Core Viewpoint - The company is actively expanding its business in travel, accommodation, scenic areas, duty-free, and new retail sectors, showing significant growth in revenue and profit for the first half of 2025. Group 1: Business Performance - In the first half of 2025, the company achieved a revenue of 2.09 billion yuan, a year-on-year increase of 8.52%, and a net profit of 49.53 million yuan, up 24.39% [2] - The core travel business, Guangzhilv, reported a revenue of 1.54 billion yuan, growing by 11.78%, and a net profit of 23.29 million yuan, increasing by 34.91% [2] - The accommodation sector, Lingnan Hotel, generated a revenue of 118.56 million yuan, with a growth of 1.60%, and a net profit of 9.73 million yuan, up 23.26% [2] Group 2: Hotel Expansion - The company is implementing a "North-South Coordination" strategy for national expansion, establishing a Northern Headquarters for Lingnan Hotels and a Southern Headquarters for Urban Group [3] - In 2025, the accommodation business signed 69 new projects, adding nearly 4,000 rooms [3] - The hotel management business is expanding in multiple locations, with innovative models driving growth in the southern regions [3] Group 3: Scenic Area Development - The company has established Guangzhilv Yuejing Company to manage scenic area projects, including Baiyun Mountain and Guizhou's ancient Buyei village [4] - In the first half of 2025, the company enhanced market expansion and brand marketing through collaborations and won bids for science popularization projects [4] Group 4: Duty-Free Business Progress - The company is collaborating with China Duty Free Group to establish a duty-free company in Guangzhou, holding a 19.50% stake [5] - The first city duty-free store in Guangzhou opened on August 26, 2025, with plans to leverage travel agency and hotel resources for targeted marketing [5] Group 5: New Retail Developments - The new retail business has made progress in cultural products and seasonal foods, generating nearly 700,000 yuan in revenue from offline sales [6] - Seasonal food marketing has reached new highs, and several self-developed cultural products have been launched to enhance brand influence [6]

Group 1: Financial Performance - The company achieved a total revenue of CNY 2,089.60 million in the first half of 2025, representing an 8.52% increase compared to the same period last year [2] - The net profit attributable to shareholders reached CNY 49.53 million, marking a 24.39% growth year-on-year [2] - The net cash flow from operating activities was CNY 124.78 million, with a debt-to-asset ratio of 39.03% and a weighted average return on equity of 2.16% [2] Group 2: Travel and Tourism Business - The core subsidiary, Guangzhou Guangzhilv International Travel Agency, generated CNY 1,535.71 million in revenue, an 11.78% increase year-on-year [3] - The outbound tourism segment (excluding Hong Kong and Macau) contributed CNY 848.81 million, while domestic tourism revenue was CNY 498.20 million [3] - The net profit for the travel business was CNY 23.29 million, reflecting a 34.91% increase compared to the previous year [3] Group 3: Hotel Management Business - The hotel management segment reported revenue of CNY 118.56 million, a 1.60% increase year-on-year, with a net profit of CNY 9.73 million, up 23.26% [5] - The company’s hotel operations have expanded with 69 new projects signed, adding nearly 4,000 rooms [7] - The company is focusing on a "North-South Coordination" strategy to enhance its national layout [6] Group 4: Scenic Area Development - The company has established Guangzhou Guangzhilv Yujing Destination Tourism Development Co., managing scenic spots like Baiyun Mountain and expanding to other provinces [8] - The scenic area business is actively engaging in market expansion and brand marketing, collaborating with various partners to enhance the visitor experience [8] Group 5: Duty-Free Business - The company has partnered with China Duty Free Group and others to establish a duty-free store in Guangzhou, with a registered capital of CNY 45 million [10] - The first city duty-free store opened on August 26, 2025, enhancing the shopping experience for outbound travelers [10] - Future plans include leveraging travel agency resources to drive traffic to the duty-free store through targeted marketing [11] Group 6: New Retail and Cultural Products - In the first half of 2025, the company developed 87 cultural products, generating nearly CNY 700,000 in revenue [12] - The company is expanding its product offerings to meet consumer demands, achieving record sales in seasonal products [12]

