Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's overall performance declined in the first three quarters of 2024, with revenue increasing by 4.65% YoY to 7.048 billion yuan, but net profit attributable to the parent company decreased by 25.77% YoY to 153 million yuan [1] - In Q3 2024, revenue increased by 5.51% YoY to 2.697 billion yuan, while net profit attributable to the parent company decreased by 19.29% YoY to 80 million yuan [1] - The company's travel agency business saw significant revenue growth, driven by exclusive resources and strong competitiveness in visa services [2] - The company is actively innovating and expanding its product offerings in various segments, including scenic areas, tourism services, integrated marketing, and hotels [4] Business Performance Travel Agency Business - Revenue increased significantly due to the company's focus on exclusive resources and strong market competitiveness in visa services [2] Scenic Area Business - Wuzhen Scenic Area received 5.9934 million visitors, a decrease of 2.68% YoY, with revenue declining by 4.36% YoY to 1.325 billion yuan and net profit decreasing by 20.32% YoY to 265 million yuan [2] - Gubei Water Town received 1.0025 million visitors, a decrease of 10.55% YoY, with revenue declining by 21.38% YoY to 429 million yuan [2] Integrated Marketing Business - Revenue decreased by 5.46% YoY to 1.323 billion yuan, but net profit increased significantly due to improved management and higher gross margins [2] Hotel Business - Revenue decreased by 26.61% YoY to 234 million yuan, mainly due to the closure of some loss-making stores [2] Strategic Business - Chuangge Technology achieved revenue of 2.574 billion yuan and net profit of 39 million yuan, both remaining stable YoY [2] Financial Metrics Q3 2024 - Gross margin decreased by 3.8 percentage points YoY to 23.5% [3] - Sales/management/financial expense ratios changed by +0.0/-0.9/-0.7 percentage points to 8.5%/5.8%/2.0% respectively [3] - Investment income as a percentage of revenue decreased by 1.0 percentage point YoY to 0.1% [3] - Credit impairment losses decreased by 111.5% YoY, likely due to the reversal of previously accrued impairments [3] - Net profit margin attributable to the parent company decreased by 0.9 percentage points YoY to 3.0% [3] Future Outlook - The company is expected to achieve revenue of 10.1/10.8/11.5 billion yuan and net profit attributable to the parent company of 140/200/290 million yuan in 2024-2026, with current stock price corresponding to PE ratios of 52x/38x/26x [8] Innovation and Development - The company is continuously innovating in its scenic area business, with Wuzhen launching various cultural activities and Gubei Water Town enriching its "City of Light" cultural IP through concerts, light shows, and food festivals [4] - Non-scenic area businesses are also being developed, with integrated marketing focusing on high-level government meetings, travel agencies enhancing product quality, and hotel businesses upgrading cultural tourism products and services [4]

中青旅控股股份有限公司 投资者调研会议记录 国庆假期后，景区业务基本保持了前三季度的趋势，旅行社业务同比仍然 提升，整体趋势比较平稳。十月之后，旅游行业进入传统淡季，绝对额较低， 但不会对全年经营数据产生较大影响。 戏剧节的影响力、热度及持续性整体仍保持了较好的态势，符合公司的预 期。 问题二：乌镇门票收入占比趋势如何？新投入的酒店爬坡情况及盈利能力如 何？ 乌镇门票在收入的占比相对稳定，没有大的变化。从直接的数据看，乌镇 人均消费同比有所下降，但这是因为景区对 70 岁以上的老年人免票，今年初 至 9 月免票人数约 40 万，这部分客流对门票收入及人均消费有一定影响。但 这部分客流主要集中在淡季和非周末时间，免票进入景区后也会有其他二次消 费。区分东西栅来看，东栅客流恢复弱于西栅，这与东栅的定位及市场趋势有 关，但东栅的利润贡献还是比较大，因为其属于传统观光游，各方面成本较 低。 酒店方面，稻舍乡村酒店对公司的利润贡献在提升。堤上酒店设施比较 新，价格相对较高，入住率相对偏低，但是其能够为会议、展会及高端客户群 体提供较好的住宿体验，对乌镇承办高规格的会议、展会有较大的价值，乌镇 时 间：2024 年 10 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5][8]. Core Insights - The company reported a revenue of 7.048 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 4.65%. However, the net profit attributable to shareholders decreased by 25.77% to 153 million yuan [5][8]. - The report highlights the impact of extreme weather on the performance of the Wuzhen scenic area, which saw a decline in visitor numbers and revenue [6][8]. - The company is actively developing boutique travel routes and niche destination products, which have led to significant