Core Insights - The tourism and scenic area sector experienced a rise of 1.03% on November 3, with Dalian Shengya leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Dalian Shengya (600593) closed at 56.49, with an increase of 8.66% and a trading volume of 157,100 shares, amounting to a transaction value of 859 million [1] - Changzi Mountain (603099) saw a closing price of 53.93, up 2.78%, with a trading volume of 188,700 shares, totaling 1.016 billion [1] - Other notable performers include: - Caesar Rotating Industry (000796) at 6.68, up 1.98% [1] - Tianfu Cultural Tourism (000558) at 5.27, up 1.74% [1] - Xiangyuan Cultural Tourism (600576) at 7.35, up 1.66% [1] Capital Flow - The tourism and scenic area sector saw a net outflow of 41.2875 million from institutional funds, while retail investors contributed a net inflow of 118 million [2] - The overall capital flow indicates a mixed sentiment, with institutional and speculative funds withdrawing while retail investors increased their positions [2] Individual Stock Capital Flow - Changzi Mountain (660209) had a net inflow of 48.8402 million from institutional funds, while it faced a net outflow of 24.0343 million from speculative funds [3] - Dalian Shengya (600593) experienced a net inflow of 9.3571 million from institutional funds, with a slight outflow from retail investors [3] - Other stocks like Emei Mountain A (000888) and Xiangyuan Cultural Tourism (600576) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Group 1 - The company, China Youth Travel Service (中青旅), held its first temporary board meeting for the year 2025 on October 30, 2025, to review the Q3 report and other documents [1] - For the year 2024, the revenue composition of the company is as follows: IT product sales and technical services account for 39.68%, tourism product services for 19.58%, corporate exhibition services for 19.52%, scenic area operations for 16.04%, and the hotel industry for 3.1% [1]

Core Viewpoint - China Youth Travel Service (CYTS) is a leading player in the domestic tourism industry, with significant investment value due to its comprehensive industry chain layout and well-known attractions like Wuzhen and Gubei Water Town [1] Group 1: Business Performance - In Q3 2025, CYTS achieved a revenue of 8.027 billion yuan, ranking first in the industry, significantly surpassing the second-ranked Songcheng Performance at 1.833 billion yuan [2] - The main business composition includes IT products at 2.146 billion yuan (44.11%), integrated marketing services at 770 million yuan (15.83%), and tourism services at 769 million yuan (15.81%) [2] - The net profit for the same period was 186 million yuan, ranking second in the industry, with Songcheng Performance leading at 793 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, CYTS's debt-to-asset ratio was 51.82%, an increase from 50.44% year-on-year, but still below the industry average of 56.33%, indicating strong debt repayment capability [3] - The gross profit margin for Q3 2025 was 20.56%, down from 23.88% year-on-year, and below the industry average of 28.21%, suggesting a need for improvement in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.37% to 69,000, while the average number of circulating A-shares held per shareholder increased by 2.42% to 10,500 [5] - Notable changes among the top ten circulating shareholders include an increase of 4.4847 million shares held by the Fortune CSI Tourism Theme ETF and a decrease of 0.27397 million shares held by Hong Kong Central Clearing Limited [5] Group 4: Executive Compensation - The chairman, Ni Yangping, received a salary of 1.0176 million yuan in 2024, a decrease of 112,800 yuan from 2023 [4] - The president, Zhao Peng, earned 234,300 yuan in 2024 [4] Group 5: Market Outlook - In the first half of 2025, CYTS reported a revenue of 4.866 billion yuan, a year-on-year increase of 11.84%, while the net profit was 67 million yuan, a year-on-year decrease of 7.88% [6] - The revenue from Wuzhen and Gubei Water Town saw declines of 13.56% and 25.29% respectively, attributed to increased competition in the surrounding areas [6] - Forecasts for net profit from 2025 to 2027 are 168 million yuan, 208 million yuan, and 279 million yuan, with corresponding price-to-earnings ratios of 44X, 36X, and 27X [6]

