30家文旅上市公司发业绩预告 60%实现扭亏减亏或增长
30 Wenlv Listed Companies Issue Performance Forecasts 60% to Reduce Losses or Increase
2月，春风送暖，送来了新的一年，也送来了文旅各大上市企业的“成绩单预览”——2021业绩预告。
In February, the "report card preview" of major listed companies in Wenlv-2021 performance forecast.
这其中算是“有喜有忧”。忧的是，情况仍然很难说“好”：在这30家已预亏或预盈的上市公司中，整体有14家盈利，16家亏损，亏损仍然占比超过50%，是预告的“主旋律”。
among the 30 listed companies that have already made pre-losses or pre-profits, 14 have made profits and 16 have made losses, with losses still accounting for more than 50%, which is the "main theme" of the forecast.
但这其中也有充满希望的部分。30家企业里，18家净利润实现增长，占比约60%，12家下跌（含减收），占比约40%。在利润增长的企业里，有9家，即三分之一的企业实现了扭亏为盈；6家实现同比减亏；中国中免、三峡旅游和国旅联合3家实现了同比增长。这某种意义上可以说明，行业正在向光明的方向走去。
But there is also a promising part of it. Of Among the 30 companies, 18 companies achieved net profit growth, accounting for about 60%, and 12 companies fell (including revenue reduction), accounting for about 40%. Among the companies with increased profits, 9 companies, that is, one-third of the companies, have turned losses into profits; 6 companies have achieved year-on-year losses reduction; China CDFG, Three Gorges Tourism and CITS United 3 companies have achieved year-on-year growth. In a sense, this can show that the industry is moving in a bright direction.
当然，归属上市公司股东净利润的正增长并不能完全代表旅游企业的境遇好转。看各企业的扣非净利润就可以发现，许多企业的收益正增长（以及部分企业的负增长）事实上要归因于“非经常性损益”部分的变动，主营业务虽有好转，但在经济增益上的效果十分微弱。
Of course, the positive increase in net profit attributable to shareholders of listed companies does not fully represent the improvement in the situation of tourism enterprises.The positive growth in earnings of many companies (and the negative growth of some companies) is actually attributable to changes in the "non-recurring profit and loss" part. Although the main business has improved, the effect on economic gain is very weak.
如黄山旅游的预告中就提及，其收益主要源于“金融资产黄山赛富旅游文化产业发展基金（有限合伙）本期公允价值上升较多，相关收益为4510万元到6170万元”。扣除这部分后，其实际收入为亏损3545万元-5316万元。主营业务则仅是随着疫情得到控制与企业“优化产品结构、节支增效”，“取得了一定增长”。而亏损的企业中，大连圣亚的亏损就更多由于计提信用减值损失、资产减值损失以及计提预计负债所致。
As mentioned in the forecast of Huangshan Tourism, its income mainly comes from "the fair value of the financial asset Huangshan Saifu Tourism and Cultural Industry Development Fund (Limited Partnership) has increased more in the current period, with the related income ranging from 45.1 million yuan to 61.7 million yuan".After deducting this part, its actual income is a loss of 35.45 million yuan to 53.16 million yuan. The main business is only "achieved certain growth" as the epidemic is brought under control and the company "optimizes product structure, saves costs and increases efficiency". Among the loss-making enterprises, Dalian Shengya's losses are more due to the accrual of credit impairment losses, asset impairment losses and the accrual of estimated liabilities.
在这些预告中，我们能看到疫情给西安、云南等疫情爆发地域的文旅上市企业带来的巨大亏损，也能看酒店与文旅演艺企业扭亏为盈，文旅企业普遍减亏增收中传递的积极信号。但整体来说，抛开企业在资产调整上的“动脑筋”，文旅行业冻土未化，亏损仍然严重。
In these forecasts, We can see the huge losses caused by the epidemic to listed cultural and tourism companies in the outbreak areas such as Xi'an and Yunnan. We can also see the positive signals of hotels and cultural tourism performance companies turning losses into profits, and cultural tourism companies generally reducing losses and increasing revenue. However, on the whole, despite the "thinking" of enterprises in asset adjustment, the frozen soil in the cultural and tourism industry has not melted and the losses are still serious.
