Market Overview - On September 15, the tourism and scenic spots sector rose by 0.12% compared to the previous trading day, with Xiyu Tourism leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Key Performers - Xiyu Tourism (300859) closed at 51.06, up 5.34% with a trading volume of 202,300 shares and a transaction value of 1.019 billion [1] - Songcheng Performance (300144) closed at 9.19, up 2.11% with a trading volume of 926,800 shares [1] - Other notable performers include Xi'an Tourism (000610) up 1.53%, Huangshan Tourism (600054) up 0.90%, and Guilin Tourism (000978) up 0.58% [1] Decliners - Longzi Mountain (603099) closed at 50.03, down 2.91% with a trading volume of 123,300 shares [2] - Dalian Shengya (600593) closed at 37.32, down 1.84% with a trading volume of 58,400 shares [2] - Other notable decliners include Lingnan Holdings (000524) down 1.43% and ST Zhangjiajie (000430) down 0.99% [2] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 401 million in main funds, while retail investors saw a net inflow of 361 million [2] - Speculative funds had a net inflow of 39.31 million [2] Individual Stock Capital Flow - Songcheng Performance saw a main fund net outflow of 19.2 million, while retail investors had a net outflow of 23.37 million [3] - Qujiang Cultural Tourism (600706) had a main fund net inflow of 7.83 million, but a retail net outflow of 8.67 million [3] - Huangshan Tourism (600054) recorded a main fund net inflow of 7.2 million, with retail investors experiencing a net outflow of 4.23 million [3]

Group 1 - The company, Guilin Tourism Co., Ltd., has provided a guarantee and mortgage for a loan of up to 60 million yuan (approximately 8.82 million USD) taken by its wholly-owned subsidiary, Shengdong Lianhua Performing Arts Development Co., Ltd. [2] - As of June 30, 2025, the outstanding loan principal balance was 48.05 million yuan (approximately 7.06 million USD) [2] - On September 9, 2025, the company was notified that Shengdong Lianhua had fully repaid the loan principal and interest, leading to the release of the guarantee responsibility [3] Group 2 - After the release of the guarantee responsibility, the total amount of external guarantees by the company and its subsidiaries is 88.2 million yuan (approximately 12.93 million USD), which accounts for 8.23% of the company's latest audited net assets attributable to shareholders [4] - As of the date of the announcement, the company has no overdue guarantees and there are no guarantees involved in litigation or that would result in liability due to a judgment against the company [4]

Summary of Key Points - The company Guilin Tourism announced that its subsidiary Yinziyan provided a guarantee for a loan application of up to 60 million yuan by its wholly-owned subsidiary Shengdong Lianhua from Agricultural Bank of China Xiangshan Branch [2] - As of June 30, 2025, the principal balance of the loan was 48.05 million yuan, which was fully repaid along with interest by September 9, 2025, leading to the release of the guarantee responsibility [2] - After the release of the guarantee, the total amount of external guarantees provided by the company and its subsidiaries was 88.2 million yuan, accounting for 8.23% of the latest audited net assets attributable to the shareholders of the company [2]

一、担保情况概述 证券代码：000978 证券简称：桂林旅游 公告编号：2025-042 桂林旅游股份有限公司 关于控股子公司解除担保的公告 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。 桂林荔浦银子岩旅游有限责任公司（以下简称"银子岩公司"）为桂林旅游股 份有限公司（以下简称"公司"）的控股子公司；桂林生动莲花演艺发展有限公司 （以下简称"生动莲花公司"）为银子岩公司的全资子公司。 根据项目建设需要，生动莲花公司向中国农业银行股份有限公司桂林象山支 行（以下称"农行象山支行"）申请借款，借款本金不超过 6,000 万元，借款期限 10 年。银子岩公司为该项借款提供保证担保和抵押担保，担保本金不超过 6,000 万元。具体详见公司 2021 年 11 月 17 日发布的《桂林旅游股份有限公司关于控 股子公司提供保证担保和抵押担保的公告》（公告编号：2021-052）。 本次担保责任解除后，公司及控股子公司对外担保的总金额为 8,820 万元， 占公司最近一期经审计归属于公司股东净资产的 8.23%。截至本公告披露日，公 司无逾期担保；不存在涉及诉讼的担保及因 ...

