Summary of Conference Call Notes Company Overview - The company discussed is **Three Gorges Tourism**. Key Financial Metrics - **2025 Annual Profit Forecast**: - Expected net profit attributable to shareholders: **0.56-0.72 billion** CNY, a year-on-year decrease of **38.77% to 52.38%** [1] - Expected net profit excluding non-recurring items: **0.67-0.87 billion** CNY, a year-on-year decrease of **9.65% to 30.42%** [1] - **Q4 2025 Single Quarter Forecast**: - Expected net profit attributable to shareholders: **-0.30 to -0.14 billion** CNY (compared to **0.32 billion** CNY in Q4 2024) [1] - Expected net profit excluding non-recurring items: **-0.26 to -0.06 billion** CNY (compared to **0.4 billion** CNY in Q4 2024) [1] - **Tax Impact**: Previous tax adjustments impacted net profit by **44.33 million** CNY [2] Impairment and Valuation - **Impairment Projects**: New impairment projects were introduced due to ongoing profitability pressure at the Jiufeng Valley Scenic Area, with specific impairment amounts pending annual report disclosure [2] - **Market Expectations**: Prior market expectations for annual net profit excluding non-recurring items were around **1 billion** CNY; if impairment is around **20 million** CNY, performance may align with expectations [2] Future Growth Opportunities - **New Vessels**: Two inter-provincial cruise ships are scheduled to launch in April and July 2026, with a focus on monitoring occupancy rates and average revenue per passenger [2] - **Profitability Potential**: Current profitability per ship is estimated at **50 million** CNY, with potential for further improvement [2] - **Acquisition Strategy**: The company is exploring the acquisition of other inter-provincial cruise indicators [2] - **Collaborative Opportunities**: There is potential for collaboration with cities along the Yangtze River for cruise operations and geographic expansion [2] Industry Positioning - The company is recognized for its high business scarcity and clear growth trajectory [3] - Under the narrative of service consumption, the company is considered one of the best quality targets in the tourism sector, suggesting continued monitoring is advisable [4]

1. 业绩预告期间：2025年1月1日至2025年12月31日 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002627 证券简称：三峡旅游 公告编号：2026-006 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、本期业绩预计情况 2. 预计的经营业绩：□亏损 □扭亏为盈 □同向上升 √同向下降 二、与会计师事务所沟通情况 本次业绩预告相关的财务数据未经会计师事务所审计。公司已就本次业绩预告与会计师事务所进行预沟 通，公司与会计师事务所在本期业绩预告方面不存在分歧，具体数据以审计结果为准。 2025年公司经营业绩较上年同期有较大幅度的下降，主要原因如下： 1.控股子公司补缴税款影响。2025年公司控股子公司湖北宜昌长江三峡游轮中心开发公司补缴税款及滞 纳金5,494.04万元，上述补缴税款计入公司2025年当期损益，预计影响公司2025年度归属于上市公司股 东的净利润约4,433.21万元。 2.资产减值损失影响。报告期内，公司九凤谷景区因区域市场竞争态势加剧，经营业绩出现持续亏损， 且未见收窄，景区资产存在减值迹象。基于谨慎性原则，公 ...

北京商报讯（记者 吴其芸）1月28日，三峡旅游发布2025年度业绩预告，报告期内，三峡旅游预计归属 于上市公司股东的净利润5600万—7200万元，同比下降38.77%—52.38%。 根据公告，2025 年三峡旅游经营业绩较上年同期有较大幅度的下降，主要原因为控股子公司补缴税款 影响以及资产减值损失影响。 ...

Core Viewpoint - The company, Three Gorges Tourism, has announced a profit forecast for 2025, expecting a significant decline in net profit and non-recurring net profit compared to the previous year [4]. Financial Performance - The forecasted net profit for 2025 is estimated to be between 56 million to 72 million yuan, representing a year-on-year decrease of 38.77% to 52.38% [4]. - The expected non-recurring net profit is projected to be between 67 million to 87 million yuan, indicating a decline of 9.65% to 30.42% year-on-year [4]. - The basic earnings per share are estimated to be between 0.0773 yuan and 0.0994 yuan [4]. Valuation Metrics - As of January 28, the company's price-to-earnings (P/E) ratio (TTM) is approximately 88.16 to 113.35 times, while the price-to-book (P/B) ratio (LF) is about 2.05 times, and the price-to-sales (P/S) ratio (TTM) is around 7.99 times [4]. Reasons for Performance Change - The decline in performance is attributed to a tax payment and late fees of 54.94 million yuan that will impact the net profit by approximately 44.33 million yuan for 2025 [13]. - The company’s scenic area, Jiu Feng Gu, has faced ongoing losses due to intensified market competition, leading to asset impairment testing and increased impairment losses affecting the current net profit [13].