Group 1 - The tourism concept stocks in the A-share market experienced a collective decline, with notable drops in stocks such as Guilin Tourism down over 9% and Xi'an Tourism down over 8% [1] - Other companies also faced significant declines, including Caesar Travel down over 6%, Overseas Chinese Town A down over 6%, and several others down over 5% [1] - The overall market sentiment for tourism stocks appears negative, reflecting broader challenges in the sector [1] Group 2 - Specific stock performance data shows Guilin Tourism at a decline of 9.31% with a market capitalization of 3.193 billion, while Xi'an Tourism fell by 8.27% with a market cap of 3.206 billion [2] - Caesar Travel reported a decline of 6.75% with a market cap of 9.976 billion, and Overseas Chinese Town A decreased by 6.30% with a market cap of 20.3 billion [2] - Other notable declines include Nanjing Commercial Travel down 5.73% and Lingnan Holdings down 5.49%, indicating a widespread downturn across various tourism-related companies [2]

Group 1 - The duty-free store concept declined by 1.90%, ranking among the top declines in the concept sector, with companies like Lingnan Holdings, Zhongxin Tourism, and Youhao Group experiencing significant drops [1] - The duty-free store sector saw a net outflow of 709 million yuan from major funds today, with 26 stocks experiencing net outflows, and 5 stocks seeing outflows exceeding 50 million yuan [2] - The stock with the highest net outflow was China Duty Free, with a net outflow of 128 million yuan, followed by Bubugao, Zhongxin Tourism, and Lingnan Holdings, with net outflows of 107 million yuan, 96.7 million yuan, and 58.9 million yuan respectively [2] Group 2 - The top stocks in the duty-free store concept with significant net outflows included China Duty Free (-1.26%), Bubugao (-2.08%), Zhongxin Tourism (-4.93%), and Lingnan Holdings (-6.95%) [3] - Other notable stocks with net outflows included Wangfujing (-2.07%), Youa Shares (-1.29%), and Tibet Zhufeng (-1.40%) [3] - Conversely, stocks with net inflows included Caesar Travel (+1.19%), Hainan Airport (-0.49%), and Rizhao Port (-1.85%) [3]

Market Overview - The A-share market saw a slight increase in the three major indices, with a focus on technology stocks, particularly in the consumer electronics, chip supply chain, and liquid cooling server sectors [1] - The total market turnover reached 2.14 trillion yuan, a decrease of 206.9 billion yuan compared to the previous day [4] Technology Sector - GPU leader Moer Thread's IPO on the Sci-Tech Innovation Board is scheduled for September 26, leading to a surge in related concept stocks [1] - Zhongke Shuguang (603019) hit the daily limit, closing at 117.51 yuan per share, with a total market value exceeding 170 billion yuan [1] - The chip supply chain remained active, with Demingli (001309) achieving a historical high with two consecutive limit-ups, and Haiguang Information rising nearly 11% to also reach a historical high [1] - SMIC's stock increased over 6%, with a latest market value of 1.03 trillion yuan and a trading volume close to 20 billion yuan, ranking first in A-shares [1] Liquid Cooling Server Concept - The liquid cooling server concept stocks experienced fluctuations but ultimately surged, with Industrial Fulian (601138) rising significantly and breaking the 70 yuan per share mark, reaching a historical high [3] Zodiac Concept Stocks - Stocks with "horse" in their names saw significant gains, with multiple stocks like Tianyi Ma (301178) and Demar Technology rising sharply [5] - The upcoming Year of the Horse in the lunar calendar has led to increased speculation in zodiac-themed stocks, following a historical trend of such stocks gaining traction in the fourth quarter [6][7] Precious Metals Sector - The gold sector saw a strong performance towards the end of the trading day, with stocks like Zhongjin Gold (600489) and Hunan Silver (002716) experiencing significant increases [4] Tourism and Hotel Sector - The tourism and hotel sector faced a downturn, with the tourism and hotel index declining, particularly for companies like Tianfu Cultural Tourism (000558) [8] - As the National Day and Mid-Autumn Festival approach, there is an increase in long-distance travel demand, with platforms reporting a notable rise in outbound travel intentions and flight bookings [10] Film and Entertainment Sector - The upcoming National Day holiday will see the release of over ten new films, indicating a trend towards sequels and IP-based productions, which may attract investor attention towards the film and cinema sector [11]

