End of August，The report cards of listed travel companies 188bet game half of this year have been released，No way to avoid，Really “miserable”。

Zhihui counted the first half performance of 70 listed travel companies including the New OTC Market，55 of them are loss-making companies，A total loss of approximately 53.7 billion 188bet game，Profit discounts with 15 profitable companies，The loss still exceeded 50 billion 188bet game。

Of course there is a detail here，The total losses of many airlines reached 47.7 billion 188bet game，In this scenic spot、Companies in hotels and other fields have lost about 6 billion 188bet game，Also reflects the small size of most travel companies、Problems such as weak ability to resist risks。17 of the listed tourism companies in scenic spots lost 1.9 billion 188bet game，The average loss per company exceeds 100 million。

The damage is direct and making money is not easy.

The epidemic has severely damaged the entire cultural tourism industry chain，But these losses are difficult to make up for through later stimulation，On the one hand, there is no retaliatory consumption，On the one hand, the normalization 188bet game epidemic，will bring lasting impact to most listed travel companies that will last forever，How to deal with it next？

Listed scenic spots: more losses and less profits, making a comeback is not easy

17 travel companies lost 1.9 188bet game

Among the 21 scenic spot listed companies listed in Zhihui statistics，Revenue in the first half of 2020 has declined to varying degrees，Average decrease of 64%。The total revenue of 21 travel companies in the first half of this year is 241.200 million 188bet game，Total revenue in the same period last year 351.500 million 188bet game，Decreased by 31% year-on-year.38%。

17 of the 21 travel companies are losing money (and 4 are making profits)，The total net profit loss is about 1.9 billion 188bet game，The total net profit in the same period last year was 1.2 billion，Decreased 258 year-on-year.3%。

One of the tourism companies with a loss of over 100 million is Guilin Tourism、Emeishan A、Sante Ropeway、China Youth Hostel、Qujiang Cultural Tourism and Haichang Ocean Park，The one with the largest losses is Haichang Ocean Park，Net loss up to 8.7.6 billion 188bet game，Decreased by 836 year-on-year.98%。

Haichang Ocean Park will be closed starting from January 24th。its representation，The substantial losses in the first half 188bet game were mainly due to the epidemic and related flow restrictions、The impact of not temporarily reinstating inter-provincial travel restrictions。

Compared with general scenic spots and theme parks，When the animal theme park is closed，Staff are still needed to feed and train animals。Haichang Ocean Park has nearly 10,000 employees，Has more than 100,000/ocean polar animals、Millions of square meters of venues and huge operation and maintenance and life support systems，Monthly operating expenses are hundreds of millions，Therefore, the losses are more serious than those of ordinary scenic spot 188bet game。

Another marine theme park, Dalian Sunya, suffered a loss of 5320 in the first half of the year.070,000 188bet game，Down 800 year-on-year.61%，Among listed tourism companies in scenic spots，The fourth largest decline。The situation it faces is far more complicated than that of Haichang Ocean Park。“Barbarians” continue their offensive，Change of Board of Directors，Change of control，In addition, business difficulties need to be solved，There are more fogs to be resolved on the road ahead for Dalian Shengya。

Mountain scenic spots，Huangshan Tourism、Emeishan A、Lijiang Tourism (Jade Dragon Snow Mountain)、Jiuhua Tourism、Changbai Mountain、Zhangjiajie’s first half revenue was 200 million 188bet game respectively、1.6.2 billion 188bet game、94.64 million 188bet game、7692.680,000 188bet game、24.63 million 188bet game、3581.620,000 188bet game，Respectively decreased by 72% year-on-year.53%、69.30% 、70.27% 、73.5%、80.9%、78.93%。The average decrease is more than 73%。

