Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of RMB 12.3 based on a 2025 PE of 35x [4][9]. Core Insights - The company has a standardized scenic area management system and cross-regional replication capability, supported by quality cultural tourism assets from its major shareholder, Xiangyuan Holdings Group [4][9]. - Projected net profits attributable to shareholders for 2025-2027 are RMB 372 million, RMB 409 million, and RMB 448 million respectively, indicating strong growth potential [4][9]. - The company has overcome the natural resource dependency bottleneck, allowing for a valuation premium [4][9]. Financial Summary - Revenue is expected to grow from RMB 72.226 billion in 2023 to RMB 150.668 billion in 2025, reflecting a growth rate of 55.8% in 2023 and 74.4% in 2025 [3]. - Net profit attributable to shareholders is projected to increase significantly from RMB 15.130 billion in 2023 to RMB 37.248 billion in 2025, with a remarkable growth rate of 571.7% in 2023 [3]. - The company anticipates a revenue of RMB 864 million in 2024, representing a 19.6% increase, with a slight decrease in net profit attributable to shareholders by 3.1% [10]. Business Model and Strategy - The company is actively exploring a "low-altitude + cultural tourism" model, partnering with leading general aviation companies to innovate in low-altitude tourism operations [12]. - It aims to integrate cultural tourism with technological innovation, establishing demonstration samples in key scenic areas [12]. - The company has a diverse portfolio in tourism assets, including various scenic spots and a strong presence in the animation and digital cultural sectors [7]. Revenue Breakdown - In 2024, tourism scenic area revenue is expected to reach RMB 545 million, a 39.7% increase, with a gross profit margin of 63.1% [11]. - Revenue from tourism services, including smart cultural tourism and low-altitude tourism, is projected to grow by 768% to RMB 107 million [11]. - The tourism resort business is also expected to see a 50.3% increase in revenue, reaching RMB 57.06 million [11]. Shareholder Structure - The top shareholders include Xiangyuan Tourism Development Co., Ltd. with 36.93% and Zhejiang Xiangyuan Industrial Co., Ltd. with 19.37%, collectively holding 69.8% of the total share capital [8].

Investment Rating - The report assigns an "Accumulate" investment rating to the company, indicating a positive outlook for its stock performance in the near term [4]. Core Insights - The company is expanding its destination portfolio through acquisitions and aims to create an integrated tourism and vacation destination through a multi-business layout, which is expected to drive synergistic development [4]. - The company has implemented ticket policies and themed activities to enhance visitor traffic and revenue from acquired tourism assets, reflecting a strong commitment to long-term integration of tourism and culture [4]. - The projected earnings per share for 2025 and 2026 are expected to be 0.29 yuan and 0.39 yuan respectively, with corresponding price-to-earnings ratios of 33.90 and 25.74 times [4]. Financial Performance Summary - The company reported a revenue of 864 million yuan for 2024, with an expected increase to 1,401 million yuan in 2025 and 1,664 million yuan in 2026 [7]. - The net profit attributable to the parent company is projected to rise from 147 million yuan in 2024 to 310 million yuan in 2025 and 409 million yuan in 2026 [7]. - The company achieved a significant revenue growth of 19.64% year-on-year, reaching 864 million yuan, while the net profit decreased by 3.14% to 147 million yuan [6]. Business Segment Performance - The tourism scenic area business generated 545 million yuan in revenue for 2024, marking a 39.71% increase, although the gross margin decreased by 1.30 percentage points [6]. - The tourism service business saw a remarkable revenue increase of 767.74%, reaching 107 million yuan, primarily due to a successful partnership in the luxury cruise market [6]. - The anime derivative business experienced a revenue decline of 61.89%, totaling 61 million yuan, while the tea sales business decreased by 7.66% to 72 million yuan [6]. Earnings Forecast - The company anticipates a net profit of 327 million yuan for 2025, with a further increase to 426 million yuan in 2026 [7]. - The diluted earnings per share are projected to grow from 0.14 yuan in 2024 to 0.29 yuan in 2025 and 0.39 yuan in 2026 [7].

