Group 1: Operational Performance - The company's operations in April were normal, similar to the first quarter performance [2] - The large cableway's capacity has increased, leading to higher recognition and visitor preference [3] - The maximum capacity for the large cableway is approximately 10,000 people, with efforts to divert visitors to other cableways during peak times [3] Group 2: Marketing and Sales Strategies - The company is promoting joint marketing efforts between scenic tickets and the "Impression Lijiang" show, with ticket prices for the show included in package deals [4] - The company plans to lower the individual ticket price (currently 248 RMB) to boost sales among individual tourists [5] - The company is exploring partnerships with local travel agencies to enhance marketing efforts [5] Group 3: Visitor Trends and Challenges - The number of repeat visitors to the snow mountain is low, contributing to a discrepancy between government and company visitor statistics [5] - The decline in "Impression Lijiang" performance is being managed to maintain last year's levels [5] Group 4: Future Projects and Investments - The Shangri-La project is divided into two parts, with one part already opened and the other under construction, expected to be completed by the end of 2017 [7] - The company is actively seeking opportunities for the Lugu Lake project, aiming to develop unique tourism products [7] - The company has no immediate plans for large-scale investments in hotel projects but is considering resource acquisitions [6] Group 5: Financial Performance and Challenges - The hotel business has seen a decline due to increased competition and lower occupancy rates compared to 2014 [9] - The company is implementing measures to turn around the dining center's performance, including market recognition and cost adjustments [6] - The company's maca business faced significant losses in 2015 due to market oversupply and macroeconomic factors [10]

Company Overview - Lijiang Yulong Tourism Co., Ltd. operates primarily in two segments: scenic areas and urban areas [2] - Key attractions include Yulong Snow Mountain, which features multiple cable cars and cultural performances [3] Business Operations - The company has three cable cars, with an overall growth of nearly 10% compared to last year. The major cable car saw a growth of 15%-20%, while the other two had growth rates below 10% [3][4] - The group and individual visitor ratio for the major cable car is 80%-20%, and for the other two, it is 55%-45% [4] Hotel Operations - The occupancy rates for the hotels are as follows: InterContinental Hotel at 50%-55%, Indigo Hotel at 40%-50%, and Lijiang Lishi Hotel at 50% [7] - The company plans to enhance its hotel offerings by introducing boutique hotels and developing a small boutique hotel model with 10-20 rooms [5] Market Challenges - The performance of the "Impression Lijiang" show has declined by 20% compared to last year, largely due to intense competition in the performance market [6] - The company is focusing on strengthening partnerships with travel agencies and enhancing marketing efforts to improve the performance of its shows [6] Future Projects - The company is actively pursuing new projects, including the Moonlight City project in Shangri-La and a boutique hotel project in Benzilan, with a total investment of 84 million yuan [10] - The company is also exploring opportunities in the Lugu Lake area, although the project is still in the planning stages [7] Government Support - Recent government initiatives have significantly improved transportation infrastructure around Lijiang, including the upcoming opening of the Shanghai-Kunming high-speed rail [8] Shareholder Dynamics - The company acknowledges the recent shareholding increase by Huabang, viewing it as a market behavior and expressing openness to their involvement [9][10]

Company Overview - Lijiang Yulong Tourism Co., Ltd. operates primarily in two segments: scenic areas and urban areas [2] - Key attractions include Yulong Snow Mountain, various cable cars, and cultural performances [3] Business Growth and Trends - The large cable car has seen rapid growth, with a projected annual increase of approximately 10% if unaffected by natural disasters or policy changes [5] - The company has adjusted its marketing strategy to focus on higher-quality products due to changes in travel agency recommendations [4] Financial Performance - The company offers a discount of around 20 RMB per person as part of its marketing strategy, which is adjusted annually [5] - The performance of the "Impression Lijiang" show has declined, prompting the company to enhance joint marketing efforts with scenic area tickets [8] Infrastructure and Transportation - Improved transportation links, such as the opening of the Shanghai-Kunming high-speed rail, significantly enhance access to Lijiang [6] - Ongoing construction of the Lijiang-Panzhihua expressway is expected to further boost visitor numbers from Sichuan province [6] Project Developments - The company is actively pursuing the Lugu Lake project, aiming to develop unique tourism products and enhance local cultural experiences [6] - The Shangri-La Moonlight City project is under construction, with adjustments to its investment scale and timeline, now expected to open in 2019 [9] Market Conditions - Recent market regulations in Yunnan are anticipated to impact short-term operations but are viewed as beneficial in the long term [7] - The company is exploring opportunities in niche markets, including leisure and customized tourism products [9] Future Strategies - The company plans to seek acquisition opportunities and expects gradual profit increases from its dining center operations [10]

Group 1: Business Performance and Projections - The company's cable car business experienced its first decline in many years in 2017, but the decline has been lessening in 2018, with a specific growth potential being difficult to assess [1][2] - The proportion of visitors using the company's cable car exceeds 90% of all visitors entering the scenic area [2] - The company anticipates that the revenue from performance business will improve in 2018 due to enhanced marketing efforts and product innovation [4] Group 2: Project Developments - The Lugu Lake project is progressing, with the planning approved by the Yunnan Provincial Urban and Rural Planning Committee [2] - The Shangri-La Moonlight City project is advancing steadily, with over 65% of the hotel construction completed [3] - The company plans to complete the renovation of the Maoniuping cable car expansion project within 24 months, aiming to start construction by the end of 2018 and finish by 2020 [4] Group 3: Strategic Initiatives - The company is considering improvements to transportation into the scenic area, with local government plans for public transport and potential rail transit [2] - The company is expanding its boutique hotel services in various locations, including Lijiang and Shangri-La, to enhance service bases [5] - The company is focusing on developing high-end, personalized tourism products to meet the growing demand for customized travel experiences [4]

[Main Financial Data](index=2&type=section&id=I.%20Main%20Financial%20Data) [Key Accounting Data and Financial Indicators](index=2&type=section&id=(I)%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In Q3 2022, the company's performance showed explosive growth due to a low base from the prior year's pandemic impact, with single-quarter operating revenue increasing by 101.91% and net profit attributable to shareholders surging by 8,764.15%; however, year-to-date operating revenue decreased by 11.64%, while cumulative net profit attributable to shareholders grew by 143.52% benefiting from non-recurring gains Key Financial Indicators for Q3 2022 and Year-to-Date | Indicator | Current Period (Q3 2022) | YoY Change (Current Period) | Year-to-Date | YoY Change (Year-to-Date) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 177,489,410.49 | 101.91% | 256,460,761.19 | -11.64% | | Net Profit Attributable to Shareholders (RMB) | 80,107,705.06 | 8,764.15% | 26,688,034.28 | 143.52% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (RMB) | 70,236,224.01 | 1,782,962.48% | 10,374,215.10 | -6.82% | | Net Cash Flow from Operating Activities (RMB) | — | — | 131,911,155.58 | 346.38% | | Basic Earnings Per Share (RMB/share) | 0.1458 | 9,012.50% | 0.0486 | 144.22% | | Total Assets (RMB) | 2,720,750,303.84 | 1.13% (vs. end of prior year) | 2,720,750,303.84 | 1.13% (vs. end of prior year) | | Total Equity Attributable to Shareholders (RMB) | 2,438,772,476.72 | 1.11% (vs. end of prior year) | 2,438,772,476.72 | 1.11% (vs. end of prior year) | [Non-recurring Gains and Losses and