188bet Live Casino(002159.SZ)In the new round of transformation period，From cableway to comprehensive development of scenic spots，Want to get rid of the situation of over-reliance on the ropeway business for income。

August last year，Company with 2.800 million yuan to acquire 80% equity of East Lake Ocean Park in Wuhan，This will be its first project in Wuhan，This is 188bet Live Casino’s first attempt at a theme park project。

It’s worth noting，Sante Ropeway is a focused ropeway company、A listed 188bet Live Casino company focusing on landscape and ecological scenic spots，Most of its projects are located in Wuling Mountain、Dabie Mountains、Mufushan District、Qinba Mountains and other national levels、Provincial contiguous poverty-stricken areas，The total number of poor people in the project area is about 670,000。In recent years, Sante Ropeway has promoted the development of “188bet Live Casino +” through industrial poverty alleviation。

Currently，The direct annual 188bet Live Casino income of the poverty-stricken area where the Sante Cableway project is located reaches 500 million yuan，Multiple projects have been selected into the national “Scenic Spots and Villages” 188bet Live Casino Poverty Alleviation Demonstration Project。First half of 2019，Jiangkou County where the company’s project is located、Yinjiang County、Chongyang County、Baokang County has reached the standards and conditions for exiting poverty-stricken counties，Extracted from poverty-stricken counties with the approval of Guizhou Provincial Government and Hubei Provincial Government respectively。

Frequently sell assets to “slim down”

Santesuo landed in the domestic capital market in 2007，The only listed 188bet Live Casino company in Hubei Province。Currently，The 188bet Live Casino project resources controlled by the company are distributed in Shaanxi、Hainan、Guizhou、Inner Mongolia、9 provinces including Hubei and Zhejiang，Main products include ropeways、Scenic Area、Camp accommodation, etc.。Especially the Fanjing Mountain Scenic Area operated by the company、Huashan Cableway, etc.。

In recent years，The profitability of Sante Cableway is hard to say optimistically，Consistently showing losses every other year。And in the next year after the loss，188bet Live Casino usually realizes investment income by transferring the equity of its subsidiary companies，Turn losses into profits。In recent years，Sante Cableway implements asset sorting plan，Continuous divestment of subsidiaries and loss-making assets with poor profitability has become an important way for Sante Cableway to "slim down and stop losses"。

Public information display，2013，Sante Ropeway transferred 52% of the equity of its wholly-owned subsidiary Wuhan Hanjintang Investment Co., Ltd.；2017，Sante has transferred 100% of the equity of its wholly-owned subsidiary Anji Santaye Pastoral 188bet Live Casino Development Co., Ltd.，There was a view at that time，This move is for Sante to put on the ST hat in order to avoid continuous losses、Taken to reverse performance；Soon，Sante Ropeway also issued an announcement，It is planned to transfer part of the assets held by its two Chongyang project companies to 2.Transferred to Wuhan Contemporary Real Estate Development Co., Ltd. for a price of 300 million yuan。

2018 only，188bet Live Casino Cableway has successively transferred 100% equity of its wholly-owned subsidiary, Xianfeng 188bet Live Casino Company、Full 70% equity and other rights and interests of Wuhan Mulan Ecological Real Estate Co., Ltd.，Achieve investment income respectively 1.3.2 billion yuan、1979.10,000 yuan。

According to announcement，188bet Live Casino’s expected profit in the third quarter of 2019 is 53.2 million yuan-61.2 million yuan，Decreased by 1 compared with the same period last year.78%-14.62%。Look at the entire first three quarters，188bet Live Casino’s net profit is expected to fall by 80% to 90% year-on-year。Net loss compared to the first half of the year was 3719.950,000 yuan，The performance of 188bet Live Casino has improved in the third quarter。

In the industry’s view，In recent years，Many scenic spots under Sante Ropeway are still in the "cultivation period"，The contribution to performance is not obvious，It is difficult to sustain a business model that only relies on selling assets，In the future, Sante wants to get out of the business dilemma，We still need to sort out our 188bet Live Casino resources as soon as possible，Concentrate on in-depth development of some comprehensive 188bet Live Casino projects that meet market demand，Sort out your own travel IP。

280 188bet Live Casino acquisition of East Lake Ocean World

While selling assets frequently，188bet Live Casino Cableway is also looking for new performance growth points by acquiring high-quality assets。

August 2019，188bet Live Casino announced，To be used as 2.800 million yuan in cash to acquire 80% equity of Wuhan Longchao East Lake Ocean Park Co., Ltd.，The latter mainly operates the "Wuhan East Lake Ocean World" amusement project。Santa Ropeway Indication，This acquisition is the company’s attempt to enter the theme park，The stable cash flow and good profits of the underlying assets help the company improve its performance。

According to disclosure，Wuhan Longchao East Lake Ocean Park Co., Ltd. is located in the East Lake Ecological 188bet Live Casino Scenic Area，Main business includes aquarium display、Ornamental and aquatic product breeding；Domestication and breeding of wild animals and birds、Exhibition、Performances, etc.。

