Summary of the Conference Call for Xiyu Tourism Company Overview - **Company**: Xiyu Tourism - **Industry**: Tourism and Entertainment Key Points 2025 Performance Highlights - Overall visitor traffic reached approximately 5.8 million (+10%), with scenic area visitors at over 3.1 million - Slight decline in average spending per visitor; gross and net profit margins hit a low due to cable car renovations and performance project ramp-up [2][3] - Kashgar performance project generated revenue of 15 million yuan in 2025, with plans to optimize by shortening performance duration to increase show frequency, aiming for breakeven by H2 2027 [2][3] Future Projections - Anticipated profit recovery in 2026 due to improvements in performance projects and restoration of cable car operations [2][3] - Cautious optimism for 2026 performance, expecting stable visitor numbers and revenue growth from Kashgar and Sailimu Lake projects [8][10] Strategic Initiatives - Focus on light-asset expansion, prioritizing acquisition of scenic area transportation and cable car operation rights [2] - Shift in low-altitude tourism strategy from drone commercialization to exploring on-site implementation in scenic areas [6] - Plans to enhance marketing efforts, particularly in the Kashgar region, to boost visitor numbers and brand visibility [14] Shareholder Dynamics - Shareholder Kunlun Investment reduced its stake to below 5%, alleviating selling pressure; future actions will depend on market conditions [2][17] Asset Management and Acquisitions - Board authorization changes aim to prepare for potential asset injections or external acquisitions from the cultural tourism investment sector [6][8] - Ongoing asset restructuring with no specific plans yet provided by the cultural tourism investment side [7] Market Trends and Challenges - Current trend of "high traffic but low revenue" persists, with a focus on developing high-experience products to enhance average spending [20] - Anticipated structural differentiation in the market, with traditional sightseeing projects facing challenges [20] Regulatory and Policy Environment - The State-owned Assets Supervision and Administration Commission (SASAC) has set value management assessment requirements, with the company planning to enhance operational capabilities and implement dividend strategies [21] - Potential for new tourism consumption promotion policies, including subsidies, as part of the government's 14th Five-Year Plan [22] Visitor Demographics and Marketing Strategies - Visitor demographics show a concentration of traffic from Jiangsu, Zhejiang, and Guangdong provinces, with age distribution varying by season [14] - Marketing strategies include promoting educational tourism to attract student visitors during spring and autumn breaks [13] Project Developments - Sailimu Lake project investment is over 50 million yuan, with strategic positioning for future projects like flying and boating [9] - The company is exploring new project opportunities while avoiding heavy asset investments, focusing on operational rights in related fields [19] This summary encapsulates the essential insights and strategic directions discussed during the conference call, highlighting the company's performance, future outlook, and market positioning.

