Group 1: Industry Outlook - The outbound tourism industry is viewed optimistically despite challenges in 2016, with a focus on improving product and service quality in 2017 [3] - The company plans to enhance inventory management for better operational efficiency [3] Group 2: Charter Products - The volume of charter flights has increased, particularly to Russia, due to limited direct flights from most cities in China [3] - Charter products offer cost advantages and unique features that are difficult to replicate [4] Group 3: Market Dynamics - The future landscape will see a blend of online and offline travel services, benefiting all players in the industry [5] - The company remains focused on resource allocation for destination management despite the termination of a previous partnership [5] Group 4: Performance and Growth - The company aims to strengthen its brand influence and retail presence to enhance growth quality and speed [6] - The effects of acquisitions are gradually becoming apparent, with ongoing efforts to diversify service offerings [6] Group 5: Retail Strategy - Opening retail outlets is challenging, but leveraging existing brand recognition and partnerships can facilitate this process [6] - The company prioritizes product and service quality across all sales channels, whether wholesale or retail [6] Group 6: Economic Factors - Rising housing prices in first-tier cities are not expected to significantly impact outbound tourism demand [6] - The company has implemented a comprehensive service platform that includes education and study abroad services, which is progressing well [6] Group 7: Product Development - The company places significant emphasis on semi-free travel, customized products, and fragmented travel options, which have received positive feedback [7]

证券代码：002707 证券简称：众信旅游 债券代码：128022 债券简称：众信转债 众信旅游集团股份有限公司投资者关系活动记录表 编号：2022-001 | --- | --- | --- | --- | |-----------------------------|----------------------------------------------------|--------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - The company's operating revenue for Q3 2022 was ¥148,603,897.96, a decrease of 18.81% compared to the same period last year[4] - The net profit attributable to shareholders for Q3 2022 was -¥50,945,251.04, an increase of 38.24% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥51,606,158.99, reflecting a 38.87% increase compared to the previous year[4] - Total operating revenue for the current period is $274.67 million, a decrease from $502.48 million in the previous period, representing a decline of approximately 45.2%[28] - Net profit for the current period is -$161.16 million, compared to -$237.85 million in the previous period, showing an improvement of approximately 32.2%[31] - The total comprehensive loss for the current period is -$164.87 million, compared to -$261.27 million in the previous period, indicating a reduction of about 37%[31] Cash Flow - The company's cash flow from operating activities was -¥275,531,193.50, a decrease of 29.29% year-on-year[4] - Cash flow from operating activities resulted in a net outflow of -$275.53 million, worsening from -$213.11 million in the previous period[34] - The company reported a significant increase of 551.83% in cash flow from investment activities, totaling ¥139,807,787.60[13] - Net cash flow from investing activities was 139,807,787.60, a decrease of 30,942,374.21 compared to the previous period[37] - Total cash inflow from financing activities was 500,698,636.66, down from 542,723,845.33 in the prior period[37] - Cash outflow from financing activities totaled 460,931,483.31, a significant decrease from 900,290,415.57 in the previous period[37] - Net cash flow from financing activities was 39,767,153.35, improving from a negative 357,566,570.24 in the prior period[37] - The impact of exchange rate changes on cash and cash equivalents was a negative 2,400,941.11[37] - The net increase in cash and cash equivalents was a decrease of 98,357,193.66, compared to a decrease of 609,089,678.43 in the previous period[37] - The ending balance of cash and cash equivalents was 615,735,330.17, down from 1,046,389,700.26 at the beginning of the period[37] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,281,892,545.40, down 10.23% from the end of the previous year[7] - The company’s total liabilities decreased by 10.23% compared to the previous year, indicating improved financial stability[7] - Total liabilities reached CNY 2,187,542,583.16, compared to CNY 2,422,749,552.54 previously[24] - The total liabilities to assets ratio stands at approximately 95.9%[24] - The company’s long-term borrowings increased by 840.71% to ¥59,883,021.33, reflecting a shift from short-term to long-term financing[13] - The company’s short-term borrowings were CNY 483,992,098.97, reduced from CNY 574,369,727.29[21] Equity - The company’s equity attributable to shareholders increased by 1.80% to ¥332,594,570.20 compared to the end of the previous year[7] - The total equity attributable to shareholders was CNY 332,594,570.20, slightly up from CNY 326,712,316.01[24] Other Financial Metrics - The basic earnings per share for Q3 2022 was -¥0.056, an increase of 38.71% compared to the same period last year[4] - The company reported a basic earnings per share of -0.145, an improvement from -0.227 in the previous period[31] - Sales revenue from goods and services received cash of $304.33 million, down from $611.49 million, a decrease of approximately 50%[34] - The company recorded a decrease in sales expenses to $109.29 million from $177.71 million, a reduction of about 38.5%[28] - Research and development expenses were not specified but are part of the overall cost structure[28] - The company has not disclosed any new product or technology developments in the current report[28] Audit and Company Information - The third quarter report was not audited[38] - The company is part of the Zhongxin Tourism Group Co., Ltd[39]