Amounts](index=2&type=section&id=(II)%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) Year-to-date, the company's total non-recurring gains and losses amounted to RMB 16.31 million, primarily driven by a RMB 9.77 million gain from the disposal of Nuomeile Company equity, along with government subsidies and structured deposit interest Major Non-recurring Gains and Losses Year-to-Date | Item | Amount Year-to-Date (RMB) | Description | | :--- | :--- | :--- | | Other gains and losses meeting the definition of non-recurring items | 10,446,937.44 | Primarily a RMB 9.77 million gain from disposal of Nuomeile Company equity | | Government subsidies recognized in current profit or loss | 8,020,813.70 | Primarily RMB 4 million environmental funds exempted by Lijiang Municipal Government and other subsidies | | Fair value changes from transactional financial assets | 1,537,102.09 | Primarily interest from structured deposits | | **Total** | **16,313,819.18** | -- | [Analysis of Changes in Key Financial Indicators](index=3&type=section&id=(III)%20Analysis%20of%20Changes%20in%20Key%20Financial%20Indicators) During the reporting period, several financial indicators showed significant changes, with Q3 performance growth primarily due to a low base from the prior year's pandemic impact; construction in progress substantially increased due to project advancement, while long-term equity investments decreased due to equity transfer; management expenses declined due to accounting adjustments, and investment income significantly rose from equity disposal - **Operating revenue** and **net profit** in the current period (Q3) significantly increased year-on-year, primarily due to a low comparative base from the prior year's pandemic impact and suspension of inter-provincial tourism[9](index=9&type=chunk) - The **ending balance of construction in progress** increased by **63.35%** from the beginning of the year, mainly due to continuous investment in the Mosuo Town and Ganhaizi Tourist Distribution Center projects[10](index=10&type=chunk) - **Management expenses** decreased by **39.73%** year-on-year, primarily due to the reclassification of Hofu Hotel's depreciation and amortization to operating costs, and the inclusion of start-up expenses for Diqing Moonlight City Indigo Hotel in the prior period[12](index=12&type=chunk) - **Investment income** increased by **1196.16%** year-on-year, mainly from the gain on disposal of Nuomeile Company equity in the current period[12](index=12&type=chunk) [Shareholder Information](index=4&type=section&id=II.%20Shareholder%20Information) [Common Shareholder Information](index=4&type=section&id=(I)%20Common%20Shareholder%20Information) As of the end of the reporting period, the company had 43,794 common shareholders, with Lijiang Yulong Snow Mountain Tourism Development Co., Ltd. (15.73% stake) and Huabang Life Health Co., Ltd. (14.26% stake) as the top two, forming a concerted action relationship - As of the end of the reporting period, the company had **43,794 common shareholders**[16](index=16&type=chunk) Top Five Shareholders' Holdings | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Lijiang Yulong Snow Mountain Tourism Development Co., Ltd. | State-owned Legal Person | 15.73% | 86,438,390 | | Huabang Life Health Co., Ltd. | Domestic Non-state-owned Legal Person | 14.26% | 78,370,500 | | Yunnan Provincial Investment Holding Group Co., Ltd. | State-owned Legal Person | 9.20% | 50,563,500 | | Lijiang Yulong Snow Mountain Scenic Area Investment Management Co., Ltd. | State-owned Legal Person | 5.81% | 31,902,745 | | Chen Shihui | Domestic Natural Person | 5.14% | 28,245,427 | - Lijiang Yulong Snow Mountain Tourism Development Co., Ltd. and Huabang Life Health Co., Ltd. constitute a **concerted action relationship**[17](index=17&type=chunk) [Preferred Shareholder Information](index=6&type=section&id=(II)%20Preferred%20Shareholder%20Information) The company has no preferred shareholders - During the reporting period, the company had **no preferred shareholders**[19](index=19&type=chunk) [Other Significant Matters](index=6&type=section&id=III.%20Other%20Significant%20Matters) The company disclosed progress on two core construction projects: the Indigo Hotel within the Lugu Lake Mosuo Town project is progressing well with the guest room main structure topped out, and the civil engineering for the Yulong Snow Mountain Scenic Area Ganhaizi Tourist Distribution Center project is largely complete, indicating steady advancement of key investment initiatives - The hotel brand within the Lugu Lake Mosuo Town project has been upgraded from "Holiday Resort" to "Indigo," with the total investment adjusted to **RMB 317 million**; the main structure of the guest room area has been topped out[19](index=19&type=chunk)[20](index=20&type=chunk) - The Yulong Snow Mountain Scenic Area Ganhaizi Tourist Distribution Center project is progressing smoothly, with roof pouring completed and civil engineering largely finished, accumulating an investment of approximately **RMB 47 million**[20](index=20&type=chunk) [Quarterly Financial Statements](index=6&type=section&id=IV.%20Quarterly%20Financial%20Statements) [Financial Statements](index=6&type=section&id=(I)%20Financial%20Statements) This section presents the company's consolidated balance sheet as of September 30, 2022, and the consolidated income statement and consolidated cash flow statement for the year-to-date period [Consolidated Balance Sheet](index=6&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of September 30, 2022, the company's total assets were RMB 2.72 billion, a 1.13% increase from the beginning of the year; total liabilities were RMB 172.36 million, a decrease from the beginning of the year; and total equity attributable to the parent company was RMB 2.44 billion, indicating a stable asset structure Key Balance Sheet Items | Item | September 30, 2022 (RMB) | January 1, 2022 (RMB) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 2,720,750,303.84 | 2,690,235,513.89 | 1.13% | | Total Liabilities | 172,355,225.45 | 179,090,602.11 | -3.76% | | Total Equity Attributable to Parent Company Shareholders | 2,438,772,476.72 | 2,412,031,497.80 | 1.11% | [Consolidated Income Statement (Year-to-Date)](index=8&type=section&id=2.%20Consolidated%20Income%20Statement%20(Year-to-Date)) In the first three quarters of 2022, the company achieved operating revenue of RMB 256.46 million, a 11.64% year-on-year decrease; despite the revenue decline, operating profit was RMB 31.77 million, total profit was RMB 36.23 million, and net profit attributable to parent company shareholders reached RMB 26.69 million, increasing by 143.52% year-on-year, benefiting from increased investment income and cost control Key Income Statement Items (Year-to-Date) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 256,460,761.19 | 290,258,180.51 | -11.64% | | Operating Profit | 31,773,294.38 | 33,786,995.62 | -5.96% | | Total Profit | 36,233,507.37 | 30,282,688.01 | 19.65% | | Net Profit Attributable to Parent Company Shareholders | 26,688,034.28 | 10,959,382.36 | 143.52% | [Consolidated Cash Flow Statement (Year-to-Date)](index=10&type=section&id=3.%20Consolidated%20Cash%20Flow%20Statement%20(Year-to-Date)) In the first three quarters of 2022, net cash flow from operating activities was RMB 131.91 million, a significant 346.38% year-on-year increase, primarily due to increased tax refunds and reduced cost expenditures; net cash outflow from investing activities was RMB 158.64 million, mainly for project construction and wealth management product purchases; and net cash outflow from financing activities significantly decreased due to no cash dividends in the current period Key Cash Flow Statement Items (Year-to-Date) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 131,911,155.58 | 29,551,021.73 | 346.38% | | Net Cash Flow from Investing Activities | -158,637,533.75 | -151,377,581.31 | -4.80% | | Net Cash Flow from Financing Activities | -440,700.00 | -110,224,942.20 | 99.60% | | Net Increase in Cash and Cash Equivalents | -27,167,078.17 | -232,051,501.78 | 88.29% | [Audit Report](index=13&type=section&id=(II)%20Audit%20Report) The company's Q3 2022 report is unaudited - The company explicitly states that this **quarterly report is unaudited**[33](index=33&type=chunk)

