During National Day Golden Week，The hot scene of the domestic 188bet mobile market is still vivid in my mind，But it has nothing to do with the performance of the first three quarters of listed travel companies。Among the nearly 50 listed travel companies according to Zhihui statistics，The overall performance is still dismal，Loss is still the main tone in the first three quarters。

Traditional scenic spots and other 188bet mobile companies are currently in a difficult transition period，The impact of the epidemic is getting worse and “a dilemma”。And those travel companies that make a small profit，A closer look at the reasons behind it，It becomes even more “sad”。

Meanwhile，Although domestic 188bet mobile is recovering and improving，But the outbound 188bet mobile market is still in a "frozen" state，Including Air China、The six major airlines including China Eastern Airlines continue to suffer huge losses，The total loss is nearly 43 billion yuan。Caesar Travel、Enterprises such as Uoxin Travel that are more dependent on overseas business have further expanded their losses。

And the two sides of the crisis are also，The return of outbound 188bet mobile consumption and other factors have pushed up the domestic duty-free market、Opportunities for Hainan 188bet mobile development，More travel companies are competing fiercely with Hainan in the duty-free field。

Among nearly 50 listed travel companies，Who can’t hide the sadness in his performance？Who faces difficulties 188bet mobile transition period？Who can seize new markets and new opportunities？The answer may be gleaned from the third quarter report。

Sad: Slow blood recovery, "survive with broken arms"

Among the 20 listed 188bet mobile companies in scenic spots listed by Zhihui，Most of them are still showing a downward trend in both revenue and net profit。But the abnormal rise in Xi’an 188bet mobile’s net profit in the third quarter is particularly “eye-catching”。

Xi’an 188bet mobile Financial Report Display，Its net profit in the first three quarters increased by 2040 year-on-year.56%，Looking at the third quarter net profit alone, it increased by 9471.68%。However，The substantial increase in net profit has nothing to do with the main 188bet mobile business，But it is related to the investment income from selling assets。

2019，Xi’an 188bet mobile has actively carried out investment promotion work for its wholly-owned subsidiary Weishui Park project，Around Sports、Formulate related sports, leisure and wellness planning plans for hot spring resort concepts。And in September this year，Xi’an 188bet mobile has transferred 100% equity of Weishuiyuan Hot Spring Resort Co., Ltd.，got 1.Investment income growth of 5.6 billion yuan。

In stark contrast，Due to reduced 188bet mobile business income，Xi’an 188bet mobile’s operating income decreased by 4% compared with the same period last year.7.2 billion yuan，Decreased by 72% year-on-year.07%。To this point，Following the transfer of 35% equity of Xi’an Caotang Outlets Shopping Plaza in 2018，This listed travel company whose main business is travel agencies and hotels，Reversed performance by selling assets again。

Exchange for living space through “fire sale” of assets，Become one 188bet mobile ways for enterprises to save themselves during the severe epidemic。

Among the scenic spot 188bet mobile companies whose net profit fell by more than 100% year-on-year in the first three quarters，Guilin 188bet mobile with 1.2.8 billion yuan loss and 333.19% decrease，Becoming one of the most “miserable” tourist attraction companies。Since the second quarter，Guilin 188bet mobile has transferred some assets and land use rights of its subsidiaries twice，Also filed for bankruptcy liquidation of Danxia Hot Spring, which had suffered losses for three consecutive years。

Sante Cableway also transferred assets。Financial report data display，Sante Ropeway lost 1063 in the first three quarters.080,000 yuan，Net profit fell by 159 year-on-year.03%。It was announced on October 14th，will be 9532.540,000 yuan and 1872.Transfer 100% equity of Guizhou Wuling Scenic Area Company and Guizhou Sante Fanjing Mountain Tourist Vehicle Company at a price of 410,000 yuan，And adjust the payment ratio of resource compensation fees for Fanjingshan Cableway、Cancel the Taiping River 188bet mobile Project Operation Contract，Get 57 million yuan in income。

Among the 7 hotels included in the statistics，Like traveling in Xi’an、There are also people who have transferred assets such as Guilin 188bet mobile to "recover"。First three quarters of 2020，Including BTG Hotel、Dadonghai A、Five hotels including Quanjude and others are still in the red。Jinjiang Hotel continues to make profits，Net profit in the first three quarters reached 3.0.1 billion yuan。

However, Jin Jiang Hotel also has some assets moved。During the reporting period，Jinjiang Hotel investment income is 7.6.2 billion 188bet mobile，The same period last year was 2.1.6 billion 188bet mobile，252 year-on-year increase.03%，Mainly due to the transfer of its subsidiary Tianjin Hujin Investment during the period、Results from investment income obtained by Changchun Jinlv Investment, etc.。

