Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a significant increase in losses in Q1 2025, primarily due to rising costs from new projects and increased marketing expenses [1][2]. Financial Performance - In 2024, the company achieved revenue of 304 million yuan, a year-over-year decrease of 0.5%, and a net profit attributable to shareholders of 87 million yuan, down 18% [1]. - The fourth quarter of 2024 saw revenue of 34 million yuan, a year-over-year decline of 8%, with a net loss of 29 million yuan, indicating an increase in losses compared to the previous year [1]. - For Q1 2025, the company reported revenue of 16 million yuan, a decrease of 0.7% year-over-year, and a net loss of 30 million yuan, which is an increase in losses from 12 million yuan in Q1 2024 [1]. Business Segmentation - Revenue from the tourism passenger transport segment was 195 million yuan, up 0.9% year-over-year, with a gross margin of 56.68%, down 3.1 percentage points [2]. - The cableway transportation segment generated 46 million yuan, down 21% year-over-year, with a gross margin of 73.36%, down 4.7 percentage points [2]. - The boat tour segment saw revenue of 44 million yuan, an increase of 31% year-over-year, with a gross margin of 74.09%, up 3.8 percentage points [2]. - The hot spring hotel segment reported revenue of 4 million yuan, down 18% year-over-year, while the travel agency segment also saw revenue of 4 million yuan, down 20% [2]. Profitability and Dividends - The overall gross margin for 2024 was 55.6%, a decrease of 4.4 percentage points year-over-year, with a sales expense ratio of 1.2%, up 0.7 percentage points due to increased marketing activities during the off-peak season [2]. - The net profit margin was 28.5%, down 6.1 percentage points year-over-year [2]. - The company plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 46.5 million yuan, which represents 53.8% of the annual net profit [2]. Shareholding and Control - On September 26, 2024, the company's controlling shareholder, Xinjiang Tianchi Holdings, signed a voting rights entrustment agreement with Xinjiang Cultural Tourism Investment, transferring 23.64% of the company's shares and corresponding voting rights [3]. - Following this agreement, Xinjiang Cultural Tourism Investment will become the controlling shareholder, with the regional state-owned assets supervision and administration commission as the actual controller, which is expected to enhance management efficiency and business development [3]. Future Outlook - The company is positioned as the leading tourism stock in Xinjiang, leveraging the growth in tourist traffic to the Tianshan Tianchi scenic area [3]. - Revenue projections for 2025-2027 are 349 million yuan, 391 million yuan, and 434 million yuan, representing year-over-year growth of 15%, 12%, and 11% respectively [3]. - Expected net profits for the same period are 105 million yuan, 122 million yuan, and 138 million yuan, with growth rates of 21%, 16%, and 14% respectively [3].

Core Viewpoint - The controlling shareholder of the company has changed to Xinjiang Cultural Tourism Investment, with the Xinjiang Autonomous Region State-owned Assets Supervision and Administration Commission becoming the actual controller. The rich industrial resource layout of Xinjiang Cultural Tourism Investment, including several core 5A and 4A scenic spots, hotels, travel agencies, and theaters, aligns well with the company's core business. As the only listed cultural tourism company in Xinjiang, the company is expected to benefit from this change in control, leveraging the resources of the State-owned Assets Supervision and Administration Commission and Xinjiang Cultural Tourism Investment for sustained business development. The company's performance in the performing arts business has begun to gain momentum this year, and it is well-positioned in the low-altitude economy, pending local policy implementation in Xinjiang [1]. Financial Performance - In 2024, the company achieved an operating income of 304 million yuan, a year-on-year decrease of 0.51%, with the fourth quarter generating 34 million yuan, down 7.57% year-on-year. - The net profit attributable to shareholders for 2024 was 87 million yuan, a decline of 18.06%, while the net profit excluding non-recurring items was 86 million yuan, down 18.46%. In the fourth quarter of 2024, the net profit attributable to shareholders was -29 million yuan, an increase of 50.59% year-on-year, with a similar increase of 54.83% for the net profit excluding non-recurring items. - In the first quarter of 2025, the company reported an operating income of 16 million yuan, a decrease of 0.74%, and a net profit attributable to shareholders of -30 million yuan, an increase of 147.22%, with the net profit excluding non-recurring items also at -30 million yuan, up 145.96% [2]. Industry Outlook - In 2024, Xinjiang received 302 million tourists, a year-on-year increase of 14%, with total tourist spending reaching 359.542 billion yuan, up 21%, setting historical highs across various metrics. Cultural tourism has become a new strategic pillar industry for Xinjiang. The company's immersive performance project "Meet Kashgar" and the performance project at the West Sea Grassland scenic area are expected to welcome the first tourism peak during the May Day holiday, facilitating the company's business expansion outside Urumqi [3]. - The Civil Aviation Administration of China has completed the OC certification process over nine months, with EHang Intelligent obtaining OC certificates in Hefei and Guangzhou, potentially marking the beginning of commercial low-altitude manned flight in 2025. The company has established deep cooperation with EHang Intelligent in 2023, and the rich tourism resources and natural geographical advantages in Xinjiang are expected to provide a leading edge for the company's development in the low-altitude economy [4]. Investment Recommendations - The company's cable car business is expected to decline due to maintenance cycles but is projected to return to normal this year. The newly added performance project business may incur initial operating costs, with expected net profits attributable to shareholders of 102 million yuan, 136 million yuan, and 188 million yuan from 2025 to 2027, respectively. The current stock price corresponds to PE ratios of 59X, 44X, and 32X for those years, maintaining a "buy" rating [4].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is facing profit pressure, with a focus on the progress of resource integration [1] - The company is the only publicly listed cultural tourism platform in the Xinjiang Autonomous Region, with scarce resource endowments [7] - The market for cultural tourism in Xinjiang remains robust, and the company is expected to achieve steady growth through diversified business operations [7] - The adjustment of profit forecasts for 2025 and 2026 is due to significant increases in cost and expenses, with projected net profits of 1.0 billion, 1.3 billion, and 1.5 billion for 2025, 2026, and 2027 respectively [7] Financial Performance Summary - Total revenue for 2023 is projected at 3.05 billion, with a slight decline of 0.51% year-on-year for 2024, followed by a growth of 15.44% in 2025 [1][8] - The net profit attributable to the parent company is expected to decrease by 18.06% in 2024, but is projected to grow by 20.56% in 2025 [1][8] - The earnings per share (EPS) for 2024 is estimated at 0.56 yuan, with a forecasted increase to 0.67 yuan in 2025 [1][8] Business Segment Performance - Passenger transport revenue remained stable, while boat business revenue saw significant growth of 31% year-on-year [7] - The company plans to expand new projects and integrate resources to enhance market share and operational capacity [7]

