Core Insights - Guilin Tourism Co., Ltd. has reported significant financial losses, with nearly 1 billion yuan lost over the past five years, despite being a well-known tourist destination in China [1][2][5] Financial Performance - In 2024, Guilin Tourism achieved a revenue of 432 million yuan, a year-on-year decrease of 7.58%, with a net loss of approximately 204 million yuan, marking a staggering decline of 1830.7% [2] - The company reported a net loss of 211 million yuan in the fourth quarter of 2024 [2] - In the first quarter of 2025, the company recorded a revenue of 82.63 million yuan, down 6.6% year-on-year, with a narrowed net loss of 13.08 million yuan [5] Visitor Trends - The number of visitors to Guilin has dropped from 8.99 million in 2019 to 5.68 million in 2024, failing to recover to pre-pandemic levels and even lower than 2015 figures [5][7] - Tourist numbers for key attractions like Silver Cave and Zijiang Tianmen Mountain have also declined in 2024 compared to 2023 [7] Investment Issues - Guilin Tourism has invested in several low-profit projects, leading to asset impairment, including over 100 million yuan in impairment provisions for the failed sports and leisure project at Luoshan Lake [7] - The company has five major subsidiaries, with only two (Silver Cave and Guilin Li River Ancient Song Performance Development Co., Ltd.) reporting profits, while the others are operating at a loss [5] Market Dynamics - The decline in visitor numbers is attributed to a combination of poor tourist experiences and increased competition from emerging tourist destinations [8][21] - The average tourist spending in Guilin in 2024 was approximately 1,228 yuan, which is considered low compared to other popular tourist cities [12][14] - The shift in consumer preferences towards self-guided and experiential travel has left Guilin's traditional group tour model struggling to attract younger tourists [15][19] Competitive Landscape - Newer tourist cities are gaining popularity, further fragmenting the market share that Guilin once held [21] - Despite the decline in domestic tourists, there has been an increase in foreign visitors, particularly in areas like Yangshuo, which saw a nearly twofold increase in inbound tourists in 2024 [23]

Core Viewpoint - Guilin Tourism Co., Ltd. reported a significant decline in revenue and net loss for the year 2024, indicating challenges in the tourism sector due to increased competition and adverse weather conditions [1][2]. Financial Performance - The company's operating revenue for 2024 was approximately 432 million yuan, a year-on-year decrease of 7.58% [1][2]. - The net loss attributable to shareholders was about 204 million yuan, marking a year-on-year increase in loss of 1830.7% [1][2]. - The net loss after excluding non-recurring items was approximately 200 million yuan, reflecting a year-on-year increase in loss of 2625.31% [1][2]. Visitor Statistics - Guilin Tourism received a total of 5.6834 million visitors in 2024, a decline of 8.12% compared to the previous year [1][2]. - The company's scenic spots received 3.178 million visitors, down 11.52% year-on-year [1][2]. - The Li River cruise business saw an increase in visitors, with 756,100 passengers, a growth of 18.20% [1][2]. - The Li River Waterfall Hotel hosted 227,800 visitors, up 2.89% year-on-year [1][2]. - The tourism bus company served 234,600 visitors, a decrease of 14.72% [1][2]. Factors Affecting Performance - The decline in net profit was attributed to intensified regional market competition and the impact of severe flooding in Guilin [2]. - Investment income decreased by 25.16 million yuan compared to the previous year [2]. - The company and some subsidiaries recorded credit impairment losses and asset impairment losses totaling 151.67 million yuan as of December 31, 2024 [2]. Market Position - As of the report date, Guilin Tourism owned 41 star-rated cruise ships on the Li River, accounting for approximately 30.15% of the total in Guilin [2]. - The company also had 59 taxis, representing about 3.47% of the total in Guilin, and 127 medium and large tourist buses, making up about 3.74% of the total [2]. - Guilin Tourism aims to maintain its leading position and market share in the region, leveraging its advantages in group management, integrated marketing, resource consolidation, brand products, and professional talent [2].