On one side is the transfer of five subsidiaries of Jin Jiang Hotel，The other side，Loss in the first three quarters.The 8.1 billion Huatian Hotel chooses asset mortgage。Since the third quarter of this year，Huatian Hotel mortgaged some properties in Changsha，Successively to Changsha Bank、Bank of China applied for 80 million 188bet mobile and 28 million 188bet mobile loans。

Overall view，For already suffering from reduced passenger flow、For traditional scenic spots facing declining revenue and other issues，The normalization of epidemic prevention and control has slowed the recovery of 188bet mobile business，It is difficult to upgrade the scenic spots one by one when cash flow is tight。For listed hotels that have gone through the "golden decade"，Also faced with high management and operation costs、Issues such as diversion of B&B business。In this case，“Surviving with a broken arm” seems sad，But it has become one of the fastest and most effective means of buffering the crisis。

Difficulties: Internal and external troubles, obstacles in transformation

Except for those companies that need to sell off assets to cope with survival pressure，There are other 188bet mobile，Their survival pressure is not as urgent as the former，But it’s not easy to live an easy life。

Traveling with Huangshan、Zhangjiajie、Changbai Mountain as an example，The net profits of these three companies in the first three quarters were -4793.590,000 188bet mobile、-5982.130,000 188bet mobile、-3970.120,000 188bet mobile。Although the loss amount has narrowed compared with the previous two quarters，But as a typical mountainous scenic spot，The transformation and adjustment of such scenic spots continues。

Since the third quarter，The investment amount of Huangshan 188bet mobile’s comprehensive improvement project of Huashan Mysterious Grottoes Scenic Area will be increased from 3.8.3 billion yuan reduced to 3.500 million yuan，Another investment 1.700 million yuan to build the Flower Sea Art Land Project，Trying to transform from building a single scenic spot of Huashan Mysterious Grottoes to Huashan International 188bet mobile and Leisure Resort。Changbai Mountain will host the Hongshi Shifeng Scenic Area and the Grand Theater River Scenic Area in early July，To increase the company’s profit growth points。

After Zhangjiajie canceled its cultural and creative company，The ticket price of Wulingyuan core scenic spot has been increased from the current 225 188bet mobile/person，Split into scenic spot tickets: 165 188bet mobile/person in peak season (84 188bet mobile/person in low season)、Environmental car service ticket price is 60 188bet mobile/person，Effective from November 1st，And expressed consideration of operating cost pressure，This move will have a positive impact on the company’s performance。Previously，Zhangjiajie was included in the 2019 annual report，Attributing one of the main reasons for the decline in revenue to the Wulingyuan core scenic spot ticket policy and the reduction in environmentally friendly passenger transport prices。

Most mountainous scenic spots are still making adjustments in the third quarter to cope with changes in the external environment，And one of the few Sanxiang Impressions that has achieved positive revenue growth，But it is difficult to get rid of dependence on non-188bet mobile business。

Financial report display，Sanxiang Impression’s revenue is RMB 28.8.3 billion 188bet mobile，1660 year-on-year increase.23%；Revenue in the first three quarters 33.7.7 billion 188bet mobile，107 year-on-year increase.57%。The significant increase in Sanxiang Impression’s revenue is mainly due to the recognition of production revenue from Guan Impression in this issue 1.200 million 188bet mobile，Increased from the previous period；Due to the combined impact of the increase in income from the delivery of real estate projects compared with the previous period。

Refer to the 2019 annual 188bet mobile data，Cultural and performing arts account for only 3% of Sanxiang Impression’s revenue.69%，Real estate related businesses accounted for 93.99%。Although the development model of "culture + real estate" dual main businesses has been determined in 2015，However, Sanxiang Impression’s performing arts business has always been difficult to take on big responsibilities。

The fierce "infighting" of Dalian Sunya finally came to an end near the end of the third quarter。After the five former deputy general managers jointly resigned，New Chairman Yang Ziping、General Manager Mao Wei and the Panjing Fund Department behind him have the initiative。But the financial report data shows，Dalian Sunya’s mid-term loss in 2020 is 5320.070,000 188bet mobile，Loss in the first three quarters expanded to 6391.800,000。

Mentioned in Dalian Shengya Announcement，Under the influence 188bet mobile epidemic，its from late January to early June 2020、The scenic spot will be closed from late July to late August，Harbin Company from late January to late March 2020、The scenic spot is closed from late April to early July，Resulting in a year-on-year decrease of 82% in revenue.01%。

The road to transformation is bumpy，Changes in tourist demand，Impact 188bet mobile epidemic，Regardless of mountain type or theme park type scenic spots，The first three quarters are still faced with both domestic and foreign troubles。

Opportunity: How long is the window period for outbound 188bet mobile consumption to return?

