On March 14, Tibet Tourism Co.Ltd(600749) issued the annual report for 2021. In 2021, Tibet Tourism Co.Ltd(600749) achieved a revenue of 174 million yuan, a year-on-year increase of 37.97%; The annual number of visitors to the park was about 2.22 million, returning to 105% before the epidemic; The operating revenue of scenic spots was 142 million yuan, an increase of 51.1% over the same period of last year. After announcing the termination of the acquisition of Xinyi cruise ship, Tibet Tourism Co.Ltd(600749) how will it build a tourism brand of “the third pole of the earth”?
Tibet Tourism Co.Ltd(600749) last year’s revenue increased by about 38%
On March 14, Tibet Tourism Co.Ltd(600749) (hereinafter referred to as ” Tibet Tourism Co.Ltd(600749) “) issued the annual report for 2021. In 2021, Tibet Tourism Co.Ltd(600749) achieved a revenue of 174 million yuan, a year-on-year increase of 37.97%; The net profit was -8.0639 million yuan, up from 4.743 million yuan in the same period last year; Deduct non net profit of -161875 million yuan, compared with -25.052 million yuan in the same period of last year.
Tibet Tourism Co.Ltd(600749) said that the bad debt provision of 9.29 million yuan was withdrawn due to the cancellation and uncollectible receivables judged in the current period; Affected by the epidemic and the slow pace of investment, some projects under construction were stopped, and the depreciation and amortization increased by 3.18 million yuan; Due to the reassessment of the goodwill formed by the acquisition of the former Lulang Scenic Spot Development Co., Ltd. in the current period, the goodwill impairment loss increased by 4.93 million yuan, and the above three items totaled 17.4 million yuan, which became the main reason for the decline of operating performance in the current period.
Although the marketing performance of China’s scenic spots was significantly affected by the decline of scenic spots and line marketing last year, the performance of scenic spots recovered was significantly affected by the epidemic situation and scenic spots in China. Throughout 2021, Tibet Tourism Co.Ltd(600749) visitors received about 2.22 million person times, which recovered to 105% before the epidemic; The operating revenue of scenic spots was 142 million yuan, an increase of 51.1% over the same period of last year. Among them, Tibet Tourism Co.Ltd(600749) core scenic spots have achieved 105% of the operating revenue in 2019, which is basically the same as before the epidemic. In addition, Tibet Tourism Co.Ltd(600749) last year’s overall gross profit margin was 39%, also a slight increase over the same period last year.
It is also reported that customized travel became a new trend of travel in Tibet Tourism Co.Ltd(600749) scenic spots last year. Through the increasing penetration of online tourism platforms such as Ctrip, flying pig and hornet’s nest, travel modes such as online group participation, team self driving and personalized customization have attracted young customers, and the proportion of customized travel has increased significantly. Due to the increasing number of tourists who make independent reservations and choose to travel freely through the online platform, the reception volume of individual tourists in Tibet Tourism Co.Ltd(600749) own scenic spot has been basically the same as that of the team during the Peach Blossom Festival in Nyingchi, may day and National Day holidays.
plan to terminate the acquisition of Xinyi cruise ship after 9 months
In addition, improve the overall profitability of the company, accelerate the focus on the main tourism industry and integrate high-quality tourism assets. In March last year, Tibet Tourism Co.Ltd(600749) announced the acquisition of 100% equity of Beihai Xinyi cruise ship Co., Ltd. (hereinafter referred to as “Xinyi cruise ship”) for 1.37 billion yuan. However, after nine months of planning, on December 28 last year, Tibet Tourism Co.Ltd(600749) announced the termination of major asset restructuring and withdrew relevant application documents. Tibet Tourism Co.Ltd(600749) only briefly disclosed the reasons for termination, which is a decision made after considering the capital market environment and its own actual situation.
At the investor briefing held on December 30 last year, the reasons for Tibet Tourism Co.Ltd(600749) terminating the restructuring also triggered concentrated questions from investors. However, Tibet Tourism Co.Ltd(600749) has not disclosed any further explanation.
