登录新浪财经APP 搜索【信披】查看更多考评等级 出品：新浪财经上市公司研究院 至此，我们好奇的是，公司实控人究竟如何实行资金占用？结合监管处罚函，我们发现，公司将资金占 用的资金藏在股权意向资金中。 | | | | 单位:元 | | --- | --- | --- | --- | | 项目 | 调整前 | 调整会额 | 调整后 | | 其他应收款 | 11,077,966.13 | 50,077,465.75 | 61,155,431.88 | | 其他流动资产 | 97,233,553.13 | -50,000,000.00 | 47,233,553.13 | | 流动资产合计 | 853,204,490,53 | 77,465.75 | 853,281,956.28 | | 资产息计 | 1,197,444,616.96 | 77.465.75 | 1,197,522,082.71 | | 未分配利润 | -686,335,341.71 | 77,465.75 | -686,257,875.96 | | 归属于母公司所有者权益 (或股东权益)合计 | 1,075,743,477.90 | 77,465. ...

Core Viewpoint - The article highlights the contrasting performance of tourism-related A-share listed companies in China, particularly during the recent "May Day" holiday, where visitor numbers and spending reached new highs, yet many companies reported declining revenues and profits [1][6]. Group 1: Tourism Market Performance - During the "May Day" holiday, domestic travel reached 314 million trips, a year-on-year increase of 6.4%, with total spending of 180.27 billion yuan, up 8.0% [1]. - Key tourist destinations like Beijing, Shanghai, and Hangzhou saw significant visitor influx, with companies like 大唐不夜城 attracting 2.25 million visitors and 九华山 receiving 234,200 visitors, a 29.93% increase [2][3]. - The performance of 16 A-share listed tourism companies indicates a strong correlation between their revenues and the number of visitors to their respective attractions [4]. Group 2: Company Performance Disparities - Among the 16 listed companies, only half reported revenue and profit growth in Q1 2025, while others faced declines, such as 曲江文旅, which saw a 23.67% drop in revenue [6][7]. - Long-term losses were noted for companies like 曲江文旅 and 桂林旅游, which have struggled with profitability for several years [6][7]. - The article emphasizes the need for traditional tourism companies to adapt and upgrade their business models to remain competitive in a changing market [8]. Group 3: Investment and Operational Insights - The article discusses the importance of not solely focusing on profitability for tourism companies, as their role in driving local economic growth and tourism development is crucial [11]. - Companies like 宋城演艺 and 祥源文旅 have shown strong profit margins, indicating effective business models that leverage unique cultural offerings [11][12]. - The need for strategic investment management is highlighted, as over-investment or ineffective projects can lead to financial strain for tourism companies [12].

Investment Rating - The report maintains a rating of "Outperform the Market" for the industry [3]. Core Insights - The industry fundamentals are expected to remain under pressure in 2024, with most sectors and companies still significantly affected by macroeconomic factors. However, a number of companies are emerging that are successfully navigating the challenges of consumer downgrade by upgrading from categories to quality and then to brand [1][2]. - The report highlights that companies with strong brand attributes are likely to continue outperforming as the market transitions from price-performance to quality-price comparisons [2]. Summary by Sections 1. Duty-Free Sector - The duty-free sales in Hainan are gradually stabilizing, with the implementation of the Hainan closure policy expected to benefit the duty-free sector. The market is seeing improvements in channel and supply chain capabilities, leading to a stable outlook for profitability [2][49]. - Key companies to watch include China Duty Free Group and Wangfujing [2]. 2. Tourism and Gaming - The tourism sector shows strong resilience in demand, becoming a crucial driver for domestic consumption. The recovery in inbound and outbound travel is significant, with a focus on new consumption scenarios and the silver-haired tourism market [2][3]. - Recommended companies include Jiuhua Tourism, Lingnan Holdings, and Sands China [2]. 3. Hotel Industry - The hotel sector is experiencing weak business travel demand, leading to pressure on RevPAR. However, leisure demand remains resilient, and leading companies are enhancing profitability through brand matrix validation and supply chain optimization [3][72]. - Companies to focus on include Huazhu Group, Atour, and Jinjiang Hotels [3]. 4. Restaurant Sector - Leading restaurant companies are demonstrating strong supply chain negotiation and profitability advantages. The overall supply in the restaurant industry is optimizing, with a competitive trend in price-performance [3][7]. - Notable companies include Mixue Ice City, KFC, and Haidilao [3][7]. 5. Cosmetics and Medical Aesthetics - The cosmetics sector is seeing a shift in focus towards profitability, with companies restructuring their product and channel strategies. High-growth companies are expected to achieve both revenue and profit increases [7][23]. - Key players include Juzhibio, Shumei, and Marubi [7][23]. 6. General Retail - The retail sector is undergoing digital upgrades and operational adjustments, with a focus on essential demand and cash flow stability. Companies like Yonghui Supermarket and Multi-Point Intelligence are recommended [8][30]. - The report also highlights the ongoing challenges in the jewelry sector due to rising gold prices [8][30]. 7. Overall Market Performance - The consumer services sector is expected to face challenges, with a projected performance of -8.70% in 2024. However, the beauty and personal care sector is anticipated to recover with a growth of +8.15% in 2025 [11][19].

