证券日报网讯11月27日，中青旅（600138）在互动平台回答投资者提问时表示，公司当前并未处于债滚 债的高风险经营状态。公司资产负债率稳定、持有优质文旅资产，信用评级也保持稳定，整体财务状况 可控。 ...

Core Viewpoint - The company, China Youth Travel Service (600138), stated that its current loan interest rates are at a relatively low level, adhering to market principles for related party transactions [1] Summary by Relevant Sections - **Loan Interest Rates** - The company confirmed that its loan interest rates are currently low [1] - **Regulatory Compliance** - The company is subject to regulatory requirements regarding related party transactions, ensuring that loan rates must align with market levels and cannot be significantly lower than those offered to non-related parties [1] - The terms of loans, including duration and collateral requirements, must also be consistent with those for similar loans to non-related parties [1]

Global Tourism Development Trends - The tourism industry is expected to grow at a rate higher than economic growth, driven by international leisure travel and long-distance trips [2] - Factors contributing to this trend include enhanced air connectivity and relaxed visa policies [2] - From 2024 to 2025, the share of the U.S. in global international leisure travel is projected to decrease from 8% to 7% [2] Regional Tourism Insights - **Netherlands**: Amsterdam Schiphol Airport saw approximately 6 million passengers in October, a 3% increase compared to the previous year, indicating healthy inbound tourism demand [3] - **Germany**: Significant recovery in the tourism market with a 20% increase in German tourists visiting Cyprus in October 2025 [4] - **Australia**: The tourism market showed positive growth, with major cultural and sports events attracting international visitors [6] - **Singapore**: Welcomed 14.3 million visitors in the first ten months of the year, a 3% increase year-on-year, driven by major events [7] - **Vietnam**: Received 1.73 million international visitors in October 2025, a 22.1% year-on-year increase, with a total of nearly 17.2 million visitors in the first ten months [8] - **China**: Domestic travel during the National Day and Mid-Autumn Festival saw 888 million trips, with total spending reaching 809 billion yuan, a significant increase from the previous year [9] Corporate Developments - **Personnel Changes**: Five tourism companies experienced significant personnel changes in October, including the resignation of Xi'an Tourism's board member [11] - **Investment and Equity Changes**: 32 tourism companies reported investment and equity changes, including ST United's sale of a 100% stake in Jiangxi Guogui Cultural Tourism Development [15][16] Key Project Signings and Developments - A total of 222 key tourism projects were signed in October, including the opening of two ski resorts in Xinjiang and the construction of a high-end tourism resort in Zhangjiajie [21][22] - China’s first surfing-themed resort is set to open in Hainan, enhancing the region's tourism offerings [23] - Major investments include a 20 billion yuan resort project in Guangdong and an 8.5 billion yuan project in Changbai Mountain [25][26] Industry Performance Metrics - The media and new media indices for tourism companies showed slight increases, with a focus on personnel changes and project developments [39] - The investor confidence index remained stable, reflecting ongoing project signings and developments in the tourism sector [40]

Core Insights - The event highlighted the importance of sustainable development and ESG practices in the corporate sector, with a focus on the recognition of exemplary companies in these areas [1][2] - China Youth Travel Service (CYTS) received the "ESG Rural Revitalization Golden Bull Award," acknowledging its efforts and long-term sustainable development strategy [2] Group 1: Event Overview - The 2025 Golden Bull Enterprise Sustainable Development Forum and the third National New Cup ESG Golden Bull Award ceremony took place in Suzhou, organized by China Securities Journal and China Guoxin [1] - The forum gathered hundreds of elites from politics, business, and academia to discuss sustainable development and the construction of an ESG ecosystem [1] Group 2: CYTS's Achievements - CYTS's recognition is a testament to its commitment to integrating the philosophy of "lucid waters and lush mountains are invaluable assets" into its cultural tourism planning and product development [2] - The company actively engages in targeted assistance for rural revitalization, adhering to the principles of "guiding by circumstances and implementing policies based on local conditions" to explore sustainable development paths for cultural tourism enterprises [2] Group 3: Strategic Goals - CYTS focuses on its core tourism business while promoting sustainable development and harmonious coexistence with stakeholders, including shareholders, employees, suppliers, and consumers [1] - The company aims to achieve high-quality development through a "one CYTS" strategic goal, emphasizing "digital," "cultural," "ecological," "quality," and "safety" [1]

