证券代码：002627 证券简称：三峡旅游 公告编号：2025-061 湖北三峡旅游集团股份有限公司 第六届董事会第二十三次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 湖北三峡旅游集团股份有限公司（以下简称"公司"）第六届董事 会第二十三次会议通知于 2025 年 12 月 23 日以书面、电话、电子邮 件相结合的形式发出。本次会议于 2025 年 12 月 29 日在公司 6 楼会 议室以现场与通讯相结合的方式召开，会议应出席董事 11 人，实际 出席董事 11 人。会议由董事长王精复先生主持。 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。 二、董事会会议审议情况 本次会议经过投票表决，一致通过如下议案： 审议通过了《关于控股子公司购买资产暨关联交易的议案》。 湖北三峡旅游集团股份有限公司 董 事 会 表决结果：7 票同意、0 票反对、0 票弃权。 本议案已经公司独立董事专门会议审议通过，会议同意将该议案 提交本次董事会审议。 关联董事王精复、章乐、宋鹏程、陈佰涛回避表决。 《关 ...

Core Viewpoint - The company plans to purchase part of the property for the Three Gorges Cruise Center to support its daily operations and future strategic development needs [1] Group 1: Property Acquisition - The company’s subsidiary, Hubei Yichang Three Gorges Cruise Center Development Co., Ltd., intends to buy a portion of the property developed by Yichang Jiaotour Green Energy Real Estate Co., Ltd. [1] - The predicted construction area of the property is 13,561.85 square meters, with a registered unit price of 10,000 yuan per square meter [1] - The total contract amount for the property purchase is 136 million yuan, including value-added tax [1]

Core Viewpoint - The company, Three Gorges Tourism (002627.SZ), announced that its wholly-owned subsidiary, Yichang Yangtze Three Gorges Tourism Passenger Transport Co., has received a government decision for property expropriation due to a major project in the Xiling District [1] Group 1: Expropriation Details - The expropriation is part of the preparation for a significant construction project in the Xiling District, necessitating the acquisition of properties located at specific addresses [1] - The expropriation will follow the regulations outlined in the "Regulations on Expropriation and Compensation for Houses on State-owned Land" and the "Work Procedures for Expropriation and Compensation on State-owned Land in Yichang City" [1] Group 2: Compensation Agreement - The properties affected include the Huangbaihe Wharf and related facilities, which are within the expropriation scope [1] - On December 19, 2025, the company signed a compensation agreement with the Yichang Housing and Urban Renewal Bureau and the Xiling District Housing Security Service Center, with a total compensation amount of 4.94 million yuan [1]

Core Viewpoint - The company, Three Gorges Tourism (002627.SZ), announced that its wholly-owned subsidiary, Yichang Yangtze Three Gorges Tourism Passenger Transport Co., has received a government decision for property expropriation due to a major project in the Xiling District [1] Group 1 - The expropriation is based on the need for construction related to significant project preparation in the Xiling District, following relevant regulations [1] - The properties affected include those located at No. 3 Shangdaodi Road and No. 14 Zhenping Road, among others [1] - The company’s Huangbaihe Wharf and related facilities are included in the expropriation scope [1] Group 2 - On December 19, 2025, the company signed a compensation agreement with the Yichang Housing and Urban Renewal Bureau and the Yichang Xiling District Housing Security Service Center regarding the relocation of Huangbaihe Tourist Wharf [1] - The total compensation amount for the relocation of Huangbaihe Tourist Wharf is 4.94 million yuan [1]

