Financial Performance - The company reported a total revenue of 2.09 billion yuan for the first half of 2025, an increase of 8.52% year-on-year [1] - The net profit attributable to shareholders reached 49.53 million yuan, up 24.39% compared to the previous year [1] - In Q2 2025, total revenue was 1.17 billion yuan, reflecting a 15.06% year-on-year growth, while net profit for the quarter was 22.94 million yuan, a significant increase of 48.98% [1] - The gross margin was 18.61%, down 5.36% year-on-year, while the net margin improved to 2.44%, up 9.21% [1] - The company's receivables accounted for 120.18% of the latest annual net profit, indicating a substantial amount of accounts receivable [3] Business Overview - The company operates as a comprehensive tourism group, integrating travel services, accommodation, and other related businesses, aiming to build a leading and diversified tourism ecosystem [4] - The core business in travel services is led by its subsidiary, Guangzhou Guangzhilv International Travel Agency, which focuses on mid-to-high-end markets and offers a wide range of travel-related services [6] - The accommodation segment includes hotel management and operations, with a focus on brand development and expansion, managed by Guangzhou Lingnan International Hotel Management [7][8] Industry Segments - The company has diversified its operations into several segments, including: - **Catering Business**: Promoting Lingnan culture through unique culinary offerings and standards [9] - **Scenic Area Management**: Managing several scenic spots, including 5A and 4A rated attractions, and expanding into new regions [10] - **Event Services**: Successfully organizing various exhibitions and cultural events, leveraging its venue resources [12] - **Transportation Services**: Operating a fleet of vehicles for passenger transport and holding ticket sales authorization for multiple airlines [13] - **Technology Services**: Focusing on digital transformation and innovation in the tourism sector through its technology subsidiary [14]

Group 1 - The company reported a revenue of 2.09 billion yuan for the first half of 2025, an increase of 8.52% year-on-year [1] - Net profit attributable to shareholders reached 49.53 million yuan, up 24.39% compared to the same period last year [1] - Basic earnings per share improved to 0.07 yuan, reflecting a 16.67% increase year-on-year [1] Group 2 - The business travel segment showed strong performance, with subsidiary Guangzhou Guangzhilv International Travel Agency achieving a revenue of 1.54 billion yuan, a year-on-year growth of 11.78% [1] - Outbound tourism (excluding Hong Kong and Macau) contributed 849 million yuan, while domestic tourism generated 498 million yuan, with net profit increasing by 34.91% [1] - The company is expanding its international travel offerings by launching new routes to 28 destinations, including Indonesia and Kazakhstan [1] Group 3 - The accommodation segment, managed by Guangzhou Lingnan International Hotel Management, reported a revenue of 119 million yuan, with net profit growing by 23.26% [2] - The flagship property, Guangzhou Garden Hotel, saw a net profit growth rate of 53.62% [2] - The company signed 69 new hotel projects in the first half of the year, adding nearly 4,000 rooms to its portfolio [2] Group 4 - The company is entering the Guangzhou duty-free market by investing in a joint venture with China Duty Free Group, holding a 19.5% stake [2] - The integration of tourism and hotel services has led to the launch of 32 co-branded products, generating over 57 million yuan in gross merchandise value [2] - Research and development efforts are focused on "business and finance integration" and "AI model" technology upgrades to enhance operational efficiency [2]

Investment Rating - The investment rating for Lingnan Holdings is "Accumulate" (maintained) [7] Core Views - The company reported revenue of 2.09 billion yuan for H1 2025, a year-on-year increase of 8.52%, and a net profit attributable to shareholders of 50 million yuan, up 24.39% year-on-year [7] - In Q2 2025, the company achieved revenue of 1.167 billion yuan, a 15.06% increase year-on-year, and a net profit of 23 million yuan, which is a 48.98% increase year-on-year [7] - The travel agency business, Guangzhilv, performed well, with revenue of 1.535 billion yuan, a year-on-year increase of 11.76% [7] - The hotel business showed steady growth, with revenue of 442 million yuan, a slight increase of 0.22% year-on-year [7] - The company is expanding its travel agency and hotel businesses across the South China market and nationwide, benefiting from the recovery of outbound tourism post-pandemic [7] Financial Summary - Total revenue forecast for 2023A is 3.435 billion yuan, with a projected growth rate of 232.07% year-on-year [8] - The net profit attributable to shareholders for 2023A is forecasted at 69.49 million yuan, with a year-on-year growth of 139.03% [8] - The earnings per share (EPS) for 2023A is projected to be 0.10 yuan [8] - The company’s total assets are expected to reach 4.057 billion yuan by 2025E [8] - The company’s debt-to-asset ratio is projected to be 39.03% [5]

