证券代码：600138 证券简称：中青旅 公告编号：临 2024-039 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。 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，中青旅创格向交通银行股份有限公司北京 东直门支行申请人民币 5 亿元额度的银行授信，公司与交通银行股份有限公司北 京东直门支行签订了《保证合同》，约定公司为前述银行授信提供担保。 北京中盛宜管理咨询有限公司作为中青旅创格的少数股东, 按其持有的股 1 被担保人名称：北京中青旅创格科技有限公司 本次担保是否为关联担保：否 本次 ...

证券代码：600138 证券简称：中青旅 公告编号：临 2024-038 重要内容提示: 一、本次土地使用权收回事项概述 因城市规划调整原因，桐乡市自然资源和规划局拟收回乌镇旅游部分土地使 用权，收回土地面积为 92,852.79 平方米，经协商，由乌镇镇人民政府作为代表 向乌镇旅游支付补偿 17,200 万元人民币，双方签署《土地收回协议书》。 本事项已经乌镇旅游第五届董事会第五次临时会议审议通过。 二、收回方基本情况 本次土地使用权收回方为桐乡市自然资源和规划局，代表签约方为乌镇镇人 民政府，具有相应履约能力，与公司不存在产权、业务、资产、债权债务、人员 等方面的关系。 三、本次收回土地基本情况 中青旅控股股份有限公司 关于政府有偿收回控股子公司 部分土地使用权的公告 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。 因城市规划调整原因，桐乡市自然资源和规划局拟收回乌镇旅游股份有 限公司（下称"乌镇旅游"）部分土地使用权，收回土地面积为 92,852.79 平方米，经协商，由乌镇镇人民政府作为代表向乌镇旅游支付补偿 1 ...

证券代码：600138 证券简称：中青旅 编号：临 2024-037 中青旅控股股份有限公司 关于监事辞职的公告 本公司监事会及全体监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。 二〇二四年十一月二十九日 公司监事会于今日收到监事会主席徐曦先生递交的书面辞职报告。因工作调 动，徐曦先生向监事会辞去公司监事会主席、监事职务。 徐曦先生辞职后，公司监事会人数将由 3 人减少至 2 人，监事会成员数低于 法定最低人数，根据《公司法》、《公司章程》等相关规定，在公司股东大会选举 产生新任监事前徐曦先生仍将继续履行公司监事的职责。 徐曦先生在担任公司监事期间勤勉尽责，为公司规范运作、健康发展发挥了 积极作用，公司监事会对徐曦先生在职期间的工作及为公司发展所做出的贡献表 示衷心感谢。 特此公告。 中青旅控股股份有限公司监事会 ...

证券代码：600138 证券简称：中青旅 公告编号：临 2024-036 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。 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，中青旅创格向兴业银行股份有限公司北京 分行申请人民币 2 亿元额度的银行授信，公司与兴业银行股份有限公司北京分行 签订了《最高额保证合同》，约定公司为前述银行授信提供担保。 北京中盛宜管理咨询有限公司作为中青旅创格的少数股东, 按其持有的股 1 被担保人名称：北京中青旅创格科技有限公司 本次担保是否为关联担保：否 本次担保金额：人民币 2 亿 ...

https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 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： 投资者可于 2024 年 11 月 14 日(星期四) 至 11 月 20 日(星期 三)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 zhqb@cyts.com 进行提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 证券代码：600138 证券简称：中青旅 公告编号：临 2024-035 中青旅控股股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 中青旅控股股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深 入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 21 日 下午 16:00-17:00 举行 2024 年第三季度业绩说明会， 就投资者关心的问题进行交流。 一、 说明会类型 会议召开时间： ...

