财说| 曲江文旅深陷债务泥潭：关联交易抵债，大股东自身难保

Core Viewpoint - The recent related party transaction involving Qujiang Cultural Tourism (曲江文旅) raises concerns about the company's financial health and operational challenges, as it accepts commercial properties and parking spaces to settle debts, indicating potential financial distress [1] Financial and Operational Challenges - Qujiang Cultural Tourism has reported continuous losses over three years, with net losses of CNY 2.49 billion, CNY 1.95 billion, and CNY 1.31 billion from 2022 to 2024, totaling nearly CNY 5.75 billion [1] - The company's revenue for the first half of the year was CNY 5.32 billion, a significant decline of 30.95% year-on-year, with Q2 revenue dropping to CNY 2.26 billion, a 38.87% decrease, marking a record low for the period [1] - The core business of scenic area operation management generated CNY 2.68 billion in revenue, which is nearly half of its peak level, reflecting a severe downturn [1] Profitability and Cost Issues - The overall gross margin for Qujiang Cultural Tourism fell to 6.62%, a drop of 16.06 percentage points year-on-year, indicating a decline in the core business's ability to generate profit [2] - High fixed costs, such as depreciation and amortization, coupled with weak ticket pricing and secondary consumption development capabilities, have led to a situation where revenue cannot cover cost pressures [2] Debt and Liquidity Concerns - As of June, the company had short-term borrowings of CNY 2.14 billion and non-current liabilities due within one year of CNY 1.49 billion, with cash and cash equivalents of only CNY 1.03 billion, resulting in a short-term debt gap exceeding CNY 2.6 billion [6] - The liquidity ratio has remained below 0.7 since Q1 2024, indicating extreme short-term liquidity stress [10] Accounts Receivable Issues - Qujiang Cultural Tourism's accounts receivable stood at CNY 7.15 billion, with a bad debt provision of CNY 3.06 billion, representing a provision rate of 31% [11] - A significant portion of the accounts receivable is concentrated among related parties, with approximately CNY 6.5 billion owed by units under the Qujiang New District Management Committee, raising concerns about the collectability of these debts [11] Shareholder and Control Risks - The financial troubles of the controlling shareholder, Qujiang Tourism Investment Group, have led to a series of forced share disposals, with 19.31% of shares frozen and a declining shareholding ratio, which may impact decision-making efficiency within the company [14][15] - The potential entry of Xi'an Zhongma International Real Estate as a significant shareholder could introduce further uncertainty regarding control and governance [16][18]