Summary of Zhongqing Travel Conference Call Company Overview - **Company**: Zhongqing Travel (中青旅) - **Year**: 2024 Key Points Industry and Business Performance - **Overall Revenue Growth**: Zhongqing Travel reported a 3% year-on-year revenue growth in 2024, primarily driven by the travel agency business [3][4] - **Travel Agency Business**: The recovery of outbound tourism significantly contributed to revenue, with the establishment of overseas visa centers in four countries generating stable cash flow [3][4] - **Strategic Investment**: The strategic investment in Chuangge Technology, which operates as a distributor for computer parts and security equipment, also contributed positively to revenue [3][4] Profitability and Challenges - **Net Profit Decline**: The net profit for 2024 saw a slight decline due to reduced investment income, particularly from Gubei Water Town, which faced decreased tourist traffic [3][6] - **Cost Pressures**: The heavy asset model of Gubei Water Town resulted in high depreciation and energy costs, adding pressure on profitability [6] Tourist Attractions Performance - **Wuzhen Scenic Area**: In 2024, Wuzhen received approximately 4.74 million visitors, maintaining its leading position despite a slight decline in visitor numbers. The area has significant potential for secondary consumption [7][9] - **Government Support**: Increased land compensation from the government contributed several million yuan to net profit [7] New Business Directions - **Cultural Tourism Projects**: Zhongqing Travel has made progress in light asset output in cultural tourism, providing planning and operational services for government projects, which are expected to contribute to future revenue [8][17] - **Gubei Water Town Initiatives**: The town is enhancing its marketing efforts to broaden its national brand influence and attract a wider customer base [11][12] Future Development Plans - **Wuzhen East Zha Renovation**: Plans for small-scale renovations focus on enhancing visitor experience and transforming the area into a leisure destination [13] - **Travel Agency Recovery**: The travel agency business has turned profitable due to effective cost control and the recovery of outbound tourism, with expectations for continued growth in 2025 [15][21] Market and Investment Strategy - **Cautious Investment Approach**: Zhongqing Travel has adopted a cautious investment strategy over the past two years, focusing on high-quality projects with cultural significance [20] - **Consumer Behavior Trends**: The company noted that consumer preferences have shifted towards high-quality and unique travel experiences, which will benefit premium destinations like Wuzhen [21] Conclusion - Zhongqing Travel is navigating a recovery phase with a focus on enhancing its travel agency business, expanding cultural tourism projects, and improving profitability through strategic investments and marketing efforts. The company remains optimistic about future growth, particularly in the outbound tourism sector.

Core Viewpoint - The company reported a revenue of 9.96 billion yuan for 2024, representing a year-on-year growth of 3.34%, while the net profit attributable to shareholders decreased by 17.29% to 160 million yuan due to rising costs and reduced investment income [10][28][34]. Company Overview - The company is positioned as a leading travel service provider in China, focusing on the integration of culture and tourism, and aims to enhance its brand value and market competitiveness through innovative and differentiated products [11][12]. - The company has received several accolades, including "Preferred Cultural Tourism Group" and "Annual Cultural Tourism Listed Group" [7]. Industry Situation - The Chinese cultural tourism industry is experiencing a recovery in 2024, with domestic travel increasing by 14.8% to 5.615 billion trips and total spending rising by 17.1% to 5.75 trillion yuan [4][5]. - Despite the overall growth, some regions and companies are facing challenges such as revenue stagnation or decline due to high base effects from 2023 and insufficient domestic demand [5]. Business Segments Cultural Tourism Destination Management - The company operates key cultural tourism destinations like Wuzhen and Gubei Water Town, focusing on integrating historical culture with tourism to enhance service capabilities and promote destination upgrades [12][13]. - Wuzhen received 7.43 million visitors in 2024, while Gubei Water Town saw a decline in visitors to 1.2984 million [13][15]. Comprehensive Tourism Services - The company’s travel agency business has turned profitable by leveraging innovative and customized travel products, targeting diverse customer preferences [23][24]. - The hotel management segment emphasizes cultural and smart hotel branding, enhancing customer experience through thematic offerings [26]. Strategic Investments - The company’s strategic investment segment has shown stable growth, contributing to overall revenue and profit [27]. Financial Highlights - The proposed profit distribution plan for 2024 includes a cash dividend of 0.70 yuan per share, totaling approximately 50.67 million yuan, which is 31.58% of the net profit attributable to shareholders [3][38][92].

