Core Viewpoint - The company plans to utilize up to 300 million yuan of idle raised funds for cash management, focusing on safe and liquid investment products [1] Group 1: Company Meetings - The company will hold the 11th meeting of the 6th Board of Directors and the 9th meeting of the 6th Supervisory Board on January 10, 2025 [1] - Additionally, the 13th meeting of the 6th Board of Directors is scheduled for May 20, 2025 [1] Group 2: Fund Management - The company intends to use idle raised funds for cash management, specifically for purchasing principal-protected floating income structured deposits and other high-security, liquid products [1] - The investment period for these funds is effective within 12 months, and the funds can be rolled over within the specified limit [1] - This decision will not affect the progress of the raised fund investment projects or the company's normal production and operations [1]

Core Insights - The tourism and scenic area sector experienced a rise of 1.03% on November 3, with Dalian Shengya leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Dalian Shengya (600593) closed at 56.49, with an increase of 8.66% and a trading volume of 157,100 shares, amounting to a transaction value of 859 million [1] - Changzi Mountain (603099) saw a closing price of 53.93, up 2.78%, with a trading volume of 188,700 shares, totaling 1.016 billion [1] - Other notable performers include: - Caesar Rotating Industry (000796) at 6.68, up 1.98% [1] - Tianfu Cultural Tourism (000558) at 5.27, up 1.74% [1] - Xiangyuan Cultural Tourism (600576) at 7.35, up 1.66% [1] Capital Flow - The tourism and scenic area sector saw a net outflow of 41.2875 million from institutional funds, while retail investors contributed a net inflow of 118 million [2] - The overall capital flow indicates a mixed sentiment, with institutional and speculative funds withdrawing while retail investors increased their positions [2] Individual Stock Capital Flow - Changzi Mountain (660209) had a net inflow of 48.8402 million from institutional funds, while it faced a net outflow of 24.0343 million from speculative funds [3] - Dalian Shengya (600593) experienced a net inflow of 9.3571 million from institutional funds, with a slight outflow from retail investors [3] - Other stocks like Emei Mountain A (000888) and Xiangyuan Cultural Tourism (600576) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The report highlights that marketing investments are impacting profits, but the upcoming new projects are expected to contribute to revenue growth [1] - The company is focusing on building a one-stop destination brand and diversifying sales channels to enhance competitiveness [7] - The termination of the Lion Kingdom project has been noted, along with the ongoing progress of new projects that are anticipated to drive growth [7] Financial Summary - The company reported a revenue of 140 million yuan in Q3 2025, a decrease of 1.23% year-on-year, and a net profit of 29 million yuan, down 13.19% year-on-year [7] - For the period from Q1 to Q3 2025, the company achieved a total revenue of 386 million yuan, a decline of 4.65% year-on-year, with a net profit of 83 million yuan, down 2.54% year-on-year [7] - The projected revenues for 2024, 2025E, 2026E, and 2027E are 536.20 million yuan, 519.58 million yuan, 561.77 million yuan, and 607.39 million yuan respectively, with corresponding growth rates of -14.87%, -3.10%, +8.12%, and +8.12% [3][8] - The projected net profits for the same years are 104.66 million yuan, 108.08 million yuan, 124.07 million yuan, and 134.70 million yuan, with growth rates of -29.67%, +3.27%, +14.80%, and +8.56% respectively [3][8] Key Projects and Developments - The company is advancing the planning and construction of the Nanshan Xiaozhai Phase II project and has completed the conceptual planning for the Yushui Hot Spring Phase III expansion project and the Pingqiao Leisure Deep Experience Area [7] - The company aims to strengthen its brand competitiveness by enhancing its one-stop destination advantages and optimizing online operations through a multi-platform sales strategy [7]

Core Insights - The tourism and scenic area sector experienced a decline of 1.26% on October 30, with Caesar Travel leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Major stocks in the tourism sector showed varied performance, with Dalian Shenya rising by 2.27% to a closing price of 50.41, while Caesar Travel fell by 5.43% to 6.09 [2] - The trading volume for Caesar Travel was significant at 1.24 million shares, with a transaction value of 770 million yuan [2] Capital Flow - The tourism and scenic area sector saw a net outflow of 341 million yuan from main funds, while retail investors contributed a net inflow of 330 million yuan [2][3] - Dalian Shenya had a net inflow of 6.57 million yuan from main funds, while Caesar Travel experienced a net outflow of 1.52 million yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is considered to have the best organizational governance and growth logic in the scenic area sector. Future projects will focus on the "Nanshan Xiaozhai Phase II project, upgrading the core products and supporting facilities of Yushui Hot Spring, and the renovation of Longxing Island Color Butterfly Valley" [2][12] - The company has completed preliminary market validation of its management output system based on mature operational experience, and is expected to achieve breakthroughs in geographical expansion with local state-owned asset support, positioning itself as a national leisure tourism leader [2][12] - The projected net profits attributable to the parent company for 2025-2027 are estimated to be 117 million, 134 million, and 152 million yuan, respectively, corresponding to PE ratios of 27X, 23X, and 20X [2][12] Financial Performance Summary - In Q3 2025, the company achieved operating revenue of 140 million yuan, a year-on-year decline of 1.23%. The net profit attributable to the parent company was 29 million yuan, down 13.19% year-on-year [6][12] - For the first three quarters of 2025, the company reported operating revenue of 386 million yuan, a year-on-year decrease of 4.65%, and a net profit attributable to the parent company of 83 million yuan, down 2.54% year-on-year [6][12] - The gross profit margin remained stable at 54.02%, while the net profit margin decreased by 3.98 percentage points to 23.32% due to a significant increase in sales expenses [12]