Financial Performance - The company's operating revenue for the first half of 2022 was ¥126,062,717.22, a decrease of 56.93% compared to ¥292,678,479.91 in the same period last year[29]. - The net profit attributable to shareholders for the first half of 2022 was -¥80,853,223.67, an improvement of 34.22% from -¥122,919,290.26 in the previous year[29]. - The net cash flow from operating activities was -¥142,927,132.13, showing a 33.30% improvement compared to -¥214,277,631.84 in the same period last year[29]. - The total assets at the end of the reporting period were ¥2,339,828,321.78, a decrease of 7.95% from ¥2,542,002,678.03 at the end of the previous year[29]. - The net assets attributable to shareholders increased by 5.22% to ¥343,775,670.97 from ¥326,712,316.01 at the end of the previous year[29]. - Basic earnings per share for the first half of 2022 were -¥0.089, an improvement of 34.56% from -¥0.136 in the same period last year[29]. - The diluted earnings per share were -¥0.077, reflecting a 33.62% improvement from -¥0.116 in the previous year[29]. - The weighted average return on net assets was -28.37%, a decline of 12.54% compared to -15.91% in the previous year[29]. Operational Highlights - The company conducted over 406 live streaming sessions on e-commerce platforms, attracting more than 33.87 million viewers[42]. - The number of active fans exceeded 300,000, indicating a strong engagement in the e-commerce live streaming sector[42]. - The company plans to enhance its product development and resource reserve for popular domestic travel destinations[42]. - The company has established nearly 1,000 retail partner stores across 16 provinces, cities, and autonomous regions, enhancing its national retail layout[56]. - The company launched new group travel products and flexible travel options to adapt to the post-pandemic market, improving product convenience and flexibility[56]. - The company is accelerating the development of its "Tourism + Education" integration, expanding its domestic research and study market with innovative educational products[58]. - The company has implemented a digital transformation strategy through a joint venture with Alibaba, enhancing operational efficiency and profitability via a self-developed tourism product distribution platform[57]. Risk Management - The management has outlined potential risks and corresponding measures in the report, emphasizing the importance of investor awareness regarding investment risks[6]. - The company faced significant risks from macroeconomic fluctuations, which could impact consumer spending on outbound tourism[93]. - The company is exposed to foreign exchange risks due to its operations primarily in foreign currencies, which may affect costs and pricing[100]. - The company has implemented measures to mitigate risks associated with service quality control, ensuring customer satisfaction[99]. Shareholder Information - The total number of shares before the change was 906,345,282, and after the change, it was 906,400,568, reflecting an increase of 55,286 shares[154]. - The total share capital remains unchanged at 906,345,282 shares, with 54,674,443 shares converted from restricted to unrestricted circulation[157]. - The largest shareholder, Feng Bin, holds 165,404,629 shares, representing 18.25% of total shares, with 41,351,157 shares released from restriction[173]. - The second largest shareholder, Alibaba (China) Network Technology Co., Ltd., holds 100,244,018 shares, accounting for 11.06% of total shares, with no change during the period[173]. - The company reported a total of 73,065 shareholders at the end of the reporting period[171]. - The number of ordinary shareholders at the end of the reporting period was 34[172]. - The total number of restricted shares at the beginning of the period was 224,370,120, with 61,119,480 shares released during the period, resulting in an ending balance of 183,448,410 restricted shares[170]. Corporate Governance - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period[180]. - The company’s board of directors and senior management maintained their shareholdings without any reductions during the reporting period[179]. - The company has implemented a lock-up period for executives' shares, with specific release dates outlined for each shareholder[170]. - The company did not report any debt financing tools or convertible bonds other than the mentioned "Zhongxin Convertible Bond"[190]. Future Plans - The company plans not to distribute cash dividends or issue bonus shares for the semi-annual period[108]. - The company has introduced new domestic travel packages and is also preparing to re-enter the international travel market[43]. - The company aims to build a multi-channel distribution system to enhance its digital service capabilities in the tourism industry[45].

