Recently，Hainan Kangtai Tourism Co., Ltd. (hereinafter referred to by securities as: Kangtai Tourism) submitted a public transfer statement to the National Equities Exchange and Quotations (hereinafter referred to as the "New OTC Market")，Planning to be listed on the New Third Board。

Displayed in the transfer instructions，Kangtai Tourism is a comprehensive tourism service provider focusing on destination tourism reception services，Mainly provides tourism reception services for tourists targeting Hainan as a tourist destination，This mainly includes destination tourism reception services (including customized tourism reception services、Standardized tourism reception service、Surrounding tour reception service）、Single commission business and others。2016 Kangtai Tourism Revenue 7.1.5 billion yuan，2015 revenue 7.6.7 billion yuan，The company’s main business gross profit in 2015 and 2016 was 57 million yuan and 51.87 million yuan，The gross profit margin of the main business is 7.44% and 7.27%。Although revenue fell in 2016，But in 2016, the company achieved a net profit of 13.25 million yuan，The net profit in 2015 was 7.4 million yuan。

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During the reporting period，The main business income of Kangtai Tourism remains 188bet app download basically stable，2015、The main business income in 2016 was 7.6.7 billion yuan、7.1.5 billion yuan，The decrease in main business income in 2016 compared with 2015 was mainly due to the impact of the “business tax to value-added tax” factor，From May 1, 2016，The company fully implements the business tax to value-added tax replacement，The amount of revenue recognized does not include VAT，The amount of revenue recognized by the company in 2015 includes business tax，Excluding tax factors，2015、The company’s main business income remained basically stable in 2016，The following table (unit: yuan)。

Depending on specific products，In 2016, the company’s customized tourism reception service revenue decreased by 16% compared with 2015.56%，The main reason is on the one hand the impact of the business tax to value-added tax reform，On the other hand, the company is considering the long-term development of the future，The customized tourism reception business was sorted out during the reporting period，Canceled some foreign branches engaged in customized tourism reception business，Income from booking air tickets outside the island has dropped significantly。

The company’s standardized tourism reception service revenue in 2016 decreased by 6% compared with 2015.66%，The main reason is affected by the factor of replacing business tax with value-added tax；The company’s surrounding tourism reception services increased by 5 in 2016 compared with 2015.34%，Mainly due to the increase in the number of people living in Hainan from outside the island，Increased demand for peripheral travel；Income from single entrusted services increased by 32% in 2016 compared with 2015.21%，Mainly due to the increase in the company’s ticket booking revenue，Off-island tour group income increased 188bet app download by 11% in 2016 compared with 2015.01%，Mainly due to the increased tourism demand from residents on the island and outside the island。

The headquarters of Kangtai Travel Company is mainly engaged in customized tourism reception business，And outbound travel、Domestic tour group business (included in "Others")；Pongtianxia mainly engages in standardized tourism reception business；Wode Travel mainly engages in peripheral tourism reception business；Sanya Kangtai is mainly engaged in Sanya one-day tour reception business (included in "Single entrustment service")；Sanya Chengtai is mainly engaged in ticket booking business (included in "single entrustment service")。

Main business cost according to product type and analysis

According to the transfer letter，The change in cost of Kangtai Tourism during the reporting period was mainly related to the change in sales revenue，2015、The company’s main business costs in 2016 were 7.100 million yuan、6.6.3 billion yuan，A decrease of 46.72 million yuan in 2016 compared with 2015，Decrease by 6.58%。Basically consistent with the decline in the company’s main business income。The main reason is the impact of the business tax to value-added tax reform。The proportion of the company’s main business costs during the reporting period was basically stable，The changes in the composition of the main business costs of each product category are basically consistent with the changes in the composition of the main business income of each product category，(as shown in the table above，Unit: yuan)。

Main business gross profit composition and analysis

The company’s main business gross profit in 2015 and 2016 was 57 million yuan and 51.87 million yuan，The gross profit margin of the main business is 7.44% and 7.27%。During the reporting period, the gross profit margin of the company’s main business remained 188bet online sports betting basically stable (as shown in the table below，Unit: yuan)。

Looking at specific business categories，2015、The gross profit margin of Kangtai Tourism’s standardized tourism reception services increased in 2016，The main reason is that the industry supervision has increased after the promulgation of the Tourism Law，Effectively curbing unfair competition in the travel agency industry，The past phenomenon of attracting tourists at low prices is gradually decreasing，The scale advantage of large travel agencies is highlighted，The concentration of the tourism market industry is gradually increasing。Peers all over the world seize this trend，Continuously strengthen management and service advantages，Making tourism service revenue and gross profit margin continue to increase。The decline in customized tourism gross profit is mainly affected by the national macroeconomics，Consumption of high-end tour groups dropped。The decrease in gross profit margin of single entrustment business is mainly due to the company's vigorous expansion of single entrustment business during the reporting period，Moderate profit sharing。The company’s other (off-island group business) gross profit margin declined in 2016，Mainly because the government’s regular subsidies for overseas group business are relatively large，The company is provided with government subsidies，Moderate profit sharing。

Kangtai Tourism relies on bulk purchasing、Customized procurement and other advantages to develop tourism products，Plan packaging according to market demand hotspots and deliver them through specialized channels。Kangtai Travel sells through offline agents and online agents，Maintain cooperative relationships with major domestic group travel agencies and online OTAs，Finally, the company provides destination reception services to consumers。188bet sports betting app download The company has developed over the years，Gradually establish collective procurement、R&D、Sales、A complete business chain with integrated services，In brand、Talent、Service、Has certain competitive advantages in quality control and other aspects。

*The author of this article: Wang Yanchao, an analyst at Zhihui (WeChat: wangdayan110)，Editor: Li Xin，Welcome to communicate！

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