借款、担保与“退市”，西安旅游的失血残局

Core Viewpoint - The tourism market in Xi'an is facing significant challenges, highlighted by Xi'an Tourism's (000610.SZ) warning of delisting risks due to ongoing financial struggles and a projected net loss of up to 290 million yuan for 2025 [1][2]. Financial Performance - Xi'an Tourism is expected to report a net loss of 154 million yuan in 2023, 260 million yuan in 2024, and between 230 million to 290 million yuan in 2025 [4]. - The company has faced 12 consecutive years of non-recurring net profit losses, leading to a negative net asset forecast and potential delisting [2][4]. Business Strategy and Challenges - The company's previous expansion strategy, which aimed to raise 600 million yuan for nationwide hotel development, has been drastically scaled back to 300 million yuan, primarily for debt repayment rather than growth [4]. - Xi'an Tourism's main revenue-generating business, which accounted for over 60% of revenue, has seen a dramatic decline, with revenue dropping by over 80% [4]. Operational Issues - The hotel business has reported a negative gross margin of -12.54% in the first half of 2025, indicating that increased orders lead to greater losses [5]. - The company is relying on borrowing 50 million yuan from its major shareholder and providing 80 million yuan in guarantees for struggling subsidiaries, revealing a fragile financial structure [5][12]. Market Comparison - In contrast to Xi'an Tourism's struggles, Shaanxi Tourism (603402) has successfully listed and is projected to achieve a net profit of up to 436 million yuan in 2025, highlighting a stark divergence in performance within the same market [6][10]. - While Xi'an Tourism is entrenched in low-margin, high-volatility businesses, Shaanxi Tourism has capitalized on high-value attractions and performances, leading to a more favorable market position [11]. Parent Company Financial Health - The parent company, Xili Group, is also experiencing financial difficulties, with net losses of 386 million yuan, 435 million yuan, and 187 million yuan from 2023 to the first half of 2025, alongside high debt ratios [12][13]. - The financial strain on Xili Group raises concerns about the sustainability of its support for Xi'an Tourism, potentially leading to a broader financial crisis if Xi'an Tourism fails to recover [13].