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2024 Tourism and Culture Group Investment and Operation Development Report

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2024-07-02

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▼文旅行业近期重点活动推荐

（点击上图查看详情）

▲

作者 | 邢晶晶

主编 | 杨明

责编 | 井翔远

来源 | 迈点研究院

自2023年以来，我国文旅市场开启重振、恢复的“加速度”，行业发展态势不断向好。聚焦在行业发展中占据重要地位的文旅上市公司、国企文旅集团，这一年多来的投资、融资、经营业绩、运营等方面的表现如何？呈现出哪些新特征、新挑战、新趋势？放眼世界、展望未来，我国的文旅集团对标“世界级文旅集团”存在哪些差距，又该如何追赶？

发展背景：文旅行业发展长期看好，短期消费乏力、信心不足，存在挑战与压力

一是经济实力支撑。从近十年的国内生产总值和居民人均可支配收入看，呈现逐年递增态势，为旅游业提供了坚实的经济支撑，国民旅游消费需求将持续旺盛。

二是行业地位提升。2024年文旅行业迈入常态化稳步向上发展轨道，一季度国内旅游收入GDP占比为5.06%，重回2019年“5%”的基线水平，旅游对国民经济的贡献度显著提升。

三是产业信心恢复。2023年旅游相关企业注册数量高达36.29万家，同比增长超40%，超越2019年水平，创历史新高，产业发展信心全面增长。

四是短期消费乏力。自2023年1月至2024年3月，近一年多来，各月的消费者满意度指数、消费者信心指数、消费者预期指数均低于100，整体宏观消费市场疲软、消费信心不足、消费趋向保守。

数据来源：国家统计局，迈点研究院整理

投资融资：投资回暖，资金流向景区乐园型项目及文旅数字化、沉浸式等热门赛道；国企文旅集团融资活跃，加快“增资补血”，景区基础设施REITs项目有序推进

文旅市场复苏带动文旅集团投资信心增长。据不完全统计，2023年至2024Q1各大文旅集团投资签约重点项目205个，其中2023Q4、2024Q1有大幅增加。此外，从签约项目类型看，景区乐园及文旅数字科技、沉浸式文旅项目受资本青睐。

文旅集团并购交易活跃，积极推进强链补链延链以提升综合竞争力。整体分为收购资产、收购股权和资产置换三种方式，且收购股权类占比最高，约超七成。因收购股权具有法律程序简单、可有效地保留被收购公司的壳的资源、有益于被收购公司的稳定等优势。

国有文旅集团积极利用资本市场融资。2024Q1文旅集团完成73笔债务融资，融资金额528.53亿元，同比2023Q1增长58%，融资活跃度和力度提升，为企业经营扩张提供资金保障。

经营业绩与运营创新：文旅市场复苏带动文旅集团营业收入增长，但“增收不增利”现象凸显，经营承压；流量赋能、跨界融合、数字技术应用，各集团积极探寻和培育自身新质生产力

2023年文旅上市公司营收恢复显著，并整体实现扭亏为盈。依据统计：49家文旅上市公司的营业收入从2022年的4980亿元，增长至2023年6035亿元；净利润从2022年亏损250亿元到2023年盈利237亿元，整体实现扭亏为盈。

但从2024年Q1文旅上市公司的业绩情况看，则出现营收增长乏力、增收不增利、现金流短期、盈利能力整体薄弱等现象。因成本增加、经济大环境疲软导致的文旅消费增长动力不足等带来文旅企业经营压力增大，一季度，42家文旅上市公司中有18家亏损，占比超四成；现金流量比率均值仅为2%，远低于20%-30%的合理区间，短期偿债能力不足，除宋城演艺、同程旅行、中国中免、丽江股份、携程集团等少数公司现金流充足外，其余多数企业现金流短缺；总资产收益率、净资产收益率均值低于1%、净利率均值为负，盈利能力整体薄弱。

数据来源：各文旅上市公司财报，迈点研究院整理

对比而言，国企文旅集团的经营业绩恢复则不如文旅上市公司，主要受其业务综合性影响，资产负债率水平偏高，承债压力较大。据统计，2023年61家国企文旅集团的资产负债率均值约为60%，处于警戒线水平，自有资金不足，具有一定的财务风险。进一步从2024Q1财务数据看，其整体营收合计同比降低约18%、净利润总计同比下降约30%，出现“双降”，其经营业绩不如预期。

