广 州 岭 南 集 团 控 股 股 份 有 限 公 司 董 事 会 十 一 届 二 十 一 次 会 议 决 议 公 告 广州岭南集团控股股份有限公司（以下简称"公司"）董事会十一届二十 一次会议于 2025 年 12 月 8 日以通讯方式召开，会议通知于 2025 年 12 月 2 日以电话、电子邮件或书面送达等方式发出，本次董事会应出席会议董事 7 人，实际亲自出席会议董事 7 人。本次会议由公司董事长王亚川先生主持， 公司全体监事和高级管理人员列席本次会议。本次会议的召开符合有关法律、 行政法规、部门规章、规范性文件和《公司章程》的规定。本次董事会经参 加会议的董事审议一致通过如下决议： 重要提示：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。 证券简称：岭南控股 证券代码：000524 公告编号：2025-048 表决结果：同意 7 票、反对 0 票、弃权 0 票。 根据《上市公司章程指引(2025 年修订)》《深圳证券交易所股票上市规 则(2025 年修订)》等法律法规、行政规章及《公司章程》的规定，结合公司 实际情况，同意对《广州岭南集团控股股份有限 ...

Core Viewpoint - Lingnan Holdings (000524) is focused on promoting the integration of tourism, hotel business, and other sectors such as commerce and sports through an innovative "Sports + Tourism" model [1] Group 1 - The company leverages its full industry chain advantages in "eating, staying, traveling, shopping, and entertainment" to explore local culture and sports spirit [1] - The approach aims to deepen the understanding of local cultural characteristics and promote cultural inheritance and innovation [1]

Core Viewpoint - Lingnan Holdings (000524.SZ) is actively developing snow tourism routes, offering a diverse range of products and experiences in both domestic and international snow regions [1] Group 1: Business Development - The company is focusing on enhancing its business travel services by creating rich snow tourism products that include activities such as snow appreciation, snow entertainment, skiing, and off-season sightseeing [1] - Lingnan Holdings aims to promote the integration of tourism and hotel businesses with commercial and sports sectors, leveraging an innovative "sports + tourism" model [1] Group 2: Industry Integration - The company is utilizing its full industry chain advantages in "food, accommodation, transportation, travel, shopping, and entertainment" to deeply explore local culture and sports spirit [1] - There is a commitment to driving cultural heritage and innovative development through this integrated approach [1]

Core Insights - The total revenue of 51 listed cultural tourism companies reached 83.993 billion yuan in Q3 2025, highlighting significant leadership from top companies and notable internal differentiation [1] Revenue Breakdown - Two companies exceeded 10 billion yuan in quarterly revenue: Trip.com Group-S (18.3 billion yuan) and China Duty Free Group (11.711 billion yuan), showcasing a strong leading advantage [1] - Four companies reported revenues between 5 billion and 10 billion yuan: Yuyuan Inc. (9.287 billion yuan), Huazhu Group-S (7 billion yuan), Overseas Chinese Town A (5.708 billion yuan), and Tongcheng Travel (5.509 billion yuan) [2] - Six companies fell within the 2 billion to 5 billion yuan range, including Jin Jiang Hotels (3.715 billion yuan) and China Youth Travel Service (3.161 billion yuan), with hotel companies making up half of this group [2] - The majority of companies (31 out of 51) reported revenues below 1 billion yuan, indicating a concentration of smaller firms in the industry [2] Profitability Analysis - The net profit of the 51 listed cultural tourism companies totaled approximately 22.6 billion yuan, with 33 companies profitable and 18 companies reporting losses, indicating a predominance of profitability (about 65%) [2] - Trip.com Group-S reported a net profit of 19.9 billion yuan, significantly contributing to the overall profit of the listed companies, accounting for 88% of the total [3] - Other notable profitable companies include Huazhu Group-S with a net profit of 1.5 billion yuan and Tongcheng Travel with a net profit of 976 million yuan, benefiting from the ongoing recovery in tourism consumption [3] - Among the 18 companies reporting losses, significant losses were noted for Overseas Chinese Town A (-1.499 billion yuan) and Yuyuan Inc. (-551 million yuan), attributed to factors such as weak real estate sales and operational challenges [3]