疫情下的挣扎者：地方文旅企业&旅行社
Strugglers under the Epidemic: Local Cultural and Tourism Enterprises & Travel Agencies
亏损企业中，大多是丽江股份、云南旅游、西安旅游、张家界等以地方景区为主营业务，受疫情及跨省游熔断影响严重的地方头部文旅企业。新华联、三湘印象、华侨城A等“地产+文旅”系则或是减收或是增亏，可见有地产输血的企业虽然基业庞大，但同样力有不逮。西安旅游和三特索道两家老牌企业分别在疫情的压倒性影响下迎来首亏。
Most of the loss-making enterprises are local head cultural tourism enterprises such as Lijiang Stock Company, Yunnan Tourism, Xi'an Tourism and Zhangjiajie, which take local scenic spots as their main businesses and are seriously affected by the epidemic situation and inter-provincial tourism fuse. The "real estate + cultural tourism" departments such as Xinhualian, Sanxiang Impression and OCT A either reduced or increased losses It can be seen that although companies with real estate blood transfusions have huge foundations, they are also incompetent. Two established companies, Xi'an Tourism and Sante Ropeway, each ushered in their first losses under the overwhelming influence of the epidemic.
（图源：摄图网）
(Source: Photo Network)
3次暂停跨省游、边境地区市县长期保持“跨省游熔断”的云南省损失惨重，云南旅游和丽江股份都由盈转亏。本来预计前三季度能实现盈利的丽江股份最终全年亏损2800万元-3800万元，比上年同期下降140% - 154%；云南旅游亏损2.5亿元-5亿元，同比减少256.90% - 413.81%。
Three times, inter-provincial tours have been suspended. Yunnan Province, which has long maintained the "inter-provincial tour fuse" in cities and counties in border areas, has suffered heavy losses. Yunnan Tourism and Lijiang shares have both changed from surplus to loss.Lijiang shares, which were originally expected to be profitable in the first three quarters, ended up with a loss of 28 million yuan to 38 million yuan for the whole year, a decrease of 140% - 154% over the same period of the previous year; Yunnan Tourism lost 250 million to 500 million yuan, a decrease of 256.90% over the same period last year - 413.81%.
云南省跨省游的三次“暂停期”中，刚好包括8月份传统暑期旅游旺季和11月份会展旺季，让当地文旅企业的经营业务受到严重冲击。且第三季度包含暑期旅游旺季，收入及利润历来占全年比重较大，暑期旅游旺季的缺失是这些业绩亏损的重要原因。在疫情的持续影响下，这些主营业务为旅行社、旅游交通、旅游景区、会展活动的传统文旅企业难以避免地面临游客接待量下降，业绩出现亏损，经营情况不及预期的困境。
The three "suspension periods" of inter-provincial tours in Yunnan Province just include the traditional summer tourism peak season in August and the exhibition peak season in November, which have severely impacted the business operations of local cultural and tourism enterprises. Moreover, the third quarter includes the summer tourism peak season. Income and profits have always accounted for a large proportion of the whole year. The lack of summer tourism peak season is an important reason for these performance losses. Under the continuous influence of the epidemic situation, these traditional cultural and tourism enterprises, whose main businesses are travel agencies, tourism transportation, tourism scenic spots and exhibition activities, inevitably face the difficulties of declining tourist reception, loss of performance and less than expected operation.
