Core Viewpoint - The tourism industry, once expected to thrive, is now facing significant challenges, highlighted by the bankruptcy of Qinghai Tourism Investment Group and the struggles of various tourism companies despite an increase in domestic travel and spending [2][3][4][8]. Group 1: Industry Challenges - Qinghai Tourism Investment Group and its subsidiaries have filed for bankruptcy, shocking the tourism sector [3]. - The company, which aimed for significant growth and public listing, mismanaged its resources, leading to a loss of 4.8 billion in registered capital [4]. - 44 listed companies in the tourism sector reported their Q1 earnings, with 25 experiencing negative revenue growth, accounting for 56.8% of the total [4]. Group 2: Financial Performance - Major airlines like China Southern Airlines, China Eastern Airlines, and Air China reported substantial losses in Q1, with losses of 747 million, 995 million, and 2.044 billion respectively [7]. - Despite a 26.4% increase in domestic travel and an 18.6% rise in spending, the tourism industry is struggling financially [8][9]. Group 3: Market Dynamics - The tourism market is saturated, with an increase in A-level scenic spots and travel agencies, yet average income has dropped by nearly 40% [31]. - Online travel platforms like Ctrip and Tongcheng are thriving, with Ctrip reporting a net profit of approximately 4.3 billion in Q1, showcasing the "shovel effect" where service providers profit while actual tourism businesses struggle [28][30]. Group 4: Shifts in Consumer Behavior - The tourism industry is transitioning to a 2.0 era, where experiential value is prioritized over mere scarcity of resources [46][50]. - Successful attractions like Jiuhua Mountain and Disney have capitalized on immersive experiences, contrasting with traditional scenic spots that fail to adapt [39][41]. Group 5: Future Outlook - Many tourism platforms are likely to face severe financial difficulties or bankruptcy if they cannot adapt to the changing market dynamics and consumer preferences [55][56]. - The current environment suggests a need for a significant restructuring within the tourism sector to eliminate ineffective players and allow successful entities to thrive [58][59].

Core Viewpoint - Lijiang Co., Ltd. is actively investing in the expansion of the Yak Cow Flat tourism cableway project in collaboration with Yulong Snow Mountain Scenic Area Investment Company, indicating a strategic move to enhance its tourism offerings and infrastructure [1][2]. Group 1: Company Financials - As of June 13, 2025, Lijiang Co., Ltd. reported a closing price of 8.56 yuan, down 1.72% from the previous week [1]. - The company's total market capitalization is 4.704 billion yuan, ranking 13th out of 22 in the tourism and scenic area sector and 3077th out of 5150 in the A-share market [1]. Group 2: Investment and Capital Structure - Lijiang Co., Ltd. and Yulong Snow Mountain Scenic Area Investment Company are jointly increasing capital in Lijiang Yak Cow Flat Tourism Cableway Co., Ltd. to facilitate the cableway expansion project [1]. - Lijiang Co., Ltd. will contribute 314.239 million yuan in cash, while Yulong Snow Mountain Scenic Area Investment Company will contribute 197.2219 million yuan, combining cash and non-cash assets [1]. - After the capital increase, the registered capital of Yak Cow Flat Company will be 200 million yuan, with Lijiang Co., Ltd. holding 65% and Yulong Snow Mountain Scenic Area Investment Company holding 35% [2]. Group 3: Future Funding Commitments - The first phase of monetary contributions has been completed, with Lijiang Co., Ltd. having paid approximately 176.14 million yuan and Yulong Snow Mountain Scenic Area Investment Company approximately 78.53 million yuan [2]. - Future monetary contributions are scheduled, with Lijiang Co., Ltd. expected to pay 862.194 million yuan within 210 days and 518.831 million yuan within 510 days [2].

2025 年 4 月 8 日，丽江玉龙旅游股份有限公司（以下简称"本公司"）在 《证券时报》、《中国证券报》以及巨潮资讯网（http://www.cninfo.com.cn） 上刊载了《关于与玉龙雪山景区投资公司共同增资牦牛坪公司暨关联交易的公 告》：为推进丽江玉龙雪山牦牛坪旅游索道改扩建项目，解决丽江玉龙雪山牦牛 坪旅游索道改扩建项目下部站建设用地和所需资金，公司拟与丽江市玉龙雪山景 区投资管理有限公司（以下简称"玉龙雪山景区投资公司"）共同对本公司的全 资子公司丽江牦牛坪旅游索道有限公司（以下简称"牦牛坪公司"）增资。本次 增资本公司拟以货币方式出资 31,423.90 万元；玉龙雪山景区投资公司拟以非货 币资产方式出资 4,432.50 万元、以货币方式出资 15,289.69 万元，合计 19,722.19 万元。各方确认，牦牛坪公司增资后的注册资本设定为 20,000.00 万 元，本次增资本公司和玉龙雪山景区投资公司的出资额为：本公司出资 31,423.90 万元，其中计入牦牛坪公司实收资本 12,000.00 万元、计入资本公积 19,423.90 万元；玉龙雪山景区投资公司出资 19,722. ...

