Group 1: Market Performance - Low-priced travel stocks in Hong Kong saw significant gains, with Hong Kong China Travel (00308.HK) soaring 85.98% to HKD 1.99 per share, and other companies like Professional Travel (01235.HK) and Haichang Ocean Park (02255.HK) also experiencing notable increases [1] - Major airlines also performed well, with China Eastern Airlines (00670.HK) up 3.19%, China Southern Airlines (01055.HK) up 2.79%, and Air China (00753.HK) up 1.89% [1] Group 2: Industry Trends - The tourism market is entering a peak booking season due to the graduation season and summer holidays, with online travel platforms reporting a projected 30% year-on-year increase in tourist numbers for this summer [1] - The summer travel season is expected to start around mid-July, with popular domestic destinations including Beijing, Shanghai, Urumqi, and Sanya, and family trips being the primary driver of travel [1] Group 3: Flight Operations - Airlines are actively opening and increasing summer routes to meet market demand, with expectations of a "Davis Double Play" for the travel industry during the peak season [3] - Huatai Securities anticipates that the summer travel season will allow airlines to realize revenue elasticity, potentially leading to a seasonal market upturn [3] Group 4: Investment Sentiment - The recent market activity in Hong Kong's travel and airline sectors has attracted increased investor attention, resulting in significant short-term stock price increases [3] - However, caution is advised as many of the actively traded travel stocks have small market capitalizations and low liquidity, which could lead to substantial price volatility with minimal capital involvement [3]

Core Insights - On June 26, 2025, Guotai Junan International (01788), Hong Kong Travel (00308), and China Everbright Holdings (00165) ranked as the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 24.285 billion, 6.964 billion, and 4.470 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Guotai Junan International (01788), Hong Kong Travel (00308), and Xiaomi Group-W (01810) were the top three companies, with trading amounts of 7.437 billion, 1.923 billion, and 1.730 billion respectively [1] Southbound Stock Connect (Shanghai-Hong Kong) - Top active companies by trading volume include: - Guotai Junan International (01788): 24.285 billion with a net buy of 26.0143 million - Hong Kong Travel (00308): 6.964 billion with a net buy of 400 million - China Everbright Holdings (00165): 4.470 billion with a net buy of 7.03114 million - Shandong Molong (00568): 4.252 billion with a net buy of 93.5208 million - Xiaomi Group-W (01810): 3.235 billion with a net buy of 78.9768 million [2] Southbound Stock Connect (Shenzhen-Hong Kong) - Top active companies by trading volume include: - Guotai Junan International (01788): 7.437 billion with a net buy of 233 million - Hong Kong Travel (00308): 1.923 billion with a net buy of 130 million - Xiaomi Group-W (01810): 1.730 billion with a net buy of 123 million - SMIC (00981): 1.652 billion with a net buy of 532 million - China Everbright Holdings (00165): 1.437 billion with a net buy of 24.1098 million [2]

Market Overview - After a significant rise, the market experienced a slight pullback today, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index down by 0.22%, 0.48%, and 0.66% respectively [3] - Over 3,600 stocks declined while more than 1,600 stocks rose, indicating a broad market weakness [3] Tourism Sector - The tourism sector saw a collective surge in the afternoon, with stocks like Tianmu Lake, Nanjing Tourism, Qujiang Cultural Tourism, and Huangshan Tourism hitting the daily limit [5][6] - The overall tourism sector rose by 2.33%, primarily driven by the strong performance of Hong Kong-based China Travel Service, which saw a significant increase of nearly 86% [6][7] Solid-State Battery Sector - The solid-state battery sector experienced a mixed performance, with leading stock Nord Shares hitting the daily limit for the eighth consecutive day but closing up only 5% after a late sell-off [9] - Other notable performers included Tianji Shares with three consecutive limits and several stocks like Defu Technology and Xingyuan Materials rising over 10% [9][10] - The sector initially surged over 25% before retreating, ultimately closing up by 0.32% [9] Stablecoin and Digital Currency - Stocks related to stablecoins and digital currencies performed well, with Jida Zhengyuan achieving four consecutive limits and stocks like Jingbeifang and Kexin Information also hitting the daily limit [13][14] - The digital currency and cross-border payment sectors saw gains of 2% and 2.23% respectively, reflecting investor interest in these areas [14] Quantum Technology Sector - The quantum technology sector showed localized strength, with Jida Zhengyuan achieving four consecutive limits and stocks like Geer Software and Xin'an Century hitting the daily limit [19][20] - The sector rose by 1.2%, driven by the stablecoin concept [20][21]

Group 1 - The Hong Kong tourism sector saw significant gains in the afternoon trading session, with notable increases in stock prices [1] - Hong Kong China Travel (00308.HK) surged over 148%, indicating strong investor interest and confidence in the company [1] - Professional Travel (01235.HK) experienced a rise of over 58%, reflecting positive market sentiment towards travel-related stocks [1] - Ocean Park (02255.HK) also saw an increase of over 25%, suggesting a recovery trend in the tourism industry [1]

智通财经6月26日电，港股旅游板块走高，香港中旅涨148%，专业旅运涨51%，海昌海洋公园涨30%。 ...

