Core Viewpoint - The company has shown a significant recovery in performance post-pandemic, achieving record sales during the summer season, but faces challenges with declining revenue growth and high expenses impacting profitability [1][2][4]. Group 1: Financial Performance - In 2023, the company reported revenue of 32.98 billion yuan and a net profit of 322.7 million yuan, marking year-on-year increases of 550.6% and 114.58% respectively [2]. - For 2024, the company expects revenue to rise to 64.55 billion yuan and net profit to 1.059 billion yuan, reflecting year-on-year growth of 95.7% and 228.18% [2]. - However, the revenue growth rate has sharply declined, with the first quarter of 2024 showing revenue of 11.65 billion yuan and a net profit of 18.96 million yuan, representing year-on-year growth rates of only 13.74% and a decline of 32.39% respectively [3]. Group 2: Market Position and Challenges - The company’s revenue in 2024 is only 50.9% of its 2019 level, indicating a significant gap in recovery compared to the overall domestic tourism market, which has surpassed pre-pandemic spending levels [4]. - Sales expenses have surged, with a 103.29% increase in 2024 to 547.6 million yuan, outpacing revenue growth, highlighting challenges in market expansion [4]. - The company’s sales expense ratio has been on the rise, reaching 10.65% in the first quarter of 2024, compared to 8.17% in 2023 [4]. Group 3: Profitability Issues - The company has struggled with low gross margins, with a gross margin of only 11.95% for its core wholesale tourism business, significantly lower than the industry average of 30% [6]. - The gross margin has shown little improvement over the years, fluctuating between 5.96% and 13% from 2021 to 2024 [6]. - The company’s business model, which relies on purchasing tourism resources and selling them through travel agencies, limits its pricing power and profit margins [6][7].

Market Overview - The three major stock indices experienced strong fluctuations in the morning but fell in the afternoon, with the Shanghai Composite Index down 0.22% to 3448.45 points, the Shenzhen Component down 0.48% to 10343.48 points, and the ChiNext Index down 0.66% to 2114.43 points. The total trading volume in the Shanghai and Shenzhen markets was 162.35 billion [1] Military Industry - The military sector showed strong performance, with stocks like Youji Co. rising nearly 29%, and several others including Wanlima, Ketech Information, and Zhongke Haixun hitting the daily limit of 20% [3][4] - The military parade scheduled for September 3 is expected to showcase China's defense capabilities and may enhance military trade opportunities, transitioning from "cost-effective alternatives" to "technology benchmarks" [5] Digital Currency - The digital currency sector was active, with stocks like Xin'an Century and Ketech Information reaching the daily limit of 20% [7][9] - Hong Kong's government announced a policy to develop the digital asset sector, aiming to make Hong Kong a global innovation center for digital assets, which may boost the market for stablecoins and related services [10] Tourism and Hospitality - The tourism and hospitality sectors saw significant gains, with stocks like Tianmuhu and Qujiang Cultural Tourism hitting the daily limit, and Junting Hotel rising nearly 8% [13] - The "cooling economy" trend is driving summer tourism, with increased consumer demand for various services, indicating a potential boost in the tourism industry's performance [14]

Market Overview - The Shanghai Composite Index closed at 3448.45 points, remaining above the six-month moving average, with a slight decline of -0.22% [1] - The total trading volume of A-shares reached 16232.23 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 68 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - *ST Tianyu with a deviation rate of 9.89% and a daily increase of 13.30% [1] - Qujiang Cultural Tourism with a deviation rate of 8.50% and a daily increase of 10.02% [1] - Oriental Ocean with a deviation rate of 7.48% and a daily increase of 9.85% [1] Detailed Stock Performance - The following stocks have notable performance metrics: - *ST Tianyu: Latest price 4.60 yuan, six-month line 4.19 yuan, turnover rate 4.88% [1] - Qujiang Cultural Tourism: Latest price 10.54 yuan, six-month line 9.71 yuan, turnover rate 17.89% [1] - Oriental Ocean: Latest price 2.90 yuan, six-month line 2.70 yuan, turnover rate 15.91% [1] - Other stocks with smaller deviation rates include: - Huakong Saige with a deviation rate of 2.98% and a daily increase of 4.42% [1] - Adit with a deviation rate of 2.96% and a daily increase of 3.24% [1]

