3.4.2 billion——This may be the final settlement price of CYTS for the three years of epidemic。

Recently，China Youth Travel Service (600138.SH) releases 2022 annual performance loss announcement，The net profit attributable to shareholders of listed companies is expected to be -3 in 2022.4.2 billion yuan，Compare 2123 in 2021.310,000 yuan turned from profit to loss；It is expected that the net profit attributable to shareholders of the listed company after deducting non-operating profits and losses is -4.3.1 billion yuan，Compared to last year-1.1.5 billion increase and loss。Among them，The company’s holding subsidiary Wuzhen Tourism Co., Ltd. received Tongxiang Municipal Finance Bureau 1.2.9 billion yuan subsidy，The amount of impact on net profit attributable to the parent company is 0.6.4 billion yuan。

Related people familiar with CYTS said， 2022，China Youth Travel Service has maintained the basic stability of its team and business，Having done a lot of work to reduce costs and maintain stable operations。June 27 last year，An announcement from China Youth Travel Service shows，Elect Ni Yangping as chairman of the company、Wang Silian is the vice chairman，The first and second leaders have changed their posts。

The impact of the epidemic on the industry has been delayed to this day，The era of traditional tourism is over。The two ancient town projects have higher profit weights，Has shown certain operating risks。According to Zhou Yishui, director of the Cultural Tourism Industry Research Center of Beijing Sunshine Consumption Big Data Research Institute: “In the early years, CYTS invested in Wuzhen and other scenic spots in the direction of strategic investment，But in the end it became a substantial financial investment，China Youth Travel Service will further develop the scenic spot operation management investment business segment in the later stage。”

188bet app download

3 years of epidemic，China Youth Travel Service’s income structure has been disrupted。According to the company’s annual report，China Youth Travel Service achieved revenue of 140 in 2019.5.4 billion yuan，17 of which are scenic area operating income.5.7 billion yuan，In subsequent 2020、2021，China CYTS achieved revenue of 71.5.1 billion yuan and 86.3.5 billion yuan，The income of the scenic spot has achieved 7.6 billion yuan、8.6.4 billion yuan，Compared to before the epidemic, it has shrunk by more than half。

Past，Travel agencies are regarded as traditional core businesses by the company，But now，Already“Core”No more。2019，Implementation 47.Tourism products and services with revenue of 1.8 billion yuan，at 140.About 33% of total revenue of 5.4 billion yuan.57%；Slump to 5 in 2020.9.6 billion yuan，at 71.Accounting for about 8% of total revenue of 5.1 billion yuan.33%。By 2021，China Youth Travel Service’s total revenue rebounded slightly to 86.3.5 billion yuan，But at this time, the revenue from tourism products and services is only 5.0.4 billion yuan，Nearly one-tenth of the level before the epidemic，The proportion of revenue fell further。

Meanwhile，IT product sales and technical services that have remained stable for three years and have a revenue of around 4 billion，Become the company’s largest source of income。IT hardware agency and system integration business are strategic investment businesses of the company，Including welfare lottery technical services in Yunnan, Guizhou and Sichuan provinces and China Youth Travel Service Building leasing business，Contributes net profit to the company every year，But its gross profit margin is even lower than that of the travel agency business。

“IT equipment business is not equipment production，Mainly general agent sales，So gross profit is low，But it plays a certain role in maintaining corporate cash flow。”Zhou Mingqi, founder of Jingjian Think Tank said。

Integrated marketing services are recovering year by year，Covering conference activities、Public Relations Communication、Expo Exhibition、Sports marketing and other sectors，Because of its industry advantage，In the past three years, the company’s revenue and profits have been greatly improved。The company’s financial reports for the past three years，2019-2021，The company’s integrated marketing revenue is 26.7.1 billion yuan、11.7.4 billion yuan、17.3.2 billion yuan。Visible until 2021，The company’s total revenue is still 54 compared to before the epidemic.In the case of a gap of 1.9 billion yuan，The integrated marketing sector has caught up quickly。

