扩张失败，连亏12年的西安旅游发出求救

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 no more than 300 million yuan for working capital and debt repayment [1][3][5]. Fundraising Strategy - The company plans to raise up to 300 million yuan through a private placement of A-shares at a price of 9.8 yuan per share, with all proceeds allocated to supplementing working capital and repaying bank loans [5][6]. - This new plan marks a drastic reduction from the previous year's proposal, which aimed to raise approximately 400 million yuan for direct hotel expansion projects [3][7]. Financial Performance - In 2024, Xi'an Tourism reported a revenue of 582 million yuan, a year-on-year decline of 13.54%, with a net loss of 260 million yuan, representing a 69.13% increase in losses [10]. - The company has experienced continuous net losses for 12 years, with significant declines in its traditional commercial business, which previously accounted for over 60% of revenue [11][12]. Business Model Challenges - The shift in revenue structure has not led to profitability, as the hotel business has seen a further decline in gross margin, reaching -12.54% [13]. - Despite expanding its travel agency and hotel operations, the company faces a "bleeding growth" scenario, where increased revenue does not translate into profits, exacerbating resource consumption [14][15]. Strategic Implications - The drastic change in fundraising strategy signals a critical need for the company to optimize its cost structure and address ongoing losses in its core business [15]. - The competitive landscape in the cultural tourism industry is intensifying, and the company must confront the challenge of breaking the cycle of low margins, expansion, and financial losses [16].