Core Viewpoint - Xi'an Tourism has decided to terminate its plan for a private placement of shares in 2024 due to changes in the background, purpose, and basis of the issuance, influenced by the hotel industry's situation and the company's operational performance [1][4]. Group 1: Company Performance - Xi'an Tourism has reported continuous net profit losses for four consecutive years, with a total loss of 6.54 billion yuan from 2021 to 2024 [5]. - The company's asset-liability ratio has been steadily increasing, reaching 93.55% in the first three quarters of 2025, up from 68.16% in 2022 [5]. - In the first half of 2025, the company's revenue decreased by 13.5% to 2.18 billion yuan, while it still recorded a net loss of 55.99 million yuan [5]. Group 2: Hotel Business and Market Conditions - The hotel business revenue for Xi'an Tourism saw a significant increase of 241.91% in 2023, but this growth did not continue into 2024, with revenues dropping by 9.92% and 26.87% in the first half of 2024 and 2025, respectively [3][4]. - The company had planned to invest in 17 new direct-operated hotels in major cities, but the changing competitive landscape and consumption trends in the hotel industry have led to a reassessment of this strategy [3][4]. - The hotel industry is currently in a phase of stock integration, with chain hotels benefiting from financial support and better resilience compared to single hotels [3]. Group 3: Fundraising and Financial Strategy - Initially, Xi'an Tourism aimed to raise up to 600 million yuan through a private placement, with 421 million yuan allocated for the direct-operated hotel expansion project [2]. - Following the termination of the share issuance, the company plans to raise up to 300 million yuan from its controlling shareholder, Xili Group, to alleviate financial pressure and improve its financial condition [6]. - The company's stock price has seen a rise following the announcement of the fundraising plan, with a current market capitalization of approximately 3 billion yuan [6].

Group 1 - The company reported a revenue of 3.661 billion yuan for H1 2025, a year-on-year decrease of 2%, while the net profit attributable to shareholders was 397 million yuan, an increase of 11% year-on-year [1] - The gross profit margin for H1 2025 was 38.3%, an increase of 0.76 percentage points year-on-year, with expense ratios for sales, management, R&D, and finance at 8.04%, 11.2%, 0.8%, and 3.98% respectively, showing a mixed trend [1] - The company opened 664 new stores in H1 2025, a year-on-year increase of 17.1%, with 378 of these being standard managed hotels, representing a 39.5% increase year-on-year [1] Group 2 - In Q2 2025, the overall hotel RevPAR was 143 yuan, a year-on-year decrease of 6%, with an ADR of 225 yuan, down 3% year-on-year, and an occupancy rate of 63.9%, down 2 percentage points year-on-year [2] - The company forecasts revenues of 8 billion yuan, 8.3 billion yuan, and 8.6 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 3%, 4%, and 4% [2] - The net profit attributable to shareholders is projected to be 910 million yuan, 1.02 billion yuan, and 1.12 billion yuan for the same years, with year-on-year growth rates of 13%, 12%, and 10% [2]