Group 1 - The company name has been changed from "Macrolink Culturaltainment Development Co., Ltd." to "Winnovation Culturaltainment Development Limited" effective June 25, 2025 [1][1][1] - The stock abbreviation will change from "MACROLINK" to "WINNOVATION" while the stock code "000620" remains unchanged [1][1][1] - The company held board meetings on May 19, 2025, and June 9, 2025, to approve the name change, which was subsequently disclosed in relevant announcements [1][1][1] Group 2 - The company has completed the registration procedures for the name change with the Market Supervision Administration of Tongzhou District, Beijing, and has obtained a new business license [1][1][1] - The company's main business operations will remain unchanged despite the name change [1][1][1] - The Shenzhen Stock Exchange has reviewed and approved the application for the name and abbreviation change without objections [1][1][1]

Core Viewpoint - The company Xi'an Qujiang Cultural Tourism Co., Ltd. (referred to as "Qujiang Culture Tourism") is experiencing a significant disparity between the booming tourism market in Xi'an and its own poor financial performance, continuing to face losses and operational challenges despite high visitor numbers at its attractions [2][6]. Group 1: Tourism Market Performance - During the "May Day" holiday in 2025, Xi'an received 14.75 million tourists, a year-on-year increase of 5.2%, with total spending reaching 12.33 billion yuan, up 7.55% [2]. - Qujiang Culture Tourism operates popular attractions such as the Tang Paradise and the Big Wild Goose Pagoda, which attract large crowds, especially during holidays, contributing significantly to the local tourism economy [3][4]. Group 2: Financial Performance - In 2024, Qujiang Culture Tourism reported total revenue of 1.253 billion yuan, a decrease of 16.68% year-on-year, and a net loss of 131 million yuan, although the loss narrowed compared to the previous year [6][7]. - The company has faced continuous net losses for three consecutive years, with losses of 248 million yuan in 2022, 195 million yuan in 2023, and 131 million yuan in 2024 [6][8]. Group 3: Operational Challenges - The company is criticized for its management and operational capabilities, with suggestions to optimize its management and expand consumer spaces around its attractions to enhance revenue [5][9]. - Qujiang Culture Tourism's business model, primarily based on light asset operations, has led to high accounts receivable, with a balance of 1.177 billion yuan as of December 31, 2024, which poses risks to cash flow and profitability [10]. Group 4: Debt and Shareholder Issues - The company's controlling shareholder, Xi'an Qujiang Tourism Investment Group, is facing significant debt issues, with debts and guarantees exceeding 500 million yuan, leading to judicial actions for debt recovery [10][11]. - Recent announcements indicate that shares held by the controlling shareholder are subject to auction due to debt pressures, which may impact the company's financial stability [11].

Group 1 - The "May Day" holiday has led to a peak in travel, with national railways expected to send 22.5 million passengers and add 1,341 trains to meet demand [1] - Various departments have prepared in advance to ensure safety and service during the holiday, including maintaining order at busy stations and airports [1] - Long-distance trains have been added from Changchun to popular tourist destinations to facilitate travel for tourists [1] Group 2 - The self-driving travel trend has surged in Yunnan, prompting the company to enhance service capabilities by adding new energy charging stations and mobile charging facilities at congested service points [2] - The company has established 15 operational maintenance teams to ensure the normal operation of facilities through inspections and emergency responses [2] - A 24-hour emergency mechanism has been set up to promptly address public requests and ensure efficient charging services [2] Group 3 - Tourist attractions have also experienced a surge in visitors, with measures in place to manage large crowds effectively [3] - The Dali Chongsheng Temple has developed emergency plans for peak visitor periods and conducted fire safety training for staff [3] - The Chengdu Jinsha Site Museum has implemented a single-loop visiting route to avoid congestion and has increased security personnel during the holiday [3]