Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]

众信旅游集团股份有限公司 章程 （经公司 2025 年第二次临时股东大会审议通过） 1 | | | | 第一章 | 总 则 3 | | | --- | --- | --- | | 第二章 | 经营宗旨和范围 4 | | | 第三章 | 股份 5 | | | 第一节 | 股份发行 5 | | | 第二节 | 股份增减和回购 6 | | | 第三节 | 股份转让 7 | | | 第四章 | 股东和股东会 8 | | | 第一节 | 股东的一般规定 8 | | | 第二节 | 控股股东和实际控制人 | 11 | | 第三节 | 股东会的一般规定 12 | | | 第四节 | 股东会的召集 | 14 | | 第五节 | 股东会的提案与通知 15 | | | 第六节 | 股东会的召开 | 17 | | 第七节 | 股东会的表决和决议 20 | | | 第五章 | 董事和董事会 | 23 | | 第一节 | 董事的一般规定 | 23 | | 第二节 | 董事会 | 26 | | 第三节 | 独立董事 | 32 | | 第四节 | 董事会专门委员会 35 | | | 第六章 | 高级管理人员 | 37 | | 第七章 | ...

公司于近日通过公司职工代表大会民主选举张磊先生为公司第六届董事会 职工代表董事（简历详见附件），张磊先生将由第六届董事会非独立董事变更为 第六届董事会职工代表董事，同时继续担任第六届董事会审计委员会委员。任期 自本次职工代表大会选举通过之日起至第六届董事会任期届满之日止。张磊先生 变更为职工代表董事后，公司第六届董事会人员构成不变。 股票代码：002707 股票简称：众信旅游 公告编号：2025-046 众信旅游集团股份有限公司 关于选举公司第六届董事会职工代表董事的公告 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《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司 章程指引》的相关规定，众信旅游集团股份有限公司（以下简称"公司"）于 2025 年 11 月 18 日召开了 2025 年第二次临时股东大会，审议通过了《关于修订 <公司章程>及其附件的议案》。根据修订后的《公司章程》，公司董事会设职 工代表董事一名，通过职工代表大会等形式民主选举产生。 股票代码：002707 股票简称：众信旅游 公告编号：2025-046 附件： 众信旅游集团 ...

股票代码：002707 股票简称：众信旅游 公告编号：2025-045 众信旅游集团股份有限公司 关于 2025 年第二次临时股东大会决议的公告 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。 特别提示： 1、本次股东大会无否决、修改提案的情况，亦无新提案提交表决。 2、本次会议未涉及变更前次股东大会决议。 3、本次股东大会采用现场表决、网络投票相结合的方式。 4、本次股东大会对中小投资者单独计票。 一、会议召开情况 1、本次股东大会的召开时间 （1）现场会议召开时间：2025 年 11 月 18 日下午 2:00（下午 1:30-2:00 为 现场审核登记时间）。 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 11 月 18 日 上午 9:15-9:25，9:30-11:30，下午 1:00-3:00； 通过互联网投票系统进行网络投票的时间为：2025 年 11 月 18 日上午 9:15 至下午 3:00 期间的任意时间。 2、会议召开地点：北京市朝阳区朝阳公园路 8 号（朝阳公园西 2 门）众信 旅游大厦二层大会议室。 ...

北京市朝阳区东三环中路1号 环球金融中心办公楼东楼18层 邮编:100020 18th Floor, Fast Tower, World Financial Center 1 Dongsanhuan Zhonglu Chaovang District Beijing, 100020 P.R. China T +86 10 5878 5588 +86 10 5878 5566 会社'建师事务所 ING&WODD www.kwm.com 北京市金杜律师事务所 关于众信旅游集团股份有限公司 2025年第二次临时股东大会 的法律意见书 致:众信旅游集团股份有限公司 北京市金杜律师事务所(以下简称本所)接受众信旅游集团股份有限公司(以 下简称公司）委托,根据《中华人民共和国证券法》(以下简称《证券法》)、《中 华人民共和国公司法》(以下简称《公司法》)、中国证券监督管理委员会《上市公 司股东会规则》(以下简称《股东会规则》)等中华人民共和国境内(以下简称中 国境内,为本法律意见书之目的,不包括中国香港特别行政区、中国澳门特别行 政区和中国台湾省）现行有效的法律、行政法规、规章和规范性文件和现行有效 的《众信旅游集团股份 ...

