丽江玉龙旅游股份有限公司2026年第一季度业绩大幅提升，净利润几近翻倍

摘要：
丽江玉龙旅游股份有限公司（证券代码：002033，证券简称：丽江股份）发布了2026年第一季度报告。公司在本期实现了显著的业绩增长，归属于上市公司股东的净利润同比增长93.34%，达到了66,638,152.93元，营业收入同比增长23.56%，达到200,762,511.61元。公司通过优化管理、提升服务品质、加强品牌建设和深化产品融合，实现经营提质增效，索道运输业务、演艺板块和酒店板块均实现增长。

核心财务数据及业绩亮点

• 营业收入： 200,762,511.61元，同比增长23.56%
• 归属于上市公司股东的净利润： 66,638,152.93元，同比增长93.34%
• 归属于上市公司股东的扣除非经常性损益的净利润： 65,971,724.13元，同比增长94.12%
• 经营活动产生的现金流量净额： 64,223,327.82元，同比增长41.85%
• 基本每股收益： 0.1213元，同比增长93.46%
• 加权平均净资产收益率： 2.57%，较上年同期提升1.22个百分点
• 总资产： 3,107,144,652.96元，较年初增长1.24%
• 归属于上市公司股东的所有者权益： 2,625,704,873.74元，较年初增长2.61%

业绩增长的主要驱动因素

1. 管理优化及经营提质增效： 公司持续优化管理策略，夯实核心经营管理基础，加强内控管理，提升服务品质，强化品牌建设，推进产品融合，带动整体业绩增长。
2. 索道运输业务复苏： 受特殊天气影响减弱，索道停运天数减少，游客接待人次同比上升，成为业绩增长的重要推动力。
3. 演艺板块与酒店板块增长： 这两个板块同比均实现增长，进一步丰富公司收入来源。

非经常性损益及相关事项

• 本期非经常性损益合计666,428.80元，主要包括政府补助、金融资产公允价值变动及资产处置收益等。
• 公司不存在将非经常性损益项目界定为经常性损益的情形。

关键财务科目变动分析

• 交易性金融资产期末余额较年初增加7,562.92万元，增幅55.76%，主要因公司利用暂时闲置资金购买银行低风险理财产品。
• 其他应收款期末增加1,310.06万元，增幅634.13%，主要因确认联营企业已宣告未发放应收股利。
• 在建工程期末增加3,553.23万元，增幅30.96%，主要因牦牛坪索道改扩建项目投入增加。
• 应付账款期末减少1,806.39万元，降幅37.94%，因工程结算进度支付工程款。
• 应交税费期末增加1,550.77万元，增幅43%，因本期计提企业所得税及环保资金。
• 财务费用同比增加119.89万元，增幅291.32%，因部分资金用于购买理财产品，利息收入未在财务费用科目核算。
• 投资收益同比增加215.25万元，增幅71.29%，主要因理财收益增加。
• 营业外支出同比增加7.85万元，增幅12,316.57%，主要因偶发性赔付支出。
• 所得税费用同比增加604.01万元，增幅57.16%，因利润总额增加。
• 收回投资收到的现金同比大幅增加15,450.16万元，增幅753.67%，主要因收回到期定期存款及赎回理财产品本金。

股东结构变动及相关信息

• 报告期末普通股股东总数为34,730人。
• 前十大股东持股情况稳定，最大股东丽江玉龙雪山旅游开发有限责任公司持股15.73%，华邦生命健康股份有限公司持股14.26%。
• 华邦健康及张松山先生可有效控制雪山公司所持公司15.73%的股份投票权，雪山公司与华邦健康构成一致行动关系。
• 公司未知其他股东之间是否存在关联关系或一致行动人。

现金流表现

• 经营活动现金净流入64,223,327.82元，同比增加41.85%。
• 投资活动现金流净额为-59,188,833.94元，主要因购建固定资产和购买理财产品资金流出。
• 筹资活动现金净流出348,324.00元，同比增加118.08%，主要因支付租赁租金。
• 期末现金及现金等价物余额为402,283,783.40元。

影响股价的重要事项

• 净利润同比几近翻倍，业绩大幅增长，反映公司管理优化和旅游需求复苏，可能对股价形成积极推动。
• 公司现金流充裕，投资收益提升，理财产品配置增加，显示公司资金管理能力增强。
• 索道运输、演艺及酒店板块均回暖，旅游板块整体复苏，或进一步吸引市场关注。
• 股东结构稳定，最大股东投票权集中，或影响公司治理及未来战略方向。

风险提示与投资者关注点

• 旅游行业受季节性及天气影响较大，未来经营需关注相关风险。
• 公司部分资金用于低风险理财产品，投资收益虽提升，但需注意理财产品风险。
• 报告未经审计，数据仅供参考，最终年报数据以审计后为准。

结论

2026年第一季度，丽江玉龙旅游股份有限公司业绩显著增长，净利润几乎翻倍，旅游板块复苏，管理提质增效，现金流充裕，基础资产稳健，投资收益提升，整体经营态势向好，具备较强股价上升潜力。投资者可重点关注公司未来经营策略、旅游板块持续复苏及股东结构变化对公司治理的影响。

免责声明： 本文基于丽江玉龙旅游股份有限公司2026年第一季度财报内容撰写，仅供参考，不构成投资建议。投资者应自行判断相关风险并咨询专业人士。

English Version:

Lijiang Yulong Tourism Co., Ltd. Achieves Strong Q1 2026 Performance, Net Profit Nearly Doubles

Summary:
Lijiang Yulong Tourism Co., Ltd. (stock code: 002033, stock short name: Lijiang Stock) released its Q1 2026 report. The company achieved remarkable growth: net profit attributable to shareholders nearly doubled year-on-year, reaching RMB 66,638,152.93, with revenue up 23.56% to RMB 200,762,511.61. Through management optimization, enhanced service quality, brand strengthening, and product integration, the company improved operations. The ropeway transportation business, performance sector, and hotel sector all saw growth.

