The listed 188bet sports betting app download company Guilin 188bet sports betting app download Co., Ltd. (referred to as Guilin 188bet sports betting app download) has been in trouble recently，It agreed to the bankruptcy liquidation of its subsidiary Guilin Danxia Hot Spring 188bet sports betting app download Co., Ltd. on September 8。

Severely insolvent，Unable to repay debt；Loss for many years，No hope of turning around losses，are the two main reasons for the company’s bankruptcy and liquidation。

This also reveals more about the "devastating" situation of Guilin 188bet sports betting app download.

Guilin 188bet sports betting app download，A long-established travel company that went public in 2000，The first listed 188bet sports betting app download company in Guangxi，is the largest state-owned 188bet sports betting app download group in Guilin，Control a large number of high-quality 188bet sports betting app download resources in "Guilin Landscape"，It’s not too much to say monopoly。

But even so，20 years，Guilin’s 188bet sports betting app download performance is mediocre，Many of its companies have suffered long-term losses，And it is difficult to sell successfully。

Guilin 188bet sports betting app download bears the important responsibility of the development of Guilin’s 188bet sports betting app download industry in some aspects，Can be regarded as the integrator of cultural 188bet sports betting app download industry resources in this area、The role of promoter of transformation and upgrading of cultural 188bet sports betting app download industry，But the reality is so "skinny"，Why？

Sun’s company went bankrupt and liquidated, and its subsidiary continued to suffer losses

Guilin Danxia Hot Spring 188bet sports betting app download Co., Ltd. (referred to as Danxia Hot Spring Company), which was filed for bankruptcy liquidation，51% held by Guilin Zijiang Danxia 188bet sports betting app download Co., Ltd. (referred to as Zijiang Danxia Company)，The latter is a wholly-owned subsidiary of Guilin 188bet sports betting app download。its announcement display，As of the end of 2019，Danxia Hot Spring Company’s audited total assets 8640.560,000 yuan，Total liabilities are about 2.1.2 billion yuan，Net worth-1.2.5 billion yuan，Achieved operating income of 618 in 2019.900,000 yuan，Net profit-2558.420,000 yuan。

(Guilin Danxia Hot Spring 188bet sports betting app download Co., Ltd. data。Screenshot source: Guilin 188bet sports betting app download Announcement)

Mentioned in Guilin 188bet sports betting app download Announcement，Danxia Hot Spring Company applied for bankruptcy liquidation for two reasons，First, serious insolvency，Unable to repay debt。As of July 31 this year，Danxia Hot Spring Company Net Assets-1.3.3 billion yuan，Severely insolvent；The second is losses for many consecutive years，No hope of turning around losses。

The choice of bankruptcy is to stop the loss，Reduce the drag on Guilin 188bet sports betting app download，Reduce its operational burden。Especially under the influence of the epidemic，This choice is more natural。

Preliminary calculation，In the case of bankruptcy and liquidation of Danxia Hot Spring Company，Zijiang Danxia Company’s claims against it as of July 31, 2020 (2.1.5 billion yuan) is about 1.4.1 billion yuan，The impact on Guilin 188bet sports betting app download’s net profit attributable to shareholders of listed companies in 2020 is approximately -78.45 million yuan (the final data will be subject to the actual data after the bankruptcy liquidation is completed)。

The performance of Zijiang Danxia Company is also difficult to deal with。It suffered losses from 2017 to 2019，Loss 1737 respectively.760,000 yuan、1772.020,000 yuan、3146.940,000 yuan，Loss continues to increase。

Guilin travel has become difficult.

In Guilin 188bet sports betting app download 2019 Financial Report，Among the 18 companies in which it holds controlling shares，7 companies are losing money。

In addition, Guilin 188bet sports betting app download’s financial report for the first half of this year shows，1.18 million tourists in the first half of the year，Decreased by 71% year-on-year.62%；Revenue 95.52 million yuan，Decreased by 68 year-on-year.21%，Net profit-1.1.2 billion yuan，Decrease by 1 year-on-year.2.1 billion yuan，1225 year-on-year decrease.01%，This decline is the largest among listed travel companies。

The "baggage" or business "luggage" of Guilin 188bet sports betting app download is not limited to Danxia Hot Spring Company。

