证券代码：600593 证券简称：大连圣亚 公告编号：2025-045 二、议案审议情况 （一）非累积投票议案 1. 议案名称：关于拟签署《借款协议》等协议暨关联交易的议案 大连圣亚旅游控股股份有限公司 2025年第一次临时股东会决议公告 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： 本次会议是否有否决议案：无 一、会议召开和出席情况 | 1. | 出席会议的股东和代理人人数 | 7 | | --- | --- | --- | | 2. | 出席会议的股东所持有表决权的股份总数（股） | 53,223,553 | | 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 | 41.32 | | 份总数的比例（%） | | | （一）股东会召开的时间：2025 年 8 月 13 日 （二）股东会召开的地点：大连圣亚旅游控股股份有限公司三楼会议室 （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： （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。 本次股东会由公司董事 ...

北京金诚同达（杭州）律师事务所 关于 大连圣亚旅游控股股份有限公司 2025 年第一次临时股东会的 2025 年第一次临时股东会的 法律意见书 金证法意【2025】字 0804 第 0729 号 致：大连圣亚旅游控股股份有限公司 法律意见书 浙江省杭州市上城区钱江路1366号华润大厦A座15层 电话：0571-8513 1580 传真：0571-8513 2130 北京金诚同达（杭州）律师事务所 法律意见书 北京金诚同达（杭州）律师事务所 关于大连圣亚旅游控股股份有限公司 北京金诚同达（杭州）律师事务所（以下简称"本所"）接受大连圣亚旅游 控股股份有限公司（以下简称"大连圣亚"或"公司"）的聘请，指派本所律师 出席公司2025年第一次临时股东会（以下简称"本次股东会"）并对会议的相关 事项出具法律意见书。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》《上市公司股东会规则》（以下简称"《股东会规则》"） 《律师事务所从事证券法律业务管理办法》《律师事务所证券法律业务执业规则 （试行）》等有关法律、法规和规范性文件的要求以及《大连圣亚旅游控股股份 有限公司章程》（以下 ...

大连圣亚旅游控股股份有限公司 2025 年第一次临时股东会 会议材料 1 | 一、2025 | 年第一次临时股东会会议议程 | 3 | | --- | --- | --- | | 二、2025 | 年第一次临时股东会会议须知 | 4 | | 三、审议议案 | | | 大连圣亚旅游控股股份有限公司 2025 年第一次临时股东会会议议程 （四）股东发言 3 一、会议时间：2025 年 8 月 13 日 14:30 二、会议地点：大连圣亚旅游控股股份有限公司三楼会议室 三、会议议程： （一）宣布会议开始 （二）宣布监票人和计票人 （三）审议会议议案 1.《关于拟签署<借款协议>等协议暨关联交易的议案》 （五）股东和股东代表现场对议案进行表决 （六）统计现场会议表决情况，合并现场和网络投票结果 （七）宣布会议表决结果 （八）与会董事、监事、高级管理人员签字 （九）宣布会议结束 大连圣亚旅游控股股份有限公司 2025 年第一次临时股东会会议须知 各位股东及股东代表： 为维护股东的合法权益，确保股东在大连圣亚旅游控股股份有限公司（以下 简称"大连圣亚"或"公司"）2025 年第一次临时股东会期间依法行使权利， 保证股东会 ...

Summary of Conference Call Notes Company and Industry Overview - **Company**: Tongcheng Travel Holdings (0780.HK) - **Industry**: China Internet and Other Services Key Points and Arguments 1. **Investment in Dalian Sunasia Tourism**: Tongcheng's subsidiary will subscribe to a private placement at Rmb24.75 per share, totaling Rmb956 million, acquiring 23% of Sunasia's stakes and 31% voting power, making Tongcheng the final controller [1][2] 2. **Financial Performance of Sunasia**: Sunasia has operated at a net loss for the past two years due to asset impairment but was slightly profitable when excluding that impairment [2] 3. **Market Reaction**: Following the announcement, Tongcheng's share price declined by 11%, resulting in a market cap decrease of Rmb5.5 billion [2] 4. **Concerns on M&A Strategy**: The investment in a not very profitable, asset-heavy state-owned enterprise (SOE) raises concerns regarding Tongcheng's M&A strategy [2] 5. **Stock Rating and Price Target**: Morgan Stanley rates Tongcheng as "Overweight" with a price target of HK$27.00, indicating a potential upside of 33% from the closing price of HK$20.35 on July 28, 2025 [4] 6. **Financial Projections**: - **Revenue Growth**: Expected revenue growth from Rmb17,341 million in FY 2024 to Rmb22,736 million by FY 2027 [4] - **Net Income**: Projected net income growth from Rmb2,785 million in FY 2024 to Rmb4,199 million by FY 2027 [4] - **EPS Growth**: EPS expected to increase from Rmb1.22 in FY 2024 to Rmb1.78 by FY 2027 [4] 7. **Valuation Metrics**: - **P/E Ratio**: Expected to decrease from 14.1 in FY 2024 to 10.4 by FY 2027 [4] - **ROE**: Projected to improve from 11.2% in FY 2024 to 14.9% by FY 2027 [4] 8. **Risks Identified**: - **Upside Risks**: Strong pent-up demand and moderating competition in lower-tier cities could lead to margin upside [7] - **Downside Risks**: Softer macroeconomic growth in China and intensifying competition in lower-tier cities could negatively impact price-sensitive users [7] Additional Important Information - **Market Capitalization**: Current market cap is Rmb42,576 million [4] - **Average Daily Trading Value**: Approximately HK$242 million [4] - **WACC and Growth Assumptions**: WACC is set at 11.5% with a terminal growth rate of 3%, aligned with long-term GDP growth targets [6] This summary encapsulates the critical insights from the conference call, highlighting the strategic investment by Tongcheng, its financial outlook, and the associated risks and market reactions.

