西安旅游(000610) - 2025 Q2 - 季度财报

Company Profile and Core Financial Data This section outlines the company's basic information, key financial performance, and non-recurring gains and losses Basic Company Information Xi'an Tourism Co., Ltd. (000610) is a Shenzhen Stock Exchange-listed company, with Lu Fei as its legal representative | Item | Information | | :--- | :--- | | Stock Abbreviation | Xi'an Tourism | | Stock Code | 000610 | | Listing Exchange | Shenzhen Stock Exchange | | Company Name | Xi'an Tourism Co., Ltd | | Legal Representative | Lu Fei | Key Accounting Data and Financial Indicators Operating revenue decreased by 13.54%, net loss narrowed by 12.06%, and operating cash flow increased by 11.08%, while total assets and net assets declined | Key Financial Indicators | This Reporting Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 218,009,096.08 | 252,136,292.00 | -13.54% | | Net Profit Attributable to Shareholders (Yuan) | -55,989,631.51 | -63,664,935.45 | 12.06% | | Net Cash Flow from Operating Activities (Yuan) | 15,053,308.51 | 13,551,344.10 | 11.08% | | Basic Earnings Per Share (Yuan/Share) | -0.2365 | -0.2689 | 12.05% | | Weighted Average Return on Net Assets | -26.83% | -13.69% | -13.14% | | | End of This Reporting Period | End of Prior Year | Year-on-Year Change | | Total Assets (Yuan) | 2,000,907,532.48 | 2,062,086,439.51 | -2.97% | | Net Assets Attributable to Shareholders (Yuan) | 180,692,937.35 | 236,682,568.86 | -23.66% | Non-recurring Gains and Losses Total non-recurring gains and losses were -57,249.56 Yuan, mainly from government subsidies, asset disposals, and other non-operating items | Item | Amount (Yuan) | Description | | :--- | :--- | :--- | | Non-current asset disposal gains/losses | -41.55 | - | | Government subsidies recognized in current profit/loss | 50,000.00 | Beilin District Commerce Bureau Time-honored Brand Award | | Net other non-operating income/expenses | -115,623.28 | - | | Total | -57,249.56 | - | Management Discussion and Analysis (MD&A) This section analyzes the company's core business, competitive advantages, financial performance, asset status, and risk management Overview of Principal Operations The company positions itself as a 'Comprehensive Cultural Tourism Service Provider,' driven by 'Pleasant Stay Hotels & Homestays' and 'Pleasant Journey Travel' businesses - Company's core principal businesses are divided into three segments: - Pleasant Stay Hotels & Homestays: Covers hotel operations and management, launched the "Xilv Wan'ao" new brand, adopting a "light and heavy asset" strategy[26][27][28] - Pleasant Journey Travel: Includes Xi'an China Travel Service and Xi'an Overseas Travel Service, developing five major business brands such as study tours, MICE, and vacation travel[26][27][28] - Pleasant Life Innovative Cultural Tourism: Expands new business formats around the main tourism business, such as "Centimeter City" coffee and Xilv Le Kelong Magical Animal City projects[26][27][28] Core Competencies Core competencies include hotel and homestay brand matrix, digital operations, full-chain travel services, and innovative cultural tourism IP development capabilities - Hotel & Homestay: Has built a "Wan'ao" spectrum including nine major brands, covering 10 provinces and 23 cities nationwide, and independently developed "Wan'ao Club" APP, "Zhumaman" hotel management system, and other digital platforms[29][30][31] - Pleasant Journey Travel: Enhanced full-chain control through self-built visa, ticketing, and marketing centers, with 311 stores[29][30][31] - Innovative Cultural Tourism: Implemented an IP brand-led strategy, collaborated with high-traffic scenic spots (e.g., Xi'an City Wall) to provide content planning and promotion, and created new urban cultural tourism projects like "Centimeter City" coffee[29][30][31] Analysis of Principal Operations First-half operating revenue decreased by 13.54% due to consumption downgrade, impacting hotel and travel agency businesses, despite cost control efforts - Hotel Segment: Facing a market trend of "stable volume, falling prices," the company focused on brand expansion and digitalization, with Wan'ao Club App active members increasing by 47.81% year-on-year, and 8 new franchised stores opened[33][34][35] - Travel Agency Segment: Outbound group tour business