7月11日，桂林旅游披露了上半年业绩预告。数据显示，今年上半年，公司归属于上市公司股东的净利 润约为800万元，而2024年同期则是亏损1909.33万元。值得关注的是，今年上半年，桂林旅游曾因为5 年亏损近10亿元引发市场关注，更引发了业内外对于旅游行业发展现状的思考。 关于业绩变动的原因，桂林旅游方面表示，报告期内，公司坚持稳中求进工作总基调，以效益为导向， 深化改革创新，通过优化产品结构、强化市场营销、加强应收款催收力度等举措，实现归属于上市公司 股东的净利润扭亏为盈。 "亏损"依旧是今年上半年旅游上市公司的主要业绩状态。7月15日，长白山旅游股份有限公司 （603099.SH）（下称"长白山旅游"）及大连圣亚股份有限公司（600593.SH）（下称"大连圣亚"）披露 业绩预告，两家企业上半年均出现亏损。值得关注的是，桂林旅游股份有限公司（000978.SZ）（下 称"桂林旅游"）则是在行业普亏中实现盈利，预计公司归属于上市公司股东的净利润约为800万元。 《华夏时报》记者注意到，桂林旅游有关景区今年上半年接待游客人次有所增加。同时，公司收回了 5434万元的欠款，对业绩起到了明显的支持作用。 成功扭亏 ...

Performance Forecast - The company expects a net profit attributable to shareholders of approximately 8 million yuan for the first half of 2025, compared to a loss of 19.0933 million yuan in the same period of 2024, indicating a turnaround from loss to profit [1] - The basic earnings per share are projected to be approximately 0.017 yuan per share, recovering from a loss of 0.041 yuan per share in the previous year [1] Revenue Drivers - The company has implemented measures such as optimizing product structure, enhancing marketing efforts, and strengthening accounts receivable collection, which contributed to the increase in visitor numbers [1] - The company received approximately 1.4802 million visitors at its scenic spots, representing a year-on-year increase of about 3.09% [1] - The Li River cruise business served approximately 338,200 visitors, reflecting a year-on-year growth of about 1.62% [1] - The Li River Waterfall Hotel welcomed approximately 107,300 visitors, showing a year-on-year increase of about 6.98% [1] Non-Recurring Gains - The company reversed previously accrued bad debt provisions amounting to 19.99 million yuan, which positively impacted the net profit for the first half of 2025 by the same amount, classified as non-recurring gains [2]

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].

Core Viewpoint - Guilin Tourism has reported significant declines in multiple financial metrics for the year 2024, indicating severe operational challenges faced by the company [1][17]. Financial Performance - The company achieved operating revenue of 431,675,114.43 yuan, a decrease of 7.58% from 467,103,562.89 yuan in the previous year, primarily due to intensified regional market competition and a significant flood in Guilin, leading to an 8.12% drop in visitor numbers [1]. - The net profit attributable to shareholders was -204,463,086.00 yuan, a drastic decline of 1,830.70% compared to 16,376,004.51 yuan last year, driven by reduced visitor numbers, decreased investment income, and substantial impairment losses [1][2]. - The non-recurring net profit was -199,680,189.69 yuan, down 2,625.31% from 12,469,293.04 yuan, indicating a sharp decline in core business profitability [2]. - Basic earnings per share were -0.4368 yuan, a decrease of 1,833.33% from 0.0350 yuan, reflecting severe impacts on shareholder returns [3]. Cost and Expense Analysis - Sales expenses decreased by 24.41% to 17,022,638.81 yuan, which may hinder market promotion efforts in a competitive tourism market [4]. - Management expenses slightly decreased by 1.58% to 99,903,420.29 yuan, suggesting potential for improved operational efficiency [5]. - Financial expenses were reduced by 5.53% to 34,366,636.52 yuan, but the company still faces significant long-term debt of 644,150,000.00 yuan, indicating ongoing debt pressure [6]. Cash Flow Situation - The net cash flow from operating activities was 85,377,737.78 yuan, down 29.41%, indicating weakened cash generation capabilities [9]. - The net cash outflow from investing activities increased to -45,159,872.91 yuan, necessitating attention to investment project effectiveness [10]. - The net cash flow from financing activities improved to -52,761,033.85 yuan from -77,125,143.42 yuan, but remains negative, highlighting the need for better funding strategies [11]. Industry Challenges - The tourism industry is highly susceptible to uncontrollable risks such as natural disasters, as evidenced by the recent flood in Guilin, which poses ongoing threats to business operations [12]. - Intense competition in the tourism sector, with emerging group tourism enterprises, pressures Guilin Tourism to enhance product innovation and service quality to maintain market share [13]. - The company's diverse operations across various sectors complicate management, necessitating improved coordination and efficiency to mitigate operational risks [14]. - Price control limitations imposed by government regulations on ticket pricing challenge the company's ability to manage costs effectively [15]. Management and Development - The company reported zero R&D investment during the period, which may hinder its ability to innovate and adapt to changing consumer demands [8]. - Management compensation levels, particularly in relation to the company's performance, warrant scrutiny from investors [16].