专家认为，在暑期旺季催化下，文旅市场整体有望保持增长，同时，更加多样化、个性化的文旅需求， 正在推动文旅行业供给升级。对旅游目的地和旅游企业来说，要想赢得游客青睐，需要提供更多高品 质、高性价比的文旅产品和服务。 热度升高文旅旺季即将到来 ● 本报记者连润熊彦莎 "这几天，到晚上十一二点都还在回复客户的咨询。"近日，携程旅游鸿坤广场店的负责人许凯告诉中国 证券报记者，最近中小学陆续明确暑期放假安排，家长到店咨询暑期游、研学游产品的情况显著增多。 多个在线旅游平台的订单增量，折射出暑期文旅热度升高、产品多元的态势。众信旅游（002707）数据 显示，截至目前，暑期计划出游人数较去年同期增长70%，暑期商品交易总额较去年同期增长80%左 右。春秋旅游数据显示，暑期出境游预订人次同比增长近五成。 "亲子主导、主题化突出、深度体验化趋势增加是2025年暑期旅游市场的三大特点。亲子客群占比预计 将超六成，成为核心驱动力。"众信旅游集团媒介公关经理李梦然介绍，亲子人群对中长线旅游目的地 需求旺盛，众信旅游平台上，赴欧旅游人数同比增长76%左右，前往非洲、南美等小众目的地的人数同 比分别增长约103%、178%。 以主题乐 ...

近日，2025暑运首日(7月1日)的火车票正式开售，相关线路的机票预订热度也随之快速攀升。 6月18日，同程旅行发布的《2025暑运出行趋势报告》，北京、成都、昆明、上海等在今年暑运民航国 内热门目的地中排名靠前，广州——北京、成都——北京、广州——乌鲁木齐等国内航线热度较高。暑 运民航国内航线亲子客群占比预计约为35%，以亲子游及亲子跨城探亲需求为主，北京、西安等位居暑 期亲子旅行热门目的地前列。 此外，暑运期间，更具性价比的中转联程方案预计热度较去年同期将进一步上升，北京、成都、昆明等 位居热门中转城市前列。根据同程研究院测算，今年暑运期间民航首次乘飞机出行的旅客预计将达到约 600万，对枢纽机场首乘服务需求较大。 途牛最新发布的《2025暑期出游趋势预测》显示，暑假团期旅游产品预订火爆，截至目前的预订出游人 次较去年同期增长超35%。其中，出境游预订出游人次同比增长60%。 从出游客群来看，毕业游用户率先开启了暑期之旅。途牛《报告》数据显示，今年暑期毕业游市场呈 现"短途高频，长短结合"的特征，毕业游用户更加注重情绪价值以及个性、灵活、新奇等体验的追求， 跟着"热点"去旅游成为今年暑期毕业游的新潮流。相 ...

股票代码：002707 股票简称：众信旅游 公告编号：2025-034 众信旅游集团股份有限公司 关于为全资子公司提供担保的进展公告 本公司及董事会全体成员保证本公告内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 一、担保情况概述 众信旅游集团股份有限公司（以下简称"公司"或"众信旅游"）于 2025 年 4 月 28 日召开第六届董事会第二次会议、第六届监事会第二次会议及 2025 年 5 月 20 日召开的 2024 年度股东大会，审议通过了《关于确定公司及子公司互 保额度的议案》，同意公司与 9 家控股子公司之间 2025 年度互保的额度为人民 币 20 亿元，有效期为自公司 2024 年度股东大会审议批准之日起至 2025 年度股 东大会召开之日止，有效期内担保额度可循环使用。具体内容详见公司于 2025 年 4 月 29 日在巨潮资讯网（www.cninfo.com.cn）上披露的《关于确定公司及子 公司互保额度的公告》（公告编号：2025-021）。 二、担保进展情况 1、公司近日与兴业银行股份有限公司北京通州支行（以下简称"兴业银行 北京通州支行"）签订了《最高额保证合同》，为优 ...

暑期未至，旅游市场已经提前热起来了。近日，多家在线旅游平台发布了暑期出游预测报告，揭示今年 暑期旅游市场将呈现的特征以及趋势。 近日，众信旅游（002707）集团发布《2025年暑期出游趋势报告》显示，截止到目前暑期出游人数较去 年同期增长70%，暑期GMV较去年同期增长80%左右。随着免签目的地及国内目的地还在持续收客报名 中，2025年暑期旅游市场有望成为最"火"暑期。此外，亲子客群占比预计将超六成，成为暑期消费主力 军，带动暑期市场从复苏性增长向结构性升级转变。 具体来看，暑期亲子家庭占比预计将达六成以上，较2024年有进一步提升。亲子人群对于中长线旅游目 的地需求旺盛，暑期研学、游学、亲子主题游产品咨询量明显提升。 出境游方面，受到签证便利性、航班运力逐渐恢复及供应链优化等持续作用，推动出境游市场持续复 苏。众信旅游的数据显示，短线热门目的地集中在日本、阿联酋、东南亚等。长线目的地集中在英国、 北欧、东欧、肯尼亚等。其中赴欧旅游总人数较去年同期增长76%左右，其中北欧及英国人数增长最为 明显，增速分别为50%和75%。此外，中东非、南美等小众旅游目的地出游人数较去年同期增长分别超 103%及178%， ...