Financial Performance - The company's operating revenue for Q1 2022 was ¥59,486,096.93, a decrease of 30.16% compared to ¥85,170,058.91 in the same period last year[4] - The net profit attributable to shareholders was -¥56,950,292.82, an improvement of 23.70% from -¥74,636,936.02 year-on-year[4] - The diluted earnings per share improved to -¥0.057, a 25.00% increase from -¥0.076 in the same period last year[4] - The company reported a net profit excluding non-recurring gains and losses of -¥58,423,359.94, which is a 24.06% improvement from -¥76,929,919.26 year-on-year[4] - Total operating revenue for the current period is $59.49 million, a decrease of 37.7% from $95.39 million in the previous period[24] - Net profit for the current period is a loss of $61.36 million, compared to a loss of $95.90 million in the previous period, showing an improvement[27] - The total comprehensive income for the current period is a loss of $64.97 million, compared to a loss of $96.86 million in the previous period[27] Cash Flow and Financing - The net cash flow from operating activities improved by 72.47%, reaching -¥11,669,362.16 compared to -¥42,385,251.73 in the previous year[4] - The company’s financing activities resulted in a net cash outflow of -¥69,799,740.74, compared to -¥267,093,983.43 in the previous year[9] - Cash flow from operating activities shows a net outflow of $11.67 million, an improvement from a net outflow of $42.39 million in the previous period[30] - Net cash flow from financing activities showed a decrease of $69,799,740.74, improving from a loss of $267,093,983.43 in the prior period[32] - The net increase in cash and cash equivalents was -$66,451,359.13, compared to -$306,330,440.09 previously[32] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,390,433,232.52, down 5.96% from ¥2,542,002,678.03 at the end of the previous year[4] - The company's current assets totaled RMB 1,177,271,213.19, down from RMB 1,295,513,010.99, indicating a decrease of about 9.12%[17] - Total liabilities decreased to RMB 2,294,652,890.44 from RMB 2,422,749,552.54, showing a decline of approximately 5.29%[20] - The company's total equity as of March 31, 2022, was RMB 95,780,342.08, down from RMB 119,253,125.49, indicating a decrease of about 19.69%[20] Expenses - The company experienced a significant reduction in sales expenses, which fell by 43.77% to ¥42,419,547.29 from ¥75,443,069.73 year-on-year[6] - Total operating costs for the current period are $126.51 million, down 37.3% from $201.84 million in the previous period[24] - Sales expenses for the current period are $42.42 million, down 43.8% from $75.44 million in the previous period[24] - Management expenses decreased to $15.16 million from $32.35 million, a reduction of 53.2%[24] Other Financial Metrics - The company received government subsidies amounting to ¥1,977,582.40 during the reporting period[5] - The company reported a decrease in accounts receivable by 32.14%, with a balance of ¥100,249,309.45 compared to ¥147,720,862.65 at the beginning of the period[6] - The company reported a decrease in cash received from sales of goods and services to $103.89 million from $165.82 million, a decline of 37.4%[30] - The company reported a decrease in employee compensation payable to RMB 53,934,027.91 from RMB 55,716,476.71, a decline of about 3.20%[20] - The company’s retained earnings showed a negative balance of RMB -1,119,683,916.44, worsening from RMB -1,062,733,623.62, reflecting an increase in losses[20]

Financial Performance - The company's operating revenue for Q1 2022 was ¥59,486,096.93, a decrease of 30.16% compared to ¥85,170,058.91 in the same period last year[4] - The net profit attributable to shareholders was -¥56,950,292.82, an improvement of 23.70% from -¥74,636,936.02 year-on-year[4] - Total operating revenue for the current period was $59.49 million, a decrease of 30% from $95.39 million in the previous period[23] - Net profit for the current period was a loss of $61.36 million, compared to a loss of $95.90 million in the previous period, representing a 36% improvement[26] - The company reported a total comprehensive loss of $64.97 million, compared to a loss of $96.86 million in the previous period, indicating a 33% improvement[26] Cash Flow - The net cash flow from operating activities improved by 72.47%, reaching -¥11,669,362.16 compared to -¥42,385,251.73 in the previous year[6] - Cash flow from operating activities resulted in a net outflow of $11.67 million, an improvement from a net outflow of $42.39 million in the previous period[29] - The net cash inflow from