证券研究报告 | 季报点评 gszqdatemark 2025 11 07 年 月 日 众信旅游（002707.SZ） -20% -10% 0% 10% 20% 30% 2024-10 2025-03 2025-06 2025-10 众信旅游 沪深300 业绩短期承压，长期零售业务打开空间 事件：公司发布 2025 年三季报，2025Q1-Q3 实现营收 52.41 亿元、同比 +10.96%，归母净利润 0.67 亿元、同比-45.73%，扣非归母净利润 0.62 亿元、同比-47.90%。其中，2025Q3 实现营收 23.66 亿元、同比+12.35%， 归母净利润 0.27 亿元、同比-48.64%，扣非归母净利润 0.26 亿元、同比 -48.69%。 2025Q3 收入稳健增长。分业务来看，1）旅游批发业务是公司收入基本盘。 据航班管家 DAST 统计，2025Q3 我国民航国际航线航班量 17.8 万架次， 同比增长 11.7%，环比增长 6.1%，同比 2019 年下降 12.2%，三季度民 航国际市场整体恢复率达 87.8%。2）旅游零售业务通过加盟模式快速扩 张。截至 2025 年 8 月 ...

近日，国务院办公厅公布了2026年放假安排，其中春节放假安排为2月15日至2月23日，共9天。此外，中秋节叠加十一假期可拼假形成10天以上超长假期，两大超长假期叠加效应显著，预计将 具体来看，众信旅游预测，该政策将显著提升春节市场活力，国内游、出境游、度假游及冰雪游等细分领域需求有望增长30%。其中，家庭团聚及消费度假成为核心消费场景，二三线城市旅游市 携程数据显示，消息公布后，携程平台上关于"2026年春节"、"出境游"、"长途游"等关键词的搜索量环比激增超一倍，预示着旅游市场将迎来一个前所未有的火爆春节。 此外，极地旅游市场也持续焕发新活力，根据众信旅游极地邮轮中心赵鑫介绍，2025-2026航季出发的南极产品已提前三个月售罄，特别是春节前后出发的南极产品受到了广泛的市场关注。长 携程副总裁秦静表示："假期长度是决定旅游消费深度与广度的关键因素。9天假期不仅让传统的返乡探亲有更宽松的日程安排，更重要的是，它极大地激发了中长线休闲度假的热情。我们观察到 记者从众信旅游了解到，节假日安排发布后，众信旅游呼叫中心电话呼入量瞬时增加300%，游客对于度假类产品、"一家一团"小团组等产品需求明显增加。此外超过50% ...

中加团队游市场叩开重启大门。 与此同时，供给端也积极响应。 各大旅行社以闪电速度上架相关跟团游产品：岭南集团旗下广之旅上架的"加拿大东西岸联游14天"跟团 游产品，首发团上线仅半个多小时，14个预留位置就已全部订满；众信旅游也快速推出多条加拿大冬季 主题线路，覆盖多伦多、渥太华、蒙特利尔，温哥华，维多利亚等核心城市，产品一经上线，所有线路 呈现出团团爆满的态势。 潜力巨大的中国市场 加拿大一直是中国游客青睐的热门目的地。 加拿大整体位于 42°N–83°N，跨越北温带、亚寒带与部分北极圈，且位于板块挤压地带，独特的纬度和 地形条件形成了壮丽的自然风光。如落基山脉的雪山、冰川与湖泊，班夫国家公园的原始森林，以及秋 季的枫叶季，还有极光观测、滑雪等特色项目…… 11月3日，中国外交部发言人毛宁宣布，中方决定恢复旅行社经营中国公民赴加拿大团队游业务。自 此，疫情以来暂停的"赴加拿大跟团游"全面重启。 而此前，加方刚刚推出全新旅游品牌——"自然绮境，当然是加拿大（Canada, Naturally）"。 加拿大旅游局亚太区总经理李蔚此前向21世纪经济报道记者表示，依托这一品牌战略，加方力争到2030 年实现每年160 ...

Group 1 - The core viewpoint is that the policies related to the Hainan Free Trade Zone will positively impact the local business of the company, facilitating market expansion and diversification [1] - The company plans to closely monitor market dynamics in the Hainan region [1] - The company aims to actively launch tourism service products that feature local characteristics in response to market demand [1]

11月5日，A股旅游概念板块表现活跃。截至当日收盘，凯撒旅业（000796）、吉视传媒（601929）、 海峡股份（002320）、盈新发展（000620）、东百集团（600693）、棕榈股份（002431）等公司股价纷 纷涨停。 消息面上，11月4日，国务院办公厅发布关于2026年部分节假日安排的通知。《证券日报》记者注意 到，2026年春节假期较2025年多出一天，达到9天，成为史上最长春节假期。这一变化迅速点燃了旅游 市场"热效应"，各大平台票务搜索量和春节出行热度显著攀升。 根据2026年部分节假日安排，春节假期为2月15日(农历腊月二十八、周日)至2月23日(农历正月初七、周 一)放假调休，共9天，2月14日(周六)、2月28日(周六)上班；中秋节从9月25日(周五)至9月27日(周日)放 假，共3天；国庆节为10月1日(周四)至10月7日(周三)放假调休，共7天，9月20日(周日)、10月10日(周 六)上班。 市场反应立竿见影。同程旅行数据显示，上述通知发布当日，2026年2月14日和15日的国内机票和酒店 搜索量较前一日增长超一倍；去哪儿平台数据同样亮眼，上述通知发布后半小时内，元旦及春节期间 ...

