跟踪时代浪潮，讲述文旅商业好故事。 以下文章来源于旅界 ，作者theodore熙少 旅界 . 来源丨旅界（ID：tourismzonenews） 作者丨theodore熙少 图源丨即梦AI 这两天， 投资超8亿元的大型 演出项目 《只有峨眉山》停演一事在媒体上炒得沸沸扬扬。 从财报上看， 该演艺项目正式对外演出运营后一直在高额亏损，其背后主体公司 云上旅投累计 亏损 总额高达6亿元，直到今年6月15日终于对外宣布停摆。 | 子公司名 | 本期发生额 | | | | 上期发生额 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 称 | 营业收入 | 净利润 | 综合收益 | 经营活动 | 营业收入 | 净利润 | 综合收益 | 经营活动 | | | | | 瑞文 THAS ON | mAt 220014111 11 | | | 总额 | 现金流量 | | 峨眉山云 上旅游投 | 8.465.798 | 16. 138. 34 | 16. 138. 34 | 3.782.427 | 5,889,689 | 27.205.36 | 2 ...

Core Viewpoint - The article discusses the recent failure of the large-scale performance project "Only Emei Mountain," which has accumulated losses of 600 million yuan and was officially announced to be suspended as of June 15 this year. This situation reflects a broader trend of popular cultural tourism projects facing operational challenges and declining visitor numbers [4][5][6]. Group 1: Project Failures - The "Only Emei Mountain" project has incurred significant losses, leading to its suspension after an investment of over 800 million yuan [4]. - Other cultural tourism projects, such as "Super Wenheyou" in Changsha and "Wenheyou" in Shenzhen, have also seen a decline in popularity, with many areas becoming vacant and underutilized [7][8][9]. - The "Dayong Ancient City," with a total investment of 2.5 billion yuan, has reported an average daily ticket sales of fewer than 20 people, leading to its classification as an "empty city" [11][12][13]. Group 2: Common Issues - Many popular cultural tourism projects are experiencing a decline in visitor numbers, often characterized by high initial traffic that does not translate into sustained revenue [20][21]. - The phenomenon of "photo economy" tourists, who visit primarily for social media content rather than genuine engagement, contributes to the financial struggles of these projects [22][24]. - The lack of differentiation and repetitive content across various projects leads to audience fatigue, diminishing the likelihood of repeat visits [31][32]. Group 3: Market Trends - The article highlights a shift in consumer behavior, with younger audiences preferring authentic experiences over superficial attractions, indicating a need for cultural tourism projects to adapt [46][47]. - Successful projects are those that focus on genuine content and community engagement rather than merely replicating popular trends [44][52]. - The article emphasizes the importance of operational management and continuous updates to maintain visitor interest and satisfaction [49][50]. Group 4: Recommendations for Future Projects - Cultural tourism projects should prioritize storytelling and authentic experiences to attract and retain visitors, moving away from the "one-time hit" mentality [43][46]. - Local governments and developers are encouraged to adopt a long-term perspective, focusing on sustainable operations rather than short-term gains [53][54]. - The article suggests that successful cultural tourism initiatives should involve professional management and community engagement to create a lasting impact [55].

Core Insights - The Hunan provincial government aims to develop Zhangjiajie into a world-class tourist destination, emphasizing the integration of culture and tourism while leveraging local resources for development [1][2] - The Duyong Ancient City project, once a flagship initiative with an investment of 2.4 billion yuan, has faced significant operational challenges, resulting in over 1 billion yuan in cumulative losses after four years of trial operation [1][2] Group 1: Tourism Development Strategy - The government stresses the importance of market-oriented and legal principles in revitalizing existing tourism resources and enhancing promotional efforts [1][2] - Zhangjiajie has seen a steady increase in tourist numbers, with 27.8 million visitors and total spending of 39.48 billion yuan from January to July, marking growth rates of 5.2% and 8.1% respectively [1] - The city is also focusing on innovative operational models and the development of new urban leisure and vacation offerings [1][2] Group 2: Duyong Ancient City Challenges - The Duyong Ancient City has been criticized for its lack of diverse attractions, with only a few operational shops out of 198, leading to a failure to attract sufficient visitor traffic [2] - Nationally, nearly 40% of over 27,000 tourism-related enterprises in ancient towns are reported to be in poor operational conditions, highlighting a broader issue within the sector [2] - The city government is considering creative suggestions from the public to enhance visitor experiences and diversify offerings in the ancient city [3] Group 3: Future Plans - A comprehensive restructuring and revitalization of Duyong Ancient City is currently underway, with plans to complete quality upgrades and reopen for external operations by July next year [4]