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 10.8 yuan per share, indicating an expected upside of 11.6% [2][7]. Core Views - The company reported a revenue of 3.16 billion yuan in Q3 2025, a year-on-year increase of 17.2%, but a net profit attributable to shareholders of 54 million yuan, a decrease of 32.9% year-on-year. For the first three quarters of 2025, total revenue reached 8.03 billion yuan, up 13.9% year-on-year, while net profit attributable to shareholders was 121 million yuan, down 21.1% year-on-year [2][7]. - Extreme weather conditions have negatively impacted visitor numbers and revenue, particularly in key tourist areas like Wuzhen and Gubei Water Town, leading to significant declines in both visitor numbers and profits [2][7]. - The company is making steady progress in integrated marketing and travel agency operations, maintaining profitability while servicing high-profile events and corporate marketing activities [2][7]. Financial Summary - **Revenue Forecasts**: The company is projected to achieve total revenues of 11.61 billion yuan in 2025, 12.18 billion yuan in 2026, and 12.64 billion yuan in 2027, with year-on-year growth rates of 16.6%, 4.9%, and 3.8% respectively [2][8]. - **Net Profit Forecasts**: Expected net profits attributable to shareholders are forecasted at 140 million yuan in 2025, 186 million yuan in 2026, and 210 million yuan in 2027, with year-on-year growth rates of -13.0%, 33.4%, and 12.7% respectively [2][8]. - **Earnings Per Share (EPS)**: The EPS is projected to be 0.19 yuan in 2025, 0.26 yuan in 2026, and 0.29 yuan in 2027 [2][8]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to be 49 in 2025, 37 in 2026, and 33 in 2027, while the price-to-book (P/B) ratio remains stable at 1.1 [2][8].

Market Overview - The tourism and scenic spots sector experienced a decline of 3.08% on November 21, with Dalian Shengya leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Dalian Shengya saw a significant drop of 10.00%, closing at 47.34, with a trading volume of 147,500 shares and a transaction value of 714 million [2] - Other notable declines included Tianfu Culture Tourism (-4.18%), Changzi Mountain (-4.08%), and Qujiang Culture Tourism (-3.93%) [2] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 486 million from main funds, while retail investors saw a net inflow of 461 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Yunnan Tourism had a main fund net inflow of 10.99 million, while it faced a retail net outflow of 32.27 million [3] - Huangshan Tourism and Sanxia Tourism experienced significant net outflows from main funds, at 10.61 million and 11.62 million respectively, while both saw positive retail inflows [3]

Group 1 - The core point of the announcement is the resolution of the second extraordinary general meeting of shareholders held by China Youth Travel Holdings Co., Ltd. on November 17, 2025, with no resolutions being rejected [1][2]. - The meeting was chaired by the chairman, Ni Yangping, and complied with the provisions of the Company Law and the Articles of Association regarding voting methods [3][6]. - The attendance included 10 out of 11 current directors, with independent director Li Juhe absent due to official duties, and the board secretary was present along with other senior management [4][5]. Group 2 - One of the key resolutions passed was the reappointment of the accounting firm, which was approved without any objections [6]. - The meeting was witnessed by lawyers from Beijing Jindu Law Firm, confirming that the convening and holding of the meeting complied with relevant laws and regulations [7]. - The legal opinion provided by the law firm was signed and stamped, indicating the validity of the meeting's procedures and results [8].

北京市金杜律师事务所 关于中青旅控股股份有限公司 2025 年第二次临时股东会的法律意见书 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）《上市公司股东会规则（2025 年修订）》（以下简称《股 东会规则》）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省）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《公司章程》有关规定， 指派律师出席了公司于 2025 年 11 月 17 日召开的 2025 年第二次临时股东会（以 下简称本次股东会），并就本次股东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 2025 年第一次临时股东大会决议审议通过的《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 2025年 10月 31日刊登于 ...

证券代码：600138 证券简称：中青旅 公告编号：2025-039 中青旅控股股份有限公司 2025年第二次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 11 月 17 日 (二)股东会召开的地点：中青旅大厦 2009 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 422 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 183,536,371 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 25.3559 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议表决方式符合《公司法》及《公司章程》的规定，会议由董事长倪 阳平主持。 (五)公司董事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 ...

Core Viewpoint - Zhongqing Travel's subsidiary, Aoyou Technology, is focusing on building and operating smart tourism platforms to enhance its cultural tourism business [1] Group 1: Smart Tourism Platform Development - Aoyou Technology launched the "One Machine Tour Guzhang Mini Program" in 2021, integrating over 1,000 cultural tourism resource information from eight categories in Guzhang County to provide convenient services for tourists [1] - The company won the bid for the "Oujian Mountain Water Poetry Road - E-Tour Wenzhou Cultural Tourism Information Service Platform" project, featuring a "one entry three centers" model to create a comprehensive digital experience for visitors [1] Group 2: Future Plans and Innovations - By 2025, Aoyou's travel app, WeChat mini program, and public account will integrate the DeepSeek large model, aiming to enhance tourism data and AI capabilities [1] - The company plans to introduce more intelligent travel applications, including smart recommendations and customized services, to further improve its cultural tourism content and service platforms [1]