峨眉山A(000888) - 2023 Q4 - 年度财报

Financial Performance - Revenue in 2023 increased by 142.33% to 1,044,656,946.48 yuan compared to 2022[23] - Net profit attributable to shareholders in 2023 surged by 256.24% to 227,622,413.57 yuan from a loss of -145,691,740.46 yuan in 2022[23] - Operating cash flow in 2023 grew by 3,834.93% to 473,940,170.58 yuan compared to -12,689,402.56 yuan in 2022[23] - Total assets increased by 5.46% to 3,253,585,427.36 yuan at the end of 2023 compared to 3,085,131,413.25 yuan at the end of 2022[24] - Net assets attributable to shareholders rose by 10.06% to 2,490,331,860.28 yuan at the end of 2023 from 2,262,709,446.71 yuan at the end of 2022[24] - Basic earnings per share in 2023 improved to 0.4320 yuan from -0.2765 yuan in 2022, a 256.24% increase[24] - Weighted average return on equity in 2023 was 9.58%, up from -6.20% in 2022[24] - Q3 2023 revenue was the highest at 330,338,865.16 yuan, while Q4 saw a net loss of -33,581,932.45 yuan[28] - Government subsidies in 2023 decreased to 2,413,644.90 yuan from 5,220,786.48 yuan in 2022[30] - Non-recurring losses in 2023 totaled -5,498,300.78 yuan, compared to a gain of 7,900,906.01 yuan in 2022[30] - Total revenue reached 1,044.6569 million yuan, a year-on-year increase of 142.33%[44] - Net profit attributable to the parent company was 227.6224 million yuan, achieving a turnaround from loss to profit[44] - Revenue from mountain ticket business was 273.907 million yuan, a year-on-year increase of 206.11%[44] - Revenue from cable car business was 432.5544 million yuan, a year-on-year increase of 236.07%[44] - Revenue from hotel business was 187.1294 million yuan, a year-on-year increase of 96.31%[44] - Revenue from tea, digital tourism, and performance businesses was 151.0662 million yuan, a year-on-year increase of 28.48%[44] - The company's total assets were 3,253.5854 million yuan, with a debt-to-asset ratio of 26.13%[44] - Total revenue in 2023 reached 1,044,656,946.48 yuan, a year-on-year increase of 142.33% compared to 431,091,359.44 yuan in 2022[55] - Revenue from mountain entrance tickets increased by 206.11% to 273,906,959.45 yuan, accounting for 26.20% of total revenue[55] - Revenue from cable car operations surged by 236.07% to 432,554,354.96 yuan, making up 41.40% of total revenue[55] - Hotel and hospitality services revenue grew by 96.31% to 187,129,437.24 yuan, representing 17.90% of total revenue[55] - Tea industry revenue increased by 48.48% to 76,279,268.98 yuan, accounting for 7.30% of total revenue[55] - The company's gross margin for cable car operations reached 81.46%, a significant increase of 34.71 percentage points year-on-year[56] - Gross margin for mountain entrance tickets improved by 47.40 percentage points to 53.41%[56] - Hotel and hospitality services gross margin increased by 44.33 percentage points to 13.33%[56] - Revenue from mountain entrance tickets increased by 33.04% to 23,983,933.95 yuan, accounting for 18.79% of operating costs[58] - Revenue from cable car operations increased by 29.06% to 39,792,514.90 yuan, accounting for 49.63% of operating costs[58] - Revenue from hotel services increased by 23.49% to 52,481,239.12 yuan, accounting for 32.36% of operating costs[58] - Revenue from travel agency services increased by 54.58% to 3,407,265.49 yuan, accounting for 91.73% of operating costs[58] - Revenue from tea sales increased by 37.54% to 56,448,956.72 yuan, accounting for 100% of operating costs[58] - Revenue from performing arts decreased by 16.51% to 10,914,889.46 yuan, accounting for 20.45% of operating costs[58] - Revenue from other services increased by 11.95% to 41,608,109.97 yuan, accounting for 100% of operating costs[58] - Total sales from the top five customers amounted to 20,023,713.22 yuan, accounting for 1.91% of total annual sales[59] - Total procurement from the top five suppliers amounted to 27,185,907.79 yuan, accounting for 5.96% of total annual procurement[59] - Net cash flow from operating activities increased by 3,834.93% to 473,940,170.58 yuan, primarily due to revenue growth[64] - Cash and cash equivalents increased by 12.01% to 1.38 billion yuan, accounting for 42.43% of total assets, driven by the recovery of the tourism industry and increased operating cash flow[68] - Accounts receivable increased by 0.51% to 45.73 million yuan, mainly due to unsettled payments[68] - Long-term equity investments decreased by 0.28% to 8.78 million yuan, primarily due to investment losses in Yunnan Tianyou and Impression Media[68] - Fixed assets decreased by 3.94% to 1.44 billion yuan, mainly due to the completion of renovation projects at Hongzhushan Conference Center[68] - Construction in progress decreased by 2.51% to 15.85 million yuan, as some projects were transferred to fixed assets[68] - Intangible assets decreased by 5.48% to 236.97 million yuan, mainly due to impairment provisions for Yunshang Lvyou's assets[70] - Minority interests decreased by 3.40% to -86.77 million yuan, primarily due to losses at subsidiary Yunshang Lvyou[70] - The company's subsidiary, Yunshang Lvyou, has a loan balance of 494.44 million yuan from Industrial and Commercial Bank of China, with 1 million yuan reclassified as current liabilities[71] - The company raised 467.52 million yuan through a private placement in 2013, with 140.32 million yuan still unused and stored in a bank account[76] - The company's total raised funds amounted to 370.56 million yuan, with a year-end balance of 140.32 million yuan as of December 31, 2023[77] - The Emeishan Tourism Culture Center construction project has an investment progress of 