证券代码：300859 证券简称：西域旅游 公告编号：2025-034 西域旅游开发股份有限公司关于 2025年半年度募集资金存放与实际使用情况的专项报告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 根据中国证券监督管理委员会《上市公司募集资金监管规则》《深圳证券交易 所上市公司自律监管指引第 2 号——创业板上市公司规范运作》以及《深圳证券交 易所创业板上市公司自律监管指南第 2 号——公告格式》的相关规定，西域旅游开 发股份有限公司（以下简称"公司"或"本公司"）就 2025 年半年度募集资金存放 与使用情况作如下专项报告： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准西域旅游开发股份有限公司首次公开发 行股票的批复》（证监许可【2020】1498 号）核准，并经深圳证券交易所同意，2020 年公司公开发行人民币普通股（A 股）3,875 万股，每股面值人民币 1 元，每股发行 价格为7.19元，募集资金总额为278,612,500.00元，扣除承销保荐费26,075,125.00 元和其他相关发行费 15,842,675.00 元后，实际 ...

西域旅游开发股份有限公司 证券代码：300859 证券简称：西域旅游 公告编号：2025-033 一、监事会会议召开情况 西域旅游开发股份有限公司（以下简称"公司"）第七届监事会第四次会议 通知已于 2025 年 8 月 18 日通过电话、电子邮件等方式送达各位监事。会议于 2025 年 8 月 25 日以现场+通讯表决形式召开。本次会议应出席监事 5 人，实际 出席监事 5 人，会议由监事会主席朱生春先生召集并主持。本次会议的召集、召 开和表决程序符合《中华人民共和国公司法》《公司章程》和公司《监事会议事 规则》的有关规定。 二、监事会会议审议情况 1、审议通过《关于公司 2025 年半年度报告全文及其摘要的议案》 监事会认为：报告期内，公司募集资金的存放与使用的情况符合《深圳证券 交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《深圳证券 第七届监事会第四次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 经审核，监事会认为：公司《2025 年半年度报告》全文及其摘要的编制和 审议程序符合法律、法规、《公司章程》的各项规定；所包 ...

Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors, Supervisory Board, and senior management guarantee the report's accuracy, while forward-looking statements are not commitments. The company plans no interim dividend distribution or capital increase from reserves - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) The report's table of contents clearly lists eight main chapters, including company profile, management discussion, corporate governance, significant matters, share changes, bond information, and financial reports, along with a list of reference documents - The report's table of contents includes Section II Company Profile and Key Financial Indicators, Section III Management Discussion and Analysis, Section IV Corporate Governance, Environment and Society, Section V Significant Matters, Section VI Share Changes and Shareholder Information, Section VII Bond-Related Matters, and Section VIII Financial Report[6](index=6&type=chunk) - The list of reference documents includes the semi-annual report summary and full text signed by the legal representative and stamped with the company seal, financial statements, and originals of all documents publicly disclosed on the CSRC-designated website during the reporting period[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, covering company names, subsidiaries, scenic areas, projects, geographical regions, and the reporting period, ensuring accurate understanding of the content - **Company**, **this Company**, **Xiyu Tourism** refers to Xiyu Tourism Development Co., Ltd[12](index=12&type=chunk) - **Reporting Period**, **this Period** refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - **Wucaiwan Hot Spring** refers to Xinjiang Zhundong Economic and Technological Development Zone Guhai Hot Spring Co., Ltd., a subsidiary[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Xiyu Tourism Development Co., Ltd., stock code 300859, is listed on the Shenzhen Stock Exchange, with Lyu Meirong as its legal representative - Stock Abbreviation: **Xiyu Tourism**, Stock Code: **300859**, Stock Exchange: **Shenzhen Stock Exchange**[15](index=15&type=chunk) - The company's legal representative is **Lyu Meirong**[15](index=15&type=chunk) [Contact Persons and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary Hou Wei and Securities Affairs Representative Xiao Rui share the same contact address, phone/fax number, and email address - Board Secretary: **Hou Wei**, Securities Affairs Representative: **Xiao Rui**[16](index=16&type=chunk) - Contact Address: 229 Junggar Road, Fukang City, Changji Prefecture, Xinjiang, Phone/Fax: **0994-3225611**, Email: **xylygf@163.com**[16](index=16&type=chunk) [Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's registered address, office address, website, email, information disclosure, and registration status remained unchanged during the reporting period, as detailed in the 2024 annual report - The company's registered address, office address and postal code, website, and email address remained unchanged during the reporting period[17](index=17&type=chunk) - The securities exchange website and media name and URL for the company's semi-annual report disclosure, and the location for the company's semi-annual report, remained unchanged during the reporting period[18](index=18&type=chunk) - The company's registration status remained unchanged during the reporting period[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This reporting period saw a 9.59% increase in operating revenue to **113.63 million yuan**, but net profit attributable to shareholders significantly decreased by 61.78% to **11.23 million yuan**, while operating cash flow increased by 20.54% Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 113,628,081.21 | 103,681,198.02 | 9.59% | | Net Profit Attributable to Shareholders of the Listed Company | 11,226,522.28 | 29,371,189.68 | -61.78% | | Net Cash Flow from Operating Activities | 54,910,648.39 | 45,555,739.17 | 20.54% | | Basic Earnings Per Share (yuan/share) | 0.07 | 0.19 | -63.16% | | Weighted Average Return on Net Assets | 1.57% | 4.05% | -2.48% | | **Period-End Indicator** | **Current Reporting Period End (yuan)** | **Prior Year End (yuan)** | **Change from Prior Year End** | | Total Assets | 1,057,175,022.87 | 1,090,237,415.00 | -3.03% | | Net Assets Attributable to Shareholders of the Listed Company | 722,314,661.20 | 757,588,138.92 | -4.66% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit and net assets between international or overseas accounting standards and Chinese accounting standards during the reporting period - The company's financial reports for the reporting period show no differences in net profit and net assets between International Accounting Standards and Chinese Accounting Standards[21](index=21&type=chunk) - The company's financial reports for the reporting period show no differences in net profit and net assets between overseas accounting standards and Chinese Accounting Standards[22](index=22&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Total non-recurring gains and losses for this period amounted to **34,984.63 yuan**, primarily from government subsidies offsetting losses on disposal of non-current assets and other non-operating income/expenses Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Gains or losses on disposal of non-current assets (including the write-off portion of asset impairment provisions) | -1,229,692.71 | | | Government subsidies recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 1,272,210.81 | | | Other non-operating income and expenses apart from the above | -2,350.20 | | | Less: Income tax impact | 2,370.61 | | | Minority interest impact (after tax) | 2,812.66 | | | **Total** | **34,984.63** | -- | Section III Management Discussion and Analysis [Main Business Activities During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) In H1 2025, China's tourism sector saw strong recovery, with Xinjiang's market performing exceptionally, while the company's core business, operating model, and performance drivers remained largely unchanged - In the first half of 2025, domestic tourist trips reached **3.285 billion**, a year-on-year increase of **20.6%**[27](index=27&type=chunk) - In the first half of 2025, Xinjiang's tourism market received **130 million tourists**, with total tourist spending of **142.56 billion yuan**, representing year-on-year increases of **11.15%** and **11.59%** respectively[27](index=27&type=chunk) - During the reporting period, the company's main business activities, operating model, and key performance drivers did not undergo significant changes[28](index=28&type=chunk) [Company's Main Business](index=9&type=section&id=1%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's core businesses include road passenger transport, cableway operations, cruise sightseeing, hot springs, hotels, travel agencies, and tourism performances, with road