丽江股份(002033) - 2021 Q4 - 年度财报

Part I: Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, defines key terms, and outlines the report's structure Important Notice The company's management assures the accuracy and completeness of the annual report and its financial statements, with no profit distribution planned for 2021 - Company management ensures the truthfulness, accuracy, and completeness of the annual report content and assumes corresponding legal responsibilities[4] - The company's 2021 profit distribution plan is to not distribute cash dividends, not issue bonus shares, and not convert capital reserves into share capital[5] Definitions This section defines key company entities, related parties, and professional terms used throughout the report for clarity - The reporting period is defined as January 1, 2021, to December 31, 2021[12] - Abbreviations for the Company, major subsidiaries (e.g., Yulong Snow Mountain Company, Impression Lijiang), and major shareholders (e.g., Huabang Health, Lijiang Tourism Investment) are clarified[12] Part II: Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents its key accounting data and financial performance indicators Company Basic Information Lijiang Yulong Tourism Co., Ltd. (002033) is a Shenzhen-listed company with stable core operations, controlled by Lijiang Yulong Snow Mountain Tourism Development Co., Ltd | Item | Information | | :--- | :--- | | Stock Abbreviation | Lijiang Shares | | Stock Code | 002033 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | He Xianzhong | | Controlling Shareholder | Lijiang Yulong Snow Mountain Tourism Development Co., Ltd. | Key Accounting Data and Financial Indicators The company experienced a significant performance decline in 2021, with revenue down 16.87% and net profit turning to loss, primarily due to the pandemic | Key Financial Indicator | 2021 (RMB) | 2020 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 358,348,180.31 | 431,044,774.38 | -16.87% | | Net Profit Attributable to Shareholders of Listed Company (RMB) | -37,803,207.56 | 70,489,807.73 | -153.63% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) (RMB) | -32,825,352.02 | 70,933,636.17 | -146.28% | | Net Cash Flow from Operating Activities (RMB) | 1,487,647.65 | 161,382,645.01 | -99.08% | | Basic Earnings Per Share (RMB/share) | -0.0688 | 0.1283 | -153.62% | | Weighted Average Return on Net Assets | -1.53% | 2.76% | -4.29% | | Total Assets (RMB) | 2,690,235,513.89 | 2,836,940,274.42 | -5.17% | | Net Assets Attributable to Shareholders of Listed Company (RMB) | 2,412,031,497.80 | 2,559,605,759.22 | -5.77% | - The lower of net profit before and after non-recurring gains and losses for the past three fiscal years has been negative, but the audit report does not indicate uncertainty regarding the company's going concern ability[18] Key Quarterly Financial Indicators The company's 2021 performance showed significant quarterly volatility, peaking in Q2 but deteriorating sharply in Q4, leading to a full-year loss | Financial Indicator (RMB) | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 72,278,275.67 | 130,073,052.30 | 87,906,852.54 | 68,089,999.80 | | Net Profit Attributable to Shareholders of Listed Company | -9,920,592.73 | 19,976,248.49 | 903,726.60 | -48,762,589.92 | Non-recurring Gains and Losses In 2021, the company's non-recurring gains and losses totaled -RMB 4.98 million, primarily influenced by government subsidies, fair value changes, and significant non-operating expenses | Item | 2021 Amount (RMB) | 2020 Amount (RMB) | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -85,678.57 | -246,374.57 | | Government Subsidies Included in Current Profit/Loss | 1,722,949.43 | 4,358,991.41 | | Gains/Losses from Fair Value Changes of Financial Assets Held for Trading, etc. | 1,546,164.38 | - | | Other Non-operating Income and Expenses | -13,283,069.60 | -9,113,212.55 | | Other Income/Loss Items Meeting the Definition of Non-recurring Gains and Losses | 3,164,978.88 | 3,053,703.31 | | Total | -4,977,855.54 | -443,828.44 | Part III: Management Discussion and Analysis This section provides a detailed analysis of the company's main business operations, financial performance, asset and liability status, investment activities, and future outlook with associated risks Main Business and Core Competencies The company's core businesses include cableways, performances, and