证券代码：600138 证券简称：中青旅 公告编号：2024-031 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 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 (七) 涉及公开征集股东投票权 无 二、 会议审议事项 本次股东大会审议议案及投票股东类型 | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | 股股东 A | | 非累积投票议案 | | | | 1 | 关于选举公司第九届董事会董事的议案 | √ | 1、 各议案已披露的时间和披露媒体 本次会议的议案已经公司第九届董事会 2024 年第二次临时会议审议通 过。已于 2024 年 10 月 17 日在上海证券交易所网站（www.sse.com.cn）、 ...

第九届董事会 2024 年第二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 年第二次 临时会议于 2024 年 10 月 16 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 9 月 30 日以电子邮件方式送达董事。会议应 到董事 10 人，实到董事 10 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、关于提名公司第九届董事会董事候选人的议案 经董事会提名委员会审议，公司第九届董事会拟提名赵朋先生为公司第九届 董事会董事候选人，任期与第九届董事会一致。 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 ...

公司董事会近日收到公司副董事长兼总裁王思联先生递交的辞职报告。因工 作调动，王思联先生向董事会申请辞去公司董事、副董事长、董事会提名委员会 委员、总裁及在下属子公司的职务。辞职报告生效后，王思联先生将不在公司及 下属子公司担任任何职务。 王思联先生辞职后，公司董事会人数将由 11 人减少至 10 人，独立董事人数 不变，未出现公司董事会成员数低于法定最低人数、独立董事占比低于三分之一 的情形，不会影响董事会的正常运作和公司生产经营。 根据《公司法》、《公司章程》等相关规定，王思联先生的辞职报告自送达董 事会之日起生效。公司将按照有关规定尽快完成选举董事、聘任总裁相关工作并 及时履行信息披露义务。 证券代码：600138 证券简称：中青旅 编号：临 2024-029 中青旅控股股份有限公司 关于公司副董事长兼总裁离任的公告 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个别及连带责任。 特此公告。 中青旅控股股份有限公司董事会 二〇二四年九月二十五日 王思联先生在公司任职期间勤勉尽责，公司董事会对王思联先生在任职期间 为公司发展所做出的贡 ...

中青旅控股股份有限公司 投资者调研会议记录 时 间：2024 年 9 月 2 日 接待人：董事会秘书 范思远 出 席：申万宏源、东兴证券、财通证券、摩根士丹利、华泰证券、民生证券、 国盛证券、华泰证券、国投证券、东吴证券、天风证券等 问题 1：过去两三年公司有息负债有所增加，这对利润的释放有一定影响，公 司对债务方面的考虑是怎么样的？ A：相对于 19 年来讲，经过三年疫情，公司的资产负债率和有息负债有了比较 大的增长。增量的原因一方面是疫情几年的经营亏损整体比较大，现金流相对 减少，为了资金流的平衡有息负债会有所增加。另外一方面是乌镇景区在 18、19 年为夯实会展小镇配套陆续进行了一些项目的建设，开工是在疫情之 前，虽然疫情期间的建设节奏放慢了，但仍导致整个疫情期间有息负债量和资 产负债率都是提升的。 从今年来看，有息负债和资产负债率均在下降，这是因为正常经营的现金 流在逐步转正，比如今年上半年现金流接近两个亿。有息负债在陆续偿还，现 金流的转正会持续的改善和优化资产负债率和有息负债的结构。今年上半年相 较于去年同期公司财务费用的支出有千万级别的下降，长期来看这两个数据还 会持续改善。 问题 2：上半年国 ...

