Investment Rating - The report rates the social services industry as "Overweight" indicating a positive outlook for the sector [4]. Core Insights - The report highlights the resurgence of instant film photography, particularly the popularity of "Peel Apart" film and the new "Life Four Frames" photo booths, driven by nostalgia and unique consumer experiences [5][11]. - The scarcity of Peel Apart film, with global inventory dropping below 500,000 boxes, has led to a dramatic price increase, with prices soaring from around 65-70 RMB per pack to 2800-3300 RMB on second-hand platforms, earning it the nickname "Paper Moutai" [9][11]. - The "Life Four Frames" photo booths have modernized the traditional photo booth experience, offering various backgrounds and instant photo printing, appealing to younger consumers [11][12]. Summary by Sections 1. New Trends in Photography - Peel Apart film has gained immense popularity due to its unique aesthetic and the limited availability of products from major manufacturers like Polaroid and Fujifilm, which have ceased production [8][9]. - The "Life Four Frames" photo booths have evolved from traditional photo booths, providing a more interactive and customizable experience for users [11]. 2. Market Performance Review - The social services sector saw a 2.09% increase in its index from June 2 to June 6, outperforming the broader market [13]. - Key stocks in the social services sector, such as ST United and Jinling Hotel, experienced significant gains, with increases of 21.46% and 11.87% respectively [18]. 3. Company Announcements - Companies in the retail and social services sectors are actively engaging in stock buybacks and shareholder reduction plans, indicating a focus on enhancing shareholder value [26][27]. 4. Industry Developments - The report notes significant developments in the social services industry, including record passenger numbers during the Dragon Boat Festival, showcasing a recovery in travel and tourism [30]. - The introduction of new technologies and partnerships, such as the investment in Acai Travel by Amadeus, reflects ongoing innovation within the industry [30]. 5. Valuation of Key Companies - The report provides a detailed valuation of key companies in the human resources, tourism, and hotel sectors, indicating a favorable outlook for these industries as they recover from previous downturns [32][33].

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个别及连带责任。 重要内容提示： 本次划转实施前，中国光大集团股份公司（下称"光大集团"）直接及 间接合计持有公司股份 167,859,592 股，占公司总股本的 23.19%，本次划转实施 后，光大集团直接及间接合计持股数量及持股比例均无变化。本次划转不触及要 约收购。 本次划转实施后，公司控股股东由中国青旅集团有限公司（下称"青旅 集团"）变为光大集团，公司实际控制人无变化。 一、本次划转基本情况 2025 年 6 月 4 日，公司接到控股股东青旅集团通知，根据《上市公司国有 股权监督管理办法》《关于企业国有资产办理无偿划转手续的规定》（财管字〔1999〕 301 号），光大集团作为国家出资企业，经其董事会、股东会决议，将其全资子 公司青旅集团直接持有的公司 17.37%股份无偿划转至光大集团。光大集团与青 旅集团于 2025 年 6 月 4 日签署《中国光大集团股份公司与中国青旅集团有限公 司关于中青旅控股股份有限公司 17.37%股权（125,752,786 股）之无偿划转协议》。 ...

中青旅（600138）公告，2025年6月4日，公司接到控股股东青旅集团通知，根据相关规定，光大集团将 其全资子公司青旅集团直接持有的公司17.37%股份无偿划转至光大集团。划转前，光大集团直接持有 公司股份2163.18万股，占公司总股本的2.99%；青旅集团直接持有公司股份1.26亿股，占公司总股本的 17.37%。划转后，光大集团直接持有公司股份1.47亿股，占公司总股本的20.36%，青旅集团不再直接持 有公司股份。本次划转不会导致公司主要业务结构发生变化，不会对公司正常经营活动产生影响。 ...

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].

