Core Viewpoint - The water tourism service market in China is rapidly growing, driven by rising living standards and a shift towards personalized and diverse travel experiences, with projected revenue reaching 10.2 billion yuan in 2024, a 16% increase year-on-year [1][9]. Overview - Water tourism services involve providing sightseeing, leisure, and experiential services through various watercraft in natural or artificial water bodies, focusing on the combination of "water scene" and "tourism experience" [2][4]. Market Policies - The Chinese government has implemented several policies to support the development of the tourism industry, including water tourism services, creating a favorable environment for growth [6][7]. Industry Chain - The water tourism service industry consists of upstream sectors like shipbuilding and maintenance, midstream service providers, and downstream consumers, including both individual and group travelers [7][8]. Current Development - The water tourism service market is experiencing significant growth, with a projected revenue of 10.2 billion yuan in 2024, driven by the emergence of diverse business models such as "cruise + dining performance" and "cruise + education" [1][9]. Competitive Landscape - The market is fragmented with over 270 service providers, where the top 10 companies hold approximately 28.2% market share [11]. Notable companies include: - Hubei Three Gorges Tourism Group, focusing on integrating tourism and transportation, with a revenue of 370 million yuan in the first half of 2025 [12]. - Jiangsu Shouxihu Cultural Tourism Co., primarily operating in the Yangzhou area, with a total revenue of 112.32 million yuan in 2024, where cruise income accounted for 85.5% [13]. Development Trends - Future trends indicate a shift towards high-end, themed, and personalized water tourism products, with increasing integration of cultural, sports, and educational elements into the industry [14].

Core Viewpoint - The company has concluded a legal execution process regarding a compensation case involving performance commitments, which will not significantly impact its current or future profits [3][6]. Group 1: Legal Proceedings Overview - In June 2022, the company initiated a lawsuit against Yichang Daohang Cultural Tourism Development Co., Ltd. and Pei Daobing for failing to fulfill their obligations related to share compensation and cash dividends [4]. - The court ruled in April 2023 that the defendants must compensate according to 40% of the agreement, but this was later appealed [4]. - In December 2024, the company received a court ruling that mandated 100% compensation, which was subsequently enforced [4][5]. Group 2: Financial Implications - The total amount involved in the compensation includes 3,557,721 shares and cash dividends of 387,163.75 yuan, along with interest on delayed payments [2]. - The conclusion of the execution process will not have a major impact on the company's current or future profits, although recovering remaining funds could have some effect [3][9]. Group 3: Ongoing Monitoring - The company will continue to monitor the situation and will take necessary actions to protect its and its shareholders' legal rights [9].

Core Viewpoint - The company is involved in a legal dispute regarding performance compensation, with recent developments indicating the conclusion of the execution process without significant impact on the company's profits. Group 1: Legal Proceedings - The company initiated a lawsuit in June 2022 against 宜昌道行文旅开发有限公司 and 裴道兵 for failing to fulfill their obligations related to share compensation and cash dividends [4] - In December 2024, the company received a court ruling that concluded the execution process due to the lack of available assets from the defendant [6][7] - The company has received a total of 3,557,721 shares and cash dividends of 387,163.75 yuan as part of the compensation process [2] Group 2: Financial Impact - The conclusion of the execution process is not expected to have a significant impact on the company's current or future profits [3][7] - The company received an execution payment of 134,612.59 yuan from the court in December 2024 [5] - Future recovery of remaining amounts may have some impact on profits, subject to confirmation by the company's annual auditing agency [7]

证券代码：002627 证券简称：三峡旅游 公告编号：2025-054 湖北三峡旅游集团股份有限公司 关于业绩补偿所涉诉讼事项的进展公告 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。 特别提示： 1. 案件所处的诉讼阶段：终结本次执行程序 2. 上市公司所处的当事人地位：申请执行人 3. 涉案的金额：执行请求业绩承诺方裴道兵补偿三峡旅游股份 3,557,721 股，返还现金分红 387,163.75 元及资金占用费和迟延履行 期间的债务利息。 4. 对上市公司损益产生的影响：上述案件终结本次执行不会对 公司本期或期后利润产生重大影响。 一、本次诉讼事项的基本情况 2022 年 6 月，湖北三峡旅游集团股份有限公司（以下简称"公 司"）以宜昌道行文旅开发有限公司（以下简称"道行文旅"）及裴 道兵未履行协议约定的股份补偿和现金分红返还义务为由，向湖北省 宜昌市伍家岗区人民法院（以下简称"伍家区法院"）提起诉讼，并 收到《宜昌市伍家岗区人民法院受理案件通知书》。2022 年 7 月， 公司收到伍家区法院发来的《民事反诉状》《传票》等相关法律文书， 上述案件被告裴道 ...

