Core Viewpoint - The announcement details the resignation of three senior executives from Zhejiang Xiangyuan Cultural Tourism Co., Ltd. and the subsequent appointment of new executives to ensure the company's operational continuity and strategic focus [1][2][3]. Executive Resignation - Three executives, Sun Dongyang, Yu Weining, and Zhan Chunwei, have resigned due to work adjustments, with Sun and Yu leaving all positions within the company, while Zhan will take on another role [1]. - Sun Dongyang held the position of director and president, while Yu Weining and Zhan Chunwei served as vice presidents [1]. - The resignations will not affect the minimum number of board members required by law, ensuring the board's normal operation [1]. Contributions Acknowledged - The company expressed gratitude for the contributions made by Sun Dongyang, Yu Weining, and Zhan Chunwei during their tenure, highlighting their dedication and commitment to the company's development [2]. Board and Management Appointments - To maintain effective board operations, the company has nominated Fang Yan as a non-independent director, pending approval from the shareholders' meeting [2][3]. - Fang Yan has been appointed as the new president, while Li Jie and Shen Tongyan have been appointed as vice presidents, with their terms lasting until the current board's term ends [3]. New Executives' Backgrounds - Fang Yan, born in July 1979, has extensive experience in tourism management and previously held significant positions in the National Tourism Administration and various tourism investment companies [4]. - Li Jie, born in October 1973, has a background in tourism management, having served in various capacities in tourism scenic area management and investment companies [6]. - Shen Tongyan, born in January 1972, has held leadership roles in tourism companies and has been with Xiangyuan since 2011, contributing to various strategic initiatives [8].

Core Points - The company held its ninth board meeting on June 13, 2025, where several key resolutions were passed regarding board member changes and management appointments [1][2][3]. Group 1: Board Member Changes - The board accepted the resignation of Mr. Sun Dongyang from his positions as director, president, and committee member due to work adjustments, acknowledging his contributions to the company's development [1][2]. - Mr. Fang Yan was nominated as a candidate for the non-independent director position, pending approval at the shareholders' meeting [2]. Group 2: Management Appointments - The board proposed to appoint Mr. Fang Yan as the new president, with his term aligning with the current board's term [2]. - Mr. Li Jie and Mr. Shen Tongyan were nominated as vice presidents, also aligning their terms with the current board [3]. Group 3: Management Service Contracts - The company plans to sign management service contracts with seven subsidiaries under its indirect controlling shareholder, aiming to leverage its operational capabilities and brand value [4]. - The total estimated management service fees for the projects are projected to be between 22.5 million and 38.25 million yuan, with the service period lasting until December 31, 2027 [4]. Group 4: Shareholder Meeting - The company scheduled its second extraordinary general meeting for 2025 on June 30, 2025, to discuss the resolutions passed during the board meeting [5].

证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-030 浙江祥源文旅股份有限公司 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 召开地点：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 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 30 日 至2025 年 6 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (七) 涉及公开征集股东投票权 本次股东大会不涉及公开征集股东投票权事宜。 二、 会议审议事项 本次股东大会审 ...

证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-028 浙江祥源文旅股份有限公司 关于公司董事、高级管理人员离任及补选的公告 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： 浙江祥源文旅股份有限公司（以下简称"公司"）第九届董事会于近日收到 孙东洋先生、虞卫宁先生、詹纯伟先生的辞呈，因工作调整，前述董事、高级管 理人员申请辞去公司相关职务，离任后，孙东洋先生、虞卫宁先生不再担任公司 任何职务，詹纯伟先生另有任用。 一、董事/高级管理人员离任情况 虞卫宁先生、詹纯伟先生在担任公司副总裁期间，勤勉敬业、恪尽职守。公 司对虞卫宁先生和詹纯伟先生在任职期间为公司发展所做出的贡献表示衷心感 谢，同时希望虞卫宁先生和詹纯伟先生今后能一如既往地关心和支持公司，为公 司的持续、健康发展建言献策。 二、非独立董事补选情况 为确保公司董事会的规范高效运作，经第九届董事会提名委员会对非独立董 事候选人的任职资格审查，2025 年 6 月 13 日，公司召开第九届董事会第十次会 议，审议通过了《关于提名公司董事候选 ...