Core Viewpoint - The acquisition of Dalian Shengya by Tongcheng Travel for 956 million yuan is facing market skepticism, as evidenced by the declining stock prices of both companies following the announcement [1][5]. Group 1: Acquisition Details - Tongcheng Travel's subsidiary, Shanghai Tongcheng, plans to acquire 23.08% of Dalian Shengya's shares, which will give it a total voting power of 30.88% after signing a voting rights delegation agreement with major shareholders [2]. - The acquisition is seen as a strategic move to integrate online and offline tourism resources, potentially enhancing Tongcheng's operational capabilities in the tourism sector [2][3]. Group 2: Market Reaction - Following the announcement of the acquisition, both Tongcheng Travel and Dalian Shengya experienced a decline in stock prices, with cumulative drops of 2.85% and 8.89%, respectively, leading to a combined market value loss of 1.751 billion yuan [1][5]. - Investor sentiment is divided, with some questioning the wisdom of investing in a company with a history of losses, while others see potential in acquiring a shell company for future operations [1]. Group 3: Financial and Governance Issues - Dalian Shengya has a high debt ratio exceeding 80% and is under pressure to resolve short-term debt obligations, with plans to use the funds raised from the acquisition to pay off debts and improve liquidity [3][5]. - Governance issues persist, as evidenced by the abstention of a key shareholder during board votes, raising concerns about potential conflicts among shareholders following the acquisition [6]. Group 4: Strategic Expansion - Tongcheng Travel's acquisition of Dalian Shengya is part of a broader strategy to expand its presence in the tourism industry through various acquisitions, including travel agencies and hotel management companies [8][10]. - The company has reported significant revenue growth, with 2024 revenues reaching 17.341 billion yuan, a 45.77% increase year-on-year, indicating a strong operational performance [10].

Core Viewpoint - The article discusses the recent acquisitions by Tongcheng Travel, highlighting the challenges and market reactions associated with its attempts to integrate and control Dalian Shengya, a struggling tourism company [2][4][10]. Group 1: Acquisitions Overview - In April 2025, Tongcheng Travel acquired all shares of Wanda Hotel Development's hotel assets for 2.5 billion yuan [3]. - In July 2025, Tongcheng Travel planned to acquire a 23.08% stake in Dalian Shengya for 960 million yuan, gaining control over the company [6][8]. - The total investment in Dalian amounts to nearly 3.5 billion yuan, indicating a strategy to consolidate local tourism resources [4][10]. Group 2: Market Reactions - Following the announcements of the acquisitions, Tongcheng Travel's stock price dropped significantly, reflecting market skepticism about the deals [5][22]. - Dalian Shengya's stock experienced volatility, initially rising but then falling sharply after the acquisition news, indicating investor concerns about the integration process [5][22]. Group 3: Financial Performance and Challenges - Dalian Shengya reported total assets of 2.1 billion yuan and a net loss of 70 million yuan in 2024, highlighting its financial struggles compared to Tongcheng Travel's total assets of 37.8 billion yuan and net profit of 1.97 billion yuan [10][14]. - The company has a high debt ratio exceeding 85%, with significant financial burdens, including interest payments of 51 million yuan [15][16]. - Dalian Shengya's revenue growth in its main business segments has lagged behind the industry average, with a mere 5.7% increase in its scenic area operations [14]. Group 4: Governance and Control Issues - Dalian Shengya has faced governance challenges, including a power struggle among shareholders, which may complicate Tongcheng Travel's integration efforts [20][21]. - The controlling shareholder's shares are judicially frozen, raising concerns about potential changes in the shareholder structure and governance stability [19][20]. Group 5: Strategic Implications - Tongcheng Travel aims to leverage its extensive user base and resources to enhance Dalian Shengya's operations and expand its market presence [17]. - The acquisition is seen as a move to transition from an online-focused business model to a more integrated offline tourism operation [26].

