2025.09.29 本文字数：1839，阅读时长大约3分钟 作者 |第一财经 齐琦 股价刚创新高，股东减持接踵而至。 9月26日，光模块龙头中际旭创（300308.SZ）发布公告称，公司控股股东中际投资计划未来三个月减持 公司股份不超过550万股，占公司总股本的0.49%。 就在近期，公司股价触及457元的历史新高，截至9月26日收盘报413.7元，若按照最新收盘价计，此次 减持套现金额约22亿元。 公司股价站上历史高位之际，控股股东选择"落袋为安"。这并非孤例。记者据Wind不完全统计，仅本 周末（9月26日至28日），A股市场就有100家上市公司密集发布减持公告，涉及硬件设备、半导体、医 药生物、消费等热门赛道。 且选择高位套现的股东不止中际投资一家。 公司9月17日晚间公告显示，7月1日至9月17日，特定股东苏州益兴福企业管理中心（有限合伙，下 称"益兴福"）及其一致行动人，总共减持该公司463.41万股，合计持股比例由9.417%减少至8.9999%。 按照三季度股价均值300元计，益兴福可能套现超10亿元。公开信息显示，益兴福的主要实际控制人之 一，就是中际旭创董事长、总裁刘圣。 机构持仓方面，截 ...

【导读】大牛股，中际旭创大股东要减持了 中国基金报记者 泰勒 大家周末好！今晚简单关注一下海外内的市场消息。 中际旭创股东减持 9月26日深夜，今年暴涨200%的大牛股——中际旭创，突然发布公告称，控股股东中际控股因自身资金需求，计划未来三个月内（2025年10月28日至2026 年1月27日），以大宗交易方式减持公司股份不超过550.00万股，占公司总股本的0.49% 。 登录新浪财经APP 搜索【信披】查看更多考评等级 按照最新数据，这一次减持的金额约达22亿元。 截至公告日，中际控股持有股份126,940,135股，占总股本的11.42%。公告显示，减持价格将按照市场价格进行。 值得注意的是，本次减持计划交易方式为通过证券交易所大宗交易，且需在减持计划公告之日起15个交易日之后进行，任意连续90个自然日内合计不超过 公司股份总数的1%。同时，中际控股及其一致行动人承诺自本次减持计划完成后12个月内不减持公司股份。 中际控股表示，将根据市场情况、公司股价情况等情形决定是否实施或部分实施本次股份减持计划，因此本次减持计划存在减持时间、减持数量、减持价 格的不确定性，也存在是否按期实施完成的不确定性。公司将根 ...

Core Viewpoint - Hong Kong Travel (00308) has seen a stock price increase of over 5%, currently trading at 1.83 HKD with a transaction volume of 219 million HKD, driven by positive market sentiment regarding upcoming holiday travel demand and government policies aimed at boosting service consumption [1] Group 1: Government Policies and Market Outlook - The Ministry of Commerce and other departments released policies on September 16 to expand service consumption, including exploring the establishment of spring and autumn breaks for primary and secondary schools, and encouraging supply-side product optimization [1] - Current booking data for the upcoming Mid-Autumn Festival and National Day holidays shows promising performance, indicating a potential increase in leisure travel demand [1] Group 2: Company Developments - Guo Zheng International recently published a report highlighting Hong Kong Travel's strategic investments in the ice and snow economy, including the acquisition of a 75% stake in Jilin Songhua Lake International Resort Development Co., Ltd. and Beijing Wanbingxue Sports Co., Ltd., which are expected to contribute additional revenue and profit starting in November [1] - The extended 8-day holiday period combining National Day and Mid-Autumn Festival is anticipated to lead to rapid growth in the tourism market, further driving business growth for the company [1]

Group 1 - Hong Kong Travel (00308) saw a rise of over 5%, currently up 5.17% at HKD 1.83, with a trading volume of HKD 219 million [1] - The Ministry of Commerce and other departments released policies on September 16 to expand service consumption, suggesting the exploration of spring and autumn breaks for primary and secondary schools, and encouraging supply-side product optimization [1] - CICC anticipates good booking data for the upcoming Mid-Autumn Festival and National Day holidays, expecting a positive performance in leisure travel demand [1] Group 2 - Guozheng International recently published a report highlighting the company's active involvement in the ice and snow economy, including the acquisition of a 75% stake in Jilin Songhua Lake International Resort Development Co., Ltd. and Beijing Wanbingxue Sports Co., Ltd. [1] - The related business is expected to be consolidated in November, which is projected to bring additional revenue and profit to the company [1] - The extended 8-day holiday period during National Day and Mid-Autumn Festival is anticipated to lead to rapid growth in the tourism market, thereby driving business growth for the company [1]