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers, defines key terms, and outlines the report structure [Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors, Supervisory Board, and senior management ensure the report's truthfulness, accuracy, and completeness, with no profit distribution planned for the reporting period - The company's Board of Directors, Supervisory Board, and all directors, supervisors, and senior management guarantee the report's content is true, accurate, and complete, free from false records, misleading statements, or major omissions[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Definitions](index=5&type=section&id=Definitions) This chapter defines key abbreviations and full names of entities, related parties, and professional terms used in the report, providing a basis for understanding the content Definitions of Key Entities and Terms | Term | Definition | | :--- | :--- | | Company/Lijiang Tourism/Lijiang Shares | Lijiang Yulong Tourism Co., Ltd | | Snow Mountain Company | Lijiang Yulong Snow Mountain Tourism Development Co., Ltd | | Huabang Health | Huabang Life Health Co., Ltd | | Impression Lijiang | Lijiang Yulong Snow Mountain Impression Tourism Culture Industry Co., Ltd | | Hefu Hotel Company | Lijiang Hefu Hotel Co., Ltd | | Reporting Period | January 1, 2022 to June 30, 2022 | [Company Profile and Key Financial Indicators](index=6&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents key financial performance metrics for the reporting period [Company Profile](index=6&type=section&id=Company%20Profile) This chapter provides the company's basic information, including its stock abbreviation "Lijiang Shares", stock code "002033", listing exchange, and full Chinese and English names Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Lijiang Shares | | Stock Code | 002033 | | Stock Exchange | Shenzhen Stock Exchange | | Company Chinese Name | Lijiang Yulong Tourism Co., Ltd | | Legal Representative | He Xianzhong | [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2022, the company's performance was severely impacted by the pandemic, with revenue down 60.97% and net profit attributable to shareholders turning from a profit of RMB 10.06 million to a loss of RMB 53.42 million Key Financial Indicators for H1 2022 | Indicator | Current Reporting Period | Prior Year Same Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 78,971,350.70 | 202,351,327.97 | -60.97% | | Net Profit Attributable to Shareholders (RMB) | -53,419,670.78 | 10,055,655.76 | -631.24% | | Net Cash Flow from Operating Activities (RMB) | -16,085,538.23 | 503,310.95 | -3,295.94% | | Basic Earnings Per Share (RMB/share) | -0.0972 | 0.0183 | -631.15% | | Weighted Average Return on Net Assets | -2.24% | 0.39% | -2.63% | | Total Assets (RMB) | 2,586,769,528.16 | 2,690,235,513.89 | -3.85% | - During the reporting period, the company's total non-recurring gains and losses amounted to **RMB 6.44 million**, primarily from government subsidies (**RMB 6.83 million**) and investment income from wealth management products (**RMB 2.12 million**)[25](index=25&type=chunk)[26](index=26&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed analysis of the company's operations, financial performance, and key business segments, along with an assessment of core competencies and risks [Principal Business](index=9&type=section&id=Principal%20Business) The company's main businesses include tourism cableway operations, large-scale live-action performances, and brand hotel management, with visitor numbers now primarily dependent on pandemic control rather than traditional seasonality - The company's core businesses include three major segments: - **Tourism Cableways**: Operating Yulong Snow Mountain Cableway, Spruce Meadow Cableway, and Yak Meadow Cableway - **Cultural Performances**: Operating the large-scale live-action show "Impression Lijiang" directed by Zhang Yimou and others - **Hotel Operations**: Managing multiple branded hotels including InterContinental Lijiang, Hotel Indigo, and LUX*[29](index=29&type=chunk)[30](index=30&type=chunk) - Since 2020, due to the pandemic, the company's visitor numbers have primarily depended on the pandemic situation rather than traditional seasonal factors[31](index=31&type=chunk) [Core Competitiveness Analysis](index=9&type=section&id=Core%20Competitiveness%20Analysis) Despite pandemic-induced losses, the company's core competitiveness remains strong, underpinned by a complete tourism value chain, control over key resources, and international hotel brand advantages - The company has established a comprehensive tourism industry chain, encompassing snow mountain cableways, international brand hotels, travel agencies, and tourism performances[33](index=33&type=chunk) - The three cableways operated by the company are the most renowned and mature attractions in the Yulong Snow Mountain scenic area, possessing core tourism resources and locational advantages[33](index=33&type=chunk) - The company's hotels are managed by internationally renowned hotel groups such as InterContinental and LUX*, demonstrating significant brand and locational advantages[34](index=34&type=chunk) [Analysis of Principal Business](index=10&type=section&id=Analysis%20of%20Principal%20Business) Due to the COVID-19 pandemic, H1 2022 saw a 60.97% year-on-year decline in main business revenue, with significant drops across cableway, performance, and hotel segments, leading to a negative overall tourism gross profit margin Year-on-Year Changes in Key Financial Data | Item | Current Reporting Period (RMB) | Prior Year Same Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 78,971,350.70 | 202,351,327.97 | -60.97% | Significant decrease in visitor numbers | | Operating Cost | 88,732,239.33 | 82,987,992.89 | 6.92% | - | | Selling Expenses | 6,983,751.04 | 11,584,746.28 | -39.72% | Decreased revenue, reduced related expenses | | Administrative Expenses | 40,584,267.49 | 73,267,311.40 | -44.61% | Higher setup costs for Diqing hotel in prior period | | Net Cash Flow from Operating Activities | -16,085,538.23 | 503,310.95 | -3,295.94% | Decreased revenue, reduced cash inflow | - Due to the pandemic, visitor numbers and revenue across all business segments significantly declined: - **Three Cableways**: Total visitors **514,500**, a **61.70%** year-on-year decrease - **Hotel Business**: Operating revenue reached **RMB 20.72 million**, a **50.80%** year-on-year decrease - **Impression Lijiang**: Operating revenue reached **RMB 1.93 million**, a **93.96%** year-on-year decrease[41](index=41&type=chunk) Changes in Gross Profit Margin by Product | Product | Gross Profit Margin | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | | Cableway Transportation | 61.73% | -23.03% | | Impression Performance | -533.80% | -1,210.93% | | Hotel Operations | -83.30% | -298.15% | [Analysis of Assets and Liabilities](index=12&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets were RMB 2.59 billion, a 3.85% decrease from the prior year-end, with no significant changes in asset structure except for an increase in construction in progress Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Percentage of Total Assets | Amount at Prior Year-End (RMB) | Percentage of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 503,573,503.56 | 19.47% | 632,300,335.19 | 23.50% | -4.03% | | Fixed Assets | 1,104,033,777.45 | 42.68% | 1,133,750,997.42 | 42.14% | 0.54% | | Construction in Progress | 76,612,313.74 | 2.96% | 56,317,615.68 | 2.09% | 0.87% | [Analysis of Investment Status](index=13&type=section&id=Analysis%20of%20Investment%20Status) Investments totaled RMB 60.71 million, a 57.02% decrease year-on-year, primarily for ongoing fundraising projects, with several projects underperforming due to the pandemic and RMB 201 million in unused raised funds remaining - Several fundraising projects did not achieve expected returns due to reduced visitor numbers and increased industry competition caused by the pandemic, all remaining in a loss-making state during the reporting period[52](index=52&type=chunk) - As of the end of the reporting period, **RMB 201 million** of unutilized raised funds remained, with **RMB 150 million** used to purchase principal-protected structured deposit wealth management products[49](index=49&type=chunk)[53](index=53&type=chunk) [Analysis of Major Holding and Participating Companies](index=16&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) All major subsidiaries incurred losses during the reporting period, including Lijiang Hefu Hotel Co., Ltd. (RMB 23.03 million loss) and Impression Lijiang (RMB 8.81 million loss), reflecting the severe pandemic impact on the tourism value chain Operating Performance of Major Subsidiaries (Unit: RMB) | Company Name | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | | Lijiang Hefu Hotel Co., Ltd | 20,720,977.34 | -23,433,426.58 | -23,033,426.58 | | Lijiang Yulong Snow Mountain Impression Tourism Culture Industry Co., Ltd | 1,925,635.53 | -10,221,202.23 | -8,808,469.90 | | Diqing Shangri-La Tourism Investment Co., Ltd | 5,809,470.85 | -16,723,376.41 | -16,723,376.41 | | Lijiang Longteng Tourism Investment Development Co., Ltd | 459,159.52 | -7,535,394.23 | -7,303,534.17 | [Risks Faced by the Company and Countermeasures](index=17&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks including cableway safety, market competition, management challenges from diversification, and force majeure events like pandemics, addressed by enhancing safety, service quality, and management strategies - The company has identified four major risks: - **Cableway Safety Risk**: Potential safety hazards from operating special equipment - **Market Competition Risk**: Intensified competition in the tourism market - **Management Risk**: Higher management requirements due to business diversification and cross-regional operations - **Force Majeure Risk**: Severe impact from major epidemics (such as COVID-19) and natural disasters[58](index=58&type=chunk)[59](index=59&type=chunk) [Corporate Governance](index=18&type=section&id=Corporate%20Governance) This section details the company's corporate governance structure and activities, including information on shareholder meetings held during the reporting period [Shareholders' Meeting Information](index=19&type=section&id=Shareholders%27%20Meeting%20Information) During the reporting period, the company held its 2021 Annual Shareholders' Meeting on March 29, 2022, approving eight proposals including the annual board work report, financial final accounts, and profit distribution plan 2021 Annual Shareholders' Meeting | Meeting Type | Investor Participation Rate | Meeting Date | Disclosure Date | | :--- | :--- | :--- | :--- | | Annual Shareholders' Meeting | 45.49% | March 29, 2022 | March 30, 2022 | [Environmental and Social Responsibility](index=19&type=section&id=Environmental%20and%20Social%20Responsibility) This section outlines the company's commitment and actions regarding environmental protection and social responsibility, including its non-polluting status and rural revitalization efforts [Significant Environmental Issues](index=20&type=section&id=Significant%20Environmental%20Issues) The company and its subsidiaries are not designated as key polluting units and received no environmental administrative penalties during the reporting period, actively contributing to ecological protection in the Yulong Snow Mountain scenic area - Neither the company nor its subsidiaries are designated as key polluting units by environmental protection authorities, and there were no environment-related administrative penalties during the reporting period[69](index=69&type=chunk)[70](index=70&type=chunk) [Social Responsibility](index=20&type=section&id=Social%20Responsibility) In H1 2022, the company actively fulfilled its social responsibilities, focusing on rural revitalization through targeted assistance to Yilong Village, including dispatching resident cadres and supporting local development and pandemic control - The company continues to provide targeted assistance to Yilong Village in Tacheng Township, Yulong County, promoting the effective衔接 of poverty alleviation achievements with rural revitalization[71](index=71&type=chunk) - The company dispatched one first secretary and two team members to Yilong Village, ensuring their work expenses and living allowances[72](index=72&type=chunk) [Significant Matters](index=21&type=section&id=Significant%20Matters) This section highlights key events and transactions during the reporting period, including major contracts, entrusted wealth management activities, and the ongoing impact of the COVID-19 pandemic on operations [Major Contracts and Their Performance](index=24&type=section&id=Major%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no major托管,承包,租赁, or guarantee matters, but engaged in entrusted wealth management totaling RMB 160 million, primarily from raised funds and own capital, invested in bank and brokerage products Entrusted Wealth Management (Unit: RMB 10,000) | Specific Type | Source of Funds | Amount of Entrusted Wealth Management | Unmatured Balance | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 150,000,000 | 150,000,000 | | Brokerage Wealth Management Products | Own Capital | 10,000,000 | 10,000,000 | | Total | | 160,000,000 | 160,000,000 | [Explanation of Other Significant Matters](index=25&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The most significant matter in this reporting period was the severe and ongoing impact of the COVID-19 pandemic, leading to substantial declines in visitor numbers and revenue across all main business segments - The significant decline in the company's visitor numbers in H1 2022 due to the COVID-19 pandemic was the core reason for the performance downturn[96](index=96&type=chunk) [Changes in Shares and Shareholder Information](index=25&type=section&id=Changes%20in%20Shares%20and%20Shareholder%20Information) This section details the company's share capital structure and changes, along with information on the number of shareholders and major shareholdings during the reporting period [Changes in Share Capital](index=26&type=section&id=Changes%20in%20Share%20Capital) During the reporting period, the company's total share capital remained unchanged at 549,490,711 shares, with the vast majority being unrestricted shares - The company's total share capital remained unchanged during the reporting period, at **549,490,711 shares**[100](index=100&type=chunk)[101](index=101&type=chunk) [Shareholder Numbers and Shareholding Information](index=27&type=section&id=Shareholder%20Numbers%20and%20Shareholding%20Information) As of the end of the reporting period, the company had 45,931 common shareholders, with Lijiang Yulong Snow Mountain Tourism Development Co., Ltd. (15.73%) and Huabang Life Health Co., Ltd. (14.26%) as the top two, forming a concerted action relationship Top Ten Shareholders' Shareholding Information | Shareholder Name | Shareholding Percentage | Number of Shares Held at End of Reporting Period | | :--- | :--- | :--- | | Lijiang Yulong Snow Mountain Tourism Development Co., Ltd | 15.73% | 86,438,390 | | Huabang Life Health Co., Ltd | 14.26% | 78,370,500 | | Yunnan Provincial Investment Holding Group Co., Ltd | 9.20% | 50,563,500 | | Lijiang Yulong Snow Mountain Scenic Area Investment Management Co., Ltd | 5.81% | 31,902,745 | | Chen Shihui | 5.14% | 28,245,427 | - Shareholders Lijiang Yulong Snow Mountain Tourism Development Co., Ltd. and Huabang Life Health Co., Ltd. constitute a concerted action relationship[104](index=104&type=chunk) [Financial Report](index=32&type=section&id=Financial%20Report) This section presents the company's unaudited financial statements for the reporting period, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity [Audit Report](index=33&type=section&id=Audit%20Report) The company's 2022 half-yearly financial report is unaudited - The company's half-yearly financial report is unaudited[114](index=114&type=chunk) [Financial Statements](index=33&type=section&id=Financial%20Statements) This chapter provides the company's unaudited consolidated and parent company financial statements, reflecting its financial position and operating results for H1 2022, showing a slight decrease in total assets and a significant revenue decline with a shift from profit to loss Key Items from Consolidated Balance Sheet (Unit: RMB) | Item | June 30, 2022 | January 1, 2022 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 503,573,503.56 | 632,300,335.19 | | Fixed Assets | 1,104,033,777.45 | 1,133,750,997.42 | | Total Assets | 2,586,769,528.16 | 2,690,235,513.89 | | Total Liabilities | 123,430,013.21 | 179,090,602.11 | | Total Equity Attributable to Parent Company Owners | 2,358,565,230.82 | 2,412,031,497.80 | Key Items from Consolidated Income Statement (Unit: RMB) | Item | H1 2022 | H1 2021 | | :--- | :--- | :--- | | Total Operating Revenue | 78,971,350.70 | 202,351,327.97 | | Total Operating Cost | 140,457,273.59 | 170,917,422.23 | | Operating Profit | -62,948,975.19 | 29,011,994.19 | | Total Profit | -57,898,163.62 | 25,469,818.27 | | Net Profit | -58,986,338.83 | 14,187,642.53 | | Net Profit Attributable to Parent Company Owners | -53,419,670.78 | 10,055,655.76 | Key Items from Consolidated Cash Flow Statement (Unit: RMB) | Item | H1 2022 | H1 2021 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -16,085,538.23 | 503,310.95 | | Net Cash Flow from Investing Activities | -112,439,593.40 | -34,622,878.44 | | Net Cash Flow from Financing Activities | -201,700.00 | -109,933,142.20 | | Net Increase in Cash and Cash Equivalents | -128,726,831.63 | -144,052,709.69 |

丽江玉龙旅游股份有限公司 2022 年第一季度报告全文 证券代码：002033 证券简称：丽江股份 公告编号：2022020 丽江玉龙旅游股份有限公司 2022 年第一季度报告 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。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告 中财务信息的真实、准确、完整。 3.第一季度报告是否经过审计 | 归属于上市公司股东的所有者权益 | 2,383,717,359.50 | 2,412,031,497.80 | -1.17% | | --- | --- | --- | --- | | （元） | | | | (二)非经常性损益项目和金额 √ 适用 □ 不适用 □ 是 √ 否 一、主要财务数据 (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 | | 本报告期 | 上年同期 | 本报告期比上年 ...