Investment Rating - The report maintains an "Outperform" rating for the social services industry, indicating that the industry index is expected to perform better than the benchmark index in the next 6-12 months [1][47]. Core Insights - The social services sector experienced a decline of 1.13% in the last two trading weeks, ranking 8th among 31 industries in the Shenwan classification. Despite this, the sector outperformed the CSI 300 index by 1.06 percentage points [1][12]. - The winter season typically sees a slowdown in cultural and tourism activities, but interest in winter snow tourism is rising, particularly in northern regions [1][4]. - The upcoming full closure of Hainan Island on December 18 is expected to positively impact the local tourism industry, with preparations already in place for this transition [1][4]. Summary by Sections Market Review & Industry Dynamics - The social services sector's performance was relatively better compared to the overall market, with the CSI 300 index down by 2.19% and the Shanghai Composite Index down by 2.55% during the same period [1][12]. - Among the sub-sectors, education saw a rise of 3.67%, while tourism and retail sectors faced declines of 4.03% and 10.48%, respectively [1][16]. Investment Recommendations - The report suggests focusing on companies with strong growth potential in the travel and related industries, including Tongcheng Travel, Huangshan Tourism, and Lijiang Co., among others. It also highlights hotel brands like Junting Hotel and Jinjiang Hotels that are expected to benefit from the recovery in business travel [1][4]. - The recovery of cross-border travel is anticipated to boost airport duty-free sales, with recommendations to monitor companies like China Duty Free Group and Wangfujing [1][4]. Industry Company News - Notable developments include the launch of the 2025 China Duty Free Year-End Festival, which aims to enhance sales across various duty-free outlets [1][29]. - Junting Hotel is undergoing a potential change in control, which may affect its market position [1][29]. Travel Data Tracking - Domestic travel is showing signs of recovery post-pandemic, with significant increases in passenger flow. The report notes that in the first ten months of 2025, cross-regional passenger flow reached 56.88 billion, a year-on-year increase of 3.6% [1][34].

Core Viewpoint - The 15th National Games serves as a significant catalyst for the integration and upgrading of the "sports + cultural tourism" industry in the Guangdong-Hong Kong-Macao Greater Bay Area, marking a historic collaboration among the three regions [2][3]. Group 1: Agreement and Collaboration - The signing of the "Four-Party Agreement" by the National Sports Administration and the governments of Guangdong, Hong Kong, and Macao aims to strengthen sports cooperation and promote integrated development in the Greater Bay Area [4][5]. - The agreement encompasses various aspects of cooperation, including enhancing sports exchanges, supporting resource sharing, and improving sports governance [4][5]. Group 2: Economic Impact and Tourism - The event has significantly boosted tourism, with over 18.4 billion yuan in market development revenue reported by November 16, and a notable increase in visitor numbers to Guangzhou and Shenzhen [7][8]. - The integration of sports events with cultural tourism has led to innovative tourism products, such as "ticket + travel packages," enhancing the overall visitor experience [8][9]. Group 3: Regional Development and Challenges - The collaboration aims to create a model for regional integration, leveraging the unique strengths of Guangdong, Hong Kong, and Macao in sports and tourism [10][11]. - Despite the opportunities presented by the National Games, challenges remain in aligning industry regulations and standards across the three regions, which may hinder the free flow of resources [11][12].