As of the end of June 2019，The total assets of the target company are about 2.400 million 188bet Live Casino，Net assets 200 million 188bet Live Casino。First half of 2019，The target company achieved operating income of 40.08 million 188bet Live Casino、Net profit 10.88 million 188bet Live Casino。2018，The company’s operating income and net profit are 77.46 million 188bet Live Casino and 26.94 million 188bet Live Casino respectively.50,000 188bet Live Casino。

In this transaction，The value of all shareholders’ equity of the target company is evaluated as 3.5.1 billion 188bet Live Casino，Book value compared to the valuation base date of November 30, 20181.8.9 billion 188bet Live Casino, a premium of about 85%。Original shareholder’s commitment，The target company’s net profit after deductions from 2020 to 2022 shall not be less than 27.8 million 188bet Live Casino respectively、34.4 million 188bet Live Casino and 42.8 million 188bet Live Casino，The three-year cumulative net profit commitment is not less than 105 million 188bet Live Casino。

This acquisition is also an attempt at the strategic transformation of Sante Cableway。Currently，The main revenue of Sante Cableway comes from “scenic spot tickets + scenic spot passenger transportation (cableway、Sightseeing car)”，Among them, ropeway revenue accounts for about 70%，Scenic area income accounts for about 20%。2018，The policy of “reducing ticket prices for key state-owned scenic spots” is introduced，"Ticket removal" or "low ticketing" is the general trend，The market has price reduction expectations for most domestic 188bet Live Casino listed companies relying on natural resources，These companies generally face the problem of "ticket prices only fall but not rise"，The dilemma of rising costs instead of falling。

“The East Lake Ocean Park project acquired this time，A tourist attraction that is different from the past，But focus on urban leisure、Family-child tour、Theme park projects for surrounding travel，In line with the company’s strategy of adjusting its business model with content and experience as the core。” said the aforementioned executive of Sante Cableway，Get rid of public resources、Dependence on ticket economy，Innovative business formats and profit models、Extending the 188bet Live Casino industry chain，Is the general trend of industry development，This is also a problem that the Sante Cableway must face directly。

188bet Live Casino poverty alleviation drives annual income of poverty-stricken areas to reach 500 million

Since most of Sante Cableway’s projects are located in Wuling Mountain、Dabie Mountains、Mufushan District、Qinba Mountains and other national levels、Provincial contiguous poverty-stricken areas，The total number of poor people in the project area is about 670,000，In recent years, Sante Ropeway has promoted the development of “188bet Live Casino +” through industrial poverty alleviation。

“188bet Live Casino is a highly interconnected industry，Promote rural construction through the development of 188bet Live Casino resources、Related industry development，Create job opportunities，Improve residents’ quality of life，188bet Live Casino poverty alleviation is one of the country’s important projects for poverty alleviation through targeted poverty alleviation industry development。"Zhang Quan, President of Sante Ropeway, once publicly stated。

In recent years，Sante Ropeway promotes “188bet Live Casino +” development through industrial poverty alleviation。Fanjing Mountain is a typical case of the company’s targeted poverty alleviation through 188bet Live Casino。

Currently，Nearly 300 villagers in Fanjingshan Village operate tourist hotels、Farmhouse，Per capita income is nearly 30,000 yuan，Surrounding hotels、Farmhouses have grown to more than 1,000，Nearly 30,000 employees。The development of Fanjing Mountain Scenic Area，Directly promoted the development of a large number of surrounding 188bet Live Casino projects，Currently there are more than 100 foreign investment 188bet Live Casino projects。

Xilian Shennongjia，Baokang County, Hubei Province, north of Wudang Mountain，The development of Jiuluzhai Scenic Area of ​​188bet Live Casino has also promoted surrounding restaurants、Accommodation、The development of breeding and other industries。

The direct annual 188bet Live Casino income of the poverty-stricken area where the Sante Cableway project is located reaches 500 million yuan，Multiple projects have been selected into the national “Scenic Spots and Villages” 188bet Live Casino Poverty Alleviation Demonstration Project。First half of 2019，Jiangkou County where the company’s project is located、Yinjiang County、Chongyang County、Baokang County has reached the standards and conditions for exiting poverty-stricken counties，Extracted from poverty-stricken counties with the approval of Guizhou Provincial Government and Hubei Provincial Government respectively。

Sante Ropeway is building a 188bet Live Casino project at the same time，Also invested heavily，Optimizing the living environment of villagers，And cooperate with local governments to build or improve basic supporting facilities，Fanjingshan only，Complete 15 kilometers of underground power transmission and transformation project、30km optical fiber、20 kilometers of highway、7 bridges、Construction of 30 kilometers of trails and other infrastructure。

Currently，The direct annual 188bet Live Casino income of the poverty-stricken area where the Sante Cableway project is located reaches 500 million yuan，Multiple projects have been selected into the national “Scenic Spots and Villages” 188bet Live Casino Poverty Alleviation Demonstration Project。First half of 2019，Jiangkou County where the company’s project is located、Yinjiang County、Chongyang County、Baokang County has reached the standards and conditions for exiting poverty-stricken counties，Extracted from poverty-stricken counties with the approval of Guizhou Provincial Government and Hubei Provincial Government respectively。

*Source of this article: Changjiang Business Daily, author: Jiang Chuya，Original title: "Sante Cableway sells assets to “downsize” 188bet Live Casino poverty alleviation drives annual income of 500 million in poor areas》.