股票代码：002033 股票简称：丽江股份 公告编号：2025021 丽江玉龙旅游股份有限公司 2024 年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议通知情况：公司董事会于2025年4月8日分别在《证券时报》、《中 国证券报》及巨潮资讯网上刊登了《关于召开2024年度股东大会的通知》。 2、召集人：公司董事会 3、表决方式：采取现场与网络投票相结合的表决方式 4、召开时间： 现场会议召开时间：2025年4月29日下午14:30 网络投票时间为：2025年4月29日 通过深圳证券交易所交易系统进行网络投票的具体时间为2025年4月29日 9:15－9:25，9:30－11:30，13:00－15:00；通过深圳证券交易所互联网投票系 统开始投票的时间为 2025年4月29日上午 9:15 至下午 15:00 期间的任意时间。 5、现场会议召开地点：云南省丽江市古城区祥和路276号 丽江和府洲际度 假酒 ...

关 于 丽 江 玉 龙 旅 游 股 份 有 限 公 司 北京大成（昆明）律师事务所 大成 is Dentons' Preferred Law Firm in China 北 京 大 成 (昆 明 )律 师 事 务 所 www.dacheng.com www.dentons.cn 昆明市西山区万达·昆明双塔-北塔 5 楼 5 Floor of North Tower, Wanda Kunming Twin Towers, Xishan District, Kunming City Tel: 86 871-64326335 dacheng.com dentons.cn 2024 年 度 股 东 大 会 的 法 律 意 见 书 关于丽江玉龙旅游股份有限公司 2024 年度股东大会的 法律意见书 致：丽江玉龙旅游股份有限公司 丽江玉龙旅游股份有限公司（以下简称"公司"）2024 年度股东 大会（以下简称"本次股东大会"）于 2025 年 4 月 29 日下午 14:30 在丽江和府洲际度假酒店会议室召开，北京大成（昆明）律师事务所 （以下简称"本所"）接受公司的委托，指派黄松、邓玉杰、杨金晶 律师（以下简称"本所律师 ...

Core Viewpoint - The domestic tourism market in China is experiencing a significant recovery and is expected to enter a new prosperous development cycle in 2024, driven by favorable policies, improved supply, and increased travel willingness. Key indicators such as total tourism expenditure and number of domestic travelers have surpassed or approached 2019 levels [1][16]. Industry Overview - China's tourism industry is one of the largest and fastest-growing markets globally, with tourism becoming a popular lifestyle choice among the populace [1][16]. - The industry has undergone three main phases: the golden age of inbound tourism in the 1980s, the rise of mass tourism in the late 1990s, and the integration of cultural tourism since 2018 [7]. Current Market Data - In 2024, the total number of domestic travelers is projected to reach 5.615 billion, an increase of 724 million from 2023, representing a year-on-year growth of 14.8% [1][16]. - Domestic tourism expenditure is expected to reach 5.75 trillion yuan, an increase of 840 billion yuan from 2023, with a year-on-year growth of 17.1% [1][16]. Policy Support - The Chinese government is actively promoting the tourism sector through various policies aimed at enhancing infrastructure, digital services, and cultural tourism experiences [8][9]. - Initiatives include improving mobile network coverage in key tourist areas and implementing cultural and tourism consumption action plans [8][9]. Industry Structure - The tourism industry encompasses a wide range of sectors, including transportation, accommodation, dining, shopping, and entertainment [12]. - The industry is characterized by a large number of players, with companies categorized into three tiers based on revenue, with the top tier exceeding 2 billion yuan [22]. Key Companies - Major companies in the tourism sector include China Youth Travel Service, Songcheng Performance Development, and others, with varying revenue levels and business focuses [24][26]. - For instance, China Youth Travel Service reported a revenue of 9.957 billion yuan in 2024, reflecting a growth of 3.34% [24]. Future Trends - The tourism industry is expected to accelerate its digital transformation, incorporating technologies such as AI and big data to enhance customer experiences and operational efficiency [28]. - There is a growing demand for immersive experiences and cultural integration in tourism, with a shift from sightseeing to deeper engagement with local cultures [29]. - Sustainability will become a key focus, with an emphasis on eco-friendly practices and low-carbon tourism options [30].

