Market Overview - The tourism and scenic spots sector experienced a decline of 0.9% on September 30, with Sanxia Tourism leading the drop [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Notable stock performances include: - Caesar Travel (000796) closed at 6.34, up 1.77% with a trading volume of 947,200 shares and a turnover of 599 million yuan [1] - Lingnan Holdings (000524) closed at 13.82, up 0.58% with a trading volume of 156,800 shares and a turnover of 216 million yuan [1] - Sanxia Tourism (002627) closed at 6.01, down 3.22% with a trading volume of 321,300 shares and a turnover of 195 million yuan [2] Capital Flow - The tourism and scenic spots sector saw a net outflow of 429 million yuan from main funds, while retail investors contributed a net inflow of 372 million yuan [2] - The capital flow for individual stocks indicates: - Caesar Travel had a net inflow of 31.77 million yuan from main funds, but a net outflow of 30.82 million yuan from retail investors [3] - Sanxia Tourism experienced a net outflow of 46.20 million yuan from main funds [3]

Core Viewpoint - The company has conducted a self-inspection of its tax-related business and identified a need to pay additional taxes and penalties amounting to 54.94 million yuan [1][4]. Group 1: Tax Payment Details - The company’s subsidiary, Hubei Yichang Yangtze River Three Gorges Cruise Center Development Co., Ltd., is required to pay 54.94 million yuan in total, which includes 24.23 million yuan for value-added tax and additional charges, and 30.71 million yuan for land value-added tax [1]. - As of the announcement date, all the aforementioned tax payments and penalties have been fully settled, and the tax authority has not imposed any penalties on the company [4]. Group 2: Financial Impact - The payment of these taxes will be recorded in the company’s 2025 financial results, with an expected impact on the net profit attributable to the parent company of approximately 44.33 million yuan [4]. - In the first half of 2025, the company reported a revenue of 367 million yuan and a net profit attributable to the parent company of 63.62 million yuan [4].

Core Points - The company, Three Gorges Tourism (002627.SZ), announced that its subsidiary, Hubei Yichang Three Gorges Cruise Center, is required to pay overdue taxes and penalties amounting to 54,940,382.10 yuan [1] - The tax breakdown includes value-added tax and surcharges of 24,232,104.26 yuan (including penalties) and land value-added tax of 30,708,277.84 yuan (including penalties) [1] - As of the date of the announcement, all overdue taxes and penalties have been fully paid, and the tax authority has not imposed any penalties for this matter [1]

二、对公司的影响及风险提示 根据《企业会计准则第 28 号——会计政策、会计估计变更和差 错更正》相关规定，上述补缴税款事项不属于前期会计差错，不涉及 前期财务数据追溯调整。三峡游轮中心补缴上述税款将计入公司2025 年当期损益，预计将影响公司 2025 年度归属于上市公司股东的净利 润约 44,332,056.59 元，最终以 2025 年度经审计的财务报表为准。本 事项不会对公司的正常经营产生重大影响，敬请广大投资者注意投资 1 证券代码：002627 证券简称：三峡旅游 公告编号：2025-051 湖北三峡旅游集团股份有限公司 关于子公司补缴税款的公告 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。 湖北三峡旅游集团股份有限公司（以下简称"公司"）近期按税 务部门风险提示对公司及子公司涉税业务开展了自查，现将有关情况 公告如下： 一、基本情况 经自查，公司控股子公司湖北宜昌长江三峡游轮中心开发有限公 司（以下简称"三峡游轮中心"）需补缴税款及滞纳金 54,940,382.10 元，其中增值税及附加 24,232,104.26 元（含滞纳金），土地增值税 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][7]. Core Insights - The company has transitioned from a traditional road passenger transport enterprise to a leader in the Yangtze River Three Gorges cruise tourism sector, focusing on its core tourism business [6][15]. - The company has successfully optimized its product offerings, including the "Two Dams and One Gorge" and "High Gorge and Flat Lake" tours, which are integral to its tourism service system [6][38]. - The company is expected to achieve a compound annual growth rate (CAGR) of 27% in net profit from 2025 to 2027, with a target market capitalization of 8 billion yuan, indicating a potential upside of 73% from the current market value [7][24]. Summary by Sections 1. Transition from Transport to Tourism - The company has undergone a strategic transformation, focusing on tourism and gradually divesting from capital-intensive businesses like passenger car services [6][29]. - The company has established a comprehensive tourism service system, enhancing its competitive edge in the Three Gorges tourism market [6][15]. 2. Product Development and Market Position - The core products include "Two Dams and One Gorge," "High Gorge and Flat Lake," "Three Gorges Family Special Line," and "Yangtze River Night Tour," which cater to diverse customer needs [6][38]. - The company has introduced new vessels and upgraded existing products to enhance customer experience and increase ticket prices, reflecting a strong market demand for high-quality tourism experiences [6][66]. 3. Financial Performance and Forecast - The company is projected to generate total revenue of 741 million yuan in 2024, with a net profit of 118 million yuan, showing a recovery trend in its core tourism business [5][24]. - The report anticipates a steady increase in revenue and net profit over the next few years, with significant growth expected in the tourism segment [5][24]. 4. Market Dynamics and Competitive Landscape - The Yangtze River cruise market is characterized by limited supply due to strict regulatory controls, which favors high-end luxury cruises over economy options [6][9]. - The company is well-positioned to capitalize on the growing demand for luxury cruise experiences, supported by its strategic investments in new vessels and service enhancements [6][9].

