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 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment [20][27]. Core Insights - The company, China Youth Travel Service (CYTS), is a leading comprehensive tourism service provider in China, with a diversified business model that includes travel agency services, scenic area operations, integrated marketing, hotel management, and strategic investments [20][52]. - The tourism industry is expected to experience steady growth, driven by the recovery of domestic and outbound tourism, with a notable increase in tourist numbers in 2023 [20][65]. - The company's scenic area operations, particularly in Wuzhen and Gubei Water Town, are significant profit contributors, with potential for further growth through replication of successful models [20][72]. Summary by Sections Company Overview - CYTS was established in 1980 and became the first travel agency in China after the reform and opening-up. It was listed on the stock exchange in 1997 and has since expanded its business scope significantly [20][42]. - The company has developed a multi-faceted business structure, focusing on scenic area operations, integrated marketing, and hotel management, supported by its parent company, China Everbright Group [20][52]. Financial Performance - In 2023, CYTS achieved a revenue of 9.635 billion yuan, a year-on-year increase of 50.1%, and a net profit of 194 million yuan, recovering from a loss of 334 million yuan in the previous year [21][53]. - The company’s revenue is projected to grow to 11.024 billion yuan in 2024, with a net profit of 298 million yuan, reflecting a continued recovery trend [21][50]. Business Segments - Scenic area operations are the main profit contributors, with Wuzhen and Gubei Water Town being key assets. In 2023, these operations generated 1.72 billion yuan in revenue, accounting for 17.9% of total revenue [20][53]. - The travel agency segment is also recovering, with a focus on outbound tourism products as travel restrictions ease, positioning the company to capitalize on the growing demand [20][68]. Market Outlook - The report highlights a positive outlook for the tourism industry, with domestic tourist numbers expected to reach 6 billion in 2024, and outbound tourism projected to recover significantly [20][65]. - The company is well-positioned to leverage its unique capabilities in scenic area management and integrated marketing to capture market opportunities as the industry rebounds [20][49].

证券代码：600138 证券简称：中青旅 编号：临 2024-026 中青旅控股股份有限公司 关于公司副总裁离任的公告 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。 公司董事会今日收到公司副总裁王新侠女士递交的辞职报告。因工作调整， 王新侠女士向董事会申请辞去公司副总裁职务。辞去副总裁职务后，王新侠女士 将继续在公司任职，担任纪委书记职务。 根据《上海证券交易所股票上市规则》《公司章程》相关规定，王新侠女士 的辞职报告自送达董事会之日起生效。 王新侠女士在担任公司副总裁期间勤勉尽责，公司董事会对王新侠女士在副 总裁任职期间为公司发展所做出的贡献表示衷心感谢。 特此公告。 中青旅控股股份有限公司董事会 二〇二四年六月二十六日 ...

Summary of the Conference Call for Zhongqing Travel Company Overview - The conference call featured Zhongqing Travel, focusing on its recent performance and industry trends in the tourism sector, particularly in hotel and scenic area operations [1][2]. Key Points and Arguments Recovery in Tourism Sector - The tourism sector is experiencing a gradual recovery, with significant growth in April and May compared to the previous year, particularly in areas like Wuzhen and travel agency operations [2][3]. - June has shown a slight seasonal dip due to exams, but there is an overall upward trend in data [2]. Policy Support for Tourism - There has been a notable increase in government support for the tourism industry, highlighted by the National Tourism Conference held on May 17, which was unprecedented in its level of attention from the central government [3][4]. - The conference outlined future directions for the tourism industry, focusing on urban renewal and rural revitalization, which are expected to drive local economic development [6]. Outbound Tourism Insights - The recovery of outbound tourism is progressing well, with improved policies and data indicating a positive trend compared to last year [9][10]. - The company has adjusted its outbound tourism strategy post-pandemic, focusing on thematic products that cater to changing consumer preferences [11][12]. Product and Service Enhancements - Zhongqing Travel is shifting towards offering more complex and thematic travel products, moving away from simple intermediary services to provide unique local experiences [12][14]. - The company aims to enhance its service offerings, including multi-destination products and specialized guides, to meet the evolving demands of travelers [13][14]. Financial Performance and Strategy - The outbound travel segment previously contributed significantly to revenue but faced challenges in profitability due to intense competition and market changes [15][16]. - The company has optimized its workforce during the pandemic, leading to a leaner operational structure, which is expected to improve efficiency and profitability moving forward [17][18]. Hotel and Scenic Area Developments - Wuzhen has seen an increase in room capacity from approximately 2,600 to 3,500, enhancing its ability to accommodate more guests and improve overall guest experience [25][26]. - The focus on conference and exhibition services in Wuzhen is expected to drive higher per capita spending, as these guests typically have higher spending power [28][29]. Challenges in Specific Areas - The ancient town of Gubei is facing challenges in attracting national tourists and converting itself from a regional destination to a nationwide attraction [32][34]. - The competition from outbound tourism is impacting local visitor numbers, leading to a need for strategic adjustments in marketing and product offerings [34]. Cost and Expense Management - The company anticipates an increase in costs due to expanded operations and staff, particularly in Wuzhen, where the workforce has grown significantly [43][44]. - Financial expenses are expected to decrease as loan repayments progress and cash flow improves, positively impacting net profit margins [46][47]. Future Outlook - The company aims for a break-even point in its travel agency operations this year, with a focus on maintaining high-margin products and reducing reliance on low-profit offerings [20][19]. - Capital expenditures are expected to remain cautious, with no significant new investments planned in the near term, focusing instead on optimizing existing resources [39][40]. Additional Important Insights - The competitive landscape for visa services is fragmented, with many players in the market, making it challenging for any single entity to dominate [36][37]. - Zhongqing Travel's brand recognition and service quality are seen as competitive advantages in the crowded travel service market [38][39]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of Zhongqing Travel's current status and future direction in the tourism industry.

证券代码：600138 证券简称：中青旅 公告编号：临 2024-025 中青旅控股股份有限公司 关于股东增持公司股份的提示性公告 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： 本次权益变动属于增持，不触及要约收购。 本次增持后，中国光大集团股份公司（下称"光大集团"）直接和间接 合计持有公司股份比例增加至23.19%，本次增持不会使公司控股股东及实际控制 人发生变化。 一、本次权益变动基本情况 （一）本次增持情况 2024年6月5日，中青旅控股股份有限公司(下称"公司")接到控股股东中国 青旅集团有限公司（下称"青旅集团"）之股东光大集团通知，光大集团及全资 子公司自2022年6月18日至2024年6月4日，通过上海证券交易所集中竞价交易累 计增持公司股份7,763,286股，占公司总股本的1.07%（下称"本次增持"）。本 次增持的资金来源为光大集团及全资子公司自有资金。本次增持不会使公司控股 股东及实际控制人发生变化。 本次增持前，光大集团直接、间接合计持有公司 22.12%股份。其中，光大集 团 ...