Investment Rating - The report initiates coverage with a "Buy" rating for Huangshan Tourism, indicating a target market capitalization of 10.7 billion yuan and a target price increase of 28% based on a comparable company average PE of 29 for 2025 [6][7]. Core Viewpoints - Huangshan Tourism leverages its world-class scarce tourism resources to build a comprehensive core business system, driving growth through diversified operations including scenic areas, cable cars, hotels, travel agencies, and Huizhou cuisine [6][7]. - The company is strategically enhancing the integration of culture and tourism through projects like the Huizhou cultural performance stage show, which signifies its commitment to cultural tourism [6][7]. - The report highlights the potential for traditional scenic areas to generate new growth by improving transportation and enhancing service quality, while also expanding into new scenic areas [6][7]. Financial Data and Profit Forecast - Total revenue is projected to grow from 1,931 million yuan in 2024 to 2,401 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 3.8% [2]. - The net profit attributable to shareholders is expected to increase from 315 million yuan in 2024 to 428 million yuan in 2027, reflecting a significant recovery from a 25.5% decline in 2024 [2]. - The report anticipates an increase in earnings per share from 0.43 yuan in 2024 to 0.59 yuan in 2027, indicating a positive trend in profitability [2]. Market Data - As of May 30, 2025, the closing price of Huangshan Tourism shares is 11.45 yuan, with a market capitalization of 5,877 million yuan [3]. - The company has a price-to-book ratio of 1.8 and a dividend yield of 1.83%, suggesting a stable return for investors [3]. Business Structure and Strategy - Huangshan Tourism operates a five-in-one core business model that includes scenic areas, cable cars, hotels, travel agencies, and Huizhou cuisine, enhancing its competitive edge in the tourism industry [15][19]. - The company is actively expanding into new business areas such as digital tourism and low-altitude economy, aiming to reduce reliance on ticket sales and diversify revenue streams [19][20]. - The establishment of the East Huangshan International Resort is seen as a strategic move to transform the company into a comprehensive consumption model [19][20]. Industry Trends - The domestic tourism market is experiencing a robust recovery, with a significant increase in tourist numbers and spending, indicating a favorable environment for Huangshan Tourism's growth [46][50]. - The shift from ticket-based revenue to diversified consumption models is becoming a trend in the industry, with a focus on enhancing visitor experiences and increasing secondary spending [52][54].

Investment Rating - The report maintains an "Outperform" rating for the social services industry [1] Core Insights - The overall revenue of the sector is steadily increasing, but the recovery in performance is slower, with significant differentiation among sub-sectors. Attention is recommended for cyclical recovery sectors such as human resources and exhibitions, as well as resilient sectors like tourism and scenic spots [1][2] - In 2024, the social services sector achieved a total revenue of 191.54 billion, a year-on-year increase of 36.57%, while the net profit attributable to shareholders was 7.48 billion, a year-on-year decrease of 18.21%. The overall profitability has declined [10][14] - In Q1 2025, the sector generated a revenue of 44.84 billion, a year-on-year increase of 38.75%, with a net profit of 1.81 billion, a year-on-year increase of 33.06% [20][22] Summary by Sections Sector Summary - The revenue growth rate outperformed the profit growth rate, with the professional services and education sectors performing better. In 2024, the professional services sector saw a year-on-year increase of 79.57%, while the education sector's profit level improved significantly [10][14] - In Q1 2025, the professional services sector led with a revenue growth of 89.62%, followed by tourism and scenic spots at 7.39% [22] Tourism - The domestic travel market shows strong resilience, with a total of 5.615 billion domestic tourists in 2024, a year-on-year increase of 14.80% [34] - The cross-border travel market is experiencing high demand, with inbound tourists reaching 132 million in 2024, a year-on-year increase of 60.8% [40] Hotels - Business travel demand is still recovering, with the RevPAR expected to be under pressure throughout 2024 [13] Catering - The catering market is expected to see slower revenue growth in 2024, with Q1 2025 showing some improvement [16] Duty-Free - Duty-free sales in offshore areas are showing marginal improvement, with city channels expected to contribute to growth [18] Human Resources - The human resources sector is experiencing stable data operations, but employment market pressures remain [22] Exhibitions - The domestic exhibition market is steadily growing, with the number of exhibitions remaining stable in 2024 [24]