Key Financial Data & Performance Highlights

• Revenue: RMB 200,762,511.61, up 23.56% YoY
• Net profit attributable to shareholders: RMB 66,638,152.93, up 93.34% YoY
• Net profit excluding non-recurring gains/losses: RMB 65,971,724.13, up 94.12% YoY
• Net cash inflow from operating activities: RMB 64,223,327.82, up 41.85% YoY
• Basic earnings per share: RMB 0.1213, up 93.46% YoY
• Weighted average ROE: 2.57%, up 1.22 percentage points from last year
• Total assets: RMB 3,107,144,652.96, up 1.24% from year start
• Shareholders’ equity: RMB 2,625,704,873.74, up 2.61% from year start

Main Drivers of Performance Growth

1. Management Optimization: The company continued to refine its management strategy, strengthen internal controls, improve service quality, build its brand, and promote product integration, driving overall performance.
2. Ropeway Transportation Recovery: Weather impacts reduced, fewer ropeway shutdown days, and increased visitor numbers were major contributors to growth.
3. Performance & Hotel Sectors: Both sectors achieved year-on-year growth, diversifying revenue streams.

Non-Recurring Gains/Losses & Related Items

• Non-recurring gains/losses total RMB 666,428.80, mainly including government subsidies, fair value changes in financial assets, and asset disposal gains.
• No non-recurring items reclassified as recurring in this period.

Key Financial Account Changes

• Transactional financial assets increased by RMB 75.63 million (up 55.76%), mainly due to purchase of low-risk bank products.
• Other receivables increased by RMB 13.1 million (up 634.13%), mainly due to dividend receivables from associates.
• Construction-in-progress increased by RMB 35.53 million (up 30.96%) due to expansion of Yak Meadow Ropeway project.
• Accounts payable decreased by RMB 18.06 million (down 37.94%) due to project settlement progress.
• Tax payable increased by RMB 15.51 million (up 43%) due to increased corporate tax and environmental funds.
• Finance expenses increased by RMB 1.19 million (up 291.32%), mainly due to purchase of bank products and accounting rules.
• Investment income increased by RMB 2.15 million (up 71.29%), mainly from increased returns on financial products.
• Extraordinary expenses increased by RMB 78.5k (up 12,316.57%) from incidental compensation.
• Income tax increased by RMB 6.04 million (up 57.16%) due to increased profit.
• Cash received from recovered investments increased by RMB 154.5 million (up 753.67%), mainly from matured time deposits and redeemed products.

Shareholder Structure & Related Information

• Total ordinary shareholders at period end: 34,730.
• Top ten shareholders stable: Lijiang Yulong Snow Mountain Tourism Development Co., Ltd. holds 15.73%, Huabang Life Health Co., Ltd. holds 14.26%.
• Huabang Health and Mr. Zhang Songshan effectively control 15.73% voting rights, forming a concerted action relationship with Snow Mountain Company.
• No known relationships or concerted actions among other major shareholders.

Cash Flow Performance

• Operating cash net inflow: RMB 64,223,327.82, up 41.85% YoY.
• Investment cash flow net: RMB -59,188,833.94, mainly from asset construction and bank product purchases.
• Financing cash net outflow: RMB 348,324.00, up 118.08%, mainly from rental payments.
• Ending cash and equivalents: RMB 402,283,783.40.

Price-Sensitive Information

• Net profit nearly doubled YoY, with strong revenue growth, reflecting improved management and tourism demand recovery—potential positive for share price.
• Robust cash flow and higher investment returns from financial products show improved capital management.
• Recovery across ropeway, performance, and hotel sectors may draw further market attention.
• Stable shareholding structure, with concentrated voting rights, may impact corporate governance and future strategy.

Risks & Investor Considerations

• Tourism industry faces seasonality and weather risks—future operations should monitor these factors.
• Some funds invested in low-risk products—while returns up, investors should be aware of financial product risks.
• Report is unaudited; data for reference only—final numbers subject to audited annual report.

Conclusion

Lijiang Yulong Tourism Co., Ltd. delivered strong Q1 2026 results with nearly doubled net profit, tourism sector recovery, management improvement, robust cash flow, stable asset base, and higher investment returns. The company shows strong potential for share price appreciation. Investors should watch future strategy, tourism sector recovery, and the impact of shareholder structure on governance.

Disclaimer: This article is based on Lijiang Yulong Tourism Co., Ltd.’s Q1 2026 report and is for reference only. It does not constitute investment advice. Investors should make their own risk assessments and seek professional advice.

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