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]

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].

Core Viewpoint - The recent surge in stock prices has led to a wave of shareholder sell-offs, with major shareholders opting to cash out at high valuations, indicating potential market volatility ahead [2][4]. Group 1: Company Specifics - Zhongji Xuchuang (300308.SZ) announced that its controlling shareholder, Zhongji Investment, plans to reduce its stake by up to 5.5 million shares, representing 0.49% of the total share capital, following a peak stock price of 457 yuan [2][3]. - Zhongji Investment currently holds 127 million shares, accounting for 11.42% of the total shares, and has previously reduced its holdings multiple times since 2015, cashing out approximately 886 million yuan in total [3][4]. - The stock price of Zhongji Xuchuang has increased by over 236% this year, driven by the demand for AI computing power, raising concerns about overvaluation [4]. Group 2: Market Trends - In the last weekend of September, 100 A-share companies announced share reductions, with some companies seeing reductions exceeding 3% of their total share capital [7]. - A total of 1,475 A-share companies have issued nearly 3,000 reduction plans in the past six months, indicating a significant trend in shareholder sell-offs [7]. - Major shareholders, including controlling shareholders and executives, are leading the sell-off trend, with some companies experiencing coordinated reductions among multiple shareholders [7][8].

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]