中青旅控股股份有限公司 投资者调研会议记录 时 间：2024 年 9 月 2 日 方 式：电话调研 接待人：董事会秘书 范思远 此外，乌镇还在细分领域进行尝试及投入，比如常态化的演出。但是在做 这些方面时，也要考虑地比较周全：乌镇目前的竞争力还是自身整体的调性， 在后续的活动中不能和现有形象有过多的背离，不然可能会对客户群体造成不 利影响。公司要选取一条合适的路径，继续丰富乌镇 IP 的内容及产品供给，保 持持续发展的动力。 对于古北水镇、旅行社等，公司都会根据市场的特性，进行针对性的投 入。比如在旅行社，除了做传统的出境业务，在入境签证业务上，已有 5 个国 家的入境签证中心落地。这是公司原来未涉及的领域，可以与公司的出境签证 业务做呼应。对于中青博联，除了传统强项（大型会议会展的统筹、支持、服 务），博联也在拓展相关的盈利方式，比如自主 IP 的建设。博联在服务上已经 达到国内领先的水平，在凭借自身优势，培育自主会议 IP、展览 IP 方面，也进 行了一些尝试。 针对目前的宏观经济及消费市场情况，公司会巩固既有优势，保持竞争 力。此外，在新的领域培养新的产品及服务能力，成为现有业务的有效补充， 以应对市场 ...

社会服务 证 券 研 究 报 告 2024 年 09 月 05 日 中青旅 (600138) ——乌镇客流提升，关注中期利润释放弹性 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 05 日 | | 收盘价（元） | 9.37 | | 一年内最高 / 最低（元） | 12.83/8.88 | | 市净率 | 1.1 | | 息率（分红/股价） | 0.91 | | 流通 A 股市值（百万元） | 6,782 | | 上证指数/深证成指 | 2,788.31/8,249.66 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|------------------------| | | | | 基础数据 : 2024 | 年 06 月 30 日 | | | 8.60 | | 每股净资产（元） | | | 资产负债率 % | 50.53 | | 总股本/流通 ...

Investment Rating - The report maintains an "Overweight" rating for the company, with a target price of 10.88 yuan, down 16% from the previous target of 12.90 yuan [3] Core Views - The company's performance is in line with expectations, with recovery in Wuzhen and Gubei, but pressure remains on surrounding tourist flows, and the hotel business continues to reduce losses [2] - The report downgrades the EPS forecasts for 2024-2026 to 0.38 yuan (-16%), 0.44 yuan (-21%), and 0.47 yuan (-24%) respectively, citing pressure from surrounding tourism and the impact of new projects ramping up [2] - Wuzhen and Gubei are still in the recovery phase, with Wuzhen's revenue increasing by 2.2% YoY to 859 million yuan in H1 2024, while Gubei's revenue decreased by 21.72% YoY to 275 million yuan [2] - The hotel business continues to reduce losses, with Shanshui Hotel narrowing its losses to 17 million yuan, mainly due to the closure of some loss-making stores and scale reduction [2] Financial Performance - In H1 2024, the company achieved revenue of 4.35 billion yuan, up 4.12% YoY, with net profit attributable to the parent company of 73 million yuan, down 31.84% YoY [2] - In Q2 2024, revenue was 2.428 billion yuan, down 3.66% YoY, with gross profit of 652 million yuan, down 1.9% YoY, and a gross margin of 26.85%, up 0.48 percentage points YoY [2] - The company's net profit margin in Q2 2024 was 4.18%, down 0.23 percentage points YoY [2] Business Segments - Wuzhen's revenue in H1 2024 was 859 million yuan, up 2.2% YoY, with 3.83 million visitors, up 7.9% YoY, and an average ticket price of 224.43 yuan, down 5.26% YoY [2] - Gubei Water Town's revenue in H1 2024 was 275 million yuan, down 21.72% YoY, with 600,000 visitors, down 11.5% YoY, and an average ticket price of 458 yuan, down 11.55% YoY [2] - CYTS Tours' revenue in H1 2024 was 781 million yuan, down 12.71% YoY, with a slight profit [2] - Shanshui Hotel's revenue in H1 2024 was 150 million yuan, down 24.41% YoY, with a net loss of 17 million yuan, continuing to narrow losses YoY [2] - Chuangge Technology's revenue in H1 2024 was 1.647 billion yuan, down 6% YoY, with a net profit of 24 million yuan, up 3% YoY [2] Market and Valuation - The company's current market price is 9.26 yuan, with a 52-week price range of 9.12-12.85 yuan [4] - The company's total market capitalization is 6.703 billion yuan, with a total share capital of 724 million shares, all of which are tradable A-shares [4] - The company's PE ratio for 2024E is 24.62x, and for 2025E is 21.28x [3] Industry Comparison - The average PE ratio for comparable companies in the tourism industry is 30.62x for 2024E, 26.22x for 2025E, and 22.29x for 2026E [9]