1.64%, with a total investment of 79.3 million yuan[79] - The Emei Snow Bud Tea Production Comprehensive Investment project has an investment progress of 89.37%, with a total investment of 180 million yuan[79] - The Chengdu Emeishan International Hotel renovation project has an investment progress of 100.19%, with a total investment of 87.52 million yuan[79] - The "Only Emeishan" real performance construction project has an investment progress of 100%, with a total investment of 120.7 million yuan[79] - The Chengdu Emeishan International Hotel achieved a revenue of 28.54 million yuan, an increase of 12.79 million yuan compared to the previous year[79] - The tea production project achieved a revenue of 48.74 million yuan, an increase of 20.57 million yuan compared to the previous year[79] - The Chengdu Emeishan International Hotel achieved a net profit of 2.9953 million yuan, an increase of 8.6563 million yuan compared to the previous year[79] - The tea production project achieved a net profit of 3.1759 million yuan[79] - The "Only Emeishan" real performance project achieved revenue of 12.3955 million yuan in 2023, an increase of 7.1053 million yuan compared to the previous year[80] - The "Only Emeishan" real performance project recorded a net loss of 228.1348 million yuan in 2023, an increase in loss of 132.749 million yuan compared to the previous year, mainly due to an asset impairment provision of 156.0939 million yuan[80] - The company changed the use of 120.7 million yuan of raised funds from the Emeishan Tourism Cultural Center project to the "Only Emeishan" real performance project[80] - The land area for the "Only Emeishan" real performance project is 74,492 square meters[80] - The company previously used 92.25957286 million yuan of self-raised funds for the raised funds projects, which was later replaced by raised funds[80] - The company planned to acquire assets from Hongya Xueya Company for 55.4043 million yuan, but the acquisition was not completed as of December 31, 2023[80] - The "Only Emeishan" real performance construction project has a total investment of 120.7 million yuan, with a 100% investment progress as of the reporting period[83] - The "Only Emeishan" project achieved a negative profit of -22.813 million yuan during the reporting period[83] - The company changed the use of raised funds from the original Emeishan Tourism Cultural Center project to the "Only Emeishan" project due to market environment changes and increased risks[83] - The "Only Emeishan" project officially started operations in September 2019, but the number of viewers has not yet met expectations due to the incomplete recovery of the tourism performance market[84] - The company plans to enhance the cultural atmosphere and business layout of the "Under the Clouds" theater, introducing camping, e-sports, intangible cultural heritage, and night markets to boost ticket sales[84] - The company aims to introduce strategic investors to create a food town with Emeishan characteristics, extending visitor stay time and promoting consumption upgrades[84] - Hongya Emei Xueya Tea Co., Ltd., a subsidiary, achieved a net profit of 3.176 million yuan with total assets of 185.124 million yuan[87] - Dehong Prefecture Daxiang Tourism Development Co., Ltd., a subsidiary, reported a net loss of -4.206 million yuan with total assets of 24.659 million yuan[87] - Sichuan Emei Xueya Liquor Co., Ltd., a subsidiary, recorded a net loss of -4.274 million yuan with total assets of 64.218 million yuan[88] - Emeishan Yunshang Tourism Investment Co., Ltd., a subsidiary, reported a net loss of -228.135 million yuan with total assets of 362.053 million yuan[88] - The company collected and paid sightseeing bus ticket fees of RMB 318,274,313.70 on behalf of Emeishan Tourism Company, and received mountain entrance and cable car ticket fees of RMB 23,281,170.00 from Emeishan Tourism Company[199] - The company charges a fixed annual entrusted management fee of RMB 200,000 (tax included) from Chengdu Emeishan Hotel, with an additional 20% of the annual net profit exceeding RMB 2 million as a performance fee[200] - The company charges a fixed annual entrusted management fee of RMB 200,000 (tax included) from Emeishan Tourism Development Co., Ltd., with an additional 20% of the annual net profit exceeding RMB 6 million as a performance fee[200] - The company charges a fixed annual entrusted management fee of RMB 50,000 (tax included) from Emeishan Tule Travel Agency Co., Ltd., with an additional 20% of the annual net profit exceeding RMB 100,000 as a performance fee[200] Dividend and Profit Distribution - The company's profit distribution plan is to distribute a cash dividend of 2 yuan per 10 shares (tax included) based on 526,913,102 shares, with no bonus shares or capital reserve conversion[5] - 2023 annual cash dividend proposal: RMB 2 per 10 shares, totaling RMB 105,382,620.40[159][162] - Total distributable profit: RMB 1,447,415,109.68[160] - Cash dividend ratio: 100% of total profit distribution[160] - No cash dividend distribution in 2022 due to operational considerations and future development plans[158] - 2021 cash dividend distribution: RMB 0.6 per 10 shares, totaling RMB 31,614,786.12[158] Corporate Governance and Leadership - The company's registered address has changed three times since its listing, with the current address being No. 639, South Mingshan Road, Emeishan City, Leshan[17] - The company's controlling shareholder, Sichuan Emeishan Leshan Giant Buddha Tourism Group Co., Ltd., underwent a name change and equity structure adjustment in 2021, with the