illuviumusers| Debt rises, main business loses for 11 years, Xi'an tourism lost another 30 million yuan in the first quarter

On the evening of April 22ndIlluviumusersXi'an Tourism (000610)Illuviumusers.SZ) issued the annual report for 2023. The financial report showsIlluviumusersThe company achieved revenue of 5. 5% last yearIlluviumusers0.5 billion yuan, an increase of 38.85% over the same period last year; a net loss of 154 million yuan, compared with a loss of 167 million yuan in the same period last year.

The loss of Xi'an tourism will increase quarter by quarter in 2023. In 2023, the company lost 29 million yuan, 21 million yuan, 14 million yuan and 89 million yuan respectively in four quarters.

In terms of dividends, Xi'an Tourism said that due to the parent company's net profit loss of 190 million yuan in 2023, it did not have the conditions for cash dividends in 2023.

The first quarterly report for 2024, disclosed on the same day, showed that the company achieved revenue of 131 million yuan during the reporting period, down 6.10% from the same period last year, and a net loss of 30.1149 million yuan, compared with a loss of 29.4123 million yuan in the same period last year.

Xi'an Tourism is the first listed tourism company in Northwest China, and its main business includes travel agencies, hotels and trade.

The latest data show that the business scale of the two major sectors of Xi'an tourism is still expanding. In terms of travel agency business, the number of company branches increased from 204 at the end of 2022 to 266 at the end of 2023, and the number of hotels (residential accommodation) increased from 38 to 57.

From a business point of view, travel agency business accounted for a further increase in the total revenue of listed companies, from 21.77% at the end of 2022 to 58.07%. The proportion of hotel business also increased from 16.22% to 27.51%. However, business revenue decreased by 83.31% compared with 2022, from more than 200 million yuan to 41 million yuan.

It is worth mentioning that the gross profit margin of the main business of Xi'an tourism is in a historical position, although it is better than in 2022, but it is still difficult to reach the pre-epidemic level. According to Wind data, from 2019 to 2023, the gross profit margins of the company's tourism service industry were 5.46%, 6.81%, 6.18%,-32.06% and 2.26% respectively, while those of the business sector were 2.65%, 3.67%, 1.6%, 0.88% and 0.21%, respectively.

In 2023, the domestic tourism market ushered in a strong recovery, while Xi'an firmly ranked among the most searched domestic tourism cities, becoming a "top-notch" online celebrity city, and the income of the cultural and tourism industry increased significantly. Official figures show that in 2023, Xi'an received 278 million tourists and the total revenue of the tourism industry reached 335 billion yuan, another record high.

On April 22, Xi'an Tourism also said on the investor interactive platform that the company received more than 16900 tourists during the Qingming Festival Holiday in 2024.

Even so, the road of Xi'an tourism to turn around is also very difficult. From 2021 to 2023, the company is in a loss state. From 2013 to the end of 2023, the company's net loss after deduction for 11 years totaled 780 million yuan.

Secondly, the operating cash flow of Xi'an tourism has been in a state of net outflow for ten consecutive years. In 2023, the cash flow generated by the company's operating activities was 18 million yuan, compared with 209 million yuan last year.

The debt repayment pressure of Xi'an tourism is also increasing. By the end of 2020, the balance of monetary funds on the company's books was 314 million yuan, and the balance of current liabilities was 423 million yuan. By the end of 2023, three years later, the balance of monetary funds had decreased to 179 million yuan, while the balance of current liabilities had climbed to 996 million yuan.

At the financial level, A-share culture and travel plate is active. A senior source of a local securities firm in Xi'an told the interface news reporter that Xi'an, as an online celebrity city, A-share companies such as Xi'an tourism are representative enough, and they also have the nature of stock price speculation, and they belong to the concept of state-owned enterprise reform. it's easier to be sought after by funds. However, at present, with the current policy of all enterprises to include market value management into the assessment indicators, enterprises should really reflect the value of the company through various channels and respond to the concerns of investors. "for example, can investors in this state-owned enterprise get through? Do you respond actively on the interactive platform? Is the research report covered? Do you want to share out dividends? Is there equity incentive? " "the improvement of the above channels will enhance investors' understanding of listed companies and lay a foundation for market capitalization management."

However, since August 2017, no brokerage has issued a research report on Xi'an tourism. From January to April this year, the company responded to investor questions on the Shenzhen Stock Exchange for 6 times, 3 times, 2 times and 2 times respectively.