[Table_Title] 2023 年报点评：业绩全面复苏，关注新项目表现 [ 复Ta 星bl 旅e_ 游Rep 文or 化tD (a 1t 9e 9] 2 .HK)公司简评报告 | 2024.04.08 [评Ta级ble：_R an增k]持 核心观点 [ Table_Authors] ⚫⚫ [事Ta件bl：e_公Su司mm公a告ry] 2023 年业绩。2023 年公司实现收入 171.52 亿元，同 于那 比+24.5%；归母净利润3.07亿元，同比实现扭亏为盈；经调整EBITDA 首席分析师 37.30亿元，同比+59.1%。23年公司Club Med、三亚亚特兰蒂斯、度假 SAC执证编号：S0110522070001 资产管理中心和复游会四大业务板块营业额共 181.25 亿元，同比 yuna3@sczq.com.cn 电话：021-58820297 +18.8%。随着全球疫情限制解除和疫后强劲的度假需求释放，公司全球 业务实现全面复苏。23年公司毛利润实现55.95亿元，同比+40.2%，毛 [市Ta场bl指e数_Ch走ar势t]（ 最近1年） 利率达32.62%/+3.66pcts，盈利能力实现 ...

事件 2024 年 3月 14日公司公告2023业绩，收入 171.5 亿元/+24.5%， 归母净利3.1 亿元、扭亏；经调整EBITDA 37.3 亿元/+59.1%、经 调整EBITDA 率21.7%/+4.7pct。 点评 旅游运营全面恢复并超越19年，对地产销售依赖度进一步下降。 23年公司旅游运营营业额181.3 亿元/+18.8%、较 19年+27.9%， 业务全面复苏并超越19年。分业务拆分收入，Club Med 及其他/ 三亚亚特兰蒂斯/度假资产管理中心/复游会及相关业务分别 141.6/17.6/10.6/1.7 亿元、同比+22.3%/+96.3%/-5.6%/-2.6%， 其中地产销售收入 9.3 亿元，占总收入 5.4%/-2.2pct、较 19 年 -14.4pct，对地产业务依赖度已较19年有明显下降。盈利能力看， Club Med 及其他/三亚亚特兰蒂斯/度假资产管理中心/复游会及 港币(元) 成交金额(百万元) 相 关 业 务 毛 利 率 分 别 29.0%/50.0%/48.0%/64.1% 、 同 比 11.00 70 +1.8/+17.7/+7.1/-1.9pct，经营 ...

股 票 研 究 [Table_industryInfo] 社会服务业 [ Table_Main[复I Tnaf 星bol]e 旅_Ti游tle]文 化（1992） [评Tab级le_：Inv est] 增持 当前价格（港元）： 4.21 结构性优化，海外高端需求继续回暖 2024.03.18 海 ——复星旅文2023 年业绩点评 [ 交Ta易bl数e_M据a rket] 外 刘越男(分析师) 庄子童(研究助理) 52周内股价区间（港元） 3.94-10.50 当前股本（百万股） 1,243 公 021-38677706 021-38032683 当前市值（百万港元） 5,235 司 liuyuenan@gtjas.com zhuangzitong026312@gtjas.com 证书编号 S0880516030003 S0880122050050 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 2023H2 海外高端需求继续回暖，其中亚太地区价好于量；房地产销售业务占比大幅 复星旅游文化 恒生指数 下降，旅游运营主业聚焦后有望集中管理资源、加速盈利端修复。 香 10% 摘要： ...

