations[200]. - The company’s compensation policy is based on national regulations and local labor market conditions, linking employee pay to economic performance and annual operational goals[199].

Financial Performance - The company's operating revenue for Q1 2017 was ¥120,923,181.55, representing a 24.05% increase compared to ¥97,478,709.40 in the same period last year[8] - The net profit attributable to shareholders of the listed company was a loss of ¥1,539,884.36, which is an 85.82% reduction in loss compared to a loss of ¥10,858,601.09 in the previous year[8] - The net cash flow from operating activities was a negative ¥24,504,823.89, slightly worsening by 3.79% from a negative ¥23,610,360.04 in the same period last year[8] - The basic earnings per share were -¥0.004, improving by 86.67% from -¥0.030 in the previous year[8] - The company's net loss attributable to shareholders of CNY -1.54 million in Q1 2017, an improvement from a loss of CNY -10.86 million in Q1 2016, influenced by increased non-operating income from government subsidies[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,633,506,967.76, a decrease of 1.54% from ¥2,674,585,095.06 at the end of the previous year[8] - The net assets attributable to shareholders of the listed company were ¥1,466,783,789.24, a slight decrease of 0.10% from ¥1,468,323,673.60 at the end of the previous year[8] - The company's short-term borrowings increased by 40.13% to CNY 156.10 million compared to CNY 111.40 million at the beginning of the year, indicating a rise in financial leverage[19] Cash Flow - The company's net cash flow from investing activities for Q1 2017 was -CNY 27.25 million, a significant increase in outflow of 577.59% compared to -CNY 4.02 million in Q1 2016, attributed to increased investments in boat upgrades[22] - The company's net cash and cash equivalents decreased by CNY 63.06 million in Q1 2017, a 47.73% improvement from a decrease of CNY 120.64 million in Q1 2016[22] - The company's accounts receivable increased by 19.92% to CNY 103.52 million from CNY 86.33 million, reflecting higher receivables from travel agencies due to increased visitor numbers[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 28,911[13] - The largest shareholder, Guilin Airlines Tourism Group Co., Ltd., held 16.00% of the shares, amounting to 57,616,000 shares, which are currently pledged[13] Government Support - The company received government subsidies amounting to ¥6,766,696.40 during the reporting period, which included a central subsidy of ¥6 million for tourism development[9] - The company's tax and additional charges decreased by 53.25% to CNY 2.20 million, due to the implementation of the "VAT reform" policy[20] Strategic Initiatives - The company plans to sell a 51% stake in Guilin Lipu Fengyu Rock Tourism Co., Ltd. with an initial listing price of CNY 90.06 million, reflecting a strategic move to optimize asset management[23] - The company is collaborating with Songcheng Performance Development Co., Ltd. to establish a subsidiary for the "Lijiang Ancient Love" performance project, with a total investment of approximately CNY 50 million[25] Management and Governance - The chairman of the company is Liu Tao, who signed the report on April 27, 2017[34] - The company does not anticipate significant changes in net profit for the period from January to June 2017 compared to the same period last year[28] - The company has not disclosed any significant operational changes or new strategies during the reporting period[28] Compliance and Reporting - There were no securities investments reported during the reporting period[28] - The company did not engage in any derivative investments during the reporting period[29] - There were no non-operating fund occupations by controlling shareholders or their affiliates during the reporting period[33] - The company did not have any violations regarding external guarantees during the reporting period[31] - There were no research, communication, or interview activities conducted during the reporting period[30] - The company reported no overdue commitments by actual controllers, shareholders, or related parties during the reporting period[27]

