TIBET TOURISM(SH:600749)2021-02-25 16:00Financial Performance - In 2020, the company's operating revenue was CNY 125,925,459.99, a decrease of 32.99% compared to CNY 187,918,350.69 in 2019[26] - The net profit attributable to shareholders was CNY 4,743,002.14, down 77.24% from CNY 20,842,355.56 in the previous year[26] - The net profit excluding non-recurring gains and losses was CNY -25,051,967.54, representing a decline of 509.54% compared to CNY 6,117,110.82 in 2019[26] - Cash flow from operating activities was CNY 20,935,761.82, a decrease of 73.77% from CNY 79,803,420.80 in 2019[26] - The company's net assets attributable to shareholders decreased by 2.03% to CNY 1,033,788,289.23 from CNY 1,055,157,295.27 in 2019[26] - Basic earnings per share decreased by 76.82% to CNY 0.0213 from CNY 0.0919 in the previous year[28] - The net profit attributable to shareholders, excluding non-recurring gains and losses, significantly declined, resulting in a basic earnings per share of CNY -0.1124, a decrease of 516.30% compared to CNY 0.0270 in 2019[28] - The weighted average return on equity dropped by 1.50 percentage points to 0.4549% from 1.9538% in the previous year[28] Impact of COVID-19 - The company reported a significant decline in both revenue and profit due to the impact of external factors[26] - The impact of the pandemic led to a decrease in visitor numbers across the company's scenic spots, adversely affecting overall business performance[28] - In 2020, domestic tourism in China saw a total of 1.28 billion visitors, a decline of 52.1% year-on-year, with quarterly declines of 83.4% in Q1, 51.0% in Q2, 34.3% in Q3, and 32.9% in Q4[43] - The tourism industry in Tibet experienced a 12.6% decrease in visitor numbers, receiving 35.05 million tourists in 2020, and generated a total tourism revenue of 36.642 billion yuan, down 34.5% from the previous year[44] Tourism Operations and Services - The company operates major tourist attractions in Tibet, including the Yarlung Zangbo Grand Canyon and Basum Lake, which are classified as national 5A and 4A scenic areas[38] - The company is expanding its tourism services, including business travel, health care, and incentive travel[40] - The company plans to enhance its tourism services and operations by transferring related business assets and personnel to fully-owned subsidiaries, with the restructuring process ongoing[46] - The company aims to achieve a 20% increase in both tourism visitors and revenue in 2021, supported by the addition of 29 new domestic flight routes and a 20% reduction in ticket prices[45] - The company is focusing on developing highland wellness tourism, outdoor sports, and specialty tourism products, including hot spring therapy and camping experiences, to meet diverse visitor needs[54] Cost Management and Efficiency - The company reduced sales expenses by 54.16% to 6.23 million yuan from 13.60 million yuan, with a sales expense ratio of 4.95%, down 2.29 percentage points year-on-year[75] - The company implemented cost reduction and efficiency improvement measures, resulting in a 21.65% decrease in management expenses to 54.10 million yuan from 69.04 million yuan[75] - The company observed a growth in the proportion of independent travelers, with self-booking and participation in self-driving clubs becoming more popular among tourists[76] Digital Transformation and Innovation - The company has established a digital operation platform and smart tourism systems to improve visitor experience and operational efficiency, achieving "full-process scenario service" upgrades[57] - The company has successfully integrated smart tourism applications to provide personalized services, enhancing the overall visitor experience[45] - The company is focusing on local tourism market development and digital capability construction to tap into the full tourism market, effectively increasing customer flow[63] Shareholder and Governance Matters - The company decided not to distribute profits for 2020, with retained earnings at the end of the year amounting to CNY -67,075,824.87[7] - The company has committed to submitting feasible asset integration or disposal plans to the board of Tibet Tourism within three years following the completion of share transfer[122] - The company has not reported any significant accounting errors or changes in accounting policies that would affect its financial statements[125] - The company has established a commitment to ensure that all directors and senior management will not engage in activities that could harm the company's interests during the non-public offering process[123] Community Engagement and Social Responsibility - The company actively engaged in poverty alleviation efforts, including local employment opportunities and agricultural product purchases, to support the community[146] - The company invested a total of RMB 629.60 million in poverty alleviation efforts, helping 11 registered impoverished individuals to escape poverty[148] - The company provided RMB 5 million in financial aid to impoverished students as part of its education poverty alleviation initiatives[149] - The company has committed to ongoing poverty alleviation plans, including job creation and skills training in tourism for local residents[150] Future Outlook - The long-term outlook for the tourism industry in China remains optimistic, with expectations of recovery to pre-pandemic levels by 2022[43] - The company is committed to transforming its business model to meet the rising demand for high-quality tourism experiences, driven by changing consumer preferences post-COVID-19[106] - The company plans to invest CNY 1 billion in tourism business development and expansion over the next three years, aiming to complete the establishment of 1-2 5A level scenic spots by 2020[123]