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 ...

Core Viewpoint - The company aims to achieve high-quality development by focusing on three main strategies: "preserving existing assets, expanding new opportunities, and shedding burdens" by 2025 [1] Group 1: Preserving Existing Assets - The company plans to leverage AI to create new tourism experiences, including the "AI Tour Guilin" platform and virtual tour guides [1] - It will develop a matrix of unique products centered around "leisure vacation + in-depth experience," enhancing cultural and thematic educational products [1] - Collaborations with innovative teams like New Oriental Culture and "New Palace Museum" will be pursued to offer customized tourism services and co-create cultural brands [1] - High-end customized products that integrate premium services with business offerings will be developed [1] Group 2: Expanding New Opportunities - The company intends to explore new avenues in cultural tourism consumption, including low-altitude sightseeing projects and a new consumption model of "touring mountains and waters, buying globally" [1] - A major scenic area centered around the Li River will be established, incorporating various cultural elements and creating multi-day tour packages [1] - Integration of resources from Two Rivers and Four Lakes, Ancient Song City, and other attractions will create a comprehensive poetic living experience [1] - The company will advance themed night tours, develop Silver Rock into a 5A scenic area, and promote wellness tourism projects [1] - Plans to acquire mature projects with stable cash flow and profits will be explored for external growth [1] Group 3: Shedding Burdens - The company will enhance the optimization and revitalization of non-performing assets through tailored strategies for each entity [1] - Measures will be taken to address low-efficiency and non-performing assets, including revitalization, divestment, and disposal [1] - A special collection team will be established to recover outstanding receivables, creating space for innovative development [1]

Core Viewpoint - Guilin Tourism Co., Ltd. received a regulatory warning from the Guangxi Securities Regulatory Bureau due to accounting errors related to the treatment of debts from loss-making subsidiaries and misclassification of investment properties [2][3]. Group 1: Accounting Errors - The company corrected accounting errors related to the debts of its loss-making subsidiary, Guilin Lipu Fengyu Rock Tourism Co., Ltd., which reported total assets of 43.97 million yuan and a net asset of -74.25 million yuan at the end of 2022 [3]. - The company acknowledged that the debts owed by the subsidiary had incurred substantial losses and were unlikely to be recoverable, leading to adjustments in the consolidated financial statements [4]. Group 2: Misclassification of Investment Properties - Guilin Tourism also identified misclassifications in its investment properties, particularly concerning Guilin Guizhun Investment Co., Ltd. and Guilin Qintan Passenger Transport Station Co., Ltd. [5]. - The company determined that certain assets classified as "investment properties" did not meet the criteria for such classification and should be reclassified as "fixed assets" and "intangible assets" [7]. Group 3: Regulatory Response - The Guangxi Securities Regulatory Bureau issued a warning letter to Guilin Tourism, which will be recorded in the securities and futures market integrity archive [2]. - The company stated that the warning would not affect its normal production and operational activities, and it is committed to submitting a written rectification report as required [2].

Core Insights - Guilin Tourism Co., Ltd. has reported significant financial losses, with nearly 1 billion yuan lost over the past five years, despite being a well-known tourist destination in China [1][2][5] Financial Performance - In 2024, Guilin Tourism achieved a revenue of 432 million yuan, a year-on-year decrease of 7.58%, with a net loss of approximately 204 million yuan, marking a staggering decline of 1830.7% [2] - The company reported a net loss of 211 million yuan in the fourth quarter of 2024 [2] - In the first quarter of 2025, the company recorded a revenue of 82.63 million yuan, down 6.6% year-on-year, with a narrowed net loss of 13.08 million yuan [5] Visitor Trends - The number of visitors to Guilin has dropped from 8.99 million in 2019 to 5.68 million in 2024, failing to recover to pre-pandemic levels and even lower than 2015 figures [5][7] - Tourist numbers for key attractions like Silver Cave and Zijiang Tianmen Mountain have also declined in 2024 compared to 2023 [7] Investment Issues - Guilin Tourism has invested in several low-profit projects, leading to asset impairment, including over 100 million yuan in impairment provisions for the failed sports and leisure project at Luoshan Lake [7] - The company has five major subsidiaries, with only two (Silver Cave and Guilin Li River Ancient Song Performance Development Co., Ltd.) reporting profits, while the others are operating at a loss [5] Market Dynamics - The decline in visitor numbers is attributed to a combination of poor tourist experiences and increased competition from emerging tourist destinations [8][21] - The average tourist spending in Guilin in 2024 was approximately 1,228 yuan, which is considered low compared to other popular tourist cities [12][14] - The shift in consumer preferences towards self-guided and experiential travel has left Guilin's traditional group tour model struggling to attract younger tourists [15][19] Competitive Landscape - Newer tourist cities are gaining popularity, further fragmenting the market share that Guilin once held [21] - Despite the decline in domestic tourists, there has been an increase in foreign visitors, particularly in areas like Yangshuo, which saw a nearly twofold increase in inbound tourists in 2024 [23]

Group 1 - The company held its fourth meeting of the seventh board of directors on May 21, 2025, with all nine directors present, complying with relevant regulations [1] - The board approved the appointment of Chen Lihua as the Chief Financial Officer, following the review and consent of the nomination and audit committees [1] - The board also appointed Chen Wei as the Secretary of the Board, replacing Wang Xiaolong, with Chen Wei possessing the necessary qualifications and experience [2] Group 2 - Chen Lihua, born in May 1974, has a university degree in accounting and is a senior accountant, CPA, and tax advisor, with a history of working in various financial roles within the company since June 2008 [3] - Chen Wei, born in April 1979, holds a bachelor's degree in economics and has been with the company since 2000, serving as the securities affairs representative and currently as the general manager of the securities department [5]