Core Viewpoint - Three Gorges Tourism announced on October 21 that as of October 20, 2025, the number of shareholders will reach 30,129 [2] Company Summary - The company is actively engaging with investors through interactive platforms [2] - The projected number of shareholders indicates a growing interest in the company [2]

Core Insights - The tourism and scenic spots sector increased by 0.44% on October 21, with Sanxia Tourism leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Sector Performance - Sanxia Tourism (002627) closed at 6.14, up 4.78% with a trading volume of 406,300 shares and a transaction value of 246 million yuan [1] - Dalian Shengya (600593) closed at 43.39, up 3.85% with a trading volume of 191,600 shares [1] - Lingnan Holdings (000524) closed at 14.24, up 3.64% with a trading volume of 280,000 shares and a transaction value of 396 million yuan [1] - Santai Cableway (002159) closed at 15.17, up 2.78% with a trading volume of 39,700 shares [1] - ST Zhangjiajie (000430) closed at 7.53, up 2.17% with a trading volume of 67,300 shares [1] - Guilin Tourism (000978) closed at 6.40, up 1.59% with a trading volume of 107,100 shares [1] - Tianfu Culture and Tourism (000558) closed at 5.47, up 1.48% with a trading volume of 588,800 shares and a transaction value of 320 million yuan [1] - Qujiang Cultural Tourism (600706) closed at 10.21, up 1.19% with a trading volume of 86,100 shares [1] - Tibet Tourism (600749) closed at 18.58, up 0.98% with a trading volume of 99,200 shares [1] - Xiangyuan Cultural Tourism (600576) closed at 7.13, up 0.56% with a trading volume of 69,500 shares [1] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 215 million yuan from main funds, while retail investors saw a net inflow of 254 million yuan [3]

Core Insights - The tourism and scenic spots sector increased by 2.78% on October 20, with Dalian Shengya leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Sector Performance - Dalian Shengya (600593) closed at 41.78, up 10.01% with a trading volume of 138,700 shares [1] - Changzi Mountain (660E09) closed at 51.88, up 8.81% with a trading volume of 251,600 shares [1] - Caesar Travel (000796) closed at 6.68, up 7.05% with a trading volume of 2,334,700 shares [1] - Tianfu Cultural Tourism (000558) closed at 5.39, up 4.46% with a trading volume of 771,900 shares [1] - Other notable performers include Tibet Tourism (600749) up 3.08% and Xiyu Tourism (300859) up 2.69% [1] Capital Flow - The tourism and scenic spots sector saw a net inflow of 442 million yuan from main funds, while retail investors experienced a net outflow of 245 million yuan [2] - The main funds' net inflow for Caesar Travel was 171 million yuan, representing 10.87% of its trading volume [3] - Changzi Mountain also saw a significant net inflow of 123 million yuan, accounting for 9.60% of its trading volume [3]

