CYTS(600138) 金融界·2025-04-03 13:32Core Insights - Company reported a revenue of 9.957 billion yuan in 2024, reflecting a year-on-year growth of 3.34%, but net profit decreased by 17.29% to 160 million yuan, indicating challenges in cost control and investment returns [1][2] - The performance of core attractions, Wuzhen and Gubei Water Town, significantly impacted overall results, with both showing signs of operational weakness [1][2][5] Revenue and Profit Analysis - Revenue growth of 3.34% to 9.957 billion yuan was below market expectations, especially in the context of a recovering tourism industry [2] - Net profit decline of 17.29% to 160 million yuan was attributed to limited cost-cutting opportunities and reduced investment income [2] - The company's non-recurring net profit fell by 22.31% to 101 million yuan, highlighting a further weakening in core business profitability [2] Performance of Core Attractions - Wuzhen received 7.4338 million visitors in 2024, a slight decrease, with revenue of 1.681 billion yuan, down 5.81% [3] - Gubei Water Town saw a more pronounced decline, with 1.2984 million visitors, a drop of 14.78%, and revenue of 555 million yuan, down 24.46% [4] - Both attractions struggled to attract visitors despite efforts in content innovation and marketing, indicating a need for improved visitor experience and resource utilization [3][4] Marketing and Travel Agency Business - Integrated marketing business generated 1.988 billion yuan in revenue, showing a slight decline, while net profit remained stable at 45.1658 million yuan [5] - Travel agency operations turned profitable due to product innovation and targeted market segmentation, although international uncertainties and slow supply chain recovery posed challenges [5] - The company needs to enhance customized travel offerings and explore emerging markets to adapt to competitive pressures and changing market demands [5]