revenue growth in its travel agency business [7][8]. Financial Data Summary - As of September 30, 2024, the company had a net asset value per share of 8.71 yuan and a debt-to-asset ratio of 50.44% [3]. - The total revenue for 2024 is projected to reach 10.069 billion yuan, with a year-on-year growth rate of 4.5% [9]. - The forecasted net profit for 2024 is 220 million yuan, representing a 13.2% increase compared to the previous year [9]. Visitor Statistics - In the first three quarters of 2024, Wuzhen scenic area received 5.9934 million visitors, a decrease of 2.68% year-on-year [6][8]. - The revenue from the Wuzhen area was 1.325 billion yuan, down 4.36% from the previous year [6][8]. Profitability Metrics - The gross margin for the company's main business in the third quarter of 2024 was 23.51%, a decrease of 3.80 percentage points year-on-year [5][8]. - The report projects a gradual improvement in profitability, with expected gross margins of 24.2%, 25.2%, and 25.3% for 2024, 2025, and 2026, respectively [9]. Market Comparison - The current stock price corresponds to a price-to-earnings (PE) ratio of 33, 22, and 19 for the years 2024, 2025, and 2026, respectively [8]. - The target market capitalization for the company is set at 9.4 billion yuan, with a potential upside of 25% based on the 2025 earnings forecast [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.95 yuan, representing a 9% increase from the previous target of 10.88 yuan [2][3] Core Views - The company's performance in 2024Q3 was slightly below expectations, primarily due to pressure on leisure tourism under the trend of budget travel [2] - The two key tourism towns (Wuzhen and Gubei Water Town) are still in the process of recovery, with both revenue and profitability yet to fully rebound [2] - The hotel business is expected to accelerate its recovery, contributing to the positive outlook [2] Financial Performance - For 2024Q1-3, the company achieved revenue of 7.048 billion yuan, a 4.65% YoY increase, but gross profit declined by 3.66% to 1.683 billion yuan [2] - Net profit attributable to the parent company dropped by 25.77% to 153 million yuan, with a net profit margin of 2.98%, down 0.92 percentage points [2] - In Q3 alone, revenue grew by 5.51% to 2.697 billion yuan, but gross profit fell by 9.18% to 634 million yuan [2] Operational Highlights - Wuzhen received 5.99 million visitors in 2024Q1-3, a 2.7% YoY decrease, with revenue declining by 4.36% to 1.325 billion yuan [2] - Gubei Water Town saw a 10.55% drop in visitors to 1.0025 million, with revenue falling by 21.38% to 429 million yuan [2] - The company's other businesses, including Zhongqing Bolian and Shanshui Hotel, also experienced revenue declines [2] Industry Context - The social services industry, particularly the leisure tourism sector, is facing challenges due to the trend of budget travel [3] - The company's performance is closely tied to the recovery of its key tourism assets, which are still under pressure [2] Valuation and Forecast - The report forecasts EPS for 2024-2026 at 0.27 yuan (-29%), 0.33 yuan (-25%), and 0.39 yuan (-17%) respectively [2] - The target price is based on a 31x PE ratio for 2025, reflecting optimism about the hotel business recovery [2] - The company's market capitalization stands at 7.34 billion yuan, with a current stock price of 10.14 yuan [4] Historical Performance - The stock price has fluctuated between 8.86 yuan and 12.14 yuan over the past 52 weeks [4] - Over the past 12 months, the stock has underperformed the market, with a -4% absolute return and -13% relative to the index [7]

证券代码：600138 证券简称：中青旅 公告编号：2024-033 中青旅控股股份有限公司 2024 年第一次临时股东大会决议公告 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 | 1、出席会议的股东和代理人人数 | 851 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 179,763,963 | | 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（%） | 24.8347 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议表决方式符合《公司法》及《公司章程》的规定，会议由倪阳平董 事长主持。 因公务未出席本次股东大会； 二、 议案审议情况 (一) 非累积投票议案 1、 议案名称：关于选举公司第九届董事会董事的议案 审议结果：通过 表决情况： | 股东类型 | | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | ...

