Listed travel companies are gradually handing over their 2020 financial reports，In this “most special” annual report full of epidemic genes，Significant losses are the main theme，And the struggle of enterprises、Self-help、Transformation，And industry changes，Also hidden in it，or reveal it。

Experienced the retaliatory tourism boom during the National Day “Golden Week”，And the short-term downturn in “celebrating the New Year in situ” caused by the winter epidemic，The tourism market ushered in a new round of recovery signals amid ups and downs，It’s a blessing，Where is the road ahead？

Past year，All are prologue。Zhihui launches the "Hui Reading Financial Report" series of planning during the annual report season，Exploring the important imprints or imprints in the “report card” of tourism companies in 2020，Analysis of Enterprises，A glimpse into the industry，In order to create a picture of the tourism industry in the post-epidemic era，Know the past，Ming Trend。

Part 2，We sorted out the financial reports of 30 listed travel companies，Restore the losses in the year of losses、The "blood recovery technique" of self-rescue。

From the abyss to slow recovery，The Black Swan of the 2020 Epidemic，Tourism companies have weathered the most difficult year with trepidation。

Now it’s time to submit the “transcript” again.

Needless to say, losses.

Among the travel companies that have disclosed their 2020 annual report/performance forecast，More than half of the companies with net profit losses。such as Huatian Hotel、Dadonghai A etc.，Net profit dropped even as high as -1121.83%、-1628.69%。

In order to hedge against the impact of the epidemic on performance、Get more cash flow "blood"，Many travel companies since the first half of 2020，He tried his best to save himself。

Xi’an Tourism is one of the travel companies with the most “recovery skills”，Not only "addicted" to financial products，Also opened a lifestyle center、Selling fresh food、Selling coffee，Even sell apples live broadcast。

More travel companies choose to sell off assets or transfer equity - CTS Hong Kong reluctantly abandons Shaolin Temple、Oct.com successively sells real estate projects、Wanda Hotel clears overseas assets。As for local established tourism companies，Sante Cableway divested multiple scenic area subsidiaries，Guilin Tourism、Huatian Hotel and others conduct bankruptcy liquidation or judicial auction of loss-making projects...

Under the surface of "selling, selling, selling"，It’s not so much about solving the difficulties of 2020，It is better to say that travel companies are accelerating to solve the previous difficulties。

Strip off non-performing assets、Optimize business structure、Accelerate strategic transformation，Travel companies’ “blood recovery 188bet app download techniques” have different meanings。Looking at it now，Success or failure？Can “selling, selling, selling” solve all the anxieties of travel companies？

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The "Mid-life Crisis" of Xi'an Tourism

Sell assets、Seller’s position、Play with financial management、Selling coffee、Selling fresh food、Selling fruits... among listed travel companies，Xi’an tourism is a typical example of “not doing business properly”。

2020，In the context of general losses in the industry，Xi’an Tourism handed over a seemingly eye-catching report card:

The net profit attributable to the parent for the whole year was 3757.630,000 yuan，The year-on-year increase is as high as 224.42%。Not only successfully turned around losses，And among the more than 20 travel companies that have disclosed annual reports，One of the few profitable companies，It is also the company with the highest net profit growth。

And another set of data，Indicates the hidden worries behind this report card:

2020，Xi’an Tourism Deducts Non-Net Profit Loss 1.0.2 billion yuan。This is also since 2013，Eighth consecutive year of losses on this financial metric，The loss exceeded 100 million for the first time，The year-on-year decrease expanded to 118.88%。

Picture taken from Oriental Fortune Network

The main tourism industry has no hope of turning around losses in the short term，Xi’an Tourism places its hopes on asset sales and financial management income。

Annual report data display，Non-main business of Xi’an tourism in 2020，Investment income amount up to 1.8.1 billion yuan，Increase 974.02%，Accounting for 537 of the total profit.33%。Including the transfer of 100% equity of Weishui Garden、Income from the disposal of existing assets such as the Shanglin Palace Hotel from the overall lease，Also includes nearly 30 million yuan in financial management income。

Based on comprehensive public information，After this year，This "blood recovery technique" of Xi'an tourism will continue to be used:

November 2020，Planned to put up for sale the seven-story property and auxiliary assets of the original company headquarters (Xi'an Tourism Building)，Asset valuation is approximately 18.2 million yuan，And the transaction is expected to be completed in 2021；

March 2021，Plans to use a total of no more than 600 million yuan of its own funds for entrusted financial management，Same month，Get 1216.Income from financial products worth RMB 430,000；

April 2021，Plan to arrange 90 million yuan to purchase financial products...

