地铁涨价争议背后，“赚钱”难题有解吗？

Core Viewpoint - Recent discussions in multiple cities regarding subway fare increases highlight the financial pressures faced by public transportation systems, with many cities considering fare adjustments to cover rising operational costs [1][15][16]. Fare Adjustments - Chongqing is set to hold a public hearing on May 29 to discuss fare adjustments, potentially raising the starting fare from 2 yuan to 3 yuan, making it the third city in China to implement a 3 yuan starting fare [1][2]. - Kunming has already reduced the distance that can be traveled for the same fare, while Foshan has adjusted its operational strategy without changing fares, aiming to reduce costs [1][2]. Public Sentiment - Public opinion largely opposes fare increases, as many view subways as essential public services that should remain affordable [1][15][17]. Financial Pressures - Subway companies heavily rely on government subsidies due to low fare structures, which have become increasingly unsustainable amid local fiscal pressures and a declining real estate market [1][9][11]. - In 2024, 18 out of 29 subway companies reported revenue increases, but only 13 saw net profit growth, indicating a mixed financial landscape [9][10]. Revenue and Profitability - Guangzhou Metro has become the highest-grossing subway company in China with revenues of 231 billion yuan in 2024, while Shenzhen Metro reported a significant loss of 334.6 billion yuan due to real estate investments [10][11]. - The profitability of subway companies is closely tied to government subsidies, with Beijing Infrastructure Investment receiving 248.5 billion yuan in subsidies in 2024, the highest among peers [13][14]. Cost Structure - In Chongqing, ticket revenue covers only 14.54% of operational costs, highlighting the financial strain on subway systems [16]. - The average cost of a subway trip in Chongqing is estimated at 27.5 yuan, significantly higher than the current fare [16]. Alternative Revenue Streams - Experts suggest that subway companies should explore alternative revenue sources such as advertising and commercial operations within stations to enhance financial sustainability [18][19]. - The decline in real estate-related income necessitates a shift towards optimizing operational efficiency and exploring new revenue avenues [18][20]. Operational Efficiency - Improving management efficiency and controlling operational costs are critical for subway companies to maintain financial health, especially in light of potential fare increases [19][20].