Core Insights - The Duyong Ancient City project in Zhangjiajie has closed and entered judicial reorganization due to significant financial losses and operational challenges [1][3][4] - The project, which covers an area of 240 acres and has an investment scale of 2.443 billion yuan, was expected to generate annual revenue of nearly 500 million yuan but has instead incurred losses exceeding 1 billion yuan since its trial operation began in 2021 [4][5] - Zhangjiajie Tourism Group has reported a projected net loss of 30 to 36 million yuan for the first half of 2025, primarily due to reduced depreciation and financial expenses related to the Duyong Ancient City [5][6] Financial Performance - The Duyong Ancient City project has a total asset value of 1.395 billion yuan and total liabilities of 1.697 billion yuan, resulting in a negative net asset value of 302 million yuan as of the end of 2024 [4] - The project has been a significant financial burden for Zhangjiajie Tourism Group, contributing to a cumulative net loss of approximately 1.079 billion yuan since 2020 [5][6] Operational Challenges - The Duyong Ancient City has faced continuous operational difficulties, with most of its 198 shops remaining closed and unoccupied since its opening [4] - The local government has acknowledged the project's shortcomings, with officials admitting to misjudgments in market predictions and operational strategies [6] Future Plans - The Zhangjiajie government is actively working on a market-oriented plan to revitalize the Duyong Ancient City, aiming to reduce debt risks and improve operational efficiency through strategic investments and management upgrades [6]

Core Viewpoint - The failure of Zhangjiajie Dayong Ancient City signifies the end of the seller's market in the cultural tourism industry, indicating a shift towards a buyer's market where consumers hold the dominant power [1][6]. Group 1: Market Dynamics - The seller's market in the cultural tourism sector is collapsing due to an oversupply of low-quality attractions, particularly evident in the domestic A-level scenic spots [2][4]. - As of the end of 2023, there are 15,721 A-level scenic spots in China, generating a total tourism revenue of 406.87 billion yuan. This represents a decline in average revenue per scenic spot to 25.88 million yuan, only 63% of the 40.85 million yuan average in 2019 [3]. Group 2: Shift in Consumer Power - The cultural tourism market is transitioning to a buyer's market, where consumers are becoming the primary decision-makers. This shift is characterized by two notable trends: the rise of community-based consumption and the increasing influence of internet platforms [7][9]. - The concept of "super users" emphasizes targeting specific consumer communities that resonate with a brand's values rather than a broad audience [7]. Group 3: Future Trends and Recommendations - Cultural tourism products must focus on cultural and quality aspects, moving away from merely leveraging historical significance to creating relatable and tangible cultural experiences [11][12]. - The industry faces increasing competition and higher consumer expectations, necessitating a commitment to innovation and quality control in product offerings [11][12][13]. - Long-term success in the cultural tourism sector requires patience and a departure from the traditional methods that no longer yield results [13][14].

Group 1 - ST Zhangjiajie experienced a stock price increase of 2.97% by the end of trading on June 30, following exposure of the Da Yong Ancient City project, which has incurred a cumulative loss of 1.08 billion yuan over four years and is now on the brink of bankruptcy [2] - The company has been under other risk warnings from the Shenzhen Stock Exchange since April 17, 2023, due to negative net profits for three consecutive accounting years, raising concerns about its ability to continue as a going concern [2] - The Da Yong Ancient City project, with an investment scale of 2.443 billion yuan, has been a significant financial burden, with total assets of 1.395 billion yuan and total liabilities of 1.697 billion yuan, resulting in a negative net asset of 302 million yuan [3] Group 2 - ST Zhangjiajie, established in December 1992 and listed in 1996, is recognized as the first listed company in China's tourism sector, but unlike other tourism companies, it does not derive ticket revenue from the Zhangjiajie scenic area [3] - The company's revenue is primarily generated from environmental passenger transport, Baofeng Lake, and Yangjiajie cableway, with the Da Yong Ancient City project being classified as a heavy "liability" [3] - The tourism industry is facing challenges with the "artificial ancient city" model, which highlights the difficulties of relying on heavy asset expansion, long recovery periods, and the risk of becoming "ghost towns" due to excessive dependence on government subsidies [3]

Group 1 - The core issue of the Dayong Ancient City is its significant financial losses, amounting to 1.08 billion yuan over four years since its trial operation began in June 2021, leading to near bankruptcy [2][3] - The project, with an investment scale of 2.443 billion yuan, has been under scrutiny, and the local government has initiated corrective measures following media exposure [2][4] - The company operating Dayong Ancient City has been placed under restructuring by the Zhangjiajie Intermediate People's Court due to poor operational performance, resulting in its stock being marked with risk warnings [2][3] Group 2 - The decision-making process behind the Dayong Ancient City project has been criticized for being impulsive, with local officials promoting it as a major tourism project without proper market analysis [4][5] - The project was launched amidst a nationwide trend of developing ancient towns, with over 2,800 such projects initiated around the same time, leading to oversaturation and competition [3][4] - The operational model of Dayong Ancient City has been deemed unsustainable, with only the parking lot generating revenue, while the main attractions remain underutilized [6] Group 3 - The media coverage has prompted local authorities to reflect on past decision-making failures and the need for accountability to prevent similar issues in the future [5][6] - The situation highlights a broader trend of poorly conceived tourism projects across the country, where many lack unique characteristics and ultimately fail to attract visitors [6] - The urgency for restructuring and rethinking strategies is emphasized, as other similar projects should learn from Dayong Ancient City's challenges to avoid repeating mistakes [6]

