曲江文旅1600万股拟被拍卖，手握爆火流量三年亏损5.7亿

Core Viewpoint - Qujiang Cultural Tourism has faced significant financial difficulties, leading to multiple judicial auctions of its shares due to the debt issues of its controlling shareholder, Qujiang Travel Investment Group [2][3][4] Group 1: Share Auctions and Financial Issues - Qujiang Cultural Tourism's shares will be publicly auctioned from May 28 to May 29, 2025, with a starting price of 145 million yuan for 16 million shares [2] - This marks the fourth time Qujiang Cultural Tourism's shares have been subject to judicial auction since 2024, with a total of approximately 28.23% of its total shares being auctioned [3] - The controlling shareholder, Qujiang Travel Investment, has been involved in multiple lawsuits due to debt issues, including claims totaling approximately 1.29 billion yuan and 575.34 million yuan from various creditors [3][4] Group 2: Financial Performance - Qujiang Cultural Tourism has reported cumulative losses of approximately 570 million yuan over the past three years, despite operating popular tourist attractions [2][7] - In 2024, the company's revenue and net profit both declined, with net losses narrowing from 195 million yuan in 2023 to 131 million yuan in 2024 [7][9] - The company's revenue from its main business, scenic area management, which contributes about 52% of total revenue, has been affected by delayed collection of management fees [10][12] Group 3: Operational Challenges - The company operates under a light asset model, relying on management fees rather than ticket sales, which has led to significant accounts receivable issues, totaling 1.077 billion yuan by the end of 2024 [10][11] - High operating costs have also impacted profitability, with average annual operating costs reaching 970 million yuan, despite fluctuating revenues between 900 million and 1.5 billion yuan [12][14] - The company has initiated asset transfers and debt collection plans to address its financial challenges, with some repayments already received [11][12] Group 4: Recent Developments - In the first quarter of 2025, Qujiang Cultural Tourism reported a 23.67% decline in revenue to 306 million yuan and a net loss of approximately 43.61 million yuan [14] - However, during the recent May Day holiday, the company saw a surge in visitor numbers, with over 2.4 million visitors across its key attractions, indicating potential recovery in consumer interest [14]