证 券 研 究 报 告 中青旅（600138）2025 年三季报点评 推荐（维持） 极端气候影响景区经营，整合营销稳步推进 目标价：10.8 元 事项： ❖ 中青旅发布 2025 年三季报。公司于 2025 年单三季度实现营收 31.6 亿元， yoy+17.2%；实现归母净利润 0.54 亿元，yoy-32.9%；扣非归母净利润 0.49 亿 元，yoy-38.0%。公司于 2025 年前三季度累计实现营业收入 80.3 亿元， yoy+13.9%；实现归母净利润 1.21 亿元，yoy-21.1%；实现扣非归母净利润 1.1 亿元，yoy-26.3%。 评论： 资料来源：公司公告，华创证券预测 注：股价为 2025 年 11 月 20 日收盘价 公司研究 景区 2025 年 11 月 21 日 | | | 华创证券研究所 证券分析师：饶临风 ❖ 风险提示：客流量下滑；行业竞争加剧；企业营销需求下滑。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收 ...

Market Overview - The tourism and scenic spots sector experienced a decline of 3.08% on November 21, with Dalian Shengya leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Dalian Shengya saw a significant drop of 10.00%, closing at 47.34, with a trading volume of 147,500 shares and a transaction value of 714 million [2] - Other notable declines included Tianfu Culture Tourism (-4.18%), Changzi Mountain (-4.08%), and Qujiang Culture Tourism (-3.93%) [2] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 486 million from main funds, while retail investors saw a net inflow of 461 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Yunnan Tourism had a main fund net inflow of 10.99 million, while it faced a retail net outflow of 32.27 million [3] - Huangshan Tourism and Sanxia Tourism experienced significant net outflows from main funds, at 10.61 million and 11.62 million respectively, while both saw positive retail inflows [3]

Group 1 - The core point of the announcement is the resolution of the second extraordinary general meeting of shareholders held by China Youth Travel Holdings Co., Ltd. on November 17, 2025, with no resolutions being rejected [1][2]. - The meeting was chaired by the chairman, Ni Yangping, and complied with the provisions of the Company Law and the Articles of Association regarding voting methods [3][6]. - The attendance included 10 out of 11 current directors, with independent director Li Juhe absent due to official duties, and the board secretary was present along with other senior management [4][5]. Group 2 - One of the key resolutions passed was the reappointment of the accounting firm, which was approved without any objections [6]. - The meeting was witnessed by lawyers from Beijing Jindu Law Firm, confirming that the convening and holding of the meeting complied with relevant laws and regulations [7]. - The legal opinion provided by the law firm was signed and stamped, indicating the validity of the meeting's procedures and results [8].

北京市金杜律师事务所 关于中青旅控股股份有限公司 2025 年第二次临时股东会的法律意见书 致：中青旅控股股份有限公司 北京市金杜律师事务所（以下简称本所）接受中青旅控股股份有限公司（以 下简称公司）的委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会 （以下简称中国证监会）《上市公司股东会规则（2025 年修订）》（以下简称《股 东会规则》）等中华人民共和国境内（以下简称中国境内，为本法律意见书之目 的，不包括中国香港特别行政区、中国澳门特别行政区和中国台湾省）现行有效 的法律、行政法规、部门规章、规范性文件和现行有效的《公司章程》有关规定， 指派律师出席了公司于 2025 年 11 月 17 日召开的 2025 年第二次临时股东会（以 下简称本次股东会），并就本次股东会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2025 年第一次临时股东大会决议审议通过的《中青旅控股股份有 限公司章程》（以下简称《公司章程》）； 2. 公司于 2025年 10月 31日刊登于 ...

证券代码：600138 证券简称：中青旅 公告编号：2025-039 中青旅控股股份有限公司 2025年第二次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 11 月 17 日 (二)股东会召开的地点：中青旅大厦 2009 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 422 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 183,536,371 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 25.3559 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议表决方式符合《公司法》及《公司章程》的规定，会议由董事长倪 阳平主持。 (五)公司董事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 ...

