Summary of China Travel & Leisure Industry Conference Call Industry Overview - The conference call focused on the **China travel and leisure industry**, particularly the performance of various companies in the sector during **3Q25** [1][2]. Key Points and Arguments General Market Trends - **Weaker Disposable Income**: Disposable income growth slowed to **4.5%** in 3Q25 from **5.1%** in 2Q25, impacting consumption trends which fell to **3.4%** from **5.2%** [2][3]. - **Domestic Air Traffic**: Increased by **3%** year-over-year (yoy) in 3Q25, down from **6%** in 2Q25 [2]. - **Outbound Travel**: Normalized to **15%** yoy growth, significantly lower than **34%** and **24%** in 1Q and 2Q25 respectively, as flight capacity returned to pre-pandemic levels [2]. Company Performance Highlights - **Songcheng**: Reported a **10%** yoy revenue decline due to competition and health issues [3]. - **CTGDF**: Revenue decline narrowed to flat yoy in 3Q25 from **-11%** and **-8%** in previous quarters, with a **14%** increase during the Golden Week holidays [3][6]. - **Jinjiang and BTG**: RevPar improved to declines of **-2%** and **-3%** yoy, respectively, compared to **-5%** and **-6%** in 2Q25 [3][6]. - **Chinese Airlines**: Benefited from lower fuel costs and traffic recovery, with domestic traffic up **13%** and international traffic up **11%** [6]. - **Shiji**: Revenue increased by **7%** yoy, but net loss widened to **Rmb12 million** due to higher impairment losses [6]. Macau Casino Performance - **Macau GGR**: Increased by **13%** yoy in 3Q25, up from **8%** in 2Q25, driven by factors such as the wealth effect from the stock market and reduced diversion of travelers to other destinations [7]. - **Sands China and MGM**: Results exceeded expectations, with Sands China expected to report **US$1.901 billion** and MGM **US$1.091 billion** in revenue for 3Q25 [7][10]. Samsonite Expectations - Expected to report a narrower revenue decline of **-2%** yoy in 3Q25, improved from **-5%** in 2Q25, driven by better performance in the US and Asia [7][10]. Hotel Operators - **H World and Atour**: Both expected to report better-than-expected results due to stabilizing hotel RevPar and robust retail sales growth [7][10]. - **RevPar Forecasts**: H World and Atour projected declines of **-0.4%** and **-3%** yoy, respectively, with revenue growth forecasts of **+7%** and **+35%** yoy [8][10]. OTA Performance - **Trip.com and Tongcheng**: Expected to meet revenue guidance with Trip.com projected to grow **+15%** and Tongcheng **+9%** [9][10]. - **Profit Margins**: Potential for improved profit margins due to favorable revenue mix shifts towards higher-margin businesses [9]. Other Important Insights - **Investor Focus**: Investors are expected to pay close attention to companies' forward guidance during their 3Q25 results to assess the sustainability of the recovery [2][10]. - **Valuation Considerations**: Despite recent performance, share prices of US-listed chain hotels are still trading below mid-cycle valuations, indicating potential for upward earnings revisions [10][11]. Conclusion - The China travel and leisure industry is showing signs of recovery, although challenges remain due to weaker consumer spending and competition. Companies like H World, Atour, and TCOM are positioned well for growth, while Macau casinos are benefiting from a rebound in gaming revenue. Investors should remain cautious but optimistic about the sector's trajectory moving forward.

| 股份代號: | 01910 | | --- | --- | | 上市法國名稱: | 新秀麗集團有限公司 | | 日期 (日 / 月 / 年): | 04/10/2025 - 04/11/2025 | | 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | （詩参関上述 * 註 | | | | | | | | 份自分比 厳 | | | | | | | | ( % ) | | | CS20251103E00022 | Schroders PLC 892,800(L | 1201(L) | | HKD 16.4778 | 68,515,714(L) | 4.95(L)30/10/2025 | 格隆汇11月4日丨根据联交所最新权益披露资料显示，2025年10月30日，新秀丽(01910.HK)遭Schroders PLC在场内以每股均价16.4778港元减持89.28万股，涉 ...

智通财经APP讯，新秀丽(01910)发布公告，就为2026年到期优先票据及优先信贷融通进行再融资，(a) 于2025年10月30日，Samsonite Finco与担保人就Samsonite Finco发行及出售本金总额3.5亿欧元息率 4.375%的2033年到期优先票据与多名初始购买人订立购买协议及(b)于2025年10月31日，本公司完成了 新优先信贷融通的银团贷款安排及分配。 ...

Core Viewpoint - Samsonite is refinancing its 2026 maturing senior notes and senior credit facilities through the issuance of new senior notes and a syndicated loan arrangement [1] Group 1 - The company has entered into a purchase agreement for the issuance and sale of €350 million senior notes with a 4.375% interest rate maturing in 2033 on October 30, 2025 [1] - The completion of the new senior credit facility's syndicated loan arrangement and allocation was achieved on October 31, 2025 [1]

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之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不就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之任 何損失承擔任何責任。 本公告僅供參考之用而並不構成收購、購買或認購本公告所述證券之邀請或要約。本公告並非亦不擬作為 於美國出售本公司證券之要約或要約購買本公司證券要約之游說。本公告所述證券概無及將不會根據美國 證券法或美國任何州之證券法登記，除根據美國證券法獲豁免或不受美國證券法所規限之交易外，概不可 在美國境內或向美國人士（定義見美國證券法 S 規例）或以其名義或為其利益提呈發售或出售。本公告及其 中所載資料不可直接或間接在或向美國發佈。本公告所述證券並無亦不會在美國公開發售。 在英國推廣 2033 年到期優先票據受《 2000 年金融服務與市場法》（「金融服務與市場法」）限制，因此 2033 年到期優先票據並未在英國向一般公眾推廣。本公告僅向下述人士派發並僅針對下述人士： (i) 其就涉 及投資（定義見《 2000 年金融服務與市場法（金融推廣） 2005 年指令》（經修訂）（「金融推廣指令」） 第 19(5) 條）的事 ...

