Investment Rating - The report maintains a "Recommend" rating for the company [5] Core Views - The company's revenue in 2023 reached RMB 9.635 billion, a year-on-year increase of 50.15%, recovering to 68.56% of the 2019 level [3] - Net profit attributable to the parent company in 2023 was RMB 194 million, turning from a loss of RMB -334 million in 2022, recovering to 34.15% of the 2019 level [3] - The company's gross profit margin in 2023 was 24.45%, an increase of 8.43 percentage points year-on-year, surpassing the 2019 level [3] - The net profit margin in 2023 was 2.01%, turning from negative to positive, but still 2.03 percentage points lower than the 2019 level [3] Business Performance Tourism Product Services - Revenue from tourism product services in 2023 was RMB 1.233 billion, a year-on-year increase of 178.99%, recovering to 26.13% of the 2019 level [3] - The gross profit margin for tourism product services was 12.95%, higher than the 2019 level [3] Integrated Marketing Services - Revenue from integrated marketing services in 2023 was RMB 2.18 billion, a year-on-year increase of 108.29%, recovering to 81.61% of the 2019 level [3] - The gross profit margin for integrated marketing services was 21.43%, higher than the 2019 level [3] Scenic Area Operations - Revenue from scenic area operations in 2023 was RMB 1.72 billion, a year-on-year increase of 262.49%, recovering to 97.87% of the 2019 level [3] - The gross profit margin for scenic area operations was 75.14%, an increase of 21.25 percentage points year-on-year [3] - Wuzhen received 7.7207 million visitors in 2023, recovering to 84.08% of the 2019 level, with revenue of RMB 1.784 billion, recovering to 81.87% of the 2019 level [3] - Gubei Water Town received 1.5236 million visitors in 2023, recovering to 63.65% of the 2019 level, with revenue of RMB 735 million, recovering to 77.37% of the 2019 level [3] Financial Forecast - The company's revenue is expected to reach RMB 12.503 billion in 2024, RMB 13.558 billion in 2025, and RMB 14.071 billion in 2026 [4] - Net profit attributable to the parent company is expected to be RMB 466 million in 2024, RMB 558 million in 2025, and RMB 628 million in 2026 [4] - The PE ratio is expected to be 17X in 2024, 14X in 2025, and 13X in 2026 [4] Key Drivers for Future Growth - The recovery of ancient town business, with Wuzhen expected to accelerate its recovery in 2024 [3] - The gradual recovery of the outbound tourism market, with the company expected to regain market share [3]

公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------|-------|-------|----------------------------------------------|----------------|----------------| | [Table_OtherInfo] [Table_Industry] 模型更新时间： 2024.04.03 | | | \n[Table_Forcast] 财务预测（单位：百万元） | | 中青旅 | | | | | 损益表 | 2022A | 2023A | | 股票研究 | | | 营业总收入 | 6,417 | 9,635 | | | | | 营业成本 | | | | 社会服务 | | | | 5,389 | 7,279 | | 社会服务业 | | | 税金及附加 销售费用 | 52 658 | 50 893 | | | | | 管理费用 | 661 | 758 | | | ...

——风险评级 A： 预计波动率小于等于相对基准指数； B： 预计波动率大于相对基准指数。 请务必阅读最后一页股票评级说明和免责声明 4 公司研究/公司快报 免责声明： 山西证券股份有限公司(以下简称"公司")具备证券投资咨询业务资格。本报告是基于公司认为可靠的 已公开信息，但公司不保证该等信息的准确性和完整性。入市有风险，投资需谨慎。在任何情况下，本报 告中的信息或所表述的意见并不构成对任何人的投资建议。在任何情况下，公司不对任何人因使用本报告 中的任何内容引致的损失负任何责任。本报告所载的资料、意见及推测仅反映发布当日的判断。在不同时 期，公司可发出与本报告所载资料、意见及推测不一致的报告。公司或其关联机构在法律许可的情况下可 能持有或交易本报告中提到的上市公司发行的证券或投资标的，还可能为或争取为这些公司提供投资银行 或财务顾问服务。客户应当考虑到公司可能存在可能影响本报告客观性的利益冲突。公司在知晓范围内履 行披露义务。本报告版权归公司所有。公司对本报告保留一切权利。未经公司事先书面授权，本报告的任 何部分均不得以任何方式制作任何形式的拷贝、复印件或复制品，或再次分发给任何其他人，或以任何侵 犯公司版权 ...

