LIJIANG TOURISM(SZ:002033)2022-12-06 09:34Company Overview - Lijiang Yulong Tourism Co., Ltd. operates primarily in two segments: scenic areas and urban areas [2] - Key attractions include Yulong Snow Mountain with various cable cars and the "Impression Lijiang" cultural performance [2][3] - Urban operations consist of three hotels and a commercial street [3] Financial Performance - The cable car business has maintained a growth rate of approximately 10% in recent years, with the major cable car experiencing a 40% increase last year [3] - The major cable car contributes the highest profit margin, leading to a shift in marketing strategies [3] - The team-to-individual visitor ratio for the major cable car is 80% to 20%, while for the other cable car, it is 55% to 45% [4] Investment and Projects - Funds raised are primarily directed towards the Moonlight City project in Shangri-La, following the hotel and commercial street model [3] - The company is also investing in a boutique hotel project in Benzilan, which has already opened [3] - The Moonlight City project is currently under construction, with adjustments to investment scale and timeline due to market conditions [5] Challenges and Strategies - The hotel segment has faced losses in recent years due to government spending restrictions and economic downturns [4] - The company plans to enhance marketing strategies and explore innovative combinations to boost cable car usage [6] - The "Impression Lijiang" performance has a high reliance on group bookings, with over 95% of attendees being part of tour groups [7] Future Outlook - The company aims to expand its operations beyond Lijiang, focusing on cultural tourism and unique experiences [6] - There is a significant cash flow requirement for future projects, including the potential development of the Lugu Lake project [5] - The company is actively seeking opportunities for project development in line with government directives [6]