After the “trauma”, Qingdu tourism draws out the “culture” of the pie

2022-05-08 0 By

Can Qingdu tourism speak “Taoist culture” well for capital?Dujiangyan city, known as “worship water Dujiangyan, ask Qingcheng Mountain”, is a city because of weir and water.Among them, Qingcheng Mountain – Dujiangyan Scenic And Historic Interest Area enjoys the world Cultural Heritage, national 5A-level scenic spot, national scenic and historic Interest area, national key cultural relics protection unit and other honors.The prospectus for the initial public offering (IPO) of Chengdu Qingchengshan Dujiangyan Tourism Co., LTD. (hereinafter referred to as “Qingdu Tourism”) has been disclosed on the website of China Securities Regulatory Commission (CSRC).Information shows that the company is planned to be listed on the main board of the Shenzhen Stock Exchange, with Citic Jiantou Securities as the lead underwriter.According to daily Earnings, the company mainly relies on the rich tourism resources of Qingcheng Mountain – Dujiangyan scenic spot to provide ropeway, sightseeing bus services for tourists.As the actual controller, The State-owned Assets and Finance Bureau of Dujiangyan indirectly controls 80% of the equity of the company.Dudu Group and Xingshi Group hold 76.28% and 3.72% of the shares of the company respectively. Dudu Group indirectly and directly holds 100% of the shares of Dudu Group and Xingshi Group respectively, while Dudu Group is 100% owned by Dujiangyan State-owned Assets and Finance Bureau.However, despite the entry of central enterprises, Qingdu Tourism is still faced with the problems of centralized and single internal business, dependence on ropeway business and limited growth potential. It may be difficult to go public.Tourism, an industry highly dependent on the movement and aggregation of people, has been hit hard by measures such as restrictions on the movement of people taken by various regions since the outbreak of COVID-19 in early 2020.According to data from the World Tourism Cities Federation and the Ministry of Culture and Tourism, the number of global and Chinese tourists in 2020 was 7.278 billion and 2.879 billion respectively, down 40.88 percent and 52.06 percent year-on-year.Global tourism revenue fell 49.66 percent year-on-year to us $2.92 trillion, with tourism accounting for 3.6 percent of global GDP, the lowest level in nearly a quarter of a century.In this context, the profitability of qingdu tourism is also greatly affected.According to the prospectus, in the year of 2018, the year of 2019, the year of 2020 and the first half of 2021 (hereinafter referred to as the “reporting period”), the company’s main business income is 107,507,400 Yuan, 109,538,200 yuan, 50.384,500 yuan and 36.892,200 Yuan respectively.The realized operating margin was 78.0355,500 yuan, 79.435,200 yuan, 31.003,500 yuan and 28.527,600 yuan respectively.In addition, during the reporting period, the net cash flow generated by the company’s operating activities was 80,839,500 yuan, 82,351,500 yuan, 30,203,200 yuan and 34.360,900 yuan respectively, and the net profit during the same period was 49.984,200 yuan, 61,254,300 yuan, 27.903,300 yuan and 27.972,200 yuan respectively.Overall, the profitability of the company showed a slight increase in 2019 compared with that of 2018, but it fell off a cliff in 2020, and the profitability index data directly “halved”. Among them, the company’s operating revenue decreased by 50.24% year on year, while its net profit decreased by 54.45% year on year.This is mainly due to the epidemic caused by the closure of scenic spots, restrictions on inter-provincial travel and other control measures and policy restrictions, the company’s cableway, sightseeing bus tourist reception decreased.In the face of the operating performance of the “cut in half” decline, travel companies urgently need to use the capital market back blood.If qingdu tourism can be listed successfully, it is expected to become the second a-share tourist attraction listed company in Sichuan province following Mount Emei A.The daily Financial Report found that apart from the systemic risk brought by the epidemic, Qingdu tourism itself has problems such as centralized and single business structure and unsmooth adjustment of service price, which may be the key factors affecting capital’s favor.It is reported that the predecessor of Qingdu tourism is Tianyi film and Television, established on November 3, 1999, mainly engaged in advertising business.In 2016, with the approval of The State-owned Assets Office of Dujiangyan, Sunshine Tourism and Dujiangyan Tourism Group transferred their dujiangyan environmental sightseeing bus, Qingcheng Qianshan ropeway, Shuixiang Family Hotel, commercial street assets of Ginkgo Lane, Xingyan Lijing Hotel and other assets, as well as 55% equity of Guyan Image and 45% equity of environmental sightseeing bus to the company free of charge.After the asset restructuring, the main business of the company changed to ropeway and sightseeing bus operation. Meanwhile, the company continued to operate advertising business, and operated non-main business such as related property leasing assets through external leasing.Subsequently, in order to focus on the development of the main business and enhance the independence of the business, the company closed down the advertising business and sold the related assets at the end of 2019. At the same time, in November 2020, the company divested the property leasing assets by means of survival and separation.At present, the company has obtained the franchise of Qingcheng Mountain ropeway environmental protection tourism cable car (Qingcheng Qianshan ropeway) and Dujiangyan City environmental protection tourism sightseeing car (including Qingcheng Qianshan and Guanxian Ancient City lines), the franchise term is September 2036 and September 2024 respectively.Divided by business