Group 1: Macro Insights - The "14th Five-Year Plan" has established a clear direction for the "15th Five-Year Plan," emphasizing foundational consolidation and comprehensive efforts, with a focus on "common prosperity" and strengthening "internal circulation" [6] - The plan identifies four strategic emerging industries and six future industries, aiming to promote key core technology breakthroughs in six priority areas through extraordinary measures [6] Group 2: Fixed Income - Er Yong Bonds - Recent market conditions have led to a decline in risk appetite, benefiting Er Yong bonds with both interest rate and spread reductions [7] - The supply of Er Yong bonds remains weak, continuing the trend of asset scarcity, while the monthly turnover rate has remained stable [7] - The pricing model suggests that the yield of 5-year AAA-rated secondary capital bonds may decline to approximately 2.07% next year [7] Group 3: Banking Sector - Precious Metals - The banking sector is expected to see growth in precious metals business despite challenges from high volatility in the gold market [8] - As of September 2025, China's official gold reserves reached 74.06 million ounces, marking an increase for 11 consecutive months, with a global trend of central banks increasing gold reserves [8] - The introduction of pilot programs for insurance funds to invest in gold is creating new opportunities for banks to provide services and increase intermediary income [8] Group 4: Textile and Apparel - Baoxini - Baoxini's revenue is expected to stabilize, with a projected decline in net profit due to ongoing adjustments in its main brand [12] - The company is anticipated to achieve a net profit of 2.95 billion, 3.74 billion, and 4.49 billion yuan from 2025 to 2027, maintaining a "buy" rating [12] Group 5: Food and Beverage - Haitian Flavoring - Haitian Flavoring reported a revenue of 21.628 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 6.02% [13] - The company is expected to benefit from its leadership position in the industry and aims for significant growth in overseas markets [13] Group 6: Computer Industry - Zhongke Chuangda - Zhongke Chuangda's revenue for Q3 2025 reached 1.848 billion yuan, a year-on-year increase of 42.87% [15] - The company is projected to achieve net profits of 606 million, 695 million, and 782 million yuan from 2025 to 2027, maintaining a "buy" rating [15] Group 7: Home Appliances - Hisense - Hisense's profitability has slightly declined, but the company remains optimistic about its long-term globalization strategy [16] - The projected net profits for 2025 to 2027 are 3.398 billion, 3.771 billion, and 4.154 billion yuan, with a "hold" rating [16] Group 8: Coal Industry - China Coal Energy - China Coal Energy reported a revenue of 110.584 billion yuan for the first three quarters of 2025, a year-on-year decrease of 21.24% [27] - The company is expected to achieve net profits of 16 billion, 17.1 billion, and 18.5 billion yuan from 2025 to 2027, maintaining a "buy" rating [27] Group 9: Automotive - Huguang - Huguang's revenue for the first three quarters of 2025 was 5.84 billion yuan, reflecting a year-on-year increase of 6% [34] - The company is expanding its customer base and enhancing its overseas market presence, which is expected to drive future growth [34]

Core Viewpoint - The company reported a decline in revenue and net profit for Q3 2025, with marketing efforts helping to narrow the revenue drop, but profit margins were affected [1][3]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 386 million yuan, a year-on-year decrease of 4.65%, and a net profit attributable to shareholders of 83 million yuan, down 2.54% year-on-year [1]. - In Q3 2025, revenue was 140 million yuan, a decrease of 1.23% year-on-year, and net profit attributable to shareholders was 29 million yuan, down 13.19% year-on-year [1]. - The gross profit margin for Q3 was 54.0%, remaining stable year-on-year, while the net profit margin decreased by 2.8 percentage points to 20.4% due to increased sales expenses [1]. Project Updates - The company announced the termination of the Animal Kingdom project due to external conditions and industry environment changes, along with the cessation of related operations [2]. - Other projects are progressing, including the planning and construction of the Nanshan Xiaozhai Phase II project, upgrades to existing facilities, and the completion of conceptual planning for future projects [2]. Investment Outlook - The company is positioned as a practitioner of a one-stop tourism model in China, with a comprehensive tourism industry chain [3]. - Despite the negative impact of the terminated Animal Kingdom project on future performance, the company is collaborating with state-owned enterprises to enhance its tourism offerings and is expected to continue focusing on optimizing existing projects and advancing new ones [3]. - Revenue projections for 2025-2027 are 520 million yuan, 570 million yuan, and 620 million yuan, with net profits of 100 million yuan, 130 million yuan, and 140 million yuan respectively, leading to a current price-to-earnings ratio of 30x, 25x, and 22x [3].