港股旅游板块午后持续走高，香港中旅涨超130%，专业旅运涨超28%，海昌海洋公园涨超25%。 ...

Group 1: Market Overview - The Hang Seng Index fell by 0.48%, down 117 points, closing at 24,357 points, while the Hang Seng Tech Index remained unchanged [1] - The early trading volume in the Hong Kong stock market reached HKD 142.1 billion [1] Group 2: Digital Currency and Stablecoins - Citic Securities highlighted the need to focus on opportunities related to stablecoins in response to the rising international dominance of digital dollars [1] - Stocks related to stablecoins saw significant gains, with Victory Securities (08540) doubling in price, China Everbright Holdings (00165) rising nearly 28%, and Yikang (09923) and Huaxing Capital Holdings (01911) both increasing by approximately 11% [1] Group 3: Sector Performance - Hong Kong Travel (00308) surged over 60% as the tourism industry continues to show positive trends, with the company increasing its tourism investments [3] - Defense and military stocks rose against the market trend, with China Shipbuilding Defense (00317) up 8.5% and AVIC (02357) increasing by 2.88%, as institutions expect a revaluation of defense assets [3] - China Molybdenum (03993) rose by 5.92% due to a new round of cobalt export bans from the Democratic Republic of Congo, which may exceed market expectations, providing strong support for cobalt prices [3] - Ocean Park (02255) increased by over 19% as Xiangyuan Holdings is set to become the new controlling shareholder, potentially leading to complementary advantages [3] Group 4: Company-Specific News - Sinopharm (01801) fell by 3.94% after announcing a 4.9% discount on a share placement, raising HKD 4.265 billion [4] - Kingkey Financial International (01468) dropped over 6% following a profit warning, expecting an annual net loss of no more than HKD 1.25 billion [5]

