QJCT(SH:600706) Hua Xia Shi Bao·2025-05-15 05:47Core Viewpoint - The debt crisis of Qujiang Cultural Tourism continues to escalate, with its controlling shareholder's shares being judicially frozen and auctioned, significantly impacting the company's financial performance and operational stability [3][4][5]. Shareholder and Shareholding Structure - The controlling shareholder, Xi'an Qujiang Tourism Investment Group, holds 114,511,120 shares, accounting for 44.90% of the total share capital. All of these shares have been frozen, with 210,000 shares directly frozen, 57,050,000 shares under provisional freezing, and 57,250,000 shares marked for judicial purposes [1][4]. Debt Situation - The total amount involved in the lawsuits related to the controlling shareholder's debt issues is 303.18 million yuan, with significant debts owed to various financial institutions [5]. The controlling shareholder is also under pressure due to guarantees for loans totaling 20.3 million yuan [5]. Financial Performance - In Q1 2025, the company reported a revenue decline of 23.67% to 306 million yuan, with a net loss of 43.61 million yuan, marking a staggering year-on-year drop of 2161.76% [3][11]. For the full year 2024, the company recorded a revenue of 1.253 billion yuan, down 16.68%, and a net loss of 131 million yuan, although this was a 32.79% improvement from the previous year's loss [8][11]. Operational Challenges - The company's core business segments, particularly scenic area operations, hotel and catering, and tourism product sales, have all seen significant revenue declines. The scenic area operations, which account for 52% of the main business revenue, dropped by 32.57% to 651 million yuan [9][10]. The overall gross margin has also decreased from 37.30% to 23.73% [9]. Recent Developments - The company has faced multiple instances of its shares being put up for judicial auction, with significant portions of its equity at risk. This situation has raised concerns about the controlling shareholder's ability to make decisions regarding the company's future [7][8]. The company is actively seeking to resolve these issues before judicial actions are finalized [5][6].