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 ...

证券代码：600138 证券简称：中青旅 公告编号：临 2024-024 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，中青旅创格向北京银行股份有限公司中轴 路支行申请人民币 2.5 亿元额度的银行授信，公司与北京银行股份有限公司中轴 路支行签订了《最高额保证合同》，约定公司为上述银行授信提供担保；中青旅 创格向中国银行股份有限公司北京密云支行申请人民币 2 亿元额度的银行授信， 1 被担保人名称：北京中青旅创格科技有限公司 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 12.42 CNY, compared to the current price of 10.57 CNY [2][3]. Core Insights - In 2023, the company achieved a revenue of 9.635 billion CNY, a year-on-year increase of 50.15%. The net profit attributable to shareholders was 194 million CNY, recovering from a loss of 333 million CNY in 2022. The net cash flow from operating activities was 920 million CNY, significantly improving from a negative 312 million CNY in 2022 [2][3]. - For Q1 2024, the company reported a revenue of 1.922 billion CNY, a year-on-year increase of 15.96%, but a net loss of 29 million CNY, which is a larger loss compared to the 24 Q1 loss of 24.2 million CNY [2][3]. - The Wuzhen scenic area has seen a continuous recovery, with revenue reaching 1.784 billion CNY in 2023, recovering to 81.9% of the 2019 level, and a net profit of 284 million CNY. The number of visitors reached 7.721 million, recovering to 84.1% of the 2019 level [2][3]. - The company expects net profits for 2024-2026 to be 360 million CNY, 526 million CNY, and 609 million CNY, with growth rates of 85.3%, 46.2%, and 15.8% respectively [2][3]. Financial Summary - Total revenue for 2023 was 9.635 billion CNY, with a projected revenue of 11.094 billion CNY for 2024, reflecting a growth rate of 15.1% [4]. - The net profit attributable to shareholders for 2023 was 194 million CNY, with projections of 360 million CNY for 2024, indicating a growth rate of 158.2% [4]. - The earnings per share (EPS) for 2023 was 0.27 CNY, expected to rise to 0.50 CNY in 2024 [4].

证券代码：600138 证券简称：中青旅 公告编号：2024-023 中青旅控股股份有限公司 2023 年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.085 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/5/15 | － | 2024/5/16 | 2024/5/16 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 4 月 24 日的 2023 年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2023 年年度 2. 分派对象： 四、 分配实施办法 1. 实施办法 除公司自行发放对象外，公司其他股东的现金红利委托中国结算上海分公司通过其资金 清算系统向股权登记日上海证券交易所收市后登记在册并在上海证券交易所各会员办理了指 定交易的股东派发。已办 ...

中青旅控股股份有限公司 投资者调研会议记录 时间：2024年4月30日 方式：电话调研 接待人：董事会秘书 范思远 出席：中信证券、申万宏源、国信证券、汇丰前海证券等 调研内容纪要： 1.一季度折旧摊销和人工成本等费用提升较快，未来景区收入和成本费用的增 长情况展望？ 乌镇景区2023年五月初堤上酒店开业，折旧摊销增加；由于酒店投产， 原银行借款利息中可以资本化的部分转为财务费用；同时伴随业务恢复、运营 ...

买入 原评级：买入 市场价格:人民币 10.87 板块评级:强于大市 相关研究报告 《中青旅》20240403 《中青旅》20240201 《中青旅》20231101 中银国际证券股份有限公司 具备证券投资咨询业务资格 社会服务：旅游及景区 证券分析师：李小民 (8621)20328901 xiaomin.li@bocichina.com 证券投资咨询业务证书编号：S1300522090001 600138.SH (%) 今年 1 3 12 (31%) (25%) (18%) (11%) (5%) 2% May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24 中青旅 上证综指 至今 个月 个月 个月 绝对 1.5 1.1 (1.9) (23.3) 相对上证综指 (3.3) (1.0) (11.6) (16.8) 联系人：宋环翔 huanxiang.song@bocichina.com 一般证券业务证书编号：S1300122070014 新增酒店致 Q1 利润承压，建议关注旅行社业务修复 支撑评级的要点 | --- | - ...