证券研究报告·行业跟踪周报·商贸零售 商贸零售行业跟踪周报 关注五一旅游出行高峰，景区公司天气全梳 理 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2025 年 04 月 28 日 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 执业证书：S0600522040001 shiyx@dwzq.com.cn 证券分析师 张家璇 执业证书：S0600520120002 zhangjx@dwzq.com.cn 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 研究助理 王琳婧 执业证书：S0600123070017 wanglj@dwzq.com.cn 行业走势 -19% -13% -7% -1% 5% 11% 17% 23% 29% 35% 2024/4/29 2024/8/27 2024/12/25 2025/4/24 商贸零售 沪深300 相关研究 《酒店集团业绩显著复苏， ...

Group 1 - The core viewpoint of the articles highlights the resilience and growth of the company, with a revenue of 11.665 billion yuan in 2024, maintaining over 10 billion yuan for seven consecutive years, despite intensified industry competition [2] - In the first quarter of 2025, the company achieved a nearly 20% year-on-year increase in net profit attributable to shareholders, with a gross profit margin improvement to 37.12%, indicating significant enhancement in profitability [2] - The company has made notable advancements in its pharmaceutical segment, including the approval of the first domestic generic product for psoriasis treatment, marking a significant breakthrough in the field [2] Group 2 - The medical business segment is still in the development phase, with revenue from Songshan Hospital reaching 678 million yuan in 2024, and other hospitals generating a combined revenue of 351 million yuan, showing a stable upward trend [3] - The tourism segment leverages core resources from listed company Lijiang Co. and NEEQ-listed Qinling Tourism, with operations across five major 5A scenic areas, focusing on enhancing visitor service quality and increasing tourist reception [3] - The company plans to continue executing its "big health" development strategy, concentrating on pharmaceuticals and medical services, while enhancing its full industry chain development model [3]

Core Viewpoint - Lijiang Co., Ltd. reported disappointing financial results for Q1 2025, with significant declines in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for Q1 2025 was 162 million yuan, a decrease of 9.69% year-on-year [1] - Net profit attributable to shareholders was 34.47 million yuan, down 38.24% year-on-year [1] - Gross margin decreased to 51.63%, down 11.35% year-on-year, while net margin fell to 23.58%, down 32.47% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 33.95 million yuan, representing 20.89% of total revenue, an increase of 37.72% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) for Q1 2025 was 0.06 yuan, a decline of 38.29% year-on-year [1] - Operating cash flow per share was 0.08 yuan, down 45.55% year-on-year [1] - The company's net asset value per share remained stable at 4.66 yuan, with a slight increase of 0.03% year-on-year [1] Market Position and Analyst Expectations - The company's return on invested capital (ROIC) was 8.64%, indicating average capital returns in recent years [3] - Analysts expect the company's performance for 2025 to reach 236 million yuan, with an average EPS forecast of 0.43 yuan [3] Shareholder Information - The largest fund holding Lijiang Co., Ltd. shares is Jin Xin Consumer Upgrade Stock A, with 440,000 shares newly added to its top holdings [4]

Core Viewpoint - Action Education announced a cash distribution plan for 2024, proposing a dividend of 7.5 yuan per 10 shares, totaling approximately 89.44 million yuan, which represents 33.30% of the company's net profit, marking the eighth cash distribution since its listing [2][3]. Financial Performance - For the fiscal year 2024, Action Education reported a revenue of 783 million yuan, reflecting a year-on-year growth of 16.54%. The net profit reached 269 million yuan, up 22.39% compared to the previous year. The basic earnings per share were 2.27 yuan, with a weighted average return on equity of 29.01% [2]. Dividend History - The company has a history of cash distributions since its listing, with the following details: - 2024.12.31: 10 shares pay 7.5 yuan (total 0.89 billion yuan, dividend yield 1.96%) - 2024.09.30: 10 shares pay 5 yuan (total 0.60 billion yuan, dividend yield 1.27%) - 2024.06.30: 10 shares pay 10 yuan (total 1.18 billion yuan, dividend yield 2.21%) - 2023.12.31: 10 shares pay 10 yuan (total 1.18 billion yuan, dividend yield 2.62%) - 2023.06.30: 10 shares pay 8 yuan (total 0.94 billion yuan, dividend yield 2.18%) - 2022.12.31: 10 shares pay 20 yuan (total 2.36 billion yuan, dividend yield 6.25%) - 2021.12.31: 10 shares convert 4 and pay 15 yuan (total 1.27 billion yuan, dividend yield 3.15%) - 2021.06.30: 10 shares pay 7 yuan (total 0.59 billion yuan, dividend yield 1.54%) [2]. Industry Context - In the social services sector, 17 companies have announced their 2024 cash distribution plans. The highest cash distribution was from Jinjiang Hotels at 406 million yuan, followed by Shoulu Hotels at 402 million yuan and Lijiang Shares at 192 million yuan. Action Education's distribution of 89.44 million yuan ranks it among the notable players in the industry [3][4].

