Recent situation of the industry: the passenger flow of famous mountains and rivers is growing brightly.
General situation of industry
Traditional scenic spots open up new ways to integrate culture and tourism: in recent years, the leading domestic tourism enterprises, represented by Song City and Xi'an Literature and Tourism, have continuously innovated and broken through the traditional tourism mode by drawing lessons from the experience of overseas cultural tourism development, integrating more traditional cultural content expression, and forming more interaction with tourists. Immersive cultural experience has become a new way to shape tourism IP. Immersive tourism can bring about several changes: (1) extend the playing time of tourists, including the development of night economy. (2) continuous cultural experience innovation, bring different freshness to tourists and increase the rate of re-visit; (3) IP and personification of scenic spots, increase the sound volume of offline and online transmission, and further extend the interactive space with tourists; (4) realize multi-dimensional traffic realization through live streaming and e-commerce platforms.
The 23Q1 scenic spot plate has achieved a strong recovery: in 22 years, the scenic spot plate (Shenwan level III industry artificial scenic spot + natural scenic spot target business income / return to home net profit plus total calculated income) achieved business income of 11.6 billion yuan, only recovered to 41% of 1919% of 19Q1 23Q1 to achieve a strong recovery, the overall business income of the plate has returned to 73% of 19Q1. The performance side has achieved a turnaround. The overall net profit of 23Q1 plate is 280 million yuan, and the profit of 19Q1 is 470 million yuan, while the total loss of 22 years is 1.9 billion yuan. 23Q1 has successfully achieved a turnaround.
Revenue side: among the 16 listed companies in artificial scenic spots + natural scenic spots in Shenwan level III industry, 11 companies' 23Q1 business income has exceeded the same period of 19 years, including Tianmu Lake business income to 135% of 19Q1, Lijiang shares to 140% of 19Q1, Tibet tourism to 165%, Huangshan tourism to 128%, and Emeishan to 93%.
Performance side: Emeishan 23Q1 home net profit recovery leading, 23Q1 achieved home net profit of 70 million yuan, 19Q1 only 19 million yuan, mainly due to the company's 23Q1 revenue to achieve a better recovery compared with the same period last year, while costs and expenses are well controlled, the performance is greatly released. The net profits of Huangshan Tourism and Lijiang 23Q1 are 0.65 yuan and 55 million yuan respectively, far exceeding the 0.24 yuan and 35 million yuan of 19Q1 before the epidemic. In addition, the performance of Tianmu Lake 23Q1 is 19 million yuan, which is also better than the 15 million yuan of 19Q1.
Company introduction
Take Yulong Snow Mountain as the camp, ropeway, performance and hotel as the core business.
The company's core scenic resources are Yulong Snow Mountain in Lijiang City: Yulong Snow Mountain, located in the north of Lijiang City, is one of the first 5A tourist scenic spots in China. The company's core operating assets include three ropeways: Yulong Snow Mountain cableway, spruce ping ropeway, yak ping ropeway, and "impression? Lijiang "Performing Arts Project; since 2014, the company has continued to expand outside, and the current tourism resources have been distributed to the ancient city of Lijiang, Yulong Snow Mountain, Lugu Lake and Shangri-La, forming a tourism company with cableway, performance and hotel as the core industry.
The company's net interest rate is higher: excluding the 2008 earthquake disaster, the 2010 cableway shutdown and reconstruction, and the impact of the epidemic in 2020-2022, the company maintains a net sales interest rate of more than 30% in most of the remaining years; compared with companies in other tourism sectors, the sales net interest rate of Lijiang shares in normal years is in the forefront.
Ownership structure
After listing, the actual controller has changed: at the beginning of listing, the largest shareholder of the company is Yunnan Yulong Snow Mountain Provincial Tourism Development Corporation (transformed into Lijiang Yulong Snow Mountain Tourism Development Co., Ltd in 2005). The actual controller is the management committee of Lijiang Yulong Snow Mountain Provincial Tourism Development Zone. In 2017, after Huabang Life Health completed the capital increase of Lijiang Shanfeng Tourism Trade Investment Co., Ltd., the actual controller of Lijiang shares was changed to Mr. Zhang Songshan. According to the company's 2022 annual report, Mr. Zhang Songshan is the chairman of Huabang Life and Health Co., Ltd., and the actual controller of Lijiang shares. Huabang Life Health directly and indirectly holds a 29.99% stake in the company.