证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-039 浙江祥源文旅股份有限公司 表决结果：同意 3 票，反对 0 票，弃权 0 票。 二、审议通过了《关于子公司与关联方组成联合体参与项目投标暨与关联 方共同投资的议案》 第九届监事会第八次会议决议公告 本公司监事会及全体监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个别及连带责任。 浙江祥源文旅股份有限公司（以下简称"公司"）第九届监事会第八次会议 于 2025 年 7 月 22 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 7 月 18 日以电子邮件、电话等方式发至全体 监事，经全体监事同意，本次会议豁免通知时限要求。本次会议应出席监事 3 名，实际出席监事 3 名，会议由监事会主席俞真祥先生召集主持，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。 经出席本次会议的监事讨论并投票表决，审议通过了以下决议： 一、审议通过了《关于公司与关联方组成联合体参与项目投标暨对外投资 的议案》 具体内容详见同日于上海证券交 ...

证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-038 浙江祥源文旅股份有限公司 第九届董事会第十一次会议决议公告 一、审议通过了《关于公司与关联方组成联合体参与项目投标暨对外投资 的议案》 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"）第九届董事会第十一次会 议于 2025 年 7 月 22 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 7 月 18 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 7 名，实际出席董事 7 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。 具体内容详见同日于上海证券交易所网站（www.sse.com.cn）及指定媒体披 露的《关于公司及子公司与关联方组成联合体投标项目中标暨关联交易的公告》 （公告编号：临 2025-040）。 本议案已经董事会 2025 年第一次战略委 ...

Core Insights - Xiangyuan Cultural Tourism (600576) has signed a strategic cooperation agreement with WoFei ChangKong at the "2025 International Low Altitude Economy Expo" to explore the application of eVTOL (electric vertical takeoff and landing aircraft) technology in the low-altitude cultural tourism sector [1] Group 1 - The collaboration aims to develop innovative business models that integrate "low altitude + cultural tourism" [1] - This partnership is a significant move for Xiangyuan Aviation in establishing a foothold in the low-altitude economy [1] - The initiative represents an important practice for Xiangyuan Cultural Tourism in innovating development paths through the deep integration of "technology + scenarios" in the cultural tourism industry [1]

证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-037 浙江祥源文旅股份有限公司关于 全资子公司为其全资（控股）子公司提供担保的公告 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： 担保对象及基本情况 | 担保对象一 | 被担保人名称 | | 韶关市祥源丹霞山旅游有限公司 | | | --- | --- | --- | --- | --- | | | 本次担保金额 | 24,409.00 | 万元 | | | | 实际为其提供的担保余额24,409.00 | | 万元 | | | | 是否在前期预计额度内 □是 | | 否 | □不适用：_________ | | | 本次担保是否有反担保 □是 | | 否 | □不适用：_________ | | 担保对象二 | 被担保人名称 | | | 西双版纳祥源易武茶业有限公司 | | | 本次担保金额 | 990.00 | 万元 | | | | 实际为其提供的担保余额990.00 | | 万元 | | | | 是否在前期预计额度内 □是 | | ...

Core Viewpoint - Xiangyuan Cultural Tourism's response to the stock exchange's annual report inquiry has raised concerns about potential concealment of actual control relationships among its suppliers and customers, particularly regarding Jining Yibo and Shandong Rongrun [1][4][10]. Group 1: Company Relationships and Control - Xiangyuan Cultural Tourism claims that Jining Yibo is controlled by "Zhang," while investigations reveal that it is actually controlled by Liu Ming, who also controls Shandong Rongrun [1][8]. - The same contact information is used by multiple companies, including Shandong Rongrun and Shandong Meiheng, which has led to questions about their relationship and the legitimacy of their business transactions [3][6]. - Liu Ming plays a central role in the operations of these companies and has connections to Xiangyuan's subsidiary, Xiangrun Cloud, raising suspicions about potential conflicts of interest [12][19]. Group 2: Financial Transactions and Business Practices - Xiangrun Cloud has been purchasing SMS services from Shandong Rongrun, amounting to millions of yuan over the past three years, while simultaneously, Jining Yibo has been a customer of Xiangrun Cloud [10][11]. - The reported sales figures indicate that Shandong Meiheng was the largest customer with sales of 30.56 million yuan, while Shandong Rongrun was the main supplier with a prepayment of 1.523 million yuan [2][3]. - The unusual business practices, such as purchasing from a subsidiary rather than directly from a related company, raise questions about the underlying commercial rationale [11][19].