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company has experienced a revenue decline of 4.65% year-on-year for the first three quarters of 2025, with a revenue of 386 million yuan and a net profit of 83 million yuan, reflecting a decrease of 2.54% [1]. - The termination of the Animal Kingdom project is expected to have a negative impact on future performance, but the company is focusing on optimizing existing projects and advancing new ones [3][2]. - Revenue for Q3 2025 was 140 million yuan, down 1.23% year-on-year, but the decline was less severe compared to Q2 2025, which saw a 9.82% drop [1]. Financial Summary - The company’s projected revenues for 2025, 2026, and 2027 are 522 million yuan, 574 million yuan, and 619 million yuan, respectively, with corresponding net profits of 102 million yuan, 125 million yuan, and 140 million yuan [4]. - The gross profit margin for Q3 2025 was 54.0%, remaining stable year-on-year, while the net profit margin decreased by 2.8 percentage points to 20.4% due to increased sales expenses [1]. - The company’s earnings per share (EPS) for 2025 is projected to be 0.38 yuan, with a price-to-earnings (P/E) ratio of 30.4 times [4].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is a leading one-stop tourism enterprise in China, with state-owned capital expected to empower its development. The forecast for total operating revenue from 2025 to 2027 is 5.25 billion, 5.73 billion, and 6.27 billion yuan, with year-on-year growth rates of -2%, 9%, and 9.5% respectively. The net profit attributable to shareholders is projected to be 1.05 billion, 1.18 billion, and 1.34 billion yuan, with year-on-year growth rates of 0.5%, 12.1%, and 13.3% respectively. The current stock price corresponds to valuations of 30x, 26x, and 23x for 2025-2027 [7] Financial Performance Summary - For Q3 2025, the company achieved revenue of 140 million yuan, a year-on-year decrease of 1.23%, and a net profit attributable to shareholders of 29 million yuan, down 13.19% year-on-year. For the first three quarters of 2025, the company reported total revenue of 386 million yuan, a decrease of 4.65% year-on-year, and a net profit of 83 million yuan, down 2.54% year-on-year [7] - The gross margin for Q3 2025 was 54.02%, a slight decrease of 0.04 percentage points year-on-year, indicating stability. However, the increase in sales expenses significantly impacted the net profit margin, which was 20.45%, down 2.82 percentage points year-on-year. For the first three quarters of 2025, the gross margin was 53.72%, an increase of 0.88 percentage points year-on-year, while the net profit margin was 21.58%, up 0.47 percentage points year-on-year [7] Revenue and Profit Forecast - The company's revenue forecast for 2023A, 2024A, 2025E, 2026E, and 2027E is 630 million, 536 million, 525 million, 573 million, and 627 million yuan respectively, with growth rates of 70.9%, -14.9%, -2.0%, 9.0%, and 9.5% [6] - The net profit attributable to shareholders is forecasted to be 147 million, 105 million, 105 million, 118 million, and 134 million yuan for the same years, with growth rates of 623.9%, -28.8%, 0.5%, 12.1%, and 13.3% [6] Valuation Metrics - The earnings per share (EPS) for the forecasted years are 0.54, 0.39, 0.39, 0.44, and 0.49 yuan, with corresponding price-to-earnings (PE) ratios of 34.0, 29.0, 29.5, 26.3, and 23.2 [6] - The return on equity (ROE) is projected to be 11.0%, 7.8%, 7.6%, 8.3%, and 9.0% for the years 2023A to 2027E [6]

Core Insights - The tourism and scenic spots sector increased by 0.57% on October 27, with Dalian Shengya leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Sector Performance - Dalian Shengya (600593) closed at 49.80, up 6.68% with a trading volume of 172,100 shares and a transaction value of 843 million [1] - Other notable performers include: - Tibet Tourism (600749) at 18.58, up 1.75% [1] - Peijiang Co. (002033) at 8.72, up 1.40% [1] - Lingnan Holdings (000524) at 13.81, up 0.95% [1] - Caesar's Rotating Industry (000796) at 6.14, up 0.82% [1] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 77.52 million from institutional investors, while retail investors saw a net inflow of 187 million [2] - Key individual stock capital flows include: - Dalian Shengya with a net inflow of 65.19 million from institutional investors [3] - Caesar's Rotating Industry with a net inflow of 35.32 million from institutional investors [3] - Jiuhua Tourism (661809) with a net inflow of 8.69 million from institutional investors [3]