同花顺（300033）数据显示，截至4月29日，有22家旅游及景区上市公司发布了2024年年报。其中，8家 公司出现亏损。从净利润变动情况看，10家公司同比有所上涨，其他公司则有不同程度的下滑。 综合上述公司的年报信息来看，传统旅游业务面临转型升级、新项目发展不及预期等，是部分企业去年 业绩欠佳的原因。 具体来看，云南旅游（002059）股份有限公司的年报显示，公司传统旅游业务受客单消费下降影响，旅 游文化科技板块新项目拓展不及预期，收入较同期有所下降；公司报告期内对部分存在减值迹象资产进 行评估，计提资产减值，资产减值损失较同期增加；报告期内参股企业项目确认投资收益较上年同期减 亏。 桂林旅游（000978）股份有限公司(以下简称"桂林旅游")的年报显示，随着旅游需求的不断增长，旅游 市场有望继续保持稳健发展态势。国际旅游方面，随着中国免签政策的不断放宽，入境旅游市场将迎来 良好的发展态势。 4月29日，桂林旅游召开业绩说明会，董事长陈靖在回答《证券日报》记者提问时表示，公司注重文旅 融合，深挖文化底蕴，打磨核心产品，完善基础设施，提升服务质量，创新旅游体验，吸引更多的境外 游客到桂林的景区、景点观光、旅游 ...

桂林旅游股份有限公司投资者关系活动记录表 1 编号：2025-001 投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（请文字说明其他活动内容） 活动参与人员 董事长陈靖女士，副董事长、总裁文政先生，独立董事常启 军先生，董事、副总裁郑宁丽女士，董事、副总裁、财务总 监、代董秘王小龙先生。 时间 2025年4月29日15:00至17:00 地点 深圳证券交易所"互动易"平台 （http://irm.cninfo.com.cn）"云访谈"栏目 形式 网络 交流内容及具 体问答记录 公司于 2025 年 4 月 29 日 15:00—17:00 采用网络远程的 方式在深圳证券交易所"互动易"平台"云访谈"栏目召开 2024 年度业绩说明会，公司参会领导与投资者互动交流情况 如下： 问题一："一核一优两翼三扩"战略中，存量优化和增量 提升具体指哪些举措？2025 年计划扩展哪些新业态（如 AI 文 旅、低空经济）？ 问题一回复： 尊敬的投资者，您好！ 存量优化的具体措施主要包括：一是借助 AI 解锁"未来 旅游"新体验，助力人民网打造"AI ...