Revenue Growth - Revenue for the year ended December 31, 2023, reached RMB 17,151.8 million, a 24.5% increase from RMB 13,777.7 million in 2022[2] - The total revenue for 2023 reached RMB 15,122.5 million, a 19.1% increase from RMB 12,691.5 million in 2022[10] - Total revenue for the year ended December 31, 2023, was RMB 17,151,841, an increase from RMB 13,777,710 in 2022, representing a growth of approximately 24.5%[78] - The revenue from travel operations and other services rose to RMB 16,013,881 thousand in 2023, up 28.3% from RMB 12,442,217 thousand in 2022[81] Profitability - The net profit attributable to shareholders for 2023 was RMB 307.2 million, compared to a loss of RMB 544.9 million in 2022[2] - Operating profit surged to RMB 1,806.8 million in 2023 compared to RMB 593.5 million in 2022, marking an increase of approximately 203.5%[61] - Adjusted net profit improved to RMB 394.6 million in 2023 from a loss of RMB 497.3 million in 2022[51] - The company reported a net income of RMB 307,199 thousand for 2023, a significant turnaround from a net loss of RMB 544,900 thousand in 2022[92] Operational Efficiency - Adjusted EBITDA increased to RMB 3,729.9 million in 2023, up from RMB 2,344.9 million in 2022, representing a growth of 58.9%[2] - Operating profit for 2023 was RMB 1,806.8 million, significantly up from RMB 593.5 million in 2022, reflecting improved operational efficiency[45] - The operating loss for the repeat visitor and related business segment improved to RMB 98.6 million in 2023 from RMB 232.9 million in 2022, due to cost savings and reduced inefficient expenditures[46] Market Performance - Club Med's revenue for 2023 was RMB 15,122.5 million, a 19.2% increase from RMB 12,691.4 million in 2022, and 118.3% of 2019 levels[4] - The Americas region saw a revenue growth of 23.5% compared to 2022 and 62.7% compared to 2019[10] - Brazil became the second-largest market by revenue, with a growth of 39.1% from 2022 and 106.8% from 2019[12] - France remained the largest market, contributing RMB 5,685.9 million in revenue, accounting for 37.6% of global revenue, with a growth of 5.8% from 2022[13] Customer Metrics - The number of customers reached 1,518 thousand, a 16.4% increase from 1,304 thousand in 2022[9] - The average occupancy rate for Club Med in 2023 was 70.0%, an increase of 3.5 percentage points from 2022[4] - The average room occupancy rate improved to 70.0%, compared to 66.5% in 2022[10] - The average daily rate per bed was RMB 1,681.2, an increase of 8.5% from RMB 1,549.5 in 2022[10] Capital Expenditure and Investments - Club Med's capital expenditure for resort operations was RMB 665.4 million for the year ending December 31, 2023, a decrease of 10.9% from 2022[15] - Capital expenditures increased to RMB 1,610.7 million in 2023 from RMB 1,217.6 million in 2022, mainly due to investments in the Taicang Alps International Resort and upgrades to existing Club Med resorts[52] Financial Position - Cash and cash equivalents at year-end were approximately RMB 2,992 million, slightly up from RMB 2,984 million in 2022[54] - The total interest-bearing bank and other borrowings amounted to RMB 11,685.3 million as of December 31, 2023, down from RMB 11,961.9 million in 2022[56] - Total assets increased from RMB 37,930.0 million as of December 31, 2022, to RMB 38,622.8 million as of December 31, 2023[58] - The company's total equity decreased to RMB 2,380,300,000 in 2023 from RMB 2,631,097,000 in 2022, a decline of about 9.5%[64] Strategic Initiatives - The company strategically exited the management of Casa Cook and Cook's Club brands in May 2023 to focus on core business development[3] - The company plans to optimize IP operations by incorporating the Taicang and Lijiang projects into its "Vacation Asset Management Center" business segment[22] - The company aims to enhance customer experience through digital solutions, referred to as "Happy Digitalization"[112] - The company has a strong focus on ESG (Environmental, Social, and Governance) initiatives[111] Future Outlook - As of March 2, 2024, cumulative bookings for the first half of 2024 increased by approximately 14% compared to the same date in 2023, and by about 53% compared to 2022[16] - The company plans to continue its market expansion in the Asia-Pacific region, targeting increasing leisure travel demand[112] - The company is currently assessing the impact of recent amendments to accounting standards, with no significant effects anticipated on financial statements[74]

智通财经APP获悉，复星旅游文化(01992)最高涨超10%，截至发稿，涨4.73%，报4.21港元，成交额 770.46万港元。 消息面上，复星旅游文化午间发布盈喜公告，截至2023年12月31日止12个月期间，预计集团旅游运营的 营业额(以不变汇率计)同比增长不低于15%，较截至2019年12月31日止12个月期间增加不低于25%，大 幅超越疫情前集团的表现。集团2023年归属于公司股东的盈利预计将不低于人民币2.7亿元，同比实现 扭亏为盈。 ...