（图源：摄图网）
(Source: Photo Network)
经历过大规模疫情爆发的旅游城市则更不必说。2021年度，西安旅游预计亏损5000万元-6600万元，首次由盈转亏，同比减少幅度达250%左右。张家界亏损1.3亿-1.5亿，同比增亏40.99%-62.68%。当然，其中也有部分源于经营不善导致的“雪上加霜”：张家界的预告中称，同比上年亏损增加的原因主要是大庸古城公司折旧摊销及财务费用增加。
Not to mention tourist cities that have experienced large-scale outbreaks. In 2021, Xi'an Tourism is expected to lose 50 million yuan to 66 million yuan, turning from profit to loss for the first time, with a year-on-year decrease of about 250%. Zhangjiajie lost 130 million-150 million, a year-on-year increase of 40.99%-62.68%.Of course, some of them are due to the "worse" caused by poor management: Zhangjiajie's forecast said that the increase in losses compared with the previous year was mainly due to the increase in depreciation and amortization and financial expenses of Dayong Gucheng Company.
但挣扎求生的文旅企业也并非完全没有“好消息”。熔断政策带来的“政策确定性”，文旅企业自身的精细化运营转型升级，人们出游需求“细水长流”式的释放，都让部分景区的经营情况略有回暖。如实现了同比减亏22.5%，亏损约2.065亿元的桂林旅游，虽总净利润为负，但扣除与主营业务无关的业务收入，同比增长约4.05%；游客接待量同比增长约2.06%。总体受疫情不利影响小于去年。
However, the cultural and tourism enterprises struggling to survive are not completely without "good news". The "policy certainty" brought about by the fusing policy, the transformation and upgrading of the refined operation of cultural and tourism enterprises themselves, and the release of people's travel demand in a "long flow of water" style have all slightly warmed up the operation of some scenic spots. For example, Guilin Tourism, which achieved a year-on-year loss reduction of 22.5% and a loss of about 206.5 million yuan, although the total net profit was negative, but after deducting business income unrelated to the main business, it increased by about 4.05% year-on-year; tourist reception increased by about 2.06% year-on-year. The overall adverse impact of the epidemic is less than last year.
（图源：摄图网）
(Source: Photo Network)
地方旅游企业中，峨眉山A、黄山旅游、*ST西域和曲江文旅都实现了扭亏为盈。一方面，这些企业都在传统门票、索道、餐饮等主营业务上下了功夫，对产品进行进一步优化；另一方面，在创造二收上也有了更多的拓展和尝试，如峨眉山的茶叶、黄山旅游的徽菜、曲江文旅的数字藏品等。
Among the local tourism enterprises, Emei Mountain A, Huangshan Tourism, * ST Western Regions and Qujiang Cultural Tourism have all turned losses into profits.On the one hand, these companies have made great efforts in the main businesses such as traditional tickets, ropeways, and catering, and further optimized their products; Anhui cuisine of Huangshan Tourism, digital collection of Qujiang Cultural Tourism, etc.
如果没有疫情的干扰，西域旅游或许本能做得更好。2021年，西北游逐渐崛起，上半年新疆旅游整体形势持续向好。2021年1-7月新疆接待游客人次已恢复至2019年同期水平。但下半年受境外输入致使国内疫情多点散发影响，国内跨省游入疆游客人次有所回落，限制了西域旅游的“崛起”。
If there were no interference from the epidemic situation, tourism in the Western Regions might have done better. In 2021, northwest tourism gradually rose, and the overall tourism situation in Xinjiang continued to improve in the first half of the year. From January to July 2021, the number of tourists received in Xinjiang has returned to the same level in 2019. However, in the second half of the year, due to the multi-point spread of the domestic epidemic caused by overseas imports, the number of domestic tourists visiting Xinjiang across provinces dropped somewhat, limiting the "rise" of tourism in the Western Regions.
（图源：摄图网）
(Source: Photo Network)
另外，从部分企业的预告中也可看出，地方文旅企业的全年减收也与旅游补贴减少有关。许多地方已于疫情最为严重的2020年给企业提供了大量补贴，随着疫情的减轻和管控制度的逐渐稳定，补贴力度有所减弱。桂林旅游便提及，公司收到各项政府补贴及税费等政策优惠性减免确认收益同比减少约1614万元。
In addition, it can be seen from the forecast of some enterprises that the annual reduction of local cultural and tourism enterprises is also related to the reduction of tourism subsidies. Many places have already provided a large amount of subsidies to enterprises in 2020, when the epidemic was the most serious. With the reduction of the epidemic and the gradual stabilization of the control system, the subsidies have weakened somewhat. Guilin Tourism mentioned that the company received various government subsidies and preferential policies such as taxes and fees, and the recognized revenue decreased by about 16.14 million yuan year-on-year.
