Financial Performance - Total revenue for the first half of 2024 reached RMB 9,414.6 million, a 5.8% increase compared to RMB 8,898.8 million in the same period of 2023[6] - Adjusted EBITDA for the first half of 2024 was RMB 2,086.5 million, a decrease of 9.3% from RMB 2,299.7 million in the first half of 2023[6] - Profit attributable to shareholders for the first half of 2024 was RMB 321.8 million, down 31.8% from RMB 471.8 million in the same period of 2023[6] - The group's gross profit for the first half of 2024 was RMB 3,206.5 million, compared to RMB 3,076.6 million in the same period of 2023[61] - The group's pre-tax profit for the first half of 2024 was RMB 387.8 million, down from RMB 678.6 million in the same period of 2023[61] - The total comprehensive income for the period was RMB 247,925 thousand, significantly lower than RMB 518,865 thousand in the prior year[107] - The operating profit for the group for the six months ended June 30, 2024, is RMB 1,036,480,000, compared to RMB 1,352,415,000 for the same period in 2023, indicating a decrease of about 23.3%[125][126] Revenue Breakdown - Club Med's revenue for the first half of 2024 was RMB 8,894.4 million, reflecting a 10.3% increase from RMB 8,062.1 million in the first half of 2023[12] - Revenue from the Asia-Pacific region for Club Med increased by 32.5% in the first half of 2024 compared to the same period in 2023[12] - Revenue from the Europe, Africa, and Middle East region for Club Med was RMB 5,038.0 million, up from RMB 4,772.5 million in the first half of 2023[19] - Revenue from the Americas increased by 9.7% year-over-year, with North America showing an 8.1% growth[24] - Revenue from tourism operations and other services was RMB 9,251,920 thousand, up from RMB 8,486,668 thousand, reflecting a growth of 9.0%[128] - Revenue from property sales and construction services decreased significantly to RMB 162,646 thousand from RMB 412,149 thousand, a decline of 60.5%[128] Operational Metrics - The average occupancy rate for Club Med globally reached 70.4%, an increase of 0.8 percentage points compared to the same period in 2023[12] - The average daily rate per bed increased to RMB 1,922.0, compared to RMB 1,777.8 in the first half of 2023[22] - The average occupancy rate reached a historical high of 89.6%, an increase of 3.4 percentage points from 86.2% in the first half of 2023[47] - The number of customers in the Asia-Pacific region reached 255,000, up from 245,000 in the same period last year[21] - The number of visitors increased from 3.395 million in the first half of 2023 to 3.435 million, setting a new historical record[43] Capital Expenditures and Investments - Capital expenditures for resort operations amounted to RMB 317.0 million, a decrease of 4.2% compared to the same period in 2023[34] - Capital expenditures for the first half of 2024 amounted to RMB 546.5 million, down from RMB 746.1 million in the same period of 2023, focusing on light asset management[80] - The resort's second phase project, with a total investment exceeding RMB 5 billion, is set to enhance its offerings with additional facilities including a themed hotel and water park[54] Debt and Liquidity - Total debt as of June 30, 2024, was RMB 24,175.1 million, with a notable increase in long-term debt proportion from 69.5% at the end of 2023 to 73.7%[82] - As of June 30, 2024, liquidity was reported at RMB 1,673.5 million, ensuring the advancement of key projects[34] - Cash and bank balances increased by 18.4% to RMB 3,540.9 million as of June 30, 2024, compared to RMB 2,991.7 million at the end of 2023[82] - The company's current ratio improved from 0.53 as of December 31, 2023, to 0.62 as of June 30, 2024, indicating a stronger financial position[86] Market Strategy and Expansion - The company aims to continue expanding its market presence despite macroeconomic uncertainties and geopolitical tensions affecting the global tourism industry[8] - The company plans to continue expanding its market presence, particularly in high-demand regions such as China and Southeast Asia, to capture growing tourism trends[41] - The company is focusing on enhancing its MICE (Meetings, Incentives, Conferences, and Exhibitions) facilities, with over 5,000 square meters available for events at the Sanya Atlantis resort[42] Share Options and Incentives - The pre-IPO share option plan allows for a total of 100,000,000 shares to be issued, representing approximately 8.04% of the shares in issue as of September 20, 2024[181] - As of June 30, 2024, there are 25,405,454 unexercised pre-IPO share options, equivalent to about 2.04% of the shares in issue[181] - The exercise price for the pre-IPO share options granted on February 23, 2018, and November 19, 2018, is set at HKD 8.43 and HKD 15.60 per share, respectively[181] - The company has no plans to grant further pre-IPO share options after its listing date on December 14, 2018[182] Risks and Financial Management - The company faces market risks including currency risk, interest rate risk, and liquidity risk, and employs various financial instruments to mitigate these risks[96] - The company aims to maintain sufficient operating cash inflows to meet debt obligations and future capital expenditures[100] - The company has established hedging measures to manage foreign exchange rate volatility risks associated with its global operations[101]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance exceeding the market by over 20% in the next six months [4][10]. Core Insights - The company reported a 10.5% year-on-year increase in tourism operations revenue for H1 2024, reaching 10.649 billion RMB, while total revenue grew by 5.8% to 9.415 billion RMB. However, net profit attributable to shareholders decreased by 31.79% to 322 million RMB, primarily due to one-time gains from asset sales in the previous year [4]. - Club Med's global revenue reached a historical high, with sustainable growth in bookings. Revenue in mainland China increased by 20.5%, with outbound tourism and inbound reception revenue growing fivefold and sevenfold, respectively [4][5]. - The company is focusing on a light asset strategy, with the signing of the second phase of the Taicang project, marking a significant milestone in this transition [5]. Financial Data and Profit Forecast - The company forecasts revenue growth from 17.15 billion RMB in 2023 to 18.53 billion RMB in 2024, with a projected net profit of 349 million RMB in 2024, increasing to 492 million RMB by 2026 [6][8]. - The report outlines a consistent growth trajectory in revenue and net profit, with expected growth rates of 8% for 2024 and 9% for the following years [6][8].