investment activities amounted to $17,363,911.86, compared to $4,352,586.69 in the previous period, indicating a significant increase[31] - The total cash outflow from investment activities was $542,544.92, resulting in a net cash flow from investment activities of $17,363,911.86[31] - Cash inflow from financing activities totaled $217,040,805.70, while cash outflow was $286,840,546.44, leading to a net cash flow from financing activities of -$69,799,740.74[31] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,390,433,232.52, a decrease of 5.96% from ¥2,542,002,678.03 at the end of the previous year[4] - The company's current assets totaled RMB 1,177,271,213.19, down from RMB 1,295,513,010.99, indicating a decrease of about 9%[16] - Total liabilities decreased to RMB 2,294,652,890.44 from RMB 2,422,749,552.54, reflecting a decline of about 5.3%[19] - The company's equity attributable to shareholders decreased to RMB 309,725,200.73 from RMB 326,712,316.01, a decrease of approximately 5.2%[19] Expenses - The company reported a significant reduction in sales expenses, which decreased by 43.77% to ¥42,419,547.29 from ¥75,443,069.73 year-on-year[6] - Total operating costs decreased to $126.51 million, down 37% from $201.84 million in the previous period[23] - Management expenses decreased to $15.16 million, down 53% from $32.35 million in the previous period[23] - The company reported a decrease in employee compensation payable to RMB 53,934,027.91 from RMB 55,716,476.71, a decline of about 3.2%[19] Shareholder Metrics - The company’s basic earnings per share improved to -¥0.063, a 23.17% increase from -¥0.082 in the same period last year[4] - Basic earnings per share for the current period was -$0.063, an improvement from -$0.082 in the previous period[29] - The weighted average return on equity was -19.14%, a decline of 9.89% compared to -9.25% in the previous year[4] Other Information - The company received government subsidies amounting to ¥1,977,582.40 during the reporting period[5] - The company did not conduct an audit for the first quarter report[33] - The company experienced a negative impact of -$2,346,168.09 from foreign exchange fluctuations on cash and cash equivalents[31]

Financial Performance - Total revenue for Q3 2021 was CNY 183,042,609.45, an increase of 43.04% year-over-year, but a decline of 64.64% year-to-date [3]. - Net loss attributable to shareholders for Q3 2021 was CNY -82,492,964.57, a decrease of 39.47% year-over-year, with a year-to-date loss of CNY -205,412,254.83, which is a 34.29% increase [3]. - Basic earnings per share for Q3 2021 was CNY -0.0910, a 41.85% improvement year-over-year, while year-to-date it was CNY -0.227, a 36.94% increase [3]. - The company reported a decrease in other receivables to CNY 167,624,039.57 from CNY 200,169,233.88 compared to the previous year [19]. - The company reported a basic loss per share of CNY -0.227, an improvement from CNY -0.360 in the same quarter last year [32]. - Net loss for the third quarter was CNY 237,849,441.03, compared to a net loss of CNY 377,751,400.87 in the previous year, representing a 37.1% improvement [29]. Assets and Liabilities - Total assets at the end of Q3 2021 were CNY 2,657,886,583.50, down 20.84% from the end of the previous year [3]. - The total liabilities decreased to CNY 2,210,854,169.25 from CNY 2,649,561,944.68, a reduction of 16.6% [25]. - The total current liabilities were CNY 580,404,478.85, down from CNY 887,133,412.80 at the end of 2020 [19]. - Total liabilities were approximately $2.65 billion, a decrease from $2.76 billion, representing a reduction of about 4.0% [45]. - Owner's equity totaled approximately $707.88 million, consistent with the previous period [45]. Cash Flow - Cash flow from operating activities was CNY -213,106,411.47, a significant decline of 269.87% year-over-year [7]. - The net cash flow from operating activities was -213,106,411.47, a significant decrease compared to 125,452,092.54 in the previous period, indicating a decline in operational performance [36]. - Cash inflow from operating activities totaled 674,996,727.98, down 50.16% from 1,353,239,594.22 in the prior period [36]. - Cash outflow from operating activities reached 888,103,139.45, a decrease of 27.6% compared to 1,227,787,501.68 in the previous period [36]. - Financing activities resulted in a net cash flow of -357,566,570.24, worsening from -94,467,882.81 in the prior period, indicating higher debt repayments [36]. Investments and Equity - Long-term equity investments increased by 111.68% to CNY 106,341,067.97, attributed to investments in