证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-023 浙江祥源文旅股份有限公司 关于全资子公司参与投资盐城黄海汇创科泰低空经济产业投资 基金合伙企业（有限合伙）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： 投资标的：盐城黄海汇创科泰低空经济产业投资基金合伙企业（有限合 伙）（以下简称"合伙企业"、"私募基金"或"基金"）。 2、本次投资的基金尚未完成基金备案，具体实施情况和进度尚存在不确定 性。基金具有投资周期长、流动性较低等特点，在投资过程中将受宏观经济、行 业周期、交易方案及投资标的经营管理情况等多重因素影响，存在投资收益不及 预期的风险。敬请广大投资者注意投资风险。 一、对外投资概述 （一）本次投资基本情况 公司全资子公司上海丰豫于近日签署合伙协议，拟以自有资金认购合伙企业 财产份额。合伙企业认缴出资总额为人民币 50,000 万元，其中上海丰豫作为有 限合伙人，拟认缴出资人民币 6,500 万元，占合伙企业认缴出资总额的 13%，其 中首期投资金额为 1,300 万元。 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company is expected to achieve a total revenue of 864.12 million yuan in 2024, representing a year-on-year growth of 19.64%, and a net profit attributable to shareholders of 146.55 million yuan, which is a decrease of 3.14% year-on-year [7] - The forecast for Q1 2025 indicates a significant increase in net profit, with a year-on-year growth of 120% for the non-recurring net profit [7] - The company is focusing on both organic growth and external expansion to enhance performance, with plans to innovate products and upgrade resort facilities [7] Financial Performance Summary - Total revenue projections for 2023A to 2027E are as follows: 722.26 million yuan (2023A), 864.12 million yuan (2024A), 1,461.52 million yuan (2025E), 1,620.19 million yuan (2026E), and 1,766.78 million yuan (2027E) [1][8] - Net profit attributable to shareholders is projected to be 151.30 million yuan (2023A), 146.55 million yuan (2024A), 389.60 million yuan (2025E), 460.59 million yuan (2026E), and 529.72 million yuan (2027E) [1][8] - The company’s earnings per share (EPS) are expected to increase from 0.14 yuan in 2023A to 0.50 yuan in 2027E [1][8] - The price-to-earnings (P/E) ratio is projected to decrease from 69.56 in 2023A to 19.87 in 2027E, indicating improved valuation over time [1][8] Business Segment Performance - In 2024, the tourism scenic area revenue is expected to grow by 40%, with significant contributions from various business segments [7] - The company plans to enhance its asset portfolio by acquiring high-potential projects and improving existing facilities [7]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is expected to achieve a total revenue of 864.12 million yuan in 2024, representing a year-on-year increase of 19.64%, and a net profit attributable to shareholders of 146.55 million yuan, reflecting a slight decrease of 3.14% year-on-year [7] - The forecast for Q1 2025 indicates a significant increase in net profit, with a year-on-year growth of 120% for the non-recurring profit [7] - The company is focusing on both organic growth and external expansion to enhance performance, with plans to upgrade its resort offerings and leverage technology in cultural tourism projects [7] Financial Summary - Total revenue projections for the company are as follows: 722.26 million yuan in 2023, 864.12 million yuan in 2024, 1,461.52 million yuan in 2025, 1,620.19 million yuan in 2026, and 1,766.78 million yuan in 2027 [1][8] - The net profit attributable to shareholders is forecasted to be 151.30 million yuan in 2023, 146.55 million yuan in 2024, 389.60 million yuan in 2025, 460.59 million yuan in 2026, and 529.72 million yuan in 2027 [1][8] - The earnings per share (EPS) are projected to be 0.14 yuan in 2023, 0.14 yuan in 2024, 0.37 yuan in 2025, 0.44 yuan in 2026, and 0.50 yuan in 2027 [1][8] - The company’s price-to-earnings (P/E) ratio is expected to decrease from 69.56 in 2023 to 19.87 in 2027, indicating improved valuation over time [1][8]

Group 1 - The core viewpoint of the news is that Zhejiang Xiangyuan Cultural Tourism Co., Ltd. reported a revenue increase of 19.64% year-on-year for 2024, but a net profit decrease of 3.14% [1] - The company forecasts a significant increase in net profit for Q1 2025, projecting between 30 million to 33 million, representing a year-on-year increase of 148.76% to 173.64% [1] - Recent acquisitions have exceeded performance commitments, with several subsidiaries achieving net profits above their targets, indicating strong operational resilience [1] Group 2 - In 2023, the company initiated an "investment and operation integration" strategy to transform from traditional natural resource-based attractions to leisure vacation destinations [2] - The company aims to optimize asset allocation and diversify business types to expand its base, enhance overall asset returns, and focus on core destination resources [2] - As of December 31, 2024, the company reported total assets of 4.589 billion, a year-on-year increase of 20.63%, and a net asset value of 2.814 billion, with a debt-to-asset ratio of 33.85%, indicating a solid financial structure [2]

