Core Insights - Xiyu Tourism's stock price decreased by 2.02% on November 12, trading at 38.39 CNY per share with a total market capitalization of 5.95 billion CNY [1] - The company has experienced a year-to-date stock price increase of 10.06%, but has seen declines of 5.26% over the last five trading days, 4.98% over the last 20 days, and 10.09% over the last 60 days [1] - For the period from January to September 2025, Xiyu Tourism reported a revenue of 286 million CNY, reflecting a year-on-year growth of 6.20%, while net profit attributable to shareholders decreased by 14.51% to 98.58 million CNY [2] Financial Performance - The company has cumulatively distributed 108 million CNY in dividends since its A-share listing, with 93 million CNY distributed over the last three years [3] - As of September 30, 2025, the top ten circulating shareholders include notable entities such as the Fortune China Securities Tourism Theme ETF, which increased its holdings by 64.51 million shares [3] Business Overview - Xiyu Tourism, established on January 18, 2001, and listed on August 6, 2020, focuses on tourism resource development and operations, including services such as tourist transportation, cable car sightseeing, boat tours, hot spring hotels, and travel agencies [2] - The company's revenue composition is primarily from tourist transportation (64.81%), followed by cable car transportation (13.16%), boat tours (11.36%), and other services [2]

Core Points - Xiyu Tourism (300859.SZ) announced a share reduction by Kunlun Investment, which has reduced its holdings by 1,370,020 shares, representing 0.88% of the company's total share capital [1] Group 1 - Kunlun Investment issued a notice regarding the reduction of shares, indicating that the reduction touched the 5% integer multiple threshold [1] - The share reduction occurred on November 10, 2025, through centralized bidding transactions [1]

Core Viewpoint - Xinjiang Kunlun Investment Development Partnership (Limited Partnership) has reduced its shareholding in Xiyu Tourism through centralized bidding, indicating a potential shift in investment strategy [1] Summary by Relevant Sections - **Shareholding Changes** - The number of shares held by Xinjiang Kunlun Investment has decreased from 9,120,020 shares to 7,750,000 shares, representing a reduction in ownership from 5.88% to 5.00% [1] - **Future Actions** - The information disclosing party does not rule out the possibility of further reductions in shareholding within the next 12 months and will comply with relevant legal and regulatory disclosure obligations [1]

证券代码：300859 证券简称：西域旅游 公告编号：2025-053 西域旅游开发股份有限公司 特别提示： 1、本次权益变动属于西域旅游开发股份有限公司（以下简称"公司"）持股5%以 上股东因减持股份而导致权益变动并触及1%和5%整数倍，本次权益变动不会导致公司控 股股东和实际控制人发生变化。 2、本次权益变动后，新疆昆仑投资发展合伙企业（有限合伙）（以下简称"昆仑 投资"）直接持有公司股份由9,120,020股（占公司总股本比例5.88%）变更为7,750,000 股，目前持股数量占公司总股本比例为5.00%。 公司近日收到昆仑投资出具的《关于减持公司股份触及5%整数倍的告知函》《 简式权益变动报告书》，获悉2025年11月10日，昆仑投资通过集中竞价交易方式减 持公司股份1,370,020股，占公司总股本比例0.88%。 昆仑投资本次权益变动的具体内容详见公司同日披露于巨潮资讯网（www.cninf o.com.cn）的《简式权益变动报告书》。本次权益变动触及1%整数倍的具体情况如 下： 一、本次权益变动情况说明 1.基本情况 信息披露义务人 新疆昆仑投资发展合伙企业（有限合伙） 关于持股5%以上股东股 ...

西域旅游 简式权益变动报告书 西域旅游 简式权益变动报告书 信息披露义务人声明 西域旅游开发股份有限公司 简式权益变动报告书 上市公司信息 上市公司名称：西域旅游开发股份有限公司 股票上市地点：深圳证券交易所 股票简称：西域旅游 股票代码：300859 信息披露义务人信息 信息披露义务人名称：新疆昆仑投资发展合伙企业（有限合伙） 住所：新疆乌鲁木齐市米东区府前中路 159 号东凯集团办公楼 3 楼 306 室 通讯地址：新疆乌鲁木齐市米东区府前中路 159 号东凯集团办公楼 3 楼 306 室 股份变动性质：减持股份（通过集中竞价减持） 签署日期：2025 年 11 月 11 日 - 1 - 一、本报告书系根据《中华人民共和国证券法》、《上市公司收购管理办法》《公 开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》及其 他相关法律法规编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违反信 息披露义务人合伙协议或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》、《上市公司收购管理办法》、《公开发行证券 的公司信息披露内容与格式准则第 15 号—— ...

Core Viewpoint - The company aims to focus on the changing demands of cultural tourism consumption and optimize its project product offerings to provide high-quality cultural tourism products for visitors [2] Group 1 - The company will integrate ice and snow resources with the tourism industry [2] - The company is committed to enhancing its operational strategies in response to consumer needs [2] - The company emphasizes the importance of delivering quality cultural tourism experiences [2]