[Part I: Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Part%20I%3A%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers, defines key terms, and outlines the report's structure [Important Notice](index=2&type=section&id=Important%20Notice) The company's management assures the accuracy and completeness of the annual report and its financial statements, with no profit distribution planned for 2021 - Company management ensures the truthfulness, accuracy, and completeness of the annual report content and assumes corresponding legal responsibilities[4](index=4&type=chunk) - The company's 2021 profit distribution plan is to not distribute cash dividends, not issue bonus shares, and not convert capital reserves into share capital[5](index=5&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key company entities, related parties, and professional terms used throughout the report for clarity - The reporting period is defined as January 1, 2021, to December 31, 2021[12](index=12&type=chunk) - Abbreviations for the Company, major subsidiaries (e.g., Yulong Snow Mountain Company, Impression Lijiang), and major shareholders (e.g., Huabang Health, Lijiang Tourism Investment) are clarified[12](index=12&type=chunk) [Part II: Company Profile and Key Financial Indicators](index=6&type=section&id=Part%20II%3A%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its key accounting data and financial performance indicators [Company Basic Information](index=6&type=section&id=Company%20Basic%20Information) Lijiang Yulong Tourism Co., Ltd. (002033) is a Shenzhen-listed company with stable core operations, controlled by Lijiang Yulong Snow Mountain Tourism Development Co., Ltd | Item | Information | | :--- | :--- | | **Stock Abbreviation** | Lijiang Shares | | **Stock Code** | 002033 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Legal Representative** | He Xianzhong | | **Controlling Shareholder** | Lijiang Yulong Snow Mountain Tourism Development Co., Ltd. | [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) The company experienced a significant performance decline in 2021, with revenue down 16.87% and net profit turning to loss, primarily due to the pandemic | Key Financial Indicator | 2021 (RMB) | 2020 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 358,348,180.31 | 431,044,774.38 | -16.87% | | Net Profit Attributable to Shareholders of Listed Company (RMB) | -37,803,207.56 | 70,489,807.73 | -153.63% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) (RMB) | -32,825,352.02 | 70,933,636.17 | -146.28% | | Net Cash Flow from Operating Activities (RMB) | 1,487,647.65 | 161,382,645.01 | -99.08% | | Basic Earnings Per Share (RMB/share) | -0.0688 | 0.1283 | -153.62% | | Weighted Average Return on Net Assets | -1.53% | 2.76% | -4.29% | | Total Assets (RMB) | 2,690,235,513.89 | 2,836,940,274.42 | -5.17% | | Net Assets Attributable to Shareholders of Listed Company (RMB) | 2,412,031,497.80 | 2,559,605,759.22 | -5.77% | - The lower of net profit before and after non-recurring gains and losses for the past three fiscal years has been negative, but the audit report does not indicate uncertainty regarding the company's going concern ability[18](index=18&type=chunk) [Key Quarterly Financial Indicators](index=8&type=section&id=Key%20Quarterly%20Financial%20Indicators) The company's 2021 performance showed significant quarterly volatility, peaking in Q2 but deteriorating sharply in Q4, leading to a full-year loss | Financial Indicator (RMB) | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 72,278,275.67 | 130,073,052.30 | 87,906,852.54 | 68,089,999.80 | | **Net Profit Attributable to Shareholders of Listed Company** | -9,920,592.73 | 19,976,248.49 | 903,726.60 | -48,762,589.92 | [Non-recurring Gains and Losses](index=8&type=section&id=Non-recurring%20Gains%20and%20Losses) In 2021, the company's non-recurring gains and losses totaled -RMB 4.98 million, primarily influenced by government subsidies, fair value changes, and significant non-operating expenses | Item | 2021 Amount (RMB) | 2020 Amount (RMB) | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -85,678.57 | -246,374.57 | | Government Subsidies Included in Current Profit/Loss | 1,722,949.43 | 4,358,991.41 | | Gains/Losses from Fair Value Changes of Financial Assets Held for Trading, etc. | 1,546,164.38 | - | | Other Non-operating Income and Expenses | -13,283,069.60 | -9,113,212.55 | | Other Income/Loss Items Meeting the Definition of Non-recurring Gains and Losses | 3,164,978.88 | 3,053,703.31 | | **Total** | **-4,977,855.54** | **-443,828.44** | [Part III: Management Discussion and Analysis](index=10&type=section&id=Part%20III%3A%20Management%20Discussion%20and%20Analysis) This section provides a detailed analysis of the company's main business operations, financial performance, asset and liability status, investment activities, and future outlook with associated risks [Main Business and Core Competencies](index=10&type=section&id=Main%20Business%20and%20Core%20Competencies) The company's core businesses include cableways, performances, and hotels, maintaining strong competitive advantages in its integrated tourism value chain despite 2021 pandemic-induced losses - The company's business covers the six elements of tourism: "food, accommodation, transportation, sightseeing, shopping, and entertainment," forming a complete industry chain including snow mountain cableways, brand hotels, travel agencies, and tourism performances[34](index=34&type=chunk) - Core assets such as the three Yulong Snow Mountain cableways and the "Impression Lijiang" performance are all located within the Yulong Snow Mountain scenic area, demonstrating significant geographical advantages[34](index=34&type=chunk)[36](index=36&type=chunk) - Many of the company's hotels are managed by internationally renowned hotel groups such as InterContinental and Lux, providing brand and management advantages[35](index=35&type=chunk) [Main Business Analysis](index=11&type=section&id=Main%20Business%20Analysis) The company's 2021 performance turned to loss due to pandemic impacts, with significant declines in cableway and performance visitor numbers, exacerbated by new hotel losses and reduced subsidies | Business Segment | 2021 Visitor/Performance Count | YoY Change | | :--- | :--- | :--- | | Total Three Cableways | 2.1614 million person-times | -22.40% | | - Yulong Snow Mountain Cableway | 1.5321 million person-times | -16.15% | | - Spruce Meadow Cableway | 0.5923 million person-times | -29.52% | | - Yak Meadow Cableway | 0.0370 million person-times | -68.64% | | Impression Lijiang Performance | 334 sessions / 0.4776 million person-times | -26.68% (person-times) | - Performance loss was due to four main reasons: - **Pandemic Impact**: Yunnan Province suspended inter-provincial travel 3 times, totaling 92 days, missing the peak summer season[38](index=38&type=chunk)[39](index=39&type=chunk) - **New Hotel Losses**: Diqing Moonlight City Indigo Hotel opened in March 2021, incurring an annual loss of **RMB 28.486 million**[38](index=38&type=chunk)[39](index=39&type=chunk) - **Reduced Government Subsidies**: Pandemic-related preferential support funds decreased by approximately **RMB 38.09 million** compared to the previous year[38](index=38&type=chunk)[39](index=39&type=chunk) - **Investment Losses**: Investment income from the associate company Lijiang Nuomeile Ecological Culture Tourism Co., Ltd. was **-RMB 9.5 million**[38](index=38&type=chunk)[39](index=39&type=chunk) [分产品营业情况 (2021年)](index=47&type=section&id=%E5%88%86%E4%BA%A7%E5%93%81%E8%90%A5%E4%B8%9A%E6%83%85%E5%86%B5%20%282021%E5%B9%B4%29) | Product | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Revenue YoY | Cost YoY | Gross Margin YoY | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Cableway Transportation** | 166,376,138.54 | 43,071,630.07 | 74.11% | -20.93% | -15.84% | -1.57% | | **Impression Performance** | 46,075,142.94 | 33,772,712.74 | 26.70% | -32.32% | -23.78% | -8.22% | | **Hotel Operations** | 110,007,752.01 | 78,282,442.26 | 28.84% | 3.67% | 32.44% | -15.56% | - Depreciation expenses in hotel operating costs significantly increased by **87.72%** year-on-year, primarily due to the Diqing Moonlight City Indigo Hotel commencing depreciation in March 2021[51](index=51&type=chunk) [现金流量表核心项目变动](index=58&type=section&id=%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%E6%A0%B8%E5%BF%83%E9%A1%B9%E7%9B%AE%E5%8F%98%E5%8A%A8) | Item | 2021 (RMB) | 2020 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,487,647.65 | 161,382,645.01 | -99.08% | | Net Cash Flow from Investing Activities | -177,387,932.14 | -43,731,329.42 | 305.63% | | Net Increase in Cash and Cash Equivalents | -294,575,951.94 | 17,735,711.31 | -1,760.92% | [Analysis of Assets and Liabilities](index=17&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) As of 2021 year-end, total assets decreased by 5.17% to RMB 2.69 billion, with a notable shift from cash to fixed assets due to project completion [资产构成重大变动情况](index=61&type=section&id=%E8%B5%84%E4%BA%A7%E6%9E%84%E6%88%90%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) | Asset Item | 2021 Year-end Amount (RMB) | % of Total Assets | 2020 Year-end Amount (RMB) | % of Total Assets | Change Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | | **Monetary Funds** | 632,300,335.19 | 23.50% | 926,876,287.13 | 32.61% | Decreased revenue and increased payment for construction projects | | **Fixed Assets** | 1,133,750,997.42 | 42.14% | 863,853,732.54 | 30.39% | Shangri-La Moonlight City project transferred to fixed assets | | **Construction in Progress** | 56,317,615.68 | 2.09% | 388,114,970.91 | 13.65% | Shangri-La Moonlight City project transferred to fixed assets | [Analysis of Investment Status](index=18&type=section&id=Analysis%20of%20Investment%20Status) In 2021, the company's investments increased by 32.18% to RMB 208 million, with a portion of 2014 raised funds still unused and some projects underperforming due to the pandemic - Investment amount during the reporting period was **RMB 208 million**, an increase of **32.18%** compared to **RMB 157 million** in the previous year[62](index=62&type=chunk) - The total raised funds from the 2014 non-public offering were **RMB 753 million**, with **RMB 40 million** used in the current period and a cumulative use of **RMB 662 million**. Unused funds amount to **RMB 211 million**, of which **RMB 100 million** was used to purchase principal-protected bank structured deposits[67](index=67&type=chunk) - Several raised fund investment projects (Shangri-La Moonlight City project, Benzilan Boutique Hotel project, Yulong Snow Mountain Tourist Comprehensive Service Center project) did not achieve expected benefits due to the pandemic[69](index=69&type=chunk) [Future Development Outlook and Risks](index=22&type=section&id=Future%20Development%20Outlook%20and%20Risks) The company plans to expand into mass, leisure, and eco-tourism markets, advancing key projects and smart marketing, while managing risks including safety, competition, and force majeure - The company's future business direction focuses on three major markets: - **Mass Sightseeing**: Consolidate and enhance Yulong Snow Mountain scenic area products[84](index=84&type=chunk) - **Leisure Vacation**: Expand the market based on Lijiang Ancient Town and Lugu Lake projects[84](index=84&type=chunk) - **Specialized Tourism**: Create high-end customized products around the Greater Shangri-La ecological tourism circle[84](index=84&type=chunk) - Key investment projects for 2022 include: - Advance the Lugu Lake Mosuo Town project (Indigo Hotel, Mosuo Palace performance)[90](index=90&type=chunk) - Commence construction of the Ganhaizi Tourist Distribution Center, striving for synchronous operation with rail transit[90](index=90&type=chunk) - Actively follow up on the Yak Meadow Cableway renovation and expansion project[90](index=90&type=chunk) - The main risks faced by the company include: - **Cableway Safety Risk**: Inherent safety hazards exist in the operation of special equipment[86](index=86&type=chunk)[87](index=87&type=chunk) - **Market Competition Risk**: Intense competition in the tourism market[86](index=86&type=chunk)[87](index=87&type=chunk) - **Management Risk**: Business diversification and cross-regional operations impose higher management requirements[86](index=86&type=chunk)[87](index=87&type=chunk) - **Force Majeure Risk**: Major epidemics (such as COVID-19) and natural disasters have a significant adverse impact on performance[86](index=86&type=chunk)[87](index=87&type=chunk) [Part IV: Corporate Governance](index=26&type=section&id=Part%20IV%3A%20Corporate%20Governance) This section details the company's corporate governance structure, the composition and remuneration of its board and management, and the effectiveness of its internal control systems [Overview of Corporate Governance](index=26&type=section&id=Overview%20of%20Corporate%20Governance) The company maintains a compliant "three boards and one layer" governance structure, operating independently from its controlling shareholder across all key business functions - The company has established a modern corporate governance structure of "three boards and one layer" (General Meeting of Shareholders, Board of Directors, Supervisory Board, and Management), with four specialized committees under the Board of Directors: Strategy, Nomination, Audit, and Remuneration & Appraisal[95](index=95&type=chunk)[97](index=97&type=chunk) - The company is independent from its controlling shareholder in terms of business, personnel, assets, organization, and finance, possessing full autonomous operational capabilities[102](index=102&type=chunk)[103](index=103&type=chunk) [Directors, Supervisors, and Senior Management](index=28&type=section&id=Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The company's board and management structure remained stable, with one supervisor change, and detailed remuneration and concurrent roles at shareholder entities were disclosed - During the reporting period, Mr. Liu Yu resigned as supervisor due to work changes, and Ms. Sun Jie was elected as the new supervisor by the General Meeting of Shareholders[107](index=107&type=chunk)[108](index=108&type=chunk) [2021年度部分董监高薪酬情况 (单位：万元)](index=120&type=section&id=2021%E5%B9%B4%E5%BA%A6%E9%83%A8%E5%88%86%E8%91%A3%E7%9B%91%E9%AB%98%E8%96%AA%E9%85%AC%E6%83%85%E5%86%B5%20%28%E5%8D%95%E4%BD%8D%EF%BC%9A%E4%B8%87%E5%85%83%29) | Name | Position | Total Pre-tax Remuneration from Company (RMB 10,000) | Receives Remuneration from Related Parties | | :--- | :--- | :--- | :--- | | He Xianzhong | Chairman | 40.92 | No | | Zhang Haian | Vice Chairman | 3 | Yes | | Zhang Songshan | Director | 3 | Yes | | Liu Xiaohua | Director, General Manager | 33.92 | No | | Yang Ning | Board Secretary, Deputy General Manager | 25.97 | No | | Lv Qingze | CFO | 25.97 | No | [Internal Control](index=39&type=section&id=Internal%20Control) The company maintains a sound internal control system, with no material weaknesses identified in financial or non-financial reporting, covering over 90% of consolidated assets and revenue - The company's Board of Directors believes that the existing internal control system is effective and provides reasonable assurance for the preparation of true and fair financial statements and the healthy operation of the company's various business activities[136](index=136&type=chunk) [内部控制自我评价报告摘要](index=139&type=section&id=%E5%86%85%E9%83%A8%E6%8E%A7%E5%88%B6%E8%87%AA%E6%88%91%E8%AF%84%E4%BB%B7%E6%8A%A5%E5%91%8A%E6%91%98%E8%A6%81) | Evaluation Scope | Proportion | | :--- | :--- | | Proportion of Total Assets of Units within Evaluation Scope to Total Consolidated Assets | 98.60% | | Proportion of Operating Revenue of Units within Evaluation Scope to Total Consolidated Operating Revenue | 93.94% | | **Number of Deficiencies** | **(count)** | | Number of Material Weaknesses in Financial Reporting | 0 | | Number of Material Weaknesses in Non-financial Reporting | 0 | | Number of Significant Deficiencies in Financial Reporting | 0 | | Number of Significant Deficiencies in Non-financial Reporting | 0 | [Part V: Environmental and Social Responsibility](index=42&type=section&id=Part%20V%3A%20Environmental%20and%20Social%20Responsibility) This section outlines the company's commitment to environmental protection and its active engagement in social responsibility initiatives [Environmental and Social Responsibility](index=42&type=section&id=Environmental%20and%20Social%20Responsibility) The company demonstrates environmental responsibility through ecological maintenance funds and ISO14000 certification, while actively contributing to rural revitalization and poverty alleviation through targeted community support - The company is not classified as a key pollutant-discharging