Loss can be considered “tragic”。Huangshan tourism loss 8842.420,000 188bet game，152 year-on-year decrease.60%；Jiuhua Tourism lost 3145.40,000 188bet game，139 year-on-year decrease.03%；Changbai Mountain lost 5775.850,000 188bet game，145 year-on-year decrease.93%；Lijiang Tourism Loss 2411.960,000 188bet game，124 year-on-year decrease.60%。

Emeishan A loses the most，Da1.300 million，268 year-on-year decrease.25%；Zhangjiajie has the largest loss，Da6159.550,000 188bet game，Decreased by 846 year-on-year.21%。

Affected by the epidemic, the number of tourists has dropped significantly、Some projects have stopped operating, etc.，In turn affecting revenue and profits，This is an important reason why the above-mentioned companies mention it more often when explaining their profit and loss data。Mount Emei is one 188bet game typical examples。

Emeishan A announcement，Affected by the 188bet game、Impact of closure of scenic spots，Company mountain tour ticket、Ropeway、Hotel、Performing、Tea industry and other main businesses have been hit by unprecedented impacts。The number of people entering the mountain dropped by 70%。

Although inter-provincial travel has further resumed、The epidemic situation is relatively good，Relaxation of traffic restrictions in scenic spots，But there is still a long way to go before the peak，At the same time, tourists’ confidence in traveling has not yet recovered，The effect of ticket price reduction has not gone away，Market consumer demand has changed especially after the epidemic，Bringing new challenges to the product supply of mountainous scenic spots，Failed to achieve new product supply、When the secondary consumption chain is difficult to grow，It’s hard to say that their days are optimistic，This 188bet game’s performance is also quite worrying。

One detail is，Zhangjiajie canceled its cultural and creative company，The company suffered continuous losses from 2017 to 2019，Loss of more than 5 million in three years，And the revenue is from 35.80,000，To 7.20,000，To 4.680,000，The business is getting smaller and smaller，This also reflects the difficulty of developing secondary consumption business in scenic spots。At the same time，Zhangjiajie goes down the mountain to build Dayong Ancient City，Hope to seek innovation and changes in traditional products，But the total investment is 22.1 billion 188bet game ancient city tourism comprehensive leisure complex，To bring a real breakthrough to Zhangjiajie，There is still a long journey ahead。

188bet game has been made, but the crisis is not over

Companies that are still profitable 188bet game half of this year，Among a bunch of loss-making companies，More conspicuous，Mainly four companies: Yunnan Tourism、Sanxiang Impression、Songcheng Performing Arts and Overseas Chinese Town。

Yunnan Tourism Revenue in the First Half of the Year 4.2 billion 188bet game，Down 58 year-on-year.29%；Net profit 105.680,000 188bet game，Down 96 year-on-year.93%；

Sanxiang Impression’s revenue in the first half of the year 4.9.4 billion 188bet game，Decreased by 66% year-on-year.22%；Net profit 7446.270,000 188bet game，Decreased by 80% year-on-year.57%。Its net profit fell but still remained profitable，All related to real estate projects，Due to the decrease in carryover income in the first half of the year，Causing a serious decline in performance。

The performance is also closely related to the real estate business，There is also OCT。its revenue in the first half of the year is 171.0.8 billion 188bet game，Down 3% year-on-year；Net profit 21.3.8 billion 188bet game，Down 24% year-on-year。Data display，OCT real estate sector’s revenue in the first half of the year was 68.8.9 billion 188bet game，Decreased by 42% year-on-year.09%。At the same time, the scenic spot and hotel business are affected by the epidemic，Exacerbating performance decline。

Songcheng Performing Arts’ revenue in the first half of the year 2.8.3 billion 188bet game，Decreased by 80 year-on-year.04%；Net profit 3984.830,000 188bet game，94 decrease year-on-year.92%。

The live performance business of Songcheng Performing Arts has been greatly affected by the epidemic，Resulting in a sharp decline in the main source of income，One of the reasons why we are still profitable，It is other scenic spots、Providing overall packaging services for performing arts projects，Brings design planning income。Songcheng Performing Arts Semi-Annual Report Display，Its revenue from design and planning fees in the first half of the year was 1.7.8 billion 188bet game，82 year-on-year increase.23%，Gross profit margin reaches 98.83%。