二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 14441.44万股，累计占流通股比： 40.11%，较上期变化： 300.28万股。 | 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 桂林旅游（000978）投资集团有限公司 | 6612.05 | 18.36 | 不变 | | 桂林航空旅游集团有限公司 | 5761.60 | 16.00 | 不变 | | 富国中证旅游主题ETF | 432.98 | 1.20 | 132.93 | | 吴进进 | 337.76 | 0.94 | 不变 | | 黎晋山 | 318.88 | 0.89 | 新进 | | 司徒雯影 | 309.49 | 0.86 | 不变 | | 卢灿理 | 180.20 | 0.50 | 不变 | | 史国春 | 173.00 | 0.48 | -0.37 | | 桂林三花股份有限公司 | 157.74 | 0.44 | 不变 | | 桂林产业发展集团有限公司 | 157.74 | 0.44 | 不变 | | 较上个报 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥82,627,053.64, a decrease of 6.63% compared to ¥88,496,184.04 in the same period last year[4] - The net profit attributable to shareholders was a loss of ¥13,080,374.52, showing an improvement of 2.47% from a loss of ¥13,411,376.89 in Q1 2024[4] - Net profit for Q1 2025 was -¥13,775,856.10, an improvement from -¥15,138,300.73 in Q1 2024, indicating a 8.9% reduction in losses[29] - The weighted average return on equity was -1.23%, slightly declining from -1.06% in the previous year[4] Cash Flow - The net cash flow from operating activities improved by 40.58%, reaching -¥12,628,519.21 compared to -¥21,253,662.84 in the previous year[4] - Cash flow from operating activities showed a net outflow of -¥12,628,519.21, an improvement from -¥21,253,662.84 in the previous year[31] - Cash flow from investing activities improved to -496.89 million, a decrease of 613.76 million or 55.26% compared to Q1 2024, primarily due to reduced cash payments for fixed assets and cash dividends received from an associate company of 1.75 million[14] - Cash flow from investing activities resulted in a net outflow of -¥4,968,879.61, compared to -¥11,106,547.05 in Q1 2024, showing a significant reduction in investment losses[31] - Cash flow from financing activities generated a net inflow of ¥26,943,835.27, an increase from ¥21,305,355.27 in the same period last year[31] - The company reported a total cash and cash equivalents balance of ¥57,211,481.03 at the end of Q1 2025, up from ¥49,805,863.24 at the end of Q1 2024[31] Assets and Liabilities - The total assets at the end of Q1 2025 were ¥2,153,117,098.18, a slight decrease of 0.19% from ¥2,157,194,665.64 at the end of the previous year[4] - The total liabilities increased by 41.79% for short-term non-current liabilities, reaching ¥25,416.85 million, indicating a rise in short-term borrowing[10] - Total liabilities increased to 1,089,589,226.98 CNY from 1,079,890,938.34 CNY, showing a slight increase of about 0.7%[27] - The non-current liabilities decreased from 700,957,382.55 CNY to 660,483,915.97 CNY, a reduction of about 5.8%[27] - The total owner's equity decreased to 1,063,527,871.20 CNY from 1,077,303,727.30 CNY, indicating a decline of approximately 1.3%[27] Income and Expenses - The company reported a significant increase in other income, which rose by 233.76% to ¥339.40 million, primarily due to tax reductions received[12] - The company incurred sales expenses of ¥5,779,390.71, which is an increase of 34.2% compared to ¥4,308,995.62 in Q1 2024[29] - The company’s management expenses decreased to ¥21,037,408.58 from ¥22,737,039.54, reflecting a decline of 7.5%[29] - The company’s sales expenses increased by 34.12% to ¥577.94 million, attributed to higher advertising costs[12] Shareholder Information - The total number of common shareholders at the end of the reporting period was 37,316, with the largest shareholder, Guilin Tourism Investment Group, holding 37.20% of shares[15] - Guilin Tourism Investment Group has pledged 66,120,473 shares, while Guilin Airlines Tourism Group has pledged all of its 57,616,000 shares[15] Legal and Leasing Activities - The company received a court ruling to recover 6.7752 million from Guilin Luoshan Lake Group, which will increase the net profit attributable to shareholders by 4.74 million in 2025[18] - The company plans to publicly lease part of the assets of Guilin Guizhen Investment Co., with a total area of 31,092 square meters and a starting rental price of 987,661.50 yuan per month[20] - The total rental income from the leasing of Tianzhitai Building is 13,091,610 CNY, with a rental fee of 11,453,950 CNY and property service fees of 1,637,650 CNY for a total area of 31,092 square meters[21] - The company has signed a leasing contract with Guangxi Yuanchuang for a term of 9 years and 11 months[21] - The company received a performance deposit of 1,975,300 CNY from Guangxi Yuanchuang[21] Accounts Receivable and Current Assets - Accounts receivable increased to 73,216,435.91 CNY from 59,385,591.69 CNY, representing a rise of about 23.3%[24] - The total current assets amounted to 203,712,431.53 CNY, up from 180,522,601.64 CNY, indicating an increase of approximately 12.8%[24]

Core Viewpoint - Guilin Tourism is facing significant financial losses, highlighting deeper systemic issues within the city of Guilin itself [1][5][21]. Financial Performance - In 2024, Guilin Tourism reported an operating income of 432 million yuan, a year-on-year decrease of 7.58%, and a net profit loss of 204 million yuan, a staggering decline of 1830.7%. Cumulatively, the company has lost nearly 1 billion yuan since 2020 [2][4]. Resource Management - Despite controlling key scenic resources such as the Li River and several five-star hotel assets, Guilin Tourism has failed to capitalize on these advantages, leading to increasing financial losses [3][4]. Investment Strategy - The company has engaged in blind expansion, investing in various projects that have largely failed, resulting in significant financial strain. Examples include: - Danxia Tourism Company, which reported a net profit of -24.13 million yuan and a 44% drop in visitor numbers [6]. - Luoshan Lake Tourism Company, which has been inactive since 2015 and reported a loss of 123 million yuan in 2024 [6]. - Guilin Tianzhitai Building project, which incurred losses exceeding 21 million yuan [7]. - Asset impairment and credit impairment alone accounted for 152 million yuan in losses, significantly impacting the profit statement [8]. Cash Flow Issues - Guilin Tourism continues to invest heavily despite declining revenues, with a net cash flow from investment activities of -45.16 million yuan in 2024, worsening from the previous year [12][13]. Visitor Experience - The overall visitor reception in 2024 decreased by 8.12%, with tourism revenue from scenic spots dropping by 16.5%. Negative experiences such as high ticket prices, poor service, and frequent complaints have damaged the company's reputation [16][18][20]. Systemic Challenges - The issues faced by Guilin Tourism reflect broader systemic problems within the city, including a lack of operational autonomy for state-owned enterprises and bureaucratic inefficiencies that hinder market responsiveness [21][25][41]. - The tourism market in Guilin has been plagued by persistent issues such as overcharging and forced shopping, which have eroded trust among visitors [28][30][32]. Future Outlook - There is potential for recovery, but it requires significant reforms, including granting operational autonomy to state-owned enterprises, eliminating bureaucratic barriers, and improving visitor experiences to restore trust [38][40][41].