Financial Performance - Revenue for the six months ended June 30, 2023, reached RMB 8,898.8 million, a 38.7% increase from RMB 6,416.5 million for the same period in 2022[6]. - Gross profit increased to RMB 3,076.6 million, up from RMB 1,893.1 million, reflecting a significant recovery in demand post-pandemic[6]. - Adjusted EBITDA rose to RMB 2,299.7 million, compared to RMB 1,195.1 million in the prior year, indicating a strong operational performance[6]. - Profit attributable to shareholders was RMB 471.8 million, a turnaround from a loss of RMB 196.6 million in the same period last year[6]. - The adjusted net profit for the period was RMB 513.2 million, compared to a loss of RMB 193.8 million in the previous year[6]. - In the first half of 2023, Club Med recorded revenue of RMB 7,938.8 million, a 32.2% increase compared to the same period in 2022, and reaching 119.6% of the revenue from the same period in 2019[13]. - The total sales for the tourism operations increased by 29.0% year-on-year, from RMB 7,352.3 million to RMB 9,488.0 million[8]. - The company recorded a profit attributable to equity holders of RMB 471.8 million for the first half of 2023, compared to a loss of RMB 196.6 million in the same period of 2022[75]. - The company reported a profit of RMB 490,332 thousand for the six months ended June 30, 2023, compared to a loss of RMB 208,444 thousand in the same period of 2022, marking a significant turnaround[122]. Business Strategy and Restructuring - The company restructured its business segments into four main areas: Club Med and others, Sanya Atlantis, Resort Asset Management Center, and Re-Travel and related businesses[8]. - The company strategically exited from certain non-core businesses, including the sale of Casa Cook and Cook's Club brands to optimize its business portfolio[8]. - The company aims to focus resources on its core business development following the restructuring of its operations[8]. - The company plans to continue focusing on high-quality domestic and international travel products in the second half of 2023, enhancing the overall travel experience for members[71]. - The company plans to renovate and expand the Les Boucaniers resort in the French West Indies in 2023 and 2024 to enhance facilities and customer satisfaction[28]. - The company plans to open 4 new resorts in the second half of 2023, including two in Taicang and Nanjing, China, and two in Japan and France[35]. - The company plans to open 17 new resorts or spaces from early 2023 to the end of 2025[35]. - The company has initiated the deployment of AI use cases in 2023, following the establishment of a data factory in 2022, with plans to release AI-generated content use cases in the second half of the year[32]. Market Performance - Revenue from the Americas increased by 35.4% compared to 2022 and by 64.6% compared to 2019, driven by strong recovery in the North American market[23]. - The Asia-Pacific region saw a revenue increase of 247.0% compared to 2022, although it was only 92.7% of the revenue from the same period in 2019[23]. - France remained the largest market, contributing RMB 2,713.9 million in revenue, accounting for 34.2% of global revenue, with growth of 11.2% and 9.3% compared to 2022 and 2019, respectively[29]. - The average occupancy rate for Club Med globally was approximately 62.4%, an increase of 3.3 percentage points from 2022, but a decrease of 2.7 percentage points compared to 2019[13]. - The occupancy rate in the Americas and Europe, Middle East, and Africa improved significantly, with revenue growth of 64.6% and 12.7% respectively compared to 2019[13]. Operational Metrics - The number of customers in the first half of 2023 reached 766, an increase from 597 in 2022 and 750 in 2019[18]. - The capacity of resorts increased by 13.4% compared to 2022, reaching 6,168.6 thousand beds, which is 99.2% of