transport and cableways being primary revenue sources - The company operates road passenger transport in the Tianchi Scenic Area, holding exclusive road operating rights within the scenic area, which is one of its current core businesses[29](index=29&type=chunk) - The company operates the Tianshan Tianchi Mayashan Cableway, holding exclusive operating rights for the Mayashan Cableway within the scenic area, which is one of its main revenue sources[30](index=30&type=chunk) - The company is actively developing tourism performance businesses, focusing on creating two immersive cultural tourism experience projects: "**Meet Kashgar**" and "**Meet Sayram Lake**"[35](index=35&type=chunk) [Company's Main Operating Performance During the Reporting Period](index=10&type=section&id=2%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, the company's operating revenue increased by 9.59% to **113.63 million yuan**, but net profit attributable to shareholders decreased by 61.78% to **11.23 million yuan** Company's Main Operating Performance During the Reporting Period | Indicator | Amount (million yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 113.63 | 9.59% | | Net Profit Attributable to Shareholders of the Listed Company | 11.23 | -61.78% | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | 11.19 | -61.53% | - As of June 30, 2025, the company's total assets were **1,057.18 million yuan**, owner's equity attributable to shareholders of the listed company was **722.31 million yuan**, and the asset-liability ratio was **30.07%**[36](index=36&type=chunk) [Analysis of Core Competitiveness](index=11&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness remained unchanged during the reporting period, with detailed information available in the 2024 annual report - During the reporting period, the company's core competitiveness did not undergo significant changes, with specific details available in the 2024 Annual Report[37](index=37&type=chunk) [Analysis of Main Business](index=11&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue increased by 9.59%, but operating costs surged by 52.74% due to tourism performance projects, new shuttle bus depreciation, social security adjustments, and cableway overhaul, while sales and financial expenses also rose significantly Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 113,628,081.21 | 103,681,198.02 | 9.59% | | | Operating Cost | 72,595,540.43 | 47,527,948.83 | 52.74% | Increase of 16 million yuan in labor, depreciation, and amortization costs for tourism performance projects; increase of 2 million yuan in depreciation for new shuttle bus and RV camp projects; increase of 4 million yuan due to adjustment of social security, housing provident fund, and annuity bases; increase of 3 million yuan for cableway overhaul | | Selling Expenses | 3,470,377.33 | 1,108,983.93 | 212.93% | Increased marketing and promotion for off-season cableway, International Ice Sailing Race, Meet Kashgar project, and RV camp project | | Financial Expenses | 2,599,946.04 | -1,204,940.93 | 315.77% | Increased interest on subsidiary borrowings | | Net Cash Flow from Operating Activities | 54,910,648.39 | 45,555,739.17 | 20.54% | | [Products or Services Accounting for Over 10% of Revenue](index=12&type=section&id=%E5%8D%A0%E6%AF%94%2010%25%E4%BB%A5%E4%B8%8A%E7%9A%84%E4%BA%A7%E5%93%81%E6%88%96%E6%9C%8D%E5%8A%A1%E6%83%85%E5%86%B5) Tourism passenger transport, cableway transport, and cruise services are the company's main revenue streams, with varying gross profit margin changes, notably a significant decrease in cableway transport's margin Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tourism Passenger Transport | 73,638,847.74 | 34,650,311.27 | 52.95% | 6.65% | 21.03% | -5.59% | | Cableway Transport | 14,950,629.29 | 7,919,153.42 | 47.03% | -0.26% | 75.45% | -22.86% | | Cruise | 12,902,653.11 | 4,943,571.09 | 61.69% | 11.50% | 10.48% | 0.36% | [Analysis of Non-Main Business](index=12&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Investment income, primarily from long-term equity investments in associates and joint ventures, contributed **2.60 million yuan** (18.64% of total profit) and is considered sustainable, while other non-operating income and expenses are minor and non-recurring Analysis of Non-Main Business | Item | Amount (yuan) | Proportion of Total Profit | Explanation for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,601,254.05 | 18.64% | Long-term equity investment income from associates and joint ventures | Yes | | Non-Operating Income | 37,042.61 | 0.27% | Income from disposal of scrap materials and deductions | No | | Non-Operating Expenses | 1,269,085.52 | 9.10% | Asset write-off losses | No | [Analysis of Assets and Liabilities](index=12&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of the reporting period end, total assets decreased by 3.03% to **1.06 billion yuan**, with construction in progress decreasing by 1.21% and long-term borrowings increasing by 1.50%, while restricted cash amounted to **1.89 million yuan** Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 1,057,175,022.87 | | 1,090,237,415.00 | | -3.03% | | Construction in Progress | 13,149,314.85 | 1.24% | 26,708,310.57 | 2.45% | -1.21% | | Long-term Borrowings | 119,522,313.50 | 11.31% | 106,980,358.44 | 9.81% | 1.50% | - The company had no significant overseas assets during the reporting period[47](index=47&type=chunk) - The company had no assets or liabilities measured at fair value during the reporting period[47](index=47&type=chunk) Asset Restrictions as of the End of the Reporting Period | Item | Book Balance at Period End (yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | | Monetary Funds | 1,768,207.94 | Frozen | Travel agency quality assurance deposit | | Monetary Funds | 123,500.00 | Frozen | ETC account deposit | | **Total** | **1,891,707.94** | - | - | [Analysis of Investment Status](index=13&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company made no significant equity or non-equity investments during the reporting period, with **236.69 million yuan** in net proceeds from its initial public offering, of which **131.58 million yuan** has been used, and **74.56 million yuan** remains unused, including **69.04 million yuan** for cash management - The company had no significant equity investments, ongoing significant non-equity investments, or financial assets measured at fair value during the reporting period[49](index=49&type=chunk) Overall Use of Raised Funds | Indicator | Net Raised Funds (million yuan) | Total Accumulated Used Raised Funds (million yuan) | Total Unused Raised Funds (million yuan) | | :--- | :--- | :--- | :--- | | Initial Public Offering | 236.69 | 131.58 | 74.56 | - As of the end of the reporting period, the total unused raised funds amounted to **74.56 million yuan**, of which **69.04 million yuan** was used for cash management with temporary idle funds and had not yet matured, and the balance in the special raised funds account was **5.52 million yuan**[53](index=53&type=chunk) Overview of Wealth Management | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Transactions (million yuan) | Unmatured Balance (million yuan) | Overdue Unrecovered Amount (million yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 69.04 | 69.04 | 0 | - The company had no derivative investments or entrusted loans during the reporting period[62](index=62&type=chunk)[63](index=63&type=chunk) [Use of Raised Funds](index=14&type=section&id=5%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company's initial public offering raised **236.69 million yuan**, with **131.58 million yuan** utilized by the end of the reporting period, and some projects completed or reallocated to new initiatives or permanent working capital Overall Use of Raised Funds | Total Raised Funds (million yuan) | Net Raised Funds (million yuan) | Total Accumulated Used Raised Funds (million yuan) | Total Unused Raised Funds (million yuan) | | :--- | :--- | :--- | :--- | | 278.61 | 236.69 | 131.58 | 74.56 | - As of the end of the reporting period, the raised fund investment projects "Repayment of Bank Loans" and "Tianshan Tianchi Scenic Area Shuttle Bus Renovation Project" have been completed, and the remaining funds in the special account have been transferred to the basic bank account as permanent supplementary working capital[53](index=53&type=chunk) - The Tianchi Tourist Service Center Expansion and Renovation Project and the Tianchi Scenic Area Dengganshan Tourist Service Project have been changed to the "Tianshan Tianchi Scenic Area Shuttle Bus Update Project," and a portion of the raised funds has been permanently used to supplement working capital[56](index=56&type=chunk)[59](index=59&type=chunk) [Wealth Management, Derivative Investments, and Entrusted Loans](index=19&type=section&id=6%E3%80%81%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2%E3%80%81%E8%A1%8D%E7%94%9F%E5%93%81%E6%8A%95%E8%B5%84%E5%92%8C%E5%A7%94%E6%89%98%E8%B4%B7%E6%AC%BE%E6%83%85%E5%86%B5) The company invested **69.04 million yuan** of raised funds in bank wealth management products during the reporting period, with the same amount outstanding at period-end and no overdue unrecovered amounts, while no derivative investments or entrusted loans were made Overview of Wealth Management During the Reporting Period | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Transactions (million yuan) | Unmatured Balance (million yuan) | Overdue Unrecovered Amount (million yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 69.04 | 69.04 | 0 | - The company had no derivative investments during the reporting period[62](index=62&type=chunk) - The company had no entrusted loans during the reporting period[63](index=63&type=chunk) [Significant Asset and Equity Sales](index=20&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[64](index=64&type=chunk) - The company did not sell significant equity during the reporting period[65](index=65&type=chunk) [Analysis of Major Holding and Participating Companies](index=20&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Major subsidiaries Fukang Tianchi Yacht Management Co., Ltd. and associate Turpan Flaming Mountains Tourism Co., Ltd. were profitable, while Xinjiang Xiyu Cultural Tourism Investment Development Co., Ltd. reported a significant net loss Major Subsidiaries and Associates with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | | Fukang Tianchi Yacht Management Co., Ltd. | Subsidiary | 12,978,011.60 | 7,649,507.41 | 6,505,653.79 | | Xinjiang Xiyu Cultural Tourism Investment Development Co., Ltd. | Subsidiary | 3,625,939.54 | -15,895,679.58 | -15,865,120.04 | | Turpan Flaming Mountains Tourism Co., Ltd. | Associate | 11,031,118.31 | 6,309,433.81 | 5,343,838.59 | [Structured Entities Controlled by the Company](index=20&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company had no structured entities under its control during the reporting period[67](index=67&type=chunk) [Risks Faced by the Company and Countermeasures](index=20&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces operational, force majeure, market competition, project investment, and management risks, which it addresses through innovation, market diversification, enhanced marketing, standardized investment, and improved management - **Operational Risk**: The company's business is primarily concentrated in the Tianshan Tianchi Scenic Area, making its main business revenue susceptible to external environment, domestic and international economic conditions, tourism market environment, and macroeconomic policies[67](index=67&type=chunk) - **Market Competition Risk**: With the development of the tourism industry, market competition is fierce, and the company may lose its traditional competitive advantages[70](index=70&type=chunk) - **Project Investment Risk**: New investment projects may fail to achieve expected returns due to factors such as policy changes and market demand fluctuations[71](index=71&type=chunk) - **Countermeasures**: The company will adhere to innovation-driven leadership, continuously enrich market supply, vigorously carry out publicity and marketing, optimize service quality, and consolidate and enhance its core competitiveness[67](index=67&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=21&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) On May 23, 2025, the company participated in an online event on the Panorama Network "Investor Relations Interactive Platform" to communicate with investors regarding 2024 performance, governance, strategy, operations, financing, and sustainable development - On **May 23, 2025**, the company participated in an online event on the Panorama Network "**Investor Relations Interactive Platform**" to discuss with investors issues of concern such as 2024 annual performance, corporate governance, development strategy, operating conditions, financing plans, and sustainable development[73](index=73&type=chunk)[74](index=74&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=22&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company has not formulated a market value management system[75](index=75&type=chunk) - The company has not disclosed a valuation enhancement plan[75](index=75&type=chunk) [Implementation of the "Dual Enhancement of Quality and Returns" Action Plan](index=22&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose an announcement regarding the "Dual Enhancement of Quality and Returns" action plan during the reporting period - The company has not disclosed an announcement regarding the "Dual Enhancement of Quality and Returns" action plan[75](index=75&type=chunk) Section IV Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's board of directors saw changes, with former Chairman Ma Yu and Director Wu Xinjiang departing, and Li Xinyun and Lyu Meirong elected as directors, with Lyu Meirong also becoming Chairman Changes in Company Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Ma Yu | Chairman, Director | Departure | June 17, 2025 | Job transfer | | Wu Xinjiang | Director | Departure | April 24, 2025 | Personal reasons | | Li Xinyun | Director | Election | July 02, 2025 | Job transfer | | Lyu Meirong | Chairman, Director | Election | July 02, 2025 | Job transfer | [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=22&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no interim cash dividends, bonus shares, or conversion of capital reserves into share capital - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[77](index=77&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[78](index=78&type=chunk) [Environmental Information Disclosure](index=23&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law[79](index=79&type=chunk) [Social Responsibility](index=23&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities by protecting shareholder and creditor rights, safeguarding employee interests, participating in public welfare, enhancing information transparency, and prioritizing environmental protection and sustainable development - The company strictly adheres to laws and regulations, safeguards shareholders' rights to information and participation, improves its internal control system, rigorously fulfills information disclosure obligations, and protects shareholder interests[79](index=79&type=chunk) - The company strictly complies with the "Labor Law of the People's Republic of China," protects employees' legitimate rights and interests, arranges physical examinations for employees every two years, and has established a labor union committee to listen to employee opinions[80](index=80&type=chunk) - The company actively fulfills its poverty alleviation responsibilities as a state-controlled enterprise, providing annual assistance funds to **102 herdsmen households** relocated from the scenic area for World Heritage application to Kuokuhula Village, Sangong River[81](index=81&type=chunk) - The company highly values environmental protection, aligning with its strategic goal of