联系电话：15000310173 邮 箱：liujiaren@cindasc.com 王 越 社零&美护分析师 执业编号：S1500522110003 联系电话：18701877193 邮 箱：wangyue1@cindasc.com 宿一赫 社服行业研究助理 联系电话：15721449682 邮 箱：suyihe@cindasc.com 张洪滨 社服行业研究助理 刘嘉仁，社零&美护首席分析师。曾供职于第一金证券、凯基证券、兴业证券。2016 年 加入兴业证券社会服务团队，2019 年担任社会服务首席分析师，2020 年接管商贸零售 团队，2021 年任现代服务业研究中心总经理。2022 年加入信达证券，任研究开发中心 副总经理。2021 年获新财富批零与社服第 2 名、水晶球社服第 1 名/零售第 1 名、新浪 财经金麒麟最佳分析师医美第 1 名/零售第 2 名/社服第 3 名、上证报最佳分析师批零社 服第 3 名，2022 年获新浪财经金麒麟最佳分析师医美第 2 名/社服第 2 名/零售第 2 名、 医美行业白金分析师。 王越，美护&社服高级分析师。上海交通大学金融学硕士，南京大学经济学学士，2018 年 ...

Financial Performance - The company's operating revenue for 2023 reached ¥9,634,839,565.77, an increase of 50.15% compared to ¥6,416,841,787.68 in 2022[25] - The net profit attributable to shareholders for 2023 was ¥193,997,395.84, a significant recovery from a loss of ¥333,551,708.91 in 2022[25] - The basic earnings per share for 2023 was ¥0.27, compared to a loss of ¥0.46 per share in 2022[26] - The net cash flow from operating activities for 2023 was ¥920,485,743.89, a recovery from a negative cash flow of ¥312,157,866.71 in 2022[25] - The weighted average return on equity for 2023 was 3.17%, an increase of 8.57 percentage points from -5.40% in 2022[26] - The operating costs rose to 7.28 billion RMB, reflecting a 35.08% increase compared to the previous year, driven by the recovery of the tourism market[54] - The company reported a significant increase in revenue, achieving a total of 1.2 billion yuan, representing a 25% year-over-year growth[105] Visitor Statistics - The Wuzhen Scenic Area received 7.7207 million visitors, a year-on-year increase of 568%[35] - Wuzhen Scenic Area's operating revenue reached 1.784 billion RMB, up 183.65% compared to the previous year[35] - The Gubei Water Town welcomed 1.5236 million visitors, a year-on-year growth of 34.89%[37] Business Segments Performance - The travel agency business generated an operating income of 1.298 billion yuan, a year-on-year increase of 179.62%, indicating a continuous improvement in operational performance[42] - The hotel segment reported an operating income of 410 million yuan, a year-on-year growth of 27.77%, although it still recorded a loss reduction of 39.44 million yuan compared to 2022[40] - The scenic area operation segment reported revenue of approximately ¥1.72 billion, with a significant year-on-year increase of 21.25%[56] - The hotel business achieved revenue of approximately ¥404.54 million, marking a year-on-year increase of 16.24%[56] Strategic Initiatives - The company launched various new products and themed events, enhancing visitor experiences and engagement[36] - The company is focusing on product upgrades and marketing strategies, including the launch of annual passes and special routes to enhance customer engagement and attract off-peak visitors[38] - The company is actively expanding its international conference management and large-scale event management services, supporting several high-profile international forums and exhibitions[39] - The company is enhancing its digital marketing and smart exhibition capabilities, aiming to build a diversified customer service platform[39] Risk Management and Compliance - The company has outlined potential risks in its future development strategy, which investors should be aware of[10] - The company maintains effective internal control systems, with no significant design or execution deficiencies reported as of the end of the reporting period[95] - The company strictly follows insider information confidentiality protocols, ensuring controlled access to sensitive information during reporting periods[96] - The company has established a robust internal control management system in compliance with relevant laws and regulations, continuously improving internal control measures and processes[134] Shareholder and Governance - The company held 1 annual general meeting and 2 extraordinary general meetings during the reporting period, ensuring compliance with legal requirements[91] - The board of directors consists of 11 members, with independent directors possessing significant expertise in finance and tourism management[92] - The company’s board of directors has been actively involved in the evaluation of the remuneration and performance of senior management personnel[110] - The company has a clear and transparent dividend policy, ensuring the protection of minority shareholders' rights[130] Environmental and Social Responsibility - The company has actively responded to national environmental protection policies, promoting waste sorting and sustainable practices in its operations[140] - The company reduced carbon emissions by 400 tons during the reporting period as part of its commitment to the national "dual carbon" strategy[140] - Total investment in social responsibility activities amounted to 440,000 RMB, including 340,000 RMB in direct or indirect donations[143] - The company supported 2,380 individuals through its rural revitalization and poverty alleviation projects, with a total investment of 1,406,300 RMB[144] Financial Position and Assets - The total assets as of the end of 2023 were ¥17,286,872,735.63, a decrease of 1.58% from ¥17,564,752,231.70 at the end of 2022[25] - Cash and cash equivalents at the end of the period amounted to ¥1,224,214,542.66, representing 7.08% of total assets, an increase of 2.30% from the previous period[67] - The company reported a significant increase in accounts receivable, rising from ¥51,016,928.40 to ¥116,524,727.21, indicating a growth of approximately 128.5%[76] Future Outlook - The company provided a positive outlook for the next quarter, projecting a revenue growth of 20%[105] - New product launches are expected to contribute an additional 300 million yuan in revenue over the next fiscal year[105] - The company aims to improve operational efficiency, targeting a 5% reduction in costs over the next year[105]