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company achieved revenue of 7.048 billion yuan in the first three quarters of 2024, a year-on-year increase of 4.65%, while net profit attributable to the parent company was 153 million yuan, a year-on-year decrease of 25.77% [3] - The company's scenic spot business is under pressure, with Wuzhen receiving 5.9934 million visitors, a year-on-year decrease of 2.68%, and Gubei Water Town receiving 1.0025 million visitors, a year-on-year decrease of 10.55% [4] - The exhibition business saw significant profit growth, and the travel agency business benefited from the recovery of outbound tourism [5] Financial Performance and Forecast - The company is expected to achieve revenue of 10.375 billion yuan, 11.908 billion yuan, and 12.877 billion yuan in 2024, 2025, and 2026, respectively, with net profit attributable to the parent company of 191 million yuan, 228 million yuan, and 263 million yuan [6] - The PE ratios for 2024-2026 are projected to be 39.4x, 32.9x, and 28.5x, respectively [6] - Revenue growth rates for 2024-2026 are forecasted at 7.68%, 14.77%, and 8.14%, respectively [7] - Net profit growth rates for 2024-2026 are expected to be -1.79%, 19.51%, and 15.52%, respectively [7] Business Segment Analysis - Wuzhen Scenic Area generated revenue of 1.325 billion yuan in the first three quarters of 2024, a year-on-year decrease of 4.36%, with a net profit of 265 million yuan, a year-on-year decrease of 20.32% [4] - Gubei Water Town generated revenue of 429 million yuan in the first three quarters of 2024, a year-on-year decrease of 21.38% [4] - CYTS Boliand achieved revenue of 1.323 billion yuan in the first three quarters of 2024, a year-on-year decrease of 5.46%, but net profit increased significantly to 24.2938 million yuan due to improved management efficiency [5] - Strategic investment business remained stable, with Chuangge Technology achieving revenue of 2.574 billion yuan and net profit of 38.8879 million yuan in the first three quarters of 2024 [5] Financial Ratios and Metrics - The company's ROE is expected to be 3.02%, 3.56%, and 4.06% in 2024, 2025, and 2026, respectively [7] - The PB ratios for 2024-2026 are projected to be 1.19x, 1.17x, and 1.16x, respectively [7] - The dividend payout ratio is expected to increase from 31% in 2023 to 52%, 61%, and 68% in 2024, 2025, and 2026, respectively [9]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's overall performance declined in the first three quarters of 2024, with revenue increasing by 4.65% YoY to 7.048 billion yuan, but net profit attributable to the parent company decreased by 25.77% YoY to 153 million yuan [1] - In Q3 2024, revenue increased by 5.51% YoY to 2.697 billion yuan, while net profit attributable to the parent company decreased by 19.29% YoY to 80 million yuan [1] - The company's travel agency business saw significant revenue growth, driven by exclusive resources and strong competitiveness in visa services [2] - The company is actively innovating and expanding its product offerings in various segments, including scenic areas, tourism services, integrated marketing, and hotels [4] Business Performance Travel Agency Business - Revenue increased significantly due to the company's focus on exclusive resources and strong market competitiveness in visa services [2] Scenic Area Business - Wuzhen Scenic Area received 5.9934 million visitors, a decrease of 2.68% YoY, with revenue declining by 4.36% YoY to 1.325 billion yuan and net profit decreasing by 20.32% YoY to 265 million yuan [2] - Gubei Water Town received 1.0025 million visitors, a decrease of 10.55% YoY, with revenue declining by 21.38% YoY to 429 million yuan [2] Integrated Marketing Business - Revenue decreased by 5.46% YoY to 1.323 billion yuan, but net profit increased significantly due to improved management and higher gross margins [2] Hotel Business - Revenue decreased by 26.61% YoY to 234 million yuan, mainly due to the closure of some loss-making stores [2] Strategic Business - Chuangge Technology achieved revenue of 2.574 billion yuan and net profit of 39 million yuan, both remaining stable YoY [2] Financial Metrics Q3 2024 - Gross margin decreased by 3.8 percentage points YoY to 23.5% [3] - Sales/management/financial expense ratios changed by +0.0/-0.9/-0.7 percentage points to 8.5%/5.8%/2.0% respectively [3] - Investment income as a percentage of revenue decreased by 1.0 percentage point YoY to 0.1% [3] - Credit impairment losses decreased by 111.5% YoY, likely due to the reversal of previously accrued impairments [3] - Net profit margin attributable to the parent company decreased by 0.9 percentage points YoY to 3.0% [3] Future Outlook - The company is expected to achieve revenue of 10.1/10.8/11.5 billion yuan and net profit attributable to the parent company of 140/200/290 million yuan in 2024-2026, with current stock price corresponding to PE ratios of 52x/38x/26x [8] Innovation and Development - The company is continuously innovating in its scenic area business, with Wuzhen launching various cultural activities and Gubei Water Town enriching its "City of Light" cultural IP through concerts, light shows, and food festivals [4] - Non-scenic area businesses are also being developed, with integrated marketing focusing on high-level government meetings, travel agencies enhancing product quality, and hotel businesses upgrading cultural tourism products and services [4]

