股票代码：002707 股票简称：众信旅游 公告编号：2025-031 众信旅游集团股份有限公司 关于召开 2024 年度股东大会的提示性公告 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。 根据众信旅游集团股份有限公司（以下简称"公司"）第六届董事会第二次会 议决议，定于2025年5月20日召开2024年度股东大会。本次股东大会将采用现场 投票与网络投票相结合的方式进行，现将有关事项再次通知如下： 一、本次会议召开的基本情况 公司股东大会规则》《深圳证券交易所股票上市规则》等有关法律法规、部门规 章、规范性文件和《公司章程》的规定。 （1）现场会议时间：2025 年 5 月 20 日（星期二）下午 2 点（下午 1 点半 到 2 点为现场审核登记时间） （2）网络投票时间： 本公司同时提供深圳证券交易所交易系统和互联网投票系统供股东进行网 络投票。 网络投票方式 投票时间 深圳证券交易所交易系统投票 2025 年 5 月 20 日上午 9:15-9:25，9:30-11:30，下午 1:00-3:00 互联网投票系统投票 2025 年 5 月 20 日上午 9 ...

股票代码：002707 股票简称：众信旅游 公告编号：2025-031 众信旅游集团股份有限公司 关于召开 2024 年度股东大会的提示性公告 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。 1、股东大会届次：2024年度股东大会 根据众信旅游集团股份有限公司（以下简称"公司"）第六届董事会第二次会 议决议，定于2025年5月20日召开2024年度股东大会。本次股东大会将采用现场 投票与网络投票相结合的方式进行，现将有关事项再次通知如下： 一、本次会议召开的基本情况 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会的召开符合《公司法》《上市 公司股东大会规则》《深圳证券交易所股票上市规则》等有关法律法规、部门规 章、规范性文件和《公司章程》的规定。 4、会议召开的日期和时间： （1）现场会议时间：2025 年 5 月 20 日（星期二）下午 2 点（下午 1 点半 到 2 点为现场审核登记时间） （2）网络投票时间： 本公司同时提供深圳证券交易所交易系统和互联网投票系统供股东进行网 络投票。 | 网络投票方式 | | | | | 投票时 ...

Core Viewpoint - The report indicates that the WFG China Securities Tourism Theme ETF, managed by WFG, has increased its holdings in Zhongxin Tourism, which is among its top ten shareholders. The fund has experienced a year-to-date return of -5.43%, ranking 3042 out of 3406 in its category [1]. Fund Performance Summary - Year-to-date return for the fund is -5.43%, with a category ranking of 3042 out of 3406 [1][2]. - The fund's performance over various time frames includes: - Last week: +0.05% - Last month: -4.43% - Last three months: +0.86% - Last six months: -10.43% [2]. - The average return for similar funds is +1.64% year-to-date, with the CSI 300 index showing a return of -2.26% [2]. Fund Manager Profile - The fund manager, Cao Ludi, has been with WFG since July 2016 and has held various positions, currently serving as the quantitative fund manager in the Quantitative Investment Department [3][4]. - Cao Ludi has managed multiple funds since May 2020, including the WFG China Securities Value ETF and the WFG China Securities Tourism Theme ETF since July 2021 [3][4]. Company Background - WFG Fund Management Co., Ltd. was established in April 1999, with its chairman being Pei Changjiang and general manager Chen Ge. The company has four shareholders, with Guotai Junan Securities Co., Ltd. holding 27.77% [4].