Group 1 - The company held a conference call on September 23, where it was surveyed by 18 institutions including CITIC Securities and GF Securities [1] - The company reported a significant increase in foreign tourist reception, with approximately 44,000 foreign tourists in the first half of 2025, representing a growth of over 30% compared to the same period last year [1] - The company is repositioning its interstate cruise products as "vacation cruises," focusing on the luxury concept and restructuring products and routes around the theme of "vacation" [1] Group 2 - The company has a strong financial position with ample cash reserves and a low debt-to-asset ratio, indicating that the construction of the interstate cruise project will not impose significant financial pressure [1] - Marketing strategies include online promotion through OTA platforms, social media, and the company's own website and app, as well as offline efforts targeting core markets within 800 kilometers [1] - The company’s existing "Two Gorges and One Canyon" sightseeing cruise products are primarily day trips, and they do not compete with interstate cruises, which actually help to bring in more customers [1]

证券代码：002627 证券简称：三峡旅游 湖北三峡旅游集团股份有限公司投资者关系活动记录表 编号：2025-07 | | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动 | □媒体采访 | □业绩说明会 | | 类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | √其他 （电话会议） | | | | 中信证券 李振寰 | 杨清朴 | | | 广发证券 包晗 | | | | 银华基金 薛泽岚 | | | | 中欧基金 刘昊 | | | | 嘉实基金 靳雨鑫 | | | | 财通证券 周诗琪 | | | | 华创证券 饶临风 | | | 参与单位名称及 | 银河基金 杨宁 | | | 人员姓名 | 长江自营 李昊明 | | | | 广发基金 陈哲 | | | | 长江养老 曾知 | | | | 富国基金 苏颖 | | | | 博时基金 付伟 | | | | 东吴基金 周玮琳 | | | | 申万宏源证券 赵令伊 | 杨光 | | | 申万菱信基金 付娟 | 黄书瀚 | | 时间 | 年 月 日 2025 9 23 | | | 地点 | ...

Core Viewpoint - The company has established a clear development goal to transform towards the tourism industry and will focus more on tourism industry investments [1] Group 1: Company Strategy - The company will prioritize the concentration of tourism resources from its controlling shareholder to the listed company, provided they meet relevant conditions [1] - Any mergers and acquisitions will be formally announced through the company's legal information disclosure channels [1]

Market Overview - On September 22, the railway and highway sector declined by 0.64% compared to the previous trading day, with Sanxia Tourism leading the decline [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Notable gainers in the railway and highway sector included: - San Shou Ma (001317) with a closing price of 52.52, up 3.41% on a trading volume of 78,900 shares and a turnover of 410 million yuan [1] - Fu Lin Yuan V (002357) with a closing price of 10.67, up 1.62% on a trading volume of 109,000 shares and a turnover of 115 million yuan [1] - Guangshen Railway (601333) with a closing price of 3.35, up 1.52% on a trading volume of 774,200 shares and a turnover of 258 million yuan [1] - Conversely, significant decliners included: - Sanxia Tourism (002627) with a closing price of 6.62, down 5.16% on a trading volume of 489,500 shares and a turnover of 328 million yuan [2] - Longjiang Transportation (601188) with a closing price of 3.48, down 2.25% on a trading volume of 222,300 shares and a turnover of 77.56 million yuan [2] Capital Flow - The railway and highway sector experienced a net outflow of 173 million yuan from institutional investors, while retail investors saw a net inflow of 160 million yuan [2] - The sector's capital flow details indicate: - Guangshen Railway had a net inflow of 24.99 million yuan from institutional investors, but a net outflow of 19.86 million yuan from retail investors [3] - Tielong Logistics (600125) saw a net inflow of 19.55 million yuan from institutional investors, with a net outflow of 16.41 million yuan from retail investors [3]

（编辑 王雪儿） 证券日报网讯 三峡旅游9月22日发布公告，在公司回答调研者提问时表示，根据公司《长江三峡省际度 假型游轮旅游可行性研究报告》，公司首批2艘省级游轮将分别于2026年6月、2026年12月完工并投入运 行，第二批2艘省级游轮将于2028年6月完工并投入运行；公司4艘省级游轮将运营长江三峡最经典、最 受欢迎的宜渝航线（宜昌至重庆）；公司宜渝航线定价取2800-3000元/人，旅行社协议结算价取2500元/ 人，但最终定价将充分参考新建游轮投运时，对应的同类档次产品的运营价格，并根据市场竞争及营销 渠道建设等因素综合考虑。 ...