中青旅控股股份有限公司 投资者调研会议记录 国庆假期后，景区业务基本保持了前三季度的趋势，旅行社业务同比仍然 提升，整体趋势比较平稳。十月之后，旅游行业进入传统淡季，绝对额较低， 但不会对全年经营数据产生较大影响。 戏剧节的影响力、热度及持续性整体仍保持了较好的态势，符合公司的预 期。 问题二：乌镇门票收入占比趋势如何？新投入的酒店爬坡情况及盈利能力如 何？ 乌镇门票在收入的占比相对稳定，没有大的变化。从直接的数据看，乌镇 人均消费同比有所下降，但这是因为景区对 70 岁以上的老年人免票，今年初 至 9 月免票人数约 40 万，这部分客流对门票收入及人均消费有一定影响。但 这部分客流主要集中在淡季和非周末时间，免票进入景区后也会有其他二次消 费。区分东西栅来看，东栅客流恢复弱于西栅，这与东栅的定位及市场趋势有 关，但东栅的利润贡献还是比较大，因为其属于传统观光游，各方面成本较 低。 酒店方面，稻舍乡村酒店对公司的利润贡献在提升。堤上酒店设施比较 新，价格相对较高，入住率相对偏低，但是其能够为会议、展会及高端客户群 体提供较好的住宿体验，对乌镇承办高规格的会议、展会有较大的价值，乌镇 时 间：2024 年 10 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5][8]. Core Insights - The company reported a revenue of 7.048 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 4.65%. However, the net profit attributable to shareholders decreased by 25.77% to 153 million yuan [5][8]. - The report highlights the impact of extreme weather on the performance of the Wuzhen scenic area, which saw a decline in visitor numbers and revenue [6][8]. - The company is actively developing boutique travel routes and niche destination products, which have led to significant revenue growth in its travel agency business [7][8]. Financial Data Summary - As of September 30, 2024, the company had a net asset value per share of 8.71 yuan and a debt-to-asset ratio of 50.44% [3]. - The total revenue for 2024 is projected to reach 10.069 billion yuan, with a year-on-year growth rate of 4.5% [9]. - The forecasted net profit for 2024 is 220 million yuan, representing a 13.2% increase compared to the previous year [9]. Visitor Statistics - In the first three quarters of 2024, Wuzhen scenic area received 5.9934 million visitors, a decrease of 2.68% year-on-year [6][8]. - The revenue from the Wuzhen area was 1.325 billion yuan, down 4.36% from the previous year [6][8]. Profitability Metrics - The gross margin for the company's main business in the third quarter of 2024 was 23.51%, a decrease of 3.80 percentage points year-on-year [5][8]. - The report projects a gradual improvement in profitability, with expected gross margins of 24.2%, 25.2%, and 25.3% for 2024, 2025, and 2026, respectively [9]. Market Comparison - The current stock price corresponds to a price-to-earnings (PE) ratio of 33, 22, and 19 for the years 2024, 2025, and 2026, respectively [8]. - The target market capitalization for the company is set at 9.4 billion yuan, with a potential upside of 25% based on the 2025 earnings forecast [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.95 yuan, representing a 9% increase from the previous target of 10.88 yuan [2][3] Core Views - The company's performance in 2024Q3 was slightly below expectations, primarily due to pressure on leisure tourism under the trend of budget travel [2] - The two key tourism towns (Wuzhen and Gubei Water Town) are still in the process of recovery, with both revenue and profitability yet to fully rebound [2] - The hotel business is expected to accelerate its recovery, contributing to the positive outlook [2] Financial Performance - For 2024Q1-3, the company achieved revenue of 7.048 billion yuan, a 4.65% YoY increase, but gross profit declined by 3.66% to 1.683 billion yuan [2] - Net profit attributable to the parent company dropped by 25.77% to 153 million yuan, with a net profit margin of 2.98%, down 0.92 percentage points [2] - In Q3 alone, revenue grew by 5.51% to 2.697 billion yuan, but gross profit fell by 9.18% to 634 million yuan [2] Operational Highlights - Wuzhen received 5.99 million visitors in 2024Q1-3, a 2.7% YoY decrease, with revenue declining by 4.36% to 1.325 billion yuan [2] - Gubei Water Town saw a 10.55% drop in visitors to 1.0025 million, with revenue falling by 21.38% to 429 million yuan [2] - The company's other businesses, including Zhongqing Bolian and Shanshui Hotel, also experienced revenue declines [2] Industry Context - The social services industry, particularly the leisure tourism sector, is facing challenges due to the trend of budget travel [3] - The company's performance is closely tied to the recovery of its key tourism assets, which are still under pressure [2] Valuation and Forecast - The report forecasts EPS for 2024-2026 at 0.27 yuan (-29%), 0.33 yuan (-25%), and 0.39 yuan (-17%) respectively [2] - The target price is based on a 31x PE ratio for 2025, reflecting optimism about the hotel business recovery [2] - The company's market capitalization stands at 7.34 billion yuan, with a current stock price of 10.14 yuan [4] Historical Performance - The stock price has fluctuated between 8.86 yuan and 12.14 yuan over the past 52 weeks [4] - Over the past 12 months, the stock has underperformed the market, with a -4% absolute return and -13% relative to the index [7]