However, the actual weight of the travel agency business may be reduced.Although outbound travel is very popular at the moment，But only 20 countries are open，There is a considerable distance from more than 100 countries and regions in a state of complete recovery。Before outbound travel achieves full destination coverage，It is difficult to increase the proportion of travel agency business in corporate revenue。

The significant decrease in travel agency income is an industry-wide phenomenon，China CYTS is also inevitable。“The whole industry is like this，Travel agencies are the worst affected by the epidemic，The travel agency business including the industry leader China Tourism Group has also shrunk significantly。”

Zhou Mingqi’s prediction: “With the full liberalization after the epidemic，Including partial resumption of outbound travel，Travel agency business will gradually improve，But affected by macro consumption power，It should be unlikely to return to the state of 2019。”

”Small Town Times“Can it rise again？

Affected by the Yangtze River Delta epidemic，Wuzhen’s passenger flow dropped by 90% in the first half of 2022.02%，After excluding the impact of real estate business，Revenue decreased by 74% year-on-year.59% to 1.2.9 billion yuan，Net profit loss 2.1 billion yuan。Gubei Water Town is relatively slowly affected，Receiving tourists 35.01% to 2，Down 50% year-on-year.22%，Revenue decreased by 28% year-on-year.01% to 2.4.3 billion yuan，Net profit loss 0.9.7 billion yuan。

You can imagine it when it comes to overall performance。First half of 2022，China CYTS Total Revenue 28.6.2 billion yuan，18 year-on-year decrease.69%，Net profit loss attributable to parent company 2.0.5 billion yuan，Decreased by 709 year-on-year.34%；Total revenue in the first three quarters is 48.1.4 billion 188bet Online Sports Betting and Casino yuan，Decreased by 22% year-on-year.7%；Net profit attributable to parent company-1.7.1 billion yuan，Down 558 year-on-year.96%。

Wuzhen Scenic Spot is the company’s unique “Culture + Exhibition”Small town business model，The subsequent Gubei Water Town and Puyuan Fashion Ancient Town are copies of this model。Currently，China Youth Travel Service holds 66% of Wuzhen Tourism Co., Ltd.，Holding 41 shares in Beijing Gubei Water Town Tourism Co., Ltd..19%。“Shuangzhen”The project is the company’s main source of profit，Being the top leader in small town tourism in China。

The development of local cultural tourism industry follows“Outstanding”Rule，It is difficult to cover all business types，But the success of a single project is enough to bless the surrounding area。Over the past ten years，The spillover effect of Wuzhen’s 10 million tourists，Driving the number of guest rooms in the scenic spot from 2,000 to more than 3,000，There are many B&Bs and other accommodation formats outside the scenic area，There are a large number of guest rooms in Wuzhen that can be absorbed by the market。

Zhou Mingqi thinks，Compare OCT by “Cultural Tourism + Real Estate”The model has developed all the way to“Big Mac”’s market size，Because it always operates around the main business of tourism，China Youth Travel Service has not deeply tied town development and tourism real estate，To a certain extent, I missed the dividends from the period of rapid real estate development。Not yet on the road to a real estate town，Shuangzhen’s brand influence has not been well realized，Restricting its continued expansion in scale。

But at the same time, some industry opinions believe thatAt least in terms of visibility and revenue benefits，“Shuangzhen”In the commercial market“Gain both fame and fortune”，Still a masterpiece of domestic small town tourism。After years of close contact and tacit understanding of concepts，Cooperation between the company’s small town project and Chen Xianghong’s team，Is the best choice for market value determination。

Screenshot of the official account of Puyuan Fashion Ancient Town

The Puyuan Fashion Ancient Town project, which is highly concerned by the market, was finally officially announced to be open to customers yesterday (March 1, 2023)。According to the previous announcement issued by the Tongxiang Municipal Government，The total construction area of ​​the Puyuan International Tourism Resort Project is approximately 71 square meters，Collect tourists and distribute them、Shopping、Catering、Office in one，The core scenic spot has been built。The total project investment exceeds 7 billion，Wuzhen Tourism Co., Ltd. holds 37 shares in the company to be established.24%，is the second largest shareholder。

