丽江股份(002033) - 2022 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, defines key terms, and outlines the report structure Important Notice The Board of Directors, Supervisory Board, and senior management ensure the report's truthfulness, accuracy, and completeness, with no profit distribution planned for the reporting period - The company's Board of Directors, Supervisory Board, and all directors, supervisors, and senior management guarantee the report's content is true, accurate, and complete, free from false records, misleading statements, or major omissions[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Definitions This chapter defines key abbreviations and full names of entities, related parties, and professional terms used in the report, providing a basis for understanding the content Definitions of Key Entities and Terms | Term | Definition | | :--- | :--- | | Company/Lijiang Tourism/Lijiang Shares | Lijiang Yulong Tourism Co., Ltd | | Snow Mountain Company | Lijiang Yulong Snow Mountain Tourism Development Co., Ltd | | Huabang Health | Huabang Life Health Co., Ltd | | Impression Lijiang | Lijiang Yulong Snow Mountain Impression Tourism Culture Industry Co., Ltd | | Hefu Hotel Company | Lijiang Hefu Hotel Co., Ltd | | Reporting Period | January 1, 2022 to June 30, 2022 | Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents key financial performance metrics for the reporting period Company Profile This chapter provides the company's basic information, including its stock abbreviation "Lijiang Shares", stock code "002033", listing exchange, and full Chinese and English names Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Lijiang Shares | | Stock Code | 002033 | | Stock Exchange | Shenzhen Stock Exchange | | Company Chinese Name | Lijiang Yulong Tourism Co., Ltd | | Legal Representative | He Xianzhong | Key Accounting Data and Financial Indicators In H1 2022, the company's performance was severely impacted by the pandemic, with revenue down 60.97% and net profit attributable to shareholders turning from a profit of RMB 10.06 million to a loss of RMB 53.42 million Key Financial Indicators for H1 2022 | Indicator | Current Reporting Period | Prior Year Same Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 78,971,350.70 | 202,351,327.97 | -60.97% | | Net Profit Attributable to Shareholders (RMB) | -53,419,670.78 | 10,055,655.76 | -631.24% | | Net Cash Flow from Operating Activities (RMB) | -16,085,538.23 | 503,310.95 | -3,295.94% | | Basic Earnings Per Share (RMB/share) | -0.0972 | 0.0183 | -631.15% | | Weighted Average Return on Net Assets | -2.24% | 0.39% | -2.63% | | Total Assets (RMB) | 2,586,769,528.16 | 2,690,235,513.89 | -3.85% | - During the reporting period, the company's total non-recurring gains and losses amounted to RMB 6.44 million, primarily from government subsidies (RMB 6.83 million) and investment income from wealth management products (RMB 2.12 million)[25][26] Management Discussion and Analysis This section provides a detailed analysis of the company's operations, financial performance, and key business segments, along with an assessment of core competencies and risks Principal Business The company's main businesses include tourism cableway operations, large-scale live-action performances, and brand hotel management, with visitor numbers now primarily dependent on pandemic control rather than traditional seasonality - The company's core businesses include three major segments: - Tourism Cableways: Operating Yulong Snow Mountain Cableway, Spruce Meadow Cableway, and Yak Meadow Cableway - Cultural Performances: Operating the large-scale live-action show "Impression Lijiang" directed by Zhang Yimou and others - Hotel Operations: Managing multiple branded hotels including InterContinental Lijiang, Hotel Indigo, and LUX*[29][30] - Since 2020, due to the pandemic, the company's visitor numbers have primarily depended on the pandemic situation rather than traditional seasonal factors[31] Core Competitiveness Analysis Despite pandemic-induced losses, the company's core competitiveness remains strong, underpinned by a complete tourism value chain, control over key resources, and international hotel brand advantages - The company has established a comprehensive tourism industry chain, encompassing snow mountain cableways, international brand hotels, travel agencies, and tourism performances[33] - The three cableways operated by the company are the most renowned and mature attractions in the Yulong Snow Mountain scenic area, possessing core tourism resources and locational advantages[33] - The company's hotels are managed by internationally renowned hotel groups such as InterContinental and LUX*, demonstrating significant brand and locational advantages[34] Analysis of Principal Business Due to the COVID-19 pandemic, H1 2022 saw a 60.97% year-on-year decline in main business revenue, with significant drops across cableway, performance, and hotel segments, leading to a negative overall tourism gross profit margin Year-on-Year Changes in Key Financial Data | Item | Current Reporting Period (RMB) | Prior Year Same Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 78,971,350.70 | 202,351,327.97 | -60.97% | Significant decrease in visitor numbers | | Operating Cost | 88,732,239.33 | 82,987,992.89 | 6.92% | - | | Selling Expenses | 6,983,751.04 | 11,584,746.28 | -39.72% | Decreased revenue, reduced related expenses | | Administrative Expenses | 40,584,267.49 | 73,267,311.40 | -44.61% | Higher setup costs for Diqing hotel in prior period | | Net Cash Flow from Operating Activities | -16,085,538.23 | 503,310.95 | -3,295.94% | Decreased revenue, reduced cash inflow | - Due to the pandemic, visitor numbers and revenue across all business segments significantly declined: - Three Cableways: Total visitors 514,500, a 61.70% year-on-year decrease - Hotel Business: Operating revenue reached RMB 20.72 million, a 50.80% year-on-year decrease - Impression Lijiang: Operating revenue reached RMB 1.93 million, a 93.96% year-on-year decrease[41] Changes in Gross Profit Margin by Product | Product | Gross Profit Margin | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | | Cableway Transportation | 61.73% | -23.03% | | Impression Performance | -533.80% | -1,210.93% | | Hotel Operations | -83.30% | -298.15% | Analysis of Assets and Liabilities At the end of the reporting period, total assets were RMB 2.59 billion, a 3.85% decrease from the prior year-end, with no significant changes in asset structure except for an increase in construction in progress Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Percentage of Total Assets | Amount at Prior Year-End (RMB) | Percentage of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 503,573,503.56 | 19.47% | 632,300,335.19 | 23.50% | -4.03% | | Fixed Assets | 1,104,033,777.45 | 42.68% | 1,133,750,997.42 | 42.14% | 0.54% | | Construction in Progress | 76,612,313.74 | 2.96% | 56,317,615.68 | 2.09% | 0.87% | Analysis of Investment Status Investments totaled RMB 60.71 million, a 57.02% decrease year-on-year, primarily for ongoing fundraising projects, with several projects underperforming due to the pandemic and RMB 201 million in unused raised funds remaining - Several fundraising projects did not achieve expected returns due to reduced visitor numbers and increased industry competition caused by the pandemic, all remaining in a loss-making state during the reporting period[52] - As of the end of the reporting period, RMB 201 million of unutilized raised funds remained, with RMB 150 million used to purchase principal-protected structured deposit wealth management products[49][53] Analysis of Major Holding and Participating Companies All major subsidiaries incurred losses during the reporting period, including Lijiang Hefu Hotel Co., Ltd. (RMB 23.03 million loss) and Impression Lijiang (RMB 8.81 million loss), reflecting the severe pandemic impact on the tourism value chain Operating Performance of Major Subsidiaries (Unit: RMB) | Company Name | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | | Lijiang Hefu Hotel Co., Ltd | 20,720,977.34 | -23,433,426.58 | -23,033,426.58 | | Lijiang Yulong Snow Mountain Impression Tourism Culture Industry Co., Ltd | 1,925,635.53 | -10,221,202.23 | -8,808,469.90 | | Diqing Shangri-La Tourism Investment Co., Ltd | 5,809,470.85 | -16,723,376.41 | -16,723,376.41 | | Lijiang Longteng Tourism Investment Development Co., Ltd | 459,159.52 | -7,535,394.23 | -7,303,534.17 | Risks Faced by the Company and Countermeasures The company faces risks including cableway safety, market competition, management challenges from diversification, and force majeure events like pandemics, addressed by enhancing safety, service quality, and management strategies - The company has identified four major risks: - Cableway Safety Risk: Potential safety hazards from operating special equipment - Market Competition Risk: Intensified competition in the tourism market - Management Risk: Higher management requirements due to business diversification and cross-regional operations - Force Majeure Risk: Severe impact from major epidemics (such as COVID-19) and natural disasters[58][59] Corporate Governance This section details the company's corporate governance structure and activities, including information on shareholder meetings held during the reporting period Shareholders' Meeting Information During the reporting period, the company held its 2021 Annual Shareholders' Meeting on March 29, 2022, approving eight proposals including the annual board work report, financial final accounts, and profit distribution plan 2021 Annual Shareholders' Meeting | Meeting Type | Investor Participation Rate | Meeting Date | Disclosure Date | | :--- | :--- | :--- | :--- | | Annual Shareholders' Meeting | 45.49% | March 29, 2022 | March 30, 2022 | Environmental and Social Responsibility This section outlines the company's commitment and actions regarding environmental protection and social responsibility, including its non-polluting status and rural revitalization efforts Significant Environmental Issues The company and its subsidiaries are not designated as key polluting units and received no environmental administrative penalties during the reporting period, actively contributing to ecological protection in the Yulong Snow Mountain scenic area - Neither the company nor its subsidiaries are designated as key polluting units by environmental protection authorities, and there were no environment-related administrative penalties during the