unit and has established an environmental protection fund extraction mechanism for the ecological preservation of the Yulong Snow Mountain scenic area[143](index=143&type=chunk)[144](index=144&type=chunk) - The company actively fulfills its social responsibilities by continuously assisting Yilong Village through various means, promoting the effective衔接 of poverty alleviation achievements with rural revitalization[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk) [Part VI: Significant Matters](index=44&type=section&id=Part%20VI%3A%20Significant%20Matters) This section covers the company's fulfillment of commitments, significant related party transactions, and the status of major contracts and entrusted wealth management activities [Fulfillment of Commitments](index=44&type=section&id=Fulfillment%20of%20Commitments) The company and its related parties consistently fulfilled all commitments related to share reform, asset restructuring, and refinancing during the reporting period - The company and relevant committing parties have timely fulfilled all unfulfilled commitments during and as of the end of the reporting period[150](index=150&type=chunk)[154](index=154&type=chunk) [Significant Related Party Transactions](index=50&type=section&id=Significant%20Related%20Party%20Transactions) The company reported no significant related party transactions during the period, including those related to daily operations, asset/equity changes, or joint investments - The company had no significant related party transactions related to daily operations, significant asset or equity acquisition/disposal, joint external investments, or other significant related party transactions during the reporting period[162](index=162&type=chunk)[163](index=163&type=chunk)[164](index=164&type=chunk)[169](index=169&type=chunk) [Significant Contracts and Their Fulfillment](index=51&type=section&id=Significant%20Contracts%20and%20Their%20Fulfillment) The company had no major contracts for trusteeship, contracting, leasing, or guarantees, but engaged in RMB 110 million in low-risk entrusted wealth management with no principal loss risk - The company had no trusteeship, contracting, leasing, or significant guarantee matters during the reporting period[170](index=170&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk)[173](index=173&type=chunk) [2021年委托理财概况 (单位：万元)](index=175&type=section&id=2021%E5%B9%B4%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2%E6%A6%82%E5%86%B5%20%28%E5%8D%95%E4%BD%8D%EF%BC%9A%E4%B8%87%E5%85%83%29) | Specific Type | Fund Source | Entrusted Wealth Management Amount (RMB 10,000) | Unmatured Balance (RMB 10,000) | Overdue Unrecovered Amount (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 10,000 | 10,000 | 0 | | Brokerage Wealth Management Products | Own Funds | 1,000 | 1,000 | 0 | | **Total** | | **11,000** | **11,000** | **0** | [Part VII: Changes in Shares and Shareholder Information](index=53&type=section&id=Part%20VII%3A%20Changes%20in%20Shares%20and%20Shareholder%20Information) This section details the company's share capital changes, shareholder structure, and information regarding its controlling shareholder and actual controller [Changes in Shares](index=53&type=section&id=Changes%20in%20Shares) The company's total share capital remained stable at 549,490,711 shares during the reporting period, predominantly unrestricted - The company's total share capital and structure remained unchanged during the reporting period, with a total share capital of **549,490,711 shares**[183](index=183&type=chunk) [Shareholders and Actual Controller Information](index=54&type=section&id=Shareholders%20and%20Actual%20Controller%20Information) As of year-end, the company had 36,018 shareholders, with Lijiang Yulong Snow Mountain Tourism Development as controlling shareholder and Mr. Zhang Songshan as actual controller, whose related party's shares are fully pledged [前四大股东持股情况 (截至2021年末)](index=185&type=section&id=%E5%89%8D%E5%9B%9B%E5%A4%A7%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%20%28%E6%88%AA%E8%87%B32021%E5%B9%B4%E6%9C%AB%29) | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held (shares) | Share Status | | :--- | :--- | :--- | :--- | :--- | | Lijiang Yulong Snow Mountain Tourism Development Co., Ltd. | State-owned Legal Person | 15.73% | 86,438,390 | - | | Huabang Life Health Co., Ltd. | Domestic Non-state-owned Legal Person | 14.26% | 78,370,500 | Pledged 78,370,500 | | Yunnan Provincial Investment Holding Group Co., Ltd. | State-owned Legal Person | 9.20% | 50,563,500 | - | | Lijiang Yulong Snow Mountain Scenic Area Investment Management Co., Ltd. | State-owned Legal Person | 5.81% | 31,902,745 | - | - The company's actual controller is Mr. Zhang Songshan. Huabang Health and Yulong Snow Mountain Company, whose voting rights it can control, form a concerted action relationship, collectively controlling **29.99%** of the company's equity[187](index=187&type=chunk)[190](index=190&type=chunk)[700](index=700&type=chunk) [Part VIII: Preferred Shares Information](index=60&type=section&id=Part%20VIII%3A%20Preferred%20Shares%20Information) This section confirms the absence of preferred shares in the company's capital structure during the reporting period [Preferred Shares](index=60&type=section&id=Preferred%20Shares) The company did not have any preferred shares during the reporting period - The company had no preferred shares during the reporting period[194](index=194&type=chunk) [Part IX: Bonds Information](index=61&type=section&id=Part%20IX%3A%20Bonds%20Information) This section confirms the absence of any bond-related activities or outstanding bonds for the company during the reporting period [Bonds](index=61&type=section&id=Bonds) The company had no bond-related activities or outstanding bonds during the reporting period - The company had no bonds during the reporting period[197](index=197&type=chunk) [Part X: Financial Report](index=62&type=section&id=Part%20X%3A%20Financial%20Report) This section presents the company's audited financial statements, including the audit opinion, key financial data, and detailed notes explaining accounting policies and significant financial events [Audit Report](index=62&type=section&id=Audit%20Report) Zhong Shen Zhong Huan CPA issued an unqualified audit opinion on the 2021 financial statements, with revenue recognition identified as a key audit matter due to its significance and inherent risk - The auditing firm issued a standard unqualified audit opinion (Zhonghuan Audit [2022] No. 1610005)[199](index=199&type=chunk) - The key audit matter is "revenue recognition." Auditors performed procedures including internal control testing, sampling, confirming business systems, reconciling business and financial data, and cut-off testing to address this risk[201](index=201&type=chunk)[203](index=203&type=chunk) [Main Financial Statements](index=65&type=section&id=Main%20Financial%20Statements) In 2021, the company experienced declines in total assets and equity, with operating revenue down 16.87%, leading to a net loss and a significant drop in operating cash flow [合并资产负债表主要项目 (单位：元)](index=217&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%20%28%E5%8D%95%E4%BD%8D%EF%BC%9A%E5%85%83%29) | Item | December 31, 2021 (RMB) | December 31, 2020 (RMB) | | :--- | :--- | :--- | | **Total Assets** | **2,690,235,513.89** | **2,836,940,274.42** | | Monetary Funds | 632,300,335.19 | 926,876,287.13 | | Fixed Assets | 1,133,750,997.42 | 863,853,732.54 | | Construction in Progress | 56,317,615.68 | 388,114,970.91 | | **Total Liabilities** | **179,090,602.11** | **170,604,216.47** | | **Total Owner's Equity** | **2,511,144,911.78** | **2,666,336,057.95** | | Owner's Equity Attributable to Parent Company | 2,412,031,497.80 | 2,559,605,759.22 | [合并利润表主要项目 (单位：元)](index=224&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%20%28%E5%8D%95%E4%BD%8D%EF%BC%9A%E5%85%83%29) | Item | 2021 (RMB) | 2020 (RMB) | | :--- | :--- | :--- | | **I. Total Operating Revenue** | **358,348,180.31** | **431,044,774.38** | | **II. Total Operating Costs** | **366,883,612.73** | **334,024,772.77** | | Including: Operating Costs | 193,010,807.97 | 191,645,820.47 | | Administrative Expenses | 140,654,806.79 | 126,079,845.50 | | **III. Operating Profit (Loss)** | **-12,866,588.92** | **104,913,385.50** | | **V. Net Profit (Net Loss)** | **-37,603,367.06** | **75,858,398.04** | | Net Profit