This income belongs to the category of light asset output，Gives Songcheng Performing Arts’ revenue diversification and ability to resist risks，Provides more possibilities，But compare its entire revenue before the epidemic，The revenue volume is still small，His live performances are still the absolute revenue generator。Including projects it is expanding，Some are light and some are serious，The overall business is still mainly asset-heavy，Maintaining good growth in revenue and ability to resist risks，There will be more challenges。Due to the impact 188bet game epidemic，It is difficult to fully return to the past for performing arts projects, especially indoor projects，Exhibition space in performing arts programs、Diversification of revenue composition，More targeted explorations and breakthroughs are needed。

It’s frozen when leaving the country, and you have to rely on domestic services

among non-scenic area listed 188bet game companies，There are also profit-makers，China Duty Free (formerly China International Travel Service) is one of them。

China Duty Free Revenue in the first half of the year 193.0.9 billion 188bet game，Decreased by 22% year-on-year.02%；Net profit 9.3.1 billion 188bet game，Decreased by 71% year-on-year.73%。It said that due to the impact of the epidemic，The number of customers in duty-free shops has dropped sharply，As a result, the company’s sales revenue dropped。

China Free Shipping will face two very direct situations，First, inter-provincial travel resumes，Sanya and even Hainan are welcoming more leisure and vacation consumption needs，Including duty-free shopping requirements，Hainan’s 49-day duty-free sales exceeded 5 billion 188bet game，Example。In addition to Hainan’s tax-free policy、The two positive interactions between the return of outbound tourism and the conversion of domestic tourism，will bring more possibilities to China Duty Free’s performance recovery in the second half of the year；The second is from a longer-term perspective，On the one hand, Hainan is trying to break the monopoly of the local duty-free market，China Duty Free will face more challenges；On the other hand, domestic and offshore islands are tax-free、Duty-free shops in the city are presenting more opportunities，China Duty Free can also compete for more opportunities。

For Uoxin Travel, which relies more on overseas business、Caesar Travel、For Fosun Travel，The performance in the first half 188bet game is naturally “miserable”。

UX Travel’s revenue in the first half of the year 12.1.7 billion 188bet game，Down 78 year-on-year.71%；Net profit is loss 1.7.6 billion 188bet game，Decreased by 260 year-on-year.12%。

Same period，Caesar Tourism revenue is about 8.9 billion 188bet game，Decreased by 67% year-on-year.62%；Net loss is about 1.1.8 billion 188bet game，Net profit in the same period last year was approximately 62.44 million 188bet game，288 year-on-year decrease.98%。

Fosun Tourism suffered more losses。its financial report shows，Net loss in the first half of the year 8.9.8 billion 188bet game，Year-on-year decrease of 283.67%。Overseas markets are Fosun Tourism’s business hub。As of the end of 2019，Fosun Culture and Tourism’s business in the world’s three largest markets accounts for 48% of Europe, Africa and the Middle East，Asia-Pacific 38%，America 14%。At the same time，Property sales are still one of the important drivers of Fosun Tourism’s revenue。Income from tourism-related property sales and construction services in the first half of this year3.7.6 billion 188bet game，Decrease of 78 year-on-year.74%。

These important factors led to Fosun Tourism’s first half revenue of 45.2.8 billion 188bet game，50% decrease compared to the same period last year，A "cut in half" situation occurs。

Fosun 188bet game’s full-year performance will have several variables: 1、Fosun 188bet game Taicang Foyou City’s more than 300 properties have started pre-sale，This will be an important guarantee for its revenue and profit increase；2、Sanya market recovery situation，Revenue of Atlantis Sanya；3、Overseas epidemic trends。

Hotels and airlines: heavy losses, will a reshuffle take place?

