手握网红景区，却连亏三年！曲江文旅，被监管关注

Core Viewpoint - Qujiang Cultural Tourism has been facing multiple crises, including continuous losses for three years, asset sales, and significant shareholder equity pledges and freezes, leading to regulatory scrutiny regarding its operational sustainability and financial health [2][6][15]. Financial Performance - The company reported a net profit attributable to shareholders of -1.31 billion in 2024, a 41.09% improvement from -2.22 billion in 2023, but still reflects ongoing losses [5]. - The company has experienced a continuous decline in its net profit, with a total of five consecutive years of negative net profit after excluding non-recurring items [5][7]. - For the first half of 2025, the company anticipates a pre-loss of between 69 million to 72.9 million [5]. Operational Challenges - In 2024, the company achieved an operating revenue of 1.25 billion, a decrease of 16.7% year-on-year, with the scenic area management business revenue dropping by 32.6% [7][10]. - The gross profit margin for the scenic area management business decreased by 13.57 percentage points, indicating significant operational challenges [7][10]. - The company has ceased management operations for several scenic areas due to declining management fees and revenue, impacting overall financial performance [10][11]. Regulatory Scrutiny - The Shanghai Stock Exchange has issued inquiries regarding the company's operational management and the impact of terminated operations on financial data [6][8]. - The company acknowledged that its continuous losses have affected normal operational activities and has outlined measures to improve its financial situation [13][14]. Shareholder Issues - The controlling shareholder, Xi'an Qujiang Tourism Investment Group, has faced judicial auctions of its shares, with 12 million shares recently auctioned off, reducing its stake from 41.76% to approximately 37.06% [23][25][26]. - The company has reported that the controlling shareholder's shares are fully pledged and frozen, raising concerns about the stability of its ownership structure [30]. Accounts Receivable and Asset Sales - The company reported accounts receivable of 1.18 billion at the end of 2024, with a provision for bad debts of 360 million, indicating a high risk of uncollectible accounts [16][18]. - In 2024, the company transferred 100% equity of a subsidiary to a related party for 420.14 million, raising questions about the compliance of the transaction process [19][21].