Hna-Caissa Travel Group Co Ltd

Caissa Touristic announced on the evening of September 15 that its wholly-owned grandchild company Caissa Culture was suspected of contract fraud during business execution and has reported the case to public security authorities. The case has now been filed for investigation by Foshan police, involving an amount of 26.95 million yuan. The announcement shows that Caissa Culture recently signed a performance service contract with the counterparty and paid 26.95 million yuan in contract payments as agreed. It subsequently found that it could not establish effective contact with the other party and suspected the other party of contract fraud. The company has received a Case Filing Notice issued by the Nanhai Branch of the Foshan Municipal Public Security Bureau. The contract fraud case involving Caissa Culture meets the conditions for filing and is now under investigation. Caissa Touristic stated that the case is still in the filing and investigation stage, and its progress and final outcome are uncertain. It may have an adverse impact on the company's current or future profits, and the specific impact still needs to be determined based on the investigation results. However, the company's production and operations are normal, and this matter will not have a material adverse impact on its ability to continue as a going concern. The company has launched an internal special review and will determine internal responsibility, while also cooperating with the public security authorities' investigation and making every effort to recover losses. Caissa Touristic is a comprehensive cultural and tourism enterprise with tourism, food, and marine cultural tourism as its main businesses. Its controlling shareholder is Qingdao Huanhai Bay Cultural Tourism, and Caissa Culture is a wholly-owned subsidiary of Caissa Bay. In the first half of this year, the company achieved revenue of 435 million yuan, a year-on-year increase of 37.08%, and a net loss attributable to the parent company of 11.0058 million yuan.

Caissa Touristic released its 2026 interim report, showing total operating revenue of 435 million yuan, up 37.08% year-on-year. Net profit attributable to the parent company was a loss of 11.01 million yuan, an improvement of 13.28 million yuan compared with the same period last year, narrowing the loss. Net cash flow from operating activities was negative 49.77 million yuan. The asset-liability ratio fell to 48.96%, gross margin was 16.79%, and return on equity was negative 1.24%. Diluted earnings per share were negative 0.01 yuan. Total asset turnover rose for the fourth consecutive year, and inventory turnover increased 49.75% year-on-year. The company had 96,800 shareholders, with the top ten shareholders holding 40.09% of total share capital.

Caissa Touristic announced that 72 million shares and accrued dividends in HNA Tourism Drinks held by its subsidiary Hainan Caissa Shijia Beverage will be publicly auctioned again from 10 a.m. on August 24, 2026, to 10 a.m. on August 25. The appraised value is 38.91 million yuan, and the starting bid is 24.9 million yuan. In the first quarter of 2026, Caissa Touristic achieved revenue of 196 million yuan and net profit attributable to the parent company of 2.8 million yuan.

Caissa Touristic disclosed its earnings forecast, expecting a net loss attributable to the parent of 8 million to 13 million yuan in the first half of 2026, compared with a loss of 24.2824 million yuan in the same period last year. The net loss after deducting non-recurring items is expected to be 35 million to 45 million yuan, compared with a loss of 29.8142 million yuan a year earlier. The company stated that tourism business revenue is expected to grow year-on-year, but profitability in some segments fell short of expectations. The food business is actively expanding scenario-based channels. Projects related to the marine cultural tourism business have just commenced operations, and returns have yet to be fully realized. The year-on-year increase in net profit is mainly due to non-recurring gains such as debt restructuring of subsidiaries and increased investment income from associates.

A total of 71.999 million shares in HNA Beverage held by Shijia Beverage, a controlled subsidiary of Caissa Tourism, will be put up for judicial auction. The stake accounts for 89.99875% of HNA Beverage's total share capital, with a starting price set at 31.1254 million yuan, about 20% below the appraised value of 38.9068 million yuan. The auction stems from a bond payment guarantee dispute between the company and HNA Finance. The Hainan First Intermediate People's Court will conduct the public auction on the Taobao judicial auction platform from August 3 to 4, 2026. Caissa Tourism has reported six consecutive years of negative net profit after deducting non-recurring items from 2020 to 2025. In 2025, it achieved operating revenue of 799 million yuan and net profit attributable to the parent company of 28.0013 million yuan, but net profit after deducting non-recurring items was negative 144 million yuan, with total non-recurring gains and losses reaching 172 million yuan, mainly from debt restructuring gains.