中国最知名的旅游胜地，巨亏10个亿

Core Insights - Guilin Tourism Co., Ltd. has reported significant financial losses, with nearly 1 billion yuan lost over the past five years, despite being a well-known tourist destination in China [1][2][5] Financial Performance - In 2024, Guilin Tourism achieved a revenue of 432 million yuan, a year-on-year decrease of 7.58%, with a net loss of approximately 204 million yuan, marking a staggering decline of 1830.7% [2] - The company reported a net loss of 211 million yuan in the fourth quarter of 2024 [2] - In the first quarter of 2025, the company recorded a revenue of 82.63 million yuan, down 6.6% year-on-year, with a narrowed net loss of 13.08 million yuan [5] Visitor Trends - The number of visitors to Guilin has dropped from 8.99 million in 2019 to 5.68 million in 2024, failing to recover to pre-pandemic levels and even lower than 2015 figures [5][7] - Tourist numbers for key attractions like Silver Cave and Zijiang Tianmen Mountain have also declined in 2024 compared to 2023 [7] Investment Issues - Guilin Tourism has invested in several low-profit projects, leading to asset impairment, including over 100 million yuan in impairment provisions for the failed sports and leisure project at Luoshan Lake [7] - The company has five major subsidiaries, with only two (Silver Cave and Guilin Li River Ancient Song Performance Development Co., Ltd.) reporting profits, while the others are operating at a loss [5] Market Dynamics - The decline in visitor numbers is attributed to a combination of poor tourist experiences and increased competition from emerging tourist destinations [8][21] - The average tourist spending in Guilin in 2024 was approximately 1,228 yuan, which is considered low compared to other popular tourist cities [12][14] - The shift in consumer preferences towards self-guided and experiential travel has left Guilin's traditional group tour model struggling to attract younger tourists [15][19] Competitive Landscape - Newer tourist cities are gaining popularity, further fragmenting the market share that Guilin once held [21] - Despite the decline in domestic tourists, there has been an increase in foreign visitors, particularly in areas like Yangshuo, which saw a nearly twofold increase in inbound tourists in 2024 [23]