Group 1 - Huawei officially launched its Harmony OS computers, with the first foldable model priced at 23,999 yuan and the MateBook Pro starting at 7,999 yuan, marking a significant expansion into the desktop ecosystem [1] - The Harmony OS 5 aims to deepen the integration between mobile and desktop environments, showcasing a foldable design with an 18-inch display that folds to 13 inches, weighing only 1.16 kg [1] Group 2 - The State Administration of Foreign Exchange reported a positive trend in foreign investment in RMB assets, with foreign investors increasing their holdings of domestic bonds by 10.9 billion USD in April [2] - In late April, foreign investment in domestic stocks turned into net purchases, indicating a growing confidence in the Chinese market [2][3] Group 3 - Xinhua Insurance has been approved to participate in the third batch of long-term investment reform pilot programs, planning to establish the Honghu Fund Phase III, which has received regulatory approval [4] - This marks the third consecutive phase of the Honghu Fund initiated by Xinhua Insurance, reflecting a commitment to long-term investment strategies [4] Group 4 - Despite triggering "serious abnormal fluctuations," Chengfei Integration has seen its stock price rise for nine consecutive trading days, with a cumulative increase of 135.8% since May 7 [6] - The company has a low revenue contribution from its core aviation parts business, indicating that its recent stock performance may be driven more by market speculation than fundamental business strength [6][7] Group 5 - At least six rare earth material companies have received export licenses from the Ministry of Commerce, amid ongoing export control measures on certain rare earth elements [7] - The supply of rare earths may face short-term reductions due to various factors, although industry experts predict that prices will not experience significant fluctuations this year [7] Group 6 - The U.S. stock market experienced a collective decline, with major indices falling due to Moody's downgrade of the U.S. credit rating, impacting technology stocks significantly [8] - Notable declines were observed in major tech stocks, with Tesla dropping over 3% and other companies like Nvidia and TSMC also experiencing losses [8] Group 7 - The UK is expected to agree to restart trade and defense cooperation with the EU, marking a significant shift in relations since Brexit [9] - This move aims to boost economic growth and enhance security in the European region [9] Group 8 - The U.S. Congress is reviewing President Trump's comprehensive tax reduction bill, which has passed a key committee, but still faces challenges ahead [10][11] - The House Rules Committee is set to review the bill, with a potential vote expected later in the week [11][12] Group 9 - Ctrip's report indicates a strong recovery in the tourism sector for the upcoming Dragon Boat Festival, with domestic and inbound travel showing significant growth [14] - The report highlights a 100% increase in hotel search interest for inbound travel, suggesting a robust rebound in the tourism industry [14]

黄山旅游发展股份有限公司 2024 年年度股东大会会议资料 一、会议时间 现场会议时间：2025 年 5 月 30 日（星期五）上午 9:00 网络投票时间：2025 年 5 月 30 日（星期五） 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 二、现场会议地点 安徽省黄山市屯溪区徽州大道 1 号黄山昱城皇冠假日酒店一楼会议室。 二〇二五年五月 | 2024 年年度股东大会会议议程 - | | --- | | 2024 年年度股东大会会议须知 . | | 议案 1： 公司 2024 年度董事会工作报告 . | | 议案 2： 公司 2024 年度监事会工作报告 . | | 议案 3: 公司 2024 年度财务决算报告 . | | 议案 4: 公司 2024 年年度利润分配预案 | | 议案 5: 公司 2024 年年度报告及其摘要 | | 议案 6: 关于 2024 年度公司部分监事薪酬的议案 | | 听取《公司 2 ...

Core Viewpoint - The Chinese cultural tourism complex industry is entering a transformation and upgrading phase, becoming a significant engine for driving domestic demand growth and promoting industrial upgrades. The market size is projected to reach 2.59 billion yuan in 2024, with a year-on-year growth of 16.11% [1][12]. Industry Overview - Cultural tourism complexes integrate culture as the core driving force, combining tourism, commerce, leisure, and residential functions into a comprehensive space. They aim to meet tourists' needs for cultural experiences, leisure vacations, and shopping while promoting regional cultural heritage and tourism industry upgrades [2]. Industry Development History - The industry has gone through four stages: 1. **Emergence Stage (1978-1999)**: Focused on sightseeing with limited cultural integration. 2. **Initial Exploration Stage (2000-2009)**: Increased emphasis on cultural tourism with early projects combining cultural performances and tourism. 3. **Rapid Development Stage (2010-2019)**: Cultural tourism complexes became key for local economic transformation, supported by national strategies. 4. **Transformation and Upgrading Stage (2020-Present)**: Shift towards high-quality, diversified, and technology-driven experiences, accelerated by the pandemic [4][5][6]. Industry Value Chain - The industry value chain includes: - **Upstream**: Resource development, planning, design, and cultural resource/IP development. - **Midstream**: Operation services of cultural tourism complexes. - **Downstream**: Tourists and consumers [8]. Market Size - The market size of the cultural tourism complex industry is expected to reach 2.59 billion yuan in 2024, with a year-on-year growth of 16.11%. The industry is witnessing trends of cross-industry integration, such as "cultural tourism + technology" and "cultural tourism + commerce" [12]. Key Enterprises - Major players in the industry include: - **China Overseas Chinese Town**: Leading enterprise with a comprehensive business model covering theme parks and cultural performances. - **Sunac Culture**: Known for its "ice and snow world + commercial complex" model. - **China Youth Travel Service**: Focuses on integrated tourism services with projects like Wuzhen and Gubei Water Town. - **Yunnan Tourism**: Leverages rich cultural resources for unique tourism projects [14][16][17]. Industry Development Trends 1. **Integration of Immersive Experiences and Smart Operations**: The industry is transitioning from resource-driven to technology-driven, utilizing advancements in 5G, AI, and the metaverse to enhance visitor experiences [20]. 2. **Demand Differentiation Driven by Generational Changes**: The Z generation and the elderly are shaping the market, leading to a focus on unique experiences and wellness tourism [21][22]. 3. **Green Concepts and Industrial Synergy**: The industry is moving towards low-carbon and industrialized upgrades, with a focus on sustainable practices and collaboration across sectors [23].

