Group 1 - The 2025 National Day and Mid-Autumn Festival holiday will have a total of 8 consecutive days off, which is expected to boost travel demand [1] - The Chinese government announced a temporary visa-free policy for Russian passport holders from September 15, 2025, to September 14, 2026, leading to a significant increase in flight searches from Moscow [1] - South Korea will implement a temporary visa-free policy for Chinese group tourists starting September 29, 2025, lasting until June 2026, further enhancing travel opportunities [1] Group 2 - International flight bookings for popular cities have rebounded to over 50% of pre-pandemic levels during this summer, indicating a strong recovery in outbound tourism [2] - Japan and South Korea have emerged as popular destinations, with booking volumes increasing nearly tenfold compared to the beginning of the year, and flight prices dropping by approximately 40% [2] - Visa applications on the Fliggy platform surged over 13 times year-on-year in July, with Japan's visa applications surpassing 2019 levels [2] Group 3 - Various cities in China, including Guangdong, Hangzhou, and Chengdu, are set to issue cultural and tourism consumption vouchers in September to stimulate local tourism [3] - Guangdong will distribute 20 million yuan worth of vouchers starting September 12, while Chengdu will launch its second round of tourism accommodation vouchers from September 21 to October 28 [3] - Other regions, such as Huangshan and Yulin, are also implementing similar voucher programs to encourage spending in the tourism sector [3] Group 4 - The National Development and Reform Commission has proposed measures to cultivate new consumption scenarios in cultural tourism, aiming to create influential themed tourism routes [4] - Following this announcement, stocks related to tourism, such as Tibet Tourism and Dalian Shengya, experienced significant price increases [5] Group 5 - Related concept stocks include travel agencies like Zhongxin Tourism and China Youth Travel Service, scenic spots like Songcheng Performance and Huangshan Tourism, and hotel chains such as Jinjiang Hotels and Huazhu Group [8]

竞争加剧叠加天气因素，业绩承压 中青旅(600138) 证券研究报告 旅游及景区 / 公司点评 / 2025.09.01 | 投资评级:增持(维持) | | --- | | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 10.19 | | 流通股本(亿股) | 7.24 | | 每股净资产(元) | 8.73 | | 总股本(亿股) | 7.24 | 最近 12 月市场表现 -4% 4% 12% 21% 29% 38% 中青旅 沪深300 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 分析师 周诗琪 SAC 证书编号：S0160525060006 zhousq@ctsec.com 相关报告 1. 《景区业务客流略有承压，旅行社业务维 持高景气》 2024-11-07 2. 《景区业务呈现分化，关注出入境游复苏 机遇》 2024-09-02 3. 《经营业绩全面改善，关注出境游复苏机 会》 2024-04-03 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | ...

Financial Performance - The company reported a total revenue of 4.866 billion yuan for the first half of 2025, an increase of 11.84% year-on-year [1] - The net profit attributable to shareholders was 66.853 million yuan, a decrease of 7.88% compared to the previous year [1] - The gross profit margin was 21.35%, down 11.44% year-on-year, while the net profit margin was 2.0%, a decline of 20.09% [1] - The company’s accounts receivable increased by 22.10% to 2.8 billion yuan, significantly impacting its financial metrics [1] Cash Flow and Debt Analysis - The company’s cash flow per share was only 0.01 yuan, a drastic decrease of 95.78% year-on-year [1] - The company’s cash and cash equivalents accounted for only 7.67% of total assets, indicating potential liquidity issues [3] - The interest-bearing debt ratio reached 35.57%, suggesting a high level of leverage [3] Business Model and Market Position - The company’s return on invested capital (ROIC) was 2.96%, indicating weak capital returns, with a historical median ROIC of 5.29% over the past decade [2] - The business model relies heavily on marketing-driven strategies, which may require further investigation to understand underlying performance drivers [2] Shareholder Information - The largest fund holding in the company is the Guotai Central Enterprise Reform Stock A fund, which holds 600,000 shares and has recently entered the top ten holdings [4]

Group 1 - The company Zhongqing Tourism (SH 600138) announced a guarantee for its subsidiary, with a total external guarantee amounting to RMB 9.57 billion, which represents 15.18% of the company's audited net assets for 2024 [1] - The guarantee includes RMB 9.31 billion provided for its former associate company Tongxiang Puyuan Tourism Co., Ltd., and RMB 26.43 million for homebuyers meeting loan conditions for real estate projects [1] - The total guarantee provided by the company for its subsidiaries amounts to RMB 20.85 billion, accounting for 33.05% of the company's audited net assets for 2024 [1] Group 2 - The revenue composition for Zhongqing Tourism in 2024 is as follows: IT product sales and technical services account for 39.68%, tourism product services for 19.58%, corporate exhibition services for 19.52%, scenic area operations for 16.04%, and the hotel industry for 3.1% [1]

Core Insights - In the first half of 2025, China Youth Travel Holdings Co., Ltd. (CYTS) reported a revenue of 4.866 billion yuan, an increase of 11.84% year-on-year, while the net profit attributable to shareholders decreased by 7.88% to 66.853 million yuan [1] - The tourism consumption demand has become increasingly diverse, with intensified market competition presenting both opportunities and challenges for the industry [1] - CYTS is leveraging its advantages as a comprehensive cultural tourism service provider by exploring both existing and new business opportunities while controlling costs and enhancing management efficiency [1] Group 1: Business Performance - In Q2 2025, CYTS achieved a revenue of 2.812 billion yuan, a year-on-year increase of 15.80%, with a net profit of 101 million yuan, remaining stable compared to the same period last year [1] - The Wuzhen scenic area received 3.3712 million visitors in the first half of the year, a decrease of 11.92% year-on-year, with revenue of 742 million yuan, down 13.56% [2] - The Gubei Water Town scenic area saw a visitor decline of 18.37% to 490,100, with revenue falling by 25.29% to 205 million yuan [2] Group 2: Strategic Initiatives - Wuzhen scenic area is focusing on integrating traditional culture with contemporary art and enhancing its competitive edge through core IPs like the "Wuzhen Theatre Festival" and the "World Internet Conference" [1][2] - Gubei Water Town is working on internal growth by leveraging unique resources and enhancing product offerings, aiming for improved operational performance in Q2 [2] - The travel agency segment of CYTS is adapting to changing consumer demands and maintaining stable growth through product innovation and channel development, achieving a year-on-year revenue increase and turning net profit positive [3]