Core Viewpoint - Xiangyuan Cultural Tourism reported a revenue of 864 million yuan for 2024, marking a year-on-year increase of 19.64%, and a net profit attributable to shareholders of 147 million yuan [2]. Financial Performance - The company anticipates a net profit of 30 to 33 million yuan for Q1 2025, representing a year-on-year increase of 148.76% to 173.64% [2]. - The revenue growth is attributed to lean operations and strategic investments, optimizing asset allocation and expanding tourism offerings [2]. Business Development - By the end of last year, the company established three major international tourism destination systems: "Daxiangxi," "Dahuangshan," and "Danannanling," which include various scenic areas and world heritage sites [2]. - The company has developed key tourism resources, including five national 5A-level scenic spots and several unique natural landscapes [2]. Strategic Initiatives - Xiangyuan Cultural Tourism has launched a subsidiary, Xiangyuan General Aviation, to explore the low-altitude tourism sector, currently in the business exploration phase [3]. - The company has formed strategic partnerships with leading enterprises in the general aviation industry to innovate in transportation and experience [3]. - The focus on low-altitude economy is part of the company's strategy to transition into a "cultural tourism service provider" [3]. Future Outlook - The company plans to implement a development strategy centered on "cultural IP + tourism + technology" in 2025, leveraging digital technology to drive growth [3]. - The aim is to accelerate the transition from a "cultural tourism destination investment operator" to a "cultural tourism industry service provider" [3].

证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-016 浙江祥源文旅股份有限公司 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：上会会计师事务所(特殊普通合伙)（以下 简称"上会会计师事务所"） 上会会计师事务所为浙江祥源文旅股份有限公司（以下简称"公司"）2024 年度财务报告和内部控制审计机构，该事务所在公司 2024 年度财务报告和内部 控制审计过程中勤勉尽责，坚持独立的审计原则，认真履行审计机构应尽的职责， 相关报告客观、公正、公允地反映公司财务情况，从专业角度维护了公司及股东 的合法权益。 鉴于该事务所审慎认真的工作态度，严谨求实的工作作风，同时为保持公司 审计工作的连续性和稳定性，经公司 2025 年 4 月 16 日召开的第九届董事会第八 次会议审议通过，拟续聘上会会计师事务所为公司 2025 年度财务报告和内部控 制审计机构。该事项尚需提交公司 2024 年年度股东大会批准。 注册地址：上海市静安区威海路 755 号 2 ...

一、2024 年年审会计师事务所基本情况 (一)会计师事务所基本情况 首席合伙人：张晓荣 历史沿革：上会会计师事务所原名上海会计师事务所，成立于 1981 年 1 月， 是由财政部在上海试点成立的全国第一家会计师事务所，为全国第一批具有上市 公司、证券、期货、金融资质的会计师事务所之一；1998 年 12 月改制为有限责 任公司制的会计师事务所，2013 年 12 月上海上会会计师事务所有限公司改制为 上会会计师事务所（特殊普通合伙）。 业务资质：上会会计师事务所已取得会计师事务所证券、期货相关业务许可 证（证书号：32）；会计师事务所执业证书（编号：31000008）；首批从事金融 相关审计业务会计师事务所资质（批准文号：银发(2000)358 号）；中国银行间 市场交易商协会会员资格；军工涉密业务咨询服务安全保密条件备案证书等相关 资质。首批获得财政部、证监会从事证券服务业务会计师事务所备案。 （二）续聘会计师事务所履行的程序 公司第八届董事会审计委员会 2024 年第四次会议、第八届董事会第二十五 次会议及 2023 年年度股东大会，审议通过了《关于续聘 2024 年度会计师事务所 浙江祥源文旅股份有限 ...

证券代码：600576 证券简称：祥源文旅 编号：临 2025-019 为提高工作效率，及时办理融资业务，授权公司董事长及其授权代表根据实 际经营情况的需要，在上述授信额度内行使决策权与签署有关法律文件，并由公 司财务部门负责具体实施。 上述事项尚需 2024 年年度股东大会审议。 特此公告。 浙江祥源文旅股份有限公司董事会 2025 年 4 月 17 日 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（以下简称"公司"）于 2025 年 4 月 16 日召开 的第九届董事会第八次会议，审议通过了《关于 2025 年度公司及所属子公司向 银行申请综合授信额度的议案》，现将相关事项公告如下： 为满足公司各项业务顺利进行及日常经营资金需求，提高资金营运能力，公 司及合并报表范围内子公司向银行申请不超过人民币 12 亿元的综合授信额度， 期限为自 2024 年年度股东大会审议通过之日起一年。综合授信品种包括但不限 于：流动资金贷款、项目贷款、中长期贷款、银行承兑汇票、商业承兑汇票、保 函、信用证、抵押贷款等 ...