2020年至2022年，桂林旅游亏损算得上是"情有可原"。2023年，桂林旅游一扫此前的颓态，财务状态明 显恢复，但好景不长，2024年又陷入亏损的漩涡。都说"桂林山水甲天下"，因为这句诗词，许多游客都 想前往桂林，一睹阔江奇石的风采，桂林旅游就紧紧抓住了这份景观资源。 公开资料显示，桂林旅游主要从事旅游服务与旅游服务相关的业务，主营业务包括游船客运、景区旅游 业务、酒店、公路旅行客运、出租车等。截至目前，桂林旅游拥有桂林核心旅游资源，包括两江四湖景 区、银子岩景区、龙胜温泉景区、丰鱼岩景区、资江天门山景区的经营权。 除此之外，桂林旅游还与控股股东桂林旅游投资者集团合作建设了桂林市区著名景区七星景区，且拥有 五星级酒店桂林漓江大瀑布饭店100%股权。《华夏时报》记者注意到，漓江大瀑布饭店的价格不算 低，在"五一"期间，大床房的收费每间每晚近800元，城景套房和可以观赏到象鼻山的豪华江景房每间 每晚则超过1000元。可以说，几乎每一位前往桂林的游客都免不了要在桂林旅游这家公司身上花钱。 华夏时报（www.chinatimes.net.cn）记者 李凯旋 北京报道 "圈一块地，然后收门票，想不明白为啥守着顶级景区 ...

证券代码：000978 证券简称：桂林旅游 公告编号：2025-027 桂林旅游股份有限公司 控股股东股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 桂林旅游股份有限公司（以下简称"公司"或"本公司"）控股股东桂林旅 游投资集团有限公司（以下简称"旅投集团"）于 2022 年 8 月 17 日将持有的本 公司 66,120,473 股股份质押给中国工商银行股份有限公司桂林分行，具体详见公 司 2022 年 8 月 20 日发布的《桂林旅游股份有限公司控股股东股份质押的公告》。 2025 年 4 月 25 日，公司接到旅投集团函告，获悉其将所持有的本公司股份 解除质押，具体事项如下： | 股东名称 | 是否为控股股 东或第一大股 东及其一致行 动人 | 本次解除质押 股份数量 （股） | 占其所持 股份比例 | 占公司总 股本比例 | 起始日 | | 解除日期 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 桂林旅游投资集 团有限公司 | 是 ...

旅游及酒店板块震荡走高，三峡旅游（002627）涨停，众信旅游（002707）涨超7%，南京商旅 （600250）、桂林旅游（000978）、凯撒旅业（000796）跟涨。 ...

桂林山水甲天下。坐拥"甲天下"山水资源，桂林旅游（000978）公司2020年至今却已累计亏损近10亿 元。桂林旅游也因此上了热搜。 据智通财经报道，仅2024年，桂林旅游营收4.32亿元，同比就下滑7.58%；归母净利润亏损2.04亿元， 同比更是暴跌1830.7%。 与此同时，《中国报道》报道称，知名旅游景区运营商张家界也于近日宣布，由于连年亏损且面临重大 财务危机，公司股票被变更为"ST张家界"，实施风险警示。 在大众旅游时代已经开始、旅游成为人们生活必需品的当前背景下，桂林、张家界这样的老牌景区，竟 然因巨额亏损上了热搜，不仅出乎公众意料，这一状况也与我们正在推进的"旅游强国"建设大背景相背 离。 事实上，这些年旅游消费屡创新高，民众出游意愿也空前高涨。桂林和张家界，已经是拥有顶级资源的 旅游目的地，却出现如此巨大的经营亏空。旅游市场出现这一"冰火两重天"的局面，意味着什么？ 旅游性价比已被重新定义 坐拥顶级自然资源的景区接连陷入经营困局，某种程度上也是我国旅游行业转型期的缩影——时代变 了，而传统景区的经营思维尚未跟上。 桂林、张家界等传统旅游景区营收亏损背后，折射的是传统"门票经济"模式正面临严峻 ...

证券代码：000978 证券简称：桂林旅游 公告编号：2025-026 桂林旅游股份有限公司 关于召开 2024 年度业绩说明会的公告 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于本次业绩 说明会召开前登录深圳证券交易所"互动易"平台"云访谈"栏目，进入本公司 2024 年度业绩说明会页面，提交您所关注的问题。公司将在本次业绩说明会上 对投资者普遍关注的问题进行回答。本次活动交流期间，投资者仍可登录活动界 面进行互动提问。欢迎广大投资者积极参与！ 特此公告。 桂林旅游股份有限公司董事会 2025 年 4 月 21 日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 桂林旅游股份有限公司（以下简称"公司"或"本公司"）2024 年年度报告 已于 2025 年 4 月 12 日披露。为了更好地与广大投资者进行交流，使投资者能够 进一步了解公司 2024 年度经营情况，公司定于 2025 年 4 月 29 日（星期二） 15:00—17:00 召开 2024 年度业绩说明会。 ...