Financial Performance - For the fiscal year 2024, the company reported earnings per share (EPS) of HKD 1.91, a decrease of 56% compared to HKD 4.33 in 2023[22]. - Revenue for 2024 reached HKD 4,627,425,000, an increase of 2.96% compared to HKD 4,494,211,000 in 2023[26]. - Gross profit for 2024 was HKD 1,487,046,000, a decrease of 1.93% from HKD 1,515,118,000 in 2023[26]. - Profit before tax for 2024 was HKD 418,470,000, down 40.43% from HKD 702,004,000 in 2023[26]. - Net profit attributable to equity holders for 2024 was HKD 105,972,000, a decrease of 55.8% compared to HKD 239,548,000 in 2023[26]. - Total assets decreased to HKD 24,473,807,000 in 2024 from HKD 25,014,439,000 in 2023, a decline of 2.16%[26]. - Total liabilities decreased to HKD 6,400,040,000 in 2024 from HKD 6,762,389,000 in 2023, a reduction of 5.35%[26]. - Shareholders' profit for the year was HKD 106 million, a decrease of 56% year-on-year[62]. - The group's net profit attributable to shareholders was HKD 106 million, a decrease of 56% compared to the previous year[80]. Dividends and Payouts - The company declared a dividend of HKD 1.50 per share for 2024, down from HKD 2.50 in 2023, resulting in a dividend payout ratio of 78.37%[22]. - The company paid an interim dividend of 1.5 HKD cents per share on October 15, 2024, consistent with the previous year[149]. Financial Ratios - The interest coverage ratio decreased to 39.31 in 2024 from 56.17 in 2023, indicating a decline in the company's ability to meet interest obligations[22]. - The current ratio improved to 2.02 in 2024 from 1.78 in 2023, suggesting better short-term financial health[22]. - The total debt to equity ratio improved to 31.58% in 2024 from 33.00% in 2023, indicating a reduction in leverage[22]. - The average return on equity (ROE) decreased to 1.12% in 2024 from 1.91% in 2023, reflecting lower profitability relative to equity[22]. Business Operations and Strategy - The company operates several theme parks and cultural tourism destinations, with ownership stakes ranging from 46% to 100% in various subsidiaries[14][15][16]. - The company has a diversified portfolio in the hotel industry, owning 100% of several hotels and a significant stake in others, enhancing its market presence[19]. - The company is actively involved in the travel document services sector, fully owning its subsidiary in this area, which contributes to its overall business strategy[18]. - The company plans to continue expanding its market presence and exploring new strategies for growth in the tourism and hospitality sectors[13]. - The company plans to focus on market expansion and new product development in the upcoming fiscal year[27]. - The management indicated a strategic shift towards enhancing operational efficiency and cost management[27]. Market and Economic Outlook - The Chinese GDP for 2024 reached CNY 134.9 trillion, growing by 5.0% year-on-year, surpassing the global growth rate of approximately 3%[64]. - The company anticipates a steady recovery in the Hong Kong and mainland China economies by 2025, despite challenges from high market interest rates and geopolitical tensions[144]. - The company has maintained a cautious optimism regarding business prospects while remaining vigilant about global economic volatility[144]. Investments and Projects - The company plans to complete the design of the Ambara Resort project by 2025 and commence main construction, aiming for trial operations by the end of 2026[69]. - The company is committed to increasing its investment and asset proportions in Hong Kong, aiming to establish a leading tourism transportation investment platform in the Guangdong-Hong Kong-Macao Greater Bay Area[69]. - The company is actively exploring quality overseas investment opportunities while enhancing its strategic focus on Hainan[69]. - The company has established a joint venture with a registered capital of RMB 400 million to develop urban renewal and scenic area upgrades in Chongqing, with the company holding 55% equity[116]. - The company has initiated a project to establish a joint venture in Hainan to develop aerospace tourism, with a registered capital of RMB 10 million, aiming to create a significant tourism platform[117]. Management and Governance - 范志識先生 appointed as non-executive director in November 2022, bringing extensive experience in tourism and asset management[45]. - 謝祖墀先生 has nearly 30 years of experience in management consulting and corporate management, focusing on business strategy and overseas expansion[49]. - 陳志宏先生 served as chairman of life and general insurance for Zurich Insurance Group in the Asia-Pacific region, with a strong background in finance and accounting[54]. - 宋大偉先生 has held various senior positions in the Chinese government and state-owned enterprises, contributing to economic management and development[55]. - 公司董事会成员均具备丰富的行业经验和专业背景，涵盖旅游、保险、法律和经济管理等领域[48]. - 董事会成员的多样化背景有助于公司在市场扩张和新产品开发方面的战略决策[52]. Technology and Innovation - The company is actively exploring the application of new technologies such as AI and drones, launching the Xingtu AI creation platform and hosting five AIGC creation competitions[126]. - The company plans to strengthen AI capabilities in 2025 to provide personalized travel services and improve operational efficiency[126]. - The company launched a digital platform upgrade in 2024 to enhance booking processes and improve customer service experience, integrating with the parent company's platform[124]. Related Party Transactions - The company has ongoing related party transactions with China Travel Group, including travel permit management services and office leases, with specified annual caps for each[183]. - The actual amount for the management services agreement with China Travel Group for the year ending December 31, 2024, was RMB 0, while the annual cap is RMB 60.5 million[188]. - The independent non-executive directors confirmed that the ongoing connected transactions are conducted in the ordinary course of business and on fair and reasonable terms[191].

Core Viewpoint - Hong Kong Travel's 2024 financial report shows a 3% increase in total revenue to HKD 46.27 billion, but a 56% drop in net profit to HKD 1.06 billion, primarily due to a HKD 204 million loss in the fair value of investment properties [2][3] Financial Performance - Total revenue for 2024 reached HKD 46.27 billion, a 3% year-on-year increase [2][3] - Net profit fell to HKD 1.06 billion, a 56% decrease compared to the previous year [2][3] - Operating profit attributable to shareholders increased by 8% to HKD 3.07 billion [3] - Fair value loss of investment properties amounted to HKD 204 million, accounting for approximately 70% of the profit decline [2][3] Business Segment Analysis - Hotel and passenger transport businesses showed strong performance, with hotel revenue growing by 18% to HKD 8.20 billion and passenger transport revenue increasing by 11% to HKD 10.93 billion [3] - The core tourism and related business faced challenges, with total revenue of HKD 23.45 billion, a 2% increase, but only HKD 140 million in attributable profit, compared to a loss of HKD 100 million the previous year [4] - Revenue from natural and cultural scenic spots increased by 30% to HKD 12.41 billion, but attributable profit decreased by 39% [4] Strategic Adjustments - Hong Kong Travel is accelerating strategic adjustments, adding 5 new managed scenic spots, bringing the total to 27 [5] - The company is exploring new growth areas through partnerships, such as the "tourism + sports" initiative with the Hong Kong Jockey Club [5] - Digital transformation efforts include upgrading digital platforms and exploring AI and drone technology applications in scenic areas [5] Market Expansion Plans - The company aims to increase investment and asset allocation in Hong Kong, focusing on tourism and cultural projects [6] - Plans to enhance the tourism transportation business and develop the Anbala Resort project in Hainan, targeting completion by 2026 [6] - Future strategies include balancing asset allocation with core business profitability, enhancing service quality, and optimizing scenic area planning [6]