reporting period[69][70] Social Responsibility In H1 2022, the company actively fulfilled its social responsibilities, focusing on rural revitalization through targeted assistance to Yilong Village, including dispatching resident cadres and supporting local development and pandemic control - The company continues to provide targeted assistance to Yilong Village in Tacheng Township, Yulong County, promoting the effective衔接 of poverty alleviation achievements with rural revitalization[71] - The company dispatched one first secretary and two team members to Yilong Village, ensuring their work expenses and living allowances[72] Significant Matters This section highlights key events and transactions during the reporting period, including major contracts, entrusted wealth management activities, and the ongoing impact of the COVID-19 pandemic on operations Major Contracts and Their Performance During the reporting period, the company had no major托管,承包,租赁, or guarantee matters, but engaged in entrusted wealth management totaling RMB 160 million, primarily from raised funds and own capital, invested in bank and brokerage products Entrusted Wealth Management (Unit: RMB 10,000) | Specific Type | Source of Funds | Amount of Entrusted Wealth Management | Unmatured Balance | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 150,000,000 | 150,000,000 | | Brokerage Wealth Management Products | Own Capital | 10,000,000 | 10,000,000 | | Total | | 160,000,000 | 160,000,000 | Explanation of Other Significant Matters The most significant matter in this reporting period was the severe and ongoing impact of the COVID-19 pandemic, leading to substantial declines in visitor numbers and revenue across all main business segments - The significant decline in the company's visitor numbers in H1 2022 due to the COVID-19 pandemic was the core reason for the performance downturn[96] Changes in Shares and Shareholder Information This section details the company's share capital structure and changes, along with information on the number of shareholders and major shareholdings during the reporting period Changes in Share Capital During the reporting period, the company's total share capital remained unchanged at 549,490,711 shares, with the vast majority being unrestricted shares - The company's total share capital remained unchanged during the reporting period, at 549,490,711 shares[100][101] Shareholder Numbers and Shareholding Information As of the end of the reporting period, the company had 45,931 common shareholders, with Lijiang Yulong Snow Mountain Tourism Development Co., Ltd. (15.73%) and Huabang Life Health Co., Ltd. (14.26%) as the top two, forming a concerted action relationship Top Ten Shareholders' Shareholding Information | Shareholder Name | Shareholding Percentage | Number of Shares Held at End of Reporting Period | | :--- | :--- | :--- | | Lijiang Yulong Snow Mountain Tourism Development Co., Ltd | 15.73% | 86,438,390 | | Huabang Life Health Co., Ltd | 14.26% | 78,370,500 | | Yunnan Provincial Investment Holding Group Co., Ltd | 9.20% | 50,563,500 | | Lijiang Yulong Snow Mountain Scenic Area Investment Management Co., Ltd | 5.81% | 31,902,745 | | Chen Shihui | 5.14% | 28,245,427 | - Shareholders Lijiang Yulong Snow Mountain Tourism Development Co., Ltd. and Huabang Life Health Co., Ltd. constitute a concerted action relationship[104] Financial Report This section presents the company's unaudited financial statements for the reporting period, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity Audit Report The company's 2022 half-yearly financial report is unaudited - The company's half-yearly financial report is unaudited[114] Financial Statements This chapter provides the company's unaudited consolidated and parent company financial statements, reflecting its financial position and operating results for H1 2022, showing a slight decrease in total assets and a significant revenue decline with a shift from profit to loss Key Items from Consolidated Balance Sheet (Unit: RMB) | Item | June 30, 2022 | January 1, 2022 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 503,573,503.56 | 632,300,335.19 | | Fixed Assets | 1,104,033,777.45 | 1,133,750,997.42 | | Total Assets | 2,586,769,528.16 | 2,690,235,513.89 | | Total Liabilities | 123,430,013.21 | 179,090,602.11 | | Total Equity Attributable to Parent Company Owners | 2,358,565,230.82 | 2,412,031,497.80 | Key Items from Consolidated Income Statement (Unit: RMB) | Item | H1 2022 | H1 2021 | | :--- | :--- | :--- | | Total Operating Revenue | 78,971,350.70 | 202,351,327.97 | | Total Operating Cost | 140,457,273.59 | 170,917,422.23 | | Operating Profit | -62,948,975.19 | 29,011,994.19 | | Total Profit | -57,898,163.62 | 25,469,818.27 | | Net Profit | -58,986,338.83 | 14,187,642.53 | | Net Profit Attributable to Parent Company Owners | -53,419,670.78 | 10,055,655.76 | Key Items from Consolidated Cash Flow Statement (Unit: RMB) | Item | H1 2022 | H1 2021 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -16,085,538.23 | 503,310.95 | | Net Cash Flow from Investing Activities | -112,439,593.40 | -34,622,878.44 | | Net Cash Flow from Financing Activities | -201,700.00 | -109,933,142.20 | | Net Increase in Cash and Cash Equivalents | -128,726,831.63 | -144,052,709.69 |