hotels, maintaining strong competitive advantages in its integrated tourism value chain despite 2021 pandemic-induced losses - The company's business covers the six elements of tourism: "food, accommodation, transportation, sightseeing, shopping, and entertainment," forming a complete industry chain including snow mountain cableways, brand hotels, travel agencies, and tourism performances[34] - Core assets such as the three Yulong Snow Mountain cableways and the "Impression Lijiang" performance are all located within the Yulong Snow Mountain scenic area, demonstrating significant geographical advantages[34][36] - Many of the company's hotels are managed by internationally renowned hotel groups such as InterContinental and Lux, providing brand and management advantages[35] Main Business Analysis The company's 2021 performance turned to loss due to pandemic impacts, with significant declines in cableway and performance visitor numbers, exacerbated by new hotel losses and reduced subsidies | Business Segment | 2021 Visitor/Performance Count | YoY Change | | :--- | :--- | :--- | | Total Three Cableways | 2.1614 million person-times | -22.40% | | - Yulong Snow Mountain Cableway | 1.5321 million person-times | -16.15% | | - Spruce Meadow Cableway | 0.5923 million person-times | -29.52% | | - Yak Meadow Cableway | 0.0370 million person-times | -68.64% | | Impression Lijiang Performance | 334 sessions / 0.4776 million person-times | -26.68% (person-times) | - Performance loss was due to four main reasons: - Pandemic Impact: Yunnan Province suspended inter-provincial travel 3 times, totaling 92 days, missing the peak summer season[38][39] - New Hotel Losses: Diqing Moonlight City Indigo Hotel opened in March 2021, incurring an annual loss of RMB 28.486 million[38][39] - Reduced Government Subsidies: Pandemic-related preferential support funds decreased by approximately RMB 38.09 million compared to the previous year[38][39] - Investment Losses: Investment income from the associate company Lijiang Nuomeile Ecological Culture Tourism Co., Ltd. was -RMB 9.5 million[38][39] 分产品营业情况 (2021年) | Product | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Revenue YoY | Cost YoY | Gross Margin YoY | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cableway Transportation | 166,376,138.54 | 43,071,630.07 | 74.11% | -20.93% | -15.84% | -1.57% | | Impression Performance | 46,075,142.94 | 33,772,712.74 | 26.70% | -32.32% | -23.78% | -8.22% | | Hotel Operations | 110,007,752.01 | 78,282,442.26 | 28.84% | 3.67% | 32.44% | -15.56% | - Depreciation expenses in hotel operating costs significantly increased by 87.72% year-on-year, primarily due to the Diqing Moonlight City Indigo Hotel commencing depreciation in March 2021[51] 现金流量表核心项目变动 | Item | 2021 (RMB) | 2020 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,487,647.65 | 161,382,645.01 | -99.08% | | Net Cash Flow from Investing Activities | -177,387,932.14 | -43,731,329.42 | 305.63% | | Net Increase in Cash and Cash Equivalents | -294,575,951.94 | 17,735,711.31 | -1,760.92% | Analysis of Assets and Liabilities As of 2021 year-end, total assets decreased by 5.17% to RMB 2.69 billion, with a notable shift from cash to fixed assets due to project completion 资产构成重大变动情况 | Asset Item | 2021 Year-end Amount (RMB) | % of Total Assets | 2020 Year-end Amount (RMB) | % of Total Assets | Change Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 632,300,335.19 | 23.50% | 926,876,287.13 | 32.61% | Decreased revenue and increased payment for construction projects | | Fixed Assets | 1,133,750,997.42 | 42.14% | 863,853,732.54 | 30.39% | Shangri-La Moonlight City project transferred to fixed assets | | Construction in Progress | 56,317,615.68 | 2.09% | 388,114,970.91 | 13.65% | Shangri-La Moonlight City project transferred to fixed assets | Analysis of Investment Status In 2021, the company's investments increased by 32.18% to RMB 208 million, with a portion of 2014 raised funds still unused and some projects underperforming due to the pandemic - Investment amount during the reporting period was RMB 208 million, an increase of 32.18% compared to RMB 157 million in the previous year[62] - The total raised funds from the 2014 non-public offering were RMB 753 million, with RMB 40 million used in the current period and a cumulative use of RMB 662 million. Unused funds amount to RMB 211 million, of which RMB 