Attributable to Parent Company Shareholders | -37,803,207.56 | 70,489,807.73 | [合并现金流量表主要项目 (单位：元)](index=231&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%20%28%E5%8D%95%E4%BD%8D%EF%BC%9A%E5%85%83%29) | Item | 2021 (RMB) | 2020 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,487,647.65 | 161,382,645.01 | | Net Cash Flow from Investing Activities | -177,387,932.14 | -43,731,329.42 | | Net Cash Flow from Financing Activities | -118,675,667.45 | -99,915,604.28 | | **Net Increase in Cash and Cash Equivalents** | **-294,575,951.94** | **17,735,711.31** | [Notes to Financial Statements](index=86&type=section&id=Notes%20to%20Financial%20Statements) The notes detail accounting policies, financial data, and significant events, including the adoption of new leasing standards, tax incentives, a new subsidiary, related party transactions, and the severe pandemic impact on 2021 performance - The company adopted new leasing standards from January 1, 2021, making retrospective adjustments to accounts such as prepayments and long-term deferred expenses, and recognizing right-of-use assets and lease liabilities[384](index=384&type=chunk)[386](index=386&type=chunk)[387](index=387&type=chunk) - The company and its subsidiaries Lijiang Spruce Meadow Tourist Cableway Co., Ltd., Lijiang Yak Meadow Tourist Cableway Co., Ltd., and Lijiang Yulong Snow Mountain Impression Tourism Culture Industry Co., Ltd. benefit from the Western Development policy, applying a **15%** preferential corporate income tax rate[397](index=397&type=chunk)[398](index=398&type=chunk)[399](index=399&type=chunk)[400](index=400&type=chunk) - In August 2021, the company established a new wholly-owned subsidiary, Lijiang Xuechuan Tourism Services Co., Ltd., to serve as the project company for the Ganhaizi Tourist Distribution Center[670](index=670&type=chunk) - The pandemic's impact, including multiple suspensions of inter-provincial travel, severely affected the company's operations and was the primary reason for the decline in 2021 operating revenue and net profit loss[740](index=740&type=chunk)

Financial Performance - The company's operating revenue for 2021 was ¥358,348,180.31, a decrease of 16.87% compared to ¥431,044,774.38 in 2020[18]. - The net profit attributable to shareholders was a loss of ¥37,803,207.56, representing a decline of 153.63% from a profit of ¥70,489,807.73 in 2020[18]. - The net cash flow from operating activities was ¥1,487,647.65, down 99.08% from ¥161,382,645.01 in the previous year[18]. - The basic earnings per share were -¥0.0688, a decrease of 153.62% compared to ¥0.1283 in 2020[18]. - Total assets at the end of 2021 were ¥2,690,235,513.89, a decrease of 5.17% from ¥2,836,940,274.42 at the end of 2020[18]. - The net assets attributable to shareholders decreased by 5.77% to ¥2,412,031,497.80 from ¥2,559,605,759.22 in 2020[18]. - The company reported a weighted average return on equity of -1.53%, down from 2.76% in 2020[18]. - The net profit after deducting non-recurring gains and losses was -¥32,825,352.02, a decline of 146.28% from ¥70,933,636.17 in 2020[18]. - The company indicated uncertainty regarding its ability to continue as a going concern, as the net profit for the last three accounting years has been negative[18]. Revenue and Visitor Statistics - The company received a total of 2.16 million visitors across its three cable cars, representing a year-on-year decrease of 22.40%[37]. - The Yulong Snow Mountain cable car received 1.53 million visitors, down 16.15% year-on-year, while the Yunshanping cable car saw a 29.52% decline with 0.59 million visitors[37]. - The company’s hotel segment, including the InterContinental and Indigo hotels, generated revenue of CNY 80.99 million, a decrease of 14.57% year-on-year[37]. - The third quarter is traditionally the peak season for tourism, driven by summer vacations, which significantly impacts the company's revenue streams from cableway transport and dining services[31]. Operational Challenges - The tourism industry, in which the company operates, faced severe impacts due to ongoing COVID-19 pandemic challenges, including multiple suspensions of inter-provincial travel in Yunnan Province[28]. - The company faced significant operational disruptions due to COVID-19, with a total of 92 days of suspended cross-province tourism activities[37]. - The company reported a significant decrease in depreciation for the cableway segment by 57.78% due to the completion of depreciation for certain fixed assets[50]. Strategic Initiatives and Future Plans - The company plans to expand its projects in the Greater Shangri-La tourism ecosystem, including the completion of the Lugu Lake Mosuo Town project and the Yulong Snow Mountain visitor center[39][40]. - The company aims to create 2 additional 5A-level scenic spots and 2 national-level tourist resorts as part of its development strategy[80]. - The company is focusing on three market segments: mass sightseeing, leisure vacation, and ecological special tourism, to expand its business[81]. - The company plans to enhance its marketing strategy by upgrading its smart marketing system to expand from "one machine to tour the snow mountain" to "one machine to tour Lijiang," aiming to cover all tourism resources in Lijiang[86]. - The company will actively seek investment opportunities in tourism resource development in areas like Lashi Lake and the Jinsha River tourism belt, with plans for new projects and potential acquisitions[88]. Governance and Management - The company has established a modern governance structure with a board of directors, supervisory board, and management team to ensure effective decision-making and oversight[91]. - The board of directors confirmed that there are no significant discrepancies between the company's governance practices and regulatory requirements[99]. - The company maintains a strong independence from its controlling shareholder, ensuring operational and financial autonomy[98]. - The company has established various internal management systems, including the subsidiary management system and internal audit management system, to ensure effective control over subsidiaries[133]. Environmental and Social Responsibility - The company has implemented environmental protection measures, including the establishment of a long-term mechanism to ensure sustainable development of the scenic area[139]. - The company has committed to an environmentally friendly and energy-saving development approach, ensuring all investment projects meet environmental protection requirements[139]. - The company emphasizes a "poverty alleviation first, education first" approach, providing various forms of educational support to Yilong Village annually[143]. - The company has deployed 3 well-respected team members to assist in poverty alleviation efforts in Yilong Village despite operational difficulties due to the COVID-19 pandemic[142]. Financial Management and Investments - The company reported a total distributable profit of ¥1,060,849,307.16, but did not propose any cash dividends or stock bonuses for the reporting period[131]. - The company has a total of CNY 211.22 million in unused raised funds, with CNY 100 million invested in structured deposits and the remainder held in a dedicated account[67]. - The company reported a significant increase in investment activity cash flow net amount by 305.63% to -¥177,387,932.14 in 2021 from -¥43,731,329.42 in 2020[58]. Audit and Compliance - The audit opinion for Lijiang Yulong Tourism Co., Ltd. is a standard unqualified opinion, indicating that the financial statements fairly present the company's financial position as of December 31, 2021[197]. - The financial statements were prepared in accordance with the accounting standards for enterprises, reflecting the company's operating results and cash flows for the year 2021[197]. - Key audit matters include revenue recognition, which is critical for the financial statement audit[200].

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。 重要内容提示: 丽江玉龙旅游股份有限公司 2021 年第三季度报告 证券代码：002033 证券简称：丽江股份 公告编号：2021032 丽江玉龙旅游股份有限公司 2021 年第三季度报告 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗 漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (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 | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 期增减 | | 比上年同期增减 | | 营业收入（元） | 87,906,852.54 | -50.94% | 290,258,180.51 | 6.00% | ...