creating "eco-tourism" by progressively updating the scenic area's pure electric shuttle buses and constructing pure electric cruise ships to promote sustainable development of Tianshan Tianchi tourism[83](index=83&type=chunk) Section V Significant Matters [Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=25&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The company reported no commitments by its controlling shareholder, shareholders, related parties, acquirers, or the company itself that were fulfilled or overdue as of the end of the reporting period - During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled or overdue as of the end of the reporting period[85](index=85&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=25&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) The company reported no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company[86](index=86&type=chunk) [Illegal External Guarantees](index=25&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[87](index=87&type=chunk) [Appointment and Dismissal of Accounting Firms](index=25&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[88](index=88&type=chunk) [Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for This Reporting Period](index=25&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) This explanation is not applicable as there was no non-standard audit report for this reporting period [Explanation by the Board of Directors on Matters Related to the "Non-Standard Audit Report" for the Prior Year](index=25&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) This explanation is not applicable as there was no non-standard audit report for the prior year [Bankruptcy and Reorganization Matters](index=25&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[89](index=89&type=chunk) [Litigation Matters](index=25&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no major litigation or arbitration matters, but a non-material lawsuit regarding a 2019 profit distribution dispute involving a subsidiary was dismissed by the court on January 8, 2025 - The company had no major litigation or arbitration matters during this reporting period[90](index=90&type=chunk) - The plaintiff, Xiwangmu Ancestral Temple Company, sued Tianchi Yacht Company and Xiyu Tourism Company, demanding payment of **3.99 million yuan** in dividends corresponding to 28% equity before the equity transfer on December 11, 2019[91](index=91&type=chunk) - The Fukang City People's Court ruled on **January 8, 2025**, to dismiss Xiwangmu Ancestral Temple Company's lawsuit, holding that the shareholders' resolution complied with legal provisions and that dividends after the 28% equity transfer belonged to Xiyu Tourism Company[93](index=93&type=chunk) [Penalties and Rectification](index=28&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification matters during the reporting period - The company had no penalties or rectification matters during the reporting period[94](index=94&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=29&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company, its controlling shareholder, and actual controller maintained good integrity status during the reporting period [Significant Related Party Transactions](index=29&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) While no major related party transactions for daily operations, asset/equity acquisition/disposal, or joint investments occurred, the company procured **1.18 million yuan** in exhibition content creation and equipment services from Beijing Yujian Cultural Technology Co., Ltd - During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, or joint external investments[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) - The company had no non-operating related party creditor-debtor transactions during the reporting period[98](index=98&type=chunk) - Supplier Beijing Yujian Cultural Technology Co., Ltd. is a shareholder of a subsidiary; the company procured a total of **1.18 million yuan** in exhibition content creation and directing services and specialized exhibition equipment for the multimedia integrated cultural tourism experience center at the Xihai Grassland Tourist Service Station in Borthala Sayram Lake Scenic Area from them[101](index=101&type=chunk) [Significant Contracts and Their Performance](index=30&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no entrustment or contracting matters, but leased properties for tourism projects, provided **135.02 million yuan** in guarantees for subsidiaries (18.69% of net assets), and entered into major procurement and construction contracts for tourism performance projects - The company had no entrustment or contracting situations during the reporting period[102](index=102&type=chunk)[103](index=103&type=chunk) - The company acquired the leasehold for the Tianshan Tianchi Main Scenic Area Visitor Center through public auction, with an annual rent of **1.83 million yuan** and a lease term of **5 years**[104](index=104&type=chunk) - Subsidiary Xiyu Cultural Tourism leased property in Kashgar City, with an annual rent of **4 million yuan** and a lease term of **3 years**, for the "Meet Kashgar" immersive exhibition hall upgrade project[104](index=104&type=chunk) Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (million yuan) | Actual Guarantee Amount (million yuan) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Xinjiang Xiyu Cultural Tourism Investment Development Co., Ltd. | 160 | 80 | 5 years | No | | Xinjiang Xiyu Cultural Tourism (Sayram Lake) Investment Co., Ltd. | 35 | 3.45 | 3 years | No | | **Total** | **195** | **135.02** | | | - The total actual guarantee amount accounts for **18.69%** of the company's net assets[112](index=112&type=chunk) - The total contract price for the exhibition content creation and directing services and specialized exhibition equipment for the multimedia integrated cultural tourism experience center at the Xihai Grassland Tourist Service Station in Borthala Sayram Lake Scenic Area was **19.28 million yuan**, with **12.71 million yuan** already paid[115](index=115&type=chunk) - The total contract price for the exhibition content creation and directing services for the "Meet Kashgar" immersive exhibition hall upgrade project in Kashgar City was **49.20 million yuan**, with **90%** of the total contract price already paid[116](index=116&type=chunk) - The total contract price for the exhibition-related equipment, scene production, and installation procurement for the "Meet Kashgar" immersive exhibition hall upgrade project in Kashgar City was **92.22 million yuan**, with **80%** of the total contract price already paid[117](index=117&type=chunk) [Explanation of Other Significant Matters](index=38&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company holds a 20% stake in Xinjiang Natural Fragrance Agriculture Technology Co., Ltd., whose performance commitment period ended on December 31, 2022; due to unfulfilled commitments, the company is preparing for litigation while also seeking a negotiated solution - The company holds a **20%** equity stake in "Xinjiang Natural Fragrance Agriculture Technology Co., Ltd.," and the commitment period expired on **December 31, 2022**[119](index=119&type=chunk) - If Fragrance Agriculture fails to meet its performance commitments, Xiyu Tourism has the right to request the performance commitment party to repurchase all or part of the company's equity in Fragrance Agriculture in a legally permissible manner[118](index=118&type=chunk)[119](index=119&type=chunk) - The company has engaged Xinjiang Dingxin Xuye Law Firm to prepare for litigation, while also coordinating and communicating with the commitment party to maintain their long-term cooperative relationship, hoping to reach a proper solution[119](index=119&type=chunk) [Significant Matters of Company Subsidiaries](index=39&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[120](index=120&type=chunk) Section VI Share Changes and Shareholder Information [Share Change Status](index=40&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital remained unchanged at **155 million shares** during the reporting period, all of which are unrestricted shares, with no applicable information on reasons, approvals, transfers, or share repurchase progress Share Change Status | Item | Quantity Before This Change (shares) | Proportion Before This Change | Quantity After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | | II. Unrestricted Shares | 155,000,000 | 100.00% | 155,000,000 | 100.00% | | III. Total Shares | 155,000,000 | 100.00% | 155,000,000 | 100.00% | - Information on the reasons for share changes, approval status, transfer status, and progress of share repurchase implementation is not applicable[123](index=123&type=chunk) [Securities Issuance and Listing](index=41&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing activities during the reporting period [Number of Shareholders and Shareholding Status](index=41&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the reporting period end, the company had **16,522** common shareholders, with Xinjiang Tianchi Holding Co., Ltd. holding **28.64%**, Changji Prefecture State-owned Assets Investment and Management Group Co., Ltd. holding **9.61%**, and Xinjiang Kunlun Investment Development Partnership (Limited Partnership) holding **7.29%** among the top ten shareholders - Total number of common shareholders at the end of the reporting period was **16,522**[124](index=124&type=chunk) Top 10 Shareholders' Shareholding Status | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Xinjiang Tianchi Holding Co., Ltd. | State-owned Legal Person | 28.64% | 44,389,921.00 | 44,389,921.00 | | Changji Prefecture State-owned Assets Investment and Management Group Co., Ltd. | State-owned Legal Person | 9.61% | 14,897,579.00 | 14,897,579.00 | | Xinjiang Kunlun Investment Development Partnership (Limited Partnership) | Domestic Non-State-owned Legal Person | 7.29% | 11,303,221.00 | 11,303,221.00 | | National Social Security Fund 503 Portfolio | Other | 1.94% | 3,000,000.00 | 3,000,000.00 | - The company is unaware of any related party relationships or concerted actions among the aforementioned shareholders[126](index=126&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=44&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, with specific details available in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, with specific details available in the 2024 Annual Report[128](index=128&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=44&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller remained unchanged during the reporting period, with the ultimate control resting with the Xinjiang Uygur Autonomous Region People's Government State-owned Assets Supervision and Administration Commission - The company's controlling shareholder remained unchanged during the reporting period[129](index=129&type=chunk) - The company's actual controller remained unchanged during the reporting period[129](index=129&type=chunk) - The ultimate controlling party of this enterprise is the **State-owned Assets Supervision and Administration Commission of the People's Government of Xinjiang Uygur Autonomous Region**[137](index=137&type=chunk) [Preferred Share Information](index=45&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[130](index=130&type=chunk) Section VII Bond-Related Matters [Bond-Related Matters](index=46&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[132](index=132&type=chunk) Section VIII Financial Report [Audit Report](index=47&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[134](index=134&type=chunk) [Financial Statements](index=47&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section includes the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity, providing a comprehensive view of its financial position, operating results, and cash flows - This section includes the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owner's equity, and parent company statement of changes in owner's equity[135](index=135&type=chunk)[139](index=139&type=chunk)[143](index=143&type=chunk)[147](index=147&type=chunk)[151](index=151&type=chunk)[155](index=155&type=chunk)[159](index=159&type=chunk)[163](index=163&type=chunk) [Company Basic Information](index=64&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Xiyu Tourism Development Co., Ltd., established on January 18, 2001, and listed on August 6, 2020, has a registered capital of **155 million yuan** as of June 30, 2025, primarily engaging in passenger cableway operations, scenic area management, and road passenger transport - Xiyu Tourism Development Co., Ltd. was established on **January 18, 2001**, and officially listed on the Shenzhen Stock Exchange on **August 6, 2020**[169](index=169&type=chunk)[170](index=170&type=chunk) - As of **June 30, 2025**, the company's registered capital was **155 million yuan**, and the total number of shares was **155 million shares**[170](index=170&type=chunk) - The company's actual main business activities include passenger cableway operations, scenic area management, and road passenger transport operations[171](index=171&type=chunk) - This financial report was approved for issuance by the company's Board of Directors on **August 25, 2025**[172](index=172&type=chunk) [Basis of Financial Statement Preparation](index=65&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, adhering to the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and the company's significant accounting policies and estimates, with no material uncertainties affecting its going concern ability within the next 12 months - The company's financial statements are prepared on a going concern basis, in accordance with actual transactions and events, and the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance[173](index=173&type=chunk) - From the end of this reporting period to the next 12 months, the company has no significant uncertainties affecting its ability to continue as a going concern[174](index=174&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=65&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) The company's financial statements comply with "Accounting Standards for Business Enterprises," using the calendar year as its accounting year and RMB as its functional currency, with detailed policies for business combinations, financial instruments, receivables, inventories, fixed assets, intangible assets, revenue recognition, and government grants - The financial statements prepared by the company comply with the requirements of the "Accounting Standards for Business Enterprises," truthfully and completely reflecting the financial position as of **June 30, 2025**, and the operating results and cash flows for the first half of 2025, among other relevant information[175](index=175&type=chunk) - The company's accounting year is the calendar year, with a 12-month period as its normal operating cycle, and RMB as its functional currency[176](index=176&type=chunk)[177](index=177&type=chunk) - The company provides detailed explanations of the classification, recognition, and measurement methods for financial instruments, including financial assets and liabilities measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[188](index=188&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk)[191](index=191&type=chunk) - The company classifies financial assets into three categories based on the business model for managing financial assets and the contractual cash flow characteristics, and non-trading equity instrument investments can be designated as financial assets measured at fair value through other comprehensive income[188](index=188&type=chunk)[189](index=189&type=chunk) - For receivables and lease receivables arising from transactions governed by "Accounting Standard for Business Enterprises No. 14 – Revenue," the company adopts a simplified approach, always measuring loss provisions at the expected credit losses over