Group 1 - The company is continuously monitoring emerging business models in the industry, particularly survival-themed projects, which are seen as innovative and attractive [1] - The company plans to evaluate and consider market demand, customer segmentation, and safety standards before launching related products [1]

Core Insights - The tourism and scenic spots sector experienced a decline of 0.54% on November 14, with Xiyu Tourism leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Fund Flow Analysis - On the same day, the tourism and scenic spots sector saw a net outflow of 359 million yuan from main funds, while retail investors contributed a net inflow of 404 million yuan [2] - The table provided indicates specific fund flows for various companies, showing that: - Caesar Travel had a main fund net inflow of 40.13 million yuan, but a net outflow from retail investors of 0.39 million yuan [2] - Jiuhua Tourism experienced a main fund net inflow of 5.51 million yuan, with a net outflow from retail investors of 0.28 million yuan [2] - Guilin Tourism had a main fund net inflow of 3.91 million yuan, but a significant net outflow from retail investors of 1.53 million yuan [2] - Other companies like Emei Mountain A and Huangshan Tourism faced net outflows from both main and retail funds [2]

Core Insights - The inbound tourism market in China is experiencing a significant recovery driven by the easing of travel restrictions and the implementation of visa-free policies, leading to a structural transformation in visitor demographics and travel preferences [1][2][3] Group 1: Market Recovery and Growth - The travel service import and export scale reached 1.63725 trillion yuan, growing by 8.8% year-on-year, with exports increasing by 54.4% and imports by 2.7% [2] - By 2025, the recovery rate of inbound tourism in China is projected to reach 123%, surpassing global and Asia-Pacific averages [2] - International flight routes have shown significant recovery, with countries like Japan and Vietnam experiencing recovery rates of 114.1% and 129.4% respectively in early 2025 compared to the same period in 2024 [2] Group 2: Changes in Visitor Demographics - The proportion of Asian tourists is increasing due to geographical proximity and lower travel costs, while the spending power of European and American tourists remains significant, with U.S. tourist spending up by 50% and French tourist spending up by 160% [3][4] - The shift towards independent travel is becoming the mainstream mode for foreign visitors, driven by perceived safety and improved travel facilitation measures [3] Group 3: Evolving Tourism Services - The structural changes in visitor demographics and travel styles demand higher quality and flexibility in tourism services, creating new market opportunities for responsive industry players [4] - Traditional travel packages are evolving from fixed itineraries to more immersive cultural experiences, reflecting a shift from broad sightseeing to deep cultural engagement [4] Group 4: Opportunities for Emerging Destinations - Emerging destinations like Chongqing and Yunnan are capitalizing on their unique natural and cultural attractions, but need to address visibility and accessibility challenges to fully leverage inbound tourism growth [5][6] - Companies are focusing on optimizing service offerings and enhancing international standards, such as integrating multilingual services and obtaining international certifications for hotels and attractions [5][6] Group 5: Service Quality and International Standards - Non-first-tier cities face challenges in providing international service elements, such as multilingual staff and signage, which need to be addressed to meet the growing demands of inbound tourists [6] - The "14th Five-Year Plan" emphasizes the goal of building a strong tourism sector, which is expected to drive improvements in service quality and standards as inbound tourism scales up [6]

Core Viewpoint - The tourism and scenic area sector experienced a decline of 0.28% on November 12, with Lingnan Holdings leading the drop. The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1]. Group 1: Market Performance - The tourism and scenic area sector saw a mixed performance among individual stocks, with notable gainers including Xiangyuan Cultural Tourism, which rose by 3.58% to close at 7.81, and Caesar Travel, which increased by 2.44% to 7.56 [1]. - Lingnan Holdings led the decline with a drop of 3.05%, closing at 12.39 [2]. - The overall trading volume for the tourism and scenic area sector was significant, with Caesar Travel recording a trading volume of 210.98 million shares and a transaction value of 1.612 billion [1]. Group 2: Capital Flow - The sector experienced a net outflow of 52.65 million from institutional investors and 71.76 million from speculative funds, while retail investors saw a net inflow of 124 million [2]. - Key stocks such as Caesar Travel and Xiangyuan Cultural Tourism had varying capital flows, with Caesar Travel seeing a net inflow of 81.60 million from institutional investors, while Xiangyuan Cultural Tourism had a net outflow of 7.78 million from speculative funds [3]. - The overall sentiment in the sector indicates a cautious approach from institutional and speculative investors, contrasted by a more favorable reception from retail investors [2][3].

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 5.241 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 10.96%, while the net profit attributable to shareholders was 67 million yuan, down 45.73% year-on-year [1] - The retail business is expanding rapidly through a franchise model, with plans to increase the number of retail stores from 2,500 to 5,000 by 2027 [1][2] - The company is positioned as a leader in the outbound group travel market, with strong product and brand value, as well as robust supply chain and resource integration capabilities [2] Financial Performance - In Q3 2025, the company achieved a revenue of 2.366 billion yuan, a year-on-year increase of 12.35%, but the net profit attributable to shareholders was 27 million yuan, down 48.64% year-on-year [1] - The gross margin for Q3 2025 was 10.21%, a decrease of 2.78 percentage points year-on-year, primarily due to intensified competition in the group travel market [2] - The company expects revenues of 7.224 billion yuan, 8.050 billion yuan, and 9.119 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 11.9%, 11.4%, and 13.3% [2][3] Business Segments - The wholesale travel business remains the core revenue driver for the company, with a recovery rate of 87.8% in the international aviation market compared to 2019 [1] - The retail business is leveraging digital technologies such as the "U Protection" service plan and AI assistants to enhance operational efficiency and customer experience [1] Market Outlook - The company is actively expanding into inbound tourism and other trending business areas, which is expected to open up long-term growth opportunities [2]