证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-029 浙江祥源文旅股份有限公司 关于子公司签署《管理服务合同》暨关联交易公告 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。 ●关联交易简要内容：公司全资子公司浙江源堃旅游运营管理有限公司拟与 公司间接控股股东祥源控股集团有限责任公司（以下简称"祥源控股集团"）旗 下休宁齐云山文化旅游发展股份有限公司、祥源颍淮旅游开发股份有限公司、安 徽祥源花海旅游开发有限公司、黄龙洞投资股份有限公司、凤凰古城文化旅游投 资股份有限公司、湘西烟雨凤凰旅游演艺有限公司及雅安祥源青碧旅游开发有限 公司共七家孙、子公司分别签署《管理服务合同》，源堃旅游将为目标公司旗下 业务提供管理服务，服务期限自《管理服务合同》签订之日起至 2027 年 12 月 31 日止，服务期限内全部项目管理服务费合计预计在 2,250 万元至 3,825 万元。 ●本次事项构成关联交易，本次关联交易不发生任何资产权属的转移，不构 成《上市公司重大资产重组管理办法》规定的重大资产重组，不会导致公司合并 报 ...

证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-030 浙江祥源文旅股份有限公司 关于召开2025年第二次临时股东大会的通知 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： 召开的日期时间：2025 年 6 月 30 日 14 点 30 分 召开地点：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 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 30 日 至2025 年 6 月 30 日 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 (七) 涉及公开征集股东投票权 本次股东大会不涉及公开征集股东投票权事宜。 二、 会议审议事项 本次股东大会审议议案及投票股东类型 | 序号 | 议案名称 | 投票股东类型 | | ...

第九届董事会第十次会议决议公告 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。 浙江祥源文旅股份有限公司（以下简称"公司"）第九届董事会第十次会议 于 2025 年 6 月 13 日在杭州市白马大厦 12 楼公司会议室以现场结合通讯表决方 式召开。本次会议通知已于 2025 年 6 月 9 日以电子邮件、电话等方式发至全体 董事，经全体董事同意，本次会议豁免通知时限要求。本次会议应出席董事 6 名，实际出席董事 6 名，会议由董事长王衡先生召集主持，本次会议的召开符合 《公司法》及《公司章程》的规定，会议决议有效。 证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-027 浙江祥源文旅股份有限公司 本议案尚需提交公司股东大会审议。 二、审议通过了《关于聘任公司总裁的议案》 因工作调整，孙东洋先生辞去公司董事、总裁及所担任各专门委员会委员职 务，辞职后不再担任上市公司任何职务。根据公司经营管理需要，经公司董事会 提名，拟聘任方言先生担任公司总裁，任期与公司第九届董事会任期一致。 具体内容详见同日披露于上海证券交 ...

Investment Rating - The report maintains a "Market Perform" investment rating for the consumer services industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [34]. Core Insights - The consumer services industry index rose by 2.02% from May 30, 2025, to June 12, 2025, outperforming the Shanghai and Shenzhen 300 index by approximately 1.15 percentage points [9]. - The report highlights that domestic travel during the Dragon Boat Festival saw 119 million trips, a year-on-year increase of 5.7%, with total spending reaching 42.73 billion yuan, up 5.9% year-on-year [22]. - The upcoming summer travel season is expected to reverse the subdued performance observed during the Dragon Boat Festival, with a projected 70% increase in summer travel numbers and an 80% increase in gross merchandise value (GMV) compared to the previous year [34]. Summary by Sections Market Review - The consumer services industry index outperformed the Shanghai and Shenzhen 300 index, with a rise of 2.02% during the reporting period [9]. - The tourism and education sectors showed recovery, while the hotel and comprehensive services sectors experienced declines [10]. - A total of 38 listed companies in the industry reported positive returns, with the top five performers being ST United, Qujiang Cultural Tourism, Jinling Hotel, Changbai Mountain, and Tianmu Lake, with increases ranging from 11.86% to 55.13% [14]. - The overall price-to-earnings (PE) ratio for the consumer services industry was approximately 30.92 times, reflecting an increase compared to previous periods [18]. Industry News - The report notes significant trends in the tourism market, including a focus on family-oriented travel and deep experiential offerings, as highlighted in the 2025 Summer Travel Trend Report by Zhongxin Tourism [24]. - The popularity of the Jiangsu Super League has led to a surge in tourism bookings in Jiangsu, with an increase of over 300% in reservations [26]. - Haichang Ocean Park announced plans to introduce Xiangyuan Holdings as a new controlling shareholder [27]. Company Announcements - The report suggests monitoring specific companies such as Jinjiang Hotel, Changbai Mountain, Emei Mountain A, Xiangyuan Cultural Tourism, Jiuhua Tourism, Zhongxin Tourism, and Songcheng Performing Arts for potential investment opportunities due to their favorable positioning in the upcoming summer season [35].