Group 1 - The tourism industry is experiencing a recovery, with domestic tourist numbers expected to reach 5.615 billion in 2024, an increase of 724 million from 2023, representing a year-on-year growth of 14.8% [1] - Domestic tourism spending is projected to reach 5.75 trillion yuan in 2024, an increase of 840 billion yuan from 2023, reflecting a growth of 17.1% [1] - The average spending per trip in 2024 is estimated at 1,024 yuan, showing a year-on-year increase of 2.0% [1] Group 2 - Consumer preferences are shifting, leading to changes in tourism themes, which presents both opportunities and challenges for tourism operators [2] - Non-traditional tourist destinations can attract large crowds quickly but face challenges in infrastructure, attractiveness, and repeat visitation [2][3] - Long-term visitors, such as families and artists, contribute significantly to the local tourism landscape, contrasting with the transient nature of typical tourists [3] Group 3 - The tourism user base is diversifying, with a shift from elite-focused travel to family-oriented leisure travel, as evidenced by the increase in family and parent-child trips [4] - Rural residents show a high willingness to travel, with 78% expressing interest in tourism, and their spending growth outpacing that of urban residents [6] - The demand for diverse pricing in tourism products is rising, with various destinations catering to different user groups [6] Group 4 - Successful tourism brands maintain their unique characteristics while offering a wide range of products to attract loyal customers [7] - The definition of tourism supply has evolved beyond natural and cultural attractions to include immersive experiences that create emotional connections with users [7][8] - Companies that transition from sightseeing to immersive experiences are more likely to succeed in the current tourism landscape [8] Group 5 - Key operational data from listed tourism companies shows that many are experiencing stagnant or negative revenue growth, while those focusing on leisure and vacation experiences are performing better [9] - The evolution of the tourism ecosystem indicates a shift from natural sightseeing to immersive experiences, with a focus on user engagement and experience time [8] Group 6 - The case of Japan's "MACHI*ASOBI" festival illustrates the effectiveness of strong marketing and differentiated immersive experiences in attracting tourists [11] - Creating immersive experiences requires breaking down self-perceptions and providing multi-sensory stimuli to engage users fully [12][14] - Successful tourism experiences often involve a high level of scene-setting and emotional engagement, as seen in events like concerts that drive additional spending [14]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][11]. Core Insights - The report highlights a significant differentiation in performance across various sectors within the social services industry, particularly in tourism and hospitality, driven by changing consumer behaviors and economic conditions [3][4]. - The hotel industry is transitioning from a rapid growth phase to a more competitive environment, with a notable increase in the number of hotels and rooms available [3][4]. - The demand for duty-free shopping is anticipated to grow due to global economic recovery and consumption upgrades, despite some companies facing revenue declines [3][4]. Summary by Relevant Sections Tourism Attractions - Jiuhua Tourism is projected to achieve a 22% increase in revenue and a 28% increase in net profit for H1 2025. Huangshan Tourism is expected to generate revenue of 911 million yuan, a 9% increase year-on-year, with a net profit of 149 million yuan, up 13% [3][4]. - Changbai Mountain is forecasted to see a 7.48% decrease in revenue, with a net loss of 2 million yuan, marking a 110% decline [3][4]. - Tianmu Lake is expected to report a 5% revenue increase to 277 million yuan and a 9% rise in net profit to 58 million yuan [3][4]. Hotel Industry - Huazhu is expected to generate 11.66 billion yuan in revenue for H1 2025, a 2% increase, with a net profit of 2.04 billion yuan, up 18% [3][4]. - Shoulv Hotel is projected to see a 4% decline in revenue to 3.59 billion yuan, while net profit is expected to rise by 9% to 391 million yuan [3][4]. - Atour Hotel anticipates a 30% revenue increase to 4.24 billion yuan and a 16% rise in net profit to 653 million yuan [3][4]. Exhibition & Human Resource Services - The report notes increasing competition in the domestic market, with companies like Miao Exhibition expected to achieve a 9% revenue increase to 284 million yuan, despite a significant drop in net profit [3][4]. - Beijing Human Resources is projected to see a 6% revenue increase to 23.29 billion yuan, with a substantial 81% rise in net profit to 785 million yuan [3][4]. Duty-Free Sector - China Duty-Free is expected to report a 9% decline in revenue to 28.58 billion yuan and a 14% decrease in net profit to 2.84 billion yuan [3][4]. - Wangfujing is projected to see an 18% decline in revenue to 4.95 billion yuan, with a 73% drop in net profit to 80 million yuan [3][4]. Investment Recommendations - The report suggests focusing on companies in various sectors: 1. Exhibition and events: Lansheng Co., Lisheng Sports, Miao Exhibition 2. Human resources: Beijing Human Resources, Keri International 3. Tourism: Changbai Mountain, Jiuhua Tourism, Huangshan Tourism, Songcheng Performing Arts, Tianmu Lake 4. Hotels: Shoulv Hotel, Huazhu, Atour 5. Duty-free: China Duty-Free, Wangfujing [3][4].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4][6]. Core Viewpoints - The company is positioned as a leading cultural tourism service provider, focusing on destination investment and operation, with a robust expansion of its business footprint [1][4]. - The tourism industry is experiencing a recovery driven by policy support, with significant growth in both domestic and inbound tourism expected [2][29]. - The company has established three major international tourism destination systems, achieving breakthroughs in light asset operations [3][4]. Company Overview - The company, Xiangyuan Cultural Tourism, was listed in 2017 and has since acquired several high-quality scenic assets, forming a comprehensive tourism service model that includes destination resorts, travel services, cultural consumption, and digital technology [1][14]. - In 2024, the company is projected to achieve revenue of 860 million yuan, a year-on-year increase of 19.6%, with a net profit of 147 million yuan, reflecting a slight decline of 3.1% [1][4]. Industry Insights - Domestic tourism is expected to see 5.62 billion visitors in 2024, a 14.9% increase year-on-year, with tourism revenue reaching 5.8 trillion yuan, up 17.0% [2][29]. - Inbound tourism is projected to recover significantly, with 132 million visitors anticipated in 2024, marking a 60.9% increase from the previous year [2][38]. - The report highlights the ongoing policy initiatives aimed at bolstering the tourism sector, which is recognized as a strategic pillar of the national economy [29][41]. Business Development - The company has successfully integrated various scenic assets through acquisitions, enhancing its operational capabilities and expanding its market presence [3][4]. - The establishment of three major tourism areas—Daxiangxi, Dahuangshan, and Dananling—demonstrates the company's strategic focus on high-potential regions [3][4]. - The company has developed a comprehensive operational model that includes light asset management for eight scenic spots, providing full-chain operational services [1][3]. Financial Projections - The company is expected to achieve revenues of 1.36 billion yuan in 2025, with a net profit of 383 million yuan, reflecting a significant growth trajectory [4][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 21.3x, 17.6x, and 15.6x respectively, indicating potential for valuation improvement [4][5].

