QJCT(SH:600706) Chang Jiang Shang Bao·2025-05-12 23:30Core Viewpoint - The company, Qujiang Cultural Tourism, is facing significant financial challenges, including a planned auction of shares held by its controlling shareholder due to legal issues, while also projecting a decline in revenue for the upcoming year [1][2][3]. Group 1: Share Auction and Legal Issues - The controlling shareholder, Xi'an Qujiang Tourism Investment Group, is set to auction 12 million shares of Qujiang Cultural Tourism, representing 10.48% of its holdings and 4.70% of the total share capital [1][3]. - The shares are currently frozen due to a legal dispute involving a loan guarantee, with the auction scheduled to take place on a judicial auction platform [5][6]. - The company is actively seeking to resolve the matter before judicial proceedings to protect its interests [2][5]. Group 2: Financial Performance - Qujiang Cultural Tourism has reported continuous losses over the past three years, with a total loss of 574 million yuan [2][8]. - The company's revenue for 2022, 2023, and 2024 was 891 million yuan, 1.504 billion yuan, and 1.253 billion yuan, respectively, showing a decline of 34.75% in 2022 and a further decrease of 16.68% in 2024 [8][9]. - The company expects revenue to drop by approximately 20% in 2025, projecting around 1 billion yuan in revenue [2][10]. Group 3: Business Segments and Performance - The company operates in seven major business segments, with three experiencing declines in revenue [9]. - In 2024, revenue from scenic area operations fell by 32.57% to 651 million yuan, while hotel and restaurant revenue decreased by 10.6% to 277 million yuan [9]. - Conversely, tourism services, landscaping, and sports projects showed growth, with increases of 54.01%, 35.09%, and 52.62%, respectively [9].