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Public company info - Lvji Technology Holdings Inc. , 01745.HK

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Lvji Technology Holdings Inc., 01745.HK - Company Profile
Chairman Zang Weizhong
Share Issued (share) 1,464,000,000
Par Currency U.S. Dollar
Par Value 0.01
Industry E-Commerce & Internet Services
Corporate Profile Business Summary: The group is the principally engaged in the business of providing online tour guide in the People’s Republic of China Performance for the year: Revenue decreased by approximately 45.5% year-to-year to RMB295.1 million from RMB541.8 million in 2019.Loss for the year amounted to approximately RMB100.6 million compared to the profit for the year of 2019 of approximately RMB160.8 million. Business Review The number of tourist attractions covered continued to increase and the content of tour guides was multi-dimensionally optimized During the Reporting Period, the Group increased the number of tourist attractions covered in China. The types of tourist attractions for which the Group provide online tour guides include landscape, historical sites, cities, theme parks, zoos and botanical gardens, etc. In particular, as at December 31, 2020, the Group's online tour guides covered 279 AAAAA tourist attractions, 2,343 AAAA tourist attractions, 1,724 AAA tourist attractions. In addition to a wide coverage of tourist attractions, the Group have been continuously optimizing the original content of tour guides. Specifically, the Group carried out multi-dimensional technological innovation on online tour guides, including creative radio drama, audio production for tour guides, video editing, animation, 3D scene and sticker design; the Group upgraded the content of articles, strengthened the content of cultural tourism, explored and enhanced the cultural connotation of tourist attractions to display the cultural essence from multiple angles and strengthen the construction of the content of tourist attractions; the Group expanded the sharing of practical and personalized content from single tourist attraction explanation mode to sharing and recommendation of multiple content to realize the transformation of creative characters and perspectives; the Group upgraded audio-visual module and integrated video animation with the cultural knowledge of tourist attractions to enrich the display form of tourist attractions; the Group enriched drawing style and created 3D hand-painted maps to intuitively display the panorama of tourist attractions and provide more interesting content for users to enhance the tourism experience. Continuous development of all-rounded tourism and smart tourist attractions management service system the Group established in-depth cooperation with the culture and tourism bureaus across China, aiming to change the service mode of the tourism industry and consumers’ way of travelling. The all-rounded tour guide system the Group built contains high-definition exquisite hand-painted maps, which, combined with “location-based service” (LBS) precise positioning and local characteristics, comprehensively presents the information of tourist attractions, food recommendation, tourist center, parking lot, accommodation to provide consumers with all-round travel assurance and makes it easy for consumers to realize smart and convenient travel. the Group are also working with AutoNavi to create the “Future Tourist Attractions” project, aiming to satisfy the personalized service needs of consumers through digital transformation and upgrading. Consumers only need one mobile phone to enjoy the whole smart travel service of “before, during and after the tour”. the Group developed a smart tourist attractions management service system to assist management departments of the government in efficient management and reasonable deployment of local tourism resources in the form of big data center, command center, Internet portal, etc. For example, in the tourist attractions operation service, the system can perform passenger flow monitoring, heat map analysis, intelligent terminal management, artificial intelligence learning, which could analyze tourists’ consumption habits, provide data reference for the management of tourist attractions resulting in the digital upgrading of tourist attractions. During the Reporting Period, the Group successfully delivered several key projects of smart tourist attractions management service system. The revenue from sale of customized content increased by approximately 49.9% on a year-on-year basis from approximately RMB8.7 million for the year ended December 31, 2019 to approximately RMB13.0 million for the year ended December 31, 2020. In addition, in order to improve the digital marketing and detailed operation service of tourist attractions, the Group also developed SaaS system “Lvji Travel Tool” to help tourist attractions enhance their digital operation ability, diversify the options for consumers’ returning purchase, construct private internet traffic pool system in tourist attractions, provide solutions for smart tourist attractions and facilitate the digitization of tourist attractions, creating a extensive application prospect for China’s action plan on “tourism industry + Internet”. Applying innovative technology and diversified channels As a technology-driven company, the Group always insist on the application of innovative technology to the cooperative tourist attractions, using VR and other innovative technologies combined with online tour guides to provide consumers experience not only the sensory effect of visual impact but also seamless switching of pictures perfectly. “Lvji VR” has functions such as 720 panoramic VR, VR panoramic live broadcast, VR comic live broadcast and