行 业 及 产 业 社会服务 行 业 研 究 / 行 业 点 评 相关研究 《苏超体育赛事带来靓眼经济支出，南京 商旅资产注入进度跟踪——社会服务行业 周报（6.30-7.4）》 2025/07/06 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 研究支持 2025 年 07 月 18 日 上半年出行需求受天气影响，酒店 行业预计分化加速 看好 ——社会服务半年报业绩前瞻 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 杨光 A0230524100004 yangguang@swsresearch.com 联系人 杨光 (8621)23297818× yangguang@swsresearch.com ⚫ 旅游景区：我们预计九华旅游 25H1 营业收入实现 22%增长，归母净利润增长 28%。预计黄山旅 游 25H1 实现营收 9.11 亿元，同比增长 9%，实现归母净利润 1.49 亿元，同比增长 13%。根据长 白山发布的业绩预告，25H1 实现营收 2.35 亿元，同比 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4][6]. Core Viewpoints - The company is positioned as a leading cultural tourism service provider, focusing on destination investment and operation, with a robust expansion of its business footprint [1][4]. - The tourism industry is experiencing a recovery driven by policy support, with significant growth in both domestic and inbound tourism expected [2][29]. - The company has established three major international tourism destination systems, achieving breakthroughs in light asset operations [3][4]. Company Overview - The company, Xiangyuan Cultural Tourism, was listed in 2017 and has since acquired several high-quality scenic assets, forming a comprehensive tourism service model that includes destination resorts, travel services, cultural consumption, and digital technology [1][14]. - In 2024, the company is projected to achieve revenue of 860 million yuan, a year-on-year increase of 19.6%, with a net profit of 147 million yuan, reflecting a slight decline of 3.1% [1][4]. Industry Insights - Domestic tourism is expected to see 5.62 billion visitors in 2024, a 14.9% increase year-on-year, with tourism revenue reaching 5.8 trillion yuan, up 17.0% [2][29]. - Inbound tourism is projected to recover significantly, with 132 million visitors anticipated in 2024, marking a 60.9% increase from the previous year [2][38]. - The report highlights the ongoing policy initiatives aimed at bolstering the tourism sector, which is recognized as a strategic pillar of the national economy [29][41]. Business Development - The company has successfully integrated various scenic assets through acquisitions, enhancing its operational capabilities and expanding its market presence [3][4]. - The establishment of three major tourism areas—Daxiangxi, Dahuangshan, and Dananling—demonstrates the company's strategic focus on high-potential regions [3][4]. - The company has developed a comprehensive operational model that includes light asset management for eight scenic spots, providing full-chain operational services [1][3]. Financial Projections - The company is expected to achieve revenues of 1.36 billion yuan in 2025, with a net profit of 383 million yuan, reflecting a significant growth trajectory [4][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 21.3x, 17.6x, and 15.6x respectively, indicating potential for valuation improvement [4][5].

本报（chinatimes.net.cn）记者王兆寰 北京报道 随着夏季走入小暑，迈向大暑，A股的旅游景区个股也迎来了半年报密集预披露。 略显遗憾的是，多数公司净利润出现亏损，甚至持续亏损。云南旅游比上年同期增加亏损；去年同期盈 利的长白山和大连圣亚业绩由盈转亏。 相比之下，"西字辈"中，西安旅游尽管亏损，但基本与去年持平；西藏旅游实现扭亏为盈；西域旅游上 半年盈利900万元—1100万元，同比下降62.55%—69.36%。 尽管亏损的公司不少，景区个股中仍出现了盈利大幅增加的企业。祥源文旅预计上半年净利润为9000万 元到9700万元，同比增加51.44%到63.22%，成为行业中最耀眼的星。 在专业人士看来，2025年上半年景区公司业绩分化主要受天气扰动、成本压力及业务结构差异等因素影 响。头部景区通过资源垄断和成本优化保持韧性，新兴景区则因处于投入期及市场竞争而面临短期压 力，未来需关注暑期旺季需求释放及政策支持方向。 传统景区持续亏损 多彩云南一直被人们视为旅游的梦中情地。然而，2025年上半年的业绩预告却不尽如人意。 日前，云南旅游公告称，归属于上市公司股东的净利润亏损9000万元至14000万元 ...

