Core Viewpoint - Guilin Tourism is a leading enterprise in the tourism industry of Guilin, with a high investment value due to its comprehensive industry chain advantages and core tourism resources like the Li River Scenic Area [1] Group 1: Business Performance - As of Q3 2025, Guilin Tourism reported an operating revenue of 339 million yuan, ranking 9th in the industry [2] - The main business composition includes scenic tourism (49.17%), Li River cruise passenger transport (29.05%), and hotel services (15.97%) [2] - The net profit for the same period was 33.44 million yuan, placing the company 10th in the industry [2] Group 2: Financial Ratios - The asset-liability ratio for Guilin Tourism in Q3 2025 was 51.37%, higher than the previous year's 45.76% and above the industry average of 31.00% [3] - The gross profit margin was 33.07%, an increase from 31.06% year-on-year, but still below the industry average of 45.62% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 31.04% to 43,200 [5] - The average number of circulating A-shares held per shareholder decreased by 23.69% to 10,800 [5] - The third-largest circulating shareholder is the Fortune China Securities Tourism Theme ETF, holding 5.65 million shares, an increase of 2.007 million shares from the previous period [5] Group 4: Management Compensation - The chairman of Guilin Tourism, Chen Jing, has a salary of 8,200 yuan for 2024 [4] - The president, Wen Zheng, has a salary of 111,500 yuan for 2024 [4]

Core Viewpoint - Guilin Tourism has turned a profit in the first half of 2025, primarily due to the recovery of past debts and an increase in tourist numbers, despite still facing losses when excluding non-recurring gains [2][3][6]. Financial Performance - In the first half of 2025, Guilin Tourism reported a revenue of 197 million yuan, a slight increase of 0.33% year-on-year, and a net profit attributable to shareholders of 8.01 million yuan, marking a year-on-year increase of 141.94% [3][4]. - The company recovered 54.34 million yuan in overdue debts, which significantly contributed to the profit turnaround [5][6]. - However, the net profit after excluding non-recurring items was a loss of 16.10 million yuan, representing an 11% year-on-year improvement [6]. Operational Highlights - The total number of tourists received by Guilin Tourism in the first half of 2025 reached 2.346 million, a year-on-year increase of 6.96% [3][4]. - Key attractions such as the Li River cruise and the Grand Waterfall Hotel saw increases in visitor numbers, with the cruise business receiving 338,200 tourists, up 1.62% year-on-year [3][4]. Cost Management - The company has implemented measures to optimize its product structure, enhance marketing efforts, and strengthen debt collection, which have contributed to the improved financial performance [3][4]. - Operating costs decreased by 1.90% year-on-year to 140 million yuan, while management expenses fell by 7.47% to 44.50 million yuan [7]. Asset Management - Guilin Tourism is focusing on optimizing its asset structure and reducing non-performing assets, including leasing out parts of its properties to improve asset utilization [6][7]. - The company has reduced its taxi fleet from 158 to 57 vehicles, reflecting a shift towards a lighter asset and lower-cost operational model [6][7].