上 市 公 司 社会服务 | --- | --- | |---------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 03 月 31 日 | | 每股净资产（元） | 8.54 | | 资产负债率 % | 50.19 | | 总股本/ 流通 A 股（百万） | 724/724 | | 流通 B 股 /H 股（百万） | -/- | 《中青旅（600138）点评：两镇客流逐步 恢复，各板块业务弹性可期》 2024/04/09 《中青旅（600138）点评：乌镇、古北水 镇 运 营 良 好 ， 多 业 态 赋 能 销 售 》 2024/01/31 赵令伊 A0230518100003 zhaoly2@swsresearch.com 研究支持 杨光 A0230122100004 yangguang@swsresearch.com 联系人 杨光 (8621)23297818× yangguang@swsresearch.com 中青博联聚焦战略业务及客户，旅行社业务实现增长。整合营销业务方面，中青博 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 1,922,317,820.37, representing a 15.96% increase compared to CNY 1,657,756,086.53 in the same period last year[5]. - The net profit attributable to shareholders was a loss of CNY 28,998,995.53, worsening from a loss of CNY 4,801,532.12 in the previous year[5]. - The cash flow from operating activities showed a positive net amount of CNY 29,529,653.16, a significant recovery from a negative cash flow of CNY -56,478,835.01 in the same period last year[5]. - The total assets at the end of the reporting period were CNY 16,678,647,320.95, down 3.52% from CNY 17,286,872,735.63 at the end of the previous year[5]. - The weighted average return on net assets decreased to -0.4677% from -0.0800% in the previous year, a decline of 0.39 percentage points[5]. - The company reported a basic and diluted earnings per share of CNY -0.0401, compared to CNY -0.0066 in the same period last year[5]. - In Q1 2024, the company reported a net loss of CNY 49,577,083.22, compared to a net loss of CNY 15,559,326.43 in Q1 2023, indicating a significant decline in profitability[25]. - The total comprehensive income for Q1 2024 was CNY -48,923,521.57, compared to CNY -17,034,584.70 in the same period last year, reflecting worsening financial performance[26]. - The company reported a net profit margin of approximately -0.8% for Q1 2024, compared to a positive margin in Q1 2023[24]. - The company reported a total operating profit of CNY -28,891,042.47 in Q1 2024, down from CNY 5,558,604.76 in Q1 2023, reflecting operational challenges[25]. Revenue and Growth - The travel agency segment experienced significant revenue growth, contributing to the overall increase in operating revenue[7]. - The company achieved operating revenue of RMB 1.922 billion, representing a year-on-year growth of 15.96%[13]. - The Wuzhen Scenic Area received 1.4794 million visitors, a year-on-year increase of 16.11%, generating revenue of RMB 357 million, up 7.93%[14]. - The Gubei Water Town saw a decline in visitors to 183,000, down 26.38%, with revenue falling to RMB 112 million, a decrease of 32.16%[15]. - The company’s integrated marketing business reported revenue of RMB 322 million, a year-on-year increase of 35.03%[16]. - The travel agency segment experienced significant growth, with revenue increasing by 929% during the Spring Festival period compared to the previous year[17]. Costs and Expenses - Total operating costs for Q1 2024 were ¥1,937,347,708.79, up from ¥1,654,200,113.01 in Q1 2023, reflecting a year-over-year increase of 17.2%[24]. - Research and development expenses for Q1 2024 were ¥1,819,257.48, down from ¥2,397,214.28 in Q1 2023, a decrease of 24.1%[24]. - The company’s financial expenses decreased from CNY 6,260,737.42 in Q1 2023 to CNY 5,014,404.54 in Q1 2024, a reduction of approximately 19.9%[34]. Cash Flow and Liquidity - The company's cash and cash equivalents decreased to ¥1,043,386,962.62 from ¥1,224,214,542.66 as of December 31, 2023, a decline of 14.7%[20]. - The cash and cash equivalents at the end of Q1 2024 stood at CNY 1,040,542,376.29, compared to CNY 973,410,303.13 at the end of Q1 2023, showing a slight increase in liquidity[29]. - The company generated CNY 2,503,173,114.35 in cash from sales and services in Q1 2024, up from CNY 1,981,114,397.16 in Q1 2023, representing a growth of approximately 26.3%[28]. - The company incurred a credit impairment loss of CNY -194,799.06 in Q1 2024, compared to CNY -1,361,051.60 in Q1 2023, indicating improved credit risk management[25]. - The company reported a total cash outflow from operating activities of 41,531,329.47 RMB, significantly lower than 360,824,671.44 RMB in the previous year[36]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 76,540[9]. - The largest shareholder, China Youth Travel Group Co., Ltd., holds 124,305,000 shares, accounting for 17.17% of the total shares[9]. Strategic Initiatives - The company is expanding its outbound tourism offerings, targeting over 100 countries and regions with new travel products[16]. - The strategic investment segment provided stable income and profit contributions, with a focus on cost management and risk control[17]. - The company plans to enhance its market competitiveness through new business models and product offerings in 2024[15].

北京市金杜律师事务所 关于中青旅控股股份有限公司 2023 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 4 月 24 日召开的 2023 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 2021 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 4 月 3 ...