CYTS(600138) 中国经营报·2025-04-09 12:05Core Viewpoint - In 2024, the domestic tourism market in China is experiencing steady growth, but many travel companies, including China Youth Travel Service (CYTS), are underperforming due to pressures on employment and insufficient domestic demand [1] Financial Performance - CYTS reported a total revenue of 9.957 billion yuan in 2024, a year-on-year increase of 3.34%, but the net profit attributable to shareholders decreased by 17.29% to 160 million yuan, and the net profit after deducting non-recurring gains and losses fell by 22.31% to 101 million yuan [1][2] - The revenue growth rate significantly slowed from 50.15% in 2023 to 3.34% in 2024, with Q4 revenue at 2.91 billion yuan, showing only a slight increase of 0.3% year-on-year [2] - Operating costs rose by 5.21% to 7.658 billion yuan, with fixed costs such as labor and depreciation accounting for over 60% of total costs, limiting cost-cutting opportunities [2][3] Core Business Challenges - The core scenic areas, Wuzhen and Gubei Water Town, faced a decline in visitor numbers, with Wuzhen receiving 7.4338 million visitors, a slight decrease, and Gubei Water Town's visitors dropping by 14.78% to 1.2984 million [3][4] - Wuzhen's revenue fell by 5.81% to 1.681 billion yuan, while Gubei Water Town's revenue plummeted by 24.46% to 555 million yuan, primarily due to increased competition and changing consumer preferences [3][4] Customer Complaints and Service Issues - CYTS received 297 complaints on the Black Cat Complaints platform in 2024, highlighting issues such as deposit refunds and service disputes, indicating deficiencies in product quality and service capabilities [4] Diversification and Other Business Segments - Nearly 40% of CYTS's revenue came from investment activities, with strategic investments in IT hardware and system integration contributing stable income [5] - The travel agency segment turned profitable with a revenue of approximately 1.949 billion yuan, a year-on-year increase of 58.13%, despite uncertainties in the international environment [6] - CYTS plans to enhance its core business by focusing on quality and efficiency, integrating cultural tourism, and launching new products and services in its scenic areas [6]