Core Insights - The elderly tourism market in China is experiencing significant growth due to the increasing elderly population, with projections indicating that by the end of 2024, the population aged 60 and above will exceed 300 million, accounting for 22% of the total population [1][6][9] - The market size for elderly tourism is expected to reach 1.67 trillion yuan in 2024, reflecting a year-on-year growth of 18.8% [22] - Government policies are actively supporting the development of elderly tourism, including financial subsidies and tax incentives for tourism companies to create products and services tailored for the elderly [9][11] Industry Overview - Elderly tourism refers to the tourism industry targeting consumers aged 60 and above, characterized by a preference for in-depth travel experiences and longer trips [2][4] - The elderly tourism industry has developed a comprehensive supply chain encompassing accommodation, transportation, attractions, entertainment, and shopping [4] Market Demand - The increasing number of elderly individuals is driving demand for tourism services, with the elderly population's consumption patterns shifting from basic necessities to diverse areas such as cultural entertainment and health management [8][20] - In the consumption structure of the elderly demographic, leisure travel activities dominate, accounting for 57% of their spending [20] Policy Support - The Chinese government has introduced various policies to promote elderly tourism, including the launch of special tourism trains and the development of tourism products that cater to the elderly [9][11][12] - Local governments are also implementing initiatives to enhance elderly tourism, such as improving facilities for elderly travelers and promoting cultural and health tourism [12][13] Current Trends - The elderly tourism market is transitioning from a niche to a mainstream market, with elderly travelers now representing over 20% of the total tourism population [18] - The rise of the "self-care economy" is leading to increased willingness to spend on travel, with per capita domestic tourism expenditure reaching a historical high in 2024 [16][22] Future Outlook - The elderly tourism industry is expected to evolve towards diversification, high-end offerings, and personalized experiences, with a growing preference for slow-paced and experiential travel [24] - Technological advancements will play a crucial role in enhancing the travel experience for elderly consumers, with applications of AI and other technologies in monitoring safety and health during travel [24]

Overall Situation - The tourism revenue shows steady growth, but travel demand appears relatively flat, with domestic travel during the Dragon Boat Festival in 2025 expected to reach 119 million trips, a 5.7% increase, and total domestic travel expenditure projected at 42.73 billion yuan, up 5.9% [1][2] - Daily average inbound and outbound tourism is 1.969 million people, a year-on-year increase of 2.7%, which is below the official expectation of 2.15 million, representing a 12.2% increase [1][5] Transportation Situation - The total cross-regional personnel flow is expected to reach 657 million during the holiday, with a daily average of 21.9 million, reflecting a year-on-year growth of 3.0% [3] - Railway passenger volume is projected at 47.108 million, with a daily average of 15.7027 million, showing a 2.3% increase [3] - Road travel is expected to account for 600 million trips, with a daily average of 20 million, marking a 3.14% increase [3] Hainan Duty-Free Sales - During the Dragon Boat Festival, Hainan's duty-free shopping amounted to 187 million yuan, a decrease of 8.8%, with 31,300 shoppers, down 18.9% [4] - The average spending per person was 5,974 yuan, an increase of 12.5% [4] Outbound Tourism - The total number of inbound and outbound personnel during the holiday reached 5.907 million, with a peak of 2.086 million on June 1 [5] - The number of inbound foreign visitors under visa-free policies increased by 59.4% compared to the previous year [5] Investment Recommendations - The industry suggests focusing on the recovery of short-distance self-driving and family travel, with a recommendation to pay attention to companies related to leisure tourism and outbound travel, including Ctrip Group, Tongcheng Travel, and hotels driven by business travel demand [6]