在损失惨重的各地间，海南成了唯一的特例。
Hainan has become the only special case among the places that have suffered heavy losses.
ST*东海的扭亏以及中国中免的大幅度盈利或许能够一定程度上说明2021年疫情管制逐渐平稳后人们对高品质度假旅游的需求与海南三亚旅游的火爆程度。1-12月份，三亚市接待过夜游客2162.04万人次，同比增长19.69%；过夜旅游总收入747.03亿元，同比增长65.17%；旅游饭店平均开房率56.35%，同比提高5.46个百分点。
ST* The turnaround in the East China Sea and the substantial profits of China's China Exemption may explain to some extent the demand for high-quality vacation tourism and the popularity of Hainan Sanya tourism after the epidemic control gradually stabilizes in 2021.From January to December, Sanya received 21.6204 million overnight tourists, a year-on-year increase of 19.69%; the total overnight tourism revenue was 74.703 billion yuan, a year-on-year increase of 65.17%; the average occupancy rate of tourist hotels was 56.35%, a year-on-year increase of 5.46 percentage points.
（图源：摄图网）
(Source: Photo Network)
作为“单靠海南一家酒店上市”的酒店类企业，大东海旅游2021年的净利润预期达到了270万-310万，而在2017至2019年间，归属股东净利润分别为285万、65.32万、75.67万。也就是说，其收入一下由十万级跳回了百万级，直逼断崖下跌前的2017年。
As a hotel enterprise "listed solely by a hotel in Hainan", Dadonghai Tourism's net profit in 2021 is expected to reach 2.7 million to 3.1 million, while from 2017 to 2019, the net profit attributable to shareholders is 2.85 million, 653,200, and 756,700 respectively. In other words, its income jumped from 100,000 to 1 million, reaching 2017 before the cliff fell.
免税风口正盛，中国中免成了普遍“小增长”中一骑绝尘的那个“头马”。免税业务的不可替代性与海南旅游需求的暴增使其在2021年并未完全摆脱疫情影响的前提下实现了约54%至66%的营收正增长，盈利金额接近百亿，预告提及，这正得益于其在海南离岛免税业务同比实现的大幅增长。
Tax-free outlets are flourishing, and China's tax-free has become the "top horse" in the general "small growth". The irreplaceability of tax-free business and the sharp increase in Hainan's tourism demand have enabled it to achieve a positive revenue growth of about 54% to 66% in 2021 without completely getting rid of the impact of the epidemic, with a profit of nearly 10 billion yuan. The forecast mentioned that this is due to the substantial year-on-year growth of tax-free business in Hainan's outlying islands.
另外，企业在海南地区的部分子公司自2020年1月1日起享受15%的企业所得税优惠税率，政策的支持更让其得以“冲天”，并与海南的旅游度假行业实现了相互促进，联动发展。
In addition, some subsidiaries of the company in Hainan enjoy a preferential corporate income tax rate of 15% from January 1, 2020. The support of the policy has allowed them to "go to the sky" and achieved mutual promotion with Hainan's tourism and vacation industry. Linked development.