证券代码：002627 证券简称： 三峡旅游 公告编号：2025-060 湖北三峡旅游集团股份有限公司 关于签订《黄柏河旅游码头迁建补偿协议》 的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 一、交易情况概述 湖北三峡旅游集团股份有限公司（以下简称"公司"）全资子公 司宜昌长江三峡旅游客运有限公司（以下简称"旅客公司"）于近日 收到《西陵区人民政府房屋征收决定书》（西房征决字〔2025〕4 号）， 主要内容如下：因实施西陵区重大项目施工准备工程项目（企事业单 位）建设需要，根据《国有土地上房屋征收与补偿条例》、《宜昌市城 区国有土地上房屋征收与补偿工作规程》的相关规定，决定对位于上 导堤路 3 号、镇平路 14 号等房屋进行征收，并按《西陵区重大项目 施工准备工程项目（企事业单位）征收安置补偿方案》进行补偿。旅 客公司所属黄柏河码头及相关附属物属于本次征收范围。 2025 年 12 月 19 日，旅客公司与宜昌市住房和城市更新局、宜 昌市西陵区住房保障服务中心签订《黄柏河旅游码头迁建补偿协议》， 公司所属黄柏河旅游码头将被征迁，征迁补偿金额合计 494 ...

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, anticipating that the industry index will outperform the benchmark index by more than 5% in the next 3-6 months [42]. Core Insights - The official launch of the Hainan Free Trade Port's full island closure policy is expected to significantly boost the tourism and hotel sectors, leading to a surge in market expectations for Hainan tourism. There has been a substantial year-on-year increase in flight and hotel bookings for the New Year and Spring Festival holidays, particularly in Sanya, where the demand for cross-year travel is notably high. The hotel and tourism sectors have shown strong performance, leading the consumer services industry, reflecting positive market expectations for the long-term benefits of the closure policy [4][34]. - The report identifies several key investment opportunities, including hotels with balanced supply and demand, human resource services with clear industry trends, the duty-free sector benefiting from new policies, and internet platforms integrating online and offline operations [4]. Industry Basic Data - The consumer services industry consists of 55 listed companies with a total market capitalization of 498.804 billion yuan and a circulating market capitalization of 457.081 billion yuan [1]. Market Performance - The consumer services industry experienced a weekly increase of 2.66%, outperforming the overall A-share market, which saw a decline of 0.15%. The CSI 300 index also fell by 0.28%, while the consumer services index rose by 3.76% [7][24]. - The report highlights that the hotel sector saw a weekly increase of 2.70%, while the tourism and scenic areas sector increased by 3.42% [18]. Notable Announcements - Key announcements include a report from Beijing Human Resources showing a shareholding reduction by a major shareholder and a significant increase in revenue and net profit for China Education Holdings [30][32].

Group 1 - The tourism market is experiencing significant growth as the New Year holiday approaches, with a notable increase in search interest for keywords like "New Year" and "cross-year" on the Tongcheng travel platform [1] - From December 1 to 19, 2023, two tourism-themed ETFs (Fuguo CSI Tourism Theme ETF and Huaxia CSI Tourism Theme ETF) saw a net inflow of over 1.4 billion yuan, contrasting with net outflows in the previous month [1] - On December 19, the Shenwan Tourism and Scenic Area Index surged nearly 2.5%, with a month-to-date increase of 1.37%, significantly outperforming the broader market [1] Group 2 - Notable tourism companies with significant stock price increases in December include: - Three Gorges Tourism (002627) with a month-to-date increase of 20.25% - Qujiang Cultural Tourism (600706) with a month-to-date increase of 12.37% - Tianmu Lake (603136) with a month-to-date increase of 11.02% [2] - Three Gorges Tourism has established itself as a leader in the Yangtze River tourism sector and aims to become a top player in China's inland cruise tourism, with plans to accelerate the development of inter-provincial cruise tourism [1]

Group 1 - The company, Three Gorges Tourism, has received positive feedback for its cruise products, which offer unique natural and cultural experiences along with high-quality services, appealing to a diverse age demographic [2] - The distribution of customer demographics across different age groups is relatively balanced, indicating broad market appeal [2] - The company plans to continuously monitor changes in consumer demands across various age groups and will iterate and optimize its products and services to enhance market competitiveness [2]