A股旅游及酒店板块持续走低，君亭酒店跌超8%，大连圣亚、天府文旅跌超5%，岭南控股、三特索 道、西域旅游跟跌。 ...

为使投资者全面了解公司的经营成果和财务状况，公司《2025 年第一季度 报告》已于 2025 年 4 月 28 日在中国证监会指定的创业板信息披露网站巨潮资讯 网 (www.cninfo.com.cn)上披露，请投资者注意查阅！ 证券代码：300859 证券简称：西域旅游 公告编号：2025-013 西域旅游开发股份有限公司 关于 2025 年第一季度报告披露的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 西域旅游开发股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开 了第七届董事会第四次会议、第七届监事会第三次会议，会议审议通过了《关于 2025 年第一季度报告的议案》。 特此公告。 西域旅游开发股份有限公司 董事会 2025 年 4 月 28 日 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥16,237,490.60, a decrease of 0.74% compared to ¥16,359,234.75 in the same period last year[5]. - The net loss attributable to shareholders was ¥29,612,259.59, representing a significant increase of 147.22% from a loss of ¥11,978,140.66 in the previous year[5]. - Basic and diluted earnings per share were both -¥0.19, a decline of 137.50% from -¥0.08 in the previous year[5]. - Operating profit for the current period is -¥31,184,274.28, compared to -¥12,305,551.02 in the previous period, indicating a worsening performance[19]. - Net profit for the current period is -¥31,214,409.12, a decline from -¥12,308,436.09 in the previous period[19]. Cash Flow - The net cash flow from operating activities improved by 10.81%, amounting to -¥9,906,478.56 compared to -¥11,107,629.61 in the same period last year[5]. - Cash inflow from operating activities totaled ¥17,266,067.95, down from ¥22,575,985.19 in the previous period[22]. - Cash received from operating activities decreased by 78.53% to ¥1,245,710.04, mainly due to reduced interest income[10]. - The net cash flow from operating activities was -¥9,906,478.56, an improvement from -¥11,107,629.61 in the previous period, indicating a reduction in cash outflow[23]. - The net increase in cash and cash equivalents was -¥18,510,653.72, improving from -¥25,579,785.77 in the previous period[23]. Assets and Liabilities - Total assets decreased by 3.24% to ¥1,054,953,266.08 from ¥1,090,237,415.00 at the end of the previous year[5]. - Total current assets decreased from 311,709,424.62 yuan to 292,349,433.29 yuan, a decline of approximately 6.5%[15]. - Non-current assets decreased from 778,527,990.38 yuan to 762,603,832.79 yuan, a reduction of about 2.04%[15]. - Total liabilities amount to ¥309,274,259.13, slightly down from ¥313,343,998.93 in the previous period[16]. - Non-current liabilities increased to ¥204,873,423.96 from ¥191,638,680.87 in the previous period[16]. Shareholder Information - The largest shareholder, Xinjiang Tianchi Holdings, holds 28.64% of the shares, totaling 44,389,921 shares[11]. - The second-largest shareholder, Changji State-owned Assets Investment and Operation Group, holds 9.61% with 14,897,579 shares[11]. - Total equity attributable to shareholders of the parent company decreased to ¥727,975,879.43 from ¥757,588,138.92 in the previous period[16]. Operating Costs and Expenses - Operating costs increased by 70.47% to ¥33,443,934.97, primarily due to increased depreciation and labor costs related to projects[10]. - Total operating costs increased significantly to ¥47,287,608.03, up 66.1% from ¥28,434,578.61 in the previous period[18]. - Sales expenses surged by 493.28% to ¥1,793,487.84, attributed to increased marketing and promotional activities[10]. - Financial expenses were reported at ¥1,410,309.18, a significant increase due to interest expenses from project financing[10]. Inventory and Receivables - Accounts receivable increased from 2,020,180.18 yuan to 2,377,591.42 yuan, representing a growth of about 17.7%[14]. - Inventory slightly increased from 2,683,768.24 yuan to 2,695,860.77 yuan, a rise of approximately 0.45%[15].