（图源：摄图网）
(Source: Photo Network)
在地方旅企外，旅行社的境遇似乎也有所回暖。经历了“合并”、“合并不成”、“各自寻求合作伙伴艰难转型”后，凯撒旅业和众信旅游都实现了同比减亏。凯撒旅业提及，公司航空、铁路配餐业务已陆续恢复，正在积极探索目的地、新零售等创新业务，以进一步增强盈利能力；众信旅游则表示，公司积极采取的各种自救措施初见成效。二者或许将进一步各自寻求“出境游”之外的道路。
Apart from local travel companies, the situation of travel agencies also seems to have warmed up. After experiencing "merger", "failure to merge" and "difficult transformation of seeking partners respectively", Caesar's tourism industry and Zhongxin Tourism both achieved year-on-year losses reduction. Caesars Tourism mentioned that the company’s aviation and railway catering business have gradually recovered, and it is actively exploring innovative businesses such as destinations and new retail to further enhance profitability; Zhongxin Tourism said that the company’s various self-rescue measures are beginning to be taken. effectiveness. The two may further seek a way other than "outbound tourism".
真的很有希望：酒店住宿&旅游演艺
Really hopeful: Hotel Accommodation & Tourism and Performing Arts
从这些预告中可以直观地看出，酒店和文旅演艺两大板块起色较为明显。华天酒店、首旅酒店和ST*东海三支酒店股全部实现扭亏为盈，增长幅度均超过100%；而旅游演艺方面，头部企业宋城演艺同样实现扭亏。
From these previews, it can be seen intuitively that the two major sectors of hotels and cultural tourism performances have improved significantly. The three hotel stocks of Huatian Hotel, BTG Hotel and ST* Donghai have all turned losses into profits, with an increase of more than 100%; and in terms of tourism performances, Songcheng Performing Arts, the leading company, has also turned losses.
如果说华天酒店多少还受到资产处理的影响，首旅酒店则是在没有进行大规模资产处置的前提下实现了扣非净利润为正。其业绩预告中提及，2021年随着疫情防控形势好转，酒店行业整体复苏趋势明显。但仍存在多地局部爆发和零星散发疫情，对酒店行业正常经营造成冲击。而首旅酒店针对市场需求进行了业务和产品调整，快速实现了扭亏为盈，并逆市拓店，2021年全年公司新开店超过1400家，创下公司历史最高水平，2021年末储备店超过1600家。此外，公司应用5G、云计算、人工智能等数字化技术，全力推进酒店的数字化建设提升宾客服务体验和酒店运营效率。
If Huatian Hotel is still somewhat affected by asset disposal, First Travel Hotel has realized positive deduction of non-net profit without large-scale asset disposal. The performance forecast mentioned that with the improvement of the epidemic prevention and control situation in 2021, the overall recovery trend of the hotel industry is obvious. However, there are still many local outbreaks and sporadic outbreaks, which have an impact on the normal operation of the hotel industry. However, the First Travel Hotel adjusted its business and products to meet the market demand, quickly turning losses into profits and expanding its stores against the market. In 2021, the company will open more than 1,400 new stores, setting a record high level in the company's history. By the end of 2021, there will be more than 1,600 stores in reserve. In addition, the company applies 5G, cloud computing, artificial intelligence and other digital technologies to fully promote the digital construction of hotels to improve guest service experience and hotel operation efficiency.
这一年，首旅的“激进”行业有目共睹。无论是战略上提出“三年万店”的目标，持续扩张开发团队至500多人；还是策略上“双轨变单轨”，将开发团队独立出来，负责公司所有酒店产品模型，根据客户需求和实际物业以及地理位置条件推荐相匹配的产品以提升开发效率；亦或是管理上形成有竞争力的薪酬体系和激励制度；采用股权激励方案绑定职业经理人与公司股东的利益，都是“破局”之举。如今看，或许的确可以说是“更高的风险伴随着更美的风景”。
This year, the "radical" industry of the first brigade was obvious to all. No matter the strategic goal of "three years and ten thousand stores" is put forward, the development team will continue to expand to more than 500 people. It is also strategically "double-track to monorail", which will separate the development team and be responsible for all hotel product models of the company, recommending matching products according to customer needs, actual property and geographical location conditions to improve development efficiency. Or form a competitive salary system and incentive system in management; The adoption of equity incentive schemes to bind the interests of professional managers and shareholders of the company is a "break" move. Now, it may indeed be said that "higher risks are accompanied by more beautiful scenery".
