CAISSA TOURISM(SZ:000796)2023-04-28 16:00Business Operations - The company has established itself as the exclusive ticketing agent for major events such as the Tokyo Olympics and is the sole supplier for the Chinese national team's ticketing and event support services from 2021 to 2024[4]. - In 2022, the company focused on optimizing online user experience and deepening a user-centric operational model, launching customized travel services to meet the needs of mid-to-high-end customers[11]. - The company launched a new series of light travel products that emphasize ecological environment and health services, which received positive feedback and quickly sold out[11]. - The company has developed a robust supplier management system, ensuring high-quality service and cost control, which supports its leading position in the industry[5]. - The company has a strong brand influence in the high-end tourism sector, focusing on service quality and customer satisfaction across all service stages[6]. - The company is actively participating in the Hainan Free Trade Port construction, integrating various industry resources to promote the development of the tourism ecosystem[96]. - The company has adjusted its product structure and service content to accelerate the expansion of domestic tourism in response to market fluctuations[96]. - The company signed a strategic cooperation agreement with local enterprises in Hainan to enhance its capabilities in tax refund and product distribution[96]. Financial Performance - The company reported a significant decline in self-operated sales, with revenue dropping by 65.99% from 939.94 million to 319.67 million[16]. - In 2022, the total operating costs amounted to ¥273,148,367.91, a significant decrease from ¥776,133,041.04 in 2021, indicating a reduction of approximately 64.8%[31]. - The total revenue from tourism services, including transportation and reception fees, saw a drastic decline, with reception fees dropping by 80.80% to ¥46,527,224.64[31]. - The company reported a net profit attributable to shareholders for 2022 was -¥1,021,610,640.81, representing a decline of 48.11% from -¥689,774,420.35 in 2021[172]. - The company reported a basic earnings per share of -¥1.2870 for 2022, a decrease of 49.83% from -¥0.859 in 2021[172]. - The company reported a total non-operating income and expenses of 26,603,888.74 yuan, with a significant loss of 119,832,835.46 yuan in the previous period[189]. - The company experienced a debt restructuring loss of 115,131.51 yuan during the reporting period[189]. Cost Management - The cost of raw materials for airline catering services was ¥94,643,368.79, which accounted for 34.65% of the total operating costs, down from 18.66% in 2021[31]. - Labor costs for airline catering services decreased by 56.68% to ¥22,995,386.55, representing 8.42% of total operating costs, compared to 6.84% in the previous year[31]. - The company reported a 67.26% decrease in energy and power costs, totaling ¥6,813,430.35, which was 2.49% of total operating costs[31]. - Sales expenses decreased by 54.35% to ¥99,766,572.67 compared to ¥218,532,369.39 in the previous year[78]. - Management expenses decreased by 30.14% to ¥204,768,773.11 from ¥293,106,156.79 year-on-year[78]. - R&D expenses significantly reduced by 93.85% to ¥763,415.65 from ¥12,421,857.85 in the previous year[78]. Governance and Management Changes - The company has experienced significant personnel changes due to internal adjustments, with several independent directors reaching their term limits[10]. - The company appointed Luo Zhipeng as the new President on March 17, 2022, following the dismissal of Liu Zhiqiang[22]. - The company reported a significant management reshuffle, with multiple board members and executives leaving and being appointed throughout 2022, including the appointment of Yu Yin as an independent director on April 18, 2022[22]. - The company’s financial director, Qin Yi, was dismissed on July 1, 2022, and Yu Qiaoyan was appointed as the new financial director on August 9, 2022[22]. - The company aims to strengthen its governance structure by electing new independent directors and board members to ensure effective oversight and strategic direction[22]. - The company is focused on improving corporate governance through regular board meetings and transparent decision-making processes[39]. - The company held multiple board meetings throughout 2022, including decisions on the election of directors and the appointment of senior management[39]. Market Outlook and Strategic Initiatives - The company plans to focus on expanding its market presence and enhancing its product offerings in the coming year[33]. - The management team emphasized the importance of cost control measures implemented during the reporting period to improve financial stability[33]. - Future guidance indicates a cautious outlook, with expectations of gradual recovery in the tourism sector[33]. - The company plans to open 70 new retail stores in high-value communities in 2023 to enhance user engagement and repurchase rates[181]. - The company will leverage its strengths in inbound and outbound tourism to expand its business in government and corporate training and cultural exchanges in 2023[181]. - The company aims to enhance shareholder value through strategic acquisitions and partnerships in the upcoming fiscal year[41]. Risks and Challenges - The company faces risks from intensified market competition and exchange rate fluctuations, impacting operational performance[122]. - The company’s governance structure has been affected by external industry fluctuations and liquidity issues, leading to challenges in internal control execution[199]. - The company reported a significant asset impairment of ¥891,201,000, leading to a reduction in long-term investments by ¥230,000,000[100]. - The company’s financial report received a "disclaimer of opinion" audit report, indicating concerns over financial accuracy and completeness[122]. - The company's stock will face delisting risk warnings from the Shenzhen Stock Exchange following the disclosure of its annual report[141]. Industry Trends - The International Monetary Fund (IMF) predicts China's economic growth rate for 2023 to be 5.2%, indicating a recovery phase for the economy[135]. - The China Tourism Research Institute forecasts that domestic tourism will recover to 70% of pre-2020 levels in terms of visitor numbers and 75% in terms of revenue in 2023[135]. - The company’s management noted that the tourism industry faced significant pressure due to public health events, leading to a weak market environment[194]. - The company is adapting to changes in consumer preferences and travel methods, indicating a potential for new growth dynamics in the tourism sector[194]. - The company has implemented a series of policies to support recovery in the service industry, which may positively impact future performance[194].