It was mentioned in the 2019 financial report，The company continues to promote Fengyuyan Company、Guizhen Company、Integration and revitalization of unprofitable or loss-making assets such as Luoshan Lake 188bet sports betting app download Company。Speak directly，Most of them choose to sell to others，In order to divest non-performing assets。

Take Fengyuyan Company as an example，It mainly provides cave 188bet sports betting app download、Chinese food、Accommodation and other services。Starting in 2015，It fell into losses，2015-2019，They lost 796 respectively.610,000 yuan、1465.740,000 yuan、843.510,000 yuan、941.200,000 yuan、1101.970,000 yuan。

As of the end of 2019，Total assets of Fengyuyan Company 5990.30,000 yuan，Net worth is -3937.430,000 yuan，Similarly insolvent。

Since January 2017，Guilin 188bet sports betting app download publicly sells 51% of the equity and debt of Fengyuyan Company，But no party has been delisted after three listings，This is true even if the price is reduced。This action and results in 2018、Continuous performances in 2019，Even the listing was postponed three times in 2019，12 listings in total，Still unsuccessful。

Guilin 188bet sports betting app download’s determination to get rid of the “hot potato”、The quality of Fengyuyan Company，You can see it all。

20 years on the market, average performance

Guilin 188bet sports betting app download is a typical contradiction of “one high and one low”.

High，Reflected in the fact that Guilin 188bet sports betting app download has many high-quality 188bet sports betting app download resources in one place，is a resource highland enterprise；Low，The performance is mediocre，The decline is irreversible。

Guilin 188bet sports betting app download official information display，Its main business includes cruise ship transportation、Scenic Area 188bet sports betting app download Business、Hotel、Road Travel Passenger Transport、Taxi business, etc.。

It owns the two rivers and four lakes scenic spots which are the core 188bet sports betting app download resources in Guilin、Yinziyan Scenic Area、Longsheng Hot Spring Scenic Area、Fengyuyan Scenic Area、Zijiang Tianmen Mountain Scenic Area、Operation rights of Zijiang Danxia Hot Spring Scenic Area，And cooperated with the controlling shareholder Guilin 188bet sports betting app download Development Corporation to build the famous scenic spots in Guilin City-Seven Stars Scenic Area and Xiangshan Scenic Area；Owns 100% equity of the five-star hotel Guilin Lijiang Waterfall Hotel。

As of the end of 2019，Guilin 188bet sports betting app download has 41 newly renovated Lijiang star cruise ships，3989 seats in total，About 33 of the total number of star-rated cruise ships on the Li River in Guilin.09%；The company owns 351 taxis，About 16 of the total taxis in Guilin.19%；The company has 150 large and medium-sized tourist buses，Accounting for about 4% of the total number of tourist buses in Guilin.15%。

A large number of scenic spots resources，Add certain restaurants (catering、Accommodation)、Scenic area transportation resources，The quality of Guilin 188bet sports betting app download resources、Coverage and chainability，Already have many advantages，Possibility of integrating existing internal resources，And it also has certain resource monopoly attributes，For example, scenic spots。

Back in 2000，Guilin 188bet sports betting app download is now available，But in 20 years，Although revenue has fluctuated a lot，But the overall growth is maintained，The rise and fall of net profit has not changed much，The profit level is not high，As low as less than 6 million yuan，The highest one exceeds 80 million yuan，Can be circulated within 30 million-50 million for many years。

(Guilin 188bet sports betting app download 20-year financial data from 2000 to 2019。Zhihui is compiled based on financial reports)

If 2010 is taken as the boundary，Comparison of different 10 years before and after，The overall net profit of Guilin 188bet sports betting app download has basically not improved，The decline is obvious；And the instability of revenue，The next 10 years exceed the first 10 years。

In the past 10 years，Except when revenue peaked in 2014，In addition to the higher year-on-year growth in net profit in the same year，Guilin 188bet sports betting app download’s performance is basically hard to see bright spots。

(Guilin 188bet sports betting app download 10-year financial data from 2010 to 2019。Zhihui is compiled based on financial reports)

The bright colors in 2014 are also special。Year，Guilin 188bet sports betting app download Transfer’s Fulong Garden Project (urban village reconstruction real estate project)，Realized income 5.4.6 billion yuan、Net profit 6971.740,000 yuan。And the final net profit for the year was 37.24 million yuan，Indicates large losses in other businesses，The discount offset the profit of more than 32 million yuan。

(Guilin 188bet sports betting app download 2018、Main business income in 2019。Source: Guilin 188bet sports betting app download Financial Report)

Why is Guilin’s 188bet sports betting app download performance mediocre?