Core Viewpoint - Zhongqing Travel's subsidiary, Aoyou Technology, is focusing on building and operating smart tourism platforms to enhance its cultural tourism business [1] Group 1: Smart Tourism Platform Development - Aoyou Technology launched the "One Machine Tour Guzhang Mini Program" in 2021, integrating over 1,000 cultural tourism resource information from eight categories in Guzhang County to provide convenient services for tourists [1] - The company won the bid for the "Oujian Mountain Water Poetry Road - E-Tour Wenzhou Cultural Tourism Information Service Platform" project, featuring a "one entry three centers" model to create a comprehensive digital experience for visitors [1] Group 2: Future Plans and Innovations - By 2025, Aoyou's travel app, WeChat mini program, and public account will integrate the DeepSeek large model, aiming to enhance tourism data and AI capabilities [1] - The company plans to introduce more intelligent travel applications, including smart recommendations and customized services, to further improve its cultural tourism content and service platforms [1]

Core Viewpoint - The company has developed its own online sales platform for travel agencies, scenic spots, and hotels, while also collaborating with online travel agencies (OTAs) to expand product sales channels [1] Group 1: Online Business Strategy - The company operates an independent online sales platform for its travel agency, scenic spots, and hotel businesses [1] - Collaboration with OTAs is utilized to broaden product sales channels [1] Group 2: Cultural and Artistic Initiatives - The Wuzhen Scenic Area has successfully hosted the Wuzhen Theatre Festival for twelve consecutive years since its inception in 2013, establishing it as an internationally influential theatre brand [1] - The company has launched various cultural initiatives such as the "Wuzhen International Contemporary Art Invitation Exhibition" and the "Wuzhen International Future Visual Art Project" to enhance its cultural positioning [1] Group 3: Innovative Experiences at Scenic Spots - The Gubei Water Town has leveraged its historical resources, such as the Simatai Great Wall, to create immersive experiences like "Dream Back to Gubei Great Wall Town" [1] - The immersive drama and interactive performances extend from the stage to the streets, enhancing the connection between architecture, scenes, and culture, resulting in positive market feedback [1]

Core Points - The company will hold its second extraordinary general meeting of shareholders on November 17, 2025 [1] - The meeting will utilize the Shanghai Stock Exchange's online voting system for shareholder participation [2] Meeting Details - The meeting type is the second extraordinary general meeting of 2025, convened by the board of directors [1] - The meeting will take place on November 17, 2025, at 14:30 in the Zhongqing Travel Building, Room 2009 [1] - Voting will be conducted through both on-site and online methods [1] Voting Procedures - Online voting will be available on the day of the meeting from 9:15 to 15:00, with specific trading time slots for the voting platform [2] - Shareholders can vote via the trading system or the internet voting platform, with identity verification required for first-time users [4][5] Attendance and Registration - Shareholders registered with the China Securities Depository and Clearing Corporation Limited are eligible to attend [8] - Registration for attendance can be done in person or through authorized representatives, with specific documentation required [11][12] Additional Information - The company will provide a reminder service for small and medium investors to ensure they can participate in the meeting [5] - The meeting is expected to last half a day, with attendees responsible for their own travel and accommodation costs [12]

Core Points - The company is convening its second extraordinary general meeting of shareholders in 2025 on November 17, 2025, at 14:30 [2][6] - The meeting will utilize both on-site and online voting methods, with specific time slots for each [3][4] - The company aims to enhance participation from minority investors by providing reminder services for the meeting [8] Meeting Details - The meeting type is the second extraordinary general meeting of shareholders for 2025 [2] - The meeting will be held at the company's headquarters in the 2009 conference room [2] - Voting will be conducted through the Shanghai Stock Exchange's online voting system, with specific time frames for participation [3][5] Voting Procedures - Shareholders can vote via the trading system or the internet voting platform, with identity verification required for first-time users [7][8] - Multiple accounts held by a shareholder will allow for the aggregation of voting rights across all accounts [8][9] - Any duplicate voting through different platforms will be counted based on the first vote cast [10] Attendance and Registration - Shareholders registered by the close of trading on the registration date are eligible to attend the meeting [12] - Registration can be done in person or through authorized representatives, with specific documentation required [15][16] - The registration period is set for November 12, 2025, from 9:00 to 17:30 [17] Additional Information - The meeting is expected to last half a day, with attendees responsible for their own travel and accommodation costs [18] - In case of significant disruptions to the online voting system, the meeting's progress will be communicated accordingly [19] - Contact information for the company's securities department is provided for further inquiries [20]

Core Viewpoint - The company, China Youth Travel Service (600138), stated that its fundamentals are stable and there is no undisclosed information that should be disclosed [1] Summary by Relevant Sections - Company Fundamentals - The company confirmed that its basic business fundamentals remain stable [1] - Disclosure Information - The company indicated that there are no undisclosed information that should be made public [1]