Investment Rating - The report initiates coverage with an "Outperform" rating for the company, targeting a price of RMB 9.45 based on a 45x PE for 2026 [7][30]. Core Insights - The company is expected to leverage its core resources from the "Two Dams and One Gorge" to transition from sightseeing to vacation experiences, enhancing overall customer transaction values and profit levels. The planned inter-provincial cruise project is anticipated to be a new growth driver, with existing business recovery and cruise project volume increase likely to elevate profit and valuation [7][30]. - The company forecasts net profits attributable to shareholders of RMB 112 million, RMB 153 million, and RMB 206 million for 2025, 2026, and 2027 respectively, with EPS of RMB 0.16, RMB 0.21, and RMB 0.28 [7][30]. Financial Summary - Total revenue is projected to decline to RMB 741 million in 2024, followed by a gradual increase to RMB 1,326 million by 2027, reflecting a compound annual growth rate (CAGR) of 35.1% from 2025 to 2027 [2][5]. - The net profit attributable to shareholders is expected to show significant growth, with a forecast of RMB 130 million in 2023, declining slightly to RMB 118 million in 2024, and then increasing to RMB 206 million by 2027, indicating a robust recovery trajectory [2][5]. - The company’s gross margin is expected to improve from 31.35% in 2024 to 33.82% in 2027, driven by increased operational efficiency and higher-value offerings [10]. Demand Analysis - In the first half of 2025, the company achieved a revenue of RMB 286 million from tourism services, marking a year-on-year increase of 20.20%. The number of cruise passengers reached 1.25 million, a 10.96% increase compared to the previous year, indicating strong demand recovery [31][14]. - Factors contributing to this growth include enhanced marketing efforts, increased product offerings, and improved operational capacity, which have collectively boosted market recognition and customer engagement [14][31]. Supply Analysis - The regulatory environment has tightened, with the Yangtze River Authority implementing strict controls on new inter-provincial passenger ship transport enterprises, which stabilizes competition and enhances supply constraints [32][20]. - The company plans to construct and operate four large leisure cruise ships, with the first two expected to launch in June and December 2026, and the remaining two in June 2028. This initiative aims to capitalize on the controlled supply environment and enhance profit flexibility [33][21]. Conclusion - The report highlights the company's strategic positioning within the tourism sector, emphasizing its potential for growth through innovative offerings and regulatory advantages. The combination of a solid customer base, new cruise projects, and a favorable market environment positions the company for significant future profitability and valuation enhancement [7][30][12].

Group 1: AI and Technology Developments - The release of the GPT-5.2 series marks a significant advancement in AI capabilities, achieving human expert-level performance in abstract reasoning and complex knowledge tasks, with a score of 52.9% in the ARC-AGI-2 test, nearly tripling the previous version's score of 17.6%[5] - In the GDPval benchmark test, GPT-5.2 Thinking outperformed or matched industry experts in 70.9% of tasks, while GPT-5.2 Pro achieved 74.1%, indicating a breakthrough in AI's ability to create economic value in high-end professional fields[5] - The tool-calling reliability of GPT-5.2 improved significantly, scoring 98.7% in multi-step customer service processes, showcasing its strong end-to-end task execution capabilities[7] Group 2: Market Trends in Consumer Goods - The Chinese IP food industry is projected to grow from 18.1 billion yuan in 2020 to 35.4 billion yuan by 2024, with a CAGR of 18.2%, driven by increasing consumer demand for emotional consumption[11] - The market for IP fun food, which combines entertainment and food, is expected to expand from 5.6 billion yuan in 2020 to 11.5 billion yuan by 2024, achieving a CAGR of 19.6%[11] - The leading company in the IP fun food market, Jintian Animation, holds a market share of 7.6%, indicating a fragmented competitive landscape with many small players entering the market[13] Group 3: Financial Performance and Projections - Jianlin Home's revenue for the first three quarters of 2025 was 3.723 billion yuan, a year-on-year decrease of 1.4%, with a net profit of 349 million yuan, down 12.1%[19] - Citic Financial Assets is expected to see net profits grow by 7.4% to 103.3 billion yuan in 2025, with EPS projected at 0.13 yuan[24] - Dongpeng Beverage's EPS is forecasted to increase from 8.85 yuan in 2025 to 14.47 yuan by 2027, reflecting a growth rate of 38.3%[30]