Investment Rating - The investment rating for the company is "Buy" [14] Core Views - The company reported a revenue of RMB 9.635 billion in 2023, a year-on-year increase of 50.15%, and achieved a net profit of RMB 194 million, recovering from a loss of RMB 528 million in the previous year [3] - The company is expected to benefit from the recovery of the cultural tourism market, with a focus on the growth of its scenic hotel business and the revival of cross-border travel for its travel agency operations [3] - The company has shown significant improvement in its operational performance, particularly in its scenic spots and travel agency business, which are expected to continue to grow [3] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of RMB 9.635 billion, up 50.15% year-on-year, and a net profit of RMB 194 million, recovering from a loss of RMB 528 million [3] - The fourth quarter of 2023 saw a revenue of RMB 2.9 billion, an increase of 80.99% year-on-year, with a net profit loss reduced to RMB 12 million [3] Scenic Spots and Travel Agency Business - The company’s scenic spots, particularly Wuzhen, received 7.7207 million visitors in 2023, a year-on-year increase of 568%, recovering to 84% of the 2019 level, generating revenue of RMB 1.784 billion, up 183.65% [3] - The travel agency business reported revenue of RMB 1.298 billion in 2023, a year-on-year increase of 179.62%, benefiting from the recovery of international flights and the expansion of visa-free policies [3] Hotel Business - The hotel business is gradually recovering, with the Shanshui Hotel generating revenue of RMB 410 million in 2023, a year-on-year increase of 27.77%, although it has not yet achieved profitability [3] - The overall marketing and operational performance of the company has improved significantly, with integrated marketing revenue reaching RMB 2.187 billion, up 108.99% year-on-year [3] Valuation - The company’s EPS estimates for 2024-2026 have been adjusted to RMB 0.52, 0.69, and 0.86, respectively, with corresponding PE ratios of 20.9, 15.8, and 12.6 [3]