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Insights - In Q1 2025, the company achieved operating revenue of 403 million yuan, a year-on-year increase of 19.79%, and a net profit attributable to the parent company of 35 million yuan, up 55.79% year-on-year. The company is expected to benefit from improved transportation conditions and hotel project renovations, leading to steady revenue growth [2][6]. - The opening of the Chi-Huang high-speed railway in 2024 and improved weather conditions are anticipated to further increase visitor numbers to the mountains. Upgrades to hotels are expected to enhance both volume and pricing [2][11]. - The forecasted net profits attributable to the parent company for 2025-2027 are 354 million, 393 million, and 436 million yuan, respectively, with corresponding price-to-earnings ratios of 24, 22, and 20 times [2][11]. Financial Performance - The company reported a gross margin of 39.24% in Q1 2025, a decrease of 0.23 percentage points year-on-year, while the expense ratio improved, decreasing by 1.88 percentage points to 21.06%. The net profit margin increased by 1.11 percentage points to 9.74% [11]. - The total number of visitors to the Huangshan scenic area reached 1.012 million in Q1 2025, representing a year-on-year growth of 22.34%, which contributed to revenue and profit growth [11]. Future Outlook - The company is expected to see a rise in visitor numbers in Q2 2025 due to the reopening of the West Sea Grand Canyon and the North Sea Hotel renovation project, which is set to be completed by September 2025, potentially providing new revenue streams [11]. - The integration of AI travel assistants is expected to enhance customer experience and operational efficiency, further supporting revenue growth [11].

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2] Core Viewpoints - The tourism volume is increasing while prices remain stable, with an extended travel radius. The focus is on policy support and advancements in AI applications [3] Summary by Sections Market Review - In April, the social service sector outperformed the benchmark by 1.42 percentage points, with strong performance from tourism and education stocks. The A-share scenic spots and leading education stocks led the gains, while Hong Kong stocks in the supply chain and tea beverage sectors also performed well [3][4][6] May Day Holiday Summary - Domestic spending during the holiday increased by 8.0%, with travel willingness remaining high and an extended travel radius. A total of 314 million domestic trips were made, a year-on-year increase of 6.4%. The average spending per person increased by 1.5%, recovering to 90% of the 2019 level [3][9] Sub-Industries - **Inbound and Outbound Travel**: Inbound travel increased by 28.7% during the holiday, with significant growth in travelers from Hong Kong, Macau, Taiwan, and foreign visitors. The number of inbound foreign visitors under visa-free policies grew by 72.7% [3][21] - **Hotel Industry**: The hotel industry saw a REVPAR of 192 yuan, up 11.5% year-on-year, with occupancy rates and average daily rates also increasing. High-star hotels in county areas outperformed the overall industry [24][22] - **Scenic Spots**: Many scenic spots experienced significant visitor growth, aided by favorable weather and local government promotional activities. For example, Xiangyuan Cultural Tourism received 51.79% more visitors compared to last year [25][28] - **Dining**: Key monitored dining enterprises saw sales increase by 8.7% year-on-year, indicating a recovery in consumer spending [29][30] - **Duty-Free Sales**: Duty-free shopping during the holiday saw a decline of 7% in sales, but the average spending per person remained stable [41][35] Investment Recommendations - The report suggests focusing on leading companies benefiting from policy support and marginal improvements, including Tongcheng Travel, Xueda Education, Jiuhua Tourism, and others. Mid-term recommendations include China Duty Free, Meituan, Huazhu Group, and others [3][42]