Core Viewpoint - The company, China Youth Travel Service (CYTS), announced a bank credit application of 100 million RMB to support its business development needs, along with a guarantee agreement with China Merchants Bank [1] Group 1 - CYTS's subsidiary, CYTS Chuangge, applied for a bank credit limit of 100 million RMB from China Merchants Bank, Beijing Branch [1] - The company signed an "Irrevocable Maximum Guarantee" with China Merchants Bank, agreeing to provide a guarantee for the aforementioned bank credit [1] - Beijing Zhongshengyi Management Consulting Co., Ltd., as a minority shareholder of CYTS Chuangge, will provide a counter-guarantee based on its equity stake [1] Group 2 - After the completion of this guarantee, the total guarantee balance for CYTS Chuangge will be 2.075 billion RMB, with an available guarantee limit of 125 million RMB [1]

Group 1 - The company reported a total operating revenue of 4.866 billion yuan for the first half of 2025, representing a year-on-year increase of 11.84% [1] - The net profit attributable to shareholders of the parent company was 66.853 million yuan, showing a year-on-year decline of 7.88% [1] - The basic earnings per share were 0.0924 yuan [1]

中青旅控股股份有限公司 董事和高级管理人员买卖本公司股票的管理制度 中青旅控股股份有限公司 董事和高级管理人员买卖本公司股票的专项管理制度 （2025 年 8 月 29 日第十届董事会第二次会议审议修订） 第一章 总则 第一条 为加强对中青旅控股股份有限公司（以下简称"公司"或"本公司"） 董事和高级管理人员所持本公司股份及其变动的管理，进一步明确相关办理程序， 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所股票 上市规则》《上市公司董事和高级管理人员所持本公司股份及其变动管理规则》《上 海证券交易所上市公司自律监管指引第 8 号——股份变动管理》等相关法律法规、 规范性文件及公司《章程》的有关规定，特制定此专项管理制度。 中青旅控股股份有限公司 董事和高级管理人员买卖本公司股票的管理制度 第二条 本制度适用于本公司董事和高级管理人员（以下简称"高管"）所 持本公司股份及其变动的管理。 董事和高管所持公司股份，是指登记在其名下和利用他人账户持有的所有本 公司股份。 董事和高管从事融资融券交易的，其所持公司股份还包括记载在其信用账户 内的公司股份。 第三条 本制度所指高管人员指公司总裁、副 ...

中青旅控股股份有限公司 关联交易管理办法 （2025 年 8 月 29 日第十届董事会第二次会议审议修订） 第一章 总 则 第一条 为规范中青旅控股股份有限公司（以下简称"公司"或"中青旅"） 关联交易活动，保证公司与各关联人所发生的关联交易的合法性、公允性、合理 性，确保公司各项业务通过必要的关联交易顺利地开展，保障股东和公司的合法 权益，维护对外披露的真实性、准确性、及时性，根据中国证监会有关规范关联 交易的规范性文件的规定、中华人民共和国财政部颁发《企业会计准则第 36 号 －－关联方披露》、《上海证券交易所上市公司自律监管指引第 5 号——交易与关 联交易》、《上海证券交易所股票上市规则》及《中青旅控股股份有限公司章程》 的规定，特制订本办法。 第二条 公司关联交易行为应遵循并贯彻以下原则： （一）关联交易行为应当定价公允、审议程序合规、信息披露规范。 （二）关联董事和关联股东回避表决。 第三条 公司在处理与关联人之间的关联交易时，不得损害全体股东特别是 中小股东的合法权益；不得隐瞒关联关系，不得通过将关联交易非关联化规避相 关审议程序和信息披露义务。相关交易不得存在导致或者可能导致公司出现被控 股股 ...

中青旅控股股份有限公司 投资者关系管理办法 （2025 年 8 月 29 日第十届董事会第二次会议审议修订） 为加强公司与投资者之间的信息交流，帮助投资者全面、完整、真实、准确、 及时地了解和掌握公司的经营状况，在公司与投资者之间形成有效的沟通渠道， 增进投资者对公司的了解和信任，构建和维护公司与投资者之间良好的公共关 系，依据《中华人民共和国证券法》《中华人民共和国公司法》《上市公司投资者 关系管理工作指引》《上海证券交易所股票上市规则》等法律法规及公司《章程》 和公司相关治理准则的有关规定，特制定本办法。 第一章 总则 第一条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动 交流和诉求处理等工作，加强与投资者及潜在投资者之间的沟通，增进投资者对 公司的了解和认同，以提升公司治理水平和企业整体价值，实现尊重投资者、回 报投资者、保护投资者目的的相关活动。 第二条 公司投资者关系管理的基本原则是： （一）合规性原则。公司投资者关系管理应当在依法履行信息披露义务的基 础上开展，符合法律、法规、规章及规范性文件、行业规范和自律规则、公司内 部规章制度，以及行业普遍遵守的道德规范和行为准则。 （四）管理 ...