6月16日，A股旅行社龙头众信旅游(002707)发布消息，众信旅游全国零售业务迎爆发增长，全国零售单 周GMV突破亿元，创下暑期销售新高。暑期亲子家庭占比预计将达六成以上，较2024年有进一步提 升。亲子人群对于中长线旅游目的地需求旺盛，其中，赴欧旅游人数同比增长76%左右，北欧和英国目 的地增长最为明显，增速分别为50%和75%。其次，非洲及南美等小众目的地人数同比增长分别超103% 及178%。暑期研学、游学、亲子主题游产品咨询量明显提升。 随着2025年暑期临近，旅游市场已经提前呈现火热景象。 6月11日，据海南航空消息，随着暑期出行旺季临近，热门旅游航线客流量显著攀升。自6月起至8月 底，海南航空将在20余条乌鲁木齐航线的部分航班投入波音B787、空客A330宽体客机执飞，通航点覆 盖北京、上海、广州、深圳等国内热门城市。 此外，海南航空计划于2025年7月20日起开通西安—大阪直飞航线。截至目前，海南航空已恢复、新开 及计划运营北京、上海、深圳、海口、重庆、西安、长沙、大连、广州、杭州、成都、贵阳、兰州、宜 昌等城市出港的60余条国际及地区往返客运航线。未来，海南航空将继续加快国际及地区航班的复航 ...

Key Points - The report emphasizes an overweight rating for the consumer services sector, highlighting a new phase of travel transformation driven by high demand for themed tourism [1][5] - The consumer services index has shown stability with a slight decline of 3.43% as of June 13, 2025, underperforming the CSI 300 index [7][16] - The report suggests that the consumer services industry is experiencing a trend of increasing volume but decreasing prices, leading to greater pressure on corporate profitability and necessitating transformation [7][68] Sector Investment Strategy Consumer Services Sector Overview - The consumer services index has been relatively stable since the beginning of 2025, with a recent underperformance compared to the CSI 300 index [16][17] - The tourism and hospitality sectors have weakened due to declining per capita travel spending [7][16] Tourism and OTA - Domestic travel demand has rebounded significantly, with 1.794 billion domestic trips in Q1 2025, a year-on-year increase of 26.43% [25] - The average travel expenditure per person in Q1 2025 was 1,003.34 yuan, indicating a decline from previous trends due to the rapid increase in travel frequency [25][26] - The report anticipates that the demand for self-driving and short-distance travel will continue to rise, with a focus on experiential tourism rather than traditional sightseeing [25][69] Duty-Free Sector - The duty-free market in Hainan has seen a decline in sales, but the rate of decline is narrowing, with sales of 13.33 billion yuan in the first four months of 2025, down 10.75% year-on-year [32][33] - The report notes that the average spending per customer in Hainan's duty-free shopping has rebounded, reaching 8,319 yuan, a 25.11% increase compared to the previous year [33] - The international travel market is recovering, benefiting airport duty-free shops, with significant growth in international passenger traffic at major airports [37][38] Hotel Sector - The hotel industry is facing increased competition due to rapid supply growth, with the number of hotel facilities reaching 570,100 by the end of 2024, a 6.87% decrease year-on-year [42][44] - The report highlights that leading hotel groups are maintaining strong performance despite price competition primarily affecting budget hotels [42][51] - The expansion of chain hotels in lower-tier markets is expected to continue, with major hotel groups increasing their market presence [54][55] Human Resources Services - The report indicates a slight increase in employment pressure, particularly among recent graduates, with policies aimed at promoting employment expected to be introduced [57][61] - The human resources service market is projected to grow, with a market size of 2.76 trillion yuan in 2023, expected to reach 5.03 trillion yuan by 2028 [65][66] - The integration of AI in human resources services is anticipated to enhance efficiency in recruitment and management processes [66][67] Investment Recommendations - The report recommends focusing on sectors with strong demand, such as scenic spots and OTA, as well as the hotel sector, which is expected to expand despite competitive pressures [68][69] - Specific stocks to watch include Long White Mountain (603099), Emei Mountain A (000888), and China Duty Free (601888) [69]

消费者服务行业 标配（维持） 消费者服务行业双周报（2025/5/30-2025/6/12） 端午假期出游客单价提升 2025 年 6 月 13 日 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com.cn 消费者服务（中信）指数走势 资料来源：iFind，东莞证券研究所 相关报告 投资要点： 行 业 研 究 证 券 研 究 报 告 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 周 报 ◼ 行情回顾：2025年5月30日-2025年6月12日，中信消费者服务行业指数 整体上涨2.02%，跑赢同期沪深300指数约1.15个百分点。细分板块中， 旅游、教育板块回升，酒店、综合服务板块回调。行业取得正收益的上 市公司有38家，涨幅前五分别是ST联合、曲江文旅、金陵饭店、长白山、 天目湖，取得负收益的有14家，其中跌幅前五的上市公司分别是同庆楼、 首旅酒店、学大教育、科锐国际、祥源文旅。截至2025年 ...