Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has experienced pressure on gross margins but has managed to control expenses effectively [7] - The company reported a revenue of 2.366 billion yuan in Q3 2025, representing a year-on-year increase of 12.35%, while the net profit attributable to shareholders was 27 million yuan, down 48.64% year-on-year [7] - The report anticipates net profits for 2025-2027 to be 83 million, 102 million, and 125 million yuan respectively, with the current market capitalization corresponding to PE ratios of 81x, 66x, and 54x [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 5.241 billion yuan, a year-on-year increase of 10.96%, with a net profit of 67 million yuan, down 45.73% year-on-year [7] - The gross margin for Q3 2025 was 10.21%, a decrease of 2.78 percentage points year-on-year, while the overall net profit margin was 1.12%, down 1.34 percentage points year-on-year [7] - The company’s operating income for 2023 is projected at 3.298 billion yuan, with a growth rate of 559.0%, and is expected to reach 7.101 billion yuan in 2025, with a growth rate of 10.0% [6][8] Expense Management - The company has shown a decrease in sales and management expense ratios, with Q3 2025 sales and management expense ratios at 6.14% and 1.58%, respectively, down 1.47 and 0.34 percentage points year-on-year [7] - For the first three quarters of 2025, the sales and management expense ratios were 7.69% and 2.04%, respectively, with slight increases of 0.19 and 0.13 percentage points year-on-year [7]

Group 1 - The core point of the news is that Zhongxin Tourism (002707.SZ) reported its Q3 2025 results, revealing a decrease in institutional investor holdings compared to the previous quarter [1] - As of October 30, 2025, four institutional investors hold a total of 127 million shares of Zhongxin Tourism, accounting for 12.94% of the total share capital, which is a decrease of 2.17 percentage points from the last quarter [1] - Among public funds, only one fund, the Fortune China Securities Tourism Theme ETF, increased its holdings by 0.51% compared to the previous period [1] Group 2 - There was a reduction in foreign investment, with one foreign fund, Hong Kong Central Clearing Limited, decreasing its holdings by 1.60% compared to the last quarter [1] - A total of 26 public funds that did not disclose their holdings in the current period were previously reported, including several notable funds such as Yinhua Xinjia Two-Year Holding Mixed Fund and GF Pension Index A [1]

Core Insights - The core viewpoint of the article highlights the financial performance of Zhongxin Tourism for the third quarter of 2025, indicating a growth in revenue but a significant decline in net profit [1] Financial Performance - Zhongxin Tourism reported a revenue of 2.366 billion yuan, representing a year-on-year increase of 12.35% [1] - The net profit attributable to shareholders of the listed company was 26.5689 million yuan, showing a year-on-year decrease of 48.64% [1]

Core Viewpoint - The company reported a year-on-year increase in revenue for the first three quarters, but a significant decline in net profit attributed to shareholders [1] Financial Performance - The company's operating revenue for the first three quarters reached 5.24 billion yuan, representing a year-on-year growth of 10.96% [1] - The net profit attributable to shareholders was 67.0186 million yuan, showing a year-on-year decrease of 45.73% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 61.51 million yuan, reflecting a year-on-year decline of 47.90% [1]

Core Insights - The core viewpoint of the article highlights the financial performance of Zhongxin Tourism for the third quarter of 2025, indicating a growth in revenue but a significant decline in net profit [1] Financial Performance - Zhongxin Tourism reported an operating revenue of 2.366 billion yuan, representing a year-on-year increase of 12.35% [1] - The net profit attributable to shareholders of the listed company was 26.5689 million yuan, showing a year-on-year decrease of 48.64% [1]

Core Insights - The core viewpoint of the article is that Zhongxin Tourism Group Co., Ltd. reported its Q3 2025 financial results, showing a significant increase in revenue but a substantial decline in net profit. Financial Performance - In Q3 2025, Zhongxin Tourism's operating revenue was approximately 2.366 billion RMB, representing a year-on-year growth of 12.35% [1] - The net profit attributable to the parent company was approximately 26.57 million RMB, reflecting a year-on-year decrease of 48.64% [1] - The net profit after deducting non-recurring gains and losses was about 26.22 million RMB, which also showed a year-on-year decline of 48.69% [1]

第二条 本办法旨在建立有效的控制机制，对公司及全资、控股子公司（以 下简称子公司）在组织资源、资产、投资等经营运作过程中进行风险控制，保障 资金运营的安全性和收益性，提高公司的抗风险能力。 第三条 本办法所称对外投资，是指公司在境内外进行的下列以盈利或保 值增值为目的的投资行为： 第四条 公司对外投资行为应符合国家关于对外投资的法律、法规，以取 得较好的经济效益为目的，并应遵循以下原则： （一）符合国家有关法规及产业政策； 1 众信旅游集团股份有限公司 对外投资管理办法 （2025 年 10 月修订） 第一章 总则 第一条 为了规范众信旅游集团股份有限公司（以下简称公司或本公司） 对外投资行为，防范投资风险，提高对外投资效益，根据《中华人民共和国公司 法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、 《深圳证券交易所股票上市规则》（以下简称《股票上市规则》）、《深圳证券 交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》（以下简称《规 范运作》）等法律、法规、规章、规范性文件和《众信旅游集团股份有限公司章 程》（以下简称《公司章程》）的相关规定，结合公司的实际情况，制定 ...

众信旅游集团股份有限公司 对外担保管理办法 （2025 年 10 月修订） 第一章 总则 第一条 为规范众信旅游集团股份有限公司（以下简称公司或本公司）对 外担保行为，有效控制风险，保护股东和其他利益相关者的合法权益，根据《中 华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下 简称《证券法》）、《中华人民共和国民法典》（以下简称《民法典》）、《上市公司 监管指引第 8 号——上市公司资金往来、对外担保的监管要求》《深圳证券交易 所股票上市规则》（以下简称《股票上市规则》）、《深圳证券交易所上市公司自律 监管指引第 1 号——主板上市公司规范运作》（以下简称《规范运作》）等有关法 律、法规、规章、规范性文件和《众信旅游集团股份有限公司章程》（以下简称 《公司章程》）的有关规定，并结合公司实际情况，特制定本办法。 第二条 本办法所称对外担保是指公司为他人提供的担保，包括公司对控 股子公司的担保。公司及其控股子公司的对外担保总额，是指包括公司对控股子 公司担保在内的公司对外担保总额与控股子公司对外担保总额之和。 第三条 本办法适用于公司及控股子公司。 第四条 公司对外担保实行统一管理，非经 ...

众信旅游集团股份有限公司 股东会议事规则 （2025 年 10 月修订） 第一章 总则 第一条 为规范众信旅游集团股份有限公司（以下简称公司）行为，保证 股东会依法行使职权，公司根据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）、《上市公司治理准则》《上市 公司股东会规则》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自 律监管指引第 1 号——主板上市公司规范运作》等有关法律、法规、规章、规范 性文件和《众信旅游集团股份有限公司章程》（以下简称《公司章程》）的有关规 定，结合本公司实际情况，制定本规则。 第二条 公司应当严格按照法律、行政法规、《上市公司股东会规则》及 《公司章程》的相关规定召开股东会，保证股东能够依法行使权利。公司董事会 应当切实履行职责，认真、按时组织股东会。公司全体董事应当勤勉尽责，确保 股东会正常召开和依法行使职权。 第三条 股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第四条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 应当于上一会计年度结束后的 6 个月内举行。临时股东会不定期召开，出现以下 ...