事件 2024 年 8 月 22 日公司公告 1H24 业绩，收入 94.1 亿元/+5.8%，归 母净利 3.2 亿元/-31.8%，经调整 EBITDA 20.9 亿元/-9.3%，剔除 1H23 一次性处置度假村受益影响后分别同比+20.3%、+2.8%。 点评 旅游运营稳健增长，对地产销售依赖度进一步下降。1H24 公司旅 游运营营业额 106.5 亿元/+10.5%（一致汇率计），全球业务稳健 增长。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 81.7/8.6/2.9/0.9 亿元、 同比+8.9%/-7.3%/-24.2%/+10.9%，其中地产销售收入 1.6 亿元， 占总收入 1.7%/-2.9pct,对地产业务依赖明显下降。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 相 关 业 务 毛 利 率 分 别 為 33.0%/50.0%/16.4%/94.0% 、 同 比 +1.4/-3.4/-25.1/+21.2pct，经营利润11.5/1.8/-1.1/0.02亿元、 对 应 经营利润率 14.0%/ ...

事件 2024 年 8 月 22 日公司公告 1H24 业绩，收入 94.1 亿元/+5.8%，归 母净利 3.2 亿元/-31.8%，经调整 EBITDA 20.9 亿元/-9.3%，剔除 1H23 一次性处置度假村受益影响后分别同比+20.3%、+2.8%。 点评 旅游运营稳健增长，对地产销售依赖度进一步下降。1H24 公司旅 游运营营业额 106.5 亿元/+10.5%（一致汇率计），全球业务稳健 增长。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 81.7/8.6/2.9/0.9 亿元、 同比+8.9%/-7.3%/-24.2%/+10.9%，其中地产销售收入 1.6 亿元， 占总收入 1.7%/-2.9pct,对地产业务依赖明显下降。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 相 关 业 务 毛 利 率 分 别 為 33.0%/50.0%/16.4%/94.0% 、 同 比 +1.4/-3.4/-25.1/+21.2pct，经营利润11.5/1.8/-1.1/0.02亿元、 对 应 经营利润率 14.0%/ ...