the entire lifetime[195](index=195&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the relevant goods or services, at the transaction price allocated to that performance obligation, and details the revenue recognition principles for businesses such as tourism passenger transport, cableway transport, cruise, hot spring hotels, travel agencies, and immersive performances[226](index=226&type=chunk)[228](index=228&type=chunk) [Taxation](index=84&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT (1% to 13%), urban maintenance and construction tax (5% or 7%), and corporate income tax (15% to 25%), with some subsidiaries enjoying preferential corporate income tax rates due to their location or small profit status Main Tax Categories and Rates | Tax Category | Taxable Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods or provision of taxable services | 1%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7%, 5% | | Corporate Income Tax | Taxable income | 25%, 20%, 15% | - The company and its subsidiaries, Xinjiang Zhundong Economic and Technological Development Zone Guhai Hot Spring Co., Ltd., Fukang Tianchi Yacht Management Co., Ltd., and Xinjiang Xiyu Cultural Tourism Investment Development Co., Ltd., enjoyed a **15.00%** corporate income tax preferential policy during the reporting period[245](index=245&type=chunk) - Xinjiang Tianshan Tianchi International Travel Agency Co., Ltd., Xinjiang Tianshan Tianchi Cultural Performance Co., Ltd., and Xinjiang Xiyu Cultural Tourism (Sayram Lake) Investment Co., Ltd. enjoyed a **20.00%** corporate income tax preferential policy during the reporting period[249](index=249&type=chunk) [Notes to Consolidated Financial Statement Items](index=85&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on consolidated financial statement items, including **1.89 million yuan** in restricted monetary funds, revenue and cost breakdowns by business type (tourism passenger transport, cableway, cruise as main sources), and long-term borrowings and deferred income as key liabilities - As of the balance sheet date, monetary funds of **1,891,707.94 yuan** were restricted, with **1,768,207.94 yuan** being a travel agency quality assurance deposit and **123,500.00 yuan** being an ETC frozen account[247](index=247&type=chunk) Breakdown of Operating Revenue and Operating Cost (by Business Type) | Business Type | Operating Revenue (yuan) | Operating Cost (yuan) | | :--- | :--- | :--- | | Tourism Passenger Transport | 73,638,847.74 | 34,650,311.27 | | Cableway Transport | 14,950,629.29 | 7,919,153.42 | | Cruise | 12,902,653.11 | 4,943,571.09 | | Hot Spring Hotel | 1,512,932.39 | 3,542,978.81 | | Travel Agency | 1,412,359.59 | 883,270.30 | | Immersive Performance | 3,552,775.22 | 15,921,889.67 | | Other | 5,657,883.88 | 4,734,365.86 | | **Total** | **113,628,081.21** | **72,595,540.43** | - Long-term borrowings at period-end amounted to **119,522,313.50 yuan**, primarily consisting of borrowings from subsidiaries Xinjiang Xiyu Cultural Tourism (Sayram Lake) Investment Co., Ltd. and Xinjiang Xiyu Cultural Tourism Investment Development Co., Ltd[403](index=403&type=chunk)[404](index=404&type=chunk) - Deferred income at period-end amounted to **11,607,782.61 yuan**, primarily arising from government grants and unrealized sale-and-leaseback losses[406](index=406&type=chunk) [Changes in Consolidation Scope](index=126&type=section&id=%E5%85%AB%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The company reported no changes in its consolidation scope during the reporting period due to non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries - No business combinations involving entities not under common control occurred in this period[460](index=460&type=chunk) - No business combinations involving entities under common control occurred in this period[463](index=463&type=chunk) - There were no transactions or events resulting in the loss of control over subsidiaries in this period[467](index=467&type=chunk) [Interests in Other Entities](index=129&type=section&id=%E4%B9%9D%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds interests in several significant subsidiaries, including Xinjiang Zhundong Economic and Technological Development Zone Guhai Hot Spring Co., Ltd., and associates/joint ventures like Turpan Flaming Mountains Tourism Co., Ltd. and Xinjiang Natural Fragrance Agriculture Technology Co., Ltd., with their key financial information disclosed - The company owns Xinjiang Zhundong Economic and Technological Development Zone Guhai Hot Spring Co., Ltd. (**92.50%** stake) and Xinjiang Tianshan Tianchi International Travel Agency Co., Ltd. (**100.00%** stake) among other subsidiaries[469](index=469&type=chunk) - Significant joint ventures include Turpan Flaming Mountains Tourism Co., Ltd. (**36.22%** stake) and Xinjiang Tianshan Tianchi Tianyongcheng Tourism Co., Ltd. (**40.00%** stake)[477](index=477&type=chunk) - A significant associate is Xinjiang Natural Fragrance Agriculture Technology Co., Ltd. (**20.00%** stake)[476](index=476&type=chunk) Key Financial Information of Significant Non-Wholly Owned Subsidiaries (Current Period) | Subsidiary Name | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | | Xinjiang Zhundong Economic and Technological Development Zone Guhai Hot Spring Co., Ltd. | 2,010,364.60 | -3,422,775.95 | | Fukang Tianchi Yacht Management Co., Ltd. | 12,978,011.60 | 6,505,653.79 | | Xinjiang Xiyu Cultural Tourism Investment Development Co., Ltd. | 3,625,939.54 | -15,865,120.04 | Key Financial Information of Significant Joint Ventures (Current Period) | Joint Venture Name | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | | Turpan Flaming Mountains Tourism Co., Ltd. | 11,031,118.31 | 5,343,838.59 | | Xinjiang Tianshan Tianchi Tianyongcheng Tourism Co., Ltd. | 0 | 12,556.09 | Key Financial Information of Significant Associates (Current Period) | Associate Name | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | | Xinjiang Natural Fragrance Agriculture Technology Co., Ltd. | 15,640,665.87 | 3,303,466.37 | [Government Grants](index=134&type=section&id=%E5%8D%81%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company received **1.29 million yuan** in government grants during the reporting period, with **212,210.81 yuan** recognized in other income from asset-related grants, and the remainder directly recognized in current profit or loss, including tourism special funds, social security subsidies, and cultural tourism bureau subsidies Liability Items Involving Government Grants | Accounting Account | Beginning Balance (yuan) | Amount Recognized in Other Income This Period (yuan) | Ending Balance (yuan) | Reason for Formation | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 1,592,742.41 | 212,210.81 | 1,380,531.60 | Government grants for long-term assets, not yet amortized | | Deferred Income | 101,387.26 | 0 | 101,387.26 | Income-related | | **Total** | **1,694,129.67** | **212,210.81** | **1,481,918.86** | | Government Grants Recognized in Current Profit or Loss | Accounting Account | Amount This Period (yuan) | Amount Last Period (yuan) | | :--- | :--- | :--- | | Tourism Special Funds (High-end Club) | 16,666.67 | 16,666.67 | | 2013 Tourism Project Subsidy Funds | 40,544.14 | 40,544.14 | | Tianshan Tianchi Kazakh Ethnic Handicraft Industry Project | 150,000.00 | 150,000.00 | | Social Security Subsidies | 16,961.79 | 60,240.04 | | Cultural Tourism Bureau Subsidies | 60,000.00 | 0 | | Autonomous Region Publicity Department Subsidies | 1,000,000.00 | 0 | | **Total** | **1,289,172.60** | **272,450.85** | [Risks Related to Financial Instruments](index=135&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B3%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces credit risk (managed by reputable banks and customer credit assessment), liquidity risk (managed by monitoring cash balances and forecasting cash flows), and market risk, primarily interest rate risk from long-term borrowings - The company faces various financial risks in