Group 1 - The core strategy of the company is to become a "first-class tourism destination investment and operation service provider" while continuously enhancing its core competitiveness and overall profitability [1][2] - The company proposes a distribution plan to shareholders, which is expected to improve its profitability after the completion of the distribution [1] - The tourism business will undergo internal restructuring, with the establishment of a private company group that will hold the tourism business, allowing for a physical distribution of private company shares to shareholders [1][2] Group 2 - Shareholders will have the option to receive private company shares based on their shareholding ratio or opt for cash compensation under certain conditions [1][2] - After the distribution, the private company group will no longer be a subsidiary of the company, allowing the company to focus on its retained business while the shares will continue to be listed on the stock exchange [2] - The board recommends a capital reduction, decreasing the company's capital from HKD 92.22 billion to HKD 7.22 billion, with the resulting HKD 85 billion being transferred to retained earnings for potential distribution [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：308） 1.以實物形式向本公司股東分派本集團旅遊地產業務； 2.本公司的可能須予披露交易及關連交易； 及 實物分派及建議分派 董事局不時對本集團業務進行戰略檢討，堅持以「一流旅遊目的地投資與運營服務商」為戰略願 景，持續提高核心競爭力和整體盈利能力。為實現本集團核心業務的專業化發展，董事局謹此建 議向股東實施建議分派。建議分派完成後，本集團的盈利能力預期將會改善。本集團亦將進一步 優化營運模式，在核心業務上配置更多資源。董事認為，建議分派符合本公司及股東的整體利 益。 董事局將基於本集團發展戰略持續檢討業務佈局，並可能考慮採取其認為改善本集團核心競爭力 與整體盈利能力的進一步行動，以實現股東利益的最大化。若有進一步優化措施，本公司將根據 上市規則作出進一步公告（如有）。 根據向於記錄日期名列本公司股東名冊的股東實施的建議分派，本公司將其旅遊地產業務進行內 部重 ...

II. 已發行股份及/或庫存股份變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 香港中旅國際投資有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00308 | 說明 | 股份 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 5,536,633,709 | | 0 | | 5,536,633,709 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 5,536,633,709 | | 0 | | 5,536,633 ...

Core Insights - The launch of the first Olympic-level artificial wave pool in China at the Zhonglv Zhuluang Resort in Wanning marks a significant development in the domestic surfing tourism sector [2][3] - The resort aims to integrate sports and tourism, enhancing Wanning's cultural tourism industry and contributing to the establishment of Hainan as an international tourism consumption center [3] Group 1: Project Overview - The Zhonglv Zhuluang Resort covers an area of 155 acres and includes a surfing park, themed hotel, and commercial district [2] - The artificial wave pool spans approximately 10,000 square meters and can simulate 23 types of wave patterns, with wave heights adjustable from 0.3 meters to 2.7 meters [2] - The facility supports high-frequency wave generation at 6 seconds per wave, catering to both novice surfers and international professional events [2] Group 2: Partnerships and Community Development - The resort has established partnerships with Hainan Vocational Sports Technical College and the Australian ASI International Surfing Association to promote surfing talent development and industry standards [3] - The launch of the "Spirit of Surfers' Homeland" community aims to foster a collective surfing culture in China through training camps and themed events [3] - The resort's general manager highlighted the ability of the artificial wave pool to provide a year-round surfing experience, transforming the surfing landscape in the region [3]

Core Insights - Hong Kong China Travel, a subsidiary of China Travel Group, operates an integrated tourism destination platform with approximately 60 domestic and international scenic spots by the end of 2024, including 18 5A and 18 4A scenic areas [1][2] Financial Performance - The company is projected to achieve a revenue of HKD 46.27 billion in 2024, reflecting a year-on-year growth of 3%, with the revenue distribution across four main segments: tourism scenic spots and related (44%), tourism certificates and related (7%), hotels (18%), and passenger transport (24%) [1] Market Trends - Domestic travel is expected to maintain robust growth, with a forecasted increase of 20.6% in the number of domestic travelers and a 15.2% rise in total spending by mid-2025, supported by favorable service consumption policies [1] Business Segments - Scenic Spots: The company has a nationwide layout of scenic spots, with projected revenues for 2024 from various segments: theme parks (HKD 5.96 billion), natural and cultural sites (HKD 12.41 billion), leisure resorts (HKD 4.58 billion), and supporting services (HKD 0.50 billion) [1] - Hotel Business: Focused on the high-end market in Hong Kong and Macau, with six hotels and one serviced apartment in operation, showing improved performance with a RevPAR of HKD 731 in the first half of 2025, up 12% year-on-year [2] - Passenger Transport: The company operates bus and ferry services, benefiting from cross-border passenger flow in the Greater Bay Area, with projected revenue of HKD 10.93 billion in 2024, an increase of 11% year-on-year [2] Growth Strategy - The company is continuously expanding its project portfolio, including new developments in Chongqing and Shenzhen, and plans to acquire the Jilin Songhua Lake project for snow tourism, which is expected to contribute to future revenue growth [2][3] Profit Forecast - The company is expected to achieve net profits of HKD 2.7 billion, HKD 4.2 billion, and HKD 6.0 billion for the years 2025 to 2027, with corresponding PE ratios of 32, 21, and 15 times [3]

