CAISSA TOURISM(SZ:000796)2021-03-30 16:00Financial Performance - The company reported significant impacts on its operating performance due to the COVID-19 pandemic, which affected travel demand and overall business operations[5]. - The company's operating revenue for 2020 was ¥1,614,569,000.28, a decrease of 73.25% compared to ¥6,035,553,540.91 in 2019[26]. - The net profit attributable to shareholders was -¥698,270,068.22 in 2020, representing a decline of 655.74% from ¥125,652,695.93 in 2019[26]. - Basic and diluted earnings per share were both -¥0.8706 in 2020, a decrease of 656.29% from ¥0.1565 in 2019[29]. - Total assets at the end of 2020 were ¥4,447,291,783.45, down 32.57% from ¥6,514,957,834.48 at the end of 2019[29]. - The net assets attributable to shareholders decreased by 61.86% to ¥942,655,013.90 in 2020 from ¥2,391,558,987.41 in 2019[29]. - The company reported a total of ¥64,813,822.30 in non-recurring gains and losses for 2020, compared to ¥52,087,001.44 in 2019[35]. - The company experienced a significant decline in net profit, with a weighted average return on equity of -40.17% in 2020, down from 5.35% in 2019[29]. - The company reported quarterly revenues of ¥748,706,228.96, ¥140,865,673.13, ¥297,937,811.85, and ¥427,059,286.34 for Q1 to Q4 of 2020, respectively[32]. - The company had a negative net profit attributable to shareholders in each quarter of 2020, with the largest loss occurring in Q4 at -¥505,249,840.03[32]. Business Operations - The main business has evolved from retail to aviation food and railway catering, with tourism service management added in 2015[24]. - The company operates in the tourism sector, providing services across 152 countries and regions, with over 20,000 self-developed tourism products catering to various demographics[39]. - The airline catering and railway meal service business, under the brand Caesar Easy Food, includes 7 airline catering companies and 13 railway catering operation bases, serving over 40 airline food enterprises[40]. - The company has established a strong partnership with numerous airlines, cruise lines, and international hotel groups, enhancing its resource control in the tourism supply chain[39]. - The company has a comprehensive operational model integrating outbound tourism, business travel management, and tourism supply chain management[39]. - The company is positioned as the only domestic enterprise covering both airline catering and railway dining services, achieving a strong reputation in both sectors[45]. - The company continues to focus on high-quality tourism services, targeting government, corporate, and individual consumers[39]. Strategic Initiatives - The company has established strategic partnerships with financial institutions like Everbright Bank and Minsheng Bank to enhance brand influence and promote product offerings[55]. - The company has expanded its focus on domestic leisure culture products and short-distance travel, particularly in key areas like Beijing and Hainan, adapting to changing consumer preferences[65]. - The company has initiated a "Health + Travel" development model, launching specialized products such as health retreats and wellness-themed travel experiences[65]. - The company is exploring new retail models, including the launch of "MI LOUNGE" in Beijing, which integrates various cultural and leisure activities[70]. - The company has set up two subsidiaries in Hainan to develop duty-free retail operations, leveraging its experience in tourism retail[71]. - The company has signed strategic cooperation agreements with major catering enterprises to expand its catering services in the social dining market[72]. - The company aims to strengthen its presence in the duty-free market and enhance operational capabilities through resource integration and collaboration[75]. Market Challenges - The company faced risks including intensified market competition, quality control issues, and exchange rate fluctuations[5]. - The tourism industry is expected to recover gradually, with domestic travel showing signs of improvement while international travel remains significantly impacted by the pandemic[44]. - The company reported a significant increase in system integration sales and other services, with a growth rate of 105.85%[77]. - Revenue from airline catering and services was 321,931,567.17 with a year-on-year decrease of 58.70%[82]. - Revenue from tourism services was 1,039,441,753.65, reflecting a year-on-year decrease of 78.87%[82]. - The gross profit margin for airline catering and services was 27.86%, down 13.59% from the previous year[82]. - The gross profit margin for tourism services was 9.94%, a decrease of 5.61% compared to the previous year[82]. Shareholder and Dividend Policies - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves for the year[6]. - The company did not propose a cash dividend distribution plan despite reporting a positive profit for the period[154]. - The company did not distribute cash dividends or issue bonus shares in the years 2018, 2019, and 2020, with net profits of -58 million, -66 million, and -355 million yuan respectively[156]. - The cumulative distributable profits for 2018, 2019, and 2020 were -160 million, -219 million, and -505 million yuan respectively[156]. - In 2020, the company reported a cash dividend amount of 0.00 yuan, with a net profit of -698 million yuan, resulting in a cash dividend ratio of 0.00%[156]. - The company’s total cash dividend amount in 2020, including other methods, was 9.21 million yuan, accounting for 2.31% of the net profit[156]. Compliance and Governance - The company has ongoing commitments related to related party transactions and competitive practices, ensuring fair market operations[161]. - The company is actively avoiding any new competition with its subsidiaries in the travel agency business[161]. - The company has a long-term commitment to maintain stable business operations with its catering service companies[161]. - The company is committed to maintaining transparency and accountability in its management practices[166]. - The commitments are designed to protect the company's interests and prevent any potential economic losses due to competition[163]. - The company confirmed that the commitments made by Chen Xiaobing and Ma Yiwen regarding non-competition and related transactions are valid and enforceable, ensuring no direct or indirect competition with the listed company[163]. - The company is actively ensuring compliance with legal regulations regarding the commitments made by its core management personnel[166]. Acquisitions and Investments - The company completed two acquisitions during the reporting period: Hainan Hanglv Beverage Co., Ltd. for ¥78,838,905.00 (89.99% ownership) and Kangtai Travel Agency Co., Ltd. for ¥105,586,528.62 (100% ownership)[187]. - The fair value of identifiable net assets acquired from Hainan Hanglv Beverage Co., Ltd. was ¥79,680,202.46, resulting in goodwill of ¥-841,297.46[188]. - The total revenue from the acquired companies from the acquisition date to year-end was ¥44,416,395.44 for Hainan Hanglv and ¥18,730,134.54 for Kangtai, with net profits of ¥1,311,086.76 and ¥-28,516,707.63 respectively[187]. - The company has made significant investments in long-term equity, totaling approximately 78.84 million[99]. - The company has reported a net profit contribution of 5,808.2 million yuan from the sale of 22,600,000 shares of Yong'an Property Insurance, representing a significant optimization of asset structure and liquidity[142].