The pace of Xi’an tourism purchase, financial management and asset transfer is accelerating，And the epidemic is just a catalyst。Since the formal establishment of "Xi'an Tourism Service Group" in 1992，The 30-year-old "middle-aged crisis" is approaching Xi'an Tourism，Transformation anxiety is becoming increasingly prominent。

Obviously，Established nearly 30 years ago，The traditional business model of Xi’an tourism has been relatively solidified。

Xi’an Tourism’s main business is travel agencies and hotel industry，Travel agency business revenue accounts for more than 90% of total revenue all year round。But as competition intensifies in the online travel market，And the 188bet Online Sports Betting and Casino rise of non-standard accommodation "disrupting the situation"，Travel agency profit margin dilution，It is also difficult to expand the scale of hotel business。The total revenue of Xi’an tourism，It has gradually stalled since 2011，Hovering around 700 million yuan in the past 10 years。

It’s not like Xi’an Tourism has never thought about transformation.

Since 2016，It has tried twice to reorganize with media companies，It seems that they hope to transform into content-based cultural tourism products，Unfortunately, both acquisitions ended in failure。

Almost the same time，Xi’an Tourism is also testing the waters of characteristic towns，With Blue City Group、Daxing Group and other companies signed contracts，Cooperative development of outlet towns、Weishuiyuan Huacai Town、Ecological Nursing Town, etc.。But the cooperation period shall not exceed 6 months，No construction has officially started，Finally all cooperation was terminated。

Failed to reorganize twice、The town ended without a cure，Xi’an Tourism senses new retail opportunities again。

2019，Xi’an tourism begins to focus on the business industry，Specific details include trying to cooperate with a coffee brand to open the first salon-style store，Collaborating with convenience new retail store "Xilu Life Store"，Provide fresh food retail、Comprehensive services such as travel arrangements。

2020，Xi’an Tourism has also joined the wave of live streaming。It is specifically mentioned in the annual report，Live streaming selling apples “achieved online sales of more than 200 tons”。One of its advantages in developing live streaming e-commerce is，A large number of offline customers accumulated from previous travel agency business，Facilitate transfer to online conversion。Therefore，The commerce industry also directly became the “most profitable” business in Xi’an Tourism last year，Realized revenue 1.5.4 billion yuan，Accounting for 51% of the whole year.46%。

However，Revenue achieved 1.5.4 billion commercial business，The operating cost is also as high as 1.4.8 billion。Can this new business really become the next profit growth point for Xi’an tourism?，It’s still too early to predict。Even if profitable，How it compares with traditional travel agencies、Formation of synergy between hotels and other businesses，Still unknown。

Everyone wants to "recover blood" by selling sales

But where can I find the receiver?

Although the road to transformation is long，But for Xi’an tourism，The “fancy self-rescue” over the past year has at least solved their immediate needs - to survive the difficult 2020。

Among the profitable travel companies，Those who have successfully "recovered" through the transfer of equity include Sante Cableway and Jinjiang Hotel:

2020，Sante Ropeway achieves revenue 4.0.5 billion yuan，Decreased by 40 year-on-year.09%；Deduction of non-net profit loss 1.6 billion yuan，Decreased by 7677 year-on-year.51%。In contrast to the huge losses in the main business，Its net profit attributable to the parent company in 2020 reached 2852.110,000 yuan，105 year-on-year increase.06%。

Sante Ropeway’s net profit growth，Sourced from Chongyang Junshuihe Company and Chongyang 188bet app download Tourism Company、Guizhou Wuling Scenic Spot Company and Fanjingshan Sightseeing Car Company、Transfer of equity interests in Chaibuxi Company and others。It received 1.5.6 billion yuan investment income，Cash flow remains at 1.3.5 billion yuan。

