LANDER SPORTS(SZ:000558)2025-04-24 14:50Corporate Structure and Governance - The company has undergone a name change from Lander Sports Development Co., Ltd. to Chengdu New Tianfu Culture Tourism Development Co., Ltd. on February 11, 2025[11]. - The company is listed on the Shenzhen Stock Exchange under the stock code 000558[13]. - The registered address of the company is located at No. 399, West Section of Fucheng Avenue, High-tech Zone, Chengdu, Sichuan, China[13]. - The company’s board of directors and management have confirmed the accuracy and completeness of the annual report[4]. - The company maintains complete independence from its controlling shareholder in terms of assets, personnel, finance, institutions, and business operations[100]. - The company has a clear and independent asset ownership structure, with no instances of the controlling shareholder occupying or managing company assets[101]. - The company has an independent financial accounting system and decision-making process, with no shared bank accounts with the controlling shareholder[103]. - The company has a complete governance structure with separate operational facilities from the controlling shareholder, ensuring no mixed operations[104]. - The company engages in related party transactions based on market principles, ensuring fair and reasonable terms without dependency on the controlling shareholder[105]. - The board of directors has established a remuneration and assessment committee to evaluate senior management and propose annual remuneration plans for board approval[121]. - The company has a structured approach to determining executive compensation based on performance assessments and external audits[122]. - The company has established a value management system and is in the process of implementing a dual improvement action plan for quality and returns[94]. - The board of directors held 27 meetings during the reporting period, ensuring active governance and oversight[126]. - The company has not faced any objections from the board regarding operational matters, demonstrating consensus on key decisions[128]. - The company is committed to maintaining compliance with relevant laws and regulations, ensuring sound corporate governance practices[129]. Financial Performance - The company's operating revenue for 2024 reached ¥412,926,248.65, representing a 61.82% increase compared to ¥255,183,239.88 in 2023[19]. - The net profit attributable to shareholders for 2024 was a loss of ¥24,525,411.99, a decline of 143.64% from a profit of ¥56,193,473.51 in 2023[19]. - The net cash flow from operating activities for 2024 was negative at ¥160,696,627.47, a decrease of 320.33% compared to a positive cash flow of ¥72,933,563.16 in 2023[19]. - The total assets at the end of 2024 amounted to ¥2,374,406,051.04, an 18.83% increase from ¥1,998,185,618.14 at the end of 2023[19]. - The net assets attributable to shareholders decreased by 1.84% to ¥1,063,231,206.36 at the end of 2024 from ¥1,083,185,717.03 at the end of 2023[19]. - The company reported a basic earnings per share of -¥0.0190 for 2024, down 143.58% from ¥0.0436 in 2023[19]. - The weighted average return on equity for 2024 was -2.29%, a decline of 6.13% from 3.84% in 2023[19]. - The company recorded non-operating income of approximately ¥814,045.64 in 2024, a significant decrease from approximately ¥100.73 million in 2023[24]. - The company reported a significant decline in real estate sales revenue, dropping 94.31% to ¥5,000,000.00 from ¥87,872,371.90 in 2023[56]. - The gross profit margin for the cultural tourism segment was 34.24%, with a year-on-year increase of 24.38% in operating costs[58]. - The gross profit margin for the real estate leasing segment improved to 34.35%, despite a 3.30% decrease in revenue[58]. Business Operations and Strategy - The company has expanded its business scope to include various services such as sports event planning, outdoor product sales, and digital content services as of 2024[17]. - The company aims to integrate cultural, tourism, and sports industries, focusing on "tourism + ice and snow," "tourism + film," and "tourism + sports" to drive business growth[45]. - The company is focusing on integrating cultural and tourism sectors, leveraging popular media to enhance tourism experiences[30]. - The company plans to develop a film and tourism integration business system, focusing on high-quality content production and establishing a "Shooting in Sichuan" service standard[47]. - The company will continue to pursue external mergers and acquisitions to integrate quality resources in the cultural tourism and sports sectors, enhancing overall business scale and profitability[49]. - The company has established a national-level tourism resort at Xiling Snow Mountain, enhancing its competitive advantage in the