Group 1: Financial Performance - The company plans to achieve an operating income of 816 million yuan in 2025, with a net profit attributable to shareholders of 202 million yuan [1] - During the May Day holiday, the number of tourists received by the company's three cableways increased by approximately 6% compared to the same period in 2024 [2] Group 2: Shareholder Rights and Governance - Shareholder identity is tied to the ownership of company shares; thus, small shareholders will retain their status regardless of changes in major shareholders [2][4] - The company is committed to enhancing its management and information disclosure to improve investor returns and market understanding [2][4] Group 3: Market Expansion and Strategies - The local government has implemented measures to attract foreign tourists, including simplifying ticket purchasing processes and providing necessary facilitation for inbound tour groups [2] - The company is exploring strategies for market value management in accordance with regulatory guidelines to enhance investor engagement [2][4]

Core Viewpoint - The Chinese cultural tourism complex industry is entering a transformation and upgrading phase, becoming a significant engine for driving domestic demand growth and promoting industrial upgrades. The market size is projected to reach 2.59 billion yuan in 2024, with a year-on-year growth of 16.11% [1][12]. Industry Overview - Cultural tourism complexes integrate culture as the core driving force, combining tourism, commerce, leisure, and residential functions into a comprehensive space. They aim to meet tourists' needs for cultural experiences, leisure vacations, and shopping while promoting regional cultural heritage and tourism industry upgrades [2]. Industry Development History - The industry has gone through four stages: 1. **Emergence Stage (1978-1999)**: Focused on sightseeing with limited cultural integration. 2. **Initial Exploration Stage (2000-2009)**: Increased emphasis on cultural tourism with early projects combining cultural performances and tourism. 3. **Rapid Development Stage (2010-2019)**: Cultural tourism complexes became key for local economic transformation, supported by national strategies. 4. **Transformation and Upgrading Stage (2020-Present)**: Shift towards high-quality, diversified, and technology-driven experiences, accelerated by the pandemic [4][5][6]. Industry Value Chain - The industry value chain includes: - **Upstream**: Resource development, planning, design, and cultural resource/IP development. - **Midstream**: Operation services of cultural tourism complexes. - **Downstream**: Tourists and consumers [8]. Market Size - The market size of the cultural tourism complex industry is expected to reach 2.59 billion yuan in 2024, with a year-on-year growth of 16.11%. The industry is witnessing trends of cross-industry integration, such as "cultural tourism + technology" and "cultural tourism + commerce" [12]. Key Enterprises - Major players in the industry include: - **China Overseas Chinese Town**: Leading enterprise with a comprehensive business model covering theme parks and cultural performances. - **Sunac Culture**: Known for its "ice and snow world + commercial complex" model. - **China Youth Travel Service**: Focuses on integrated tourism services with projects like Wuzhen and Gubei Water Town. - **Yunnan Tourism**: Leverages rich cultural resources for unique tourism projects [14][16][17]. Industry Development Trends 1. **Integration of Immersive Experiences and Smart Operations**: The industry is transitioning from resource-driven to technology-driven, utilizing advancements in 5G, AI, and the metaverse to enhance visitor experiences [20]. 2. **Demand Differentiation Driven by Generational Changes**: The Z generation and the elderly are shaping the market, leading to a focus on unique experiences and wellness tourism [21][22]. 3. **Green Concepts and Industrial Synergy**: The industry is moving towards low-carbon and industrialized upgrades, with a focus on sustainable practices and collaboration across sectors [23].

1、丽江玉龙旅游股份有限公司（以下简称"公司"）2024 年度权益分派方 案已获 2025 年 4 月 29 日召开的 2024 年度股东大会审议通过。公司 2024 年度权 益分派方案为： 以公司总股本549,490,711股为基数，向全体股东每 10 股派发现金股利 3.50元（含税），不以资本公积金转增股本，不送股，共派发现金红利 192,321,748.85元。本次利润分配方案公告后至实施前，如公司股本总数发生变 化，公司拟按照分配比例固定的原则对分配总金额进行调整。 2、自分配方案披露至实施期间公司股本总数未发生变化。 3、本次实施的分配方案与股东大会审议通过的分配方案一致。 4、本次实施分配方案的时间距离股东大会审议通过的时间未超过两个月。 证券代码：002033 证券简称：丽江股份 公告编号：2025023 丽江玉龙旅游股份有限公司 2024 年度权益分派实施公告 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、股东大会审议通过权益分派方案等情况 二、本次实施的权益分派方案 1、发放年度、发放范围 （1）分红年度：2024年度 （2）发放范围 ...

