Most of the past in 2022, is the travel agency's self -rescue successful?

No surprise, most of the financial reports of the listed company in the first half of this year ended at losses, but they paid less attention to the sound of travel agencies. Especially the giants who used to call the wind and rain in the cross -border tour market gradually fell into silence after the baptism of the epidemic.

At the end of August, Zhongxin Tourism and Caesar Travel have released its semi -annual report in 2022.

In the first half of this year, Zhongxin Tourism realized operating income of 127 million yuan, a decrease of 56.93%from 293 million yuan in the same period last year. %.

In the first half of this year, Caesar Trade achieved operating income of 191 million yuan, a decrease of 66.9%from 576 million yuan in the same period last year. The net loss attributable to shareholders of listed companies was 170 million yuan.

It seems that among cultural tourism companies that have declined sharply, the loss of Zhongxin Tourism is narrowing and the losses of Caesar's travel industry are very "alternative".

01

In 2022, Zhongxin is engaged in marketing, Caesar made catering

What are the travel agencies when they are still waiting for dawn? Zhongxin Tourism and Caesars Travel have given different answers.

According to the semi -annual report, if the operating income is divided according to the product classification, the main business of Zhongxin Tourism is integrated marketing services. In the first half of this year, this business created 76.713 million yuan in revenue, accounting for about the overall operating income in the first half of this year this year. 60 %. In the context of a more stable tourism market environment last year, the business could create about 161 million yuan in revenue, accounting for about 54.85%of the total revenue of the same period last year.

Zhongxin Tourism said that the integration of marketing services is based on the public relations planning of the event, based on the business conference award tourism business, and provides corporate marketing consulting for enterprises, governments, institutions and other customers, large -scale project planning and operation of domestic and overseas projects, implementation services for domestic and overseas conferences. Participating exhibitions, roadshow releases, reward tourism, travel services, secondary development of destinations, and other diversified and one -stop services. For example, the Annual Conference of Yabuli China Entrepreneurs Forum and the 2022 Chinese Youth Golf Elite Tournament are all planned and implemented by Zhongxin Tourism.

It is reported that Zhongxin Borui Integration Marketing Consulting Co., Ltd., a subsidiary responsible for integrated marketing business, was established in 2013. In 2019 before the epidemic, the income of integrated marketing business accounted for less than 8%of the total income of Zhongxin Tourism, but also Created a revenue of 996 million yuan for it.

The main revenue of Caesar Travel is related to catering.

According to the financial report, 79.55%of the 191 million yuan revenue in the first half of this year is from the non -tourism business, mainly based on the food and food and beverage business, which has created 125 million yuan and 26.49 million yuan for it. Essence

It is reported that Caesar Yidian Holdings Co., Ltd., a wholly -owned subsidiary of Caesar Travel Industry, is mainly responsible for its meal business. Among them, aviation meals accounted for most of them, and the rest were railway meals. The semi -annual report disclosed that Caesar's easy -to -eat has seven aviation dining companies, which are located in Beijing, Urumqi, Xinjiang, Hohhot, Inner Mongolia, Lanzhou, Gansu, Yichang, Hubei, Haikou, Hainan and Sanya. And aviation food also created 109 million yuan in revenue for Caesar Travel, exceeding half of the total income.

But obviously, in the first half of this year, under the background of the epidemic affected by the epidemic and weak user travel needs, the revenue of Caesar's travel business in the first half of this year decreased by 53.37%year -on -year.

Therefore, Caesar's travel industry is also looking for growth points in addition to the income income except for the food and drinking business, such as the effort in the food and beverage business, including the launch of a variety of beverage products such as the "Finding Coconut" series of coconut water in the first half of this year, focusing on the new retail field. It is reported that the revenue of this food and beverages business for Caesar in the first half of this year accounted for 13.91%of the total income, which was 26.4897 million yuan, and the gross profit margin was 15.74%.

However, in the new consumer drink market that is more competitive, Caesar Travel Industry, as a latecomer, can only create short -term outbreaks by rapid sales channel layout and occupying C -side users. layout.

02

The main business shrinks sharply

The prominentness of the sideline industry also illustrates the shrinking of the main business of the two large travel agencies.

Before the epidemic, Zhongxin Tourism, which is mainly responsible for the wholesale business of the tourism wholesale business, "Youbid Tourism" and "Panorama Tourism" have shifted to the domestic tourism wholesale business field, and also launched an opportunity to cooperate with Alibaba to launch Axin's tourism product distribution System platform.

At the same time, in the context of the frustration of the overall tourism industry in the first half of this year, Zhongxin Tourism is also actively expanding online marketing channels. It disclosed in the semi -annual report that in the first half of this year, Zhongxin's tourism e -commerce platform accumulated a total of 406 live broadcasts, with a total of more than 33.87 million people, and the number of live tourism products sold nearly 4,000 units. But as long as it is simply calculated, you can find that the number of viewers in a single game is about 80,000, and only about 10 products are sold in a single game.