Leshan State-owned Assets Supervision and Administration Commission now holding 90% of the shares[21] - The company's annual report is disclosed on the Shenzhen Stock Exchange website and the media platform "cninfo.com.cn"[19] - The company's audit is conducted by ShineWing Certified Public Accountants (Special General Partnership), with the audit report signed by He Jun and Huang Wang[22] - The company strictly adheres to corporate governance regulations, ensuring compliance with laws and regulations, and maintains a clear separation of powers among shareholders, the board of directors, and management[103][104][105] - The company has established a fair and transparent performance evaluation and incentive mechanism for directors, supervisors, and senior management[106] - The company emphasizes investor relations management, communicating with investors through various channels such as phone calls, research visits, and investor interaction platforms[107] - The company has implemented an insider information management system, ensuring compliance with regulatory requirements and timely reminders to insiders to fulfill their responsibilities[107] - The company's actual governance status does not significantly differ from the legal, administrative regulations, and China Securities Regulatory Commission's requirements for listed companies[108] - The company maintains complete independence in business, assets, personnel, institutions, and finance from its controlling shareholder, ensuring no interference in operations[109][110] - The company has an independent business system, including supply and sales, and does not rely on the controlling shareholder for shared sales channels or trademarks[109] - The company's assets, including land use rights, properties, machinery, trademarks, and proprietary technologies, are independently owned and controlled, with no shared ownership with the controlling shareholder[110] - The company has established a governance structure with clear divisions of responsibilities and checks and balances, ensuring no interference from the controlling shareholder in organizational setup and operations[110] - The company has an independent financial accounting system, separate bank accounts, and complies with regulatory requirements for internal controls[110] - The company addressed同业竞争 issues through委托经营管理 contracts with related entities, aiming to achieve profitability targets and potential future acquisitions[111] - The company held multiple股东大会 in 2023, with varying investor participation rates, including a临时股东大会 with 8.10% participation and an年度股东大会 with 40.38% participation[112] - The company's董事,监事, and高级管理人员 are appointed in accordance with legal and regulatory requirements, with no兼职 in shareholder units[113] - The company's total shares amount to 2,000, with no changes reported during the period[115] - Du Hui and Liu Zhaohui resigned as Vice Presidents due to reaching the legal retirement age[116] - Zhang Huaxian resigned as Board Secretary for personal reasons[116] - Fan Lili was elected as the new Chairman of the Trade Union[116] - Xu Ladi was appointed as the new Party Secretary and Chairman of the Board[116] - Wang Dong resigned as Party Secretary and Chairman of the Board due to organizational arrangements and work needs[116] - The company's leadership changes include the election of new positions and retirements of key personnel[116] - Xu Ladi has extensive experience in government and corporate roles, currently leading the company as Chairman[117] - Ma Ling serves as the Deputy Party Secretary, Director, and General Manager, overseeing the company's operational management[118] - The company's independent directors include Zhong Chaohong, Mao Jie, and Chen Jinlong, each with extensive academic and professional backgrounds in finance, law, and tourism management[119][120][121] - The company's senior management team includes Chen Bin, Chen Xuejiao, Tan Li, Gou Yongjun, Gao Ping, Fan Lili, Ni Jianhua, and He Qun, each with significant experience in various sectors such as finance, tourism, marketing, and operations[125][127][128][129][130][131][132][134] - The company's board of directors is responsible for overseeing key committees such as the Audit Committee, Nomination Committee, and Compensation and Assessment Committee[119][120][121] - The company's supervisory board, led by Qiu Sheng, oversees the company's compliance and major projects[122] - The company's management team is focused on areas such as financial management, legal affairs, engineering construction, human resources, big data, smart tourism, marketing, and environmental protection[127][128][129][130][134] - The company has a strong focus on tourism-related businesses, including hotel management, tourism planning, and marketing[121][128][134] - The company's management team includes individuals with experience in government and public sector roles, which may contribute to strategic decision-making and policy compliance[125][127][128][129] - The company's leadership team is involved in various subsidiaries and affiliated companies, such as Sichuan Chuantou Emei Tourism Development Co., Ltd. and Emei Snow Bud Tea Industry Group[127][134] - The company's management structure includes a focus on corporate governance, with roles such as the Chairman of the Supervisory Board and the Chairman of the Board of Directors[122][125] - The company's leadership team is responsible for overseeing key operational areas such as safety, environmental protection, ticket management, and supply chain operations[130][132] - The company's financial