2025 年 11 月 27 日，公司收到副总经理唐昕先生发来的《关于股份减持 实施完成的告知函》，来函表示唐昕先生本次股份减持计划已实施完成，在 2025 年 9 月 5 日至 2025 年 11 月 27 日期间，其以集中竞价交易方式累计减持 19,500 股（占本公司总股本比例 0.0029%）。现依据来函将相关减持股份实施 情况公告如下： 证券简称：岭南控股 证券代码：000524 公告编号：2025-047 号 广 州 岭 南 集 团 控 股 股 份 有 限 公 司 关 于 高 级 管 理 人 员 减 持 股 份 实 施 完 成 的 公 告 公司高级管理人员唐昕保证向本公司提供的信息内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 广州岭南集团控股股份有限公司（以下简称"公司"或"本公司"）于 2025 年 8 月 14 日披露了《关于高级管理人员减持股份预披露公告》（2025-035 号）， 公司副总经理唐昕先生计划自上述减持计划公告之日起 15 个交易日后的 3 个 月内，以集中竞价方式减持公司股份不超过 19,50 ...

岭南控股公告称，公司副总经理唐昕减持股份计划实施完成。2025年9月5日至11月27日，唐昕以集中竞 价交易方式累计减持19,500股，占总股本比例0.0029%，减持均价16.72元/股，价格区间为12.01 - 17.72 元/股。减持后，唐昕持股降至58,500股，占总股本0.0087%。本次减持符合相关法规及承诺，实际减持 情况与计划一致。 ...

Core Insights - The tourism and scenic spots sector increased by 0.46% on November 28, with Caesar Travel leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Sector Performance - Caesar Travel (Code: 000796) closed at 6.93, up 3.74% with a trading volume of 992,900 shares and a transaction value of 676 million yuan [1] - Other notable performers included: - Three Gorges Tourism (Code: 002627) at 6.52, up 2.19% [1] - SanTe Cableway (Code: 002159) at 15.58, up 1.50% [1] - Western Region Tourism (Code: 300859) at 36.16, up 1.49% [1] - Tianfu Cultural Tourism (Code: 000558) at 5.91, up 1.37% [1] Decliners - Yunnan Tourism (Code: 002059) closed at 5.64, down 2.42% with a trading volume of 593,000 shares and a transaction value of 331 million yuan [2] - Other notable decliners included: - Xi'an Tourism (Code: 000610) at 12.46, down 2.35% [2] - Qujiang Cultural Tourism (Code: 600706) at 10.91, down 1.45% [2] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 57.08 million yuan from main funds, with retail investors contributing a net inflow of 101 million yuan [2]

Core Insights - The report highlights a positive growth trend in industrial enterprise profits for the first ten months of 2025, with a total profit of CNY 59,502.9 billion, reflecting a year-on-year increase of 1.9% [5][6] - The report emphasizes the impact of raw material prices on the profitability of industrial enterprises, indicating that these prices remain a significant drag on earnings [5][6] - A new consumption promotion plan issued by six ministries aims to optimize the supply structure of consumer goods by 2027, creating three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [8][9] Macroeconomic Overview - Industrial enterprises maintained a year-on-year profit growth, although the growth rate slowed by 1.3 percentage points compared to the previous three quarters [5] - In October, industrial profits saw a year-on-year decline of 5.5%, with a month-on-month drop of 27.1 percentage points [5] - The report notes that the mining sector's contribution to profits has been consistently low this year [5] Revenue and Cost Analysis - For the first ten months, industrial enterprises reported a revenue growth of 1.8%, with a slight decrease in revenue per hundred yuan of assets to CNY 74.5 [6] - Operating costs increased by 2.0%, with the profit margin remaining stable at 5.3% [6] - The report indicates that industrial production activities remain active, but pricing pressures persist, with PPI and production material PPI showing negative year-on-year growth [6][7] Consumption Promotion Plan - The plan aims for a significant optimization of the consumer goods supply structure by 2027, with a focus on new technologies and innovative business models [8][9] - It emphasizes the importance of matching supply with diverse consumer needs, including specific demographics such as children, students, and the elderly [10] - The report outlines the creation of new consumption scenarios and business formats, supported by a favorable development environment [11] Investment Recommendations - The report suggests focusing on companies related to employment, tourism, and cultural consumption, as well as those involved in sports events and creative industries [12]