又一个泡沫破了，旅游，正成为2025年最难做的生意

Group 1 - The tourism industry is facing significant challenges, exemplified by the bankruptcy of Qinghai Tourism Investment Group and its subsidiaries, which had ambitious plans for investment and listing [1] - A total of 44 listed tourism companies reported their Q1 earnings, with 25 of them showing negative revenue growth, accounting for 56.8% of the total [1] - Despite an increase in domestic travel and spending, with 1.794 billion trips taken and total spending of 1.8 trillion yuan in Q1 2025, the tourism sector is struggling financially [4] Group 2 - Qinghai Tourism Investment Group had substantial natural, policy, and financial resources but mismanaged them, leading to bankruptcy within a decade [5][7] - Other state-owned tourism platforms are also experiencing difficulties, with Zhangjiajie Tourism Group reporting a revenue of 58.99 million yuan and a net loss of 31.25 million yuan in Q1 [8] - The tourism market is oversaturated, with a significant increase in A-level scenic spots and travel agencies, yet average income has decreased by nearly 40% [14] Group 3 - Online travel platforms like Ctrip and Tongcheng are thriving, with Ctrip reporting a net profit of approximately 4.3 billion yuan in Q1, highlighting the "shovel effect" in the tourism market [13] - Successful tourist attractions focus on enhancing visitor experience, as seen with Jiuhua Tourism and Disney, which reported significant profit increases [18][17] - The transition from a resource-based tourism model to an experience-driven model is crucial for survival in the current market, as traditional models are failing [20][21]