中青旅控股股份有限公司 内部审计基本规定 （2025年10月30日第十届董事会2025年第一次临时会议审议修订） 第一章 总 则 第一条 为加强中青旅控股股份有限公司（以下简称控股公司）内部审计工作， 充分发挥内部审计监督作用，依据《中华人民共和国审计法》《审计署关于内部审 计工作的规定》《中国内部审计准则》《上海证券交易所上市公司自律监管指引第1 号——规范运作》等法律法规和控股公司《章程》,结合控股公司实际情况，制定本 规定。 第二条 控股公司内部审计工作坚持立足经济监督定位，聚焦财务收支真实性、 合法性、效益性，深化研究型审计，聚焦全局性、长远性、战略性问题，构建集中 统一、全面覆盖、权威高效的审计监督体系，进一步推进审计工作高质量发展。 第三条 内部审计是控股公司内部独立、客观的监督、评价和建议活动，运用 系统化、规范化方法，审查评价并督促改善控股公司和各直管企业业务经营、财务 收支、风险管理、内部控制和公司治理效果，促进控股公司稳健运行，实现战略目 标。 第四条 内部审计部门应传承审计光荣传统和优良作风，加强审计自身建设， 塑造职业精神，提高专业能力，建设忠诚干净担当的高素质专业化审计队伍。 内部审 ...

一、拟聘任会计师事务所的基本情况 （一）机构信息 1. 基本信息 立信会计师事务所（特殊普通合伙）（以下简称"立信"）由我国会计泰斗 潘序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成改制 的特殊普通合伙制会计师事务所，注册地址为上海市，首席合伙人为朱建弟先生。 立信是国际会计网络 BDO 的成员所，长期从事证券服务业务，新证券法实施前具 有证券、期货业务许可证，具有 H 股审计资格，并已向美国公众公司会计监督委 员会（PCAOB）注册登记。 证券代码：600138 证券简称：中青旅 公告编号：临 2025-036 中青旅控股股份有限公司 关于续聘会计师事务所的公告 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: 拟聘任的会计师事务所名称：立信会计师事务所（特殊普通合伙） 截至 2024 年末，立信拥有合伙人 296 名、注册会计师 2,498 名、从业人员 总数 10,021 名，签署过证券服务业务审计报告的注册会计师 743 名。 2024 年度立信经审计业务收入 47.4 ...

证券代码：600138 证券简称：中青旅 公告编号：2025-037 中青旅控股股份有限公司 关于召开2025年第二次临时股东会的通知 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： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第二次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 17 日 14 点 30 分 召开地点：中青旅大厦 2009 会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 股东会召开日期：2025年11月17日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 11 月 17 日 至2025 年 11 月 17 日 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 东会召开当日的交易时间段，即 9:15-9:25，9: ...