Core Insights - The Hunan Zhangjiajie Dayong Ancient City project, which cost 2.4 billion yuan, has incurred losses exceeding 1 billion yuan over four years of trial operation, despite not charging an entrance fee [2][3] - The project was initially seen as a "star project" but has been criticized for its poor performance and lack of visitors [2][3] - The operational team admitted to decision-making errors, including insufficient market research and hasty project initiation, which contributed to the project's failure [2][4] Project Issues - The project faced several issues during its approval, construction, and operational phases, including incomplete procedures, budget overruns, and delays [3] - There are significant gaps in the oversight and regulatory processes by relevant authorities and the project owners [3] Market Context - There is a trend of overdevelopment in the "artificial ancient city" sector, with over 2,800 such projects in development across the country, despite only about 300 historical cultural towns existing [3][4] - The oversupply in the market has led to many similar projects facing abandonment or underperformance, indicating a systemic issue in the industry [3][4] Strategic Recommendations - The industry needs to move away from blindly replicating past models and instead focus on innovative approaches to meet changing tourist demands [4] - A robust decision-making mechanism and accountability for major decisions are essential to prevent similar failures in the future [4] - Respecting market dynamics and understanding consumer preferences are crucial for the success of tourism projects, as evidenced by the lack of interest in Dayong Ancient City despite Zhangjiajie's established reputation [4]

Core Viewpoint - The local tourism companies in China, once considered prestigious, are now facing significant financial losses and operational challenges, raising questions about their management and sustainability in the current market environment [2][12][26]. Financial Performance - Guilin Tourism reported a net loss of 200 million yuan in 2024, accumulating losses of nearly 1 billion yuan since 2020 [2][3]. - Qujiang Cultural Tourism incurred a loss of 131 million yuan in 2024, with total losses nearing 600 million yuan over three years [2]. - Zhangjiajie experienced a net loss of 582 million yuan in 2024, with cumulative losses exceeding 1.3 billion yuan over five years [2][10]. Management and Operational Issues - Many local tourism groups operate under a "debt-first, project-later" philosophy, leading to a mismatch between financing needs and operational capabilities [14][25]. - Management teams often lack the necessary expertise, as many come from bureaucratic backgrounds rather than tourism or business sectors [14][25]. - There is a prevalent issue of projects being initiated without proper market research or operational planning, resulting in poor performance and financial losses [16][20]. Market Dynamics - Despite high visitor numbers, many projects fail to generate profit, leading to a reliance on debt financing to sustain operations [7][21]. - The current market is becoming less forgiving, with stricter regulations on financing and project approvals, making it harder for companies to secure funding based on optimistic projections [28][29]. Future Outlook - The local tourism sector may face further declines, with many companies potentially unable to recover without significant changes to their operational models [26][29]. - There is a need for local tourism companies to acknowledge their issues and adjust their strategies, focusing on sustainable practices rather than merely seeking new funding [29].

Core Viewpoint - ST Zhangjiajie is facing significant financial distress, with high debt levels and ongoing legal issues that threaten its operational viability [2][5]. Financial Performance - As of the end of 2024, Zhangjiajie's asset-liability ratio reached 86.12%, with current liabilities amounting to 6.998 billion yuan, while current assets were only 101 million yuan, indicating severe liquidity issues [2][5]. - The company reported a revenue of 432 million yuan in 2024, a year-on-year increase of 2.77%, but incurred a net loss of 582 million yuan, a 143.22% increase in losses compared to the previous year [3][4]. - Over the past five years, Zhangjiajie has accumulated losses totaling over 1.309 billion yuan [3][4]. Legal Issues - On May 15, 2024, Zhangjiajie and its subsidiaries were sued by Hunan Construction Group for 386 million yuan, contributing to the company's financial strain [2][3]. - Hunan Construction claims damages due to project delays, seeking compensation from Zhangjiajie and other parties involved [2][3]. Operational Challenges - The Duyong Ancient City project has been a significant burden, with delays in opening and underperformance since its trial operation began in 2021 [4]. - In 2024, Duyong Ancient City generated only 4.1424 million yuan in revenue, a decrease of 20.47%, and reported a net loss of 596 million yuan, with losses doubling year-on-year [4]. Restructuring Efforts - Zhangjiajie initiated a pre-restructuring process in October 2024, with the period extended until July 16, 2025, amid concerns over its ability to meet debt obligations [5]. - The company has faced multiple lawsuits and has had bank accounts frozen, indicating a critical state of financial distress [5].