Core Insights - The tourism and performance industry is facing significant challenges, with many companies reporting declining performance metrics and increased operational costs [2][3][15] - The project "Only Emei Mountain" has been suspended due to ongoing losses, highlighting the difficulties faced by large-scale cultural tourism projects [3][11][15] Company Performance - Song City Performing Arts reported a 27.4% decrease in net profit for the first half of 2025, with total revenue down 8.3% to 1.08 billion yuan [4][5] - The company’s cultural tourism performance saw a revenue drop of 35.01%, while its major projects experienced varying degrees of revenue decline [5][7] - Fengshang Culture's revenue decreased by 1.79%, with a significant drop in net profit by 33.56%, while its cultural tourism segment saw a 35.01% revenue decline [7] - Sanxiang Impression's revenue fell by 37.37%, with a 50.32% drop in net profit, indicating a struggle in the cultural performance sector [8] Industry Trends - The industry is witnessing a shift from capital-intensive models to a focus on content and efficiency, as companies face increased competition and changing consumer preferences [15][14] - Many companies are exploring the integration of AI and new technologies to enhance their offerings, although these initiatives are still in the early stages [8][9] - The overall sentiment in the tourism market remains cautious, with companies emphasizing the need for innovation and differentiation in their cultural offerings [13][14]

Core Viewpoint - The performance of various listed companies in the cultural tourism and performance industry has significantly declined, with many reporting decreased revenues and profits due to high operational costs and market challenges [1][2][12]. Financial Performance - Song City Performing Arts reported a 27.4% year-on-year decrease in net profit, with total revenue down 8.3% to 1.08 billion yuan [3][4]. - Lijiang Co. saw a 14.47% drop in revenue from its "Impression Lijiang" project, with visitor numbers down 17.96% [1][9]. - Fengshang Culture's cultural tourism performance revenue decreased by 35.01% year-on-year, while its overall revenue fell by 1.79% [5][6]. - Sanxiang Impression's cultural performance revenue declined by 2.52%, with a gross margin drop of 9.79 percentage points to 26.10% [5][7]. Project Challenges - The large-scale cultural tourism project "Only Emei Mountain" has been suspended after continuous losses, with a net loss of 16.14 million yuan reported [2][10]. - Many projects face high operational costs and a lack of unique cultural connection, leading to consumer dissatisfaction and reduced attendance [10][11]. Market Trends - The industry is experiencing a shift towards content-driven strategies rather than capital-intensive models, as companies seek to innovate and differentiate their offerings [12][11]. - The competitive landscape is characterized by high saturation and price competition, which may negatively impact product quality and consumer experience [11][12]. Future Outlook - Companies are exploring new growth areas, including AI and robotics, but many are still in the early stages of development [7]. - The focus is shifting towards optimizing existing assets and improving operational efficiency to adapt to changing consumer preferences [12].

Group 1 - The company, Guilin Tourism, reported that as of August 29, 2025, the total number of shareholders is 32,980 [1]