Hotels and airlines are big losers, especially airlines.

Due to the single business structure，Aviation is one of the industries most severely affected by the epidemic。Among the 8 airlines included in the preferential statistics，The cumulative loss is approximately 47.7 188bet game，Accounts for most of the losses of listed travel companies。

HNA Holdings suffered the largest loss，Da118.200 million 188bet game，Followed by Air China、Cathay Pacific、China Eastern Airlines and China Southern Airlines，Loss 94 respectively.400 million 188bet game、8.7 billion 188bet game、85.400 million 188bet game、81.200 million 188bet game。

The only exception is China Airlines，Its operating income in the first half of the year was 19.8.4 billion 188bet game，Net profit is 8.23 ​​million 188bet game。One of the core factors is its unique business model。As an independent regional airline，China Airlines regional routes account for 93%，Solo routes account for 92%。When operating regional routes，China Airlines and local government、Regional airports and other institutions sign capacity purchase agreements，Purchase passenger capacity for flights，At the end of each settlement period, if the actual ticket revenue from sales is lower than the total capacity purchased by institutional customers in the current period，The institutional client will pay the difference to China Airlines。

The financial report data shows，First half of the year，China Airlines received other income mainly composed of route subsidies amounting to 1.8.1 billion 188bet game，Accounting for 1521 of total profits.75%。

Although domestic airline business is gradually recovering，However, Cathay Pacific management previously believed that “the international passenger business is not expected to return to pre-crisis levels until 2024”，It also somewhat reveals the future business challenges of large airlines。

The current epidemic trend or prevention and control trend in many countries or regions has not yet reached a turning point，The influence coefficient is still likely to rise，188bet game warnings or bans between countries、Consumers’ 188bet game safety concerns，All will 188bet game long distances domestically、Compressed demand for international 188bet game，Especially international 188bet game。

The situation 188bet game hotel industry is not very optimistic either。Among the 10 hotel listed companies listed in Zhihui statistics，Seven companies suffered losses、3 companies are profitable，Among them, Jinling Hotel made a profit of 300,000，Basically on the edge of profit and loss。

The seven loss-making hotels are Huatian Hotel、Jinmao Hotel、Kaiyuan Hotel、Boutique Hotel、Dadonghai A、Quanjude and Xi’an Food，A total loss of nearly 1.4 billion 188bet game，4 of the hotels lost more than 100 million，BTG Hotel has the largest loss，Its operating income in the first half of the year is 19.0.4 billion 188bet game，Decrease by 52 year-on-year.27%；Net loss 6.9.5 billion 188bet game，Net profit fell 289 year-on-year.07%。The second is Huatian Hotel、Jinmao Hotel、Quanjude，Loss about 2 each.2.9 billion 188bet game、1.5.7 billion 188bet game、1.4.8 billion 188bet game。

The good news is，Part of the hotel financial report data display，Although most hotel groups were in losses in the first half 188bet game，But it recovered quickly in the second quarter。

Beijing Travel Home Inn Express，Revenue in the second quarter 11.0.4 billion 188bet game，Monthly increase of 37.84%，At the same time, losses narrowed significantly。As of June 30, 2020，The proportion of BTG Homeinn hotels that have resumed normal operations is 98%。

Another detail is，BTG Homeinns is promoting a plan to open 800-1,000 stores throughout the 188bet game。Data display，As of June 30，784 BTG Homeinn stores have been signed but not yet opened and are currently under contract，18 more than the end of 2019.78%。

Behind this action，can be found in strong competitors，Crisis and opportunity are usually relative，Market reshuffle is not impossible under crisis，This will bring some opportunities to them。During the 188bet game，Chain brand hotels compared to independent hotels，Have more ability to resist crises，On the one hand, many independent hotels have “collapsed”，Release more market share；On the other hand, many independent hotels will seek to "group" with chain brands。

The 188bet game has promoted market reshuffle, which is also reflected in this performance.