证券日报网讯中青旅11月4日在互动平台回答投资者提问时表示，经征询光大集团及青旅集团，目前双 方正在积极推进股份划转过户登记手续。 （文章来源：证券日报） ...

Core Insights - The company, as the first A-share listed travel agency in China and the first tourism-related listed company with a large central financial holding group background, has established a multi-product brand system over the years [2] Group 1: Brand and Market Position - The "China Youth Travel Service" brand serves as the core of the company's culture and has penetrated various aspects of product, service, and market operations, winning a broad customer base for its travel agency business [2] - The company has developed key sub-brands such as "Aoyou" for travel agency operations, "Wuzhen" and "Gubei Water Town" for scenic area operations, and "Zhongqing Bolian" for integrated marketing, enhancing its competitive edge as a comprehensive tourism service provider [2] Group 2: Strategic Advantages - The brand resource advantage is highlighted in the company's expansion of development space and strategic investment initiatives, showcasing its exceptional capabilities in the tourism industry [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The report highlights that the company achieved a revenue of 3.161 billion yuan in Q3 2025, representing a year-on-year increase of 17.21%, while the net profit attributable to shareholders was 54 million yuan, a decrease of 32.94% year-on-year [7] - The report anticipates that the company's net profit attributable to shareholders will be 140 million yuan, 168 million yuan, and 210 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 50X, 42X, and 33X [7] Financial Performance Summary - For the year 2023, the company reported a revenue of 9,635 million yuan, with a growth rate of 50.1%. The projected revenue for 2024 is 9,957 million yuan, with a growth rate of 3.3%, and for 2025, it is expected to reach 11,052 million yuan, with a growth rate of 11.0% [6][8] - The gross profit margin for Q3 2025 was 19.34%, down by 4.17 percentage points year-on-year, primarily due to competition and seasonal weather impacts [7] - The report indicates that the company's net profit margin for Q3 2025 was 1.71%, a decrease of 1.27 percentage points year-on-year [7] Earnings Forecast - The forecast for the company's earnings shows a decline in net profit for 2024 to 160 million yuan, followed by a slight recovery to 168 million yuan in 2026 and 210 million yuan in 2027 [6][7] - The report projects an EPS of 0.19 yuan for 2025, 0.23 yuan for 2026, and 0.29 yuan for 2027 [6][8] Market Performance - The company's stock price closed at 9.73 yuan as of November 3, 2025, with a total circulating share capital of 724 million shares [2]

Core Insights - The tourism and scenic area sector experienced a rise of 1.03% on November 3, with Dalian Shengya leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Dalian Shengya (600593) closed at 56.49, with an increase of 8.66% and a trading volume of 157,100 shares, amounting to a transaction value of 859 million [1] - Changzi Mountain (603099) saw a closing price of 53.93, up 2.78%, with a trading volume of 188,700 shares, totaling 1.016 billion [1] - Other notable performers include: - Caesar Rotating Industry (000796) at 6.68, up 1.98% [1] - Tianfu Cultural Tourism (000558) at 5.27, up 1.74% [1] - Xiangyuan Cultural Tourism (600576) at 7.35, up 1.66% [1] Capital Flow - The tourism and scenic area sector saw a net outflow of 41.2875 million from institutional funds, while retail investors contributed a net inflow of 118 million [2] - The overall capital flow indicates a mixed sentiment, with institutional and speculative funds withdrawing while retail investors increased their positions [2] Individual Stock Capital Flow - Changzi Mountain (660209) had a net inflow of 48.8402 million from institutional funds, while it faced a net outflow of 24.0343 million from speculative funds [3] - Dalian Shengya (600593) experienced a net inflow of 9.3571 million from institutional funds, with a slight outflow from retail investors [3] - Other stocks like Emei Mountain A (000888) and Xiangyuan Cultural Tourism (600576) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Group 1 - The company, China Youth Travel Service (中青旅), held its first temporary board meeting for the year 2025 on October 30, 2025, to review the Q3 report and other documents [1] - For the year 2024, the revenue composition of the company 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 Viewpoint - China Youth Travel Service (CYTS) is a leading player in the domestic tourism industry, with significant investment value due to its comprehensive industry chain layout and well-known attractions like Wuzhen and Gubei Water Town [1] Group 1: Business Performance - In Q3 2025, CYTS achieved a revenue of 8.027 billion yuan, ranking first in the industry, significantly surpassing the second-ranked Songcheng Performance at 1.833 billion yuan [2] - The main business composition includes IT products at 2.146 billion yuan (44.11%), integrated marketing services at 770 million yuan (15.83%), and tourism services at 769 million yuan (15.81%) [2] - The net profit for the same period was 186 million yuan, ranking second in the industry, with Songcheng Performance leading at 793 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, CYTS's debt-to-asset ratio was 51.82%, an increase from 50.44% year-on-year, but still below the industry average of 56.33%, indicating strong debt repayment capability [3] - The gross profit margin for Q3 2025 was 20.56%, down from 23.88% year-on-year, and below the industry average of 28.21%, suggesting a need for improvement in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.37% to 69,000, while the average number of circulating A-shares held per shareholder increased by 2.42% to 10,500 [5] - Notable changes among the top ten circulating shareholders include an increase of 4.4847 million shares held by the Fortune CSI Tourism Theme ETF and a decrease of 0.27397 million shares held by Hong Kong Central Clearing Limited [5] Group 4: Executive Compensation - The chairman, Ni Yangping, received a salary of 1.0176 million yuan in 2024, a decrease of 112,800 yuan from 2023 [4] - The president, Zhao Peng, earned 234,300 yuan in 2024 [4] Group 5: Market Outlook - In the first half of 2025, CYTS reported a revenue of 4.866 billion yuan, a year-on-year increase of 11.84%, while the net profit was 67 million yuan, a year-on-year decrease of 7.88% [6] - The revenue from Wuzhen and Gubei Water Town saw declines of 13.56% and 25.29% respectively, attributed to increased competition in the surrounding areas [6] - Forecasts for net profit from 2025 to 2027 are 168 million yuan, 208 million yuan, and 279 million yuan, with corresponding price-to-earnings ratios of 44X, 36X, and 27X [6]