From the perspective of its main business income composition，Its income mainly comes from scenic 188bet sports betting app download (Yinziyan Scenic Area、Two Rivers and Four Lakes Scenic Area)、Lijiang River Cruise Passenger Transport Business and Lijiang Waterfall Hotel，Including scenic spots and cruise ship passenger revenue，Accounted for more than 72% of the total revenue in 2018，Over 68% in 2019，Reduced，But not much。

On the one hand，Guilin 188bet sports betting app download’s 188bet sports betting app download resources are relatively traditional and simple，Highly dependent on maintaining and increasing the number of tourists，The income model is relatively simple，And it is difficult to extend the consumption chain of tourists，Under the background that it is difficult to break through the 188bet sports betting app download market space，The ceiling of tourists and customer unit price is becoming more and more obvious；

On the other hand，Scenic spots under Guilin 188bet sports betting app download、Li River Cruise、Restaurant、Highway passenger transport and taxi services，Say the good news，has the attribute of tourist consumption chain，It is possible to get access to food, accommodation, travel。But to say the worst，These business segments are somewhat dispersed in terms of geography and business，Large management span and range，Scenic spots such as scenic spots are also relatively homogeneous，To connect the customer flow and consumption between businesses，Not easy。

The dilemma of the largest local 188bet sports betting app download group

Guilin 188bet sports betting app download is the largest 188bet sports betting app download group in Guilin，It is also the first listed travel company in Guangxi，It has the important mission of promoting the development of 188bet sports betting app download industry in Guilin。Resources controlled by it，Just see one or two。

Excellent stock，Increase bigger，Is the existing path for this type of state-owned 188bet sports betting app download group，Especially in terms of increment，Many listed companies in scenic spots have tried it，Or eager to try，But the overall effect is currently difficult to say optimistically，It is objectively difficult，There are also subjective shortcomings。

Guilin 188bet sports betting app download has naturally made many attempts，Take recent years as an example。

2015，Guilin 188bet sports betting app download and Songcheng Performing Arts jointly established a company (Guilin 188bet sports betting app download holds 30% of the shares)，Creating the “Eternal Love of the Lijiang River” Project，Total investment is about 8.0.5 billion yuan。It was put into operation in July 2018，Net profit in 2019 3592.90,000 yuan。

Same year，Guilin 188bet sports betting app download and Rongbaozhai established a joint venture，But the company’s net profit from 2016 to 2019 was -318.740,000 yuan、-120.180,000 yuan and 40.790,000 yuan、10.850,000 yuan，The income is basically better than nothing。

Still in 2015，Guilin 188bet sports betting app download and Tianyuan International Travel Service established a joint venture，Carry out O2O e-commerce and ground 188bet sports betting app download service comprehensive system operation and management business。Among them，Guilin 188bet sports betting app download holds 41% shares。2016、2017，The joint venture company lost 147 each.030,000 yuan、242.110,000 yuan，Finally sold by Guilin 188bet sports betting app download at a loss in December 2018。

A bigger move in March 2016，Guilin 188bet sports betting app download introduces Guilin Air Travel, which is controlled by HNA 188bet sports betting app download Group (owns 16% of Guilin 188bet sports betting app download)，Become the second largest shareholder，The first purpose may be to leverage HNA’s capabilities and experience in capital operations，At that time, there were strong traces of capital operation behind the trillion-dollar HNA。

More capital support、Financial support，And integrate and control more 188bet sports betting app download resources，It is the basic necessary means or path for a state-owned 188bet sports betting app download group，Many provincial 188bet sports betting app download groups are either seeking to be listed as a whole，Or promote the listing of its companies，And the introduction of central enterprises、Private enterprises and others are undergoing mixed ownership reform，Essentially, we rely on their capital power，If more resources can be integrated and opened up，Nothing better。

Guilin 188bet sports betting app download naturally follows this path, but it is not satisfactory.