types, during the reporting period, the company’s revenue from the ropeway business of Qingcheng Qianshan was 75.312,900 yuan, 75.799,100 yuan, 35.811,700 yuan and 2,300,100 yuan respectively, accounting for 70.05%, 69.20%, 71.08% and 62.35% of the main business revenue respectively.Tourist car revenue was 32.195 million yuan, 33.73 million yuan, 14.57 million yuan and 13.89 million yuan, respectively.Among them, the business income of Qingcheng Qianshan sightseeing bus is 30,341,500 yuan, 31.816,200 yuan, 14.083,600 yuan and 13.513,700 yuan respectively;The revenue of guanxian Ancient City sightseeing bus was 1,852,900 yuan, 1,292,900 yuan, 489,100 yuan and 377,500 yuan respectively.It can be found from the above data that the profit source of the company only depends on the ropeway and sightseeing bus services provided in The Qianshan Scenic spot of Qingcheng, and it is more dependent on the ropeway business, which is small in scale, concentrated and single.Thirdly, the future profit development of the company has a strong correlation with the tourist reception volume of Qingcheng Qianshan Scenic spot.However, after years of development, the development of tourism resources in Qingcheng Qianshan Scenic spot has been mature, and there are certain limitations in the sustained growth of tourists in the scenic spot (currently, the maximum carrying capacity of tourists is 30,000 person-times/day), resulting in a certain “ceiling” for the growth potential of the company’s existing business.In addition, the qingcheng Qianshan ropeway and Dujiangyan Guanxian Ancient City sightseeing bus operated by the company are located in national scenic spots and national 4A tourist attractions respectively. The determination and adjustment of relevant service charging standards are subject to the approval of the competent government departments, and the company cannot raise the charging standards by itself.Therefore, if the company reduces the relevant service prices as required by the government authorities in the future or fails to obtain timely approval to adjust the service prices with the increase of energy and labor costs, the company’s business performance will be adversely affected.Statistics show that in the first half of 2021, the total number of domestic tourists reached 1.871 billion, an increase of 100.8% over the same period in 2020, and the domestic tourism revenue reached 1.63 trillion yuan, an increase of 157.9% over the same period in 2020.The total number of domestic tourists and tourism revenue recovered to 60.9% and 58.6% respectively in the same period of 2019.With the recovery of domestic tourism, the company will continue to improve the capability and level of cableway and sightseeing bus services, expand the cultural and tourism complex project operation, immersive tourism, characteristic tourism IP development and other businesses with tourism performance as the core.Therefore, Qingdu tourism plans to raise 346 million yuan for the construction of “Wudao Qingcheng” cultural and performing arts comprehensive project, procurement of qingcheng mountain scenic spot sightseeing vehicles and supplementary liquidity.It is worth noting that the “Wudao Qingcheng” project will use 220 million yuan, accounting for 63.66% of the total fund raised, which is also an important step for the company to enter the tourism performing arts market and achieve diversified business layout.The total box office of the domestic tourism and performing arts market reached 6.802 billion yuan in 2019, with a year-on-year growth of 15.1%, according to statistics from The Institute of Tourism Industry.From 2015 to 2019, China’s tourism performing arts market maintained steady and rapid growth, with box office revenue increasing from 3.645 billion yuan to 6.802 billion yuan, a compound growth rate of 16.9%.It is also the core concern of the public whether qingdu tourism can help it break through the “ceiling” limit which has been highlighted by its plan to open up performing arts business in the scenic area.In the first half of 2021, Songcheng Performing Arts, known as “China’s first performing arts stock”, achieved revenue of 735 million yuan, up 159.66% year-on-year;The net profit of withholding non-returning parent was 318 million yuan, up 1491.82% year on year;Its three live performing arts projects, Hangzhou Songcheng, Sanya Songcheng and Lijiang Songcheng, each generated more than 70 million yuan in revenue, with a year-on-year growth rate of more than 170 percent and a gross profit margin of more than 53 percent.And the company is also A sichuan enterprise of Mount Emei A under the “Only Mount Emei” live performance project is still in its infancy.In the first half of 2021, revenue from Mount Emei’s performing arts business increased 94077 percent year-on-year to 4.0623 million yuan, which, though still small in scale, has gone a long way toward boosting the company’s popularity.Will in the future, all the traveling around mount qingcheng Taoist culture investment and development of “enlightenment” green “comprehensive cultural projects, build” travel + culture “two-wheel driven business structure, using high quality” road “script” immersion “for performing arts experience project mode, timely in the sense of strong, scenic area cooperation development experience high pan immersive experience.In general, in the field of the traditional tourism, relying on the advantage of natural scenic spot of the cable car, sightseeing car are scarce resources, make the green tourism revenues have the minimum guarantee at the same time, also make its profit channel and a single, and the “enlightenment” green “project in the power business transformation and upgrading of the infinite imagination at the same time will also be given to the company.However, how it can tell the story of “Taoist culture” to the capital market remains to be tested by time.