Financial Performance - The company's operating revenue for 2016 was CNY 486,241,748.05, a decrease of 2.75% compared to CNY 499,996,211.06 in 2015[15]. - The net profit attributable to shareholders for 2016 was CNY 7,387,814.41, representing a significant decline of 75.28% from CNY 29,887,983.13 in the previous year[15]. - The net profit after deducting non-recurring gains and losses was CNY -19,106,881.98, a decrease of 171.83% compared to CNY 26,598,618.21 in 2015[15]. - Basic earnings per share for 2016 were CNY 0.021, down 74.70% from CNY 0.083 in 2015[15]. - The weighted average return on net assets for 2016 was 0.50%, down from 2.03% in 2015[15]. - The company reported a total operating revenue of CNY 486.24 million for the year 2016, a decrease of 2.75% compared to CNY 500.00 million in 2015[49]. - The net profit attributable to shareholders was CNY 7.39 million, down 75.28% year-on-year; excluding impairment provisions, the net profit would have been CNY 72.15 million, a 141% increase[31][36]. - The company’s financial expenses decreased by 19.18% to CNY 48.61 million, attributed to a reduction in total loans and a decrease in average interest rates[47]. Cash Flow and Investments - The net cash flow from operating activities increased by 10.16% to CNY 284,628,942.30 from CNY 258,380,077.82 in 2015[15]. - The company’s investment activities resulted in a net cash outflow of CNY 16.48 million, compared to a net outflow of CNY 5.98 million in the previous year[48]. - The total investment cash outflow increased by 92.75% to ¥183,116,553.15, compared to ¥95,003,802.26 in the previous year[65]. - The company reported an investment amount of 103,445,000.01 yuan for the reporting period, a significant increase of 2,695.81% compared to the previous year's investment of 3,700,000.00 yuan[75]. Assets and Liabilities - Total assets at the end of 2016 were CNY 2,674,585,095.06, a decrease of 6.39% from CNY 2,857,230,919.94 at the end of 2015[15]. - The net assets attributable to shareholders at the end of 2016 were CNY 1,468,323,673.60, a slight decrease of 0.72% from CNY 1,478,940,721.39 in 2015[15]. - The company’s total liabilities decreased by 1.8% to 1.02 billion yuan[72]. - The company’s total equity increased by 6.00% to 600 million yuan[72]. Operational Highlights - The company holds a 100% stake in the five-star hotel Guilin Lijiang Waterfall Hotel and operates 24 newly renovated star-rated cruise ships with a total capacity of 2,772, accounting for 29.63% of the total star-rated cruise ships in Guilin[23][26]. - The company has a fleet of 394 taxis, representing 17.03% of the total taxis in Guilin, and operates 258 large and medium-sized tourist buses, which is 9.47% of the total tourist buses in the city[23]. - The company achieved operating revenue of CNY 486.24 million, a year-on-year decrease of 2.75%[31]. - The company’s tourist attractions received a total of 3.44 million visitors, representing a year-on-year increase of 5.48%[46]. Strategic Initiatives - The company plans to sell 51% of its stake in Fengyu Rock Company through public listing to enhance asset management[34]. - The company is actively exploring the integration of urban river tours, with a new night tour route launched on October 29, 2016[34]. - The company aims to become the largest and strongest tourism group in Guangxi, with a mid-term goal of enhancing profitability and brand recognition[108]. - The company plans to implement a "345" strategy focusing on three major goals, four key areas, and five actions to drive growth and efficiency[108]. Market and Competition - The tourism industry is expected to experience stable growth, driven by increasing consumer spending and improved infrastructure[24]. - The company is facing competition from similar tourism enterprises and scenic spots in the local market[105]. - The company recognizes risks from competition in the tourism industry and plans to leverage its unique brand position to enhance market share[123]. Future Outlook - The company plans to achieve stable growth in visitor numbers, operating revenue, and net profit in 2017 compared to 2016[120]. - The company aims to conduct at least one refinancing within 3-5 years to enhance market capitalization[110]. - The company intends to accelerate mergers and acquisitions in the tourism and related industries, expanding its reach beyond Guilin[110]. - The company is focused on improving its asset and financial structure, aiming to keep the debt ratio within a reasonable range[110]. Social Responsibility - The company invested a total of CNY 41,400 in poverty alleviation efforts in Sanhe Village, resulting in 30 impoverished individuals being lifted out of poverty[172]. - The company has committed to follow-up support for the 10 households that have been lifted out of poverty, ensuring sustainable economic development[174]. - The company emphasizes the integration of corporate social responsibility into its development strategy, ensuring compliance with legal regulations and protecting stakeholder interests[176].