Summary of Key Points from Conference Call Records Industry or Company Involved - **Education Sector**: Action Education (EMBA training) - **Hospitality Sector**: Shoulv Hotel - **Retail Sector**: Small Commodity City, Yonghui Supermarket - **Beauty Sector**: Proya, Winona - **Jewelry Sector**: Laopuhuangjin, Zhou Daxing - **Food and Beverage Sector**: Mixue Group Core Insights and Arguments Education Sector - Action Education's performance improved in Q3 after a challenging Q2 due to US-China trade tensions, with expected annual revenue exceeding 300 million and a valuation of 15-16 times earnings, alongside a dividend yield over 6% [1][2] - The company's "Hundred Schools Plan" is anticipated to contribute over 10% to revenue growth next year [1] Hospitality Sector - Shoulv Hotel showed continuous improvement in data, with a target of 2.6 million rooms and an expected annual performance of 900 million, valued at 17-18 times earnings this year and 16 times next year [1][2] Retail Sector - Small Commodity City exceeded expectations with Q3 net profit over 1.7 billion, raising annual profit forecasts to 4.7-4.8 billion, with a valuation of 16-17 times [1][4] - Yonghui Supermarket is stabilizing daily sales after store adjustments, with expectations of reduced losses or profitability next year, supported by self-owned product growth [1][4] Beauty Sector - The beauty sector is benefiting from the Double Eleven shopping festival, with Proya and Winona showing strong sales performance. Proya's valuation is expected to be no more than 20 times in 2025 and 16-17 times in 2026 [1][5][6] Jewelry Sector - Laopuhuangjin is experiencing significant growth, with a projected annual increase of at least 50% and a valuation of under 30 times, expected to grow at least 30% next year with a valuation around 20 times [1][9] - The brand is expanding its presence in overseas markets, with plans to enter Japan by 2026 [10] Food and Beverage Sector - Mixue Group's same-store sales decreased by 7% month-on-month but increased by 6% year-on-year, with expectations of growth as external factors stabilize [11][12] Other Important but Possibly Overlooked Content - The overall consumer sector is currently underperforming, but there are still quality low-priced stocks worth considering [2] - The beauty sector's performance during the Double Eleven festival indicates strong consumer interest, particularly in leading brands [5] - Laopuhuangjin's competitive advantages include strong brand recognition in lower-tier cities and effective management of store openings and closures [7][9] - Yonghui Supermarket's adjustments and self-owned product development are crucial for its recovery and future growth [4][8]

Core Viewpoint - The company, Three Gorges Tourism, is actively engaged in logistics, commercial park operations, and distributed photovoltaic investment through its wholly-owned subsidiary, Tianyuan Logistics [1] Group 1: Business Operations - Tianyuan Logistics provides logistics services for bulk materials, specifically steel, including unloading, warehousing, and transportation [1] - The company rents out properties in Tianyuan Auto City, Auto Trade City, and Three Gorges Steel Trade Center to meet the operational needs of tenants, generating revenue through advertising and value-added services [1] - The company invests in and operates distributed photovoltaic power generation projects on its own property rooftops, earning revenue through electricity sales and energy optimization [1]

Core Viewpoint - Three Gorges Tourism is expanding its tourism portfolio by acquiring a 35% stake in Peak Double Gorge Tourism from Chongqing Wanzhou Automobile Transport Group, enhancing collaboration in tourism resources between Wushan and Fengjie regions [1][3]. Group 1: Company Overview - Three Gorges Tourism, formerly known as Yichang Transportation, was listed on the Shenzhen Stock Exchange in 2011 and rebranded in 2021 to focus on tourism [1]. - The company divested its passenger car 4S business and supply chain operations in 2023 to concentrate on its core tourism business [1]. Group 2: Transaction Details - The joint acquisition of Peak Double Gorge involves Three Gorges Tourism acquiring 5% of the shares for 588,000 yuan, while Wushan Cultural Tourism will acquire 30% for 3.5278 million yuan, totaling 4.1157 million yuan for the 35% stake [1][2]. - Post-transaction, the shareholding structure of Peak Double Gorge will be Three Gorges Tourism 40%, Wushan Cultural Tourism 30%, and Chijia Cultural Tourism 30% [1]. Group 3: Financial Performance - Three Gorges Tourism reported a revenue of 286 million yuan in tourism-related business for the first half of 2025, marking a 20.20% increase year-on-year [2]. - The company received 1.2525 million visitors for its cruise products, a 10.96% increase compared to the same period in 2024, contributing to a total revenue of 367 million yuan, up 7.47% year-on-year [2]. - The net profit attributable to the parent company reached 63.6214 million yuan, reflecting a 17.74% increase, with a record high of 58.3915 million yuan in non-recurring net profit, up 19.00% [2]. Group 4: Strategic Implications - The acquisition is expected to enhance the shareholder equity of Three Gorges Tourism in Peak Double Gorge and promote the collaborative development of tourism resources in Wushan and Fengjie [3].