Jin Jiang Hotel also transferred the equity of no less than 10 subsidiaries, etc.，Implementation 8.1.4 billion yuan investment income，236 year-on-year increase.96%。Slightly different from Sante Ropeway，Equity transfer of Jin Jiang Hotel，Most capital transfers belong to the Jinjiang group，Improved financial statements、Achieving light asset operations，Also revitalize corresponding assets within the Jinjiang Department。

However，Not all travel companies can solve their temporary difficulties by "selling, selling, selling"。

Compared with Xi’an Tourism，Also as a local traditional tourism company，The road to self-rescue for Guilin tourism is even more difficult。

2020，Guilin Tourism has suffered losses for consecutive years、The insolvent Danxia Hot Spring Company goes into bankruptcy liquidation，Obtained land transfer income of 17.69 million yuan；And transfer part of the assets of its Guizhen company through listing，Obtained cash income of 8.13 million yuan from asset disposal。

Including Danxia Hot Spring Company，From 2019，Guilin Tourism has gradually promoted the cooperation with Fengyuyan Company、Guizhen Company、Integration and revitalization of unprofitable or loss-making assets such as Luoshan Lake Tourism Company，At present，The assets disposed of by Guilin Tourism are mostly real estate and unprofitable assets。More directly，Compared to "recover blood"，Guilin Tourism mostly “stops the bleeding” by selling off non-performing assets。

But it is easy to stop the loss, but difficult to "stop the pain".

According to previous calculations by Guilin Tourism，In the case of bankruptcy and liquidation of Danxia Hot Spring Company，The impact on the company’s net profit in 2020 is approximately -78.45 million yuan。The actual data including the loss of Danxia Hot Spring is:

2020，Guilin Tourism Net Profit Loss 2.6.6 billion yuan，Down 584 year-on-year.30%；Deduct non-net profit loss 3.6.9 billion yuan，Decreased by 861 year-on-year.47%。

Huatian Hotel, a long-established tourism company owned by Hunan State-owned Assets，In the critical period of continued integration of Xingxiang Group，Also faced with the embarrassing situation of turning from profit to loss。April 15，Huatian Hotel discloses 2020 annual performance report:

During the reporting period，Huatian Hotel achieves total operating income of 5.1.5 billion yuan，Decrease of 53 year-on-year.59%；Operating profit-5.9.1 billion yuan，YoY decrease of 8586.17%；Total profit -5.9.9 billion yuan，YoY decrease of 8715.01%；Net profit attributable to shareholders of listed companies is -5.1.3 billion yuan，1121 year-on-year decrease.83%。

2020，Huatian Hotel takes real estate mortgage，Successively to Changsha Bank、Bank of China applied for 80 million yuan and 28 million yuan loans；

December last year，It announced that it plans to transfer 70% of its equity in Zhangjiajie Huatiancheng Real Estate；

January this year，The 188bet online sports betting holding subsidiary "Beijing Haobo" was put into judicial auction...

As of now，The transferee of the above transfer project has not yet been determined，“Beijing Haobo” also failed to sell in the first auction。Huatian Hotel also places its hope on "selling selling selling"，However, it is difficult to find a successor for the disposal of non-core assets，On the one hand, it cooperates with the integration of state-owned assets、Apply for a mortgage while applying for a loan、The situation of disposing of its assets will continue。

The sense of crisis is not prominent

Anxiety has not diminished

Compared to the above local tourism companies，OCT, one of the two major tourism central enterprises，The "sense of crisis" is relatively not outstanding:

2020，OCT annual revenue 818.6.8 billion yuan，36 year-on-year increase.39%；Net profit attributable to shareholders of listed companies 126.8.5 billion yuan，Year-on-year growth 2.8%；Operating cash flow 212.1.9 billion，YoY increase of 509.01%。

Even from various financial indicators，OCT can finally breathe a sigh of relief - first, under the high pressure of the "three red lines"，Successfully transferred from "orange" to "green"；Second, operating cash flow since 2017，The first time "from negative to positive"；Third, the short-term debt ratio increased from 29.74% reduced to 19.14%，Short-term debt repayment risks have been reduced。