Financial Performance - Operating revenue for the reporting period was ¥153,441,579.18, down 6.43% year-on-year, while year-to-date revenue reached ¥357,047,101.84, a decline of 6.75% compared to the same period last year[8] - Net profit attributable to shareholders was ¥44,562,300.33, an increase of 26.39% year-on-year, with year-to-date net profit at ¥49,187,043.22, up 54.82% compared to the previous year[8] - Basic earnings per share for the reporting period were ¥0.124, up 26.53% year-on-year, while diluted earnings per share were also ¥0.124, reflecting the same percentage increase[8] - The weighted average return on equity was 3.00%, an increase of 0.59% compared to the previous year[8] - The company reported a net profit of 49.19 million RMB for the first nine months of 2016, a 35.25% increase from the previous year[18] - The net profit attributable to the parent company for the first nine months of 2016 was CNY 49.19 million, an increase of 54.82% compared to CNY 31.77 million in the same period of 2015[19] Cash Flow and Assets - The net cash flow from operating activities for the year-to-date period was ¥141,609,036.68, representing a significant increase of 179.95%[8] - The net cash flow from operating activities for the first nine months of 2016 was CNY 141.61 million, a significant increase of 179.95% from CNY 50.58 million in 2015[20] - The company’s cash and cash equivalents decreased by 61.43%, from 197.42 million to 76.15 million RMB, due to repayment of bank loans[18] - The company’s cash and cash equivalents decreased by 44.67%, totaling CNY -121.28 million in 2016 compared to CNY -219.19 million in 2015[20] - Total assets at the end of the reporting period amounted to ¥2,741,876,439.11, a decrease of 4.04% compared to the end of the previous year[8] - The total net assets attributable to shareholders increased to ¥1,510,122,902.41, reflecting a growth of 2.11% compared to the previous year[8] Liabilities and Financial Management - Total liabilities decreased by 31.98% in the reporting period, reflecting improved financial management[18] - Short-term borrowings decreased by 95.11%, from 307 million to 15 million RMB, as part of debt restructuring[18] - The company plans to continue adjusting its debt structure to enhance financial stability and operational efficiency[18] Government Support and Non-Operating Income - The company received government subsidies totaling ¥12,658,696.68 during the reporting period, which were closely related to its business operations[11] - The company received government subsidies totaling CNY 6 million for the Liangjiang Four Lakes scenic area in 2016, contributing to the increase in operating income[20] - The company reported a non-operating income of ¥11,941,153.39 after accounting for tax and minority interests[11] - The company reported an increase in non-operating income by 365.42%, reaching CNY 12.94 million in 2016 compared to CNY 2.78 million in 2015[19] Shareholder Information - Total number of common shareholders at the end of the reporting period is 29,637[15] - The largest shareholder, Guilin Tourism Development Co., holds 23.06% of shares, totaling 83,051,422 shares[15] - The company did not engage in any repurchase transactions among the top shareholders during the reporting period[15] - The company has committed to not reducing its shareholding in the next 12 months, fulfilling its promise made in July 2015[31] Investments and Projects - The company has participated in the establishment of Guilin Aviation Tourism Group Co., Ltd., holding 16.32% of its shares through the contribution of 16% of its own shares[21] - The company received a government approval for the investment in Guilin Aviation Tourism Group, which is expected to enhance its market presence[22] - The company transferred the Fulong Garden project to Guilin Xingjin Industrial Co., Ltd., with a payment plan indicating that 75.5% of the project payment has been made, totaling CNY 65.12 million, while CNY 10.87 million remains unpaid[25] - The company established a subsidiary with Songcheng Performance Development Co., Ltd. to create the "Lijiang Eternal Love" performance project, with a total investment of approximately CNY 50 million, where the company holds a 30% stake with an investment of CNY 6 million[26] - The company signed a contract to acquire the operating rights for water tours in the urban section of the Lijiang Scenic Area for CNY 45 million, gaining an additional 700 passenger capacity, increasing total capacity to 1,394 passenger seats[27] - The company has paid CNY 22.42 million for the water tour operating rights, with ongoing integration efforts for existing tour boat enterprises[27] Research and Compliance - The company has conducted multiple institutional research activities throughout July 2016, indicating ongoing engagement with investors[35] - The chairman of the company, Liu Tao, signed the report on October 28, 2016, confirming the accuracy of the disclosed information[38] - There are no violations regarding external guarantees or non-operating fund occupation by controlling shareholders during the reporting period[36][37] - The company has not engaged in any securities or derivative investments during the reporting period[33][34] - The company does not anticipate significant changes in net profit for the fiscal year 2016 compared to the previous year[32]

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].