Financial Performance - The company's total revenue for the year 2024 was HKD 4.627 billion, representing a 3% increase compared to the previous year[3]. - Profit attributable to shareholders decreased by 56% to HKD 106 million[3]. - The group's revenue for the year ended December 31, 2024, was HKD 4,627,425,000, representing an increase of 2.96% from HKD 4,494,211,000 in 2023[13]. - The gross profit decreased to HKD 1,487,046,000, down 1.85% from HKD 1,515,118,000 in the previous year[13]. - Operating income significantly declined to HKD 309,741,000, a decrease of 45.00% compared to HKD 563,409,000 in 2023[13]. - The annual profit attributable to equity holders of the company was HKD 105,972,000, down 55.8% from HKD 239,548,000 in the prior year[13]. - Total revenue for the year ending December 31, 2024, is reported at HKD 4,627,425,000, with external customer sales contributing HKD 4,602,830,000[27]. - The company reported a loss of HKD 10,506,000 in the passenger transport business segment, contrasting with profits in other segments[27]. - The company reported a significant increase in fixed lease payments from investment properties, rising to HKD 160,160,000 in 2024 from HKD 119,774,000 in 2023[35]. - Basic and diluted earnings per share for 2024 were HKD 0.106, down from HKD 0.240 in 2023, reflecting a decrease of approximately 55.8%[39]. Assets and Liabilities - As of December 31, 2024, cash and bank balances stood at HKD 2.444 billion, with total assets amounting to HKD 24.532 billion and a debt-to-equity ratio of 32%[3]. - The total assets as of December 31, 2024, were HKD 24,531,934,000, a decrease from HKD 25,014,439,000 in 2023[15]. - The total equity attributable to equity holders of the company was HKD 16,106,010,000, a decrease from HKD 16,354,364,000 in 2023[16]. - The company’s total liabilities stood at HKD 6,762,389,000, compared to HKD 6,400,041,000 in the previous year[30]. - As of December 31, 2024, the group had cash and bank balances of HKD 2.449 billion and total borrowings of HKD 1.807 billion, resulting in a debt-to-capital ratio of 32%[81]. Business Strategy and Operations - The company is focusing on enhancing its investment and operational management in multiple scenic destinations, maintaining a leading position in the industry[5]. - The company plans to enhance its business competitiveness through industry-leading initiatives and strategic optimizations[10]. - The company aims to strengthen its core resources and explore new IP operation models to meet diverse consumer needs[9]. - The company plans to enhance marketing and operational strategies to improve revenue streams in the future, particularly in the Yunnan region with the establishment of a new company[54]. - The company is launching new products, including a Jurassic Water World at the World Window theme park, and is collaborating with Tencent Video to create an immersive cultural entertainment district[62]. - The company has initiated a plan to upgrade tourism equipment and facilities at a lower cost, responding to government policies aimed at promoting consumption[63]. Market Outlook - The outlook for 2025 indicates that the company will face challenges from the real estate market and trade tensions, but it remains optimistic about long-term economic growth driven by new sectors[9]. - The company anticipates a cautious outlook for business expansion due to high long-term market interest rates and geopolitical uncertainties[89]. - The group maintains a cautiously optimistic outlook on its overall business fundamentals, aiming for steady operational growth[10]. Governance and Compliance - The company is committed to enhancing its governance structure and risk management capabilities, focusing on sustainable development and compliance management[8]. - The company has adhered to the corporate governance code as per the listing rules, with some deviations noted, including the absence of a meeting with independent non-executive directors without other board members present[95]. - The company has confirmed compliance with the standard code of conduct for securities trading by all directors for the fiscal year ending December 31, 2024[96]. - The audit committee has reviewed the accounting principles and practices adopted by the company, discussing matters related to audit, risk management, internal controls, and financial reporting for the fiscal year ending December 31, 2024[97]. Employee and Operational Metrics - As of December 31, 2024, the group employs 7,004 staff, with compensation based on performance and industry standards[80]. - The average occupancy rate for the six hotels in Hong Kong and Macau was 95%, with an average room rate of HKD 760, while the Beijing hotel had an occupancy rate of 81% and an average room rate of RMB 706[59]. Joint Ventures and Collaborations - The company has signed a cooperation agreement to establish a joint venture with a registered capital of RMB 400 million, where the company will contribute RMB 220 million for a 55% stake, aimed at urban renewal and tourism projects in Chongqing[66]. - A joint venture named China Travel (Hainan) Aerospace Tourism Development Co., Ltd. was established with a registered capital of RMB 10 million, with the company holding a 51% stake, focusing on developing a space tourism destination in Wenchang[67][68]. - The company and partners have set up a joint venture with a registered capital of RMB 300 million to invest in the Dapeng New District Longqi Bay resort project, covering approximately 1,100 acres[69].