Group 1 - The government has introduced 19 specific measures to boost service consumption, focusing on enhancing service supply and attracting foreign consumers [1][3] - The measures cover a wide range of industries, including internet, culture, telecommunications, sports events, education, and high-end healthcare, indicating a favorable policy environment for these sectors [1][3] - The emphasis is on addressing the supply-side shortage of quality services through financial support and policy adjustments, which is expected to invigorate the service consumption market [1][2] Group 2 - In August, the total retail sales of consumer goods reached 39,668 billion yuan, showing a year-on-year growth of 3.4%, with service retail sales growing by 5.1% [2] - The overall consumption trend remains positive, with expectations for further policy support to boost consumption, potentially increasing the annual growth rate of retail sales to around 4.5% [2][4] - Analysts suggest a shift in policy focus from physical investments to experience-based service consumption, highlighting the importance of government support for service supply [4] Group 3 - Companies like Huazhu Group and Trip.com are expected to benefit from the recovery in tourism consumption, with Huazhu's EBITDA projected to grow by 5% to 1.5 billion yuan [5] - Trip.com anticipates a revenue growth of 12%-17% in 2025, benefiting from policies aimed at attracting foreign consumers [5] - Hong Kong Travel and China Duty Free are positioned to gain from inbound tourism and enhanced duty-free shopping opportunities, with potential increases in visitor numbers and sales [6]

Group 1 - Hong Kong Travel (00308) saw a stock increase of over 11%, reaching a price of 1.85 HKD with a trading volume of 461 million HKD [1] - The Ministry of Commerce and nine other departments released policies on September 16 to expand service consumption, including 19 measures across five areas, such as launching a "Service Consumption Season" [1] - The tourism market is experiencing heightened activity due to the upcoming Mid-Autumn Festival and National Day holidays, with expectations for a sustained high level of tourism [1] Group 2 - China Aviation Securities believes that policy support, supply response, and demand upgrades are creating a synergistic effect that will sustain the high tourism activity during the "super long golden week," benefiting various sectors including accommodation, transportation, dining, retail, and entertainment [1] - Hong Kong Travel is the flagship of China Travel Group's tourism investment and operation business, focusing on the development and operation of tourism destinations [1] - The company operates approximately 60 domestic and international scenic spots and resorts, including 18 5A scenic spots and 18 4A scenic spots, with a commitment to high-quality and unique cultural tourism resources [1]

（於香港註冊成立之有限公司） （股份代號：308） 選擇公司通訊之語言版本及收取方式 各位股東： 選擇公司通訊之語言版本及收取方式 本公司欣然附上本公司之2025年中期報告。 根據《香港聯合交易所有限公司證券上市規則》及香港中旅國際投資有限公司（「本公司」）的《公司組織章程細則》，本公司可(i)以 中文及╱或英文製備的印刷本；或(ii)以電子方式透過本公司網站(www.irasia.com/listco/hk/ctii)向股東提供公司通訊（附註）（「網上 版本」）。 閣下可於任何時間向股份過戶登記處發出不少於七天的書面通知，或電郵至is-ecom@vistra.com，以更改日後公司通訊之語言 版本及╱或收取方式之選擇。若 閣下選擇（或被視為已同意）收取日後公司通訊之網上版本，如因任何理由難以透過本公司網 站瀏覽公司通訊，可以書面向股份過戶登記處提出要求，即可獲免費發送所要求之公司通訊印刷本。 請注意：(a) 閣下可提出要求向本公司或股份過戶登記處索取所有日後公司通訊之中英文印刷本；而(b)所有日後公司通訊之 中英文網上版本亦會在本公司網站(www.irasia.com/listco/hk/ctii)及香港交 ...

(Incorporated in Hong Kong with limited liability) (Stock Code: 308) NOTIFICATION LETTER Dear Shareholder(s), 16 September 2025 China Travel International Investment Hong Kong Limited (the "Company") You are entitled at any time by giving at least a 7-day notice in writing to the Share Registrar (by post to 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong or by email at is-ecom@vistra.com) to change your choice of language and means of receiving Corporate Communications. If you have elected (or ar ...

NOTIFICATION LETTER Dear Non-registered holder(1), (Incorporated in Hong Kong with limited liability) (Stock Code: 308) 16 September 2025 China Travel International Investment Hong Kong Limited (the "Company") Notice of Publication of 2025 Interim Report The English and Chinese versions of the 2025 Interim Report of the Company (the "Interim Report") are available on the website of the Company at www.irasia.com/listco/hk/ctii and that of Hong Kong Exchanges and Clearing Limited ("HKEx") at www.hkexnews.hk. ...