Group 1 - Ningde Times announced a share buyback plan with a total fund of 40 billion to 80 billion yuan, having repurchased 6.641 million shares, accounting for 0.1508% of the total share capital, with a total expenditure of 1.551 billion yuan [1] - Guoxin Technology successfully tested its quantum-resistant password chip AHC001, which is based on a domestic 28nm process and features low power consumption and high security, aimed at high-security applications [2] - Jingcheng Co. plans to introduce investors through a capital increase and share expansion for its subsidiary Tianhai Hydrogen Energy, with details yet to be determined [3] Group 2 - Weir Shares' shareholder plans to exchange up to 10 million shares for an open-ended index fund, representing 0.82% of the total share capital, aimed at optimizing asset allocation [4] - Zhejiang University Network New committed 33 million yuan to invest in a venture capital fund focusing on artificial intelligence and robotics, with a total target size of 100 million yuan [5] - Huayi Group intends to acquire 60% of San Aifu for 4.091 billion yuan to expand its business in fluorine fine chemicals, with funding sourced from its own or self-raised funds [6] Group 3 - Huina Technology's controlling shareholder is planning a change of control, leading to a temporary suspension of stock trading [7] - Tongyu Heavy Industry's actual controller will change from Zhuhai State-owned Assets Supervision and Administration Commission to Shandong State-owned Assets, following a share transfer agreement [8] - Kangxi Communication terminated its major asset restructuring plan and shifted to a strategic investment plan to acquire 35% of Shenzhen Chip Zhongxin Technology [9] Group 4 - Huafeng Measurement Control's shareholder plans to transfer 2.9% of its shares due to funding needs, with the transfer price set at a minimum of 70% of the average trading price over the previous 20 trading days [10] - Xiangyuan Cultural Tourism reported a 50.47% year-on-year increase in revenue during the May Day holiday [13] - Sairisi's April new energy vehicle sales increased by 12.99% year-on-year [13]

Major Events - *ST Huaron plans to acquire 34% stake in Zhejiang Zhuangchen for 19.728 million yuan, increasing its ownership from 51% to 85%, which will optimize the asset structure and promote business development [3][4] - Huazhi Media's film "Dumpling Queen" has grossed approximately 218 million yuan in ticket sales within six days of release, exceeding 50% of the company's audited revenue for the last fiscal year [5][6] - Shanghai International Group intends to transfer 339 million shares of Shanghai International Port Group to Jiushi Group without compensation, which will not change the major shareholder or actual controller [6] - Weili Medical's subsidiary received EU MDR certification for portable infusion pumps and disposable storage boxes, enhancing market access in Europe [7] - Guoxin Technology successfully tested a new quantum-resistant chip, AHC001, based on domestic 28nm process technology [8] Performance Overview - Tianbang Foods reported April sales of 470,900 pigs, generating revenue of 691 million yuan, with a sales price of 16.29 yuan/kg, showing a month-on-month decline [9] - Weisheng Information won a procurement project from State Grid Hebei Electric Power Company worth 15.4587 million yuan, representing 0.56% of the company's audited revenue for 2024 [10] - Hanma Technology's truck sales in April reached 1,127 units, marking a year-on-year increase of 56.96% [11] - Western Pastoral's fresh milk production in April increased by 0.47% year-on-year, totaling 3,024.95 tons [12] - Xiangyuan Cultural Tourism reported a 50.47% year-on-year increase in revenue during the May Day holiday, with 623,600 visitors [13] Major Contracts - Zhongli Co. signed a strategic cooperation framework agreement with Jungheinrich AG to promote electrification in the global material handling industry [14] - Far East Holdings received contracts worth 2.646 billion yuan in April for projects exceeding 10 million yuan [15] - Haoen Automotive received a designated letter from a leading new energy vehicle brand for radar and camera systems, with an estimated total revenue of 619 million yuan over 3-6 years [16] - Aopu Optoelectronics signed a contract for an optical system development worth 297 million yuan, accounting for 39.84% of the company's audited revenue for 2024 [17] - Zhonghua Rock and Soil's subsidiary won a bid for a 181 million yuan engineering project [18] Shareholding Changes - Linglong Tire's controlling shareholder plans to increase its stake in the company by 200 million to 300 million yuan within six months [19] Stock Buyback - Tiantong Co. secured a loan commitment of up to 45 million yuan for stock buyback purposes [20]