the capacity in 2019[13]. - The average daily rate for beds was RMB 1,753.3, a 10.6% increase compared to 2022 and a 32.2% increase compared to 2019[19]. - The average daily room rate was RMB 2,408.3 with an occupancy rate of 86.2%, up 40.1 percentage points from the previous year[48]. - The average occupancy rate for Club Med Lijiang Resort reached 35.7% in the first half of 2023, compared to 14.0% in the same period of 2022[65]. Financial Position and Cash Flow - As of June 30, 2023, liquidity was RMB 1,586.8 million[34]. - In the first half of 2023, free cash flow was RMB 771.1 million, a decrease of 23.5% compared to the same period in 2022, and down 24.8% from 2019[26]. - The company reported a net cash flow from operating activities of RMB 1,651.5 million, an increase from RMB 1,030.4 million in 2022, reflecting a growth of approximately 60%[103]. - The company’s total cash and bank balances at the end of the period were RMB 3,302.4 million, slightly down from RMB 3,449.2 million at the end of 2022[102]. - The net cash flow used in investing activities was RMB 251.3 million, primarily due to capital expenditures of RMB 674.1 million for the development of the Taicang Alps International Resort[104]. Capital Expenditures and Investments - Capital expenditures for resort operations in the first half of 2023 were approximately RMB 330.7 million, an increase of about 30.5% compared to 2022 and up 7.0% from 2019[32]. - The company added RMB 672,232,000 in property, plant, and equipment during the first half of 2023, compared to RMB 360,711,000 in the same period of 2022, showing increased capital expenditure[158]. - The total cost incurred for the Taicang Alps International Resort was approximately RMB 6,086.5 million, primarily for land acquisition and construction costs[60]. - The Taicang Alps International Resort project has a total construction area of approximately 1,286,000 square meters, with an estimated development cost of RMB 13.2 billion[59]. Customer Engagement and Experience - The immersive marine-themed performance "C Show" saw a 75.6% increase in audience numbers and a 110.3% increase in ticket revenue in the first half of 2023[53]. - The launch of the "Pink Night" water show in July 2023 aimed to enhance the family-friendly experience and attract a broader audience[48]. - The company is focused on enhancing guest experiences through high-quality dining services and entertainment spaces at its resorts[44]. - The company reported a significant increase in user data and engagement metrics across its resorts, indicating a positive trend in customer interest and satisfaction[39]. Sustainability and Community Engagement - The company emphasizes sustainability and community engagement in its operational strategies across various locations[39]. - The company has a diverse portfolio of resorts, including 909 beds at Pragelato in Italy and 1,285 beds at Cancun Yucatan in Mexico, showcasing a mix of mountain and beach destinations[37]. - The company has expanded its presence in Asia with resorts like Bali and Club Med Joyview in China, emphasizing year-round operations[38]. Financial Management and Risk - The company maintains a robust capital management strategy aimed at ensuring operational sustainability and enhancing shareholder value, with no changes to its capital management policies during the reporting period[115]. - The company has implemented hedging measures to manage foreign exchange rate fluctuations and interest rate risks associated with floating-rate long-term debt[116]. - The company utilized forward currency contracts and currency swaps to hedge against foreign exchange risks, with effective hedging strategies in place as of June 30, 2023[111]. - The company continues to monitor liquidity needs and maintain sufficient cash reserves to meet short-term and long-term funding requirements[114].

