旅游业务增长

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三峡旅游2025年中报简析:营收净利润同比双双增长,盈利能力上升
Zheng Quan Zhi Xing· 2025-08-26 23:09
Core Viewpoint - The financial performance of Sanxia Tourism (002627) shows positive growth in revenue and net profit for the first half of 2025, indicating improved profitability and operational efficiency [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 367 million yuan, a year-on-year increase of 7.47% compared to 341 million yuan in 2024 [1]. - Net profit attributable to shareholders was 63.62 million yuan, up 17.74% from 54.04 million yuan in the previous year [1]. - The gross profit margin improved to 34.01%, reflecting a 6.02% increase year-on-year, while the net profit margin rose to 18.01%, a 9.5% increase [1]. - Operating cash flow per share increased significantly by 71.11% to 0.17 yuan, compared to 0.10 yuan in the previous year [1]. Cost and Expense Analysis - Total sales, management, and financial expenses amounted to 56.21 million yuan, accounting for 15.34% of revenue, which is a slight increase of 1.18% year-on-year [1]. - The increase in accounts receivable by 32.95% to 35.78 million yuan was attributed to growth in tourism business and increased receivables from travel agencies [3]. Cash Flow and Investment Activities - The net cash flow from operating activities saw a significant increase of 67.97%, driven by improved business performance and a 3 million yuan return from land development activities [3]. - The net cash flow from investing activities increased by 101.99%, primarily due to higher progress payments for inter-provincial vacation cruise projects [4]. - Financing activities generated a net cash flow increase of 18.96%, influenced by the acquisition of minority stakes in tourism-related companies [4]. Business Evaluation - The company's return on invested capital (ROIC) was reported at 2.81%, indicating a relatively weak capital return performance over recent years [4]. - The historical financial performance shows a median ROIC of 3.77% over the past decade, with a notably poor performance in 2022, where ROIC was -0.01% [4].