文/梧桐晓编 大家印象中，坐拥旅游名山的上市公司肯定是财源滚滚的。但张家界旅游集团股份有限公司（000430）就让人非常意外！4月15日晚，张家界在公布2024年年 报、2025年一季报的同时还公布了《关于公司股票交易将被实施其他风险警示暨股票停牌的提示性公告》。公司最近三个会计年度归属于上市公司股东的净利润 分别为-5.8209亿元、-2.3933亿元、-2.5977亿元。本年度被中审众环会计师事务所出具了带"与持续经营相关的重大不确定性"段落的无保留意见《2024年度审计 报告》。根据深交所《股票上市规则》的规定：最近三个会计年度扣非前后净利润孰低者均为负值，且最近一个会计年度审计报告显示公司持续经营能力存在不 确定性，深交所将对公司股票实施其他风险警示。公司股票4月16日停牌一天，自 2025 年 4 月 17 日起被实施"其他风险警示"，股票简称由"张家界"变更为"ST 张家界"。 一、 公司拥有绝版的旅游资源 公司是独家经营湖南张家界景区的上市公司。公司主要经营业务包括：（1）旅游景区经营；（2）旅游客运；（3）旅行社经营；（4）旅游客运索道经营； （5）其他：酒店经营、房屋租赁等。旅游景区包括宝峰 ...

4月15日，张家界发布2024年年度报告。 2024年，公司全年共实现接待购票游客人数697.09万人，同比下降2.61%；全年实现营业收入43,160.62 万元，同比上升2.77%；全年实现归属于上市公司股东的净利润-58,209.18万元，同比增加亏损 143.22%；全年实现归属于上市公司股东的扣除非经常性损益的净利润-58,166.06万元，同比增加亏损 142.83%。 据悉，该公司主要经营业务包括：旅游景区经营；旅游客运；旅行社经营；旅游客运索道经营；其他： 酒店经营、房屋租赁等。旅游景区包括宝峰湖、大庸古城，旅游客运包括环保客运、观光电车，旅行社 包括张家界中旅，旅游客运索道包括杨家界索道，酒店包括张国际酒店。 同日，公司发布关于股票交易将被实施其他风险警示暨股票停牌的提示性公告。 公告称，根据《深圳证券交易所股票上市规则》第9.8.1条第（七）款规定：最近三个会计年度扣除非经 常性损益前后净利润孰低者均为负值，且最近一个会计年度审计报告显示公司持续经营能力存在不确定 性，深圳证券交易所将对公司股票实施其他风险警示。 公司股票自2025年4月16日开市起停牌一天，自2025年4月17日开市起复 ...

数据四舍五入，查看更多财务数据>> 三、分红送配方案情况 二、前10名无限售条件股东持股情况 不分配不转增 一、主要会计数据和财务指标 前十大流通股东累计持有： 12202.13万股，累计占流通股比： 36.78%，较上期变化： -595.40万股。 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -1.4400 | -0.5900 | -144.07 | -0.6400 | | 每股净资产（元） | 0 | 2.15 | -100 | 2.74 | | 每股公积金(元) | 2.11 | 2.11 | 0 | 2.11 | | 每股未分配利润(元) | -2.54 | -1.10 | -130.91 | -0.51 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 4.32 | 4.2 | 2.86 | 1.32 | | 净利润(亿元) | -5.82 | -2.39 | -143.51 | -2.6 | | 净资产收 ...

张家界（000430）公告，公司最近三个会计年度归属于上市公司股东的净利润分别为-5.82亿元、-2.39 亿元、-2.6亿元，本年度被中审众环会计师事务所出具了带"与持续经营相关的重大不确定性"段落的无 保留意见审计报告。根据相关规定，公司股票将于2025年4月16日开市起停牌一天，自2025年4月17日开 市起复牌并被实施"其他风险警示"，股票简称将变更为"ST张家界"，证券代码仍为000430，股票交易的 日涨跌幅限制将由10%变为5%。 ...