Same as net profit loss，A typical heavy asset in the aviation industry、High leverage feature，Putting airline companies in the “hardest hit area” of losses among listed travel companies 188bet mobile three quarters。

Comprehensive data for the first three quarters，China Eastern Airlines、HNA Holdings、Air China、China Southern Airlines、Juneyao Airlines、The total losses of Spring Airlines’ six major airlines exceeded 42.9 billion 188bet mobile，The average decrease is about 623.84%。China Airlines maintains profitability with its unique business model，Net profit in the first three quarters reached 1.7.1 billion 188bet mobile，A decrease of about 53% compared with the same period last year.18%。

The "Aviation Industry Data Commentary 188bet mobile for September" released by Dongxing Securities also pointed out，Airlines hope to promote the release of demand by increasing domestic supply。But I want business performance to return to normal，The restoration of international routes is essential。However，Recurrent overseas epidemics and uncertainty have made most international routes still in a "dormant" state。According to International Air Transport Association (IATA) forecast，Passenger volume in 2020 dropped 66% year-on-year in 2019，Global passenger traffic will not return to pre-pandemic levels until 2024。

October 21，The General Office of the Ministry of Culture and 188bet mobile issued the "Notice on Further Strengthening Epidemic Prevention and Control in Autumn and Winter"，Clearly stated that travel agencies and online travel companies will not resume inbound and outbound group travel and "air tickets + hotel" business for the time being。

The “freeze” of outbound 188bet mobile business，To Zhongxin Travel, which operates an outbound travel agency、Caesar Travel and other companies also caused continuous impact。First three quarters of 2020，The revenue of Caesars Travel and Us Travel is 11 respectively.8.8 billion yuan and 13.500 million yuan，Respectively decreased by 74 compared with the same period last year.86% and 85.91%，The decline further expanded。Since October，Some management adjustments at Caesars Travel，Uoxin Travel introduces strategic investment from Alibaba, etc.，The two companies each took action to deal with the continued decline in performance。

While introducing combat investment，Uxin Travel also announced that it has signed a strategic cooperation agreement with Wangfujing Duty Free，The two parties plan to jointly carry out "188bet mobile + shopping" business in the city's duty-free shops and Hainan Free Trade Port，Jointly develop domestic and overseas travel retail business。

Looking from the other side，Restrictions on outbound travel have promoted the return of trillions of overseas consumption，Together with policies related to duty-free shopping on Hainan Islands, it has promoted the development of the domestic duty-free market。Without a doubt，Duty-free business has become a new opportunity for the 188bet mobile industry，China Duty Free becomes the first travel company to benefit。

Early September，China Duty Free has successively announced the establishment of Phoenix Airport Duty Free Shop in Sanya and the establishment of Chengdu Tianfu Airport Duty Free Company。It stated 188bet mobile three quarters financial report，With the implementation of the new tax-free policy for Hainan outlying islands in the second half of the year，The company’s main business continues to improve。

China Duty Free Financial Report Display，Its revenue in the first three quarters is 351.3.8 billion yuan，Year-on-year decrease of 2.81%。However, its revenue in the third quarter was 158.2.9 billion yuan，38 year-on-year increase.97%，Net profit 22.3.4 billion yuan，141 more than the same period last year.90%。This part proves that more consumption is released in the third quarter、The facts about 188bet mobile recovery。

New pattern of internal circulation market、Outbound travel consumption returns，Duty-free and mid-to-high-end leisure and vacation products, etc.，And there will indeed be new opportunities in the Hainan 188bet mobile market，But there are still several variables: 1、How long is the "window period" for outbound 188bet mobile consumption to return，1 year、2 years or longer，This winter’s epidemic and the trend of the epidemic in Europe and the United States are key factors；2、The "window period" will always end，How many of those who return and transform will be able to stay？Matching or substitutable products are key，For example, how much longer and deeper can China Duty Free’s duty-free product supply chain be?，This determines to a certain extent how strong the position of the "oligarch" is.，And how big can this plate be without tax?。

Can you firmly grasp this "window period"，will be a core for 188bet mobile companies to demonstrate their skills and achieve greater success in the future。