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]

Investment Rating - The report assigns an "Accumulate" rating for the company [1] Core Views - The company has achieved a comprehensive recovery in performance, with a revenue of 17.15 billion yuan in 2023, representing a year-on-year increase of 24.5%. The net profit attributable to shareholders was 307 million yuan, marking a return to profitability [3][4] - The company's four main business segments, including Club Med and Sanya Atlantis, generated a total revenue of 18.13 billion yuan, up 18.8% year-on-year, driven by strong post-pandemic demand [3][4] - The report highlights the successful launch of new high-end resorts and the ongoing upgrade strategy for existing properties, which contributed to improved operational metrics [3][4] Summary by Sections Financial Performance - In 2023, the company reported a gross profit of 5.595 billion yuan, with a gross margin of 32.62%, an increase of 3.66 percentage points year-on-year [3] - The adjusted EBITDA for the year was 3.73 billion yuan, reflecting a year-on-year growth of 59.1% [3] - The company expects EPS for 2024-2026 to be 0.30, 0.35, and 0.42 yuan respectively, with corresponding PE ratios of 11, 9, and 8 times [4][5] Business Segments - **Club Med**: Achieved a revenue of 15.122 billion yuan, up 19.2% year-on-year, with a significant recovery in the Asia-Pacific region, particularly in mainland China, where revenue increased by 86.3% [3][4] - **Sanya Atlantis**: Revenue reached 1.675 billion yuan, a remarkable increase of 90.9%, with an occupancy rate of 81.9% [3][4] - **Vacation Asset Management Center**: New projects have performed well, with the Taicang Alps International Resort achieving rapid growth since its opening [3][4] Membership and Customer Engagement - The company's membership platform, "Revival Club," reached 6.529 million members, a 16.5% increase, with paid members growing by 52.6% to 114,000 [4] - The revenue from the Revival Club was 355 million yuan, reflecting a 9.0% increase [4]

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 ...

Investment Rating - The investment rating for Fosun Tourism Culture (1992) is "Accumulate" with a target price of HKD 8.77, reflecting a 4% decrease from previous estimates [3][4]. Core Views - The report highlights a significant recovery in overseas high-end demand, particularly in the Asia-Pacific region, where price increases are more pronounced than volume growth. The real estate sales business has seen a substantial decline, allowing the tourism operations to focus resources and accelerate profit recovery [3]. - The company achieved a revenue of CNY 17.15 billion in 2023, representing a 24.5% increase year-on-year. Notably, ClubMed contributed CNY 14.16 billion (+22.3%), while Sanya Atlantis saw a remarkable growth of 96.3% to CNY 1.76 billion [3]. - The report projects a decline in net profit for 2024 and 2025, with a new forecast for 2026 net profit at CNY 430 million, reflecting a 28% decrease from previous estimates [3]. Summary by Sections Financial Performance - In 2023, the company reported a gross profit of CNY 5.60 billion, with a gross margin of 32.6%, which is an increase of 0.7 percentage points compared to 2019. The net profit attributable to shareholders was CNY 307 million, with a margin of 1.8%, down 1.7 percentage points from 2019 [3][7]. - Non-GAAP EBITDA reached CNY 3.73 billion, recovering to 100% of 2019 levels, while adjusted net profit was CNY 395 million, with a margin of 2.3% [3]. Market Recovery - The recovery in overseas markets is particularly strong, with ClubMed's revenue in Europe, Africa, and the Middle East returning to 111% of 2019 levels, and the Americas at 163%. The Asia-Pacific region has also shown recovery, reaching 102% of 2019 levels [3]. - Price increases in the Asia-Pacific region are more significant compared to other regions, with a 25.47% increase in average customer spending [3]. Business Structure Optimization - The report notes a structural optimization in the business, with ClubMed and Sanya Atlantis accounting for 92.8% of total revenue, while the revenue from real estate sales has significantly decreased [3]. - The Taicang project is expected to gradually reduce losses as operations mature [3].

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].