Core Viewpoint - The announcement of the 2026 holiday schedule, particularly the extended Spring Festival break from February 15 to 23, has significantly boosted interest in long-distance travel, igniting the tourism market [2]. Group 1: Market Reaction - On November 5, tourism-related stocks saw a collective rise, with *ST Zhang (000430.SZ) hitting the daily limit with a price of 8.28 yuan and a market capitalization exceeding 3 billion yuan [3]. - Other notable stock performances included: - Caesar Travel (000796.SZ) reaching a limit-up price of 7.47 yuan, up 10.01%, with a market cap of 11.98 billion yuan [3]. - Tianfu Cultural Tourism (000558.SZ) increased by 3.70% [3]. - Yunnan Tourism (002059.SZ) rose by 2.91%, peaking at 5.79 yuan [3]. - Shoulv Hotel (600258.SH) gained 2.64%, reaching a high of 14.83 yuan [3]. - Other companies like Jiuhua Tourism (603199.SH) and Jinjiang Hotel (600754.SH) also experienced modest increases [3]. Group 2: Travel Trends - Data from Qunar indicates that travelers from major cities like Shanghai, Beijing, and Guangzhou are already booking flights for the pre-Spring Festival period, with popular domestic destinations including Haikou, Sanya, and Hangzhou, and international hotspots like Seoul and Tokyo [4]. - The search volume for domestic travel during the Spring Festival is notably high for cities such as Sanya, Dali, and Harbin, while international interest has surged for Berlin, Busan, and Melbourne [4]. Group 3: Industry Insights - Spring and Autumn Travel's deputy general manager reported a 200% increase in inquiries for European travel packages during the Spring Festival, with searches for destinations like Greece, Norway, and Iceland doubling [5]. - According to Tongcheng Travel, hotel search volumes for February 14 and 15 have more than doubled compared to the previous day, reflecting the impact of the extended holiday on consumer behavior [6]. - The introduction of AI tools for travel planning is becoming more prevalent, with users utilizing platforms like DeepTrip for itinerary planning [6]. - The extended holiday is expected to lead to a more balanced daily flow of travelers, enhancing overall travel comfort and potentially setting new records for travel volume during the Spring Festival [6].

Group 1 - The tourism sector experienced a collective rise in stock prices following the announcement of the 2026 holiday schedule, particularly the Spring Festival break from February 15 to 23, which lasts for 9 days [1] - Notable stock performances include *ST Zhang (000430.SZ) reaching a limit up at 8.28 yuan with a market cap exceeding 3 billion yuan, and Caesar Travel (000796.SZ) also hitting the limit up at 7.47 yuan, reflecting a 10.01% increase and a market cap of 11.98 billion yuan [1] - Other companies such as Tianfu Culture Tourism (000558.SZ) and Yunnan Tourism (002059.SZ) also saw significant increases in their stock prices, indicating strong investor interest in the tourism sector [1] Group 2 - Data from Qunar indicates that travelers from major cities like Shanghai, Beijing, and Guangzhou are booking flights for the Spring Festival, with popular domestic destinations including Haikou and Sanya, and international destinations like Seoul and Tokyo [2] - Spring and Autumn Tourism reported a 200% increase in inquiries for European tours during the Spring Festival, with significant interest in destinations such as Greece and Norway, suggesting a robust demand for international travel [2] - The overall search volume for domestic hotels has more than doubled for the days leading up to the Spring Festival, indicating a surge in travel planning and consumer interest [3] Group 3 - The extended Spring Festival holiday and pilot programs for student breaks are seen as effective tools for enhancing macroeconomic consumption and population mobility [3] - The integration of AI technology in travel planning is becoming more prevalent, with users utilizing tools like DeepTrip for itinerary planning, reflecting a shift in consumer behavior [3] - The longest Spring Festival holiday in history is expected to lead to a balanced daily flow of travelers, potentially resulting in record-high travel and tourism activity during the holiday period [3]