证券代码：600138 证券简称：中青旅 公告编号：临 2024-034 中青旅控股股份有限公司 第九届董事会 2024 年第四次临时会议决议公告 11 票赞成，0 票反对，0 票弃权。 11 票赞成，0 票反对，0 票弃权。 表决结果：通过。 根据《公司法》和《公司章程》的有关规定，第九届董事会选举赵朋先生为 公司副董事长，任期与公司第九届董事会一致。 二、关于调整第九届董事会提名委员会组成的议案 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。 中青旅控股股份有限公司(以下简称"公司")第九届董事会 2024 年第四次 临时会议于 2024 年 11 月 1 日以现场和通讯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 2024 年 10 月 17 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。公司监事及高级管理人员列席会议，会议由董 事长倪阳平先生主持。会议的召开符合《公司法》、《公司章程》的规定。会议以 记名投票表决的方式，审议通过了如下议案： 一、关于选举公司第九届董事 ...

北京市金杜律师事务所 关于中青旅控股股份有限公司 2024 年第一次临时股东大会的法律意见书 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）《上市公司股东大会规则（2022 年修订）》（以下简 称《股东大会规则》）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地区） 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《中青旅控股 股份有限公司章程》有关规定，指派律师出席了公司于 2024 年 11 月 1 日召开的 2024 年第一次临时股东大会（以下简称本次股东大会），并就本次股东大会相 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 2023 年年度股东大会审议通过的《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 2024 年 ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 2,697,113,044.53, representing a year-on-year increase of 5.51%[2] - The net profit attributable to shareholders for Q3 2024 was CNY 80,488,174.86, a decrease of 19.29% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 78,829,650.13, down 15.56% year-on-year[2] - The basic earnings per share for Q3 2024 was CNY 0.1112, down 19.29% year-on-year[2] - The weighted average return on equity for Q3 2024 was 1.28%, a decrease of 0.34 percentage points compared to the same period last year[2] - In the first three quarters of 2024, the company achieved operating revenue of 7.048 billion RMB, a year-on-year increase of 4.65%[10] - The net profit attributable to shareholders for the same period was 153 million RMB, a year-on-year decrease of 25.77%[10] - Net profit for the first three quarters of 2024 was CNY 240,711,635.31, a decrease of 22.49% from CNY 310,516,277.34 in 2023[21] - Basic earnings per share for the first three quarters of 2024 were CNY 0.2115, down from CNY 0.2849 in the same period last year[21] - The company reported a net profit of approximately 3.63 billion yuan as of September 30, 2024, compared to 3.54 billion yuan at the end of 2023[19] Cash Flow and Assets - The net cash flow from operating activities for Q3 2024 was CNY 130,238,693.11, a significant decrease of 79.42% compared to the previous year[2] - The decrease in net cash flow from operating activities was primarily due to the payment cycle of Chuangge Technology and early procurement of resources in the travel agency business[6] - Cash flow from operating activities generated a net amount of CNY 327,487,020.43, a significant decrease from CNY 631,924,465.71 in the previous year[22] - The company experienced a net cash outflow from operating activities of CNY -93,783,589.85 in the first nine months of 2024, compared to CNY -39,138,703.38 in the same period of 2023[28] - The net cash flow from investment activities was -CNY 94,155,891.94, an improvement compared to -CNY 262,130,066.59 in the previous year[23] - The company reported a net cash outflow from financing activities of -CNY 304,790,757.08, an improvement from -CNY 444,800,642.30 in the previous year[23] - The cash inflow from financing activities totaled CNY 3,791,680,000.00, compared to CNY 3,759,205,000.00 in the same period last year, reflecting a slight increase of about 0.9%[23] - The total current assets decreased to CNY 1,013,824,111.97 from CNY 1,087,399,277.82, reflecting a decline of about 6.8%[25] - The cash and cash equivalents at the end of the period amounted to CNY 1,150,956,080.29, down from CNY 1,107,329,435.41, indicating a decrease of approximately 