Group 1 - *ST Huaron plans to acquire 34% stake in Zhejiang Zhuangchen, increasing its ownership from 51% to 85%, optimizing asset structure and promoting business development [3] - Huazhi Media's film "Dumpling Queen" has grossed approximately 218 million yuan in its first six days, exceeding 50% of the company's audited revenue for the last fiscal year [4] - Shanghai International Group intends to transfer 339 million shares of Shanghai International Port Group to Jiushi Group without compensation, which will not change the major shareholder or actual controller [5] Group 2 - Weili Medical's subsidiary received EU MDR certification for portable infusion pumps and disposable storage boxes, enhancing market access in Europe [6] - Guoxin Technology successfully tested a new quantum-resistant chip, AHC001, based on domestic 28nm process technology [7] - Tianbang Foods reported April sales of 470,900 pigs, generating revenue of 691 million yuan, with a sales price of 16.29 yuan/kg [9] Group 3 - Weisheng Information won a procurement project from State Grid Hebei Electric Power Company worth 15.4587 million yuan, representing 0.56% of the company's audited revenue for 2024 [10] - Hanma Technology produced 1,120 trucks in April, with sales of 1,127 trucks, marking a year-on-year increase of 56.96% [11] - Western Pastoral's fresh milk production in April increased by 0.47% year-on-year, totaling 3,024.95 tons [12] Group 4 - Xiangyuan Cultural Tourism reported a 50.47% increase in revenue during the May Day holiday, with 623,600 visitors [13] - Zhongli Co. signed a strategic cooperation framework agreement with Jungheinrich AG to promote the electrification of the global material handling industry [15] - Far East Holdings received contracts worth 2.646 billion yuan in April for projects exceeding 10 million yuan [16] Group 5 - Haon Automotive received a project confirmation from a leading new energy vehicle brand, with an estimated total revenue of 619 million yuan over 3-6 years [17] - Aopu Optoelectronics signed a contract for the development of an optical system worth 297 million yuan, accounting for 39.84% of the company's audited revenue for 2024 [18] - Zhonghua Rock and Soil's subsidiary won a bid for a project worth 181 million yuan, representing 11.84% of the company's revenue for 2024 [19] Group 6 - Linglong Tire's controlling shareholder plans to increase its stake in the company by 200 million to 300 million yuan within six months [21] - Tiantong Co. obtained a loan commitment of up to 45 million yuan for stock repurchase purposes [24]

近两年，文旅产业复苏势头强劲。近期，多家A股上市文旅企业披露的2025年一季报显示，其收入、利 润实现大幅增长。如祥源文旅（600576）4月25日晚披露的财报显示，2025年一季度公司实现营收2.12 亿元，同比增长55.22%；归属于上市公司股东的净利润为3119.5万元，同比大幅增长158.67%。 "2025年，在春节和劳动节假期延长、调休政策优化、天气等利好因素的推动下，国内旅游市场迎来新 的发展机遇，旅游经济总体预期更为乐观。这也直接正向影响到公司一季度业绩。"祥源文旅董事长王 衡在接受证券时报记者采访时表示。 祥源文旅5月6日公布的"五一"假期景区目的地度假业务经营数据显示，如按照财务合并口径计算，公司 2025年"五一"期间接待游客62.36万人次，同比增长112.9%；实现营业收入4040.41万元，同比增长 100.71%。 景区出色表现带动增收 在2023年提出"投资运营一体化"战略后，祥源文旅稳步完成了从传统自然资源型景区向休闲度假化目的 地的转型。2024年，公司进一步深化"休闲旅游目的地"战略，通过三笔重大投资，完善资产结构和业态 类型。 去年初，祥源文旅收购了黄山齐云山旅游管理有 ...