performed strongly, with revenue growing by 47.75%, particularly advantageous in Southeast Asia, Japan, and Korea routes[33][34][35] - Innovative Cultural Tourism Segment: Leveraging scenic spots like Xi'an City Wall, successfully launched popular products such as "Youpo Lazibread," enhancing the profitability of supporting commercial operations[33][34][35] | Major Financial Data | This Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 218,009,096.08 | 252,136,292.00 | -13.54% | Impacted by consumption downgrade, decrease in hotel and tourism business revenue | | Operating Costs | 213,457,588.55 | 241,976,186.68 | -11.79% | Decreased in line with operating revenue | | Administrative Expenses | 20,570,874.96 | 26,617,858.27 | -22.72% | Decrease in employee compensation and intermediary fees year-on-year | | Net Cash Flow from Financing Activities | -24,807,420.17 | 44,521,609.76 | -155.72% | Net amount of borrowings obtained and repaid decreased year-on-year | | By Industry | Operating Revenue (Yuan) | Proportion of Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Hotel Industry | 53,318,418.41 | 24.46% | -26.87% | | Travel Agency Business | 139,150,247.24 | 63.83% | -8.19% | | Commercial Trade | 5,996,529.37 | 2.75% | -38.43% | | Amusement Park | 2,053,503.82 | 0.94% | -63.52% | | Leasing | 11,913,791.45 | 5.46% | 10.91% | | Business Segment Over 10% | Operating Revenue (Yuan) | Operating Costs (Yuan) | Gross Margin | Revenue YoY | Costs YoY | Gross Margin YoY | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hotel Industry | 53,318,418.41 | 60,005,544.78 | -12.54% | -26.87% | -8.94% | -22.16% | | Travel Agency Business | 139,150,247.24 | 131,128,634.54 | 5.76% | -8.19% | -9.26% | 1.11% | Assets and Liabilities Status Total assets were 2.001 billion Yuan, a 2.97% decrease, with stable asset structure and short-term borrowings increasing to 31.85% of total assets | Major Asset and Liability Items | Period-End Balance (Yuan) | Proportion of Total Assets | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 133,956,188.70 | 6.69% | -1.34% | | Inventories | 364,409,123.75 | 18.21% | 1.74% | | Fixed Assets | 454,322,851.24 | 22.71% | 0.11% | | Right-of-Use Assets | 366,430,961.86 | 18.31% | -0.56% | | Short-term Borrowings | 637,233,907.82 | 31.85% | 2.23% | | Long-term Borrowings | 226,900,000.00 | 11.34% | -0.61% | | Lease Liabilities | 371,212,576.73 | 18.55% | -0.01% | - At period-end, 582,300 Yuan of monetary funds were restricted due to tourism and guarantee deposits[45] Analysis of Major Holding and Participating Companies Most subsidiaries, including hotel and travel agencies, reported losses, with Xi'an Xilv Yibai Hotel Investment Co., Ltd. having the largest loss of -25.02 million Yuan | Major Subsidiary Name | Business Type | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | Xi'an Overseas Travel Co., Ltd | Travel Agency | 85,266,480.98 | -1,246,602.33 | | Xi'an China Travel Service International Travel Agency Co., Ltd | Travel Agency | 61,014,562.82 | -4,439,927.58 | | Xi'an Xilv Yibai Hotel Investment Co., Ltd | Hotel Investment Management | 37,214,919.22 | -25,020,889.32 | | Diebu County Zagana Kangyang Real Estate Co., Ltd | Real Estate Development | 0.00 | -5,519,409.11 | | Chengdu Xilv Wan'ao Hotel Management Co., Ltd | Hotel Management | 9,714,069.33 | -3,446,157.01 | Risks and Countermeasures The company faces market competition, evolving customer demands, and force majeure risks, addressed by brand, product, and operational strategies - Risks Faced: - Intensified Market Competition Risk: Frequent price wars and product homogenization in the industry lead to market share erosion[62][63][64] - Customer Demand Iteration Risk: Consumer demand shifts towards personalization and experiential travel, risking customer loss if product updates lag[62][63][64] - Force Majeure Impact Risk: The tourism industry is susceptible to external environmental factors such as natural disasters and emergencies[62][63][64] - Countermeasures: - Deepen Brand Strategy: Enhance brand recognition and influence through multi-channel marketing[62][63][64] - Promote Product Innovation: Develop differentiated advantages by focusing on high-end customized tours and immersive cultural tourism experiences in niche segments[62][63][64] - Diversify Business Layout: Extend the industry chain to mitigate single-business risks[62][63][64] - Optimize Customer Experience: Reconstruct products with a "user-centric mindset" to enhance customer satisfaction and loyalty[62][63][64] - Improve Emergency Mechanisms: Establish comprehensive emergency plans and strengthen risk response capabilities[62][63][64] Corporate Governance, Environmental, and Social (GES) This section details the company's profit distribution plan and its commitment to social responsibility initiatives Profit Distribution Plan The company plans no cash dividends, bonus shares, or capital reserve conversions for the first half of 2025 - The company plans no profit distribution or capital reserve conversion for the half-year period[67] Social Responsibility The company actively fulfills social responsibilities through volunteer services, care stations for workers, and rural revitalization support - Cultural Heritage: During the Spring Festival, a team of gold-medal tour guides was formed to provide in-depth explanations for tourists[69][70] - Care for Workers: During Labor Day, care stations were set up to provide free tea and drinks for delivery riders, sanitation workers, and others[69][70] - Rural Revitalization: Supported rural revitalization through consumption assistance by purchasing 67,000 Yuan worth of poverty alleviation products[69][70] Significant Matters This section outlines the company's major litigation cases, significant related party transactions, and substantial guarantees Litigation Matters Two major lawsuits were disclosed: a sales contract dispute for 56.341 million Yuan and a construction contract dispute for 45.7089 million Yuan, both under appeal | Litigant | Opponent | Cause of Action | Amount Involved (Yuan) | Progress | | :--- | :--- | :--- | :--- | :--- | | Company Supply Chain Management Branch | Sichuan Nonferrous New Material Technology Co., Ltd | Sales Contract Dispute | 56,341,000 | Partial judgment rendered, company applied for enforcement | | Subsidiary Zagana Kangyang Real Estate | Gansu Construction Investment Civil Engineering Construction Group | Construction Project Contract Dispute | 45,708,900 | After first-instance judgment, both parties appealed | Significant Related Party Transactions Significant non-operating fund transfers to controlled subsidiaries resulted in a 226.1017 million Yuan receivable from Xi'an Xilv Yibai Hotel Investment Co., Ltd | Related Party (Receivable) | Relationship | Period-End Balance (Yuan) | Reason for Formation | | :--- | :--- | :--- | :--- | | Xi'an Xilv Yibai Hotel Investment Co., Ltd | Controlled Subsidiary | 226,101,700 | Fund Turnover | | Xi'an Tourism Ecological Industry Co., Ltd | Controlled Subsidiary | 89,224,200 | Fund Turnover | | Diebu County Zagana Kangyang Real Estate Co., Ltd | Controlled Subsidiary | 78,607,400 | Fund Turnover | | Xi'an China Travel Service International Travel Agency Co., Ltd | Controlled Subsidiary | 46,237,500 | Fund Turnover | Significant Guarantees Total actual guarantees reached 280.8102 million Yuan, 155.41% of net assets, primarily for subsidiary borrowings and project homebuyers, with 280.8102 million Yuan for high debt-to-asset ratio entities | Guarantee Situation | Amount (Yuan) | | :--- | :--- | | Total Actual Guarantee Balance at Period-End | 280,810,200 | | Proportion of Total Actual Guarantees to Company's Net Assets | 155.41% | | Debt Guarantees Provided for Guaranteed Parties with Debt-to-Asset Ratio Exceeding 70% | 280,810,200 | | Amount of Guarantees Exceeding 50% of Net Assets | 190,463,700 | Share Changes and Shareholder Information This section details the company's share capital changes and the holdings of its major shareholders Share Changes Total share capital remained unchanged at 236,747,901 shares, with restricted shares decreasing by 15,300 due to executive share release | Share Class | Before This Change (Shares) | After This Change (Shares) | Change (Shares) | | :--- | :--- | :--- | :--- | | Restricted Shares | 1,258,907 | 1,243,607 | -15,300 | | Unrestricted Shares | 235,488,994 | 235,504,294 | +15,300 | | Total Share Capital | 236,747,901 | 236,747,901 | 0 | Shareholder Information The company had 64,020 common shareholders, with the largest shareholder's 31,388,170 shares pledged and the second largest shareholder's entire