Financial Performance - Revenue for the six months ended June 30, 2023, reached RMB 8,898.8 million, a 38.7% increase from RMB 6,416.5 million in the same period of 2022[2]. - Adjusted EBITDA for the same period increased to RMB 2,299.7 million, up from RMB 1,195.1 million, representing a growth of 92.6%[3]. - Profit attributable to shareholders for the first half of 2023 was RMB 471.8 million, compared to a loss of RMB 196.6 million in the first half of 2022[2]. - Operating profit for the first half of 2023 was RMB 1,352.4 million, a significant increase from RMB 286.6 million in the same period last year[45]. - The company reported a net profit for the period of RMB 490.3 million, compared to a net loss of RMB 208.4 million in the same period of 2022[63]. - Adjusted net profit for the first half of 2023 was RMB 513.2 million, compared to a loss of RMB 193.8 million in the same period last year[53]. - Gross profit rose by 62.5% to RMB 3,076.6 million, with a gross margin improvement from 29.5% to 34.6%[41]. - The company reported a cash and cash equivalents balance of RMB 3,020 million at the end of the period[55]. Revenue Segments - Club Med's revenue for the first half of 2023 was RMB 7,938.8 million, a 32.2% increase compared to RMB 6,003.1 million in the same period of 2022[4]. - Revenue from the tourism operations segment increased by 29.0% year-on-year, from RMB 7,352.3 million to RMB 9,488.0 million[3]. - Revenue from tourism operations and other services reached RMB 8,486,668 thousand, up from RMB 6,143,437 thousand, indicating a growth of 38.1% year-over-year[75]. - The Sanya Atlantis segment reported revenue of RMB 937,461 thousand and an operating profit of RMB 346,769 thousand[72]. - Revenue from the resort asset management center increased by 66.8% to RMB 358.4 million due to property sales and construction services[38]. Customer Metrics - Customer numbers reached 766 thousand in the first half of 2023, a 28.3% increase from 597 thousand in 2022[10]. - The average occupancy rate for Club Med globally was approximately 62.4%, an increase of 3.3 percentage points compared to the same period in 2022[5]. - The average daily room rate for Club Med was RMB 1,753.3, reflecting a year-on-year increase of approximately 10.6%[5]. - The average daily room rate for Sanya Atlantis in the first half of 2023 was RMB 2,408.3, with an average occupancy rate of 86.2%, an increase of 40.1 percentage points year-on-year[18]. Business Strategy and Operations - The company strategically exited certain businesses, including the sale of Casa Cook and Cook's Club brands, to focus on core operations[3]. - The company restructured its business segments into four main areas: Club Med and others, Sanya Atlantis, Vacation Asset Management Center, and Revisit and Related Businesses[3]. - The company is focusing on upgrading resorts as a core strategy, with significant investments planned for renovations and expansions in 2023 and 2024[13]. - Club Med plans to open 4 new resorts in the second half of 2023, including locations in China and Japan[16]. - By the end of 2025, Club Med aims to increase its overall capacity by 20% or more compared to 2022, including new openings and renovations[16]. Capital Expenditures and Investments - As of June 30, 2023, the capital expenditure for resort operations was approximately RMB 330.7 million, representing a 30.5% increase compared to the same period in 2022 and a 7.0% increase compared to 2019[16]. - Capital expenditures increased from RMB 587.5 million in the first half of 2022 to RMB 746.1 million in the first half of 2023, mainly for the development of new resorts and upgrades of existing ones[54]. - The total development cost for the Taicang Alps International Resort is expected to be approximately RMB 13.2 billion, with a total construction area of about 1,286,000 square meters[22]. Market Performance - The Americas region saw a revenue increase of 35.4% compared to 2022 and 64.6% compared to 2019[11]. - The Asia-Pacific region's revenue grew by 247.0% compared to 2022, although it was 92.7% of the 2019 level[13]. - France remained the largest market, contributing RMB 2,713.9 million in revenue, accounting for 34.2% of total revenue, with an 11.2% increase from 2022[14]. Financial Position and Liabilities - Total debt, including interest-bearing bank and other borrowings, amounted to RMB 12,240.5 million as of June 30, 2023, compared to RMB 11,961.9 million as of December 31, 2022[58]. - The debt balance increased by RMB 2,404.9 million as of June 30, 2023, compared to the balance as of June 30, 2022[48]. - The company's total assets increased from RMB 37,930.0 million as of December 31, 2022, to RMB 39,146.9 million as of June 30, 2023[59]. - Total liabilities increased to RMB 36,236,879,000 from RMB 35,298,917,000, reflecting a rise of 2.65%[65]. Other Key Metrics - The company recorded a foreign exchange gain of RMB 70.3 million for the six months ended June 30, 2023, compared to a foreign exchange loss of RMB 54.0 million in the same period of 2022[60]. - The basic earnings per share for the period was RMB 0.38, a recovery from a loss per share of RMB 0.16 in the same period of 2022[62]. - The total comprehensive income for the period was RMB 518.9 million, compared to RMB 306.8 million in the same period of 2022[63]. - The company did not declare or pay any dividends for the six months ended June 30, 2023, consistent with the previous year[84].

