Core Viewpoint - Qujiang Cultural Tourism is facing multiple crises, including continuous losses for three years, asset sales, and operational challenges, leading to significant regulatory scrutiny regarding its ongoing business viability [1][2]. Financial Performance - The company reported a revenue of 1.25 billion yuan in 2024, a decrease of 16.7% year-on-year, with a net profit loss of 131 million yuan [2]. - The company anticipates a continued loss in the first half of 2025, with a projected net profit loss of 69 million to 72.9 million yuan [1]. Operational Challenges - The management of scenic areas has seen a significant decline, with revenue from this segment dropping to 970 million yuan in 2024, a decrease of 32.6%, and a gross margin reduction of 13.57 percentage points [2]. - Specific scenic areas, such as Qujiang Ocean Polar Park and Qujiang Pool Relics Park, experienced revenue declines of 27.87% and 53.04%, respectively, due to reduced ticket sales and management fees [3]. Regulatory Scrutiny - The Shanghai Stock Exchange has raised concerns about the company's ability to continue operations, focusing on the impact of terminated management contracts and the overall financial health of the company [2][4]. - The company acknowledged that its negative net profit over three years has affected its operational activities and has outlined measures to improve its business situation [4]. Accounts Receivable and Asset Sales - As of 2024, the company reported accounts receivable of 1.18 billion yuan, with a bad debt provision of 360 million yuan, representing a 31% provision rate [6]. - The company transferred 100% of its subsidiary, Xi'an Qujiang Daming Palace National Heritage Park Co., Ltd., to a related party for 42.014 million yuan, raising questions about the decision-making process and compliance with internal controls [7].

◎记者 张问之 连亏三年、景区停运、抛售资产，控股股东所持股份100%被质押及冻结，部分持股接连被司法拍 卖……深陷多重危机的曲江文旅，近日就上交所针对其2024年年报下发的问询函作出回复。 针对监管部门重点提及的日常经营和持续经营能力等方面的问题，曲江文旅在回复中坦言，连续三年扣 非前后净利润为负，对正常运营活动产生了一定影响。财务数据显示，2025年上半年，公司预计仍将处 于亏损状态，扣非归母净利润预亏6900万元至7290万元。 持续经营能力被重点问询 主营业务表现不佳的曲江文旅持续经营能力被监管方"穿透式"问询。监管聚焦的核心问题包括公司运营 管理的景区的基本情况，量化披露部分景区终止运营、部分景区不再收取委托方支付的管理酬金对公司 主要财务数据的影响，景区管理业务毛利率大幅下降的原因及合理性等。 曲江文旅年报及前期公告显示，2024年，公司实现营业收入12.5亿元，同比下降16.7%，实现扣非前后 净利润均为-1.31亿元。2022至2024年，公司扣非前后归母净利润已连续三年为负。 曲江文旅表示，2024年，因西安曲江新区事业资产管理中心（简称"资产管理中心"）委托的寒窑（原收 费区）、唐城墙一区 ...