6.5%[23] Revenue and Visitor Statistics - The Wuzhen scenic area received 5.9934 million visitors, a year-on-year decrease of 2.68%[12] - The revenue from the Wuzhen scenic area was 1.325 billion RMB, a year-on-year decrease of 4.36%[12] - The Gubei Water Town scenic area received 1.0025 million visitors, a year-on-year decrease of 10.55%[13] - The revenue from Gubei Water Town was 429 million RMB, a year-on-year decrease of 21.38%[13] - The integrated marketing business achieved operating revenue of 1.323 billion RMB, a year-on-year decrease of 5.46%[14] - The hotel segment reported revenue of 234 million yuan in the first three quarters of 2024, a decrease of 26.61% year-on-year due to the closure of underperforming locations[16] Strategic Focus and Market Trends - The company is focusing on enhancing service quality and optimizing cost control to improve financial performance[10] - The tourism market is showing signs of recovery with a shift towards diversified and cautious consumer behavior[10] - The travel agency business achieved significant revenue growth in the first three quarters of 2024, driven by product innovation and market expansion[15] - The company continues to focus on product innovation and service upgrades to enhance customer satisfaction and market share[15] Liabilities and Financial Management - Current liabilities rose to approximately 7.236 billion yuan from 6.839 billion yuan, reflecting increased short-term borrowing[19] - Long-term borrowings increased to approximately 953.81 million yuan from 891.80 million yuan, indicating a strategy to leverage debt for growth[19] - The company's short-term borrowings increased significantly to CNY 477,847,680.54 from CNY 100,103,888.89, indicating a rise of approximately 376.5%[26] - The total liabilities decreased to CNY 1,802,092,182.48 from CNY 1,862,166,988.73, showing a reduction of about 3.2%[26] Other Financial Metrics - Non-recurring gains and losses for the current period amounted to CNY 1,658,524.73[5] - The company reported a decrease in tax expenses to CNY 113,291,109.64 from CNY 145,608,694.50 in the previous year[21] - The company’s financial expenses decreased to CNY 161,342,892.62 from CNY 196,197,759.79 in the same period last year[20] - The financial expenses decreased to CNY 16,353,839.10 in Q3 2024 from CNY 18,192,627.83 in Q3 2023, reflecting a decline of about 10.1%[27] - The company recorded investment income of CNY 74,242,464.33 in Q3 2024, down from CNY 138,339,239.90 in Q3 2023, representing a decrease of approximately 46.3%[27] - The company’s total comprehensive income for Q3 2024 was CNY 46,189,162.66, compared to CNY 100,498,885.43 in Q3 2023, indicating a decline of about 54.0%[27]

根据公司第九届董事会 2024 年第二次临时会议提名，公司 2024 年第一次临 时股东大会拟选举赵朋先生为公司第九届董事会董事，任期与第九届董事会一致。 候选人简历： 中青旅控股股份有限公司 2024 年第一次临时股东大会会议文件 2024 年 11 月 1 日 中青旅控股股份有限公司 关于选举公司第九届董事会董事的议案 公司第九届董事会认为提名赵朋先生为董事候选人，符合法律、行政法规等 规定的上市公司董事任职资格，符合公司章程规定的任职条件。公司第九届董事 会同意将提名董事候选人的事项提交公司 2024 年第一次临时股东大会审议。 赵朋，男，1973 年 9 月生，大学学历，中共党员。历任中国光大银行乌鲁 木齐分行副行长、纪委书记、党委委员，光大消费金融股份有限公司筹备组副组 长，中国光大银行电子银行部副总经理，中国光大集团股份公司企业文化部副总 经理、风险管理部副总经理。现任中青旅控股股份有限公司党委副书记、总裁。 与本公司董事、监事、高级管理人员、实际控制人及持股 5%以上的股东不存在 关联关系，不存在不得被提名担任上市公司董事的情形。持有本公司股份 0 股， 未受过中国证监会及其他有关部门的处罚和证 ...

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。 证券代码：600138 证券简称：中青旅 公告编号：2024-032 中青旅控股股份有限公司 关于召开 2024 年第一次临时股东大会的提示性公告 至 2024 年 11 月 1 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。 重要内容提示： 本公司曾于2024年10月17日在中国证券报、上海证券报及上海证券交 易所网站（www.sse.com.cn）披露《中青旅关于召开2024年第一次临时股 东大会的通知》，由于本次股东大会将通过上海证券交易所股东大会网络 投票系统向所有股东提供网络形式的投票平台，本公司再次公告2024年第 一次临时股东大会通知如下： 一、 召开会议的基本情况 股东大会召开日期：2024年11月1日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系 ...