中青旅控股股份有限公司 内部审计基本规定 （2025年10月30日第十届董事会2025年第一次临时会议审议修订） 第一章 总 则 第一条 为加强中青旅控股股份有限公司（以下简称控股公司）内部审计工作， 充分发挥内部审计监督作用，依据《中华人民共和国审计法》《审计署关于内部审 计工作的规定》《中国内部审计准则》《上海证券交易所上市公司自律监管指引第1 号——规范运作》等法律法规和控股公司《章程》,结合控股公司实际情况，制定本 规定。 第二条 控股公司内部审计工作坚持立足经济监督定位，聚焦财务收支真实性、 合法性、效益性，深化研究型审计，聚焦全局性、长远性、战略性问题，构建集中 统一、全面覆盖、权威高效的审计监督体系，进一步推进审计工作高质量发展。 第三条 内部审计是控股公司内部独立、客观的监督、评价和建议活动，运用 系统化、规范化方法，审查评价并督促改善控股公司和各直管企业业务经营、财务 收支、风险管理、内部控制和公司治理效果，促进控股公司稳健运行，实现战略目 标。 第四条 内部审计部门应传承审计光荣传统和优良作风，加强审计自身建设， 塑造职业精神，提高专业能力，建设忠诚干净担当的高素质专业化审计队伍。 内部审 ...

一、拟聘任会计师事务所的基本情况 （一）机构信息 1. 基本信息 立信会计师事务所（特殊普通合伙）（以下简称"立信"）由我国会计泰斗 潘序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成改制 的特殊普通合伙制会计师事务所，注册地址为上海市，首席合伙人为朱建弟先生。 立信是国际会计网络 BDO 的成员所，长期从事证券服务业务，新证券法实施前具 有证券、期货业务许可证，具有 H 股审计资格，并已向美国公众公司会计监督委 员会（PCAOB）注册登记。 证券代码：600138 证券简称：中青旅 公告编号：临 2025-036 中青旅控股股份有限公司 关于续聘会计师事务所的公告 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法律责任。 重要内容提示: 拟聘任的会计师事务所名称：立信会计师事务所（特殊普通合伙） 截至 2024 年末，立信拥有合伙人 296 名、注册会计师 2,498 名、从业人员 总数 10,021 名，签署过证券服务业务审计报告的注册会计师 743 名。 2024 年度立信经审计业务收入 47.4 ...

证券代码：600138 证券简称：中青旅 公告编号：2025-037 中青旅控股股份有限公司 关于召开2025年第二次临时股东会的通知 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： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第二次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 17 日 14 点 30 分 召开地点：中青旅大厦 2009 会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 股东会召开日期：2025年11月17日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 11 月 17 日 至2025 年 11 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9: ...

证券代码：600138 证券简称：中青旅 公告编号：临 2025-035 中青旅控股股份有限公司 第十届董事会 2025 年第一次临时会议 决议公告 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。 中青旅控股股份有限公司（以下简称"公司"）第十届董事会 2025 年第一次 临时会议于 2025 年 10 月 30 日以现场和视频相结合的方式在公司 2009 会议室召 开。会议通知及会议文件于 2025 年 10 月 15 日以电子邮件方式送达董事。会议 应到董事 11 人，实到董事 11 人，其中以视频方式出席的董事 4 人。公司高级管 理人员列席会议，会议由董事长倪阳平主持。会议的召开符合《公司法》和公司 《章程》的规定，会议以记名投票表决的方式审议通过了以下议案： 一、公司 2025 年第三季度报告 具体情况详见公司同日于上海证券交易所网站 www.sse.com.cn 披露的《中 青旅 2025 年第三季度报告》。 表决结果：通过。 本议案已经公司董事会内控与审计委员会审议通过。 11 票赞成，0 票反对，0 票弃权。 ...