Financial Performance - In 2022, the group's tourism operations revenue increased by 85% year-on-year to RMB 14.503 billion, with adjusted EBITDA rising over tenfold to RMB 2.345 billion[7]. - The loss attributable to shareholders narrowed significantly to RMB 544.9 million in 2022, compared to RMB 2.718 billion in 2021[7]. - The group's revenue increased from RMB 9,261.5 million in 2021 to RMB 13,777.7 million in 2022, representing a growth of 48.5%[15]. - The group's operating revenue from tourism operations rose from RMB 7,853.4 million in 2021 to RMB 14,502.8 million in 2022, marking an increase of 84.7%[15]. - Adjusted EBITDA grew significantly from RMB 213.1 million in 2021 to RMB 2,344.9 million in 2022[15]. - Total revenue for the year ended December 31, 2022, reached RMB 12,011.4 million, a significant increase of 108.6% compared to RMB 5,763.4 million in 2021[26]. - The company achieved a free cash flow of RMB 1,784.8 million in 2022, a 213.1% increase from 2021[28]. - The operating profit for 2022 was RMB 593.5 million, a significant recovery from an operating loss of RMB 1,444.3 million in 2021[77]. - The company recorded a net loss of RMB 531.8 million in 2022, a significant improvement from a net loss of RMB 2,787.5 million in 2021[77]. Revenue Sources - Club Med's revenue more than doubled to RMB 12.11 billion, nearly recovering to 2019 levels, supported by an upgraded resort portfolio[7]. - The Atlantis Sanya achieved a revenue of RMB 877 million with 2.9 million visitors despite only three months of normal operations[7]. - Revenue from the Europe, Africa, and Middle East region reached RMB 7,974.7 million, growing 116.2% compared to 2021[28]. - The Americas region saw a revenue increase of 88.7% in 2022 compared to 2021, with a total revenue of RMB 2,861.2 million[28]. - Casa Cook and Cook's Club hotel brands recorded a total revenue of RMB 597 million in 2022, representing a 92.5% increase compared to 2021[41]. Operational Developments - The company is focusing on the new tourism consumption trends, emphasizing "vacation-style living" and "lifestyle vacation" as core strategic directions for future development[10]. - The Taicang resort project is set to open in the second half of 2023, introducing new leisure vacation options for families in the Yangtze River Delta region[7]. - The company plans to renovate and expand several resorts in 2023 and 2024 to enhance facilities and customer satisfaction[28]. - Club Med plans to open 17 new resorts or spaces by the end of 2025, expecting overall capacity to increase by 20.0% or more compared to 2022[33]. - The company has expanded its portfolio with new resorts, including the recent addition of 1,298 beds in Cancun, Mexico, and 911 beds in Italy's Pragelato[36]. Customer Engagement - The number of customers served in the year ended December 31, 2022, was 1,304 thousand, up 63.9% from 795 thousand in 2021[25]. - The average occupancy rate for new resorts in the Americas was 52.8% and 70.3% for others in 2022[28]. - The average occupancy rate of global resorts reached 71.7% in early 2023, with capacity increasing by 21.1% compared to 2022[33]. - The average daily room rate for Casa Cook and Cook's Club hotels was approximately RMB 942.05[43]. Strategic Initiatives - The company