8月25日，曲江文旅发布2025年半年度报告。 期间，公司实现营业收入 5.32亿元，同比下降30.95%。 归属于上市公司股东的净利润-1388.07万元，亏损额有所减少；归属于上市公司股东的扣除非经常性损 益的净利润-7074.02万元。 其中，景区运营管理业务约占营业收入的 50.38%，酒店餐饮业务占营业收入的 23.67%，旅游商品销售 和电子商务业务收入占比2.24%，旅游服务（旅行社）业务占营业收入的 5.36%，园林绿化业务占营业 收入的0.37%，体育项目业务占营业收入的 17.98%。 ...

截至2025年8月25日收盘，曲江文旅股价报10.78元，较前一交易日下跌0.06元，跌幅0.55%。当日开盘 价为10.84元，最高触及10.93元，最低下探10.69元，成交量为13.98万手，成交额1.51亿元。 曲江文旅属于旅游酒店板块，公司主营业务涵盖文化旅游景区运营管理、酒店餐饮服务、旅游商品销售 等。公司依托西安曲江新区丰富的文化旅游资源，打造综合性文旅产业体系。 8月25日，曲江文旅披露2025年半年报，上半年实现营业收入5.32亿元，同比下降30.95%；归属于上市 公司股东的净利润亏损1388.07万元，较上年同期亏损1.87亿元有所收窄。公司表示，营收下降主要因合 并范围调整导致公建物业服务、票销类及专项活动收入减少。 资金流向方面，8月25日主力资金净流出422.49万元，近五日累计净流出303.93万元。 风险提示：市场有风险，投资需谨慎。 ...

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].

Core Insights - The company reported a significant decline in revenue, with a 16.68% decrease from the previous year, indicating challenges in market expansion and business operations [2] - Despite a reduction in net loss, the company remains in a loss position, highlighting the need for improved profitability and business structure optimization [3][4] - The company achieved a decrease in overall expenses, reflecting effective cost control measures [6][8][10] Financial Performance - Revenue for 2024 was 1,253,152,389.59 yuan, down from 1,503,936,973.00 yuan in 2023, with declines across various business segments [2] - The net loss attributable to shareholders was -131,323,615.46 yuan, an improvement from -195,379,236.43 yuan in 2023, but still indicates ongoing financial challenges [3] - The basic earnings per share improved to -0.51 yuan from -0.77 yuan, yet remains negative, indicating a need for enhanced shareholder value creation [5] Expense Management - Sales expenses decreased by 19.27% to 60,445,434.40 yuan, suggesting a potential adjustment in marketing strategies [6][7] - Management expenses were reduced by 10.66% to 177,811,645.38 yuan, indicating improved internal management efficiency [8] - Financial expenses saw a significant reduction of 24.63%, possibly due to optimized debt structure and lower financing costs [10] Cash Flow Analysis - Operating cash flow net amount was 205,019,979.73 yuan, down 19.08% from the previous year, indicating potential issues in cash inflow and operational stability [11] - Investment cash flow net amount experienced a drastic change of -26,498,042.35 yuan, with a 1203.80% variation, primarily due to asset disposals [12] - Financing cash flow net amount decreased by 13,079,723.42 yuan, reflecting a reduction in borrowing and adjustments in financing strategies [13]