Hangzhou Axin [7]. - The company’s long-term equity investments increased to CNY 106,341,067.97 from CNY 50,237,211.12 year-over-year [19]. - The company repurchased a total of 22,008,826 shares as of September 30, 2021 [14]. - The company approved a plan to reduce repurchased shares by up to 18,126,589 shares, not exceeding 2% of the total share capital [15]. Operational Insights - The company plans to merge with Caesar Tongsheng Development Co., Ltd. through a share exchange, pending due diligence and valuation completion [15]. - The company plans to focus on market expansion and new product development to recover from the current financial downturn [28]. - Research and development expenses for the quarter were CNY 95,210,323.80, an increase from CNY 78,823,286.80 year-over-year, indicating a commitment to innovation [26]. - The company is exploring potential mergers and acquisitions to enhance its market position and operational efficiency [28]. Other Financial Metrics - The company reported a 54.36% decrease in cash and cash equivalents, totaling CNY 480,605,441.88, primarily due to payments to suppliers and bank loans [7]. - The company's cash and cash equivalents decreased to CNY 480,605,441.88 from CNY 1,053,033,532.98 year-over-year [16]. - The total cash and cash equivalents at the end of the period were 437,300,021.83, down from 1,002,342,669.35 in the previous period [39].

Economic Environment - The tourism industry is significantly influenced by macroeconomic factors, with a decline in GDP and disposable income potentially leading to reduced travel frequency and spending by consumers [6]. - The overall economic environment remains uncertain, posing challenges to the company's operational performance and growth outlook [6]. - The company faces significant risks from macroeconomic fluctuations, which could adversely affect its outbound tourism business [105]. Company Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥292.68 million, a decrease of 75.96% compared to ¥1.22 billion in the same period last year [41]. - The net profit attributable to shareholders was a loss of approximately ¥122.92 million, an improvement of 30.29% from a loss of ¥176.32 million in the previous year [41]. - The net cash flow from operating activities was negative at approximately ¥214.28 million, a decline of 226.22% compared to a positive cash flow of ¥169.77 million in the same period last year [41]. - Total assets at the end of the reporting period were approximately ¥2.71 billion, down 19.18% from ¥3.36 billion at the end of the previous year [41]. - The net assets attributable to shareholders decreased to approximately ¥702.05 million, a reduction of 16.73% from ¥843.07 million at the end of the previous year [41]. - The basic earnings per share for the reporting period was -¥0.136, an improvement of 33.00% from -¥0.203 in the same period last year [41]. - The diluted earnings per share was -¥0.116, reflecting a 30.95% improvement from -¥0.168 in the previous year [41]. Business Operations and Strategy - The company plans to not distribute cash dividends or issue bonus shares, focusing on reinvestment strategies [19]. - The company has established a strict service quality control standard to maintain its leading position in the outbound tourism market [13]. - The competitive landscape in the tourism industry is intensifying, necessitating continuous improvement in service levels and operational efficiency [9]. - The company is expanding its domestic tourism business rapidly, integrating various services such as study tours, immigration, and health care into its offerings, which is expected to strengthen its long-term strategic position [64]. - The company has developed a diverse range of travel products, including group tours and customized travel, and has implemented a standardized service system to enhance service quality [62]. - The company operates a multi-channel sales system, with over 2,000 agency clients and thousands of cooperative outlets across major cities, enhancing its market reach [63]. Mergers and Acquisitions - The company is planning a merger with Caesar Travel, which is expected to result in a change of actual control and is currently undergoing due diligence and valuation processes [57]. - The company established a joint venture with Zhejiang Alibaba Travel Investment Co., Ltd., launching a new system platform that has started operations in several provinces [53][55]. - The company aims to enhance its market position through strategic acquisitions and operational integration, while managing associated risks effectively [112]. Risk Management - The company faces risks related to exchange rate fluctuations, which may impact procurement costs and customer pricing sensitivity [14]. - There is a risk of integration challenges from cross-border mergers and acquisitions, which may affect expected synergies and operational performance [15]. - The company has implemented measures to mitigate risks associated with natural disasters and political instability affecting travel destinations [109]. - The company faces foreign exchange risk due to its outbound tourism business, with pricing in RMB and procurement in USD and EUR, which may affect costs and customer willingness to travel [111]. - There is a risk of impairment related to goodwill and long-term equity investments, particularly if the overseas tourism market declines or synergies from acquisitions do not meet expectations [114]. Corporate Governance and Compliance - The company held its annual general meeting on May 19, 2021, with a 36.85% investor participation rate, and decided not to distribute cash dividends or issue bonus shares for the half-year period [118]. - The company has not faced any environmental penalties during the reporting period, indicating compliance with environmental regulations [124]. - The company has not engaged in any major litigation or arbitration matters during the reporting period, ensuring normal operational management [143]. - The company has not conducted any related party transactions during the reporting period, maintaining operational independence [147]. Shareholder Information - The total number of shares before the change was 906,271,789, with a total of 38,765 shares changed during the reporting period [178]. - The total share capital of the company is 906,274,438 shares, with 29.39% being restricted shares and 70.61% being unrestricted shares [181]. - The number of shares held by the top shareholder, Feng Bin, decreased to 165,404,629 after unlocking 34,102,721 shares [188]. - The company’s executive locked shares accounted for 28.68% of the total share capital after recent changes [184].

Economic Impact and Market Conditions - The company reported a significant impact from macroeconomic fluctuations, with a potential decrease in consumer spending on travel due to declining disposable income and economic uncertainty[7]. - The overall economic environment poses challenges, with a noted slowdown in economic growth impacting the tourism sector[7]. - The company acknowledges the potential adverse effects of natural disasters and political instability on travel demand[11]. - The domestic tourism market is gradually recovering, with 2020 domestic tourism numbers dropping to 2.879 billion, a 52.1% decrease year-on-year, while domestic tourism revenue fell by 61.1% to ¥2.23 trillion[150]. - The company intends to maintain its competitive edge by leveraging its financial strength and resource integration capabilities to minimize the impact of the pandemic on its operations[157]. Financial Performance - The total revenue for 2020 was ¥1,561,325,696.15, a decrease of 87.63% compared to ¥12,621,711,761.38 in 2019[39]. - The net profit attributable to shareholders was a loss of ¥1,480,276,815.31, representing a decline of 2,257.47% from a profit of ¥68,611,707.30 in 2019[39]. - The company's operating revenue for 2020 was ¥1,561.33 million, a decrease of 87.63% year-on-year[69]. - The tourism wholesale business revenue dropped to ¥1,007 million, down 87.78% year-on-year due to the pandemic[74]. - The company reported a total revenue of 1.5 billion RMB for the year 2020, representing a year-over-year decrease of 20% due to the impact of the pandemic[181]. Strategic Initiatives and Business Model - The company plans to avoid cash dividends, stock bonuses, or capital increases from reserves, focusing on reinvestment instead[20]. - The company aims to enhance its competitive advantage by diversifying into high-end tourism, business travel, and other comprehensive services[53]. - The company has shifted its focus to domestic tourism, with a significant emphasis on developing domestic products and resources[69]. - The company aims to expand its domestic tourism business, targeting a market potential of 10 trillion yuan in consumption over the next five years, with a projected 10 billion tourism trips[158]. - The company plans to enhance its "Tourism+" strategy, focusing on integrating services such as education, healthcare, and shopping into its tourism offerings[154]. Operational Challenges and Risks - The company faces risks related to foreign exchange fluctuations, which