VR video documentary filming. the Group have core technology for autonomous data collection, panoramic pictures, panoramic views, video synthesis, VR playback and live broadcast and post-processing synthesis technology capabilities to provide static, dynamic, online comprehensive VR solution capabilities to enable us to provide higher quality services for the tourism market at the stage of epidemic normalization prevention and control. During the Reporting Period, “Lvji VR” has finished the delivery of projects such as Xijiang Thousand Household Miao Village of Guizhou Province, Guilin Tourism University of Guangxi Province and all-round Luoning County of Henan Province, and carried out VR live broadcast for trails of “Hanfu super model competition” in south China and the ninth opening ceremony of Shawan Town together with tourist attractions of Guangzhou Baomo Garden and Shawan Town in 2020. Combined with the current popular innovative sales mode, the Group increased the offline market layout and expansion of sale of online tour guides. During the Reporting Period, the Group negotiated with a number of well-known tourism groups, local travel agencies and large organizations and developed innovative sales and marketing strategies, including projects such as live broadcasting promotions, “reservation + ticketing” initiates, SaaS sales model, which has enriched the diversity of channels. Prospects: The outbreak of COVID-19 has greatly changed the industrial structure of domestic tourism market. The pandemic has promoted the development of tourism industry in terms of smart tourism. “Virtual reality”, “smart tour guide” and “data monitoring” have become the basic requirements for tourist attractions to promote the construction of smart tourism. In the stage of regular epidemic prevention and control, the Chinese government has also launched a number of measures to stimulate domestic consumption, resulting in the accelerated recovery of the tourism market. At the same time, the increasing demand of consumers for contactless tourism, reserved tour and peripheral tour have been promoting the continuous improvement of digital facilities in tourist attractions and thus continuously improves the tourism experience of consumers. the Group believe that the Group are well-positioned to capture the recovery of tourism industry and the opportunity of popularization of smart tourism to resume the growth within a short period of time with the Group's core competitive advantages on continuous technological innovations and strategic cooperation with OTAs. the Group will continue to focus on the Group's core strategy in combination with the enterprise positioning of “China’s leading culture and tourism industry chain service platform”, maintain the Group's leading position in online tour guide market, reduce costs and increase efficiency. the Group are confident to capture the opportunity of recovery, continue to lead the development of online tour guide industry, and gradually build a service platform for the whole industry chain of culture and tourism. the Group believe that the Group will develop into a stronger enterprise in the future after going through the difficulties in 2020. In the long run, the Group believe that tourism will continue to develop rapidly benefiting from the continuous increase in the number of Chinese middle class and upgrading consumption. With the further increase in the support for “Internet + Tourism” in China and the advocation of the government to develop high-quality development of tourism with the help of technological innovation, it is expected that the online penetration of online tourism products will increase continuously, and the digital development of China’s tourism will accelerate and generate considerable potential for growth. Local governments are expected to make continuous efforts in smart travel, safe travel, contactless services and other aspects to accelerate the return of tourism economy to the track of rapid development. In the future, the Group will strive to build an industry chain of culture and tourism service platform to continue to strengthen the Group's leadership market position. Specifically, the Group will continuously optimize tour guide products, enrich the content of tour guides, cultivate 3D painters, and upgrade 3D hand-painted maps combined with AR and AI technology to make the interactive experience of consumers more interesting; pay close attention to the latest development of overseas epidemic and outbound tourism, and adjust the Group's overseas online tour guide business strategy accordingly; optimize the “Lvji Mobile Tour” and build three systems of comprehensive management, comprehensive operation and comprehensive service according to the demand of digital upgrading of the tourist attractions to enhance the operation innovation ability and second sale revenue ability, and thus promote the long-term development of the tourist attractions; focus on the establishment of all-rounded tourism demonstration districts and counties and optimize the demonstrative all-rounded labelling system and tourist transport center system with the goal of building a national all-rounded tourism demonstration area to construct a trinity of “provinces and cities, regions and tourist attractions” all-rounded tourism big data comprehensive service platform; continue to upgrade SaaS business, build a multi-terminal and multi-channel one-stop smart tourism ecological platform, connecting consumers’ “dining, accommodation, transportation, entertainment, and shopping” and other supporting consumer service facilities, so that the tourist attractions can realize smart management, smart marketing and smart services.

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