aims to create a leading family leisure vacation ecosystem, emphasizing the integration of vacation experiences with daily life and work[10]. - Future strategies include attracting strategic investors and funds to jointly develop tourism destination projects[12]. - The company plans to leverage its global operational capabilities to enhance its market position in the tourism industry[12]. - The company aims to enhance its membership system by categorizing members into consumer, employee, and corporate members[12]. Governance and Management - The board has achieved gender diversity with 1 female director and 10 male directors, and aims to further enhance gender diversity in the future[125]. - The company has implemented a board diversity policy since 2018, reviewing diversity aspects such as gender, age, and professional experience annually[125]. - The company has adopted a director nomination policy that considers potential contributions to board diversity when selecting new candidates[125]. - The audit committee, consisting of four independent non-executive directors, reviewed financial statements and reports before submission to the board[137]. - The company has established a zero-tolerance policy towards fraud, encouraging stakeholders to report any misconduct through various channels[151]. Financial Management - The total debt as of December 31, 2022, was RMB 23,239.5 million, a decrease from RMB 13,263.5 million as of December 31, 2021, excluding lease liabilities[95]. - Cash and bank balances decreased by 34.2% to RMB 2,984.2 million as of December 31, 2022, compared to RMB 4,535.4 million at the end of 2021[95]. - The income tax expense decreased from RMB 381.4 million in 2021 to RMB 128.6 million in 2022, mainly due to land value tax related to property sales[89]. - The company plans to balance short-term cost savings with long-term benefits and flexibility in future operations[92]. Market Trends - The recovery of business in the Americas and Europe exceeded 2019 levels, while the Asia-Pacific region remained significantly below pre-pandemic levels[20]. - The company is exploring potential acquisitions to further strengthen its market position and diversify its offerings[36]. - The company emphasizes a mix of ownership and rental management models, with 12 properties owned and 22 managed under rental agreements[35]. Future Outlook - The company plans to expand its offerings in Hainan and Yunnan, launching "Hotel+" combination products with an order volume of 25,000[74]. - The company aims to enhance guest experiences through continuous investment in property upgrades and new technology[35]. - The company is committed to developing new strategies for growth and market expansion, particularly in the tourism sector[168].

[0 -> 24] 那公司与昨晚呢已经挂网了截至2022年12月31日止的年度业绩公告那么今天值此发布会之际我们有幸邀请公司的管理层为各位解读2022年的业绩公司的最新发展及发展战略首先请允许我介绍今天与会的管理层复兴旅文执行董事董事长徐晓亮先生 [29 -> 42] 复兴旅文总裁首席运营官曹明龙先生复兴旅文执行董事联席总裁Climate中国区CEO徐炳彬先生 [45 -> 67] 复兴旅文执行董事首席财务官蔡贤安先生那同时呢有两位欧洲的管理层以视频录播的形式和大家参与今天的交流他们是复兴旅文执行董事联席首席执行官及克拉麦的CEO Henry-Henri Giscard d'Estaing [68 -> 97] 克拉麦的副首席执行官及首席财务官米什沃福夫斯基那今天的发布会呢分成两个部分首先由我们的管理层就2022年的业绩最新发展和战略做分享那接下来我们有20到25分钟的一个问答环节那接下来正式进入发布环节首先由许董事长开场今天的分享啊sorry首先由我们的啊啊曹明荣先生开场今天的分享谢谢 [102 -> 110] 各位來賓各位朋友大家上午好很高興歡迎大家來這裡參加我們的2022年的業績發布會 [111 -> ...