could affect procurement costs and pricing strategies[15]. - There is a risk of goodwill impairment due to acquisitions, which may not yield the expected synergies if market conditions worsen[19]. - The company reported that both net profits before and after deducting non-recurring gains and losses were negative for the last three accounting years[39]. - The gross profit margin for the tourism services segment was -19.27%, indicating significant operational challenges[97]. - The company is adapting its business model to focus more on domestic tourism due to the ongoing impact of the COVID-19 pandemic[100]. Investments and Fund Management - The company has established a commitment to minimize related party transactions and ensure fair pricing and conditions in any unavoidable transactions[187]. - The company has committed to ensuring that all shares held are legally owned and free from disputes or restrictions[187]. - The company has established a special account for the raised funds, which will be monitored by the board of directors to ensure proper usage[197]. - The company has committed to managing the raised funds in a reasonable and legal manner, with regular checks on their usage[197]. - The company plans to use its own funds for future direct store openings instead of relying on the remaining fundraising[136]. Customer Engagement and Market Expansion - The company has established several new subsidiaries, although their impact on overall performance is considered minimal[149]. - The company is actively exploring MCN operational channels to boost online traffic through influencer incubation and live streaming[81]. - The company has launched eight major themed products such as "Zhou You Ji" and "Sa Huan Er China" to quickly penetrate the domestic travel market[81]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share in the region by the end of 2022[181]. - The company has introduced high-end customized travel experiences in Hainan, serving 100 tourists in the "Bohai Lecheng 5-Day Health Tour" project[76]. Future Outlook and Recovery Plans - The company expects a recovery in the travel sector, projecting a revenue growth of 25% in 2021 as travel restrictions ease[181]. - Future guidance indicates an EBITDA margin improvement to 15% by 2022, up from 10% in 2020[181]. - The management emphasized a commitment to maintaining financial stability and transparency in all operations moving forward[181]. - The company plans to implement cost-cutting measures, aiming for a reduction of operational costs by 15% in the next fiscal year[181]. - The company aims to enhance the efficiency of fund utilization and reduce financial costs and debt-to-asset ratio by changing the use of the remaining fundraising[138].

Financial Performance - The company's operating revenue for Q1 2021 was ¥85,170,058.91, a decrease of 92.54% compared to ¥1,142,443,223.44 in the same period last year[8] - The net profit attributable to shareholders was -¥74,636,936.02, representing a decline of 156.82% from -¥29,061,745.16 in the previous year[8] - The net cash flow from operating activities was -¥42,385,251.73, down 118.53% from ¥228,787,952.50 in the same period last year[8] - The basic earnings per share were -¥0.082, a 148.48% increase in loss compared to -¥0.033 in the previous year[8] - The company reported a significant increase in diluted earnings per share to -¥0.076, a 230.43% increase in loss compared to -¥0.023 in the previous year[8] - The weighted average return on equity was -9.25%, a decline of 8.04% compared to -1.21% in the previous year[8] - The company reported a net loss of ¥95,903,127.53 for the current period, compared to a net loss of ¥32,653,784.92 in the previous period, indicating a significant decline in profitability[62] - Total operating revenue for the current period was ¥22,076,638.74, down from ¥116,240,903.52 in the previous period, reflecting a decrease of approximately 81%[66] - Operating profit for the current period was -¥104,777,967.23, compared to -¥42,025,400.19 in the previous period, showing a worsening operational performance[62] - The company incurred total operating costs of ¥201,842,013.36, which is a substantial increase from ¥1,198,697,522.73 in the previous period[62] - The company reported other comprehensive income after tax of -¥958,781.14, compared to -¥3,533,573.51 in the previous period, reflecting a decrease in overall financial health[62] - The financial expenses for the current period were ¥18,503,849.46, up from ¥8,676,987.40 in the previous period, indicating increased borrowing costs[62] - The company’s