一、 本期业绩预告情况 （一）业绩预告期间 证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-022 浙江祥源文旅股份有限公司 2025 年第一季度业绩预告 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。 浙江祥源文旅股份有限公司（以下简称"公司"）预计 2025 年第一季度 实现归属于母公司所有者的净利润为 3,000.00 万元到 3,300.00 万元，与上年同 期相比，预计增加 1,794.04 万元到 2,094.04 万元，同比增加 148.76%到 173.64%。 公司预计 2025 年第一季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 2,700.00 万元到 3,000.00 万元，与上年同期相比，预计增加 1,405.38 万元到 1,705.38 万元，同比增加 108.56%到 131.73%。 （三）每股收益为 0.01 元。 三、 本期业绩变动的主要原因 2025 年 1 月 1 日至 2025 年 3 月 31 日 （二）业绩预告情况 1、经财务部门初步测算，预计 2 ...

祥源文旅(600576.SH)公告称，预计2025年第一季度实现归属于母公司所有者的 净利润为3000万元到 3300万元，同比增加148.76%到173.64%。主要原因是公司新增莽山五指峰景区、丹霞山景区及四川卧 龙大熊猫基地带来 营业收入增加，以及取得政府补贴收入等。 ...

祥源文旅（600576）公告，2024年度营业收入8.64亿元，同比增长19.64%。归属于上市公司股东的净利 润1.47亿元，同比下降3.14%。公司2024年度利润分配预案为不派发现金股利，不送红股，不以资本公 积金转增股本。 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [5]. Core Views - The company is focused on integrating tourism resources and building a large-scale cultural tourism platform, with significant improvements in profitability and operational efficiency [1][3]. - The company is actively expanding into the low-altitude tourism market, which is expected to drive sustainable growth [2][3]. Summary by Sections 1. Continuous Integration of Scenic Resources - The company has been acquiring and integrating tourism-related assets since 2022, focusing on core scenic resources, which has led to a significant improvement in revenue and profitability [1][13]. - In 2023, the company achieved revenue of 722 million and a net profit of 151 million, marking a substantial increase compared to previous years [1][74]. - The scenic assets include key locations such as the Hundred Dragon Sky Ladder and Huanglong Cave, which have shown strong performance exceeding performance commitments [1][22]. 2. Rapid Recovery of the Tourism Market - The domestic tourism market is recovering quickly post-pandemic, with a projected 14.8% year-on-year increase in domestic travel in 2024 [85]. - Key scenic areas like Zhangjiajie and Huangshan are experiencing a resurgence in visitor numbers, with Zhangjiajie seeing a 166.3% increase in inbound tourists in 2024 compared to the previous year [87][88]. 3. Scenic Expansion and Low-altitude Economy - The company is optimizing existing scenic assets and exploring the low-altitude tourism market, which is expected to contribute an additional revenue of approximately 175 million annually [2][3]. - The establishment of a subsidiary for low-altitude tourism and the procurement of eVTOL aircraft are part of this strategic expansion [2][3]. 4. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 827 million, 1.242 billion, and 1.332 billion from 2024 to 2026, with net profits of 176 million, 384 million, and 427 million respectively [3][8]. - The report highlights the potential for continued growth in existing projects and the introduction of new assets, leading to a favorable investment outlook [3][8].

Core Viewpoint - The company reported significant growth in visitor numbers and revenue during the Qingming holiday, indicating strong operational performance and potential for continued profitability in 2025 [1][2]. Group 1: Visitor and Revenue Performance - During the Qingming holiday from April 4 to April 6, 2025, the company received 217,700 visitors, representing a year-over-year increase of 85% [1]. - The revenue for the same period reached 13.4 million yuan, reflecting a year-over-year growth of 75% [1]. - When adjusted for financial consolidation, the visitor count increased by 110% year-over-year, with revenue growth of 96% compared to the previous year [2]. Group 2: Operational Strengths and Growth Potential - The company benefits from a strategic location of its scenic spots in densely populated provinces, capitalizing on trends such as nearby travel and value-for-money tourism [2]. - Strong operational management has led to significant improvements in newly acquired scenic projects, enhancing overall performance [2]. - The company is characterized by high growth potential and strong realization capabilities, with a focus on profit realization, asset injection, and low-altitude tourism catalysts [2]. Group 3: Financial Forecast - The company is projected to achieve total revenues of 825 million, 1.14 billion, and 1.31 billion yuan for the years 2024, 2025, and 2026, respectively, with year-over-year growth rates of 14%, 38%, and 15% [3]. - Expected net profits for the same period are 174 million, 396 million, and 540 million yuan, with year-over-year growth rates of 15%, 127%, and 37% [3]. - Current stock prices correspond to valuations of 53x, 23x, and 17x for the years 2024, 2025, and 2026, respectively [3].