丽江玉龙旅游股份有限公司 2025 年 5 月 13 日 证券代码：002033 证券简称：丽江股份 公告编号：2025022 丽江玉龙旅游股份有限公司 关于参加云南辖区上市公司 2024 年度投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，丽江玉龙旅游股份有限公司（以下简称 "公司"）将参加由云南证监局指导，云南省上市公司协会与深圳市全景网络有 限公司联合举办的"2024 年度云南辖区上市公司投资者网上集体接待日"，现将 相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP, 参与本次互动交流，活动时间为 2025 年 5 月 16 日（周五）16:00-17:00。届时 公司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、融资 计划和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投 资者踊跃参与！ 特此公告！ ...

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2] Core Viewpoints - The tourism volume is increasing while prices remain stable, with an extended travel radius. The focus is on policy support and advancements in AI applications [3] Summary by Sections Market Review - In April, the social service sector outperformed the benchmark by 1.42 percentage points, with strong performance from tourism and education stocks. The A-share scenic spots and leading education stocks led the gains, while Hong Kong stocks in the supply chain and tea beverage sectors also performed well [3][4][6] May Day Holiday Summary - Domestic spending during the holiday increased by 8.0%, with travel willingness remaining high and an extended travel radius. A total of 314 million domestic trips were made, a year-on-year increase of 6.4%. The average spending per person increased by 1.5%, recovering to 90% of the 2019 level [3][9] Sub-Industries - **Inbound and Outbound Travel**: Inbound travel increased by 28.7% during the holiday, with significant growth in travelers from Hong Kong, Macau, Taiwan, and foreign visitors. The number of inbound foreign visitors under visa-free policies grew by 72.7% [3][21] - **Hotel Industry**: The hotel industry saw a REVPAR of 192 yuan, up 11.5% year-on-year, with occupancy rates and average daily rates also increasing. High-star hotels in county areas outperformed the overall industry [24][22] - **Scenic Spots**: Many scenic spots experienced significant visitor growth, aided by favorable weather and local government promotional activities. For example, Xiangyuan Cultural Tourism received 51.79% more visitors compared to last year [25][28] - **Dining**: Key monitored dining enterprises saw sales increase by 8.7% year-on-year, indicating a recovery in consumer spending [29][30] - **Duty-Free Sales**: Duty-free shopping during the holiday saw a decline of 7% in sales, but the average spending per person remained stable [41][35] Investment Recommendations - The report suggests focusing on leading companies benefiting from policy support and marginal improvements, including Tongcheng Travel, Xueda Education, Jiuhua Tourism, and others. Mid-term recommendations include China Duty Free, Meituan, Huazhu Group, and others [3][42]

Core Insights - The report highlights that tourism volume is increasing while prices remain stable, with a focus on policy support and advancements in AI applications within the sector [3][9] - The domestic travel market saw 314 million trips during the May Day holiday, a year-on-year increase of 6.4%, with total spending reaching 180.27 billion yuan, up 8.0% [9][21] - The report suggests that the tourism trend will continue to improve due to consumer experience demands and favorable industry policies, recommending investments in leading companies benefiting from these trends [3][42] Market Review - In April, the consumer services sector outperformed the benchmark by 1.42 percentage points, with strong performances from tourism and education stocks [4][6] - The May Day holiday saw significant gains in the education sector and travel-related stocks, with notable performances from companies involved in AI-enhanced education [4][6] Sub-industry Analysis - **Inbound and Outbound Travel**: Inbound travel saw a 28.7% increase in visitor numbers during the May Day holiday, with significant growth in travelers from Hong Kong, Macau, and Taiwan [16][21] - **Hotel Industry**: The hotel sector experienced a 11.5% increase in revenue per available room (RevPAR) during the holiday, with occupancy rates and average daily rates also rising [24][22] - **Scenic Areas**: Major scenic spots reported strong visitor numbers, with some locations seeing over 50% growth compared to the previous year, aided by favorable weather and local government initiatives [25][28] - **Dining Sector**: Key monitored dining enterprises reported an 8.7% increase in sales during the holiday, reflecting a recovery in consumer spending [29][30] - **Duty-Free Sales**: Duty-free shopping during the holiday saw a decline of 7% in sales, although the average transaction value remained stable [35][41] Investment Recommendations - The report recommends focusing on leading companies that are expected to benefit from policy support and improving consumer sentiment, including Tongcheng Travel, Xueda Education, Jiuhua Tourism, and others [3][42]

Group 1 - The A-share tourism and hotel sector is experiencing a downturn, with companies like Zhongxin Tourism and Xiangyuan Cultural Tourism seeing declines of over 3% [1] - Other companies such as Lijiang Co., Three Gorges Tourism, Jinjiang Group, and China Youth Travel also followed the downward trend [1]