Group 1 - The company has recognized an inventory impairment provision of 74.19 million RMB for the current reporting period, reflecting the difference between the cost of inventory and its net realizable value [1] - The total amount of credit impairment provision required for the year 2024 is 17.56 million RMB, based on reasonable and evidence-based information [1] - The total asset and credit impairment provisions for 2024 will impact the company's consolidated profit by 56.64 million RMB, aligning with accounting standards and accurately reflecting the company's financial status [2] Group 2 - The company has developed an action plan to enhance quality and efficiency, focusing on high-quality development and market opportunities in the tourism industry [4] - Key measures include strengthening the integration of culture and tourism, leveraging technology for business growth, and upgrading business segments to adapt to market changes [5][6] - The company emphasizes shareholder returns by implementing a three-year cash dividend plan, ensuring that at least 30% of the average distributable profit is allocated to dividends [6] Group 3 - The company aims to improve investor communication by enhancing the quality of information disclosure and establishing effective communication channels with investors [7] - The company has a structured governance framework, ensuring compliance with regulations and enhancing the effectiveness of board operations [8][9] - The company is committed to risk management through a robust internal control system, aiming for sustainable and stable development [9]

Core Insights - Company reported a revenue of 9.957 billion yuan in 2024, reflecting a year-on-year growth of 3.34%, but net profit decreased by 17.29% to 160 million yuan, indicating challenges in cost control and investment returns [1][2] - The performance of core attractions, Wuzhen and Gubei Water Town, significantly impacted overall results, with both showing signs of operational weakness [1][2][5] Revenue and Profit Analysis - Revenue growth of 3.34% to 9.957 billion yuan was below market expectations, especially in the context of a recovering tourism industry [2] - Net profit decline of 17.29% to 160 million yuan was attributed to limited cost-cutting opportunities and reduced investment income [2] - The company's non-recurring net profit fell by 22.31% to 101 million yuan, highlighting a further weakening in core business profitability [2] Performance of Core Attractions - Wuzhen received 7.4338 million visitors in 2024, a slight decrease, with revenue of 1.681 billion yuan, down 5.81% [3] - Gubei Water Town saw a more pronounced decline, with 1.2984 million visitors, a drop of 14.78%, and revenue of 555 million yuan, down 24.46% [4] - Both attractions struggled to attract visitors despite efforts in content innovation and marketing, indicating a need for improved visitor experience and resource utilization [3][4] Marketing and Travel Agency Business - Integrated marketing business generated 1.988 billion yuan in revenue, showing a slight decline, while net profit remained stable at 45.1658 million yuan [5] - Travel agency operations turned profitable due to product innovation and targeted market segmentation, although international uncertainties and slow supply chain recovery posed challenges [5] - The company needs to enhance customized travel offerings and explore emerging markets to adapt to competitive pressures and changing market demands [5]

证券代码：600138 证券简称：中青旅 编号：临 2025-007 中青旅控股股份有限公司 2023 年度报告补充公告 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。 | 姓名 | 2023 年职务 | 报告期内从公司获得的税前报酬其 余部分（万元） | | --- | --- | --- | | 倪阳平 | 董事长 | 107.32 | | 徐曦 | 监事会主席 | 99.74 | | 范思远 | 董事、副总裁、董事会秘书 | 93.01 | | 王思联（已离任） | 副董事长、总裁 | 123.52 | | 王新侠（已离任） | 副总裁 | 99.88 | | 骆海菁（已离任） | 总裁助理 | 56.22 | | 柴昊（已离任） | 总裁助理 | 54.66 | | 赵勇（已离任） | 总裁助理 | 51.72 | 特此公告。 中青旅控股股份有限公司 二〇二五年四月四日 2024 年 4 月 3 日，中青旅控股股份有限公司（以下简称"本公司"）2023 年度报告对公司董事、监事、高级管理人员报告期内部分薪酬进行了披露。 ...

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中青旅控股股份有限公司 内部控制审计报告 二○二四年度 内部控制审计报告 信会师报字[2025]第 ZB10131 号 中青旅控股股份有限公司全体股东: 内部控制审计报告 第 1页 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是中青旅董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求,我们审计了中青旅控股股份有限公司(以下简称"中青 旅")2024 年 12 月 31 日的财务报告内部控制的有效性。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策 和程序遵循的程度降低，根据内部控制审计结果推测未来内部控制的 有效性具有一定风险。 一、 企业对内部控制的责任 家市场监督管理总局 文学 E & 状来出 旗区南京东路6 H 民币1590 关 14 ...

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