大连圣亚：上半年营收下滑拖累净利润大幅下降

Core Viewpoint - Dalian Shengya (600593.SH) reported a significant decline in revenue and net profit for the first half of 2025, indicating financial pressure and the need for business adjustments [1] Financial Performance - The company achieved an operating income of 186 million yuan, a year-on-year decrease of 7.43% [1] - Net profit attributable to shareholders was -15.9 million yuan, a substantial drop of 229.45% compared to a profit of 12.28 million yuan in the same period last year [1] - The net profit after deducting non-recurring gains and losses was 188,000 yuan, down 97.95% year-on-year [1] - The net cash flow from operating activities was 28.96 million yuan, a decline of 66.15% from 85.56 million yuan in the previous year [1] - The increase in operating costs by 5.22% indicates pressure on profit margins, although specific gross margin figures were not disclosed [1] Revenue Breakdown - Revenue from scenic area operations was 149 million yuan, accounting for 80.1% of total revenue, but decreased by 10.5% year-on-year [1] - Revenue from animal operations was 4.88 million yuan, showing a significant increase of 31.4% [1] - Commercial operations generated 25.46 million yuan, a slight increase of 2.2% year-on-year [1] - Hotel operations reported revenue of 6.22 million yuan, up 12.8% year-on-year [1] Regional Performance - Revenue from Liaoning and Heilongjiang regions was 95.05 million yuan and 90.94 million yuan, respectively, each accounting for approximately 51.1% and 48.9% of total revenue, indicating a balanced income distribution between the two regions [1] Major Events - The company disposed of 70% of its stake in Dahuai Whale World (Chun'an) Cultural Tourism Development Co., resulting in an investment loss of 8.91 million yuan [1] - Frequent changes in shareholder equity were noted, with shares held by Xinhai Bay Investment, Panjing Fund, and Yang Ziping being subject to judicial freezes [1] - A voting rights entrustment agreement was signed between shareholder Yang Ziping and Shanghai Tongcheng, allowing Shanghai Tongcheng to exercise voting rights for 10.14% of the company's shares for 36 months [1] - The company plans to issue shares to specific investors, with agreements signed pending approval [1] - The frequent freezing of shareholder and related party equity raises concerns about its impact on corporate governance and financing capabilities [1]