Group 1 - The core point of the article indicates that Dalian Shengya (600593) experienced a decline in stock price, closing at 32.7 yuan, down 4.16% as of July 30, 2025, with a trading volume of 138,500 lots and a transaction amount of 449 million yuan [1] - The company reported a total operating revenue of 84.32 million yuan for Q1 2025, a year-on-year decrease of 7.88%, and a net profit attributable to shareholders of 8.15 million yuan, down 738.54% year-on-year [1] - The company's liquidity ratios are low, with a current ratio of 0.108 and a quick ratio of 0.096, while the debt-to-asset ratio stands at 85.60% [1] Group 2 - Dalian Shengya has made investments in 34 companies and participated in 12 bidding projects, indicating active engagement in business expansion [2] - The company holds 219 trademark registrations and 5 patents, along with 61 administrative licenses, showcasing its intellectual property portfolio [2]

大连圣亚旅游控股股份有限公司 收购报告书 签署日期：二〇二五年七月 上市公司： 大连圣亚旅游控股股份有限公司 上市地点： 上海证券交易所 股票简称： 大连圣亚 股票代码： 600593 收购人名称： 上海潼程企业管理合伙企业（有限合伙） 住 所： 上海市嘉定区真新新村街道万镇路 599 号 2 幢 5 层 J 通讯地址： 上海市嘉定区真新新村街道万镇路 599 号 2 幢 5 层 J 大连圣亚旅游控股股份有限公司 收购报告书 收购人声明 一、本报告书系收购人依据《公司法》《证券法》《收购管理办法》《格式 准则第 16 号》及其他相关法律、法规及部门规章的有关规定编写。 二、依据上述法律法规的规定，本报告书已全面披露了收购人在大连圣亚拥 有权益的股份。截至本报告书签署日，除本报告书披露的持股信息外，上述收购 人没有通过任何其他方式在大连圣亚拥有权益。 三、收购人签署本报告书已获得必要的授权和批准，其履行亦不违反收购人 章程或内部规则中的任何条款，或与之相冲突。 四、本次收购所涉及向特定对象发行股票尚需履行的相关程序包括：本次发 行经有权国有资产监督管理单位批准；本次发行经上市公司股东会审议通过，且 上市公司股东 ...

关于《大连圣亚旅游控股股份有限公司收购报告书》的 法律意见书 二〇二五年七月 北京市中伦律师事务所 北京市中伦律师事务所 | 声 明 3 | | --- | | 释 义 5 | | 正 文 7 | | 一、收购人的基本情况 7 | | 二、本次收购目的及决定 12 | | 三、本次收购的方式 13 | | 四、本次收购的资金来源 14 | | 五、本次收购完成后的后续计划 14 | | 六、本次收购对上市公司的影响分析 15 | | 七、收购人与上市公司的重大交易 19 | | 八、本次收购前 6 个月内买卖上市交易股份的情况 19 | | 九、《收购报告书》的格式与内容 20 | | 十、结论意见 20 | 关于《大连圣亚旅游控股股份有限公司收购报告书》的 法律意见书 致：上海潼程企业管理合伙企业（有限合伙） 北京市中伦律师事务所（以下简称"本所"或"本所律师"）接受委托，担 任上海潼程企业管理合伙企业（有限合伙）（以下简称"上海潼程"或"收购人"） 通过接受表决权委托及认购大连圣亚旅游控股股份有限公司（以下简称"大连圣 亚"或"上市公司"）定向发行的股份取得上市公司30%以上表决权事项（以下 简称"本次收 ...

华泰联合证券有限责任公司 关于 大连圣亚旅游控股股份有限公司 收购报告书 之 财务顾问报告 二〇二五年七月 财务顾问声明 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收购 管理办法》《公开发行证券公司信息披露内容与格式准则第 16 号——上市公司 收购报告书》等相关法律、法规的规定，华泰联合证券有限责任公司（简称"本 财务顾问"）受收购人委托，按照行业公认的业务标准、道德规范，本着诚实信 用、勤勉尽责的精神，对本次收购的相关情况和资料进行了核查，对收购人出具 的《大连圣亚旅游控股股份有限公司收购报告书》所披露的内容出具财务顾问报 告，以供投资人和有关各方参考。 本财务顾问特作出如下声明： 1、本财务顾问依据的有关资料由收购人提供。收购人已作出承诺，保证其 所提供的资料均为真实、准确、完整的原始书面资料或副本资料，副本资料或复 印件与其原始资料或原件一致，所有文件的签名、印章均是真实的；所有文件和 材料不存在虚假记载、误导性陈述或重大遗漏， 并对所提供信息的真实性、准 确性和完整性承担法律责任。 2、本财务顾问已履行勤勉尽责义务，对收购报告书的内容进行了核查和验 证，未发现虚假记载、误导性陈述 ...