经营业绩的回暖回升，除受外部市场环境推动外，文旅集团自身的产品场景创新、数字技术应用、品牌营销推广等自身的经营创新举措亦有许多“可圈可点”之处。如马迭尔文旅投资集团旗下哈尔滨冰雪大世界为代表，通过媒体营销宣传曝光量达885.06亿次，61天的运营期内，接待海内外游客271万人次，成为以“流量赋能”景区发展的优秀案例。再如以陕旅集团为代表，重构“文化+旅游+科技”融合发展路径，不断创新文旅产品，2023年《长恨歌》演出销售收入5.3亿元，超过华清池景区门票收入，逐步实现从“门票经济”到“产业经济”的转型升级。同时，黄山旅游集团推出“黄山先游后付·信用游”、泰山文旅集团打造“泰山神启”跨维数字艺术体验馆、四川能投文旅集团旗下牛背山景区开创全国首单旅游景区交易数据资产入表登记、携程集团推出旅游行业垂直大模型“携程问道”等，纷纷推动科技在旅游领域应用，积极探寻文旅数字经济发展路径、培育文旅新质生产力。

趋势展望与探讨：文旅投资将发生结构性调整与变化，文旅运营管理将步入精细化、数字化、品质化、专业化

投资趋势，以新质生产力推动文旅经济高质量发展新阶段，文旅投资将发生以下变化：

（1）投资规模质量持续提升，文旅政策推进、行业战略地位提升、“十五五”规划即将来临，将推动各地文旅项目的投资；

(2) Investment target benefits are accurate, shifting from a single-dimensional goal focusing on economic benefits to a diversified and comprehensive goal that strengthens social, ecological, and cultural benefits;

(3) Investment priorities are adjusted and transformed, shifting from traditional cultural and tourism projects to smart cultural and tourism and digital cultural and tourism projects, and from mainly new projects to projects of "stock transformation and stock revitalization";

(4) Investment entities are becoming more diversified, gradually forming a diversified pattern represented by local state-owned enterprises, national real estate companies, local private enterprises, traditional cultural and tourism enterprises, and cross-border large enterprises;

(5) The investment driving force structure is shifting from relying on cultural and tourism real estate investment to driving force from industrial investment.

Operational transformation: The cultural and tourism industry is shifting from focusing on construction to focusing on operation and management, and the importance of operation will become more prominent. The operation of cultural and tourism scenic spots or projects will undergo transformations from extensive to refined, from experience-based judgment to scientific data, from following popular trends and imitation to enhancing connotation and quality, and from mainly physical assets to compound capital assets.

Open discussion: "Looking at the world and looking to the future", the construction of a tourism power needs strong cultural and tourism groups to support and lead. Compared with world-class tourism groups, China's cultural and tourism groups still have a large gap in terms of profitability, product services, innovation capabilities, IP and brand building, business model innovation, service quality improvement, and internationalization level, and still have considerable room for growth.

In the future, various cultural and tourism groups need to cultivate their internal strengths, improve their "three efficiencies" of product power, operational power, and service power, increase their revenue and scale, and enhance their own strength and competitiveness. At the same time, increase investment and cultivation in brand building, and create world-class cultural and tourism IPs with international influence. In addition, actively expand overseas international markets, and seek "going global" as a way to break through involution and accept international tests, but it is necessary to be rational and cautious, and make good strategic planning and risk planning.

▼ Recommended key events in the tourism industry recently

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2024 China (Zhengzhou) Tourism, Leisure and Entertainment Industry Expo

(and China Zhengzhou Amusement Facilities and Equipment Expo)

500+ leading cultural and tourism equipment and creative enterprises help you build in one stop,

Upgrade the new scenes and experiences of cultural and entertainment tourism!

（点击上图查看详情）

In order to further study and implement General Secretary Xi Jinping's important instructions and instructions on tourism work, implement the relevant work arrangements of the National Tourism Development Conference, promote the tourism, leisure and entertainment industry to uphold the right principles and innovate, improve quality and efficiency, and achieve deep integration, and help the modernization and high-quality development of the tourism, leisure and entertainment industry, the China Amusement Machine and Amusement Park Association will hold the 2024 China Tourism, Leisure and Entertainment Industry Development Conference in Zhengzhou from October 23-25!

Key words:

CHINA ASSOCIATION OF AMUSEMENT PARKS AND ATTRACTIONS

E-mail:cae@caapa.org

Tel:+86-010-57690332

Address: Room405 Building#5 Gucheng South Street Shijingshan District Beijing China

Official

Account

Expo Official
Account

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