Group 1: Tourism Market Growth - The tourism market is experiencing explosive growth during the "May Day" holiday in 2025, with visitor numbers exceeding those of the previous year [1] - Various tourism and consumption enterprises in Shanghai are standing out by offering "new scenes, new gameplay, and new experiences" [1] Group 2: Visitor and Revenue Data - Xiangyuan Cultural Tourism (600576.SH) attracted 595,300 visitors and generated revenue of 38.72 million yuan during the first four days of the holiday, with visitor numbers and revenue increasing by 54.63% and 53.28% year-on-year, respectively [2] - Tianmu Lake (603136.SH) reported a 5.31% increase in visitor numbers and a 6.55% increase in revenue compared to 2024 [2] - Huangshan Tourism (600054.SH) welcomed 147,000 visitors, marking a 13.7% year-on-year increase, reaching historical highs [2] Group 3: Hotel Industry Performance - Jinjiang Hotels (600754.SH) received nearly 8.9 million guests from April 30 to May 4, a 13% increase from the previous year, with nearly 10,000 hotels fully booked on May 2, setting a historical record [3] - The inbound tourism market saw a significant boost, with Jinjiang Hotels hosting 4.7 times more foreign guests compared to the previous year during the holiday period [3] Group 4: Revitalization of Traditional Commercial Areas - Companies in Shanghai are enhancing consumer engagement through brand collaborations and resource integration, such as Yonghui Supermarket (601933.SH) creating a one-stop shopping experience for travelers [4] - The Yuyuan Mall reported over 1 million visitors and sales exceeding 100 million yuan during the holiday, reflecting a 100% year-on-year increase [4] - Wangfujing (600859.SH) achieved nearly 20% growth in foot traffic by organizing diverse activities across its stores in 38 cities [4]

Core Points - The company reported a significant increase in tourist visits to the Huangshan scenic area, with a total of 1.012 million visitors in the reporting period, representing an increase of 184,800 visitors or 22.34% compared to the same period last year [5][6] - The company approved the use of up to RMB 1.8 billion of idle raised funds for cash management, investing in low-risk financial products with high safety and liquidity [5][6] - The company also approved the use of up to RMB 700 million of idle self-owned funds for cash management under similar conditions [6] - The company announced the appointment of Xin Yong Zhong He Accounting Firm as the auditor for the 2025 fiscal year [6][7] - The Huangshan Saifu Tourism Culture Industry Development Fund has reached its expiration date and will undergo liquidation [7] - The company received notifications regarding the optimization of the management of paid use fees for scenic resources in Huangshan, which may impact its operations [7] Financial Data - The financial report for the first quarter of 2025 has not been audited [3][8] - The company’s financial statements include a consolidated balance sheet, profit and cash flow statements for the first quarter of 2025 [8] Shareholder Information - The company will hold its 2024 annual general meeting on May 30, 2025, with both on-site and online voting options available for shareholders [14][15] - The meeting will include discussions on the independent director's performance report and other relevant matters [16][32]

Core Insights - Huangshan Tourism reported a significant increase in revenue and profit for Q1 2025, with operating income reaching 403 million yuan, a year-on-year growth of 19.79%, and net profit attributable to shareholders at 36.89 million yuan, up 44.69% [1] Group 1: Performance Metrics - In Q1 2025, the company achieved a net profit of 36.89 million yuan, reflecting a 44.69% increase year-on-year [1] - The company's non-recurring net profit was 34.98 million yuan, marking a 55.79% year-on-year growth [1] - During the 2025 Spring Festival, Huangshan City received 3.314 million tourists, a 38.31% increase compared to the previous year [2] Group 2: Operational Efficiency - The company demonstrated enhanced operational capabilities during peak holiday periods, with the Huangshan scenic area receiving over 200,000 visitors during the Spring Festival [2] - The introduction of the "Smart Travel Huangshan" app significantly improved service efficiency, with nearly 300,000 visits and over 900,000 inquiries answered during the holiday [2] - During the Qingming holiday, the Huangshan scenic area welcomed over 95,000 visitors, a 26.68% increase year-on-year [2] Group 3: Marketing Strategies - Huangshan Tourism employed innovative marketing strategies, including cross-industry collaborations and themed events, to attract diverse customer segments [3] - The company increased brand exposure through various advertising channels, including public transport and social media campaigns [3] - Themed activities such as "Cultural Spring Festival at Huangshan" and "Spring Travel at Huangshan" enriched the visitor experience and integrated culture with tourism [3] Group 4: Market Expansion - The company expanded its market reach through collaborations with brands like Meituan and Huaren Snow Beer, creating new cultural tourism experiences [4] - Huangshan Tourism participated in international events, enhancing its global visibility and reputation through media coverage from outlets like BBC and Daily Mail [4] - The optimization of overseas social media operations has strengthened the company's international communication efforts [4]