Core Viewpoint - Hong Kong China Travel (00308.HK) announced the acquisition of two companies related to the tourism and snow sports industry, which aligns with its strategic development in urban and leisure vacation products [1][2]. Group 1: Acquisition Details - The company’s wholly-owned subsidiary, China Travel Scenery, will acquire 100% equity of Jilin Songhua Lake International Resort Development Co., Ltd. for RMB 295 million, with the target company having bank loans of approximately RMB 755 million as of September 29, 2025 [1]. - The company will also acquire 100% equity of Beijing Wanbing Snow Sports Co., Ltd. from Vanke Hotel Management Co., Ltd. for RMB 5 million [1]. Group 2: Business Overview of Target Companies - Target Company A operates in the tourism sector, managing the Songhua Lake Ski Resort, hotels, and commercial streets, and is the main entity for Vanke's snow business [2]. - Target Company B focuses on snowfield management, teaching, and consulting services, managing nine well-known ski resorts and possessing strong integration capabilities in the skiing industry [2]. Group 3: Strategic Significance - The acquisitions are seen as a strategic move to seize historical opportunities and cultivate new growth areas, actively positioning the company in the ice and snow economy [2].

Group 1 - Hong Kong China Travel (00308) announced the acquisition of 100% equity in target company A for RMB 295 million and target company B for RMB 5 million, with cash payments required to sellers A and B respectively [1] - Target company A, Jilin Songhua Lake International Resort Development Co., Ltd., operates in the tourism sector, managing the Songhua Lake Ski Resort, hotels, and commercial streets, and is a key player in Vanke's ice and snow business [1][2] - Target company B, Beijing Wanbingxue Sports Co., Ltd., focuses on snowfield management, teaching, and consulting, managing nine well-known ski resorts and possessing strong integration capabilities in the skiing industry [2] Group 2 - The acquisition aligns with the company's strategy to develop urban and leisure vacation products, seizing historical opportunities and fostering new growth areas in the ice and snow economy [2]

Core Viewpoint - Hong Kong China Travel (00308) announced the acquisition of 100% equity in two target companies, aiming to enhance its presence in the tourism and snow sports industry through strategic investments [1][2] Group 1: Acquisition Details - The company agreed to acquire 100% equity of Target Company A for RMB 295 million, which has bank borrowings of approximately RMB 755 million as of September 29, 2025 [1] - The company also agreed to acquire 100% equity of Target Company B for RMB 5 million, with both transactions requiring cash payments [1] - Upon completion, both target companies will become wholly-owned subsidiaries, and their financial performance will be consolidated into the group's financial statements [1] Group 2: Target Companies Overview - Target Company A, Jilin Songhua Lake International Resort Development Co., Ltd., operates the Songhua Lake Ski Resort, hotels, and commercial streets, focusing on the tourism sector [2] - Target Company B, Beijing Wanbingxue Sports Co., Ltd., specializes in snowfield management, teaching, and consulting, managing nine well-known ski resorts and possessing strong integration capabilities in the skiing industry [2] - The acquisitions align with the company's strategy to develop urban and leisure vacation products, seizing historical opportunities to cultivate new growth areas in the ice and snow economy [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：308） 須予披露交易 收購目標公司股權 股權轉讓協議 董事局欣然宣佈，於二零二五年九月三十日（聯交所交易時段後）， 於完成後，目標公司將成為本公司之全資附屬公司，而目標公司之財務業績將合併至本集團之財 務報表。 上市規則之涵義 收購事項A及收購事項B並非互為條件，因此收購事項A及收購事項B項下之完成可以分別獨立進行。 2 根據上市規則第14.22條，一系列交易須予合併計算並視猶如單一交易，前提是彼等均於12個月 期間內完成或以其他方式關連。由於收購事項均由本集團成員公司與萬科企業的全資附屬公司訂 立，並於同一時間進行，故收購事項須根據上市規則第14.22條予以合併計算。 1 (i) 中旅風景與賣方A及目標公司A訂立股權轉讓協議A，據此，中旅風景同意收購及賣方A同意 出售目標公司A的100%股權，代價為人民幣295,000,000元（截至2025年9月29日，目 ...

Core Viewpoint - Hong Kong Travel (00308) is positioned as a leading integrated cultural tourism investment and operation platform, backed by the state-owned China Travel Group, with plans for future growth in domestic and international tourism projects [1] Company Summary - The company is expected to achieve net profits attributable to shareholders of HKD 270 million, HKD 420 million, and HKD 600 million for the years 2025-2027, corresponding to price-to-earnings ratios of 32, 21, and 15 times respectively [1] - The company is anticipated to continue expanding its portfolio of quality tourism assets, which justifies a certain valuation premium, leading to an initial "Buy" rating [1] Industry Summary - In the first half of 2025, domestic travel volume and total spending by tourists are projected to increase by 20.6% and 15.2% year-on-year, respectively, indicating a steady growth trend in tourism despite high base effects [1] - The implementation of service consumption policies is expected to help unlock the potential for cultural tourism consumption [1] - The company has a nationwide presence in scenic areas, achieving an integrated operation model [1] - Revenue projections for 2024 across various segments are as follows: theme parks at HKD 596 million, natural and cultural tourism at HKD 1.241 billion, leisure and vacation at HKD 458 million, and supporting services for scenic areas at HKD 50 million [1]