西域旅游2025年中报简析：增收不增利

Core Viewpoint - Xiyu Tourism (300859) reported a revenue increase but a significant decline in profit for the first half of 2025, indicating challenges in maintaining profitability despite revenue growth [1] Financial Performance - Total revenue for the first half of 2025 reached 114 million yuan, a year-on-year increase of 9.59% compared to 104 million yuan in 2024 [1] - Net profit attributable to shareholders was 11.23 million yuan, down 61.78% from 29.37 million yuan in the previous year [1] - Gross margin decreased to 36.11%, down 33.32% year-on-year, while net margin fell to 7.79%, a decline of 72.73% [1] - Total expenses (selling, administrative, and financial) amounted to 28.27 million yuan, accounting for 24.88% of revenue, an increase of 26.91% year-on-year [1] Cost and Expense Analysis - Operating costs increased by 52.74%, attributed to higher labor, depreciation, and amortization costs related to new tourism projects and vehicle acquisitions [3] - Sales expenses surged by 212.93% due to marketing activities during the off-season and promotional events for new projects [3] - Financial expenses rose by 315.77% due to increased interest from subsidiary borrowings [3] Investment and Cash Flow - The net cash flow from investment activities increased by 59.74%, influenced by prior investments in vehicles and new projects [3] - The net increase in cash and cash equivalents rose by 84.83%, primarily due to significant cash outflows from investment activities in the previous period [3] Historical Performance and Market Position - The company's return on invested capital (ROIC) was 10.16% last year, indicating average capital returns [4] - Historical data shows a median ROIC of 13.73% since the company went public, with two years of losses indicating a fragile business model [4] - Analysts project 2025 revenue to be around 105 million yuan, with an average earnings per share estimate of 0.68 yuan [4] Fund Holdings - The largest fund holding Xiyu Tourism is Zhongyou Trend Selection Flexible Allocation Mixed A, with a current scale of 750 million yuan and a recent net value of 0.532 [5] - The fund manager, Liang Xuedan, has seen a 23.15% increase in the fund's value over the past year [5]