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。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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 特此公告。 桂林旅游股份有限公司董事会 2025年4月21日 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）15:00一17:00召开2024年度业绩说明会。 本次业绩说明会将采用网络远程的方式举行，投资者可登录深圳证券交易所"互动易"平台 （http://irm.cninfo.com.cn），进入"云访谈"栏目参与公司2024年度业绩说明会。 出席本次业绩说明会的人员：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。 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 ...

Core Insights - Guilin Tourism has accumulated losses of nearly 1 billion yuan since 2020, with a revenue drop of 7.58% in 2024 and a net profit loss of 204 million yuan, reflecting a significant decline of 1830.7% year-on-year [1] - Zhangjiajie, another well-known tourist operator, has also faced severe financial difficulties, leading to its stock being marked as "ST Zhangjiajie" due to continuous losses [1] - The traditional "ticket economy" model is facing severe challenges, as high ticket prices are no longer sustainable in the current competitive tourism market [2][7] Industry Challenges - The reliance on high ticket prices for profit has reached a bottleneck, with the National Development and Reform Commission urging reductions in ticket prices for state-owned scenic spots [2] - Despite ticket price reductions, such as Zhangjiajie's core scenic area ticket dropping from 248 yuan to 165 yuan, total revenue still declined by 5%, indicating that merely lowering prices does not resolve the underlying profitability issues [2] - Tourists are increasingly sensitive to ticket prices, especially when they represent a significant portion of their daily wages, limiting their willingness to pay [2][3] Shift in Consumer Expectations - Tourists now seek comprehensive experiences rather than just scenic views, leading to a redefinition of value in tourism [3][4] - Negative feedback about high ticket prices and poor experiences is prevalent on social media, highlighting the mismatch between ticket prices and the quality of service and experience provided [3][4] - Successful examples, such as the West Lake in Hangzhou, demonstrate that free access can enhance visitor satisfaction and stimulate surrounding businesses, indicating a shift towards experience-driven tourism [3][4] Need for Business Model Innovation - The traditional "high ticket price + low service" model is unsustainable, and scenic spots must evolve to meet modern consumer expectations [6][7] - Many scenic areas still operate under outdated "sightseeing 1.0" models, focusing on physical attractions while neglecting service quality and visitor experience [7] - There is a pressing need for diversified revenue streams beyond ticket sales, with successful destinations integrating secondary consumption such as hotels and performances into their business models [9] Recommendations for Future Development - Scenic areas should focus on enhancing the quality and diversity of their offerings, moving from a "ticket seller" to an "experience designer" [9] - Developing unique cultural experiences, themed routes, and high-quality service can help attract visitors and improve profitability [9] - Emphasizing digital technology and cultural integration will be crucial for creating value and meeting the evolving demands of tourists [9]

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。 ...

4月16日晚间，披露了营利双降的年报之后，桂林旅游公告，子公司桂圳公司部分资产整体公开招 租，已收到近200万履约保证金。 2024年，国内出游人次56.15亿，比上年同期增加7.24亿，同比增长14.8%；国内游客出游总花费 5.75万亿元，比上年增加0.84万亿元，同比增长17.1%。国内旅游市场逐步迈入繁荣发展新周期，但不 少手握优质旅游资源的地方文旅却面临亏损的困境。 4月17日，"山水旅游第一股"张家界"戴帽"，复牌后ST张家界跌停。该公司近日披露最新业绩，已 经连续五年亏损，今年第一季度依然未扭亏。 资产减值背后，过去多年来因盲目扩张所形成的不良资产已经成为桂林旅游的痼疾。2024年半年报 中，桂林旅游披露了14家主要子公司和参股公司的情况，有11家净利润为负值；2024年年报中，桂林旅 游披露的数量减少到了5家，其中三家净利润、净资产均为负值，分别是资江丹霞公司、桂林罗湖山公 司、桂圳公司。 桂林旅游100%持股的资江丹霞公司2024年游客接待量仅2.47万人次，同比下降44.38%，且近年来 持续亏损。桂林旅游持有70%股权的罗湖山公司主要负责罗山湖体育休闲运动项目建设，然而该项目从 2015 ...

证券代码：000978 证券简称：桂林旅游 公告编号：2025-025 桂林旅游股份有限公司关于 桂林桂圳投资置业有限责任公司 部分资产整体公开招租的进展公告 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。 一、交易概述 桂林桂圳投资置业有限责任公司（以下简称"桂圳公司"）为桂林旅游股份 有限公司（以下简称"公司"或"本公司"）的控股子公司，注册资本 6,000 万 元，本公司持有该公司 65%的股权，自然人文良天持有该公司 35%的股权，桂圳 公司主要运营桂林天之泰大厦。 公司 2025 年 3 月 19 日召开的第七届董事会 2025 年第一次会议审议通过了 关于桂圳公司部分资产整体公开招租的议案，公司董事会同意桂圳公司将部分资 产在北部湾产权交易所挂牌整体招租，本次招租的资产为桂林市象山区翠竹路 35 号天之泰大厦裙楼 1-5 层（建筑面积 22,171 平方米）和天之泰大厦西塔楼 1、 6-12 层（建筑面积 8,921 平方米），招租总建筑面积合计 31,092 平方米；租金 以评估值为基础，天之泰大厦裙楼 1-5 层起始租金不低于每平方米 36.5 ...