total comprehensive income for the current period was -¥96,861,908.67, compared to -¥36,187,358.43 in the previous period, highlighting ongoing financial challenges[65] - Total comprehensive income decreased to -27,276,861.14 from -10,306,120.86 year-on-year[72] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,916,480,871.56, a decrease of 13.13% from ¥3,357,445,192.72 at the end of the previous year[8] - The net assets attributable to shareholders were ¥770,564,274.74, down 8.60% from ¥843,068,674.90 at the end of the previous year[8] - Total liabilities decreased to ¥1,387,432,862.13 from ¥1,802,925,088.26, showing a reduction in financial obligations[38] - Total assets decreased to ¥2,916,480,871.56 from ¥3,357,445,192.72, reflecting overall financial contraction[41] - Short-term borrowings reduced to ¥630,360,420.93 from ¥887,133,412.80, indicating a decrease in leverage[41] - Total liabilities decreased to CNY 2,305,440,793.69 from CNY 2,649,561,944.68, reflecting a reduction of approximately 13%[47] - The company's total equity decreased to CNY 611,040,077.87 from CNY 707,883,248.04, a reduction of approximately 14%[47] - The total current liabilities decreased to CNY 1,100,952,235.92 from CNY 1,320,634,395.29, a decline of approximately 16.6%[54] Cash Flow - Cash flow from financing activities was -¥297,093,983.43, an increase of 200.72% in outflows compared to -¥98,793,974.10, due to repayment of bank loans[22] - Cash and cash equivalents decreased to ¥745,607,008.14 from ¥1,053,033,532.98, indicating a liquidity contraction[38] - Cash inflow from operating activities was 174,340,200.26, down from 1,200,179,734.81 in the previous period[73] - Cash outflow from operating activities totaled 216,725,451.99, compared to 971,391,782.31 in the prior year[76] - Net cash flow from operating activities was -42,385,251.73, a decline from 228,787,952.50 year-on-year[76] - Cash inflow from financing activities was 378,378,075.03, down from 558,244,355.44 in the previous period[79] - Cash outflow from financing activities increased to 645,472,058.46 from 657,038,329.54 year-on-year[79] - Net cash flow from financing activities was -267,093,983.43, compared to -98,793,974.10 in the prior year[79] - Cash and cash equivalents at the end of the period decreased to 741,552,920.17 from 1,097,195,931.17 year-on-year[79] - Cash flow from investment activities showed a net outflow of -28,104,868.39, compared to a net inflow of 29,943.15 in the previous period[83] - The company reported a significant decrease in cash flow from sales of goods and services, totaling 9,251,593.06 compared to 96,734,780.33 in the prior year[80] Shareholder Information - The company had a total of 63,282 common shareholders at the end of the reporting period[12] - The basic earnings per share for the current period was -0.082, compared to -0.033 in the previous period, indicating a decline in shareholder value[65] Government Support - The company received government subsidies amounting to ¥4,134,713.25 during the reporting period[8] Operational Challenges - Operating revenue fell to ¥85,170,058.91, a decline of 92.54% compared to ¥1,142,443,223.44, primarily impacted by COVID-19[22] - Operating costs decreased to ¥75,249,578.26, down 92.71% from ¥1,032,328,998.92, also due to COVID-19 effects[22] - Net profit reported at -¥95,903,127.53, a 193.70% increase in losses compared to -¥32,653,784.92, driven by significant sales decline[22] - The company’s sales expenses were ¥75,443,069.73, compared to ¥119,447,076.68 in the previous period, showing a reduction in marketing expenditures[62] - The company’s management expenses increased to ¥32,351,560.29 from ¥37,730,904.42 in the previous period, indicating a focus on cost control[62] Miscellaneous - The first quarter report was not audited[86] - The company does not require adjustments to the beginning balance sheet items[86] - The new leasing standard retrospective adjustment for prior comparative data is not applicable[86] - There are no specific financial performance metrics or user data provided in the documents[87] - Future outlook and performance guidance are not mentioned in the provided content[87] - No new products or technologies are discussed in the available information[87] - Market expansion and acquisitions are not addressed in the documents[87] - Other new strategies are not outlined in the provided content[87] - The company has not disclosed any specific financial figures or percentages in the content[87] - The first quarter report does not include any detailed financial analysis or projections[87]