QJCT(SH:600706)2022-08-17 16:00Financial Performance - The company's operating revenue for the first half of 2022 was ¥449,099,387.17, a decrease of 28.87% compared to ¥631,374,965.28 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was -¥85,135,929.13, compared to -¥17,399,592.46 in the previous year, indicating a significant decline[19]. - The net cash flow from operating activities was ¥48,969,911.17, down 48.56% from ¥95,189,625.87 in the same period last year[19]. - The total assets at the end of the reporting period were ¥3,541,019,861.35, a decrease of 5.72% from ¥3,755,700,815.34 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company decreased by 7.03% to ¥1,125,359,707.36 from ¥1,210,495,636.49 at the end of the previous year[19]. - The company's basic earnings per share for the first half of the year is -0.33 yuan, a decrease from -0.08 yuan in the same period last year[21]. - The diluted earnings per share for the first half of the year is also -0.33 yuan, reflecting the same decline as the basic earnings per share[21]. - The net profit attributable to shareholders decreased significantly due to reduced revenues from major attractions, including the Ocean Polar Park and the Grand Tang Furong Garden, primarily impacted by the pandemic[22]. - The net cash flow from operating activities decreased compared to the same period last year, mainly due to a reduction in sales collections[22]. - The company reported non-recurring gains of 5,391,236.35 yuan from government subsidies related to its normal business operations[24]. - The total amount of non-recurring gains, after tax effects and minority interests, is 9,961,179.75 yuan[25]. - The company reported a net loss of CNY 22,371,349.39 for the period, compared to a loss of CNY 21,197,825.13 in the previous period[126]. - The total comprehensive loss for the first half of 2022 was RMB 92,161,287.46, compared to a comprehensive income of RMB 20,548,295.13 in the first half of 2021[129]. - The company reported a decrease in retained earnings, with the current period's balance at CNY 269,735,739.15, down from the previous period[138]. - The total equity attributable to the parent company at the end of the first half of 2022 was CNY 1,233,134,547.89, a decrease of CNY 85,135,929.13 compared to the previous period[138]. Operational Highlights - The company operates several major cultural tourism attractions, including the Big Wild Goose Pagoda and the Grand Tang Furong Garden, which are classified as national 5A and 4A scenic spots[26]. - The company has diversified its tourism services, offering a comprehensive product system that includes inbound, outbound, and domestic tourism, as well as customized travel and conference services[27]. - In the first half of 2022, the company achieved operating revenue of CNY 449.10 million, with scenic area operation management accounting for approximately 71.46% of total revenue[29]. - Domestic tourism in the first half of 2022 saw a total of 1.455 billion trips, a decrease of 22.2% year-on-year[30]. - Domestic tourism revenue totaled CNY 1.17 trillion, down 28.2% compared to the previous year[31]. - The company hosted a series of events attracting 2.3 million visitors, including various themed activities to boost tourism consumption[37]. - The company launched four digital collectibles, achieving over 50,000 views and 300,000 media exposures[38]. - The company is actively establishing a digital cultural technology company to further engage in the digital economy[38]. - The company has integrated its performance resources and established four strategic centers to enhance operational capabilities[36]. - The company has implemented a standardized management system for its scenic spots and hotels, aiming to create a leading smart management platform[38]. - The company is exploring new operational strategies to enhance the influence of the Datang Furong Garden, including utilizing facilities for commercial activities[91]. Financial Position - Cash and cash equivalents dropped by 51.46% to CNY 193,608,359.54, mainly due to repayments of bank loans and payments for project costs[45]. - The company's total liabilities decreased by 5.27% to CNY 2,389,546,600.92, compared to CNY 2,522,566,267.45 in the previous year[46]. - The company's inventory increased by 10.87% to CNY 60,926,396.08 compared to CNY 54,952,155.78 in the previous year[45]. - The company reported a 46.70% increase in deferred tax assets, reaching CNY 46,370,482.36, primarily due to increased deductible losses[45]. - The company has restricted assets totaling CNY 801,564,453.27, mainly due to collateral for bank loans[49]. - The company’s short-term borrowings decreased by 54.76% to CNY 58,975,015.36, reflecting repayments made during the period[46]. - The company's total current liabilities decreased to CNY 58,975,015.36 from CNY 130,360,269.14, a reduction of about 54.8%[123]. - Total liabilities decreased from CNY 2,522,566,267.45 to CNY 2,389,546,600.92, a reduction of approximately 5.3%[124]. - The company’s total current assets decreased from CNY 