its operations: **credit risk**, **liquidity risk**, and **market risk** (including exchange rate risk, interest rate risk, and other price risks)[487](index=487&type=chunk) - **Credit risk** primarily arises from monetary funds, accounts receivable, etc.; the company believes bank deposits do not pose significant credit risk and conducts credit assessments for customers transacting on credit[488](index=488&type=chunk)[489](index=489&type=chunk)[490](index=490&type=chunk) - **Liquidity risk** is managed by monitoring cash balances, readily marketable securities, and rolling forecasts of cash flows for the next 12 months[491](index=491&type=chunk)[492](index=492&type=chunk) - **Interest rate risk** primarily stems from long-term borrowings; as of **June 30, 2025**, the company's interest-bearing debt mainly comprised long-term borrowings of **135,022,313.50 yuan**[493](index=493&type=chunk) [Related Parties and Related Party Transactions](index=137&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's parent is Xinjiang Tianchi Holding Co., Ltd., with the ultimate control by the Xinjiang Uygur Autonomous Region People's Government SASAC. During the reporting period, the company procured **1.18 million yuan** in goods from Beijing Yujian Cultural Technology Co., Ltd., provided **135 million yuan** in guarantees for subsidiaries, and had significant outstanding payables to Beijing Yujian Cultural Technology Co., Ltd - The parent company of this enterprise is **Xinjiang Tianchi Holding Co., Ltd.**, and the ultimate controlling party is the **State-owned Assets Supervision and Administration Commission of the People's Government of Xinjiang Uygur Autonomous Region**[495](index=495&type=chunk) - The company purchased goods totaling **1,177,500.00 yuan** from related party Beijing Yujian Cultural Technology Co., Ltd[499](index=499&type=chunk) The Company as Guarantor | Guaranteed Party | Guarantee Amount (yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Xinjiang Xiyu Cultural Tourism (Sayram Lake) Investment Co., Ltd. | 35,000,000.00 | June 17, 2024 | June 16, 2027 | No | | Xinjiang Xiyu Cultural Tourism Investment Development Co., Ltd. | 160,000,000.00 | August 29, 2024 | August 28, 2029 | No | Payables | Item Name | Related Party | Book Balance at Period End (yuan) | Book Balance at Period Start (yuan) | | :--- | :--- | :--- | :--- | | Accounts Payable | Beijing Yujian Cultural Technology Co., Ltd. | 27,281,450.81 | 37,019,470.79 | | Other Payables | Beijing Yujian Cultural Technology Co., Ltd. | 2,766,502.50 | 2,766,502.50 | [Share-Based Payment](index=140&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) The company had no share-based payment information, including overall situation, equity-settled, cash-settled, expenses, or modifications/terminations, during the reporting period [Commitments and Contingencies](index=141&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) As of June 30, 2025, the company had no significant commitments or contingencies requiring disclosure - As of **June 30, 2025**, the company had no significant commitments requiring disclosure[516](index=516&type=chunk) - As of **June 30, 2025**, the company had no significant contingencies requiring disclosure[517](index=517&type=chunk)[518](index=518&type=chunk) [Post-Balance Sheet Events](index=141&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) The company had no significant non-adjusting events, profit distribution, or sales returns as post-balance sheet events during the reporting period [Other Significant Matters](index=142&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company has no prior period accounting error corrections, debt restructurings, or asset exchanges, but implemented an enterprise annuity plan in 2019 and is pursuing legal action or negotiation regarding unfulfilled performance commitments from Xinjiang Natural Fragrance Agriculture Technology Co., Ltd - The company implemented the "**Company Enterprise Annuity Plan**" in **2019** to better attract, cultivate, and retain talent, and to improve employees' retirement income levels[526](index=526&type=chunk) - The company holds a **20%** equity stake in "Xinjiang Natural Fragrance Agriculture Technology Co., Ltd."; due to its failure to meet performance commitments, the company has the right to request the performance commitment party to repurchase its equity[530](index=530&type=chunk) - The company has engaged a law firm to p

证券代码：300859 证券简称：西域旅游 公告编号：2025-032 西域旅游开发股份有限公司 第七届董事会第八次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 西域旅游开发股份有限公司（以下简称"公司"）第七届董事会第八次会议 于 2025 年 8 月 25 日以现场+通讯表决形式召开，会议通知已于 2025 年 8 月 18 日通过电话、邮件等方式送达全体董事。本次会议应出席董事 9 人，实际出席董 事 9 人，会议由董事长吕美蓉女士召集并主持，公司监事和高级管理人员列席了 本次董事会。本次会议的召集、召开和表决程序符合《中华人民共和国公司法》 （以下简称"《公司法》"）、《公司章程》和公司《董事会议事规则》等相关 规定，会议合法有效。 三、备查文件 董事会认为：公司《2025 年半年度报告》全文及其摘要的内容符合法律、行 政法规、中国证券监督管理委员会（以下简称"中国证监会"）和深圳证券交易 所的相关规定，报告内容真实、准确、完整，不存在任何虚假记载、误导性陈述 或者重大遗漏。 本议案经公司董事会审计委员会审议通过 ...

Group 1 - The core viewpoint of the article highlights the supportive measures for the low-altitude economy in Yunnan Province, which includes free high-altitude drone testing services and financial rewards for certified products [1][2] - The first low-altitude route connecting Kunshan and Shanghai has officially opened, allowing for a 20-minute flight and supporting night operations, filling a gap in nighttime low-altitude transportation in the Yangtze River Delta [2] - A low-altitude economic industry fund of 305 million yuan has been established, focusing on investments in low-altitude aircraft manufacturing, infrastructure construction, and operational services [2] Group 2 - Huaguang Yuanhai, a company listed on the Beijing Stock Exchange, announced an investment of 10 million yuan in Hunan's low-altitude economic industry investment fund to support the development of a low-altitude economic cluster [2] - Six Points Technology, a company in which Siwei Tuxin holds shares, has developed a comprehensive low-altitude economic solution and signed strategic cooperation agreements with other enterprises [2] - The low-altitude economy is experiencing vertical implementation from macro (national planning) to micro (infrastructure bidding and application scenario development), suggesting a positive outlook for related sectors [2] Group 3 - The average increase in A-share related to the low-altitude economy from August 18 to August 22 was 2.7%, with the top five gainers being Changyuan Donggu (+15.3%), Guangyang Co. (+15.3%), and Hengtuo Kaiyuan (+14.5%) [3] - The top five decliners included Shanhe Intelligent (-12.2%) and Keli Ke (-7.2%) [3] - In the US market, EHang Intelligent saw an increase of 3.5%, while Joby Aviation and Eve Holding experienced declines of 10.1% and 12.8%, respectively [4]

Core Viewpoint - The tourism and scenic area sector experienced a rise of 0.64% on August 22, with Xiyu Tourism leading the gains. The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1]. Group 1: Stock Performance - Xiyu Tourism (300859) saw a closing price of 45.08, with an increase of 8.52% and a trading volume of 271,100 shares, amounting to a transaction value of 1.201 billion yuan [1]. - Changbai Mountain (6602099) closed at 42.10, up 2.33%, with a trading volume of 125,300 shares and a transaction value of 523 million yuan [1]. - Xi'an Tourism (000610) closed at 13.75, up 1.40%, with a trading volume of 316,000 shares and a transaction value of 431 million yuan [1]. - Other notable performers include Jiuhua Tourism (661809) at 37.35 (+1.00%), Songcheng Performance (300144) at 8.86 (+0.80%), and Xiangyuan Cultural Tourism (600576) at 7.92 (+0.51%) [1]. Group 2: Market Trends - The tourism and scenic area sector experienced a net outflow of 192 million yuan from main funds, while retail investors saw a net inflow of 238 million yuan [2]. - The overall market sentiment indicates a mixed performance, with some stocks experiencing declines, such as Tibet Tourism (600749) down 2.96% and Caesar Travel (000796) down 1.49% [2].

