Core Viewpoint - The company, Lingnan Holdings, has not yet developed low-altitude tourism projects but is focused on integrating technology with cultural tourism to enhance consumer experiences and support high-quality development of destinations [2]. Group 1: Company Overview - Lingnan Holdings primarily engages in business travel (travel agency) and accommodation (hotel) services, along with other related tourism industry activities [2]. Group 2: Future Plans - The company plans to continue exploring the integration of "technology + cultural tourism" practices to create new consumer scenarios [2].

（文章来源：证券日报） 证券日报网讯 9月1日晚间，岭南控股发布公告称，因经营发展需要，公司于近日搬迁至新办公地址。 新的办公地址为广州市越秀区流花路122号自编1-4栋中国大酒店商业大厦C8楼。 ...

证券简称：岭南控股 证券代码：000524 公告编号：2025-041 号 广州市越秀区流花路 122 号自 广州市越秀区流花路 122 号自 办公地址 编 1-4 栋中国大酒店商业大厦 编 1-4 栋中国大酒店商业大厦 D4 楼及 C1054-58 室 C8 楼 公司董事会秘书和证券事务代表的联系地址、信息披露及备置地点同时 变更。除上述变更外，公司注册地址、公司网址、电子信箱、投资者联系电 话、邮政编码等其他联系方式均保持不变。 特此公告。 广州岭南集团控股股份有限公司 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 。 因经营发展需要，广州岭南集团控股股份有限公司（以下简称"公司"） 于近日搬迁至新办公地址，为更好地做好投资者关系管理工作，现将公司办 公地址变更的具体情况公告如下: 变更事项 变更前 变更后 广州岭南集团控股股份有限公司 董 事 会 二○二五年九月一日 ...

| 变更事项 | | 变更前 | | 变更后 | | | --- | --- | --- | --- | --- | --- | | | | 广州市越秀区流花路 122 号自 | | 广州市越秀区流花路 | 122 号自 | | 办公地址 | 编 1-4 | 栋中国大酒店商业大厦 | | 编 1-4 栋中国大酒店商业大厦 | | | | D4 楼及 | C1054-58 | 室 | C8 楼 | | 公司董事会秘书和证券事务代表的联系地址、信息披露及备置地点同时 变更。除上述变更外，公司注册地址、公司网址、电子信箱、投资者联系电 话、邮政编码等其他联系方式均保持不变。 特此公告。 广州岭南集团控股股份有限公司 董 事 会 证券简称：岭南控股 证券代码：000524 公告编号：2025-041 号 广 州 岭 南 集 团 控 股 股 份 有 限 公 司 关 于 变 更 公 司 办 公 地 址 的 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。 因经营发展需要，广州岭南集团控股股份有限公司（以下简称"公司"） 于近日搬迁至新办公地址，为更好地做好 ...

Company Overview - Lingnan Holdings is primarily engaged in hotel operations, hotel management, and travel agency services, with revenue contributions of 73.47% from travel agency operations, 21.13% from hotel operations, 5.01% from hotel management, and 0.39% from automotive services [1][2] Stock Performance - As of August 29, Lingnan Holdings' stock price increased by 2.02% to 13.61 CNY per share, with a trading volume of 1.22 billion CNY and a turnover rate of 1.35%, resulting in a total market capitalization of 91.22 billion CNY [1] - Year-to-date, the stock price has risen by 41.77%, with a 3.89% increase over the last five trading days, 13.23% over the last 20 days, and 18.04% over the last 60 days [1] Financial Performance - For the first half of 2025, Lingnan Holdings reported a revenue of 2.09 billion CNY, reflecting a year-on-year growth of 8.52%, and a net profit attributable to shareholders of 49.53 million CNY, which is a 24.39% increase compared to the previous year [2] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 29.68% to 46,900, with an average of 14,284 shares per shareholder, a decrease of 22.89% [2][3] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the fourth largest shareholder with 25.52 million shares, an increase of 699,600 shares, and new entrants such as Noan Flexible Allocation Mixed Fund holding 989,700 shares and Noan Balanced Mixed A holding 797,700 shares [3] Dividend Distribution - Lingnan Holdings has distributed a total of 698 million CNY in dividends since its A-share listing, with 53.62 million CNY distributed over the past three years [3]

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 year-on-year growth of 15.06%, 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 large volume of accounts receivable [3] Key Financial Metrics - Earnings per share (EPS) increased by 16.67% to 0.07 yuan [1] - The company's cash assets were reported at 1.894 billion yuan, a 31.47% increase year-on-year [1] - The total expenses (selling, administrative, and financial) amounted to 306 million yuan, which is 14.64% of revenue, down 7.14% from the previous year [1] - The company’s return on invested capital (ROIC) was 5.54% last year, with a median ROIC of 6.02% over the past decade [4] Business Overview - The company operates as a comprehensive tourism group, integrating travel services, accommodation, and other related businesses [5] - The core travel business is led by its subsidiary, Guangzhou Guangzhilv International Travel Agency, which focuses on domestic and international travel services [6] - The accommodation segment is managed by Guangzhou Lingnan International Hotel Management Co., which is recognized as a leading brand in the hotel industry [7][8] - The company also engages in various related businesses, including catering, scenic area management, event services, transportation, and technology solutions [9][10][11][12][13][14]

Macro Strategy - The core viewpoint highlights the unprecedented removal of Federal Reserve Governor Cook by Trump, raising concerns about the independence of the Federal Reserve and the potential for more "Trump-aligned" appointees, which could lead to increased expectations for interest rate cuts in the future [1] - Following the removal announcement, market reactions included rising long-term U.S. Treasury yields and gold prices, while the U.S. dollar index declined, indicating a shift in investor sentiment towards risk assets [1] Fixed Income - The report indicates a cautious approach in the convertible bond market, suggesting a reduction in exposure to high-priced targets while increasing allocations to ETFs to balance risks [2][3] - The 10-year government bond yield increased from 1.745% to 1.785%, reflecting market adjustments to macroeconomic conditions [2] Industry Insights - New Lai Ying Material (300260) reported improved Q2 performance, benefiting from growth in the semiconductor and liquid cooling sectors, with a focus on domestic substitution and an optimized customer structure [5][6] - Li Yuan Heng (688499) achieved profitability with a robust order backlog in solid-state battery equipment, indicating a strong operational cash flow and successful delivery to major clients [7] - Jin Zai Food (003000) is experiencing a Q2 adjustment period, leading to a downward revision of profit forecasts for 2025-2027, reflecting a mismatch between internal expansion strategies and external market conditions [8][9] - Anpei Long (301413) reported steady growth in its temperature and pressure sensor business while investing in humanoid robotics, adjusting profit forecasts for 2025-2026 [10] - Xinde New Materials (301349) is seeing significant growth in fast-charging products, with profit forecasts adjusted upwards due to improved margins [11] - The report on China National Railway (601766) indicates strong growth in H1 2025, driven by recovery in railway fixed asset investments [18] - The report on China Duty Free Group (601888) highlights a narrowing revenue decline in Q2 2025, with a focus on expanding city store operations to boost sales [31] - Yun Aluminum (000807) reported a 17.98% increase in revenue for H1 2025, with a focus on maintaining high profit margins amid fluctuating aluminum prices [32][33]

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]