According to media reports，Chen Xianghong chose Puyuan as the site in order to form a Jiangnan resort center ancient town group in Tongxiang。ButZhou Mingqi said，Due to the region、Similarities of radiation customer groups，Makes it difficult for the Puyuan project to be differentiated and attractive，“It’s easy to fight with yourself if you put it in one place”。

This is the view of Minsheng Securities Securities，Puyuan fashionable ancient town card location high-quality tourism resources，After opening, it is expected to become a new profit growth point for CYTS，Estimated 2023、The company’s net profit attributable to the parent company 188bet sports betting app download in 2024 will be 3.3.2 billion yuan、5.4.2 billion yuan。January 31，According to another announcement issued by Tongxiang，After Wuzhen Town successfully established the first batch of 5A-level scenic towns in Zhejiang Province in 2020，Puyuan becomes another provincial 5A scenic spot town in Tongxiang。The announcement also mentioned，The development of Puyuan has not replicated the Wuzhen model，The latter gradually waded into culture from a tourist town、Digital industry field，Puyuan is named after ";Industry”as the basis，Expand to “view”。

“The newly opened Puyuan is one of the results of balance，Both parties join forces again，Affected by the epidemic, it is far from outstanding，In recent years, we have deeply explored the consumer customer base、Project refinement and optimization、There is still a lot to be done in terms of in-depth publicity and marketing。”Zhou Yi water analysis scale。

It is worth mentioning，Even if the jewels are first“Shuangzhen”Project，Existing“Culture + Exhibition”The model can be improved even more。The person in charge of a scenic spot told ifeng.com Tourism，As two relatively successful projects in China，The exhibition model must also make further breakthroughs against foreign countries that have done better，Improve the theme value of the exhibition。

The China Youth Brigade, which has reached its 25th year, is blessed by multiple auras，In the capital market、Supplier、Peers、Customers have accumulated abundant resources。As the first A-share listed company in the domestic travel agency industry，2018，100% state-owned property rights of the company’s controlling shareholder, China Youth Travel Group, were transferred to Everbright Group，Since then, it has the development background of a large central financial holding group，To enhance financial strength and obtain policy support from central enterprises and advantages in foreign cooperation，Unique background in tourism service field。

Zhong Hui, chairman of Shangyouhui Cultural Tourism, believes thatThe future cultural tourism industry must be a five-in-one integrated development，Tourism needs and culture、Technology、Business、Financial close collaboration and innovative development。Background of central enterprises、Financial background has natural advantages。Capital and signboard，There is no shortage of CYTS。

However, the view of Jingjian Think Tank points out，The asset-liability ratio of CYTS has been at a low level of about 45%-50% for a long time，There is still a lot of energy left to play，Lack of breakthroughs in all business lines。Another striking example is，China CYTS Travel Network is the company’s travel and lifestyle platform，Already launched in 2005，Later, we witnessed the rise of many OTA platforms。“I didn’t catch it even in the Internet era，That’s when Ctrip gets up。”Zhou Mingqisheng。

“It is worth mentioning，China Youth Travel Service for‘Aoyou.com’’s strategic thinking、The choice of scaling requires greater courage，In terms of the characteristics of online travel，Platform‘Tired’The most unbearable state。”Zhou Yishui also known as。

What needs to be kept up with is always the next era。“I suggest taking advantage of central enterprises，Integrated with national policy guidance，Urban renewal in the city，Rural revitalization in the countryside。”188bet sports betting app download Zhou Mingqi said，This can be the focus of CYTS’ future business development，This period can also be combined with the reorganization and revitalization of some local inefficient state-owned assets。

China Youth Travel Service has a very comprehensive industrial chain and central enterprise background，China Youth Travel Service has a very comprehensive industrial chain and central enterprise background。Available at conferences and exhibitions、Integrated marketing resources，And scheduling of software and hardware facilities、Supporting capabilities，It allows the company to revitalize the commercial operations of many domestic township cultural tourism projects。

The eve of industry recovery

The industry’s supply and demand boom has been brewing for a long time，Travel companies are following every step。

“Once the destination is open，We will definitely provide comprehensive supporting products as soon as possible。For example, the first 20 countries to open up，Due to a lot of preparatory work done in the early stage，We started launching products on the night the announcement was issued，All online the next day。”Xu Xiaolei, brand manager of CYTS。