Core Viewpoint - The inquiry into Xiangyuan Cultural Tourism's financial transactions raises significant concerns about potential conflicts of interest and the legitimacy of business operations between its suppliers and customers, particularly Shandong Rongrun and Shandong Meiheng [1][2][3] Group 1: Transactional Relationships - Shandong Rongrun has been the primary supplier for Xiangyuan Cultural Tourism's SMS services, while Shandong Meiheng is its largest customer, with sales amounting to 30.56 million yuan in the reporting period [3] - Both companies share the same registered phone number, prompting regulatory scrutiny regarding their potential connection and the authenticity of their business dealings [4][6] - Xiangyuan Cultural Tourism's response to the inquiry failed to clarify why these two companies, with established business ties, would utilize a third-party intermediary from Zhejiang for transactions [4][8] Group 2: Corporate Connections - The actual controller of Shandong Rongrun, Liu Ming, has a history of working with key figures in Xiangyuan Cultural Tourism's supply chain, raising questions about the independence of these companies [10][11] - Liu Ming's connections extend to Shandong Meiheng, where he has previously partnered with its supervisor, further complicating the narrative of independent operations [13] - The overlapping relationships among these companies suggest a potential for financial manipulation or misrepresentation of business activities [2][12] Group 3: Regulatory Implications - The inquiry highlights the increasing regulatory scrutiny on related-party transactions, which are often used to obscure financial realities and manipulate reported earnings [2] - The situation underscores the need for transparency in corporate governance, particularly in the context of interconnected businesses that may engage in non-market transactions [2][4] - Ongoing investigations may reveal deeper issues regarding financial practices within Xiangyuan Cultural Tourism and its affiliates [12][13]

Group 1: Company Announcements - Huayin Power's stock has seen a significant short-term increase, with a cumulative rise of 79.82% since July 1, 2025, which is substantially higher than the industry and Shanghai Composite Index [5] - Zhongyan Chemical's subsidiary acquired natural soda mining rights for 6.80866 billion yuan [6] - Shudao Equipment has terminated the acquisition of a 65.43% stake in Keyi Gas [10] - New Link Electronics expects a net profit of 166 million to 198 million yuan for the first half of 2025, marking a turnaround from a loss of 41.2841 million yuan in the same period last year [12] Group 2: Profit Forecasts - Xian Da Co. anticipates a net profit increase of 2443.43% to 2834.73%, projecting 130 million to 150 million yuan for the first half of 2025 [2] - Shanghai Pharmaceuticals expects a net profit of 4.45 billion yuan for the first half of 2025, a 52% increase from the previous year [3] - Yonghe Co. forecasts a net profit of 255 million to 280 million yuan, representing a year-on-year increase of 126.30% to 148.49% [4] - Xiangyuan Cultural Tourism projects a net profit of 90 million to 97 million yuan, an increase of 51.44% to 63.22% [5] - Ganli Pharmaceutical expects a net profit of 600 million to 640 million yuan, a growth of 100.73% to 114.12% [6] - Jiangshan Co. anticipates a net profit of 300 million to 360 million yuan, reflecting a year-on-year increase of 75.65% to 110.78% [6] - Zhiwei Intelligent expects a net profit of 91.98 million to 112 million yuan, a growth of 62.85% to 99.06% [9] - Wanliyang forecasts a net profit of 270 million to 290 million yuan, an increase of 46.68% to 57.55% [11] - Wohua Pharmaceutical expects a net profit of 37 million to 53 million yuan, a significant increase of 233.89% to 378.27% [14] - Chenguang Biological anticipates a net profit of 202 million to 232 million yuan, a growth of 102.33% to 132.38% [15] - Muyuan Foods expects a net profit of 10.5 billion to 11 billion yuan, a staggering increase of 924.6% to 973.39% [15] - New Beiyang forecasts a net profit of 34.7 million to 38.2 million yuan, a growth of 100% to 120% [16]