Summary of the Conference Call for Zhongxin Tourism Industry Overview - The tourism industry is gradually recovering post-pandemic, with Zhongxin Tourism's revenue reaching approximately 6.4 billion RMB in 2024, which is about half of the pre-pandemic levels. The Gross Merchandise Volume (GMV) is around 8 billion RMB, recovering to about 60-70% of pre-pandemic levels, outperforming the industry average [2][21]. Key Points and Arguments Revenue and Business Segments - The company's main business segments include wholesale (80% of revenue), retail (10%), and other services (10%). Retail revenue is now accounted for on a net basis, with approximately 30% of retail GMV recognized as revenue [2][4]. - Domestic tourism is showing strong growth, contributing 10-15% to total revenue, with high-end domestic products being launched [2][5]. - The wholesale business generated revenue between 4.8 to 5 billion RMB, with outbound tourism market recovery at 100%, primarily due to the full recovery of European products in 2023 [2][17]. Store Expansion and Business Model - As of the end of 2024, the company has over 2,300 stores nationwide, with plans to expand to 3,500 by the end of 2025 and 5,000 by the end of 2026, primarily through franchising [2][7]. - The company does not take commissions from store revenues but profits through upstream rebates, ensuring retail profits remain with the stores [2][10]. Market Recovery and Future Outlook - The inbound tourism market is recovering slowly, with policies like visa exemptions and tax incentives in place, but the market response is still developing. The company is focusing on corporate clients for inbound services while exploring the individual market [2][11]. - The company anticipates a potential decline in gross margin due to the return of foreign enterprises to the Chinese market, but aims to improve margins through increased market share and industry influence [3][6]. Strategic Partnerships - Alibaba remains a strategic investor, holding over 10% of shares, and has collaborated with the company to establish a B2B platform to bridge information gaps between retailers and wholesalers, particularly in lower-tier cities [3][14]. Product Development and Target Markets - The company plans to focus on high-net-worth individuals and enhance customer loyalty, with significant investments in niche products and deep-dive tours in destinations like Japan and Europe [3][12][13]. - The Antarctic tourism market is identified as having significant potential, with high customer spending [12]. Financial Management - The company is implementing stricter cash flow management practices, including accounts receivable management, to ensure financial health [2][25]. - The net profit margin has been affected by increased personnel costs, with employee numbers rising from 1,800 at the end of 2023 to approximately 2,700 by the end of 2024 [3][20]. Additional Important Information - The company’s revenue from immigration consulting, overseas education, and medical services has decreased, now recorded under other income, which amounted to 46 million RMB in 2024 [2][24]. - The company is cautious about expanding its domestic tourism business, focusing on cost-effectiveness in resource procurement [2][23]. This summary encapsulates the key insights from the conference call, highlighting the company's performance, strategic direction, and market conditions in the tourism industry.

Investment Rating - Industry rating: Recommended [5] Core Insights - The report highlights a significant increase in travel demand during the May Day holiday, with a total passenger flow of 1.467 billion people, representing a year-on-year growth of 8.0% [1] - The trend indicates a shift towards high cost-performance travel options, with domestic travel bookings for train tickets, flights, and hotels increasing by 10%, 25%, and 15% respectively compared to last year [2][3] - There is a notable surge in demand for high-star hotels in county-level cities, with bookings increasing by over 80% during the holiday [2] - Emerging tourist destinations, particularly in lower-tier cities, have seen visitor numbers grow by over 70%, indicating a diversification in travel preferences [2][3] - The report emphasizes the ongoing recovery and growth potential of the tourism industry, driven by government policies and consumer demand for unique travel experiences [9] Summary by Sections Transportation Overview - The total passenger volume during the May Day holiday reached 1.467 billion, with daily averages of 293 million, showing double-digit growth across various transport modes [1] Travel Trends - Domestic travel bookings have increased significantly, with train ticket bookings up by 10%, flight bookings by 25%, and hotel bookings by 15% [2] - High-star hotel demand in county-level cities has surged, reflecting a shift in consumer preferences towards quality accommodations [2][3] Inbound and Outbound Travel - The report predicts an average of 2.15 million inbound and outbound travelers daily during the holiday, marking a 27% increase year-on-year [4] - Inbound tourism orders have seen a dramatic increase of 130%, with specific cities like Shanghai and Shenzhen experiencing substantial growth [7] Key Attractions - Popular scenic spots such as Huangshan and Zhangjiajie have reported significant increases in visitor numbers, with Huangshan receiving 147,000 visitors, a 13.7% increase year-on-year [8] Investment Recommendations - The report suggests that the tourism industry is entering a growth phase, with long-term positive trends expected. It recommends investing in leading companies in the inbound tourism sector, such as Zhongxin Tourism and other related firms [9]

Group 1 - The A-share tourism and hotel sector is experiencing a downturn, with companies like Zhongxin Tourism and Xiangyuan Cultural Tourism seeing declines of over 3% [1] - Other companies such as Lijiang Co., Three Gorges Tourism, Jinjiang Group, and China Youth Travel also followed the downward trend [1]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a significant recovery in revenue and net profit for 2024, with operating income reaching 6.455 billion yuan, a year-on-year increase of 95.7%, and a net profit of 106 million yuan, up 228.2% year-on-year [3] - The wholesale business showed a rapid recovery, with revenue of 4.793 billion yuan, a year-on-year increase of 136.43%, while the retail business also performed well with a revenue of 746 million yuan, up 59.83% year-on-year [4] - The company is focusing on expanding its retail business, which has a higher gross margin compared to wholesale, and is expected to become a major profit contributor [6] Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 6.455 billion yuan and a net profit of 106 million yuan, with a gross margin of 13.0% and a net margin of 1.64% [3] - For Q1 2025, the company reported an operating income of 1.165 billion yuan, a year-on-year increase of 13.74%, but a net profit decline of 32.39% to 19 million yuan due to rising sales and management expenses [5] Business Segmentation - The wholesale business revenue for 2024 was 4.793 billion yuan, while the retail business generated 746 million yuan, indicating strong growth in both segments [4] - The company has over 2,000 retail stores across more than 20 provinces, enhancing its market presence and service experience [4] Future Projections - The revenue forecast for 2025-2027 is adjusted to 8.438 billion yuan, 12.106 billion yuan, and 14.019 billion yuan, respectively, with corresponding net profit estimates of 147 million yuan, 232 million yuan, and 329 million yuan [7] - The expected EPS for 2025, 2026, and 2027 is projected to be 0.15 yuan, 0.24 yuan, and 0.34 yuan, respectively, with a PE ratio of 56, 35, and 25 times [7]