In the overseas travel market，As the first batch of surrounding Hong Kong and Macao regions to resume outbound tourism、Nearby Southeast Asia and other countries，and“One Belt, One Road”Along the Upper Egypt、Iran、Middle East、The popularity of special medium and long-term products in Africa and other places，Recovering in good condition。“Currently looking at the tourist situation in the first month，The number of travelers in the next three weeks will be about 10 times that of the first week，Its growth rate is still good。”Xu Xiaolei said。

Whether traveling overseas or within the country，Always in order、Gradual recovery。For CYTS，At present, we are focusing on three things: supporting corresponding travel products for destinations that are gradually opened、Collaborate with domestic and foreign partners to repair the tourism industry chain、Carry out marketing activities to continuously invite tourists。

“These activities are actually telling everyone，The market is recovering，You can prepare for your trip with confidence and boldness。”Xu Xiaolei said。

Restart of outbound tourism in the industry，It means that large domestic travel companies like CYTS may get on this express train。Compared to overseas markets，China CYTS Research Institute believes that，Domestic tourism market will be affected by government policy changes、The impact of two special factors on the serious decline in residents’ consumption power，Therefore, it is predicted that the domestic tourism market will run at a low level in the first half of 2023，Rural tourism around cities is still the mainstream。

According to media reports，During Spring Festival，The operating income of Wuzhen Scenic Area increased by 619% year-on-year compared with 2022，Recovered to 80% of the level of the same period in 2019。Gubei Water Town also maintained a good situation，Business recovery momentum is good，Present“Good start”。

However, the tourism market has exploded since the Spring Festival after travel restrictions were relaxed，Detention and safety accidents in scenic spots、Tour groups rip off customers、There is frequent chaos in the sky-high price accommodation and other industries，At the same time, there was also a notice to recruit county tour guides with an annual salary of one million yuan。Short of people、Missing product、Missing specification，For a time, the tourism industry seemed to have returned to the primitive days。

“Now is the worst time for this industry。”A senior travel agent once said this。

He also explained to ifeng.com Travel,Only two types of products are popular on the current market，The first category is completely low-priced products，Both buyers and sellers know what to expect；The other category is products with good quality and good price，And its competitiveness is set off by the former，Breaking out greater vitality one after another。

“Now is a good opportunity，Tourist requirements are very low and easy to meet，A company’s products are already very competitive if they don’t rip off customers，If the service were better，Product design is more reliable，Basically invincible。This is why Ctrip now strongly promotes private tours。”He said，Product sales of our own travel agency on January 20th，Equivalent to the sales volume of last year and a half。“People blocking kills，Buddha blocks and kills Buddha”，This is the effect that real management can bring out。

Even if the supply volume and chain tentacles are as strong as China Youth Travel Service，Xu Xiaolei said that tourism products and quality services can keep up with or reach the pre-epidemic status in a timely manner，“It’s not that easy”。

Take the popular outbound tourism as an example，Before online sale，China Youth Travel Service must cooperate with major destination tourism operators covering the world to repair the industry chain。“Recently, we have also observed serious tourism incidents in some destinations in the market，Enterprises need to screen and screen suppliers carefully，Do another round of evaluation on their qualifications。”Xu Xiaolei said。

February 7，The official public account of Wuzhen Scenic Spot released a recruitment announcement，Club tour guide responsible for customizing products and maintaining customer relationships、Promotional photographers and e-commerce operations specialists are among them，Even many such as hotel room service、Front desk reception，And lifesaving in scenic spots、Cleaning、We are recruiting for basic positions such as water and electricity maintenance workers, ticket inspection, etc.。Ifeng.com Travel has observed that Gubei Water Town also released a marketing and brand director on a certain platform、Content Production Manager、Creative Planning Manager、Multiple positions including new media operations，The salary of the online sales director is quite attractive，Monthly salary between 30k-50k。

“The most fundamental thing is the market，As long as the market recovers as soon as possible，These problems are not problems，China Youth Travel Service does not lack the ability to win the market。”Xu Xiaolei has great confidence in the future of CYTS。