It is understood that Tibet Tourism Co.Ltd(600749) acquiring 100% equity of Xinyi cruise ship was once regarded as a way of Xinyi cruise ship curve listing, and the acquisition price of 1.37 billion yuan was also considered to be relatively “low”. The broker behind this transaction is Xin’ao holding Investment Co., Ltd., the joint shareholder of Tibet Tourism Co.Ltd(600749) and Xinyi cruise ship.
Statistics show that Xinyi cruise ship’s main business is marine tourism transportation services. Its predecessor was the original listed company Beibu Gulf travel. Later, Beibu Gulf travel gradually stripped off its tourism business and renamed it Enc Digital Technology Co.Ltd(603869) , and Xinyi cruise ship is the “re collection” of the tourism transportation assets and businesses related to the original Beibu Gulf travel. From 2018 to 2020, the revenue and net profit of Xinyi cruise ship were much higher than Tibet Tourism Co.Ltd(600749) . From January to October 2021, the unaudited net profit of Xinyi cruise ship was 111 million yuan, while the net profit of Tibet Tourism Co.Ltd(600749) the first three quarters was 8.9312 million yuan.
With the termination of this restructuring, Xinyi cruise ship’s attempt to “relist” temporarily failed. The profitability of Tibet Tourism Co.Ltd(600749) , which was originally expected to inject the thickening performance of Xinyi cruise ship assets, will also continue to be under pressure. “Comparatively speaking, it is Tibet Tourism Co.Ltd(600749) more in need of Xinyi cruise ship. Xinyi cruise ship’s performance has been very stable, but due to the changes of the epidemic situation, Xinyi cruise ship has not fully recovered at present. Terminating the reorganization at this time will also help Xinyi cruise ship choose a more appropriate time to go public.” Zhou Mingqi, founder of Jingjian think tank, said.
how to build “the third pole of the earth”
For Tibet Tourism Co.Ltd(600749) , how to develop the main business has become a new focus.
In recent years, tourism products in the West have gradually become popular, and Ctrip and flying pig have launched their layout. However, compared with Xinjiang, Inner Mongolia, Gansu and Ningxia, as well as traditional popular tourist destinations such as Yunnan, Sichuan and Chongqing, Tibet’s tourism market is mainly limited by high altitude and environment, and there are still challenges in scenic spot development and tourist experience.
Tibet Tourism Co.Ltd(600749) also admitted that compared with the central and eastern regions of China, Tibet’s tourism industry started relatively late, and affected by factors such as high altitude, border areas and large traffic conditions, the scale of tourist reception has greater room for improvement compared with representative tourist attractions outside the region.
“Local tourism in Tibet is highly seasonal, and altitude sickness is also a problem. Moreover, many scenic spots under Tibet Tourism Co.Ltd(600749) banner are in Ali area, but the main local tourist route is the line from Nyingchi to Lhasa.” Zhou Mingqi said, “however, Tibet Tourism Co.Ltd(600749) has the advantage that there are scenic spot projects such as Yarlung Zangbo Grand Canyon and Lulang Huahai pasture in Nyingchi. Next, Nyingchi also needs to further strengthen the construction of tourism facilities.”
In this annual report, Tibet Tourism Co.Ltd(600749) predicts that after the Sichuan Tibet railway is completed and opened in 2026, the transportation to Tibet will achieve leapfrog development, which will drive the rapid increase in the number of free travel tourists, and the explosive growth of Tibet Tourism Co.Ltd(600749) market is expected. In this context, Tibet Tourism Co.Ltd(600749) plans to optimize the product structure, strengthen the building of medium and high-end products, and develop and design targeted products according to the different needs of group tourists, high-end tourists, self driving tourists and local tourists. At the same time, in the Nyingchi area, with the “nine vertical natural belts” as the core IP and the Grand Canyon as the core, attract and realize the comprehensive link of key resources such as Lulang, benri and basongcuo. Tiktok also emphasizes the importance of strengthening online digital marketing, and making full use of the media such as jitter, quick hands, Kwai hung book and today’s headlines to increase customer touch. In addition, Tibet Tourism Co.Ltd(600749) also emphasizes the importance of online marketing.