独立董事述职报告（李任芷） 作为中青旅控股股份有限公司（以下简称"公司"）的独立董事，报告期内， 本人本着对公司和全体股东诚信和勤勉的态度，以关注和维护全体股东特别是中、 小股东的利益为宗旨，恪尽职守，认真负责，严格履行了国家法律法规、《公司 章程》、《中青旅独立董事工作制度》以及各专门委员会工作实施细则规定的独 立董事职责，为公司规范运作与科学决策提供了专业依据。 一、本人基本情况 李任芷，男，1958 年 6 月生，大学学历，中共党员。历任原国家旅游局计 划司、计划统计司副司长，综合司副司长，管理司副司长、司长，中国旅游出版 社社长兼党委书记，云南玉溪江川县副县长（挂职）、云南省旅游局副局长（挂 职），国家旅游局综合司司长，质量规范与管理司司长，原中国国旅集团党委常 委、副总经理，原中国国旅股份有限公司党委书记、董事、副总经理，2018 年 9 月退休。现任中国标准化协会温泉服务与文化分会会长、中国旅游协会长城分会 副会长、全联旅游业商会文旅品牌建设分会会长、中青旅控股股份有限公司独立 董事。自 2020 年 5 月 13 日公司 2019 年度股东大会审议通过起被选举为本公司 独立董事。 报告期内，本人 ...

公司代码：600138 公司简称：中青旅 中青旅控股股份有限公司 2023 年度内部控制评价报告 2. 财务报告内部控制评价结论 √有效 □无效 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基准日，不存在财务报告内 部控制重大缺陷，董事会认为，公司已按照企业内部控制规范体系和相关规定的要求在所有重大方面保 持了有效的财务报告内部控制。 中青旅控股股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确 ...

证券代码：600138 证券简称：中青旅 公告编号：临 2024-009 中青旅控股股份有限公司 关于公司 2023 年度日常关联交易事项的公告 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： 关于公司 2023 年度日常关联交易事项无需提交股东大会审议； 公司 2023 年度日常关联交易事项没有形成对公司独立性的影响，公司 主要业务也没有对关联人形成依赖。 一、日常关联交易基本情况 （一）日常经营性关联交易履行的审议程序 公司独立董事会专门会议审议通过了《关于公司 2023 年度日常关联交易事 项的议案》。独立董事专门会议审查意见如下：2023 年全年的上述日常关联交 易金额较小，是正常的商业行为，定价公允合理，不存在利益输送情况，不存在 损害中小股东利益的情况，一致同意将该议案提交董事会审议。 公司第九届董事会第五次会议审议通过《关于公司 2023 年度日常关联交易 事项的议案》，关联董事贾宏先生、郑颖宇先生、高志权先生、范思远先生、谢 辉女士对相应关联事项子议案回避表决。 （二）前次日常关联交易的预 ...

中青旅控股股份有限公司 2023 年环境、社会及治理（ESG）工作报告 本公司董事会及全体董事保证本报告内容不存在任何虚假记载、误导性陈 述或重大遗漏，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。 关于本报告 本报告是中青旅控股股份有限公司（以下简称"中青旅"）首次发布关于环 境、社会及治理（ESG）工作报告。在此之前，公司于2009年至2023年连续发布 过十五次社会责任报告。 报告时间范围 本报告涉及时间跨度为2023年1月1日至2023年12月31日，部分内容可能超出 此范围。 报告数据说明 本报告引用的财务数据与年报保持一致，如有差异，以年报为准。其他数据 来自公司内部统计。 2023年度公司每股社会责任贡献值：2.60元 根据《上海证券交易所上市公司自律监管指引第1号——规范运作》的相关 要求,并考虑到行业特性,中青旅披露的每股社会贡献值计算方式如下:每股社会 贡献值=每股收益+(纳税额+职工费用+利息支出+公益投入总额)/期末总股本。 一、报告说明 《中青旅控股股份有限公司 2023 年环境、社会及治理（ESG）工作报告》， 充分吸纳最新政策要求与公司发展战略，按照客观、规范、透明、全面 ...