Group 1: Core Insights - Lingnan Holdings actively promotes the "Smart + Cultural Tourism" strategy, signing a strategic cooperation agreement with Pony.ai to develop autonomous driving tourism routes in Guangzhou Nansha [1] - The company aims to enhance investor relations through a diversified communication platform, including online performance briefings and various interactive channels [2] Group 2: Shareholder Actions - Guangzhou Industrial Investment Holding Group, a significant shareholder, has disclosed that any changes in shareholding will comply with relevant regulations, citing "personal funding needs" as the reason for recent equity changes [3] Group 3: Business Development - The company is committed to integrating various business models such as "Tourism +" and "Hotel +", leveraging the "Sports + Tourism" model to explore local culture and sports spirit, although specific details on event management were not provided [4]

Core Viewpoint - Lingnan Holdings (000524.SZ) aims to enhance its mid-to-high-end hotel apartment brand strategy and expand its hotel management business scale through the leasing of a property in Guangzhou to its controlling shareholder, Lingnan Group [1] Group 1: Company Strategy - Lingnan Hotel, a wholly-owned subsidiary of Guangzhou Lingnan Group, is focusing on leveraging its expertise in hotel apartment operations to drive growth in the hotel management sector [1] - The leasing of the property is part of a strategic move to promote the development of the hotel apartment brand [1] Group 2: Financial Details - The property, located at 12 Daganwei Road, Ruibao Street, Haizhu District, Guangzhou, has a total construction area of 18,876.9609 square meters [1] - The lease term is set from October 1, 2025, to September 30, 2037, with a total rental amount of 84,471,864.00 yuan (including tax) over the lease period [1]

Core Viewpoint - Lingnan Holdings (000524.SZ) aims to enhance its mid-to-high-end hotel apartment brand strategy and expand its hotel management business scale through the leasing of a property in Guangzhou for commercial and hotel apartment use [1] Group 1: Company Actions - Lingnan Hotel, a wholly-owned subsidiary of Guangzhou Lingnan Group Holdings Co., Ltd., is leveraging its expertise in hotel apartment operations [1] - The company plans to lease a property located at 12 Daganwei Road, Ruibao Street, Haizhu District, Guangzhou, with a total construction area of 18,876.9609 square meters [1] - The lease agreement is set to commence on October 1, 2025, and will last until September 30, 2037, with a total rental amount of 84,471,864.00 yuan (including tax) during this period [1]

Group 1 - Lingnan Holdings (SZ 000524) announced on September 19 that its 11th Board of Directors meeting was held via telecommunication, where it reviewed proposals regarding the leasing of properties by its wholly-owned subsidiary and related transactions [1] - For the first half of 2025, Lingnan Holdings reported that its revenue composition was as follows: travel agency operations accounted for 73.47%, hotel operations for 21.13%, hotel services for 5.01%, and automotive services for 0.39% [1] - As of the report date, Lingnan Holdings had a market capitalization of 10.2 billion yuan [1]

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。 一、关联交易概述 1、关联交易的基本情况 为发挥广州岭南集团控股股份有限公司(以下简称"公司")的全资子公司 广州岭南国际酒店管理有限公司（以下简称"岭南酒店"）在酒店公寓业务方 面的专业运营管理优势，推动中高端酒店式公寓品牌战略发展，促进酒店管理 业务规模增长，岭南酒店的全资子公司广州岭南岭居公寓管理有限公司下属 的海港汇分公司（以下简称"岭居公寓海港汇分公司"）拟向公司控股股东 广州岭南商旅投资集团有限公司（以下简称"岭南集团"）租赁广州市海珠 区瑞宝街道大干围路 12 号（越秀天荟江湾）E2 栋物业（以下简称"物业"）, 建筑面积 18,876.9609 平方米（产权测绘面积，最终以产权证载面积为准）， 作为商业及酒店公寓用途使用。租赁期限自 2025 年 10 月 1 日起至 2037 年 9 月 30 日止，上述期限内的租金总额为 84,471,864.00 元（含税）。 证券代码：000524 证券简称：岭南控股 公告编号：2025-044 号 广 州 岭 南 集 团 控 股 股 份 有 限 ...