旅游演艺方面，宋城演艺似乎也将交出一份极为漂亮的成绩。2021年，其归属于上市公司股东的净利润预计为2.58亿元–3.58亿元，去年同期亏损约17.52亿元；扣非净利润为2.08亿元–3.08亿元，去年同期亏损则约为17.68亿元。其业绩变动说明原因中提及，作为旅游演艺为主营业务的企业，宋城演艺在艰难的市场环境下，展现出了“给点阳光就灿烂”的强大弹性和韧性。这也是许多业内人士对疫情下旅企生存策略的普遍看法：抓紧一切时间，“赚上一点是一点”。
In terms of tourism and performing arts, Song Cheng's performing arts also seem to be delivering an extremely beautiful result. In 2021, its net profit attributable to shareholders of listed companies is expected to be 258 million yuan-358 million yuan, with a loss of about 1.752 billion yuan in the same period last year. Net profit excluding non-profit was 208 million yuan-308 million yuan, compared with a loss of about 1.768 billion yuan in the same period last year. The reason for the change in performance mentioned that, as an enterprise whose main business is tourism performing arts, In the difficult market environment, Songcheng Performing Arts has shown the strong elasticity and toughness of "give a little sunshine and it will be brilliant". This is also the general view of many industry insiders on the survival strategy of travel companies under the epidemic: seize all the time and "earn a little is a little".
（图源：宋城演艺官微）
(Source: Song Cheng Performing Arts Officer Wei)
预告提到，多剧院、多类型、多场次的演出模式，内容丰富性和多元化加速推进，形成千古情为引领、各类中小剧目补充、各类活动穿插的全新局面，并大力发展夜游经济，让杭州宋城获评“第一批国家级夜间文化和旅游消费集聚区”。同时，为应对疫情带来的影响，宋城推出了室外版千古情，以规避室内密闭空间因防疫需求演出受限的问题。
The forecast mentioned that the multi-theatre, multi-type and multi-performance mode, rich content and diversification accelerated, forming a new situation with eternal love as the guide, various small and medium-sized plays supplemented and various activities interspersed, and vigorously developing the night tour economy, making Hangzhou Song Cheng the "first batch of national night culture and tourism consumption gathering areas". At the same time, in response to the impact of the epidemic, Songcheng launched the outdoor version of Eternal Love to avoid the problem of limited performances in indoor confined spaces due to epidemic prevention needs.
在此基础上，宋城力争扩大受众群体，力图为“Z世代”构建新消费场景，2021杭州宋城奇妙夜活动期间，接待人数同比2020年增长384.66%，单日最高接待夜游游客创历史新纪录，其中95后占比超60%，80年代后出生的中青年消费主力占比接近95%，让景区成为了年轻人节假日个性化社交新场所。
On this basis, Song Cheng strives to expand the audience group, Trying to build a new consumption scene for "Generation Z", during the 2021 Hangzhou Song Cheng Wonderful Night Event, the number of people received increased 384.66% year-on-year in 2020. The highest number of night tourists received in a single day has set a new record, of which the post-95s accounted for more than 60%, and the young and middle-aged consumers born in the 1980s accounted for nearly 95%, making the scenic spot a new place for young people to personalize and socialize on holidays.
转型艰难断臂求生
Transformation Difficult, Broken Arm Survival
回顾2021年的文旅动态、这些业绩预告以及部分港股、美股上市的文旅企业的发展，也可以看出企业获得这份“收益”并不容易——大部分净利润为正的企业的扣非净利润仍为亏损，即其在文旅业务的营收上或许并没有那么理想。许多收益都源于企业的断臂求生。
Looking back at the cultural and tourism trends in 2021, these performance forecasts, and the development of some cultural and tourism companies listed on Hong Kong and US stocks, it can also be seen that it is not easy for companies to obtain this "income" - most companies with positive net profits will be deducted Non-net profit is still a loss, that is, its revenue in the cultural tourism business may not be so ideal. Many of the benefits are derived from the survival of the enterprise.
