扩张失败！西安旅游“求救”西旅集团，定增“保命”

Core Viewpoint - Xi'an Tourism has significantly shifted its fundraising strategy, moving from expansion plans to focusing on alleviating financial pressure through a new A-share issuance plan aimed at raising up to 300 million yuan for working capital and debt repayment [1][2][4]. Fundraising Strategy - The new fundraising plan involves a reduction in the scale of fundraising from approximately 400 million yuan in the previous plan to a maximum of 300 million yuan, with a higher proportion of funds now allocated for debt repayment and working capital [2][4]. - The company has terminated its previous fundraising plan for 2024, which aimed to invest in direct hotel expansion projects [1][2]. Financial Performance - Xi'an Tourism reported a significant decline in revenue, with a 13.54% drop in 2024 to 582 million yuan and a net loss of 260 million yuan, marking a 69.13% increase in losses year-on-year [4][5]. - In the first half of 2025, the company experienced a 27.4% decrease in revenue, totaling 218 million yuan, with a net loss of approximately 55.93 million yuan [5]. Business Structure and Challenges - The company has faced a drastic change in its revenue structure, with its traditional trade business declining over 80%, while travel agency and hotel businesses have seen increased revenue shares, yet without profitability [6][7]. - The hotel business has reported a negative gross margin of -12.54%, indicating a worsening financial situation where increased revenue leads to greater losses [7][8]. Competitive Landscape - Xi'an Tourism's business model has been criticized for its weak competitiveness, especially when compared to other regional companies with significantly higher gross margins [8]. - The company's aggressive expansion strategy has resulted in a "bleeding growth" scenario, exacerbating resource consumption and financial strain [8].