公司项目持续成长，业绩兑现性强。公司存量项目成长性强，客流的增长可通过获取新航线、拓展入境 客源、交通改善来实现；价格的提升可通过开发体验型项目、提供增值服务来实现。增量项目拓展预期 强，主要方向包括全国性知名目的地及目前布局相对空白的客源地，此外，25 年全面启动轻资产输 出。 盈利预测：公司为稀缺的多区域布局自然景区，资产注入带来中短期利润增长，"文旅+科技"综合业务 运营能力助力长期发展。预计公司2025-2027年实现营业总收入13.40/15.13/17.40 亿元， yoy+55%/+13%/+15%，归母净利润3.82/4.60/5.44 亿元，yoy+160%/+20%/+18%。当前股价对应2025- 2027年估值分别28/23/19X。 风险提示：宏观消费环境改善不及预期风险，注入项目运营提升不及预期风险，自然天气变化影响。 公司发布25Q1 季报，25Q1 实现收入2.12 亿元/yoy+55%，实现归母净利润0.31 亿元/yoy+159%，扣非归 母净利润0.28 亿元/yoy+112%。25Q1 公司营业收入及净利润同比增加，主要系新增莽山五指峰景区、 丹霞山景区及四川卧龙大熊猫 ...

Core Viewpoint - The cultural and tourism market in China is experiencing a significant recovery and growth, with strong performance in both the first quarter of the year and during the recent "May Day" holiday, indicating a positive trend for the industry moving forward [3][7][12]. Group 1: Market Performance - The cultural and tourism market saw a robust start in the first quarter, with notable increases in tourism revenue and visitor numbers across multiple regions [3][7]. - During the "May Day" holiday, many tourist attractions reported record-high visitor numbers, such as the Zunyi Wujingzhai Scenic Area receiving 35,454 visitors, a year-on-year increase of 9.89% [6]. - Data from Hubei Province indicated that A-level tourist attractions received 15.29 million visitors over four days, a 25.46% increase year-on-year, while the average occupancy rate of star-rated hotels reached 79.19%, up 7.14 percentage points [6]. Group 2: Investment Trends - The strong growth in cultural and tourism consumption is driving a resurgence in upstream investments, with multiple key projects being signed and launched this year [4][9]. - Recent investment conferences have resulted in significant agreements, such as 26 cooperation agreements worth 9.15 billion yuan signed at the Hainan Free Trade Port Global Industry Investment Conference [9]. - In Shandong, 18 key cultural and tourism projects were signed with a total investment of 15.45 billion yuan, reflecting a trend of batch signing and project launches in the industry [9]. Group 3: Company Performance - Companies in the cultural and tourism sector, such as Xiangyuan Cultural Tourism, reported substantial growth in their first-quarter earnings, with a revenue increase of 55% year-on-year to 212 million yuan and a net profit increase of 158.7% to 31.19 million yuan [12]. - The chairman of Xiangyuan Cultural Tourism noted that favorable conditions, including extended holidays and good weather, have positively impacted the domestic tourism market and the company's performance [12]. - The company has diversified its portfolio by acquiring key tourism resources, which has significantly contributed to its revenue growth [12]. Group 4: Economic Impact - The cultural and tourism industry is recognized as a vital driver of economic development, with the potential to enhance local economies and create job opportunities [16][17]. - In cities like Jinchang, the cultural tourism sector is seen as a catalyst for economic recovery and high-quality development, with ongoing investments in key projects [14][16]. - The integration of cultural tourism with other industries is expected to create a comprehensive economic growth model, enhancing regional attractiveness and infrastructure development [17].

如按照财务合并口径计算，公司 2025 年五一期间接待游客 62.36 万人次同 比 2024 年接待游客 29.29 万人次增长 112.90%；实现营业收入 4,040.41 万元同 比 2024 年营业收入 2,013.07 万元增长 100.71%。 以上主要经营数据未经审计，仅为投资者及时了解公司生产经营概况使用， 敬请广大投资者注意投资风险。 特此公告。 2025 年五一假期景区目的地度假业务主要经营数据快报 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。 浙江祥源文旅股份有限公司董事会 浙江祥源文旅股份有限公司 2025 年五一假期（5 月 1 日至 5 月 5 日）景区 目的地度假业务（包括旅游景区业务及旅游度假业务）经营数据如下： | 项目 | 2025 | 年五一假期 | 同比 | 2024 年五一假期增长 | | --- | --- | --- | --- | --- | | 接待游客（万人次） | | 62.36 | | 51.79% | | 营业收入（万元） | | 4,040.41 | | 50.4 ...