Financial Performance - The company's revenue for the year ended December 31, 2022, was RMB 13,777.7 million, a significant increase of 48.5% from RMB 9,261.5 million in 2021[2] - The operating profit for the year was RMB 593.5 million, compared to an operating loss of RMB 1,444.3 million in the previous year[2] - Adjusted EBITDA rose to RMB 2,344.9 million, up from RMB 213.1 million in 2021, indicating a strong recovery[2] - The loss attributable to shareholders decreased to RMB 544.9 million from RMB 2,718.6 million in 2021, reflecting improved financial performance[2] - The total revenue for the year ended December 31, 2022, was RMB 12,011.4 million, an increase of 108.5% compared to RMB 5,763.4 million in 2021[10] - The company successfully achieved a free cash flow of RMB 1,784.8 million, a 213.1% increase from 2021[11] - The company reported a net loss of RMB 531.8 million for 2022, an improvement from a net loss of RMB 2,787.5 million in 2021[53] - The net loss for the year narrowed to RMB 531.79 million, significantly improved from a net loss of RMB 2,787.45 million in 2021, reflecting a reduction of approximately 81%[62] Revenue Breakdown - The revenue from resort and tourism destination operations reached RMB 10,405.7 million, up 69.5% from RMB 6,140.2 million in 2021[2] - Club Med recorded a revenue of RMB 12,011.4 million in 2022, representing a growth of 108.4% compared to 2021, nearly recovering to 99.1% of 2019 levels[5] - The revenue from the Europe, Africa, and Middle East region reached RMB 7,974.7 million, a growth of 116.2% compared to 2021[11] - The revenue from the Asia-Pacific region increased by 110.4% compared to 2021, although it still showed a 48.3% gap compared to 2019[11] - Revenue from tourism-related property sales and construction services decreased to RMB 1,336.1 million in 2022, down from RMB 2,136.9 million in 2021[36] - Revenue from leisure services and solutions increased to RMB 2,035.926 million from RMB 984.361 million, a growth of 106.8%[83] Operational Metrics - The average occupancy rate across resorts was approximately 60.9%, an increase of 5.6 percentage points from 2021[5] - The total capacity of resorts reached 11,325.1 thousand, up from 6,979.0 thousand in 2021, reflecting a significant recovery in operations[10] - The average occupancy rate for beds was 60.9%, an increase from 55.3% in 2021[10] - The Americas region saw a strong recovery with revenue growth of 88.7% compared to 2021 and 33.1% compared to 2019[10] - The average daily room rate for the six months ended June 30, 2022, was RMB 2,479, slightly up from RMB 2,478 in 2021[18] - The average daily room rate and occupancy rate were highlighted as key performance metrics for the resorts[113] Customer Engagement - The company recorded a total of 1,304 thousand customers for the year ended December 31, 2022, compared to 795 thousand in 2021[9] - The cumulative booking volume as of March 11, 2023, for the six months ending June 30, 2023, increased by 35.6% compared to the same period in 2022[14] - The cumulative booking volume for the second half of 2023 is expected to increase by approximately 23.4% compared to the same period in 2022[14] Capital Expenditure and Investments - As of December 31, 2022, the capital expenditure for resort operations was approximately RMB 600.1 million, an increase of about 111.0% compared to the same period in 2021, but a decrease of 13.0% compared to 2019[14] - Capital expenditures increased from RMB 914.3 million in 2021 to RMB 1,217.6 million in 2022, primarily for resort development and upgrades[54] - The company plans to open 17 new resorts or spaces by the end of 2025, expecting an overall capacity increase of 20.0% or more compared to 2022[15] Strategic Initiatives - The company has implemented a "Goodbye Plastic" initiative to eliminate single-use plastics and enhance its ESG commitments[13] - The company plans to upgrade and expand facilities in several resorts, including those in China and Spain, to enhance customer satisfaction[11] - The company is focused on expanding its FOLIDAY ecosystem, which offers a range of travel and leisure-related services[111] - The company is enhancing its digital solutions to improve guest and employee experiences through digitalization initiatives[112] Governance and Management - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[98] - The board of directors has undergone changes, with a new chairman and co-CEO appointed as of November 7, 2022[99] - The annual general meeting is scheduled for May 26, 2023, with notifications to be sent to shareholders[104] Market Trends and Challenges - The revenue from the Asia-Pacific region decreased by 48.3% compared to 2019, primarily due to ongoing travel restrictions[5] - Revenue from Sanya Atlantis decreased to RMB 877.2 million in 2022, a decline of 39.7% from 2021, with an average occupancy rate of 43.0%[17] - The company continues to invest in its digital platform to enhance service quality and profitability, distinguishing itself from other online travel agencies in Europe[32]