March 24, 2017，Guilin 188bet sports betting app download has received a letter from Guilin Air Travel，Company 5761 to be held by Guilin Air Travel.600,000 shares pledged to Minsheng Bank Nanning Branch。

June 10, 2019，The pledged shares of Guilin 188bet sports betting app download touch the margin line agreed upon in the agreement between Guilin 188bet sports betting app download and the bank；Message display in July this year，The pledge of the pledged shares has been extended to July 2021。

Guilin 188bet sports betting app download is the third largest shareholder of Jinggangshan 188bet sports betting app download Development Co., Ltd.，It was expected to become a financing platform for the former，But the latter withdrew its IPO application in December 2017，Resulting in dashed hopes，Not yet implemented。

The capital market is not optimistic enough about Guilin 188bet sports betting app download。As of September 9 this year，Guilin 188bet sports betting app download market value is 19.5.9 billion yuan，Compared to the market value peak of 7.4 billion yuan in June 2015，Shrinkage of more than 5.4 billion yuan。

Guilin 188bet sports betting app download requires more money.

its financial report shows，Long-term borrowings from 2016 to 2019 were 7.9 billion yuan、5.7.3 billion yuan、7.1.1 billion yuan、7.5.1 billion yuan，Accounting for 29% of its total assets respectively.53%、21.82%、24.33%、26.17%。

In addition, its operating cash flow from 2016 to 2019 is 2.8.5 billion yuan、1.7.9 billion yuan、1.6.4 billion yuan、1.8.9 billion yuan。An improvement after several years of continuous decline，But the capital scale is not large。

In Guilin 188bet sports betting app download’s 2020 work plan，There are three important contents: focus on promoting refinancing，Focus on promoting the Vivid Lotus Project (new performing arts project)，Strive to promote the disposal and revitalization of unprofitable assets such as the Luoshan Lake Project (Luoshan Lake Sports and Leisure Project)。

This corresponds to the financing of Guilin 188bet sports betting app download、Enlarge the increment、Inventory optimization。There are several practical problems behind this，For example, the Luoshan Lake project has been under construction for 7 years with basically no progress，One reason is that the project land involves the economic interests of multiple village committees，It’s temporarily difficult to understand；Another in July this year，Guilin travel sign，The state-owned land use rights to the north of Hepu Street (former ceramic factory and surrounding areas) in Ziyuan County that the above-mentioned Zijiang Danxia Company won through bidding in 2008，Has been recovered by Zizi County Government。This land was originally used for 188bet sports betting app download project development，But it was also put on hold because it involved the interests of the villagers。Of course，The financial support for Guilin 188bet sports betting app download has not kept up，Maybe it’s also a reason。

Existing “inferior” assets are difficult to sell off，Revitalization and optimization are not easy；The land for the incremental project was recovered，Become the source of waterlessness......This is a reality that Guilin 188bet sports betting app download still has a hard time getting rid of。

The "Thirteenth Five-Year Plan" for the Development of Guilin's 188bet sports betting app download Industry mentioned many problems in Guilin's 188bet sports betting app download industry，includes: 1、Imbalance between product supply and demand。Presenting “188bet sports betting app download alone”，Insufficient leisure，The situation of “not strong culture”，Uniformity of 188bet sports betting app download products and diversification of tourist market、 Serious imbalance in personalization needs；2、Serious product homogeneity。"Scenic Area Mode、Team thinking" leads to simple inheritance of common products，There is a serious lack of personalized products，Unable to meet the new consumer demands in the era of mass 188bet sports betting app download；3、Insufficient competitiveness。

Mentioned in the above plan，"Thirteenth Five-Year Plan" period，Guilin 188bet sports betting app download urgently needs to reconstruct its product structure，Focus on cultural excavation，Upgrade and transform existing old products.......Promote leisure and vacation in scenic spots、Health and wellness、Green ecological transformation and upgrading，Create an international 188bet sports betting app download distribution center and all-weather service、Composite type、In-depth experiential style、Personalized travel destination。

Part of this important task must be supported by Guilin 188bet sports betting app download，But the “13th Five-Year Plan” is over，This is the reality。Next five years，Can it hold up part of it？