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。 財務摘要 Fosun Tourism Group 復星旅遊文化集团 （根據開曼群島法律註冊成立的有限公司） （股份代號：1992） 中期業績公告（未經審核） 截至2024年6月30日止六個月 | --- | --- | --- | |------------------------------------|------------------------|----------------------| | | 截至 6 月 30 \n2024 年 | 日止六個月 \n2023 年 | | | 人民幣千元 | 人民幣千元 | | | | | | 收入 | 9,414,566 | 8,898,817 | | Club Med 及其他 | 8,169,606 | 7,500,779 | | 三亞亞特蘭蒂斯 | 860,440 | 928,456 | | 度假資產管理中心 | 294,013 | 387,935 ...

——复星旅文首次覆盖报告 复星旅游文化(1992.HK)/ 商社 证券研究报告/公司深度报告 2024 年 06 月 28 日 | 评级:买入(首次) | 公司盈利预测及估值 | | | | | | |---------------------------------------------------------------------------------------|------------------------------------------------------------------------------|-----------------------------------------------------|---------------------------------------------|----------------------|----------------------------------|---------------------------| | 市场价格: 3.54 港元 | 指标 | 2022A | 2023A | 2024E | 2025E | 20 ...

港股公司报告 | 公司点评 复星旅游文化（01992） 证券研究报告 2024年05月 10日 投资评级 23 年业绩扭亏为盈，24Q1 稳步提升 行业 非必需性消费/旅游及 消闲设施 6个月评级 买入（维持评级） 事件：公司发布 23年全年业绩及 24年首季运营公告。（1）23年：旅游运 当前价格 4.14港元 营营业额录得181.3亿元/yoy+19%，相较19年+28%；收入端，171.5亿元 目标价格 港元 /yoy+24%，其中物业销售贡献占比降至7%以下；利润端，实现经调整EBITDA 为37.3亿元/yoy+59%；归母净利润3.1亿元/yoy+156%实现扭亏为盈。（2） 基本数据 24Q1：公司录得旅游运营营业额71.6 亿元/yoy+15.8%；未经审计之归母净 港股总股本(百万股) 1,243.38 利润较23年同期稳步提升。 港股总市值(百万港元) 5,147.58 Club Med及其他：（1）业绩表现：23年Club Med录得营业额151.2亿元 每股净资产(港元) 2.04 /yoy+19%，较19年+18%；经调整 EBITDA 32.1亿元/yoy+47%，在高通胀环 资产 ...