100 million was used to purchase principal-protected bank structured deposits[67] - Several raised fund investment projects (Shangri-La Moonlight City project, Benzilan Boutique Hotel project, Yulong Snow Mountain Tourist Comprehensive Service Center project) did not achieve expected benefits due to the pandemic[69] Future Development Outlook and Risks The company plans to expand into mass, leisure, and eco-tourism markets, advancing key projects and smart marketing, while managing risks including safety, competition, and force majeure - The company's future business direction focuses on three major markets: - Mass Sightseeing: Consolidate and enhance Yulong Snow Mountain scenic area products[84] - Leisure Vacation: Expand the market based on Lijiang Ancient Town and Lugu Lake projects[84] - Specialized Tourism: Create high-end customized products around the Greater Shangri-La ecological tourism circle[84] - Key investment projects for 2022 include: - Advance the Lugu Lake Mosuo Town project (Indigo Hotel, Mosuo Palace performance)[90] - Commence construction of the Ganhaizi Tourist Distribution Center, striving for synchronous operation with rail transit[90] - Actively follow up on the Yak Meadow Cableway renovation and expansion project[90] - The main risks faced by the company include: - Cableway Safety Risk: Inherent safety hazards exist in the operation of special equipment[86][87] - Market Competition Risk: Intense competition in the tourism market[86][87] - Management Risk: Business diversification and cross-regional operations impose higher management requirements[86][87] - Force Majeure Risk: Major epidemics (such as COVID-19) and natural disasters have a significant adverse impact on performance[86][87] Part IV: Corporate Governance This section details the company's corporate governance structure, the composition and remuneration of its board and management, and the effectiveness of its internal control systems Overview of Corporate Governance The company maintains a compliant "three boards and one layer" governance structure, operating independently from its controlling shareholder across all key business functions - The company has established a modern corporate governance structure of "three boards and one layer" (General Meeting of Shareholders, Board of Directors, Supervisory Board, and Management), with four specialized committees under the Board of Directors: Strategy, Nomination, Audit, and Remuneration & Appraisal[95][97] - The company is independent from its controlling shareholder in terms of business, personnel, assets, organization, and finance, possessing full autonomous operational capabilities[102][103] Directors, Supervisors, and Senior Management The company's board and management structure remained stable, with one supervisor change, and detailed remuneration and concurrent roles at shareholder entities were disclosed - During the reporting period, Mr. Liu Yu resigned as supervisor due to work changes, and Ms. Sun Jie was elected as the new supervisor by the General Meeting of Shareholders[107][108] 2021年度部分董监高薪酬情况 (单位：万元) | Name | Position | Total Pre-tax Remuneration from Company (RMB 10,000) | Receives Remuneration from Related Parties | | :--- | :--- | :--- | :--- | | He Xianzhong | Chairman | 40.92 | No | | Zhang Haian | Vice Chairman | 3 | Yes | | Zhang Songshan | Director | 3 | Yes | | Liu Xiaohua | Director, General Manager | 33.92 | No | | Yang Ning | Board Secretary, Deputy General Manager | 25.97 | No | | Lv Qingze | CFO | 25.97 | No | Internal Control The company maintains a sound internal control system, with no material weaknesses identified in financial or non-financial reporting, covering over 90% of consolidated assets and revenue - The company's Board of Directors believes that the existing internal control system is effective and provides reasonable assurance for the preparation of true and fair financial statements and the healthy operation of the company's various business activities[136] 内部控制自我评价报告摘要 | Evaluation Scope | Proportion | | :--- | :--- | | Proportion of Total Assets of Units within Evaluation Scope to Total Consolidated Assets | 98.60% | | Proportion of Operating Revenue of Units within Evaluation Scope to Total Consolidated Operating Revenue | 93.94% | | Number of Deficiencies | (count) | | Number of Material Weaknesses in Financial Reporting | 0 | | Number of