据新华社，河南省气象局12日发布消息称，监测显示，4月11日6时至12日6时，河南省大部出现8到 10级阵风，部分县市11到13级，最大风力达15级，40个国家站最大风速达到或突破4月历史同期极 值。 河南省气象局预计，12日强风将持续，全省阵风8到10级，中西部、北部局地达11到12级，并伴有 浮尘或扬沙；13日仍有8到10级阵风。 针对大风天气过程，河南省气象部门早先发布大风黄色预警，并同步启动重大气象灾害（大风）Ⅲ级应急 响应。截至4月12日6时21分，河南全省生效中的大风、寒潮、雷暴大风等预警信号达105条。郑州方特旅 游度假区、郑州园博园等多个景区发布临时闭园公告，河南宝泉旅游度假区、洛阳老君山景区等启动限流 措施。 河南省气象局的监测显示，河南风速较大的三个站点分别为：林州市马安脑46.8米/秒（15级）、焦 作市十二会40.8米/秒（13级）、修武县峰林峡40.3米/秒（13级）。同时，全省大部伴有浮尘或扬 沙，多个地区出现阵雨、雷阵雨。 ...

Group 1 - The core viewpoint is that starting from April 7, 2025, visitors who purchase a one-time ticket for the ancient town scenic area can register for unlimited free entry, indicating a significant shift from a ticket-based revenue model to a more sustainable approach [1] - The ancient town of Zhouzhuang ranks ninth in the national satisfaction index for ancient town tourism in 2024, indicating challenges in competitiveness compared to other towns like Wuzhen and Nanxun [1] - The tourism industry is facing a "ticket dependency syndrome," where many scenic spots rely heavily on ticket sales for revenue, leading to a lack of innovation and differentiation in a competitive market [1][2] Group 2 - The government has been encouraging diverse measures for ticket discounts to stimulate cultural and tourism consumption, with policies aimed at reducing ticket prices for state-owned scenic areas [2] - While it is necessary for scenic spots to charge tickets for operational sustainability, the over-reliance on ticket sales has turned them into a financial burden rather than a revenue source, necessitating a transformation in business models [2] - Many scenic areas that have moved away from a ticket-centric approach have seen their revenues increase, demonstrating the viability of exploring secondary consumption and diversified income channels [2]

4月4 日，河南开封万岁山武侠城景区大量游 客聚 集， 游客 在 入口处大喊退 票， 此消息引 起关 注。 4月6日，万岁山武侠城景区就预约系统崩溃一事发文致歉，称由于当天城寨沙场预约程序瞬时 访 问 量 激 增 ， 导 致 部 分 游 客 无 法 顺 利 预 约 当 场 演 出 。 景 区 向 每 一 位 受 影 响 的 游 客 说 ： " 对 不 起，让您久等了！"。 具体内容如下： 亲爱的游客朋友们： 展信悦！ 2 0 2 5年4月4日，适逢清明假期，万岁山武侠城也经历了一场"热情的考验"。由于当天 城寨沙场预约程序瞬时访问量激增，导致部分游客无法顺利预约当场演出。对此，我 们 要 向 每 一 位 受 影 响 的 游 客 说 ： " 对 不 起 ， 让 您 久 等 了 ！ " 但 请 相 信 ， 这 不 是 一 场 " 系 统罢工"，而是一次偶然的"热情的小插曲"。 经 景 区 紧 急 排 查 ， 此 次 事 件 主 要 源 于 预 约 程 序 服 务 器 瞬 时 访 问 量 激 增 ， 远 超 承 载 极 限。并发现其中存在一些"过分热情和好奇的江湖人士"恶意刷票攻击景区系统，致使 服务器最终崩溃。这 ...

Core Viewpoint - Zhangjiajie is experiencing a significant increase in Korean tourists, with projections indicating that 71% of inbound visitors in 2024 will be from South Korea, marking a 205% year-on-year increase in the number of Korean tourists [1][17]. Group 1: Tourist Statistics and Trends - In 2023, Zhangjiajie received approximately 690,000 inbound tourists, with 280,000 from South Korea, accounting for over 40% of total inbound visitors [17]. - From January 1 to March 15, 2024, Zhangjiajie welcomed 178,578 inbound tourists, with 73,084 being Korean, maintaining a percentage above 40% [17]. - The total number of foreign visitors entering Zhangjiajie in 2024 is expected to include tourists from 57 countries, with Koreans making up 71% of this demographic [17]. Group 2: Cultural Influence and Marketing - Korean dramas and variety shows have significantly contributed to the popularity of Zhangjiajie, with specific references in shows leading to increased interest and social media engagement [3][4][7]. - The concept of "filial piety" is deeply rooted in Korean culture, with Zhangjiajie being marketed as a destination for family trips, often promoted with slogans emphasizing filial duty [27][46]. - Zhangjiajie's marketing strategies have effectively targeted the Korean market, including direct flights and promotional materials tailored to Korean tourists [21][42]. Group 3: Geographical and Natural Appeal - Zhangjiajie is renowned for its unique quartz sandstone peak forest landscape, which is a significant draw for tourists, particularly those interested in hiking and nature [35][38]. - The geographical features of Zhangjiajie, including its diverse mountain ranges and scenic beauty, provide a stark contrast to the more limited hiking options available in South Korea [30][31]. Group 4: Historical Context and Development - The relationship between Zhangjiajie and Korean tourists has evolved since 1998, when only 116 Korean visitors were recorded, highlighting a dramatic increase in interest over the years [19][20]. - Zhangjiajie has been proactive in establishing friendly ties with Korean cities and promoting tourism through various initiatives, including the distribution of travel guides and the establishment of direct flights [21][22].