Core Viewpoint - Lingnan Holdings reported a solid performance in the first half of 2025, with revenue of 2.09 billion yuan, an increase of 8.52% year-on-year, and a net profit attributable to shareholders of 49.53 million yuan, up 24.39% year-on-year [1] Group 1: Business Performance - The company focused on its core business, implementing various measures to drive revenue growth, particularly in outbound tourism, which saw significant resource acquisition and new destination launches [1] - Guangzhilv achieved revenue of 1.536 billion yuan, an increase of 11.78% year-on-year, with outbound tourism (excluding Hong Kong and Macau) generating 849 million yuan and domestic tourism 498 million yuan [2] - The hotel business maintained growth, with revenue increasing by 18.49% compared to the same period in 2019, and hotel management revenue reaching 119 million yuan, up 1.60% year-on-year [2] Group 2: Strategic Initiatives - The company launched a "Cruise Membership Club" and developed a four-tier membership system to enhance customer engagement in outbound tourism [1] - The inbound tourism sector capitalized on multiple countries' visa-free policies and payment facilitation, leading to significant growth opportunities [1] - The company expanded its retail and cultural product development, launching 87 new cultural products and achieving nearly 700,000 yuan in revenue from these initiatives [3] Group 3: Marketing and Sales - The company adopted innovative marketing strategies, including over 780 live broadcasts generating a GMV of over 15 million yuan, and a record-breaking sales event during the Guangzhou Travel Expo [3] - The expansion of the physical store network continued, with 12 new stores added, bringing the total to approximately 200 nationwide, enhancing the company's service capabilities [2]

广州岭南集团控股股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 | 广州花园国际 旅行社有限公 | 受岭南集团控 制 | 其他应收款 | | 0.46 | | 0.46 提供劳务 | 经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | | 司 广州国际会展 | 受岭南集团控 | 其他应收款 | 2.75 | | 2.75 | 提供劳务 | 经营性往来 | | 集团有限公司 | 制 | | | | | | | | 广州白云国际 会议中心国际 会堂有限公司 | 受岭南集团控 制 | 其他应收款 | 0.20 | | 0.20 | 提供劳务 | 经营性往来 | | 广州岭南旅游 发展有限公司 | 受岭南集团控 制 | 其他应收款 | 1.07 | 0.08 | | 提供酒店管理 1.15 服务、提供劳务 | 经营性往来 | | 广州市广州宾 | 受岭南集团控 | 其他应收款 | 5.78 | | | 提供酒店管理 5.78 | 经营性往来 | | 馆有限公司 | 制 | | | | | 服务、提供劳务 | | | 广州岭南 ...

广州岭南集团控股股份有限公司 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 法定代表人:王亚川 主管会计工作负责人：唐昕 会计机构负责人：陈志斌 2025 年 8 月 2025 年半年度财务报告 1 一、审计报告 编制单位：广州岭南集团控股股份有限公司 | | 2025 年 06 月 30 日 | 单位：元 | | --- | --- | --- | | 项目 | 期末余额 | 期初余额 | | 流动资产： | | | | 货币资金 | 1,894,441,230.08 | 1,682,637,580.23 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 360,233.54 | 457,012.70 | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 180,447,351.86 | 137,894,519.70 | | 应收款项融资 | | | | 预付款项 | 114,960,878.05 | 98,987,660.39 | | 应收保费 | | | | 应收分保账 ...

董 事 会 十 一 届 十 八 次 会 议 决 议 公 告 重要提示：本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 广州岭南集团控股股份有限公司（以下简称"公司"）董事会十一届十八 次会议于 2025 年 8 月 26 日上午 10:00 在广州市流花路 122 号中国大酒店的 公司会议室召开，会议通知于 2025 年 8 月 15 日以电话、电子邮件或书面送达 等方式发出，本次董事会应出席会议董事 7 人，实际亲自出席会议董事 7 人。 本次会议由公司董事长王亚川先生主持，公司全体监事和高级管理人员列席本 次会议。本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和 《公司章程》的规定。本次董事会经参加会议的董事审议一致通过如下决议： 证券简称：岭南控股 证券代码：000524 公告编号：2025-040 号 广 州 岭 南 集 团 控 股 股 份 有 限 公 司 表决结果：同意 7 票、反对 0 票、弃权 0 票。 特此公告。 广州岭南集团控股股份有限公司 董 事 会 一、审议通过《公司 2025 年半年度报告全文及摘要》（详见同日在《中国 证券 ...