749,718,389.10 to CNY 565,172,125.54, a decline of approximately 24.6%[125]. - The company’s total equity attributable to shareholders decreased from CNY 1,210,495,636.49 to CNY 1,125,359,707.36, a decline of approximately 7.0%[124]. Strategic Initiatives - The company plans to enhance product upgrades, strengthen market promotion, and control costs to adapt to changing consumer preferences and market conditions[31]. - The company aims to expand its market reach and revenue through the commercialization of cultural tourism creative products[33]. - The company is actively exploring new growth opportunities in the tourism sector, including local and short-distance travel trends[29]. - The company emphasizes the importance of brand marketing and communication to enhance market recognition and support future development[34]. - The company is focusing on strategic investments and market expansion to enhance growth prospects in the cultural tourism sector[118]. - The company has plans for market expansion and new product development in the tourism sector, focusing on enhancing visitor experiences[88]. - The company aims to improve asset quality, financial status, and enhance sustainable profitability through strategic planning and asset injection[81]. Risk Management - The report includes a risk statement indicating potential risks faced by the company, which investors should be aware of[6]. - The company faces risks from public health events, seasonal factors affecting tourism, and potential delays in management fee payments[63]. - The company has not faced any non-operating fund occupation by controlling shareholders or related parties during the reporting period[5]. - The company has not reported any major contracts or significant guarantees that remain unfulfilled during the reporting period[91]. - There are no significant litigation or arbitration matters during the reporting period[84]. - The company and its controlling shareholders have maintained good integrity without any major debts or court judgments outstanding[84]. Corporate Governance - The company has undergone changes in its board of directors, including resignations of key executives[95]. - The company announced a half-year performance loss forecast for 2022[102]. - The company confirmed that there were no frozen or sealed assets during the reporting period[106]. - The company has not faced any administrative penalties or investigations related to cultural relic protection laws during the reporting period[106]. - The company has not disclosed any significant changes in accounting policies or prior period error corrections during the first half of 2022[138]. - The company has confirmed that there are no significant doubts regarding its ability to continue as a going concern for at least the next 12 months[153]. Environmental and Social Responsibility - The company promotes a green office concept, focusing on resource conservation and low-carbon practices in daily operations[75]. - The company has successfully implemented management system certifications including ISO9001, ISO14001, and GB/45001, enhancing environmental awareness among employees[76]. - There were no environmental penalties or pollution incidents reported during the reporting period[75]. - The company is committed to sustainable development and adheres to national and local environmental protection laws[75]. - The company has established a video conferencing system to support electronic and networked office models, furthering its green initiatives[76]. Related Party Transactions - The estimated amount of daily related party transactions for 2022 is expected to be CNY 235.695 million[84]. - The actual amount of daily related party transactions for the reporting period was 66.9663 million yuan, within the expected range at the beginning of the year[85]. - The total related party transaction amount reached 336.31033 million yuan, with a market price deviation of 8.09%[86]. - The company purchased goods from related parties amounting to 42.46372 million yuan, with a market pricing method applied[85]. - Sales of goods to related parties totaled 293.73198 million yuan, reflecting a market pricing method with a deviation of 7.06%[86]. - The company provided labor services to related parties amounting to 4.3009328 million yuan, with a market pricing method applied[86]. Shareholder Information - The company has a 20-year management agreement for the Datang Furong Garden, which commenced on January 1, 2011, and will expire on December 31, 2030[91]. - The largest shareholder, Xi'an Qujiang Tourism Investment (Group) Co., Ltd., holds 114,511,121 shares, accounting for 44.90% of total shares[115]. - The company issued 39,648,175 new shares through a private placement, which was approved by the China Securities Regulatory Commission[109]. - The number of restricted shares decreased by 39,648,175, resulting in 1,921,200 restricted shares remaining, which is 0.75% of total shares[108]. - The number of unrestricted circulating shares increased to 253,138,585, representing 99.25% of total shares[108].