Core Insights - Lijiang Co. achieved total operating revenue of 808 million yuan in 2024, marking a historical high with continued positive growth; net profit attributable to shareholders was 211 million yuan, remaining stable year-on-year [1] - The company reported significant fluctuations in fixed assets and management expenses, primarily due to the trial operation of the Lugu Lake Indigo Hotel starting July 30, 2024, which contributed to the increase in fixed assets and management costs [1] Business Performance - The core business of Lijiang Co. showed steady improvement, with three cableways achieving remarkable operational results; the total number of visitors reached 6.6684 million, an increase of 547,300 visitors year-on-year [1] - The Yak Cow Flat cableway received 526,600 visitors, reflecting a year-on-year growth of 14.51%, with an increase of nearly 40% in demand for capacity [1] Infrastructure Development - The company is actively promoting the expansion and renovation of the Yak Cow Flat cableway, aiming to start construction in the first half of the year, with a planned construction period of 18 months; the current capacity is 360 people per hour, which is expected to increase to 1,900 people per hour post-renovation [2] - Lijiang Co. intends to leverage its core tourism resource advantages, brand strengths, management experience, and marketing advantages to elevate its business to new heights [2]

Summary of Lijiang Co., Ltd. Conference Call Industry and Company Overview - The conference call focuses on Lijiang Co., Ltd., a company operating in the tourism sector, particularly in scenic areas in Yunnan, China, with a strong emphasis on its core resource, Yulong Snow Mountain [3][7]. Key Points and Arguments - **Post-Pandemic Financial Performance**: Lijiang Co. reported its best-ever performance in Q1 2023, indicating a strong recovery in market demand and the ability to attract visitors to its scenic spots [3][6]. - **Supply-Side Improvements**: The company is enhancing its infrastructure and launching new projects, such as the renovation of the Yak Cow Slope cableway and the development of mid-to-high-end hotels and performance businesses in Shangri-La and Lugu Lake areas, which are expected to drive future growth [3][4]. - **High Profitability**: Lijiang Co. boasts a net profit margin of 30%, leading among listed companies in the scenic area sector, with a valuation consistently between 20-25 times earnings. The company also has a high dividend payout ratio, planning to distribute 90% of its profits in 2024, making it an attractive investment option [3][5]. - **Core Tourism Resource**: Yulong Snow Mountain is identified as the company's primary tourism asset, with the company controlling three cableways, particularly the Yulong Glacier Park cableway, which has an annual visitor capacity of 3-3.2 million [3][8]. - **Diverse Business Operations**: In addition to cableway operations, Lijiang Co. runs the "Impression Lijiang" performance series and operates mid-to-high-end hotel brands like Indigo and InterContinental, which contribute to overall performance and growth potential [3][9]. - **Future Growth Potential in Hotel Sector**: The hotel business is seen as a crucial component for future growth. Despite recent revenue declines due to consumption fluctuations, the mid-to-high-end hotel market still holds potential. Achieving breakeven and consistent profitability in this segment will positively impact overall performance [3][10]. - **Long-Term Outlook**: The company is optimistic about its future, with limited downside risk to its stock price and reasonable valuation. Ongoing supply-side improvements and new tourism projects are expected to enhance competitiveness and attract more visitors [3][6]. Other Important Insights - **Visitor Capacity and Demand**: The Yulong Glacier Park cableway's high demand and exclusivity contribute to its profitability, with a daily visitor cap of 11,000, ensuring consistent high load factors and fixed costs [3][8]. - **Strategic Expansion**: The company is strategically expanding its operations in the northwestern Yunnan region, focusing on new performance and cableway renovation projects, which could provide additional growth opportunities in the long term [3][10].