Core Points - The company announced a cash dividend distribution of 0.07 yuan per share (including tax) for A shares [1] - The total cash dividend to be distributed amounts to 50,668,800 yuan based on a total share capital of 723,840,000 shares [1] - The dividend distribution plan was approved at the annual shareholders' meeting held on April 29, 2025 [1] Dividend Distribution Dates - The record date for the dividend is May 21, 2025, with the last trading date on May 22, 2025, and the ex-dividend date also on May 22, 2025 [1] Taxation on Dividends - Individual shareholders holding shares for over one year will not be subject to personal income tax on the cash dividend, resulting in an actual distribution of 0.07 yuan per share [2] - For shares held for one month or less, a 20% tax applies; for shares held between one month and one year, a 10% tax applies [3] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net distribution of 0.063 yuan per share after tax [4]

证券代码：600138 证券简称：中青旅 公告编号：2025-018 中青旅控股股份有限公司2024年年度权益分派实施公告 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。 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 重要内容提示： 每股分配比例 A 股每股现金红利0.07元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/21 | － | 2025/5/22 | 2025/5/22 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 29 日的2024年年度股东大会审议通过。 二、 分配方案 本次利润分配以方案实施前的公司总股本723,840,000股为基数，每股派发现金红利0.07 元（含税），共计派发现 ...

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]

Core Insights - The report highlights that tourism volume is increasing while prices remain stable, with a focus on policy support and advancements in AI applications within the sector [3][9] - The domestic travel market saw 314 million trips during the May Day holiday, a year-on-year increase of 6.4%, with total spending reaching 180.27 billion yuan, up 8.0% [9][21] - The report suggests that the tourism trend will continue to improve due to consumer experience demands and favorable industry policies, recommending investments in leading companies benefiting from these trends [3][42] Market Review - In April, the consumer services sector outperformed the benchmark by 1.42 percentage points, with strong performances from tourism and education stocks [4][6] - The May Day holiday saw significant gains in the education sector and travel-related stocks, with notable performances from companies involved in AI-enhanced education [4][6] Sub-industry Analysis - **Inbound and Outbound Travel**: Inbound travel saw a 28.7% increase in visitor numbers during the May Day holiday, with significant growth in travelers from Hong Kong, Macau, and Taiwan [16][21] - **Hotel Industry**: The hotel sector experienced a 11.5% increase in revenue per available room (RevPAR) during the holiday, with occupancy rates and average daily rates also rising [24][22] - **Scenic Areas**: Major scenic spots reported strong visitor numbers, with some locations seeing over 50% growth compared to the previous year, aided by favorable weather and local government initiatives [25][28] - **Dining Sector**: Key monitored dining enterprises reported an 8.7% increase in sales during the holiday, reflecting a recovery in consumer spending [29][30] - **Duty-Free Sales**: Duty-free shopping during the holiday saw a decline of 7% in sales, although the average transaction value remained stable [35][41] Investment Recommendations - The report recommends focusing on leading companies that are expected to benefit from policy support and improving consumer sentiment, including Tongcheng Travel, Xueda Education, Jiuhua Tourism, and others [3][42]

Core Viewpoint - The company reported a revenue of 2.054 billion yuan for Q1 2025, reflecting a year-on-year growth of 6.84%, but faced a net loss of 33.7052 million yuan due to seasonal factors and fixed cost constraints [3][4]. Financial Data - The company did not conduct an audit for the Q1 financial report [1]. - The revenue for the first quarter was 2.054 billion yuan, with a net profit of -33.7052 million yuan [3]. - The company’s financial performance was impacted by the traditional off-peak season for tourism and limited cost-cutting opportunities [3]. Business Operations - The company enhanced its tourism offerings at the Wuzhen scenic area, introducing unique experiences and events, which attracted 1.3803 million visitors and generated 312 million yuan in revenue [4]. - The Gubei Water Town focused on cultural events and marketing strategies, receiving 169,900 visitors and achieving 80.273 million yuan in revenue [5]. - The company is actively exploring urban renewal projects and has secured contracts for various cultural and tourism initiatives [6]. Strategic Investments - The strategic investment segment remained stable, with Chuangge Technology reporting a revenue of 928 million yuan and a net profit of 11.5724 million yuan [9]. Shareholder Information - The company provided guarantees for its subsidiary, Beijing Zhongqing Travel Chuangge Technology Co., Ltd., with a maximum guarantee amount of 2.2 billion yuan [14][20]. - The total external guarantees provided by the company and its subsidiaries amounted to 9.58 billion yuan, representing 15.19% of the company's audited net assets for 2024 [22][23].

Group 1 - The A-share tourism and hotel sector is experiencing a downturn, with companies like Zhongxin Tourism and Xiangyuan Cultural Tourism seeing declines of over 3% [1] - Other companies such as Lijiang Co., Three Gorges Tourism, Jinjiang Group, and China Youth Travel also followed the downward trend [1]