Investment Rating - Investment rating for the social services industry is "Positive" (maintained) [1] Core Insights - The report highlights a significant recovery in the Hong Kong real estate market, with a notable increase in both transaction volume and value for new residential properties in February 2026 [5][25] - The duty-free sales in Hainan have shown steady growth, indicating a robust economic performance since the island's closure for trade [14][13] - The invisible orthodontics market is experiencing rapid growth, with strong potential for leading companies to expand internationally [42][56] Summary by Sections Duty-Free Sales - Hainan's duty-free sales reached 60.6 billion yuan in February 2026, a year-on-year increase of 14.7%, with shopping visits up by 13.3% [14][16] - The total import and export trade in Hainan amounted to 654.9 billion yuan, reflecting a year-on-year growth of 29.1% [13] Commercial Real Estate - In February 2026, Hong Kong's new residential property transaction volume surged by 100.8% year-on-year, with transaction value increasing by 142.5% [28][31] - The market is entering a phase of rising prices and volumes, with the leading developer, Sun Hung Kai Properties, capturing 23% of the market share [32][5] Health Food Sector (Wugu Mofang) - Wugu Mofang is projected to achieve a net profit of 260-265 million yuan in 2025, representing a growth of 38%-40% [38][41] - The company reported a significant increase in sales across its online platforms, with a year-on-year growth of 71.3% in February 2026 [41][43] Invisible Orthodontics - The global market for invisible orthodontics is expected to reach approximately 12.5 billion USD by 2024, with a compound annual growth rate (CAGR) of 23.7% over the next decade [42][44] - The Chinese market is projected to see a significant increase in new cases, with a focus on children and adolescents driving growth [49][56] Market Performance - The Hong Kong consumer services index increased by 0.42%, while the retail sector declined by 5.80% during the week of March 16-20, 2026 [61][62] - New consumption categories have shown strong performance, with notable gains in companies like Le Si Group and Bu Lu Ke [64][67]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Insights - The company's revenue is recovering, with a projected total revenue of 3.26 billion yuan for 2025, representing a year-on-year growth of 7.32%. However, the net profit attributable to shareholders is expected to decline by 13.68% to 746.8 million yuan [7] - The company is focusing on resource integration and the progress of new projects, which are expected to contribute to incremental revenue in the future [7] - The company has a unique position as the only publicly listed cultural tourism platform in the Xinjiang Autonomous Region, with potential for resource integration under the control of the Xinjiang State-owned Assets Supervision and Administration Commission [7] Financial Summary - Total revenue projections for 2024A to 2028E are as follows: 3.0371 billion yuan (2024A), 3.2595 billion yuan (2025A), 3.5567 billion yuan (2026E), 3.8489 billion yuan (2027E), and 4.1353 billion yuan (2028E) [1] - The net profit attributable to shareholders is projected to be 865.1 million yuan (2024A), 746.8 million yuan (2025A), 891.1 million yuan (2026E), 1.0287 billion yuan (2027E), and 1.1526 billion yuan (2028E) [1] - The earnings per share (EPS) are expected to be 0.56 yuan (2024A), 0.48 yuan (2025A), 0.57 yuan (2026E), 0.66 yuan (2027E), and 0.74 yuan (2028E) [1] - The price-to-earnings (P/E) ratio is projected to be 61.69 (2024A), 71.46 (2025A), 59.89 (2026E), 51.88 (2027E), and 46.30 (2028E) [1]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's revenue is recovering, with a projected total revenue of 3.26 billion yuan in 2025, representing a year-on-year growth of 7.32% [7] - The net profit attributable to shareholders is expected to be 746.8 million yuan in 2025, reflecting a year-on-year decrease of 13.68% [7] - The company is focusing on resource integration and the progress of new projects to drive future growth [7] Financial Summary - Total revenue projections for the company are as follows: 3.04 billion yuan in 2024, 3.26 billion yuan in 2025, 3.56 billion yuan in 2026, 3.85 billion yuan in 2027, and 4.14 billion yuan in 2028 [1] - The net profit attributable to shareholders is forecasted to be 865.1 million yuan in 2024, 746.8 million yuan in 2025, 891.1 million yuan in 2026, 1.03 billion yuan in 2027, and 1.15 billion yuan in 2028 [1] - The earnings per share (EPS) are projected to be 0.56 yuan in 2024, 0.48 yuan in 2025, 0.57 yuan in 2026, 0.66 yuan in 2027, and 0.74 yuan in 2028 [1] Business Performance - The company reported a stable growth in passenger transport and cableway operations, with revenues of 1.98 billion yuan and 470 million yuan respectively in 2025 [7] - The immersive performance segment has emerged as a new growth point, with a revenue increase of 100% year-on-year [7] - The company aims to optimize project offerings and strengthen operations at key scenic spots while expanding new projects [7]

西域旅游开发股份有限公司 审 计 报 告 大信审字[2026]第 12-00004 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 邮编 100083 网址 Internet： www.daxincpa.com.cn 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 WUYIGE Certified Public Accountants.LLP Room 2206 22/F,Xueyuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing,China,100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 审计报告 大信审字[2026]第 12-00004 号 西域旅游开发股份有限公司全体股东： 一、审计意见 我们审计了西域旅游开发股份有限公司（以下简称"贵公司"）的财务报表，包括 2025 年 12 月 31 日的合并及母公司资产负债表，2025 年度的合并及母公司利润表、合 ...

西域旅游开发股份有限公司 内部控制审计报告 大信审字[2026]第 12-00005 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 邮编 100083 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing,China,100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 内部控制审计报告 大信审字[2026]第 12-00005 号 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了西 域旅游开发股份有限公司（以下简称"贵公司"）2025 年 12 月 31 日的财务报告内部控制的 有效性。 一、企业对内部控制的 ...