Core Viewpoint - The tourism sector in A-shares is experiencing significant performance divergence in the first half of 2025, with many companies reporting increased losses while a few are showing substantial profit growth [2][11]. Group 1: Company Performance - Yunnan Tourism is expected to report a net loss of 90 million to 140 million yuan, an increase in losses by 95.79% to 204.57% compared to the previous year [4]. - Xi'an Tourism anticipates a net loss of 49 million to 69 million yuan, which is relatively stable compared to a loss of 63.66 million yuan in the same period last year [5]. - Changbai Mountain is projected to incur a net loss of 2.58 million to 1.58 million yuan, marking a shift from profit to loss due to increased operational costs and decreased visitor numbers [6]. - Dalian Shengya expects a net loss of 19.08 million to 12.72 million yuan, with a significant drop in net profit from the previous year [6]. - Tibet Tourism is set to achieve a net profit of approximately 2 million yuan, marking a turnaround from losses in the previous year [7]. - Xiyu Tourism forecasts a profit of 9 million to 11 million yuan, a decline of 62.55% to 69.36% year-on-year [8]. - Guilin Tourism reports a net profit of about 8 million yuan, recovering from a loss of 19.09 million yuan in the same period last year [10]. - Xiangyuan Cultural Tourism expects a net profit of 90 million to 97 million yuan, an increase of 51.44% to 63.22% year-on-year, driven by new attractions and government subsidies [10]. Group 2: Market Trends and Influences - The performance divergence among tourism companies is influenced by factors such as weather disturbances, cost pressures, and differences in business structures [2][11]. - The summer peak season is anticipated to drive demand, with an expected increase in air travel passenger volume by 5.4% during the 2025 summer season [12]. - Analysts suggest that the combination of peak season demand, policy support, and AI empowerment will catalyze the recovery of natural scenic spots [12]. - The domestic tourism market is expected to remain stable, with a focus on deep experiences and cultural exploration as key consumer demands [12].

Core Viewpoint - The inquiry into Xiangyuan Cultural Tourism's financial transactions raises significant concerns about potential conflicts of interest and the legitimacy of business operations between its suppliers and customers, particularly Shandong Rongrun and Shandong Meiheng [1][2][3] Group 1: Transactional Relationships - Shandong Rongrun has been the primary supplier for Xiangyuan Cultural Tourism's SMS services, while Shandong Meiheng is its largest customer, with sales amounting to 30.56 million yuan in the reporting period [3] - Both companies share the same registered phone number, prompting regulatory scrutiny regarding their potential connection and the authenticity of their business dealings [4][6] - Xiangyuan Cultural Tourism's response to the inquiry failed to clarify why these two companies, with established business ties, would utilize a third-party intermediary from Zhejiang for transactions [4][8] Group 2: Corporate Connections - The actual controller of Shandong Rongrun, Liu Ming, has a history of working with key figures in Xiangyuan Cultural Tourism's supply chain, raising questions about the independence of these companies [10][11] - Liu Ming's connections extend to Shandong Meiheng, where he has previously partnered with its supervisor, further complicating the narrative of independent operations [13] - The overlapping relationships among these companies suggest a potential for financial manipulation or misrepresentation of business activities [2][12] Group 3: Regulatory Implications - The inquiry highlights the increasing regulatory scrutiny on related-party transactions, which are often used to obscure financial realities and manipulate reported earnings [2] - The situation underscores the need for transparency in corporate governance, particularly in the context of interconnected businesses that may engage in non-market transactions [2][4] - Ongoing investigations may reveal deeper issues regarding financial practices within Xiangyuan Cultural Tourism and its affiliates [12][13]