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 ...

Group 1 - The company held a shareholders' meeting on June 30, 2025, at its headquarters in Hangzhou [1] - The meeting was chaired by the company's chairman, Wang Heng, and complied with legal and regulatory requirements [1][1] - No resolutions were rejected during the meeting [1] Group 2 - The election of Fang Yan as a company director was approved with a voting ratio of 57.19% [1] - The voting process was validated by lawyers Ye Yongxiang and Jiang Yun, confirming the legality and effectiveness of the voting results [1][1] - The meeting's procedures and participant qualifications were in accordance with the company's articles of association and relevant laws [1]

证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-033 浙江祥源文旅股份有限公司 2025年第二次临时股东大会决议公告 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： (二)股东大会召开的地点：杭州市拱墅区密渡桥路 1 号白马大厦 12 楼祥源文旅 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 | 308 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 671,977,382 | | 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 | 63.7218 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，董事长王衡先生主持，大会的召集、召开及表决方 式符合《公司法》等法律、法规和《公司章程》的有关规定。 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一)累积投票议案表决情况 1、 ...

浙江六和律师事务所 关于浙江祥源文旅股份有限公司 2025 年第二次临时股东大会的法律意见书 1、审议《关于选举董事的议案》； 1.01 审议《关于选举方言为公司董事的议案》 为尊重中小投资者利益,提高中小投资者对公司股东大会决议的重大事项的 参与度,根据国务院办公厅《关于进一步加强资本市场中小投资者合法权益保护 工作的意见》(国办发〔2013〕110号)文件精神，本次股东大会的议案1对中小投 资者单独计票。 浙六和法意(2025) 第 1034 号 致:浙江祥源文旅股份有限公司 根据《中华人民共和国证券法》（下称"《证券法》"）《中华人民共和国公 司法》（下称"《公司法》"）和中国证券监督管理委员会《上市公司股东大会规 则》等法律、法规和规范性文件的要求及《浙江祥源文旅股份有限公司章程》（下 称"《公司章程》"）的规定，浙江六和律师事务所（下称"本所 "）接受浙江 祥源文旅股份有限公司（下称"祥源文旅"或"公司"）的委托，指派叶永祥律师、 蒋賛律师参加祥源文旅 2025 年第二次临时股东大会，对本次股东大会的召集和 召开程序、出席会议人员资格、表决方式、表决程序的合法性、有效性进行了认 真审查,并出具本法律 ...

Core Viewpoint - The tourism industry, once expected to thrive, is now facing significant challenges, highlighted by the bankruptcy of Qinghai Tourism Investment Group and the struggles of various tourism companies despite an increase in domestic travel and spending [2][3][4][8]. Group 1: Industry Challenges - Qinghai Tourism Investment Group and its subsidiaries have filed for bankruptcy, shocking the tourism sector [3]. - The company, which aimed for significant growth and public listing, mismanaged its resources, leading to a loss of 4.8 billion in registered capital [4]. - 44 listed companies in the tourism sector reported their Q1 earnings, with 25 experiencing negative revenue growth, accounting for 56.8% of the total [4]. Group 2: Financial Performance - Major airlines like China Southern Airlines, China Eastern Airlines, and Air China reported substantial losses in Q1, with losses of 747 million, 995 million, and 2.044 billion respectively [7]. - Despite a 26.4% increase in domestic travel and an 18.6% rise in spending, the tourism industry is struggling financially [8][9]. Group 3: Market Dynamics - The tourism market is saturated, with an increase in A-level scenic spots and travel agencies, yet average income has dropped by nearly 40% [31]. - Online travel platforms like Ctrip and Tongcheng are thriving, with Ctrip reporting a net profit of approximately 4.3 billion in Q1, showcasing the "shovel effect" where service providers profit while actual tourism businesses struggle [28][30]. Group 4: Shifts in Consumer Behavior - The tourism industry is transitioning to a 2.0 era, where experiential value is prioritized over mere scarcity of resources [46][50]. - Successful attractions like Jiuhua Mountain and Disney have capitalized on immersive experiences, contrasting with traditional scenic spots that fail to adapt [39][41]. Group 5: Future Outlook - Many tourism platforms are likely to face severe financial difficulties or bankruptcy if they cannot adapt to the changing market dynamics and consumer preferences [55][56]. - The current environment suggests a need for a significant restructuring within the tourism sector to eliminate ineffective players and allow successful entities to thrive [58][59].