Market Overview - On August 19, the Xinjiang state-owned enterprise reform sector fell by 0.1% compared to the previous trading day, with Xinjiang Jiaojian leading the decline [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Stock Performance - Notable gainers in the Xinjiang state-owned enterprise reform sector included: - *ST Zhongji (000972): Closed at 3.83, up 2.68% with a trading volume of 277,400 shares and a turnover of 106 million yuan - Yili Special (600197): Closed at 15.70, up 2.61% with a trading volume of 177,500 shares and a turnover of 278 million yuan - Western Animal Husbandry (300106): Closed at 12.52, up 1.71% with a trading volume of 274,300 shares and a turnover of 344 million yuan [1] - Conversely, Xinjiang Jiaojian (002941) led the declines, closing at 15.48, down 2.82% with a trading volume of 691,700 shares and a turnover of 1.086 billion yuan [2] Capital Flow - The Xinjiang state-owned enterprise reform sector experienced a net outflow of 254 million yuan from institutional investors, while retail investors saw a net inflow of 276 million yuan [2] - Key stocks in terms of capital flow included: - Western Tourism (300859): Net outflow of 34.89 million yuan from institutional investors - Yili Special (600197): Net inflow of 33.36 million yuan from institutional investors [3] - Overall, retail investors contributed positively to the capital flow in the sector, contrasting with the outflows from institutional and speculative investors [2][3]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600054 | 黄山旅游 | 12.01 | -2.44% | 22.96万 | 2.76亿 | | 000888 | 峨眉山Ａ | 13.81 | -0.86% | 14.36万 | 2666.1 | | 600593 | 大连圣亚 | 32.00 | -0.81% | 3.84万 | 1.23亿 | | 000430 | ST张家界 | 7.24 | -0.55% | 4.77万 | 3455.06万 | | 000558 | 天府文旅 | 5.87 | -0.34% | 158.91万 | 9.42 6 | | 661209 | 九华旅游 | 36.11 | -0.30% | 1.90万 | 6859.38万 | | 603136 | 天目湖 | 12.85 | -0.23% | 7.71万 | 9898.51万 | | 000610 | 西安旅游 | 12.93 | -0.23% | 11.73万 | 1.52亿 | | 300144 | ...

Investment Strategy - The report emphasizes the strategic importance of Xinjiang in the context of national policies, highlighting its transition from a peripheral region to a key player in the Belt and Road Initiative, benefiting from energy security and environmental policies [8][9] - The focus is on two main investment themes: coal chemical investments and state-owned enterprise reforms, with a strong emphasis on the development of coal chemical projects in Xinjiang [12][11] Xinjiang Index Situation - The Xinjiang Index stands at 117.47, down 0.36% week-on-week, while the Xinjiang Coal Chemical Investment Index is at 112.28, down 0.51% [15] - The top three performing companies this week include Xinjiang Jiaojian (+18.03%), Hongtong Gas (+15.80%), and ST Tianshan (+7.02%), driven by significant progress in the Duku Expressway project [15] Key Data Tracking - Key prices in Xinjiang include Q5000 mixed coal at 100 CNY/ton, Q5200 mixed coal at 197 CNY/ton, and main coking coal at 750 CNY/ton [19] - In July 2025, coal railway shipments from state-owned key coal mines reached 3.184 million tons, a year-on-year decrease of 1.24%, while Xinjiang's raw coal production in June 2025 was 53.923 million tons, an increase of 25.53% year-on-year [19] Recent Project Developments - The report highlights the successful trial operation of the 1 million tons per year acetic acid project by Xinjiang Zhonghe Hezhong New Materials, marking it as the largest single-unit acetic acid production base globally [11] - Ongoing projects include the 800,000 tons/year coal-to-olefins project and the 2 billion cubic meters/year coal-to-gas project, with significant investments and expected production capacities [42][41] Economic Advantages of Coal Chemical Development - Xinjiang's coal chemical industry benefits from lower raw material costs compared to other regions, with a cost advantage of approximately 1,900 CNY/ton when compared to other coal sources [10] - The report notes that the development of coal chemical projects in Xinjiang is supported by improved transportation infrastructure and favorable industrial policies [9][11] State-Owned Enterprise Reforms - The report indicates that state-owned enterprises in Xinjiang are undergoing significant reforms, with a focus on business restructuring and management optimization, which is expected to enhance operational efficiency [11][12] - Recent changes in control and acquisitions among local state-owned enterprises signal an acceleration in the reform process [11]

Core Insights - The tourism and scenic area sector experienced a rise of 2.16% on August 18, with Tibet Tourism leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Sector Performance - Tibet Tourism (600749) saw a closing price of 29.44, with a significant increase of 10.01% and a trading volume of 325,000 shares, amounting to a transaction value of 943 million yuan [1] - Caesar Travel (000796) also rose by 10.00% to a closing price of 5.28, with a trading volume of 1,111,300 shares, resulting in a transaction value of 575 million yuan [1] - Other notable performers included Huangshan Tourism (600054) with a 3.53% increase, closing at 12.31, and Dalian Shengya (600593) with a 3.13% increase, closing at 32.26 [1] Capital Flow - The tourism and scenic area sector saw a net inflow of 354 million yuan from main funds, while retail funds experienced a net outflow of 73.84 million yuan [2] - Major stocks like Tibet Tourism and Caesar Travel attracted significant main fund inflows of 204 million yuan and 202 million yuan, respectively [3] - Conversely, retail investors showed a net outflow from several stocks, including a notable outflow from Caesar Travel of 86.52 million yuan [3]