Core Viewpoint - Guilin Tourism has signed acquisition agreements to purchase 100% equity of two companies, enhancing its digital ticketing system and overall tourist experience [1][2]. Group 1: Acquisition and Digital Transformation - The acquisition aims to improve the digitalization of the existing ticketing system, strengthen the synergy within the industry chain, and enhance the efficiency of ticketing services [1][2]. - Guilin Tourism is advancing the integration of AI and cultural tourism, with initiatives such as the "Guilin Tourism AI Assistant" and the installation of smart monitoring equipment on cruise ships [1][2]. Group 2: Financial Performance - In the first half of 2025, Guilin Tourism reported a revenue of 197 million yuan, a year-on-year increase of 0.33%, and a net profit of 8.01 million yuan, marking a return to profitability [2][3]. - The company received approximately 1.48 million visitors at its scenic spots, a growth of about 3.09%, and the cruise business served around 338,200 tourists, up by 1.62% [2][3]. Group 3: Market Trends and Future Outlook - The company is focusing on product innovation and enhancing service capabilities to attract more tourists, aligning with the themes of "Year of Tourism in Guangxi" and "Year of Building a World-Class Tourism City in Guilin" [3][4]. - The domestic tourism market is expected to continue its positive trend, driven by diverse and high-quality consumer demands, with emerging trends in immersive experiences and county-level tourism becoming new growth points [3].

Core Viewpoint - Guilin Tourism has signed acquisition agreements to purchase 100% equity of two companies, enhancing its digital tourism strategy and industry chain collaboration, marking a significant step in building a comprehensive tourism ecosystem [1] Group 1: Acquisition Details - The acquisition involves Guangxi Lisheng Tourism Development Co., Ltd. and Guangxi Scenic Area Tong Tourism Development Co., Ltd. [1] - This move aims to improve the digital ticketing system and strengthen industry chain synergy, injecting new momentum into the smart cultural tourism platform [1] - The acquisition will facilitate efficient allocation of scenic resources and enhance visitor experience through a unified and dynamic ticketing system [1] Group 2: Financial Performance - For the first half of 2025, Guilin Tourism reported revenue of 197 million yuan, a year-on-year increase of 0.33% [2] - Operating profit reached 7.55 million yuan, an increase of 25.87 million yuan year-on-year, while net profit attributable to shareholders was 8.01 million yuan, up by 27.10 million yuan [2] - The company welcomed approximately 1.48 million visitors to its scenic spots, a growth of about 3.09%, and 338,200 visitors for the Li River cruise business, up by 1.62% [2] Group 3: Strategic Initiatives - The company is focused on a development strategy of "stabilizing existing stock, promoting activity, and expanding new growth" [2] - It has implemented a strategy of "one core, one optimization, two wings, and three expansions" to innovate and attract more tourists [2] - The company has also emphasized the importance of reforming and strengthening internal control systems to enhance overall operational management capabilities [3]

Core Viewpoint - The acquisition of 100% equity in two tourism companies by Guilin Tourism marks a significant step in enhancing its digital service capabilities and building a comprehensive tourism ecosystem [3][4]. Group 1: Acquisition Details - On August 29, Guilin Tourism signed an acquisition agreement with Guangxi Lisheng Tourism Development Co., Ltd. and Guangxi Scenic Area Communication Tourism Development Co., Ltd. [3]. - This acquisition aims to improve the digitalization of the existing ticketing system and strengthen the synergy within the industry chain [6]. Group 2: Strategic Implications - The acquisition is expected to inject new momentum into the smart cultural tourism platform, enhancing the efficient allocation of scenic resources and overall visitor experience [6]. - It will facilitate the establishment of a unified management and dynamic optimization ticketing system, providing a more convenient one-stop ticket purchasing service for tourists [6]. Group 3: Financial Performance - For the first half of 2025, Guilin Tourism reported an operating income of 197 million yuan, a year-on-year increase of 0.33% [6]. - The operating profit reached 7.55 million yuan, an increase of 25.87 million yuan year-on-year, while the net profit attributable to shareholders was 8.01 million yuan, up by 27.10 million yuan year-on-year [6]. Group 4: Visitor Statistics - In the first half of 2025, the company’s scenic spots received approximately 1.48 million visitors, a year-on-year increase of about 3.09% [7]. - The Guilin Tourism company implemented a strategy focused on stabilizing existing resources, promoting activity, and expanding new opportunities, resulting in a total of 2.35 million visitors during the reporting period, a year-on-year growth of 6.96% [7].