有些转让，是为了甩掉业外的包袱，聚焦主营业务。2021年12月，众信旅游发布公告，拟以1.8亿元转让旗下三家金融贷款业务子公司100%股权；11月，华侨城连续两日挂牌，转让旗下上海鹏鲲置业有限公司50%股权、广州华侨城置业发展有限公司42.4%股权，合计作价约20亿元人民币，两家均为亏损状态的房地产子公司。
Some transfers are to get rid of the burden outside the industry and focus on the main business. In December 2021, Zhongxin Tourism announced that it plans to transfer 100% equity of its three financial loan subsidiaries with 180 million yuan. In November, OCT was listed for two consecutive days, transferring 50% of its shares in Shanghai Pengkun Real Estate Co., Ltd. And 42.4% of Guangzhou OCT Real Estate Development Co., Ltd., with a total price of about 2 billion yuan. Both are loss-making real estate subsidiaries.
也有部分转让侧重经营方式的转变，意图让资产运营“由重转轻”，提升资产流动性和运营效率。2021年10月，港股上市的海昌海洋公园将旗下武汉、成都、天津和青岛海洋主题公园四个项目的股权出售给了亚洲私募股权投资公司MBKPartners，转型轻资产运营，意图“轻装上阵”；华天酒店则选择了转让公司全资子公司长春华天酒店管理有限公司及湘潭华天大酒店有限公司的100%股权。
There are also some transfers that focus on the change of operation mode, with the intention of "changing asset operation from heavy to light" and improving asset liquidity and operation efficiency. In October 2021, Haichang Ocean Park, a Hong Kong-listed company, sold its shares in four projects of Wuhan, Chengdu, Tianjin and Qingdao Ocean Theme Parks to MBKPartners, an Asian private equity investment company, to transform its asset-light operation with the intention of "traveling light".Huatian Hotel chose to transfer 100% of the company's wholly-owned subsidiaries Changchun Huatian Hotel Management Co., Ltd. and Xiangtan Huatian Hotel Co., Ltd.
（图源：天津海昌极地海洋公园官微）
(Source: Tianjin Haichang Polar Ocean Park Officer Wei)
另外也有一些是将主营业务范围内但运营不善的资产转让，希望能去掉“短板”专注“长板”，盘活存量资产，优化资源配置，并降低自身负债率。也是在10月份时，西安旅游发布公告，拟公开转让所持生态旅游公司、康养置业公司的全部股权，这两者分别为西安旅游近年来重点开发建设的“扎尕那旅游特色小镇项目”的投资主体和运营主体。而西安旅游进行这一转移的目的，便是从扎尕那旅游特色小镇项目完全退出。多位专家评论曾指出，小镇项目的运营或许超过了西安旅游的承受能力。
In addition, there are also some assets that are within the scope of their main businesses but are not well operated, hoping to remove the "short board" and focus on the "long board", revitalize the existing assets, optimize the allocation of resources and reduce their debt ratioAlso in October, Xi'an Tourism issued an announcement that it intends to publicly transfer all the shares it holds in Ecotourism Company and Kangyang Real Estate Company, both of which are the "Zagana Tourism Characteristic Town Project" that Xi'an Tourism has focused on developing and constructing in recent years. investment entities and operating entities. The purpose of Xi'an Tourism for this transfer is to completely withdraw from the Zagana Tourism Characteristic Town Project. Several expert comments have pointed out that the operation of the town project may exceed the affordability of Xi'an tourism.
总体来说，或许可以说是“春风正来，而冻土将化未化”。现在，或许已没有人还真正相信旅游业能在近几年“彻底恢复”，但即便如此，文旅企业仍在挣扎求生，并交出了一份能让人看到未来希望的“预告”。
Generally speaking, it may be said that "the spring breeze is coming and the frozen soil will melt." At present, perhaps no one still really believes that the tourism industry can "completely recover" in recent years, but even so, the cultural and tourism enterprises are still struggling to survive and have handed over a "forecast" that can let people see the hope of the future.