Material Weaknesses in Non-financial Reporting | 0 | | Number of Significant Deficiencies in Financial Reporting | 0 | | Number of Significant Deficiencies in Non-financial Reporting | 0 | Part V: Environmental and Social Responsibility This section outlines the company's commitment to environmental protection and its active engagement in social responsibility initiatives Environmental and Social Responsibility The company demonstrates environmental responsibility through ecological maintenance funds and ISO14000 certification, while actively contributing to rural revitalization and poverty alleviation through targeted community support - The company is not classified as a key pollutant-discharging unit and has established an environmental protection fund extraction mechanism for the ecological preservation of the Yulong Snow Mountain scenic area[143][144] - The company actively fulfills its social responsibilities by continuously assisting Yilong Village through various means, promoting the effective衔接 of poverty alleviation achievements with rural revitalization[145][146][147] Part VI: Significant Matters This section covers the company's fulfillment of commitments, significant related party transactions, and the status of major contracts and entrusted wealth management activities Fulfillment of Commitments The company and its related parties consistently fulfilled all commitments related to share reform, asset restructuring, and refinancing during the reporting period - The company and relevant committing parties have timely fulfilled all unfulfilled commitments during and as of the end of the reporting period[150][154] Significant Related Party Transactions The company reported no significant related party transactions during the period, including those related to daily operations, asset/equity changes, or joint investments - The company had no significant related party transactions related to daily operations, significant asset or equity acquisition/disposal, joint external investments, or other significant related party transactions during the reporting period[162][163][164][169] Significant Contracts and Their Fulfillment The company had no major contracts for trusteeship, contracting, leasing, or guarantees, but engaged in RMB 110 million in low-risk entrusted wealth management with no principal loss risk - The company had no trusteeship, contracting, leasing, or significant guarantee matters during the reporting period[170][171][172][173] 2021年委托理财概况 (单位：万元) | Specific Type | Fund Source | Entrusted Wealth Management Amount (RMB 10,000) | Unmatured Balance (RMB 10,000) | Overdue Unrecovered Amount (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 10,000 | 10,000 | 0 | | Brokerage Wealth Management Products | Own Funds | 1,000 | 1,000 | 0 | | Total | | 11,000 | 11,000 | 0 | Part VII: Changes in Shares and Shareholder Information This section details the company's share capital changes, shareholder structure, and information regarding its controlling shareholder and actual controller Changes in Shares The company's total share capital remained stable at 549,490,711 shares during the reporting period, predominantly unrestricted - The company's total share capital and structure remained unchanged during the reporting period, with a total share capital of 549,490,711 shares[183] Shareholders and Actual Controller Information As of year-end, the company had 36,018 shareholders, with Lijiang Yulong Snow Mountain Tourism Development as controlling shareholder and Mr. Zhang Songshan as actual controller, whose related party's shares are fully pledged 前四大股东持股情况 (截至2021年末) | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held (shares) | Share Status | | :--- | :--- | :--- | :--- | :--- | | Lijiang Yulong Snow Mountain Tourism Development Co., Ltd. | State-owned Legal Person | 15.73% | 86,438,390 | - | | Huabang Life Health Co., Ltd. | Domestic Non-state-owned Legal Person | 14.26% | 78,370,500 | Pledged 78,370,500 | | Yunnan Provincial Investment Holding Group Co., Ltd. | State-owned Legal Person | 9.20% | 50,563,500 | - | | Lijiang Yulong Snow Mountain Scenic Area Investment Management Co., Ltd. | State-owned Legal Person | 5.81% | 31,902,745 | - | - The company's actual controller is Mr. Zhang Songshan. Huabang Health and Yulong Snow Mountain Company, whose voting rights it can control, form a concerted action