西域旅游开发股份有限公司 2025年度独立董事述职报告 （林素） 2025年度，任职期间本人通过现场或通讯方式参加9次董事会会议，没有 缺席或连续两次未亲自出席会议的情况。本人本着勤勉尽责的态度，对提交董 事会的各项议案进行了认真审议，积极参与讨论并提出合理建议和意见，并根 据自身专业能力和经验做出独立的表决意见。各项议案均未损害全体股东，特 别是中小股东的利益。本人对报告期内董事会审议的各项议案均投同意票，不 存在反对、弃权的情况。 各位股东及股东代表： 本人作为西域旅游开发股份有限公司（以下简称"公司"）第七届董事会 的独立董事，在2025年度严格按照《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 圳证券交易所创业板股票上市规则》《上市公司独立董事管理办法》等法律法 规、规范性文件及《西域旅游开发股份有限公司章程》（以下简称"《公司章 程》"）、《西域旅游开发股份有限公司独立董事工作制度》（以下简称"《独 立董事工作制度》"）的规定，认真履行职责，积极发挥独立董事的独立性和 专业性作用，维护公司整体利益，维护全体股东尤其是中小股东的合法权益。 ...

西域旅游开发股份有限公司 2025年度独立董事述职报告 （王永宏） 各位股东及股东代表： 本人作为西域旅游开发股份有限公司（以下简称"公司"）第七届董事会 的独立董事，在2025年度严格按照《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 圳证券交易所创业板股票上市规则》《上市公司独立董事管理办法》等法律法 规、规范性文件及《西域旅游开发股份有限公司章程》（以下简称"《公司章 程》"）、《西域旅游开发股份有限公司独立董事工作制度》（以下简称"《独 立董事工作制度》"）的规定，认真履行职责，积极发挥独立董事的独立性和 专业性作用，维护公司整体利益，维护全体股东尤其是中小股东的合法权益。 现将本人报告期履行独立董事职责的情况报告如下： 一、基本情况 （一）工作履历、专业背景及兼职情况 王永宏：男，1970年5月出生，中国国籍，无境外永久居留权，本科学历， 律师。曾任新疆鼎信旭业律师事务所律师；2023年2月至今，任新疆光至律师 事务所律师、合伙人。2024年12月23日起任公司独立董事。 （二）独立性情况说明 本人未在公司担任除独立董事以外的任何职务， ...

2025年度独立董事述职报告 （许新强） 各位股东及股东代表： 本人作为西域旅游开发股份有限公司（以下简称"公司"）第七届董事会 的独立董事，在2025年度严格按照《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 圳证券交易所创业板股票上市规则》《上市公司独立董事管理办法》等法律法 规、规范性文件及《西域旅游开发股份有限公司章程》（以下简称"《公司章 程》"）、《西域旅游开发股份有限公司独立董事工作制度》（以下简称"《独 立董事工作制度》"）的规定，认真履行职责，积极发挥独立董事的独立性和 专业性作用，维护公司整体利益，维护全体股东尤其是中小股东的合法权益。 现将本人报告期履行独立董事职责的情况报告如下： 一、基本情况 西域旅游开发股份有限公司 本人未在公司担任除独立董事以外的任何职务，也未在公司主要股东公司 担任任何职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍其进 行独立客观判断的关系。符合相关法律法规对任职独立董事的要求，任职期间 不存在影响独立董事独立性的情形。 二、独立董事年度履职情况 （一）参加董事会会议情况 2025年度，任 ...

经中国证券监督管理委员会《关于核准西域旅游开发股份有限公司首次公开 发行股票的批复》（证监许可〔2020〕1498 号）核准，并经深圳证券交易所同意， 2020 年公司公开发行人民币普通股（A 股）3,875 万股，每股面值人民币 1 元，每 股发行价格为 7.19 元，募集资金总额为 278,612,500.00 元，扣除承销保荐费 26,075,125.00 元和其他相关发行费 15,842,675.00 元后，实际募集资金净额 236,694,700.00 元。 公司 2020 年募集资金发行费用包括承销保荐费 26,075,125.00 元和其他相关发 证券代码：300859 证券简称：西域旅游 公告编号：2026-005 西域旅游开发股份有限公司 关于 2025 年度募集资金存放、管理与使用情况的专项 报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 根据中国证券监督管理委员会《上市公司募集资金监管规则》《深圳证券交 易所上市公司自律监管指引第2号——创业板上市公司规范运作》以及《深圳证券 交易所创业板上市公司自律监管指南第2号——公告格式》的相 ...