The relative ease of OCT，On the one hand, it stems from its financing convenience as a central enterprise，Financing costs increased from 4 again in 2020.56% dropped to 4.48%；On the other hand, it comes from the real estate business which accounts for nearly half of the revenue，A large number of residential sales bring back capital flow。

Of course，Also includes part of the equity sale。Among more than 30 listed travel companies，OCT is relatively safe，But there is no shortage of "selling off the property":

2020，OCT A completed 70% equity of Chongqing Yuelan Real Estate Development Co., Ltd. through the open market、80% equity of Xiangyang Wencheng Industrial Development Co., Ltd.、60% equity of Taiyuan Qiaochen Real Estate Co., Ltd.、50% equity of Zhuozhou Qiaochenghui Company、Transfer of 11 projects including 51% equity of Wenzhou Overseas Chinese Town Investment Company and related claims。

Joint operation、The sale of equity interests in joint ventures brought OCT 34.2 billion yuan investment income，15% of total profit.62%。In addition to directly supplementing cash flow、In addition to bringing additional profit growth，What’s more important is to optimize the project structure，Adjust regional layout。At the same time，According to incomplete statistics，Real estate companies are the majority of OCT equity transfer projects，It can also help accelerate its goal of “de-realization”。

For OCT，The "anxiety" of transformation is not completely absent。Since its strategic transformation was proposed in 2015，The progress of OCT’s “focus on the main business of cultural tourism” seems to be accelerating。

For example, its update to Happy Valley - new water parks in many existing projects across the country，Enrich tourist experience；Introducing Pi Taojun、B duck and other various IPs，To make up for its 188bet online sports betting long-term lack of IP。Including the creation of smart scenic spots supported by 5G technology，They are all product iterations based on existing cultural tourism projects、An attempt to boost cultural tourism business upgrade。

In addition，Focus on the main business of cultural tourism，also reflected in its land bank structure。Annual report display，Among the 25 new land reserves in OCT in 2020，17 pieces of land are used for "cultural tourism comprehensive"。Including the projects it signed and invested in last year，Target positioning and business planning，Most of them are cultural and tourism complexes or similar projects。

But from the other side，Many projects also include urban communities、International Community、Ecological health care and other businesses，In fact, the “cultural tourism + real estate” model is still being used。Based on the needs of film development of comprehensive cultural and tourism projects，OCT passed the development and construction of large-scale projects，To increase regional land value，Selling house at premium、Obtain income from commercial real estate and cultural tourism project operations，Basically formed its real estate model of “cultural tourism + commercial + residential”。

It is precisely because tourism real estate-related income is included in its comprehensive tourism business income，What are the specific revenue amounts and proportions，Unknown yet。This also involves another much-criticized topic - the issue of disclosure of cultural tourism-related data。

Compared to specific data of real estate project sales，There is less information about the tourism business in the annual report。OCT disclosed only part of the total data，Includes 24 scenic spots under its umbrella、24 hotels、1 travel agency、4 open tourist areas，4282 tourists received in total.50,000 people，Restore to 82% of 2019, etc.。But beyond that，No more details about project operations。

OCT’s “secretness” about cultural and tourism data，One of the reasons or because of its tickets、Income from businesses directly related to cultural tourism such as consumer goods，The proportion of overall revenue is still not high。

New monthly data disclosure in OCT，The cultural tourism business seems to have lost its place，Specific project operation status、Ticket revenue、Accept tourists, etc.，No way of knowing。Many shareholders also said，Missing information related to cultural tourism business，OCT’s valuation in the capital market is still limited to the real estate model，The imagination space of cultural tourism has not yet been fully released。

In addition，OCT (Asia), another listed platform under the OCT Group，10 sales of Tongcheng Yilong shares also attracted attention。

As the listed investment platform of OCT Group，In the equity investment business of OCT (Asia)，Tongcheng Yilong is considered the most relevant in the tourism industry、One of the most important projects。2018，OCT (Asia) once made a high-profile investment in Tongcheng Travel with a total investment of more than 2 billion yuan。But since August 2020，Ten sales before and after, a total of 5915.440,000 Tongcheng shares，A total cash out of nearly 600 million yuan。

Except for the purpose of "recovering 188bet online sports betting blood"，How does OCT’s move help its plot layout？The layout of OCT’s cultural tourism transformation still attracts market research。