Core Viewpoint - Dongwu Securities reports that Hong Kong Travel (00308) is a leading integrated cultural tourism investment and operation platform in China, backed by the central enterprise China Travel Group, and is expected to grow through diversified business development in the Greater Bay Area and new projects both domestically and internationally [1] Financial Projections - The company is projected to achieve net profit attributable to shareholders of HKD 270 million, HKD 420 million, and HKD 600 million for the years 2025, 2026, and 2027 respectively, corresponding to price-to-earnings ratios of 32, 21, and 15 times [1] Market Trends - In the first half of 2025, domestic travel volume and total spending by tourists are expected to increase by 20.6% and 15.2% year-on-year respectively, indicating a steady growth in travel demand despite high base effects [1] - Frequent service consumption policies are anticipated to help unlock the potential of cultural tourism consumption [1] Business Operations - The company has a nationwide layout of scenic spots, achieving an integrated operation of investment and operation [1] - Revenue projections for 2024 in specific segments are as follows: theme parks at HKD 596 million, natural and cultural tourism at HKD 1.241 billion, leisure vacations at HKD 458 million, and supporting services for scenic spots at HKD 50 million [1]

Investment Rating - The report assigns an "Accumulate" rating for Hong Kong Travel (00308.HK) for the first time [1]. Core Views - The company is positioned as a leading integrated platform for tourism investment and operation, backed by the central enterprise China Travel Group, focusing on both domestic and international expansion [1][9]. - The tourism sector is experiencing sustained high demand, supported by policies aimed at releasing consumer potential, with expectations for continued growth in domestic travel [3][41]. Summary by Sections Company Overview - Hong Kong Travel, established in July 1992 and listed in November of the same year, operates as a tourism asset investment and operation platform under China Travel Group, managing approximately 60 domestic and international scenic spots by the end of 2024 [13][33]. - The company has a diversified business model that includes tourism attractions, travel documentation, hotel operations, and cross-border passenger transport [17][33]. Core Highlights - The tourism industry is experiencing robust growth, with domestic travel numbers and spending showing significant increases, indicating strong consumer demand [38][41]. - The company has a nationwide layout of scenic spots, focusing on integrated operation and management, with a revenue breakdown showing significant contributions from various segments [45][54]. Financial Analysis - Revenue projections indicate a growth trajectory, with total revenue expected to reach HKD 5,559 million by 2027, reflecting a compound annual growth rate (CAGR) of 4.19% [1]. - The net profit attributable to shareholders is forecasted to increase significantly, from HKD 239.55 million in 2023 to HKD 597.20 million by 2027, indicating a strong recovery and growth potential [1]. Investment Forecast and Recommendations - The report anticipates that the company will continue to expand its quality tourism assets, justifying a valuation premium and supporting the "Accumulate" rating [1][9]. - The expected price-to-earnings (P/E) ratios for the upcoming years are projected to be 32, 21, and 15 for 2025, 2026, and 2027 respectively, reflecting the company's growth potential [1].

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 ...

Core Viewpoint - The major shareholder of Zhongji Xuchuang plans to reduce its stake in the company due to personal funding needs, which may impact investor sentiment given the stock's significant price increase this year [3][4]. Shareholder Reduction Plan - Zhongji Xuchuang's controlling shareholder, Zhongji Investment Holdings, announced a plan to reduce its holdings by up to 5.5 million shares, representing 0.49% of the total share capital, over the next three months [3][4]. - The estimated value of this reduction is approximately 2.2 billion yuan [3]. - As of the announcement date, Zhongji Holdings owned 126,940,135 shares, accounting for 11.42% of the total share capital [4][6]. Trading Details - The reduction will be executed through block trading on the stock exchange, starting 15 trading days after the announcement [4][6]. - The shareholder has committed not to reduce any shares for 12 months following the completion of this reduction plan [4][6]. - The actual implementation of the reduction plan is subject to market conditions and the company's stock price, introducing uncertainty regarding the timing and quantity of shares to be sold [4][6]. Stock Performance Context - Zhongji Xuchuang's stock has surged over 200% this year, reaching a historical high of 448 yuan on September 4, with a closing price of 413.7 yuan on September 26, resulting in a market capitalization close to 460 billion yuan [4][6]. - Recent shareholder activities indicate a trend of cashing out, with significant reductions by other shareholders, including the son of the actual controller, who sold 555,000 shares for approximately 207 million yuan [8].

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 ...