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]

证券代码：600138 证券简称：中青旅 公告编号：临 2025-017 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 公司于 2025 年 4 月 2 日召开第九届董事会第七次会议、2025 年 4 月 29 日 召开 2024 年年度股东大会，审议通过了《2025 年度担保计划的议案》，其中， 自 2024 年度股东大会至 2025 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 22 亿元额度的担保。 近日，为满足正常业务发展需要，中青旅创格与北京农村商业银行股份有限 公司四季青支行经协商一致，将双方于 2025 年 3 月签署的借款合同相关条款进 行调整，其中借款用途由"补充日常流动资金周转及置换负债性资金"调整为"补 充流动资金周转及置换他行借款"，提款方式由"一次性提清"调整为"一次或 分多次提清"。鉴于双方已就上述调整重新签署借款合同，公司将终止与北京农 1 被担保人名称：北 ...

证券代码：600138 证券简称：中青旅 公告编号：2025-015 中青旅控股股份有限公司 2024年年度股东大会决议公告 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 (一)股东大会召开的时间：2025 年 4 月 29 日 (二)股东大会召开的地点：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 | 799 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 200,553,257 | | 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 | 27.7068 | | 份总数的比例（%） | | (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，会议由副董事长 赵朋主持。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事11人，出席 10人， ...

北京市金杜律师事务所 关于中青旅控股股份有限公司 2024 年年度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《公司章程》有关规 定，指派律师出席了公司于 2025 年 4 月 29 日召开的 2024 年年度股东大会（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 2025 年 4 月 4 日刊登于上海证券交易 ...

证券代码：600138 证券简称：中青旅 公告编号：临 2025-016 中青旅控股股份有限公司 第九届董事会 2025 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法律责任。 表决结果：11 票赞成，0 票反对，0 票弃权。 本议案已经公司内控与审计委员会审议通过。 二、公司 2024 年度风险偏好执行情况及 2025 年度风险偏好陈述书 表决结果：11 票赞成，0 票反对，0 票弃权。 本议案已经公司内控与审计委员会审议通过。 特此公告。 中青旅控股股份有限公司董事会 中青旅控股股份有限公司(以下简称"公司")第九届董事会 2025 年第二次 临时会议于 2025 年 4 月 29 日下午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 4 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，其中以视频方式出席的董事 5 人。公司监事 及高级管理人员列席会议，会议由副董事长赵朋主持。会议的召开符合《公司法》、 《公司章程》的规定。会议 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,053,762,556.79, representing a 6.84% increase compared to CNY 1,922,317,820.37 in the same period last year[3]. - The net profit attributable to shareholders was a loss of CNY 33,705,204.97, compared to a loss of CNY 28,998,995.53 in the previous year, indicating a worsening performance[3]. - The basic and diluted earnings per share were both -CNY 0.0466, compared to -CNY 0.0401 in the previous year, reflecting a decline in profitability[3]. - The company reported a comprehensive loss of ¥49,375,142.24 for Q1 2025, compared to a loss of ¥48,923,521.57 in Q1 2024[23]. - The net profit for Q1 2025 was a loss of ¥29,963,218.67, compared to a loss of ¥8,152,419.62 in Q1 2024, indicating a significant increase in losses[34]. - The company experienced a total comprehensive loss of ¥29,961,751.63 in Q1 2025, compared to a loss of ¥8,155,353.70 in Q1 2024[34]. Cash Flow and Liquidity - The net cash flow from operating activities decreased significantly by 165.95%, resulting in a negative cash flow of CNY 19,473,918.98, down from a positive CNY 29,529,653.16 in the same period last year[3][6]. - The net cash flow from operating activities was -19,473,918.98, compared to 29,529,653.16 in the previous period, indicating a significant decline[25]. - Cash and cash equivalents at the end of the period totaled 1,188,391,674.39, down from 1,040,542,376.29, a decrease of about 14.2%[26]. - The net cash flow from operating activities for Q1 2025 was a negative ¥32,004,591.34, worsening from a negative ¥10,760,217.56 in Q1 2024[37]. - Cash and cash equivalents at the end of Q1 2025 stood at ¥134,535,602.93, down from ¥215,565,896.73 at the end of Q1 2024[37]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 17,572,929,352.65, a decrease of 0.67% from CNY 17,691,336,640.63 at the end of the previous year[3]. - The total liabilities as of the latest reporting period were ¥9,125,297,490.72, slightly down from ¥9,196,779,636.47 in the previous period[19]. - The company's total equity decreased to 3,260,244,037.47 from 3,290,205,789.10, reflecting a decline of about 0.9%[30]. Revenue Sources and Business Segments - The Wuzhen scenic area received 1.3803 million visitors, generating revenue of 312 million RMB and a net profit of 21.43 million RMB through refined management[10]. - The Gubei Water Town received 169,900 visitors, achieving revenue of 80.273 million RMB, but continued to face net profit pressure due to limited cost-cutting opportunities[12]. - The travel agency business saw revenue growth, with net profit turning positive, supported by over 1,000 products covering more than 100 destinations globally[13]. - The hotel business experienced a revenue decline due to the closure of underperforming locations, but net profit showed improvement[14]. - Strategic investment business maintained stable development, contributing revenue of 928 million RMB and a net profit of 11.57 million RMB[15]. Shareholder Information - The company had a total of 66,521 common shareholders at the end of the reporting period[8]. - The largest shareholder, China Youth Travel Group Co., Ltd., held 125,752,786 shares, accounting for 17.37% of the total shares[8]. Investment and Expenses - Research and development expenses for Q1 2025 amounted to ¥2,040,206.20, compared to ¥1,819,257.48 in Q1 2024, indicating a rise of 12.13%[22]. - The company reported an investment loss of ¥18,796,688.31 in Q1 2025, compared to a loss of ¥7,510,285.49 in Q1 2024, indicating a worsening investment performance[33]. - The cash outflow for investment activities in Q1 2025 was ¥621,380,700.00, significantly higher than ¥106,781,700.00 in Q1 2024[37].

Group 1 - The company reported a revenue of 2.054 billion yuan for the first quarter of 2025, representing a year-on-year increase of 6.84% [1] - The company experienced a net loss of 33.7052 million yuan, compared to a net loss of 28.999 million yuan in the same period last year [1]