Company Information The company reports changes in its board of directors and audit/remuneration committee chairpersons - Changes in board members occurred: Mr. Tao Xiaobin, Mr. Xie Zhichi, Mr. Zhang Xiaoke, Mr. Huang Hui, and Mr. Chen Zhihong resigned on August 20, 2025, and Mr. Qian Jiannong was appointed as an independent non-executive director on the same day[5](index=5&type=chunk) - Audit Committee Chairman changed from Mr. Chen Zhihong to Ms. Fang Xuan, and Remuneration Committee Chairman also changed from Mr. Chen Zhihong to Ms. Fang Xuan, both effective August 20, 2025[5](index=5&type=chunk) Financial Calendar and Shareholder Information This section provides key financial dates, dividend distribution details, and information on issued shares - Interim results announcement date is **August 28, 2025**[7](index=7&type=chunk) Dividend Distribution Status | Period | Dividend | | :--- | :--- | | 2025 Interim | None | | 2024 Final | None | | 2024 Interim | **HK 1.5 cents** per share to be distributed on October 15, 2024 | | 2023 Final | **HK 1 cent** per share distributed on June 20, 2024 | - As of June 30, 2025, the company's issued shares are **5,536,633,709 shares**[9](index=9&type=chunk) Interim Results The group's interim financial performance for the six months ended June 30, 2025, shows a shift from profit to loss, with detailed financial statements and notes [Review Report on Interim Financial Information](index=5&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E4%B9%8B%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) Ernst & Young has reviewed the interim financial information for the six months ended June 30, 2025, and found no matters that lead them to believe the interim financial information is not prepared in all material respects in accordance with Hong Kong Accounting Standard 34 - Reviewing institution is **Ernst & Young**[11](index=11&type=chunk) - Review conclusion is that no matters were found indicating the interim financial information was not prepared in all material respects in accordance with Hong Kong Accounting Standard 34[13](index=13&type=chunk) [Condensed Consolidated Statement of Profit or Loss](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%90%8D%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group turned from profit to loss, with revenue decreased year-on-year by **7.64%**, pre-tax loss of **HKD 8 million**, and loss attributable to shareholders of **HKD 86.853 million**, primarily due to expanded fair value loss on investment properties and increased administrative expenses Condensed Consolidated Statement of Profit or Loss Key Data (For the six months ended June 30) | Metric | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (HKD Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,973,653 | 2,136,982 | (163,329) | **-7.64%** | | Gross Profit | 533,328 | 610,739 | (77,411) | **-12.67%** | | Operating (Loss)/Profit | (43,832) | 117,553 | (161,385) | **-137.29%** | | Pre-tax (Loss)/Profit | (7,807) | 165,230 | (173,037) | **-104.72%** | | (Loss)/Profit for the Period | (74,760) | 100,387 | (175,147) | **-174.47%** | | (Loss)/Profit attributable to Owners of the Company | (86,853) | 63,230 | (150,083) | **-237.36%** | | Basic and Diluted (Loss)/Earnings Per Share (HK cents) | (**1.57**) | **1.14** | (**2.71**) | **-237.72%** | - Fair value loss on investment properties expanded from **HKD 99.045 million** in the first half of 2024 to **HKD 123.328 million** in the first half of 2025[15](index=15&type=chunk) - Administrative expenses increased from **HKD 353.56 million** in the first half of 2024 to **HKD 405.18 million** in the first half of 2025[15](index=15&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=7&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's total comprehensive income turned from loss of **HKD 1.934 million** in the same period of 2024 to gain of **HKD 163.934 million**, primarily due to net exchange differences on translation of overseas operations turning into a positive gain Condensed Consolidated Statement of Comprehensive Income Key Data (For the six months ended June 30) | Metric | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (HKD Thousand) | | :--- | :--- | :--- | :--- | | (Loss)/Profit for the Period | (74,760) | 100,387 | (175,147) | | Other Comprehensive Income/(Loss) for the Period, Net of Tax | 238,694 | (102,321) | 341,015 | | Total Comprehensive Income/(Loss) for the Period | 163,934 | (1,934) | 165,868 | - Net exchange differences on translation of overseas operations turned from loss of **HKD 95.522 million** in the first half of 2024 to gain of **HKD 227.708 million** in the first half of 2025[19](index=19&type=chunk) [Condensed Consolidated Statement of Financial Position](index=8&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets increased by **2.66%** to **HKD 25.184 billion**, total equity increased by **1.54%** to **HKD 18.411 billion**, and total liabilities increased by **5.82%** to **HKD 6.772 billion**, with cash and bank balances significantly increased by **16.75%** Condensed Consolidated Statement of Financial Position Key Data (As of June 30) | Metric | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change (HKD Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 25,184,477 | 24,531,934 | 652,543 | **2.66%** | | Total Equity | 18,411,665 | 18,131,893 | 279,772 | **1.54%** | | Total Liabilities | 6,772,812 | 6,400,041 | 372,771 | **5.82%** | | Cash and Bank Balances | 2,853,580 | 2,444,190 | 409,390 | **16.75%** | | Bank and Other Borrowings (Total) | 1,371,405 | 1,031,953 | 339,452 | **32.90%** | - Total non-current assets increased to **HKD 16.619862 billion**, primarily due to increased prepaid lease payments for land[21](index=21&type=chunk) - Total current liabilities increased to **HKD 4.270985 billion**, primarily due to increased bank and other borrowings[23](index=23&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=10&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) As of June 30, 2025, the Group's total equity increased to **HKD 18.411665 billion**, driven primarily by other comprehensive income (especially exchange differences) and non-controlling interests' contributions, despite recording a loss attributable to shareholders for the period Condensed Consolidated Statement of Changes in Equity Key Data (As of June 30) | Metric | January 1, 2025 (HK