stake frozen - The total number of common shareholders at the end of the reporting period was 64,020[109] | Top Two Shareholder Names | Shareholder Nature | Shareholding Proportion | Period-End Shareholding | Share Status | | :--- | :--- | :--- | :--- | :--- | | Xi'an Tourism Group Co., Ltd | State-owned Legal Person | 26.57% | 62,902,145 | Pledged 31,388,170 Shares | | Panjing Equity Investment Fund Management (Shanghai) Co., Ltd - Panjing Win-Win No. 6 | Domestic Non-State-owned Legal Person | 5.01% | 11,850,028 | Frozen 11,850,028 Shares | Financial Report This section presents the company's unaudited consolidated and parent company financial statements Financial Statements Unaudited 2025 semi-annual consolidated and parent company financial statements show a loss-making status with slight asset contraction but positive operating cash flow Consolidated Balance Sheet As of June 30, 2025, total assets were 2.001 billion Yuan, total liabilities 1.848 billion Yuan, and equity 181 million Yuan, with a 92.34% debt-to-asset ratio | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Current Assets | 664,470,488.90 | 678,197,635.87 | | Total Non-current Assets | 1,336,437,043.58 | 1,383,888,803.64 | | Total Assets | 2,000,907,532.48 | 2,062,086,439.51 | | Total Current Liabilities | 1,125,002,952.75 | 1,092,578,310.07 | | Total Non-current Liabilities | 722,651,949.25 | 754,612,522.72 | | Total Liabilities | 1,847,654,902.00 | 1,847,190,832.79 | | Total Equity Attributable to Parent Company Owners | 180,692,937.35 | 236,682,568.86 | | Total Owners' Equity | 153,252,630.48 | 214,895,606.72 | Consolidated Income Statement First-half total operating revenue was 218 million Yuan (-13.54% YoY), total operating costs 281 million Yuan (-12.52% YoY), and net loss narrowed to -55.99 million Yuan | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 218,009,096.08 | 252,136,292.00 | | II. Total Operating Costs | 280,858,107.07 | 321,070,403.08 | | Including: Operating Costs | 213,457,588.55 | 241,976,186.68 | | III. Operating Profit | -61,506,259.44 | -69,198,412.87 | | IV. Total Profit | -61,621,882.72 | -69,239,953.87 | | V. Net Profit | -61,642,976.24 | -69,101,257.13 | | Net Profit Attributable to Parent Company Shareholders | -55,989,631.51 | -63,664,935.45 | | Minority Interest Income/Loss | -5,653,344.73 | -5,436,321.68 | Consolidated Cash Flow Statement First-half net operating cash flow was 15.05 million Yuan (+11.08% YoY), with net outflows from investing and financing, and period-end cash equivalents at 133 million Yuan | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 15,053,308.51 | 13,551,344.10 | | Net Cash Flow from Investing Activities | -21,861,892.08 | -50,058,021.45 | | Net Cash Flow from Financing Activities | -24,807,420.17 | 44,521,609.76 | | Net Increase in Cash and Cash Equivalents | -31,616,003.74 | 8,014,932.41 | | Cash and Cash Equivalents at Period-End | 133,373,932.59 | 186,307,770.38 | Notes to Consolidated Financial Statements Key financial statement items are detailed, including top five accounts receivable debtors at 41.44%, development costs at 359 million Yuan, total borrowings at 864 million Yuan, and significant guarantees | Inventory Classification | Period-End Book Value (Yuan) | | :--- | :--- | | Raw Materials | 1,918,118.24 | | Merchandise Inventory | 1,807,166.88 | | Development Costs | 358,664,881.17 | | Low-value Consumables | 2,018,957.46 | | Total | 364,409,123.75 | | Borrowing Classification | Period-End Balance (Yuan) | | :--- | :--- | | Short-term Borrowings | 637,233,907.82 | | Long-term Borrowings | 226,900,000.00 | | Total | 864,133,907.82 | Other Submitted Data This section details the company's financial transactions with related parties Fund Transactions with Related Parties Non-operating fund transfers to subsidiaries resulted in a total year-end balance of 483.7871 million Yuan in receivables from related parties | Related Party (Receivable) | Nature of Transaction | Period-End Balance (Yuan) | | :--- | :--- | :--- | | Xi'an Xilv Yibai Hotel Investment Co., Ltd | Non-operating Transaction | 226,101,700 | | Xi'an Tourism Ecological Industry Co., Ltd | Non-operating Transaction | 89,224,200 | | Diebu County Zagana Kangyang Real Estate Co., Ltd | Non-operating Transaction | 78,607,400 | | Total | -- | 483,787,100 |