据证券之星公开数据整理，近期西域旅游(300859)发布2025年中报。根据财报显示，西域旅游增收不增 利。截至本报告期末，公司营业总收入1.14亿元，同比上升9.59%，归母净利润1122.65万元，同比下降 61.78%。按单季度数据看，第二季度营业总收入9739.06万元，同比上升11.53%，第二季度归母净利润 4083.88万元，同比下降1.23%。 本次财报公布的各项数据指标表现一般。其中，毛利率36.11%，同比减33.32%，净利率7.79%，同比减 72.73%，销售费用、管理费用、财务费用总计2826.91万元，三费占营收比24.88%，同比增26.91%，每 股净资产4.66元，同比增3.13%，每股经营性现金流0.35元，同比增20.54%，每股收益0.07元，同比减 63.16% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 1.04亿 | 1.14亿 | 9.59% | | 归母净利润（元） | 2937.12万 | 1122.65万 | -61.78% | | 扣非净利润(元) | ...

Investment Rating - The investment rating for Xiyu Tourism (300859.SZ) is not explicitly stated in the provided documents, but the report indicates a focus on potential growth and strategic changes within the company [1]. Core Insights - The company anticipates a significant decline in net profit for the first half of 2025, projecting a range of 9 to 11 million yuan, which represents a year-on-year decrease of 62.55% to 69.36% [1]. - The second growth point, tourism performances, is still in the cultivation phase, with projects like "Encounter Kashgar" and "Encounter Sailake" under development, impacting short-term performance [2]. - Xinjiang Cultural Tourism Investment plans to increase its stake in the company by 0.7% to 1.35%, which is expected to stabilize market expectations and support future asset integration [2]. - The appointment of a new chairman, Lü Meirong, is seen as a strategic shift that may enhance governance and drive profitability improvements [2]. Financial Projections - The forecasted net profits for the company from 2025 to 2027 are 105 million, 134 million, and 163 million yuan respectively, with corresponding P/E ratios of 53, 42, and 34 times based on the closing price on July 15, 2025 [3]. - The total revenue is projected to grow from 354 million yuan in 2025 to 467 million yuan in 2027, reflecting a compound annual growth rate of approximately 14.6% [4]. - The gross profit margin is expected to improve from 57.1% in 2025 to 60.2% in 2027, indicating a positive trend in profitability [4].

Core Viewpoint - Xiyu Tourism Development Co., Ltd. is experiencing a significant decline in net profit for the first half of 2025, with an expected decrease of 62.55% to 69.36% year-on-year, primarily due to the early-stage market cultivation of new tourism projects [2] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of between 9 million to 11 million yuan for the reporting period [2] - The decline in performance is attributed to the early market cultivation phase of projects like "Encounter Kashgar" and "Encounter Sailake" [2] Group 2: Strategic Initiatives - The company is focusing on transforming its business model from a resource-dependent approach to a consumer-centered "value experience" model in response to changes in the tourism market [2] - Xiyu Tourism is leveraging its unique resource advantages at Tianshan Tianchi Scenic Area to develop new cultural tourism consumption ecosystems [2] Group 3: Project Development - The large-scale immersive performance project "Encounter Kashgar" has attracted over 70,000 visitors since its premiere in December 2024, significantly boosting surrounding tourism activities [3] - The "Encounter Sailake" immersive performance center aims to showcase the seasonal beauty of Sailake and began testing in May 2025 [3] Group 4: Shareholder Confidence - The controlling shareholder, Xinjiang Cultural Tourism Investment Group, plans to increase its stake in the company by acquiring between 1.35% and 0.70% of total shares within six months [4] - As of July 4, 2025, Xinjiang Cultural Tourism Investment Group and its affiliates increased their shareholding from 28.79% to 29.00% [4] Group 5: Market Strategy - The company intends to enhance promotional efforts, adjust marketing strategies flexibly, and improve service quality to expand market share and ensure project profitability in the second half of the year [4]

Core Viewpoint - Xiyu Tourism (300859) is expected to achieve a net profit of 9 million to 11 million yuan in the first half of 2025, leveraging the booming tourism in Xinjiang and developing new projects like "Encounter Kashgar" and "Encounter Sailake" [1][2] Group 1: Financial Performance - The company anticipates a net profit of 9 million to 11 million yuan for the first half of 2025 [1] - The tourism industry in Xinjiang has shown significant growth, with 132.78 million visitors and a total expenditure of 142.56 billion yuan, reflecting year-on-year increases of 11.15% and 11.59% respectively [1] Group 2: Business Development - Xiyu Tourism is focusing on enhancing its service offerings by providing comprehensive tourism services, including transportation, sightseeing boats, cable car tours, and RV camps [1] - The company is developing immersive performance brands under the "Encounter" series to create new growth avenues [1] - The "Encounter Kashgar" project has attracted over 13 million visitors in the first half of the year, showcasing the potential of new tourism formats like intangible cultural heritage workshops and aerial gardens [1] Group 3: Challenges and Strategic Response - The decline in performance is attributed to the early-stage market cultivation of new tourism projects, which require further development of revenue and profitability [2] - The company plans to increase promotional efforts, adjust marketing strategies, and enhance service quality to capture a larger market share and ensure expected project returns [2] Group 4: Shareholder Confidence - The controlling shareholder, Xinjiang Cultural Tourism Investment, plans to increase its stake in the company by acquiring between 1.085 million and 2.0925 million shares, representing 0.70% to 1.35% of the total share capital [2] - As of July 4, 2025, Xinjiang Cultural Tourism Investment has already increased its holdings by nearly 560,000 shares, raising its ownership from 28.79% to 29.00% [2]