Core Viewpoint - Daiwa has adjusted Samsonite's (01910) earnings forecast for 2025 down by 2%, but raised the 2026 earnings forecast by 3% due to stronger recovery potential in the Asian and North American markets. The rating remains "Hold" due to a lack of catalysts and low visibility. However, a stronger recovery is expected in 2026 supported by global travel demand. The target price has been slightly increased from HKD 15 to HKD 16 [1][1][1] Group 1: Earnings Forecasts - The earnings forecast for 2025 has been reduced by 2% while the forecast for 2026 has been increased by 3% [1][1] - The expected revenue decline for Q3 is projected to narrow to 1.4%, aligning with management guidance [1][1] Group 2: Brand Performance - Tumi's overall performance is expected to improve, while American Tourister remains the weakest brand [1][1] - Adjusted EBITDA margin is anticipated to remain under pressure due to regional structural changes and operational deleveraging [1][1] Group 3: Market Insights - The gross margin and adjusted EBITDA margin are expected to decline by 0.7 and 0.6 percentage points year-on-year, reaching 58.6% and 17% respectively [1][1] - There is cautious optimism regarding the turnaround of the Indian business in 2026, as major competitors have undergone significant restructuring, potentially leading to more rational market competition [1][1] - The dual listing plan in the U.S. is believed to be progressing, but may not materialize until mid-2026 at the earliest [1][1]

Core Viewpoint - Samsonite's stock has increased by over 4%, currently trading at HKD 16.58, with a transaction volume of HKD 35.14 million. The company will hold a board meeting on November 12 to consider and approve its quarterly performance report for the three and nine months ending September 30, 2025 [1]. Group 1: Financial Performance - In the first half of the year, Samsonite's sales decreased by 5.2% on a constant currency basis. However, it is expected that sales will gradually improve in the second half, with the decline narrowing to 3.3%, primarily due to a lower comparison base, especially in the third quarter, which is the lowest for the year [1]. - HSBC forecasts that sales in the third quarter will decline by 2.5% on a constant currency basis [1]. Group 2: Future Outlook - HSBC maintains a target price of HKD 21 and a "Buy" rating for Samsonite, anticipating a potential revaluation of the stock as sales are expected to improve in the third quarter of this year and return to growth next year [1]. - There is a clear possibility of the company pursuing a dual listing in the United States in the first half of next year [1].

Core Viewpoint - Samsonite (01910) shares rose over 4%, currently up 4.61% at HKD 16.58, with a trading volume of HKD 35.14 million [1] Financial Performance - Samsonite will hold a board meeting on November 12 to consider and approve the quarterly performance report for the three and nine months ending September 30, 2023 [1] - HSBC reported that Samsonite's sales decreased by 5.2% in the first half of the year on a constant currency basis, but expects a gradual improvement in the second half, with the decline narrowing to 3.3% [1] - The bank anticipates a 2.5% drop in sales for the third quarter, which has the lowest comparison base of the year [1] Investment Outlook - HSBC maintains a target price of HKD 21 and a "Buy" rating for Samsonite, suggesting potential for a revaluation of shares as sales are expected to improve in the third quarter and return to growth next year [1] - There is a clear possibility of the group achieving a dual listing in the United States in the first half of next year [1]

Core Viewpoint - The report from Daiwa indicates that due to a low base effect, the expected revenue decline for Samsonite in Q3 will narrow to 1.4%, aligning with management guidance [1] Financial Performance - The adjusted EBITDA margin is expected to remain under pressure due to regional structural changes and operational deleveraging, with projected Q3 gross margin and adjusted EBITDA margin decreasing by 0.7 and 0.6 percentage points year-on-year, reaching 58.6% and 17% respectively [1] Future Outlook - The dual listing plan in the U.S. is believed to be progressing, but it may not be realized until mid-2026 at the earliest [1] - The earnings per share forecast for 2025 has been lowered by 2%, while the forecast for 2026 has been raised by 3% due to potentially stronger recoveries in the Asian and North American markets [1] - A stronger recovery is anticipated in 2026 supported by ongoing global travel demand, leading to a slight increase in the target price from HKD 15 to HKD 16, while maintaining a "Hold" rating due to a lack of catalysts and low visibility [1]

Core Viewpoint - Samsonite (01910.HK) announced that its board of directors will hold a meeting on November 12, 2025, to consider and approve the quarterly performance report for the three and nine months ending September 30, 2025, along with other matters [1] Group 1 - The board meeting is scheduled for November 12, 2025 [1] - The meeting will address the quarterly performance report for the periods ending September 30, 2025 [1] - Other matters will also be discussed during the board meeting [1]