Financial Performance - Adjusted EBITDA reached RMB 3,729.9 million, a 59% increase year-on-year[7] - Total revenue for 2023 was RMB 17,151.8 million, representing a 24% year-on-year growth[12] - Profit attributable to shareholders was RMB 307.2 million, a significant increase of 156% compared to the previous year[12] - In 2023, the revenue of Fosun Tourism Group reached RMB 17,151.8 million, primarily from tourism operations, with property sales accounting for less than 7%[17] - The operating revenue from Club Med and other segments increased from RMB 15,252.4 million in 2022 to RMB 18,125.1 million in 2023, representing a year-on-year growth of 18.8%[20] - The adjusted EBITDA rose from RMB 2,344.9 million in 2022 to RMB 3,729.9 million in 2023[20] - The net profit attributable to shareholders was RMB 307.2 million in 2023, a significant recovery from a loss of RMB 544.9 million in 2022[20] - The operating profit for the company was RMB 1.807 billion, compared to RMB 593.5 million in the previous year[76] - Gross profit increased by 40.2% to RMB 5,595.2 million, with gross margin rising from 29.0% to 32.6%[83] - The adjusted net profit for 2023 was RMB 394.6 million, a significant improvement from a net loss of RMB 497.3 million in 2022[94] Revenue Growth - Club Med's global revenue reached RMB 15,122.5 million, a 19% increase year-on-year, with all major regions recovering to pre-pandemic levels[12] - The Americas region has become a new growth engine for Club Med, with revenue in Brazil doubling compared to 2019[16] - Revenue from the Americas grew by 23.5% compared to 2022 and 62.7% compared to 2019, with a total revenue of RMB 3,651.6 million in 2023[33] - In mainland China, revenue reached RMB 752.8 million in 2023, an increase of 86.3% from 2022, recovering to 101.2% of 2019 levels[30] - Revenue in the Asia-Pacific region grew by 96.5% in 2023 compared to 2022, reaching 101.6% of 2019 levels, indicating a strong post-pandemic recovery[36] - Revenue from Sanya Atlantis surged by 92.8% to RMB 1.769 billion, attributed to increased room revenue and occupancy rates[79] Operational Highlights - The average daily room rate for Club Med increased, contributing to a 47% year-on-year growth in adjusted EBITDA to RMB 3,207.9 million[12] - The average occupancy rate for Club Med globally reached 70.0% in 2023, an increase of 3.5 percentage points from 2022, but 1.5 percentage points lower than 2019[33] - The capacity of Club Med resorts increased by 6.4% in 2023 compared to 2022, reaching 97.7% of 2019 levels[26] - The number of customers served reached 1,518 thousand in 2023, up from 1,304 thousand in 2022[32] - The average daily rate per bed was RMB 1,681.2 in 2023, reflecting an increase of approximately 8.5% from 2022 and 30.8% from 2019[33] - The average daily room rate was RMB 2,385.5, with an average occupancy rate of 81.9%, an increase of 38.9 percentage points compared to 2022[55] Strategic Initiatives - The company launched a new urban resort product line, "Mediterranean Daydream," with successful pre-sales in Nanjing and Taicang[15] - The company aims to enhance its light-asset operation strategy, focusing on product, brand, service, and experience improvements[17] - The company plans to leverage opportunities in urban vacations, cross-border travel, and winter tourism as markets recover[18] - The company continues to focus on its strategic product lines: mountain and Exclusive Collection series[43] - The company is investing in new technology for guest services to improve the overall customer experience at its resorts[52] Market Expansion - The Asia-Pacific region, particularly China, Japan, South Korea, and Southeast Asia, is identified as a key growth area for future expansion[16] - The company has expanded its resort offerings with new properties in China, including the opening of 5 new resorts in 2023[47] - The company aims to expand its market presence in Southeast Asia, leveraging its existing properties in Indonesia and Thailand[47] Corporate Governance - The board has committed to high standards of corporate governance, aligning with shareholder interests and enhancing corporate value[121] - The board of directors consists of 12 members, including 3 executive directors, 3 non-executive directors, and 4 independent non-executive directors, ensuring a diverse representation[127] - The company has implemented a board diversity policy since 2018, focusing on various factors such as gender, age, and professional experience[133] - The company emphasizes the importance of providing accurate, clear, and complete information to all directors in a timely manner[142] - The company has established various committees under the board, including the audit committee, compensation committee, nomination committee, strategic committee, and environmental, social, and governance committee[143] Risk Management - The company has established a risk management and internal control system that includes regular assessments and audits to ensure effectiveness and compliance with regulations[156] - The board has confirmed the effectiveness of the risk management and internal control systems, covering financial monitoring, operational monitoring, compliance monitoring, and risk management functions[157] - The company has implemented a zero-tolerance policy towards fraud, encouraging stakeholders to report any misconduct through various channels while ensuring confidentiality[156] Shareholder Communication - The company has a shareholder communication policy in place to facilitate effective communication with shareholders and investors, ensuring they can access public information easily[159] - The company provides bilingual communications to shareholders to enhance understanding of the content, in compliance with the Hong Kong Stock Exchange's requirements[160] - The company regularly holds various activities to enhance communication with shareholders and investors, including briefings and media interviews[163] Leadership Changes - Xu Xiaoliang appointed as Executive Director and Chairman of the Group on November 7, 2022, responsible for formulating business strategy[171] - Cai Xianan appointed as Chief Financial Officer of Club Med Group starting February 26, 2024, overseeing accounting and financial management[175] - Qian Jiannong transitioned to Honorary Chairman and Non-Executive Director, providing strategic and business consulting[176] Environmental, Social, and Governance (ESG) - Fosun Tourism Group received MSCI ESG AAA rating for the second consecutive year, being the only company in the Greater China hotel and tourism sector to achieve this[18] - The Group is committed to environmental, social, and governance (ESG) initiatives, with new committee appointments to strengthen oversight[175]

[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 ...