relationship, collectively controlling 29.99% of the company's equity[187][190][700] Part VIII: Preferred Shares Information This section confirms the absence of preferred shares in the company's capital structure during the reporting period Preferred Shares The company did not have any preferred shares during the reporting period - The company had no preferred shares during the reporting period[194] Part IX: Bonds Information This section confirms the absence of any bond-related activities or outstanding bonds for the company during the reporting period Bonds The company had no bond-related activities or outstanding bonds during the reporting period - The company had no bonds during the reporting period[197] Part X: Financial Report This section presents the company's audited financial statements, including the audit opinion, key financial data, and detailed notes explaining accounting policies and significant financial events Audit Report Zhong Shen Zhong Huan CPA issued an unqualified audit opinion on the 2021 financial statements, with revenue recognition identified as a key audit matter due to its significance and inherent risk - The auditing firm issued a standard unqualified audit opinion (Zhonghuan Audit [2022] No. 1610005)[199] - The key audit matter is "revenue recognition." Auditors performed procedures including internal control testing, sampling, confirming business systems, reconciling business and financial data, and cut-off testing to address this risk[201][203] Main Financial Statements In 2021, the company experienced declines in total assets and equity, with operating revenue down 16.87%, leading to a net loss and a significant drop in operating cash flow 合并资产负债表主要项目 (单位：元) | Item | December 31, 2021 (RMB) | December 31, 2020 (RMB) | | :--- | :--- | :--- | | Total Assets | 2,690,235,513.89 | 2,836,940,274.42 | | Monetary Funds | 632,300,335.19 | 926,876,287.13 | | Fixed Assets | 1,133,750,997.42 | 863,853,732.54 | | Construction in Progress | 56,317,615.68 | 388,114,970.91 | | Total Liabilities | 179,090,602.11 | 170,604,216.47 | | Total Owner's Equity | 2,511,144,911.78 | 2,666,336,057.95 | | Owner's Equity Attributable to Parent Company | 2,412,031,497.80 | 2,559,605,759.22 | 合并利润表主要项目 (单位：元) | Item | 2021 (RMB) | 2020 (RMB) | | :--- | :--- | :--- | | I. Total Operating Revenue | 358,348,180.31 | 431,044,774.38 | | II. Total Operating Costs | 366,883,612.73 | 334,024,772.77 | | Including: Operating Costs | 193,010,807.97 | 191,645,820.47 | | Administrative Expenses | 140,654,806.79 | 126,079,845.50 | | III. Operating Profit (Loss) | -12,866,588.92 | 104,913,385.50 | | V. Net Profit (Net Loss) | -37,603,367.06 | 75,858,398.04 | | Net Profit Attributable to Parent Company Shareholders | -37,803,207.56 | 70,489,807.73 | 合并现金流量表主要项目 (单位：元) | Item | 2021 (RMB) | 2020 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,487,647.65 | 161,382,645.01 | | Net Cash Flow from Investing Activities | -177,387,932.14 | -43,731,329.42 | | Net Cash Flow from Financing Activities | -118,675,667.45 | -99,915,604.28 | | Net Increase in Cash and Cash Equivalents | -294,575,951.94 | 17,735,711.31 | Notes to Financial Statements The notes detail accounting policies, financial data, and significant events, including the adoption of new leasing standards, tax incentives, a new subsidiary, related party transactions, and the severe pandemic impact on 2021 performance - The company adopted new leasing standards from January 1, 2021, making retrospective adjustments to accounts such as prepayments and long-term deferred expenses, and recognizing right-of-use assets and lease liabilities[384][386][387] - The company and its subsidiaries Lijiang Spruce Meadow Tourist Cableway Co., Ltd., Lijiang Yak Meadow Tourist Cableway Co., Ltd., and Lijiang Yulong Snow Mountain Impression Tourism Culture Industry Co., Ltd. benefit from the Western Development policy, applying a 15% preferential corporate income tax rate[397][398][399][400] - In August 2021, the company established a new wholly-owned subsidiary, Lijiang Xuechuan Tourism Services Co., Ltd., to serve as the project company for the Ganhaizi Tourist Distribution Center[670] - The pandemic's impact, including multiple suspensions of inter-provincial travel, severely affected the company's operations and was the primary reason for the decline in 2021 operating revenue and net profit loss[740]