国金证券股份有限公司 关于西域旅游开发股份有限公司 2024 年度募集资金存放与使用情况的专项核查报告 国金证券股份有限公司（以下简称"国金证券"或"保荐机构"）作为西域旅游开发股 份有限公司（以下简称"西域旅游"或"公司"）首次公开发行股票并在创业板上市及持续 督导的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《深圳证券交易所创业板股票上市规 则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等 有关法律法规和规范性文件的要求，对西域旅游 2024 年度募集资金存放与使用情况进 行了核查，情况如下： 一、募集资金基本情况 （一）募集资金到位情况 经中国证券监督管理委员会《关于核准西域旅游开发股份有限公司首次公开发行股 票的批复》（证监许可[2020]1498 号）核准，并经深圳证券交易所同意，西域旅游公开 发行人民币普通股（A 股）3,875 万股，每股面值人民币 1 元，每股发行价格为 7.19 元， 募集资金总额为 278,612,500.00 元，扣除承销保荐费 26,075,125.00 元和其他相关 ...

内控审计报告 大信审字[2025]第 12-00010 号 大信会计师事务所(特殊普通合伙)_ WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 西域旅游开发股份有限公司 按照《企业内部控制基本规范》《企业内部控制应用指引》《企业内部控制评价指引》的 规定,建立健全和有效实施内部控制,并评价其有效性是企业董事会的责任。 二、注册会计师的责任 大信审字[2025]第 12-00010 号 西域旅游开发股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了西 域旅游开发股份有限公司(以下简称"西域旅游公司")2024年12月31日的财务报告内部控 制的有效性。 一、企业对内部控制的责任 知春路1号 WUYIGE Certified Public Accountants Room 2206 22/F. Xuevuan International To No. 1 Zhichun Road, Haidian Dist Beiiing, China, 100083 196 ( 10 ) 2220559 www.daxincpa.com.cn 内 ...

WUYIGE Certified Public Accountants I I P % 1 号 Room 2206 22/F. Xuevuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing, China, 100083 大信会计师事务所(特殊普通合伙) WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 申话 Telephone: +86 (10) 82330558 在 II Fay. +86 (10) 82327668 西域旅游开发股份有限公司 募集资金存放与实际使用情况 审核报告 大信专审字[2025]第 12-00016 号 募集资金存放与实际使用情况审核报告 大信专审字[2025]第 12-00016 号 西域旅游开发股份有限公司全体股东: 我们接受委托,对后附的西域旅游开发股份有限公司(以下简称"贵公司")《2024年 度募集资金存放与实际使用情况的专项报告》(以下简称"募集资金存放与实际使用情况专 项报告"进行了审核。 一、董事会的责任 按照中国证券监督管理委员会《上市公司监管指引第2号 -- ...

西域旅游开发股份有限公司 非经营性资金占用及其他关联资金 往来情况汇总表的专项审计报告 大信专审字[2025]第 12-00017 号 大信会计师事务所(特殊普通合伙) WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 院 国际大厦 22 层 2206 WUYIGE Certified Public Accountants 0 春路 1 号 Room 2206 22/F. Xuevuan International Tower No.1 Zhichun Road, Haidian Dist. Beiling, China, 100083 佳商 Fay. +86 ( 10 ) 82327668 非经营性资金占用及其他关联资金往来情况汇总表的 专项审计报告 大信专审字[2025]第 12-00017 号 西域旅游开发股份有限公司全体股东: 我们接受委托,审计了西域旅游开发股份有限公司(以下简称"贵公司")的财务报表, 包括 2024年 12 月 31 日合并及母公司资产负债表、2024年度合并及母公司利润表、股东 权益变动表、现金流量表以及财务报表附注,并于 2025年 4 月 2 ...