证券研究报告 资料来源：Wind 中青旅 (600138 CH) 两镇仍待修复，跨境业务复苏向上 2024年9月01日│中国内地 华泰研究 中报点评 景点 1H24 收入平稳增长，2Q 利润环比扭亏 中青旅 1H24 实现营收 43.51 亿/yoy+4.1%，归母净利 0.73 亿/yoy-31.8%， 扣非净利 0.74 亿/yoy-26.3%，扣非净利率 1.70%/yoy-0.7pct，主要系折摊 等固定成本增加。2Q24 收入 24.28 亿元/yoy-3.7%，扣非净利 1.02 亿 /yoy-5.2%，扣非净利率 4.20%/yoy-0.1pct/qoq+5.7pct，环比扭亏。展望 2H24，跨境游市场景气度回升，旅行社复苏弹性可期，但两镇客流和客单 价增长仍存在一定压力。考虑主业景区经营承压，近郊周边游复苏缓慢，预 计 24-26 年 EPS0.36/0.43/0.50 元（前值：0.54/0.68/0.82 元），可比 24 年 Wind 一致预测均值 PE 18X，考虑出境游需求恢复撬动估值弹性，综合文 旅平台稀缺性，给予 24 年 28X PE，目标价 10.08 元，维持"增持"。 ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥4.35 billion, an increase of 4.12% compared to ¥4.18 billion in the same period last year[13]. - The net profit attributable to shareholders of the listed company decreased by 31.84% to approximately ¥72.57 million, down from ¥106.47 million in the previous year[13]. - The net profit after deducting non-recurring gains and losses was approximately ¥73.83 million, a decrease of 26.26% from ¥100.13 million in the same period last year[13]. - Basic earnings per share decreased by 31.84% to ¥0.100258, down from ¥0.147096 in the same period last year[14]. - The net profit for the first half of 2024 was 72.57 million RMB, a decrease of 31.84% year-on-year due to increased costs such as labor and depreciation[23]. - The total profit for the first half of 2024 was CNY 169,962,090.80, compared to CNY 233,754,797.45 in the previous year, a decrease of about 27.3%[73]. - Operating profit for the first half of 2024 was CNY 176,845,012.70, down from CNY 234,807,638.20 in the same period of 2023, representing a decline of approximately 24.6%[73]. - The company’s total comprehensive income for the first half of 2024 was CNY 110,408,634.30, down from CNY 162,851,027.83 in the same period of 2023, indicating a decline of approximately 32.2%[73]. Cash Flow and Liquidity - The net cash flow from operating activities was approximately ¥197.25 million, compared to a negative cash flow of ¥970.14 thousand in the previous year[13]. - The company's cash flow from operating activities improved significantly, reaching 197.25 million RMB, compared to a negative cash flow in the previous year[31]. - The company's cash and cash equivalents decreased by 12.74% to ¥1,068,309,831.49 from ¥1,224,214,542.66 in the previous year[32]. - The ending cash and cash equivalents balance for the first half of 2024 was CNY 196,629,649.84, down from CNY 253,452,708.61 at the end of the first half of 2023[80]. - The company reported a total cash outflow from operating activities of CNY 5,212,730,617.14, compared to CNY 4,903,340,055.75 in the previous year, reflecting an increase of approximately 6.3%[77]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥16.95 billion, a decrease of 1.92% from ¥17.29 billion at the end of the previous year[13]. - The total liabilities decreased from CNY 8,939,441,063.75 to CNY 8,567,904,352.23, a decrease of approximately 4.14%[68]. - The company's long-term borrowings decreased significantly by 34.51% to ¥584,017,985.21 from ¥891,795,383.33 in the previous year[33]. - The total current assets as of June 30, 2024, amounted to approximately ¥6.28 billion, a decrease from ¥6.38 billion at the end