Core Viewpoint - The core issue revolves around the overlapping contact information of Shandong Meiheng and Shandong Rongrun, which are the largest customer and supplier, respectively, for Xiangyuan Cultural Tourism's cloud communication business. This has raised regulatory concerns regarding potential conflicts of interest and the legitimacy of their business relationship [2][3][10]. Group 1: Regulatory Concerns - The overlapping contact information of Shandong Meiheng and Shandong Rongrun has been a focal point for regulatory scrutiny, particularly given that both companies have been dominant players in Xiangyuan's cloud communication business from 2022 to 2024 [3][10]. - Xiangyuan Cultural Tourism reported that in 2024, the sales revenue from its top five customers in the cloud communication sector was 36.23 million yuan, accounting for approximately 98% of the total revenue from this business segment, which only represented 4.19% of the company's overall revenue [3][10]. - The transactions between Xiangyuan and Shandong Meiheng amounted to 30.55 million yuan in 2024, representing 83% of the cloud communication business, while transactions with Shandong Rongrun reached 28.82 million yuan, accounting for 79% of similar transactions during the same period [3][10]. Group 2: Company Responses and Timeline Issues - Xiangyuan Cultural Tourism attempted to explain the overlapping contact information by stating that the actual controller of Shandong Rongrun assisted the actual controller of Shandong Meiheng with administrative tasks, leading to the same phone number being registered for both companies [3][4]. - However, the timeline presents contradictions, as the actual controller of Shandong Rongrun only acquired shares in April 2022, while the overlapping contact information dates back to 2018 and 2019, raising questions about the legitimacy of the claims made by Xiangyuan [4][10]. - The company maintains that such administrative assistance is common in the cloud communication industry and insists that there is no relationship between the two companies [4][10]. Group 3: Background Context - The scrutiny of Xiangyuan Cultural Tourism is part of a broader pattern of regulatory attention towards the Xiangyuan Group, which has faced multiple controversies, including a significant penalty for fund misappropriation and unusual business expansions by its affiliated companies [10][11]. - In 2024, Xiangyuan and its actual controller received a notice of administrative penalty due to allegations of information disclosure violations, which included a total of 410 million yuan in non-operating fund misappropriation [11][12]. - The recent activities of Xiangyuan's affiliated companies, including a sudden shift into coffee bean trading by a related construction company, have further intensified regulatory scrutiny and raised concerns about potential conflicts of interest [10][12].

Core Viewpoint - Zhejiang Xiangyuan Cultural Tourism Co., Ltd. (hereinafter referred to as "the Company") has responded to the Shanghai Stock Exchange's inquiry regarding its 2024 annual report, focusing on its business relationships with Shandong Meiheng and Shandong Rongrun, including sales figures and operational details [1][2]. Business Operations and Relationships - The Company has engaged in cloud communication business with Shandong Meiheng and Shandong Rongrun since 2019, with a gradual shift towards cultural tourism as its main business post-restructuring in 2022 [3][4]. - Sales figures for the cloud communication business from 2019 to 2024 show a decline in revenue contribution, with total revenue of 30.56 million yuan in 2024, accounting for 1.70% of the Company's total revenue [3][4]. - The Company’s main supplier, Shandong Rongrun, had a prepayment amount of 1.523 million yuan, while Shandong Meiheng was identified as a major customer with sales of 30.56 million yuan in 2024 [1][4]. Business Model and Processes - The cloud communication business model involves establishing a messaging platform that aggregates various SMS suppliers' capabilities, ensuring timely and efficient message delivery [5][6]. - The Company actively sought partnerships with major telecom operators and leveraged its existing resources to develop its cloud communication services, leading to a successful collaboration with Shandong Rongrun and Shandong Meiheng [5][6]. - The procurement process involves prepayment for SMS services, with a unit price of 0.02 yuan per SMS for a total of 100 million SMS purchased from Shandong Rongrun [10][11]. Financial Performance - The financial performance of the cloud communication business has shown fluctuations, with net profits ranging from -11.89 million yuan in 2020 to 33.53 million yuan in 2023, indicating a challenging yet evolving business landscape [3][4]. - The Company reported a total of 5.555 million yuan in revenue from its top five customers in the cloud communication sector for 2022, with Shandong Meiheng accounting for 50.25% of the total revenue [14][15]. Customer and Supplier Dynamics - The Company has established a clear distinction between its customers and suppliers, with Shandong Meiheng being a non-related party, ensuring transparency in its business dealings [14][15]. - The Company’s procurement strategy includes maintaining a stable SMS inventory through prepayments, which helps mitigate risks associated with supply chain disruptions [16][17].

Investment Overview - Zhejiang Xiangyuan Cultural Tourism Co., Ltd. (the "Company") announced that its wholly-owned subsidiary, Shanghai Fengyu Investment Management Co., Ltd., will invest RMB 65 million (approximately USD 9.1 million), with an initial investment of RMB 13 million (approximately USD 1.8 million), in the Yancheng Huanghai Huichuang Keta Low-altitude Economic Industry Investment Fund Partnership (Limited Partnership) [1][2] Fund Registration - The Low-altitude Economic Industry Investment Fund has completed the registration process with the Asset Management Association of China and has obtained the Private Investment Fund Registration Certificate [2] Partnership Changes - Recently, the Company and the general partner, Shenzhen Qifu Antai Investment Management Co., Ltd., along with other limited partners, signed a new partnership agreement. Jiangsu Huaxing Investment Group Co., Ltd. transferred its RMB 30 million (approximately USD 4.2 million) stake in the partnership to Beijing Houzhen Consulting Co., Ltd., relieving Jiangsu Huaxing of all rights and obligations [2][3] Contribution Structure - The contribution structure of the partnership before and after the changes is as follows: - Before the change, total contributions amounted to RMB 50 million (approximately USD 7 million) with various partners contributing different amounts [3] - After the change, the total contributions remain at RMB 50 million, with Beijing Houzhen Consulting Co., Ltd. now holding a RMB 30 million stake [3]