格隆汇1月28日丨三峡旅游(002627.SZ)公布，预计2025年1月1日至2025年12月31日归属于上市公司股东 的净利润5600万元至7200万元，比上年同期下降38.77%至52.38%；扣除非经常性损益后的净利润6700 万元至8700万元，比上年同期下降9.65%至30.42%。 2025年公司经营业绩较上年同期有较大幅度的下降，主要原因如下：1.控股子公司补缴税款影响。2025 年公司控股子公司湖北宜昌长江三峡游轮中心开发公司补缴税款及滞纳金5494.04万元，上述补缴税款 计入公司2025年当期损益，预计影响公司2025年度归属于上市公司股东的净利润约4433.21万元。2.资产 减值损失影响。报告期内，公司九凤谷景区因区域市场竞争态势加剧，经营业绩出现持续亏损，且未见 收窄，景区资产存在减值迹象。基于谨慎性原则，公司对相关资产进行减值测试，并基于初步测试结果 计提相应的资产减值损失，导致本期资产减值损失金额增加，对当期净利润构成影响。 ...

经济观察网2026年1月28日，三峡旅游（002627）发布2025年度业绩预告，预计2025年净利润5600万元 至7200万元，同比下降38.77%至52.38%；扣除非经常性损益后的净利润6700万元至8700万元，同比下 降9.65%至30.42%。 ...

三峡旅游公告称，预计2025年归属于上市公司股东的净利润为5600万元至7200万元，同比下降38.77% 至52.38%；扣除非经常性损益后的净利润为6700万元至8700万元，同比下降9.65%至30.42%。业绩下降 主因一是控股子公司湖北宜昌长江三峡游轮中心开发公司补缴税款及滞纳金5494.04万元，预计影响净 利润约4433.21万元；二是九凤谷景区业绩持续亏损，公司计提资产减值损失。具体数据以审计结果为 准。 ...

一、本期业绩预计情况 证券代码：002627 证券简称：三峡旅游 公告编号：2026-006 湖北三峡旅游集团股份有限公司 2025 年度业绩预告 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。 本次业绩预告与会计师事务所进行预沟通，公司与会计师事务所在本 期业绩预告方面不存在分歧，具体数据以审计结果为准。 三、业绩变动原因说明 2025 年公司经营业绩较上年同期有较大幅度的下降，主要原因 如下： 1.控股子公司补缴税款影响。2025 年公司控股子公司湖北宜昌长 江三峡游轮中心开发公司补缴税款及滞纳金 5,494.04 万元，上述补缴 税款计入公司 2025 年当期损益，预计影响公司 2025 年度归属于上市 公司股东的净利润约 4,433.21 万元。 2.资产减值损失影响。报告期内，公司九凤谷景区因区域市场竞 争态势加剧，经营业绩出现持续亏损，且未见收窄，景区资产存在减 值迹象。基于谨慎性原则，公司对相关资产进行减值测试，并基于初 步测试结果计提相应的资产减值损失，导致本期资产减值损失金额增 加，对当期净利润构成影响。 四、其他相关说明 1. 业绩预告期间 ...

Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Insights - The strategic positioning of "service consumption" has been enhanced, expected to become a core engine for driving domestic demand. The State Council's meeting on January 16 emphasized the implementation of consumption-boosting actions and the cultivation of new growth points in service consumption, providing a clear direction for consumption development in 2026 and the 14th Five-Year Plan [6] - During the Spring Festival travel season (February 2 - February 14, 2026), domestic flight ticket bookings exceeded 7.54 million, a year-on-year increase of 12%. The total expected passenger transport volume for civil aviation during the Spring Festival is projected to reach a historical high of 95 million, with a daily average of 2.38 million passengers, reflecting a year-on-year growth of approximately 5.3% [6] - The recovery of dining consumption in Q4 2025 was significantly stronger than that of retail goods, indicating a resurgence in service consumption. From October to December 2025, the year-on-year growth rates for dining revenue were 3.8%, 3.2%, and 2.2%, respectively, while retail goods growth rates were 2.8%, 1.0%, and 0.7% [6] Summary by Sections - **Recent Industry Performance**: Over the past 12 months, the industry has shown relative returns of 5.35% over one month, 7.38% over three months, and a decline of 3.0% over twelve months. Absolute returns were 6.42%, 8.38%, and 19.81% respectively [4] - **Policy Support**: The government has introduced policies to encourage service consumption, including optimizing school holiday arrangements to promote student well-being, which is expected to boost service consumption growth [6] - **Investment Recommendations**: The report suggests focusing on listed companies in the dining, hotel, and tourism sectors, including China Duty Free Group, Shouhang Hotel, Jinjiang Hotels, and others, as they are likely to benefit from the positive trends in service consumption [6]

证券之星消息，1月27日湖北国企改革板块较上一交易日下跌0.51%，三峡旅游领跌。当日上证指数报 收于4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。湖北国企改革板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 从资金流向上来看，当日湖北国企改革板块主力资金净流出4.7亿元，游资资金净流入7677.48万元，散 户资金净流入3.93亿元。湖北国企改革板块个股资金流向见下表： ...