of the previous year[66]. - The total amount of guarantees provided by the company is 26.17 billion RMB, which accounts for 42.03% of the company's net assets[56]. Market and Operational Insights - In the first half of 2024, domestic tourism trips reached 2.725 billion, a year-on-year increase of 14.3%[18]. - Total domestic tourism spending amounted to 2.73 trillion RMB, reflecting a year-on-year growth of 19.0%[18]. - The tourism market in 2024 faces challenges such as insufficient domestic demand and intensified competition, despite ongoing recovery[18]. - The company operates key cultural tourism destinations, including Wuzhen and Gubei Water Town, which are significant profit contributors[20]. - The company has established a comprehensive marketing service system, focusing on integrated marketing solutions for various clients[20]. Investment and Growth Strategies - The company is actively expanding its cultural tourism integration projects, including urban renewal and rural revitalization initiatives[29]. - The strategic investment business generated revenue of 1.647 billion RMB, contributing a net profit of 24.34 million RMB during the reporting period[30]. - The company aims to innovate its core products and services to attract a diverse customer base, mitigating risks associated with macroeconomic fluctuations[42]. - The company has initiated projects like the "One Field" rice and oil project in Jiangxi and the "Mushroom Fantasy Town" project in Henan, aimed at promoting high-quality rural development[51]. Shareholder and Governance Information - The company did not propose any cash dividends or capital reserve transfers during this reporting period[3]. - The total number of shares and the capital structure of the company remained unchanged during the reporting period[58]. - The largest shareholder, China Youth Travel Group Co., Ltd., holds 125,752,786 shares, representing 17.37% of the total shares[58]. - The company has appointed two new vice presidents, enhancing its leadership structure following recent personnel changes[45]. Risk Management and Compliance - The company has established emergency mechanisms to address risks from natural disasters and pandemics, which significantly impact consumer travel behavior[43]. - The company has identified intensified market competition as a risk, particularly in the tourism sector, and plans to enhance brand reputation and product quality to maintain competitive advantage[41]. - The company confirmed its ability to continue as a going concern for at least 12 months from the end of the reporting period[89]. - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring compliance and accuracy[88].

证券代码：600138 证券简称：中青旅 公告编号：临 2024-027 中青旅控股股份有限公司 为控股子公司提供担保的公告 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个别及连带责任。 重要内容提示: 一、担保情况概述 中青旅控股股份有限公司（以下简称"公司"）于 2024 年 4 月 1 日召开第 九届董事会第五次会议、2024 年 4 月 24 日召开 2023 年年度股东大会，审议通 过了《2024 年度担保计划的议案》，其中，自 2023 年度股东大会至 2024 年度 股东大会期间，公司为北京中青旅创格科技有限公司（以下简称"中青旅创格"） 预计提供不超过 20 亿元额度的银行授信担保。 近日，为满足正常业务发展需要，中青旅创格向华夏银行股份有限公司北京 建国门支行申请人民币 1.6 亿元额度的银行授信，公司与华夏银行股份有限公司 北京建国门支行签订了《最高额保证合同》，约定公司为前述银行授信提供担保。 北京中盛宜管理咨询有限公司作为中青旅创格的少数股东, 按其持有的股 1 被担保人名称：北京中青旅创格科技有限公司 本次担 ...