自由家树屋等酒店等新项目将贡献业绩增量。3）四川碧峰峡主题旅游度假区，涵盖野生动物世界、生 态峡谷景区和大熊猫基地等核心板块，2023 年收入/净利润分别为1.25/0.58 亿元，空中廊桥助力景区接 待能力提升。 持续整合景区资产，贡献利润增量。1）大南岭片区布局湖南莽山五指峰景区，辐射湖南、广东客群， 2024H1 收入/净利润为0.48/0.11亿元。2）中标丹霞山5 个项目特许经营权，布局华南目的地，2023年景 区门票和锦江画廊收入0.54 亿元。3）卧龙大熊猫神树坪基地，与碧峰峡协同发展，2024Q1-3 净利润 1012 万元。4）控股股东文旅资源丰富，将助力公司整合资产。 投资要点 打造全球领先的文旅资产服务商：祥源控股集团于2017 年入主上市公司，主营业务为动漫及其衍生和 影视制作等，2022 年起公司通过完成资产重组、资产置换、现金收购等方式陆续收购多个景区相关资 产，布局"大湘西"、"大黄山"、"川渝"、"大湾区"等旅游目的地资源，实现动漫影视文化到文旅投资运 营的转型，并构建"文化IP+旅游+科技"新模式。2023 年公司营收为7.2 亿元，其中景交服务/酒店/动物 园/智慧文旅/动 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The company has successfully transformed its business model through asset restructuring and strategic shifts, focusing on a "Cultural IP + Tourism + Technology" integrated approach, enhancing its brand value in the tourism sector [6][18]. - The company has shown strong revenue growth, with a projected increase in net profit driven by acquisitions and the expansion of tourism assets [6][7]. - The company is well-positioned to capitalize on the low-altitude tourism market, having launched its first eVTOL flight in 2025, marking a significant step in integrating low-altitude economic activities with tourism [6][18]. Financial Data and Profit Forecast - Total revenue is expected to grow from 722 million yuan in 2023 to 1.333 billion yuan in 2025, reflecting a compound annual growth rate (CAGR) of 52.3% [2]. - Net profit is projected to increase from 151 million yuan in 2023 to 386 million yuan in 2025, indicating a significant growth trajectory [2]. - The company’s gross margin is expected to improve from 52% in 2023 to 55% in 2026, showcasing enhanced operational efficiency [2]. Market Data - As of March 27, 2025, the company's closing price was 9.18 yuan, with a market capitalization of 6.062 billion yuan [3]. - The company has a price-to-earnings (P/E) ratio projected to decrease from 64 in 2023 to 25 in 2025, indicating a favorable valuation trend [2][3]. Strategic Initiatives - The company has diversified its tourism offerings by acquiring key assets in popular tourist destinations, creating a chain of attractions that enhance its brand presence [6][24]. - The integration of digital technology and animation IP into tourism experiences is expected to drive visitor engagement and revenue growth [6][18]. - The company is actively pursuing low-altitude tourism projects, which are anticipated to provide new revenue streams and enhance customer experiences [6][18].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][13]. Core Insights - The company has transformed into a cultural tourism entity, completing asset restructuring in 2022 and currently operates three major tourist resorts, along with several key tourist attractions [7][8]. - The revenue and net profit for 2023 showed significant growth, with revenue reaching 722.6 million yuan, a year-on-year increase of 55.81%, and net profit at 151.4 million yuan, up 670.72% [7][10]. - The company is actively integrating cultural tourism assets and exploring low-altitude tourism opportunities, aiming to create a new industry model that combines low-altitude economy with cultural tourism [9][12]. Financial Performance - The company reported a revenue of 463.6 million yuan in 2022, with a projected revenue of 851.98 million yuan for 2024, reflecting a year-on-year growth of 18% [10][19]. - The net profit is expected to grow from 156.03 million yuan in 2024 to 41.29 million yuan in 2026, indicating a strong upward trend in profitability [10][22]. - The gross profit margin is projected to stabilize around 52.4% to 53.1% from 2024 to 2026, showcasing effective cost management [10][22]. Business Segments - The company operates five major tourist destinations, with significant revenue expected from scenic transportation services, projected to reach 1.08 billion yuan by 2025 [16][19]. - The animation and derivative business is expected to remain stable, with revenues projected at 144.19 million yuan annually from 2024 to 2026 [17][19]. - The tea sales business is anticipated to stabilize around 70.41 million yuan per year, reflecting a mature market position [17][19]. Strategic Initiatives - The company is focusing on the integration of cultural IP with tourism and technology, aiming to enhance its service offerings and market presence [7][8]. - Recent acquisitions and partnerships in the low-altitude tourism sector are expected to position the company as a leader in this emerging market [9][12]. - The company plans to replicate its successful business model across various regions, leveraging its established tourism assets and operational capabilities [12][13].