tourism sector[50]. - The company aims to leverage its unique cultural and tourism resources to accelerate the development of the cultural tourism industry chain in the southwestern region[53]. - The company is actively involved in strategic investments and partnerships, which may drive future growth and market expansion[111]. - The company plans to continue expanding its market presence and exploring new investment opportunities in the upcoming quarters[1]. Market Trends and Projections - The domestic tourism market is projected to grow, with 5.615 billion domestic trips expected in 2024, a year-on-year increase of 14.80%[27]. - The ice and snow industry in China is expected to reach a total scale of ¥1.2 trillion by 2027, driven by increased participation in ice sports[28]. - The sports industry is projected to become a pillar of the national economy by 2035, with initiatives to enhance public sports facilities and promote fitness[32]. - The company anticipates that by 2025, the cultural tourism industry will continue to grow robustly, driven by rising disposable income and supportive government policies[89]. Risks and Challenges - The company faces risks including natural disasters, intensified market competition, and challenges in business integration and management[91]. - The company will implement a diversified business layout to mitigate operational risks associated with the unique nature of the sports, tourism, and cultural industries[91]. - The overall real estate development investment in China decreased by 10.60% year-on-year, indicating a challenging market environment[33]. Shareholder and Investor Relations - The company has conducted various investor communication activities, including online and in-person meetings, to discuss its annual performance and future strategies[92][93]. - The annual shareholders meeting held on May 17, 2024, had an investor participation rate of 38.55%[106]. - The first extraordinary shareholders meeting on July 5, 2024, had an investor participation rate of 38.33%[106]. - The second extraordinary shareholders meeting on September 20, 2024, had an investor participation rate of 7.12%[106]. - The third extraordinary shareholders meeting on October 8, 2024, had an investor participation rate of 38.74%[106]. - The fourth extraordinary shareholders meeting on November 29, 2024, had an investor participation rate of 5.50%[106]. - The fifth extraordinary shareholders meeting on December 16, 2024, had an investor participation rate of 5.36%[106]. Employee and Management Structure - The total number of employees at the end of the reporting period is 372, with 23 in the parent company and 349 in major subsidiaries[133]. - The professional composition includes 100 production personnel, 49 sales personnel, 126 technical personnel, 42 financial personnel, and 55 administrative personnel[133]. - The educational background of employees shows 14 with master's degrees, 102 with bachelor's degrees, 121 with associate degrees, and 135 below associate degree level[134]. - The company has a diverse management team with various backgrounds in finance and tourism[120]. - The company is focused on enhancing its governance structure through the appointment of qualified individuals in key positions[119]. Legal and Compliance Matters - The company has engaged Zhongzheng Zhonghuan Accounting Firm for 1.58 million yuan, with a continuous service period of 6 years[172]. - The company is involved in several ongoing litigations, with the largest claim amounting to 5,958.33 million yuan related to arbitration with Chengdu Tianfu Kuanzhai Cultural Communication Co., Ltd.[173]. - The company has a total of 3,767 million yuan in claims against Danning Export Co., Ltd., which is currently in a final ruling status[174]. - The company has reported a total of 2,247 million yuan in claims related to a private lending contract dispute[174]. - The company has no significant changes in accounting estimates or prior period error corrections during the reporting period[168]. - The company has not reported any violations regarding the provision of guarantees[192]. Future Commitments and Performance Guarantees - The company has committed to a minimum annual revenue of CNY 35 million and a profit of no less than CNY 1 million for the years 2024-2026 for the subsidiary Mushan Times[164]. - If the profit commitment is not met, the shareholders are obligated to compensate the subsidiary in cash based on the audited financial report[165]. - The shareholders have agreed to a buyback arrangement if the performance targets are not met for three consecutive years, with a buyback cost including a 6% annual interest[165]. - The company has received a court-enforced payment of CNY 27,694,996.70 from the controlling shareholder for unmet performance commitments[162].