出品 | 创业最前线 作者 | 付艳翠 编辑 | 冯羽 美编 | 倩倩 风波背后，终于有一些年轻人不再执着于山姆讲述的新故事，而是默默离开，转身投向那些"新选项"。 审核 | 颂文 火了五年，山姆让消费者失望了。 随着2024年下半年沃尔玛将战略重心定为增长和利润后，与此前深耕一线城市"慢慢来"的策略不同，当下的山姆管理层们也开始为了寻求更性感的增长曲 线、更丰厚的回报而努力。 在增加付费会员数、增加销售额、向全渠道扩张等策略之下，山姆中国带给沃尔玛一份亮眼的成绩单。 公开信息显示，山姆在中国有近900万会员，这些中国的会员们在去年一年为山姆贡献超过1000亿的营收，让它成为中国首个突破千亿规模的外资零售企 业。 （图 / 沃尔玛中国官网） 不过，在风光无限的另一面，山姆中国正在经历一场史无前例的信任危机。 今年年初开始，从山姆自有品牌产品接连默默下架，到悄悄上线变成了法风"PANPAN"的盼盼、拥有时尚洋气名字"ChaCheer"的洽洽，再到产品品质或规 格开始缩水，山姆的选品策略就不断触及消费者的神经。 最近，作为中国首个突破千亿规模的外资零售企业，山姆的扩张策略与品质把控再次成为公众关注的焦点。已经被一 ...

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].