Core Insights - The tourism industry is experiencing a phenomenon of "increased revenue but decreased profit," reflecting structural challenges during recovery, including high costs, homogenized competition, and rational consumer spending [1][3][10] - Many companies are struggling to balance supply and demand, leading to blind investments without understanding market dynamics, which exacerbates the current situation [2][10] Revenue and Profit Trends - Several tourism companies reported revenue growth in Q3 2025, but profits declined significantly. For instance, Huangshan Tourism achieved a total revenue of 1.535 billion yuan, up 8.75% year-on-year, but net profit fell by 11.02% to 253 million yuan [3][4] - Similarly, Zhongxin Tourism's revenue reached 5.241 billion yuan, a 10.96% increase, while net profit plummeted by 45.73% to 67 million yuan [3][4] - The overall trend shows that less than 20% of leading companies reported profit growth, with nearly 60% experiencing revenue declines and over half reporting profit decreases [5][10] Cost and Market Pressures - Rising operational costs, including resource usage fees and labor costs, are major factors eroding profits. For example, Huangshan Tourism's profit decline was attributed to increased resource usage fees [6][10] - Companies like Zhongxin Tourism reported a significant rise in operational expenses, with total expenses reaching 485 million yuan, an increase of 28 million yuan year-on-year [6][10] - The tourism market is facing a "volume increase but price drop" trend, with consumer spending per day decreasing by approximately 13% compared to the previous year [7][10] Competitive Landscape - The industry is witnessing intensified homogenized competition, with many tourist destinations perceived as lacking uniqueness. Over 38.5% of tourists find ancient towns to be very similar [8][10] - Some companies resort to low-price competition, which may attract short-term customers but ultimately harms brand value and increases complaint rates [8][10] Financial Health and Cash Flow - Concerns about cash flow and debt levels are rising, with companies like Qujiang Cultural Tourism showing a current ratio of 0.7, indicating weak short-term solvency [7][10] - Qujiang's operating cash flow per share decreased by 10.72%, highlighting liquidity risks amid ongoing profitability challenges [7][10] Industry Transformation and Future Directions - The industry is undergoing a transformation from traditional resource-dependent models to new value-creation strategies, emphasizing product innovation and operational efficiency [11][18] - Companies are exploring differentiated experiences to attract consumers, with successful examples like the immersive geological museum in Luoyang [13][18] - The government is encouraged to balance consumer stimulation with ensuring company profitability, as seen in Huangshan's implementation of a rapid complaint handling mechanism [16][18]

周卫红也指出，作为北美两大核心目的地之一，加拿大的加入让北美旅游版图重新完整，也将让旅游企 业得以依托两国地理关联性，开发更多的跨目的地组合产品。据透露，春秋旅游的美洲部相关业务人员 已从签证、供应链资源整合等方面展开紧急协商，并将快速推进产品研发与推出，待得到文旅主管部门 的正式通知后，将尽快上线有关加拿大的出境旅游产品。 新京报贝壳财经记者也从众信旅游（002707）获悉，针对中国公民赴加拿大团队游业务相关政策的调 整，旅行社已快速推出多条加拿大冬季主题线路，覆盖多伦多、渥太华、蒙特利尔，温哥华，维多利亚 等核心城市，行程包含古堡酒店住宿等特色体验，适配冰雪出游、赏极光等出游需求。众信旅游加拿大 产品负责人表示，目前已经在着手准备2026年的加拿大产品线路，根据加拿大的不同季节，推出不同主 题产品，例如春季郁金香赏花、秋季赏枫，冬季冰球滑雪极光等，此外还会加入全新的雨林探险类产品 进一步丰富客人的选择。 另外，根据航班管家数据，2025年10月中加航线往返航班量319班次，同比增长超2.5倍，同比2019年下 降64.4%。10月通航航线9条，航班量TOP3航线分别为上海浦东-温哥华（80班次）、北京首都 ...

11月3日，外交部发言人毛宁在例行记者会上宣布，中方决定恢复旅行社经营中国公民赴加拿大旅游团 队业务，此举旨在响应游客出境需求，促进中加人员往来与民间友谊。 在线旅游服务商去哪儿网3日下午发布的数据显示，在相关消息发布半小时内，该平台上前往加拿大多 个城市的机票搜索量有大幅提升。其中，前往多伦多机票搜索量同比增长61%，前往蒙特利尔搜索量增 长223%，前往渥太华搜索量增长137%。 加拿大一直是较受中国旅客欢迎的出境游目的地之一。去哪儿旅行数据显示，今年以来1—10月，前往 加拿大的国际机票量较去年同期增长28.1%。 根据加拿大旅游局发布的数据显示，2018年赴加中国游客首次超过70万，达737,379人次。但此后受到 疫情等因素影响，中国游客到访加拿大的人数大幅下滑，据加拿大统计局发布的数据，2023年，约有 22.5万名中国游客到访加拿大，不到2018年和2019年高峰人数的三分之一。2024年6月，访问加拿大的 人数约为360万，其中来自中国的游客人数为34,778人。 （王潇雨 摄影） 文/王潇雨 众信旅游加拿大产品负责人表示，目前已经在着手准备2026年加拿大大产品线路，根据加拿大的不同季 节， ...