In addition, in response to the changes in user tourism needs, such as research tourism that emerged due to "double reduction", Zhongxin Tourism has also launched a "Zhongxin Study Study" brand to accelerate the integration and development of "tourism+education".

All kinds of attempts did not make the tourism business improve. From the perspective of financial data, it takes a long time to support Zhongxin Travel to support themselves. The semi -annual report pointed out that in the first half of this year, its tourism wholesale and tourism retail business only realized operating income of 9.2783 million yuan and 27.438 million yuan, respectively, a year -on -year decrease of 85.70%and 56.66%; the sum of the two business income accounted for less than 30 operating income of less than 30 %, A decrease of 14 percentage points from the same period in 2021. Similarly, Caesar's tourism income is also a handful of tourism revenue. According to data from the Half -annual report, the tourism services of Caesar Travel in the first half of this year achieved only 38.939 million yuan in operating income, a year -on -year decrease of 83.69%, accounting for only 20%of the total income.

In terms of business form, Caesars Travel Industry has deeply cultivated Hainan's tourism business after moving the company's headquarters to Hainan. The form of travel+"includes cross -border new attempts such as" Cultural Tourism+Tax Free "," Cultural Tourism+Sports "," Cultural Tourism+Commodity ".

Obviously, from the perspective of financial report data, the two major outbound giants' domestic tourism transformation roads have gone bumpy. This is because cross -border tourism has very different marketing channels and supply chains, and the epidemic allows cross -border tour to press the pause button, which means that if cross -border tour giants want to change to develop domestic travel, they must push down the heavy weight. In this way, re -understand the domestic market, design products, and operate the user group, and also face the long -standing stock players in the market.

For companies such as Zhongxin Tourism and Caesar Traveling, while the market put forward higher business requirements for them, they must also pay higher trial and error costs for this.

03

Can you support the recovery of cross -border tour?

According to the financial report since 2020, as of June 30, 2022, in the two and a half years of the epidemic, Zhongxin Tourism has lost 2.025 billion yuan, and Caesar Travel has lost 1.558 billion yuan. The net profit obtained before the epidemic can not be exaggerated to say that the two companies have lost the profits accumulated nearly 10 years before the epidemic for two and a half years.

Therefore, in addition to actively transforming to seek new business growth points, Zhongxin Tourism and Caesar Travel are also trying to control the cost to survive the cold winter. Taking Zhongxin Travel as an example, although its revenue in the first half of this year decreased by nearly 57%, the cost of its main business has also been reduced by 58%.

The cost control is also reflected in the cost of manpower and management costs. It is reported that the salary paid to the sales staff and managers paid by Zhongxin Tourism in the first half of this year has decreased by 46%and 18.7%. The possibility of employees.

However, for Zhongxin Tourism and Caesar Travel, it is also a question of whether it is worthy of attention to cross -border tourism recovery.

Although from the perspective of assets, the total assets of the two companies are still in a controllable range. In the first half of this year, the total assets of the first half of this year fell less than 10%year -on -year, but the deviation of some financial indicators could not help but still have the operating conditions of the two companies. doubt.

For example, in the first half of this year, Zhongxin Tourism and Caesar Travel ’s cash and cash equivalent of 74.904 million yuan and 355 million yuan, respectively. And in terms of cash balance, as of June 30 this year, Caesar Traveling and its subsidiaries totaling less than 40 million yuan in cash and cash equivalent, of which only 362,000 yuan was left. The cash situation was worrying Essence

In this regard, we found in the semi-annual report of Caesar Travel that the net cash flow generated by its operating activities in the first half of this year was -423 million yuan, a year-on-year decrease of 840.14%. As a result, this is not to make people curious about what business funds have caused a cliff -like decline in net cash flow.

The changes in financial data are too large, coupled with the recent resignation of the company's supervisor Li Feng, it cannot guarantee the authenticity, accuracy and completeness of the content of the report in the semi -annual report in 2022, and also allowed Caesar Travel to receive a letter of attention from the Shenzhen Stock Exchange again, requesting whether its internal control exists in the existence of existence The defects undoubtedly caused the former cross -border tourist giants to be controversial again.

Perhaps only the cross -border tour they rely on before the epidemic can save the pair of "difficult brothers and brothers". Therefore, even if there is no sign of recovery in cross -border tourism, Zhongxin Tourism and Caesar Travel did not want to give up the cross -border tourism resources accumulated for many years before the epidemic.

A few days ago, the miracle trip owned by Zhongxin Travel recently announced that it has become a special partner of the MSC Mediterranean Cruise 2024, and intends to prepare for the resumption of the cross -border tour market. Half a year, he has actively contacted partners such as tourism bureaus, airlines, embassies, consulates, and hotel groups in foreign countries, and restarted the visa business with the embassy and consulate that has resumed visa business.

But returning to the industry, no one can recover the tickets for cross -border tour. Moreover, even after the border is open, due to factors such as the unknown global economic situation, the weak consumption growth, and the endless end of the epidemic, it is expected that the user’s cross -border tourism needs will take a certain time. Continue to bear pressure.

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