Market Overview - The three major A-share indices showed mixed performance in the morning session, with the Shanghai Composite Index down 0.03%, the Shenzhen Component Index up 0.09%, and the ChiNext Index up 0.05% [1] - The total market turnover for the half-day was 657.5 billion yuan, a decrease of 71.1 billion yuan compared to the previous day [1] - Over 3,700 stocks in the market experienced an increase [1] Sector Performance - The PEEK materials, beauty care, chemical environmental protection, auto parts, and soybean sectors led the gains, while the electricity, insurance, liquor, precious metals, port shipping, and duty-free shop sectors saw declines [2] - PEEK materials stocks surged collectively, with companies like Juhua Long (301131), Xinhang New Materials (301076), and Zhongxin Fluorine Materials (002915) hitting the daily limit [2] - The chemical environmental protection sector also performed strongly, with United Chemical (301209) reaching a new historical high [2] - The electricity sector faced adjustments, with multiple stocks such as Shao Neng Co. (000601) and Leshan Electric Power (600644) hitting the daily limit down [2] Notable Stocks - Friend Group (601686) opened up 9.55% after reporting a 9680% year-on-year increase in net profit for the first quarter [20] - The stock of Step by Step High (002251) and others in the duty-free shop sector hit the daily limit down [2] Economic Indicators - In the first quarter of 2025, China's service trade totaled 19,741.8 billion yuan, reflecting a year-on-year growth of 8.7% [29] - The knowledge-intensive service trade maintained growth, with a total of 7,524.9 billion yuan, an increase of 2.6% [29] - Travel services showed the fastest growth, with imports and exports reaching 584.9 billion yuan, up 21.8% [29] Policy and Initiatives - The People's Bank of China conducted a 3,405 billion yuan reverse repurchase operation to maintain reasonable liquidity in the banking system [29] - The National Development and Reform Commission allocated 810 billion yuan in special long-term bonds to support the consumption of old goods [31]

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Core Viewpoint - In April 2025, the company reported significant financial growth for the year 2024, with a notable increase in net profit and cash flow, while also facing various risks and challenges [1] Financial Metrics Summary - Revenue for 2024 reached 6,455,113,793.27 yuan, a 95.70% increase from 3,298,487,387.88 yuan in the previous year, driven by a full recovery in the tourism market [2] - The wholesale tourism revenue was 4,793,326,984.18 yuan, up 136.43%; retail tourism revenue was 745,595,955.24 yuan, up 59.83%; integrated marketing service revenue was 869,836,054.79 yuan, up 11.61% [2] - Net profit attributable to shareholders was 105,918,494.95 yuan, a 228.18% increase from 32,274,227.71 yuan; net profit excluding non-recurring items was 105,173,136.70 yuan, up 1053.47% [3] - Basic and diluted earnings per share both increased to 0.108 yuan, a growth of 227.27% from 0.033 yuan [4] - Sales expenses rose to 547,586,109.95 yuan, a 103.29% increase, while management expenses grew by 19.40% to 126,722,099.38 yuan; financial expenses decreased by 44.11% to 8,679,182.77 yuan [4] Cash Flow Summary - Net cash flow from operating activities was 347,407,687.74 yuan, a 104.45% increase from 169,918,987.17 yuan, indicating improved cash generation capability [5] - Net cash flow from investing activities was 1,926,381.16 yuan, a significant recovery from -88,353,656.74 yuan in the previous year [5] - Net cash flow from financing activities was -287,436,825.55 yuan, reflecting adjustments in funding and repayment strategies [5] Risk Factors Analysis - The company faces macroeconomic volatility risks, as tourism is significantly influenced by economic indicators such as GDP and disposable income [6] - Increased market competition poses a challenge, necessitating continuous innovation and service optimization to maintain competitive advantage [8] - The company is also exposed to risks from uncontrollable factors such as political, economic, and natural events that can impact travel choices [9] - Service quality control risks are present, as maintaining high service standards is crucial in the tourism industry [10] - Currency fluctuation risks exist due to the nature of the business, which involves foreign currency procurement [11] - Acquisition and integration risks are associated with cross-border mergers and acquisitions, which may not yield expected benefits if not managed properly [12] Management Compensation - The total remuneration for the board of directors, supervisors, and senior management was 3.3174 million yuan, with the chairman and CEO receiving a pre-tax total of 720,000 yuan, reflecting a performance-linked incentive mechanism [13]