Core Viewpoint - Recently, Xiyu Tourism Development Co., Ltd. announced the candidates for the procurement projects of 38, 23, and 19 pure electric buses, indicating a significant investment in electric vehicle infrastructure and a focus on sustainable transportation solutions [1][3][9]. Group 1: 38-seat Electric Bus Procurement - The first candidate for the 38-seat electric bus procurement project is Yutong Bus Co., Ltd. with a bid of 32,660,000 yuan [3]. - The second candidate is Zhongtong Bus Holding Co., Ltd. with a bid of 31,992,000 yuan [3]. - The third candidate is Xiamen Golden Dragon Bus Co., Ltd. with a bid of 31,800,000 yuan [3]. Group 2: 23-seat Electric Bus Procurement - The first candidate for the 23-seat electric bus procurement project is Zhongtong Bus Holding Co., Ltd. with a bid of 5,650,000 yuan [5]. - The second candidate is Yutong Bus Co., Ltd. with a bid of 5,769,000 yuan [5]. - The third candidate is Xiamen Golden Dragon Travel Bus Co., Ltd. with a bid of 5,450,000 yuan [5]. Group 3: 19-seat Electric Bus Procurement - The first candidate for the 19-seat electric bus procurement project is Zhongtong Bus Holding Co., Ltd. with a bid of 3,744,000 yuan [10]. - The second candidate is Xinjiang Mu'enxi Automotive Trade Co., Ltd. with a bid of 3,512,000 yuan [10]. - The third candidate is Xiamen Golden Dragon Travel Bus Co., Ltd. with a bid of 3,800,000 yuan [10]. Group 4: General Information - The public announcement for all procurement projects was published on October 16, 2025, with the opening date set for November 6, 2025 [3][5][10]. - The opening location for the bids is at the Financial Building, 10th Floor, Urumqi, Xinjiang [6].

Core Viewpoint - Xiyu Tourism's stock price has shown fluctuations with a year-to-date increase of 13.25%, while facing a decline of 12.59% over the past 60 days, indicating volatility in market performance [2][3]. Financial Performance - For the period from January to September 2025, Xiyu Tourism reported a revenue of 286 million yuan, reflecting a year-on-year growth of 6.20%. However, the net profit attributable to shareholders decreased by 14.51% to approximately 98.58 million yuan [3]. - The company has distributed a total of 108 million yuan in dividends since its A-share listing, with 93 million yuan distributed over the past three years [4]. Stock Market Activity - As of November 10, Xiyu Tourism's stock price was 39.50 yuan per share, with a market capitalization of 6.123 billion yuan. The trading volume was 2.19 billion yuan, with a turnover rate of 3.63% [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 38.63 million yuan on August 8, contributing to a total buying of 152 million yuan, which accounted for 12.99% of total trading volume [2]. Shareholder Structure - As of October 20, the number of shareholders for Xiyu Tourism increased to 26,200, with an average of 5,924 circulating shares per person, a decrease of 1.32% [3]. - Notable changes in institutional holdings include the entry of Hong Kong Central Clearing Limited as a new major shareholder, holding 982,100 shares, while the 富国中证旅游主题ETF has increased its holdings to 1.8567 million shares [4].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The low-altitude economy is experiencing significant growth, with multiple orders signed at the China International Import Expo, indicating strong market demand and potential for future expansion [17][19] - Strategic collaborations, such as the partnership between Shenzhou Car Rental and Volant, are enhancing the integration of ground and air transportation services, which is expected to improve operational efficiency and customer experience [23] - The establishment of manufacturing bases and headquarters in Shanghai by companies like Shizhi Technology is expected to drive the development of the advanced manufacturing industry in the Yangtze River Delta region [25] Summary by Sections 1. Weekly Sector Review - The average weekly change for the low-altitude economy sector was +0.3%, with Wanzhe Co. leading the gains at +30.3% [4][10] - The top five gainers included Wanzhe Co. (+30.3%), Keli Co. (+17.5%), and Yunlu Co. (+16.1%), while the top five losers included Hangxin Technology (-17.2%) and Lingnan Holdings (-10.6%) [10][12] 2. Industry Dynamics - Shenzhou Car Rental and Volant signed a strategic cooperation agreement to develop a "ground + air" commuting solution, marking a significant step in the integration of transportation services [23] - On November 8, Jinan signed contracts for eight low-altitude economic projects, including the AS700 manned airship delivery center, which will support low-altitude tourism and emergency command scenarios [24] 3. Individual Company Developments - Shizhi Technology announced the establishment of its headquarters and manufacturing base in Shanghai, securing a 700 million yuan credit line and signing a procurement agreement for 100 eVTOLs [25] - Volant signed agreements for 95 eVTOLs at the Import Expo, totaling 2.375 billion yuan, and secured a high-level commercial passenger eVTOL order [26] - Yufeng Future showcased its upgraded passenger eVTOL product and signed intention orders for 200 eVTOLs, exceeding 2 billion yuan in total [27]

Meeting Details - The second extraordinary general meeting of shareholders for 2025 was held on November 6, 2025, at 11:00 AM [2] - The meeting was conducted both in-person and via online voting [3] - A total of 168 shareholders attended, representing 70,967,645 shares, which is 45.7856% of the total voting shares [4] Voting Results - The meeting approved several resolutions, including the appointment of the auditing firm for the 2025 financial statements, with 99.8987% approval from attending shareholders [12] - The resolution for purchasing directors and officers liability insurance was approved with 98.9390% support [15] - Amendments to the company's articles of association received 99.8987% approval [19] - The resolution to revise the rules of the shareholders' meeting was approved with 99.8958% support [22] - The resolution to revise the rules of the board of directors was also approved with 99.8987% support [25] - The resolution to amend the related party transaction management system was approved with 99.8860% support [28] - The resolution to revise the external guarantee management system received 99.8674% approval [31] - The resolution to amend the fundraising management system was approved with 99.8909% support [34] - The resolution to revise the information disclosure management system received 99.8954% approval [37] Legal Opinion - The legal opinion provided by Beijing Zhonglun (Guangzhou) Law Firm confirmed that the meeting was convened and conducted in accordance with relevant laws and regulations, and the voting results were deemed legal and valid [41]