Group 1: Market Potential and Growth - The inbound tourism market in China is experiencing significant growth, with foreign visitor numbers increasing by 44% year-on-year at Beijing ports and 39.5% at Shenzhen ports in Q1 2023 [1] - Various regions are implementing supportive policies to attract foreign tourists, such as visa facilitation and financial incentives for travel agencies [2] - The market is characterized by diverse customer sources, strong consumer demand, and substantial growth potential [2] Group 2: Company Initiatives and Strategies - Guangzhou Lingnan Group's subsidiary, Guangzhou Guangzhilv International Travel Agency, is enhancing inbound tourism products and has successfully hosted large inbound tour groups [3] - Zhongxin Tourism Group has established an inbound service subsidiary and is launching market-driven tourism products, with a steady increase in inbound service visitors in Q1 2025 [3] - Other companies, such as Caesar Tongsheng Development and Lijiang Yulong Tourism, are also focusing on expanding their inbound tourism services and leveraging local advantages to enhance their international presence [4]

Core Viewpoint - The report highlights the financial performance of SanTe Cableway, indicating a decline in revenue but an increase in net profit, showcasing the company's resilience in a challenging market environment [2][3]. Financial Performance - In 2024, SanTe Cableway achieved a total revenue of approximately 6.92 billion yuan, a year-on-year decrease of 3.69% [2]. - The net profit attributable to shareholders was about 1.42 billion yuan, reflecting a year-on-year increase of 11.34% [2]. - The net cash flow from operating activities was 2.85 billion yuan, down 13.76% compared to the previous year [2]. - The company decided to increase its dividend payout, distributing 2.5 yuan per 10 shares, totaling 44.32 million yuan [2]. Business Segmentation - The cableway business is the dominant segment, accounting for 79.6% of total revenue with an income of 5.5 billion yuan in 2024 [3]. - The cableway segment demonstrated strong profitability with a gross margin of 70.98%, although it decreased by 0.36% year-on-year [3]. Project Performance - The Guizhou Fanjing Mountain project received 1.77 million visitors in 2024, a 1.99% increase, generating revenue of 237 million yuan, up 1.01% [4]. - The Huashan Cableway project also saw growth, with 1.99 million visitors, revenue of 136 million yuan, and net profit of 46.37 million yuan, reflecting increases of 9.65%, 6.54%, and 8.64% respectively [4]. - However, four out of eleven core scenic projects reported losses, with a total net loss of 57.29 million yuan, primarily due to adverse weather conditions affecting visitor numbers [4]. Industry Context - The cableway business is often referred to as the "cash cow" of the tourism industry due to its high gross margins, with some projects achieving margins above 80% [5][6]. - The industry faces challenges such as dependency on scenic areas and the trend towards lower ticket prices, which could impact revenue [5]. - Companies are exploring new growth avenues, such as themed cable cars and high-altitude viewing experiences, to adapt to market changes [5].

Group 1 - Lijiang Co., Ltd. announced that from April 7 to April 8, 2025, Yun Investment increased its stake by 773,500 shares, accounting for 0.1408% of the total share capital, with an investment amount of 6.9139 million RMB [1] - Since the implementation of the increase plan, Yun Investment has cumulatively acquired 1,243,500 shares, representing 0.2263% of the total share capital, with a total investment of 10.9991 million RMB [1] - After the completion of this increase, Yun Investment holds 51.807 million shares, which is 9.4282% of the total share capital [1] Group 2 - In 2024, Lijiang Co., Ltd.'s revenue composition shows that the tourism sector accounts for 95.94%, while other business revenues make up 4.06% [1] - The chairman of Lijiang Co., Ltd. is He Xianzhong, aged 64, with a doctoral degree, and the general manager is Liu Xiaohua, aged 55, with a master's degree [1] - As of the report date, Lijiang Co., Ltd. has a market capitalization of 5 billion RMB [1] Group 3 - In the past 30 days, there has been no change in the northbound capital holding of Lijiang Co., Ltd. [1] - No institutions have conducted research on Lijiang Co., Ltd. in the past 30 days [1] - The last increase announcement from Lijiang Co., Ltd. was on March 27, 2025, and the stock price fell by 1.46% on the second trading day following that announcement [1]