Investment Rating - The report assigns a "Strong Buy" rating for the company, predicting a relative increase of over 20% compared to the benchmark index in the next 12 months [12]. Core Insights - The company is actively exploring low-altitude tourism, aligning with national policy directions, and has made significant strides in commercializing low-altitude tourism products [3][4]. - The company is expected to experience substantial profit growth in 2025, with projected net profit reaching approximately 400 million RMB, indicating a high safety margin at the current market valuation of about 25 times earnings [4][6]. - The company has a rich resource base from its controlling shareholder, which supports ongoing asset integration and business expansion [4]. Financial Projections - The company is projected to achieve total revenue of 8.25 billion RMB in 2024, increasing to 11.40 billion RMB in 2025, and 13.13 billion RMB in 2026, reflecting year-on-year growth rates of 14%, 38%, and 15% respectively [5][7]. - The net profit forecast for the same period is 1.74 billion RMB in 2024, 3.96 billion RMB in 2025, and 5.40 billion RMB in 2026, with year-on-year growth rates of 15%, 127%, and 37% respectively [5][6]. - The company's earnings per share (EPS) are expected to rise from 0.14 RMB in 2023 to 0.51 RMB in 2026 [7][9].

Summary of Xiangyuan Cultural Tourism Conference Call Company Overview - Xiangyuan Cultural Tourism is a publicly listed company on the A-share main board, primarily focused on tourism scenic area services, accounting for approximately 90% of its business. The company operates 8 scenic destinations, with 6 rated as 5A and 2 as 4A, located in regions such as Hunan, Anhui, Guangdong, and Sichuan. In 2024, about 90% of the company's overall revenue is expected to come from cultural tourism services, while animation and related businesses, as well as film and animation production, will account for 10% [3][4]. Key Revenue Sources - The largest revenue source is the Bailong Elevator in Zhangjiajie, Hunan, generating over 200 million yuan in annual revenue and over 100 million yuan in net profit. Other significant contributors include the Mengshan Wuzhifeng and Bifengxia scenic areas, each generating over 100 million yuan in revenue and approximately 50 million yuan in net profit [4][5]. Expansion and Capital Actions - In 2024, the company expanded through acquisitions, including the Jiadashijie Hotel, the establishment of the Xiangyun Travel brand, and the acquisition of operational rights for Mengshan Wuzhifeng and Danxia Mountain. Additionally, the company formed Xiangyun Tongxing to enter the low-altitude tourism market, purchasing 50 EH216-S unmanned aerial vehicles [4][6]. Growth Strategies - The growth strategy for the Bailong Elevator in 2025 includes optimizing ticket sales and enhancing marketing efforts to increase visitor purchasing willingness and overall penetration rates. The company plans to generate over 10 million yuan in revenue through package elevator services and intends to renovate station buildings to introduce commercial operations [4][7]. Profit Projections - The overall profit for scenic areas in 2024 is estimated to be around 250-270 million yuan, with net profit exceeding 100 million yuan, impacted by amortization and depreciation. The animation business is expected to break even, while tourism remains the primary revenue source. New projects in 2025 are projected to contribute an additional profit of approximately 11-12 million yuan [4][16][17]. Future Development Plans - The company aims to continue expanding its tourism scenic areas nationwide while leveraging animation IP derivatives and film production to create synergistic effects with scenic areas. A significant focus will be on developing the low-altitude tourism market, with plans to launch low-altitude flight projects at Danxia Mountain, initially priced at 399 yuan for a 5-minute flight [4][8][28]. Marketing and Customer Engagement - The company employs various marketing strategies, including social media platforms and unique services to enhance customer satisfaction and brand recognition. The integration of a unified ticketing system and membership operations aims to attract repeat customers and improve overall brand exposure [25][26]. Financial Performance and Challenges - The financial performance in 2024 showed a profit of approximately 250-270 million yuan, with net profit affected by amortization and depreciation. The company has not encountered goodwill impairment issues, and all projects have exceeded previous profit commitments [16][17]. Conclusion - Xiangyuan Cultural Tourism is positioned for significant growth through strategic acquisitions, innovative marketing, and the development of new tourism products. The focus on low-altitude tourism and the integration of animation and film production into its offerings are expected to enhance its competitive edge in the cultural tourism sector [29][30].