Core Viewpoint - Lingnan Holdings (000524.SZ) reported a revenue of 2.0896 billion yuan for the first half of 2025, reflecting a year-on-year growth of 8.52% [1] - The net profit attributable to shareholders reached 49.5264 million yuan, marking a year-on-year increase of 24.39% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 47.8829 million yuan, with a year-on-year growth of 24.77% [1] - Basic earnings per share stood at 0.07 yuan [1]

Core Viewpoint - The company reported a revenue increase of 8.52% year-on-year, reaching approximately 2.09 billion yuan, and a net profit increase of 24.39%, amounting to approximately 49.53 million yuan for the first half of 2025 [1][2]. Financial Performance - Revenue for the reporting period was 2,089,602,421.84 yuan, compared to 1,925,632,996.49 yuan in the same period last year, reflecting an increase of 8.52% [1]. - Net profit attributable to shareholders was 49,526,367.96 yuan, up from 39,815,306.53 yuan, marking a 24.39% increase [1]. - Net profit after deducting non-recurring gains and losses was not specified but is part of the overall financial performance [1]. - The net cash flow from operating activities was 124,779,638.84 yuan, showing a slight decrease of 1.37% from the previous year [1]. - Basic and diluted earnings per share both increased to 0.07 yuan, up 16.67% from 0.06 yuan [1]. - The weighted average return on equity rose to 2.16%, compared to 1.88% in the previous year, an increase of 0.28% [1]. Asset and Equity Position - Total assets at the end of the reporting period were approximately 3.75 billion yuan, reflecting a 1.71% increase from the previous year [2]. - Net assets attributable to shareholders were approximately 2.26 billion yuan, down 0.29% from 2.27 billion yuan at the end of the previous year [2]. Shareholder Information - The top shareholder, Guangzhou Lingnan Tourism Investment Group Co., Ltd., holds 45.14% of the shares, followed by Guangzhou Oriental Hotel Group Co., Ltd. with 14.97% [2]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [3].

Core Viewpoint - Guangzhou Lingnan Group Holdings Co., Ltd. reported a revenue increase of 8.52% year-on-year, reaching approximately 2.09 billion yuan, and a net profit increase of 24.39%, amounting to approximately 49.53 million yuan for the first half of 2025, indicating a positive growth trend in the company's performance amid a recovering tourism industry [2][17]. Company Overview and Financial Indicators - The company operates in the tourism sector, integrating travel services, accommodation, and related businesses, aiming to become a modern comprehensive cultural tourism brand operator with international competitiveness [3][4]. - The company did not distribute cash dividends or bonus shares for the reporting period [1]. - Key financial metrics include: - Total assets: approximately 3.75 billion yuan, up 1.71% from the previous year [2]. - Net assets attributable to shareholders: approximately 2.26 billion yuan, down 0.29% from the previous year [2]. - Basic earnings per share: 0.07 yuan, an increase of 16.67% [2]. Business Performance - The travel service segment, led by the subsidiary Guangzhou Guangzhilv International Travel Agency, achieved a revenue of approximately 1.54 billion yuan, growing by 11.78% year-on-year, with a net profit of approximately 23.29 million yuan, up 34.91% [17][19]. - The accommodation segment, primarily managed by Lingnan Hotels, reported a revenue of approximately 118.56 million yuan, a slight increase of 1.60%, with a net profit of approximately 9.73 million yuan, up 23.26% [18][20]. Industry Context - The tourism industry is experiencing a recovery, with domestic travel increasing by 20.6% year-on-year, reaching 3.285 billion trips, and tourism spending rising by 15.2% to 3.15 trillion yuan [4][5]. - The government has introduced policies to boost consumption and support the tourism sector, including initiatives targeting the elderly demographic and promoting diverse travel products [4][5]. - The integration of technology and cultural tourism is becoming a new trend, enhancing the overall tourism experience and driving growth in the sector [5][6]. Strategic Initiatives - The company is expanding its national footprint by opening new stores and enhancing its service offerings, with a focus on integrating travel and accommodation services [19][20]. - The company is also innovating its product offerings to cater to the growing demand for diverse travel experiences, including wellness tourism and cultural heritage tours [19][22]. - Collaborations with various partners are being pursued to enhance the company's market presence and service capabilities, including the establishment of a new duty-free store in Guangzhou [24].