Group 1 - The company expects to achieve a net profit attributable to the parent company of between 90 million to 97 million yuan for the first half of 2025, representing an increase of 30.57 million to 37.57 million yuan compared to the same period last year, which is a year-on-year increase of 51.44% to 63.22% [1][2] - The company anticipates a net profit attributable to the parent company after deducting non-recurring gains and losses of between 77 million to 84 million yuan, which is an increase of 19.46 million to 26.46 million yuan compared to the same period last year, reflecting a year-on-year increase of 33.83% to 45.99% [2] - The main reasons for the profit increase include the addition of new scenic spots such as Mangshan Wuzhifeng Scenic Area, Danxia Mountain Scenic Area, and Sichuan Wolong Giant Panda Base, which contributed to increased operating income, along with government subsidies [2] Group 2 - The previous year's net profit attributable to the parent company was 59.4281 million yuan, and the net profit after deducting non-recurring gains and losses was 57.5367 million yuan [2] - The total profit for the previous year was 84.2211 million yuan, and the earnings per share were 0.06 yuan [2]

证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-036 浙江祥源文旅股份有限公司 2025 年半年度业绩预告 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。 业绩预告的适用情形：实现盈利，且净利润与上年同期相比上升 50%以 上。 浙江祥源文旅股份有限公司（以下简称"公司"）预计 2025 年半年度实 现归属于母公司所有者的净利润为 9,000.00 万元到 9,700.00 万元，与上年同期 相比，预计增加 3,057.19 万元到 3,757.19 万元，同比增加 51.44%到 63.22%。 （一）利润总额为 8,422.11 万元； 1 公司预计 2025 年半年度实现归属于母公司所有者的扣除非经常性损益 的净利润为 7,700.00 万元到 8,400.00 万元，与上年同期相比，预计增加 1,946.33 万元到 2,646.33 万元，同比增加 33.83%到 45.99%。 一、 本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日 （二）业 ...

Core Viewpoint - Xiangyuan Cultural Tourism (600576) expects a significant increase in net profit for the first half of 2025 compared to the same period last year, indicating strong financial performance and growth potential [1] Financial Performance - The company anticipates a net profit attributable to shareholders of the parent company between 90 million to 97 million yuan for the first half of 2025, representing an increase of 30.57 million to 37.57 million yuan year-on-year, which corresponds to a growth of 51.44% to 63.22% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 77 million to 84 million yuan, with an increase of 19.46 million to 26.46 million yuan compared to the same period last year, reflecting a year-on-year growth of 33.83% to 45.99% [1]

浙江祥源文旅股份有限公司（以下简称"公司"）近日收到控股股东祥源旅 游开发有限公司（以下简称"祥源旅游"）及其一致行动人浙江祥源实业有限公 司（以下简称"祥源实业"）的通知，获悉两公司部分工商信息发生变更，并已 取得营业执照，具体如下： 一、祥源旅游法定代表人及注册地址发生变更，变更后的工商登记信息如下： 1、公司名称：祥源旅游开发有限公司 证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-035 浙江祥源文旅股份有限公司 关于控股股东及其一致行动人工商登记信息变更的公告 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。 2、企业类型：有限责任公司(自然人投资或控股的法人独资) 7、经营范围：一般项目：旅游开发项目策划咨询；休闲娱乐用品设备出租； 游览景区管理(除许可业务外，可自主依法经营法律法规非禁止或限制的项目) 二、祥源实业名称、地址以及经营范围发生变更，变更后的工商登记信息如 下： 1、公司名称：安徽祥源文化发展有限公司 2、企业类型：有限责任公司(非自然人投资或控股的法人独资) 3、法定代表人：俞真祥 ...

证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-034 浙江祥源文旅股份有限公司 关于召开 2024 年年度暨 2025 年第一季度业绩说明会的公告 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。 会议召开时间：2025 年 7 月 11 日上午 11:00-12:00 会议召开地点：上证路演中心（https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 （二）会议召开地点：上证路演中心（http://roadshow.sseinfo.com/） （三）会议召开方式：上证路演中心网络互动 三、参加人员 重要内容提示： 投资者可于 2025 年 7 月 4 日至 7 月 10 日 16:00 前登录上证路演中心网站首 页点击"提问预征集"栏目或通过浙江祥源文旅股份有限公司（以下简称"公司"） 邮箱（irm@600576.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。 公司已于 2025 年 4 月 18 日、2025 年 4 月 26 日在《中国证 ...