证券代码：600138 证券简称：中青旅 公告编号：临 2025-035 中青旅控股股份有限公司 第十届董事会 2025 年第一次临时会议 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。 中青旅控股股份有限公司（以下简称"公司"）第十届董事会 2025 年第一次 临时会议于 2025 年 10 月 30 日以现场和视频相结合的方式在公司 2009 会议室召 开。会议通知及会议文件于 2025 年 10 月 15 日以电子邮件方式送达董事。会议 应到董事 11 人，实到董事 11 人，其中以视频方式出席的董事 4 人。公司高级管 理人员列席会议，会议由董事长倪阳平主持。会议的召开符合《公司法》和公司 《章程》的规定，会议以记名投票表决的方式审议通过了以下议案： 一、公司 2025 年第三季度报告 具体情况详见公司同日于上海证券交易所网站 www.sse.com.cn 披露的《中 青旅 2025 年第三季度报告》。 表决结果：通过。 本议案已经公司董事会内控与审计委员会审议通过。 11 票赞成，0 票反对，0 票弃权。 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥3,161,204,511.75, representing a year-on-year increase of 17.21%[3] - Total profit for the quarter was ¥127,787,584.03, a decrease of 30.57% compared to the same period last year[3] - Net profit attributable to shareholders was ¥53,978,564.36, down 32.94% year-on-year[3] - Basic earnings per share were ¥0.0746, reflecting a decrease of 32.94% from the same quarter last year[3] - The weighted average return on equity was 0.85%, a decrease of 0.43 percentage points compared to the end of the previous year[4] - Total operating revenue for the first three quarters of 2025 reached ¥8,026,936,932.57, an increase of 13.9% compared to ¥7,047,773,542.72 in the same period of 2024[24] - Net profit attributable to shareholders of the parent company was CNY 120,831,526.22, down 21% from CNY 153,058,738.10 year-on-year[26] - Operating profit decreased to CNY 297,329,268.97, a decline of 17.8% from CNY 361,745,104.33 in the previous year[25] - Total comprehensive income for the period was CNY 186,314,093.90, compared to CNY 240,246,433.64 in the previous year, reflecting a decrease of 22.5%[26] Cash Flow - The net cash flow from operating activities was ¥371,427,509.99, showing a significant increase of 185.19% compared to the previous year[3] - The company experienced a significant fluctuation in cash flow due to variations in IT procurement payment schedules across quarters[8] - Net cash flow from operating activities increased to CNY 379,752,973.68, up 15.9% from CNY 327,487,020.43 in the same period last year[29] - Cash inflow from operating activities for the first three quarters of 2025 was $142.18 million, up from $104.91 million in the same period of 2024, representing a 35.5% increase[38] - Net cash flow from operating activities was -$37.90 million in 2025, an improvement from -$93.78 million in 2024[38] - Cash inflow from investment activities increased significantly to $1.83 billion in 2025, compared to $880.35 million in 2024, marking a 108.5% increase[39] - The company reported a total cash outflow from operating activities of $180.08 million in 2025, down from $198.69 million in 2024[38] Visitor Statistics - The Wuzhen scenic area received 1.9297 million visitors during the reporting period, a decrease of 10.91% year-on-year, with operating revenue of RMB 428 million, down 8.15%[13] - The Gubei Water Town experienced a significant decline in visitors, receiving 197,700 guests, a 50.77% year-on-year decrease, and reported an operating revenue of RMB 86.0173 million, down 44.29%[15] Business Strategy and Development - The company is actively expanding its cultural tourism offerings, launching various themed events and collaborations to enhance brand influence in the cultural and artistic sectors[13] - The company is focusing on urban renewal market opportunities, with the launch of the Huanggang Yiai Lake Dongpo Cultural Night Tour project during the National Day holiday[15] - The company is enhancing its product and service quality to meet diverse cultural tourism consumption needs in response to market changes[12] - The company is exploring new strategies for business expansion, including light asset output in cultural tourism integration[15] - The travel agency segment launched over 100 innovative travel routes, covering more than 100 popular destinations globally, focusing on high-value customers[17] - The hotel business experienced a decline in revenue and net profit in Q3 due to the closure of underperforming locations[17] - The company maintained a strong position in outbound visa services while steadily expanding into inbound visa services[17] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥17,822,283,870.71, an increase of 0.74% from the end of the previous year[4] - Current assets totaled ¥7,686,193,673.94 as of September 30, 2025, compared to ¥7,284,965,934.87 at the end of 2024, reflecting a growth of 5.5%[21] - Total liabilities amounted to ¥9,235,524,363.32, slightly up from ¥9,196,779,636.47, indicating a marginal increase of 0.4%[23] - Long-term equity investments decreased to ¥2,340,418,103.93 from ¥2,409,998,918.46, a decline of 2.9%[21] - Total assets as of September 30, 2025, amounted to CNY 5,271,255,445.81, down from CNY 5,618,958,507.49 at the end of 2024[33] - Total liabilities decreased to CNY 1,980,432,089.11 from CNY 2,328,752,718.39 in 2024, reflecting a reduction of 14.97%[33] Research and Development - Research and development expenses were CNY 5,894,252.52, down 19.4% from CNY 7,316,103.33 in the previous year[25] - Research and development expenses for the first three quarters of 2025 were CNY 1,200,000.00, indicating ongoing investment in innovation[35]

Core Insights - The tourism and scenic area sector experienced a decline of 1.26% on October 30, with Caesar Travel leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Major stocks in the tourism sector showed varied performance, with Dalian Shenya rising by 2.27% to a closing price of 50.41, while Caesar Travel fell by 5.43% to 6.09 [2] - The trading volume for Caesar Travel was significant at 1.24 million shares, with a transaction value of 770 million yuan [2] Capital Flow - The tourism and scenic area sector saw a net outflow of 341 million yuan from main funds, while retail investors contributed a net inflow of 330 million yuan [2][3] - Dalian Shenya had a net inflow of 6.57 million yuan from main funds, while Caesar Travel experienced a net outflow of 1.52 million yuan [3]

Core Viewpoint - The company emphasizes that its stock price in the secondary market is influenced by various factors including macroeconomic environment, industry conditions, market preferences, and operational performance [1] Group 1 - The company is committed to enhancing investor recognition through steady operations, information disclosure, market communication, and shareholder returns [1] - The company conducts information disclosure and investor communication in a lawful and compliant manner [1] - Currently, there is no undisclosed information that needs to be disclosed [1]