Core Viewpoint - Lingnan Holdings (000524) is expected to report a significant decline in net profit for the year 2025, with projections indicating a decrease of 50.05% to 53.38% compared to the previous year [1] Financial Performance - The anticipated net profit for 2025 is estimated to be between 70 million to 75 million yuan [1] - The net profit excluding non-recurring gains and losses is projected to be between 60.5 million to 66.5 million yuan, reflecting a slight increase of 0.05% to 9.97% year-on-year [1]

Core Viewpoint - Lingnan Holdings expects a significant decrease in net profit attributable to shareholders for 2025, forecasting a decline of 50.05% to 53.38% compared to the previous year, primarily due to the absence of non-recurring gains from the previous year [1] Financial Performance - The projected net profit attributable to shareholders for 2025 is estimated to be between 70 million and 75 million yuan [1] - The expected net profit after deducting non-recurring gains is forecasted to be between 60.5 million and 66.5 million yuan, indicating a slight increase of 0.05% to 9.97% year-on-year [1] Reasons for Performance Changes - The decline in net profit is attributed to the lack of non-recurring income, specifically the cash dividends received from Guangzhou World Grandview Co., Ltd. amounting to 76.0668 million yuan in the previous year [1] - Despite the overall decline in net profit, the company is experiencing a positive operational trend, focusing on expanding business, enhancing management, and fostering innovation [1] Business Segments - The hotel business is focusing on brand expansion and innovative business models, enhancing market influence through a "North-South Coordination" strategy [1] - The restaurant segment is innovating marketing models and integrating business formats, with strong performance in seasonal food sales and restaurant innovations [1] - The travel agency business is capitalizing on favorable policies to meet rising market demands in holiday tourism, sports tourism, and other segments, achieving growth in both revenue and net profit attributable to shareholders [1] Government Support - The company plans to include various government subsidies received from January to December 2025 in non-recurring gains, estimating an impact of approximately 9.2 million yuan on total profit [1]

Financial Projections - The estimated net profit attributable to shareholders for 2025 is projected to be between 70 million and 75 million CNY, representing a decline of 50.05% to 53.38% compared to the previous year's profit of 150.15 million CNY[3] - The net profit after deducting non-recurring gains and losses is expected to be between 60.5 million and 66.5 million CNY, showing a slight increase of 0.05% to 9.97% from the previous year's figure of 60.47 million CNY[3] - Basic earnings per share are projected to be between 0.10 CNY and 0.11 CNY, down from 0.22 CNY in the previous year[3] - The decline in net profit is primarily attributed to the absence of non-recurring gains, specifically the cash dividend of 76.07 million CNY received from an associate company in the previous year[5] - The company anticipates that government subsidies received in 2025 will contribute approximately 9.2 million CNY to total profit, which will be classified as non-recurring gains[6] - The specific financial data for 2025 will be detailed in the annual report, and investors are advised to be aware of the associated risks[7] Business Strategy - The company is focusing on brand expansion and innovation in its hotel business, enhancing market influence and brand reach[6] - In the catering sector, the company is innovating marketing models and integrating business formats, with strong performance in seasonal food sales[6] - The travel agency business is targeting holiday tourism and other growing market demands, leveraging favorable policies to drive revenue and net profit growth[6] - The overall business development is characterized as "steady progress with quality improvement," despite the expected decline in net profit[5]

广州岭南集团控股股份有限公司 市值管理制度 (本制度经董事会十一届二十三次会议于2026年1月29日审议通过) 第一章 总 则 第一条 为加强广州岭南集团控股股份有限公司（以下简称"公 司"）市值管理，切实推动公司提升投资价值，增强投资者回报，根 据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司信 息披露管理办法》《上市公司监管指引第 10 号——市值管理》等法律 法规、规范性文件和《广州岭南集团控股股份有限公司章程》（以下 简称"《公司章程》"）等规定，特制定本制度。 第二条 本制度所称市值管理，是指公司以提高公司质量为基础， 为提升公司投资价值和股东回报能力而实施的战略管理行为。 第三条 市值管理的基本原则包括： （一）合规性原则：公司应当严格遵守相关法律法规、规范性文 件、自律监管规则以及《公司章程》等内部规章制度开展市值管理工 作； （二）系统性原则：公司应当按照系统思维、整体推进的原则， 协同公司各业务体系以系统化方式持续开展市值管理工作； （三）科学性原则：公司依据市值管理的客观规律进行科学管理， 科学研判影响公司投资价值的关键性因素，以提升公司质量为基础开 展市值管理工作； （四）常 ...

广州岭南集团控股股份有限公司 内部审计制度 (本制度经董事会十一届二十三次会议于2026年1月29日审议通过) 第一章 总则 第一条 为加强广州岭南集团控股股份有限公司（以下简称"公 司"）内部审计工作，建立健全内部审计制度，提高内部审计工作质 量，充分发挥内部审计作用，保护投资者合法权益，根据《中华人民 共和国审计法》《中华人民共和国审计法实施条例》《审计署关于内 部审计工作的规定》《企业内部控制基本规范》《广东省内部审计工 作规定》《深圳证券交易所股票上市规则》等法律法规，结合公司实 际情况，特制定本制度。 第二条 本制度所称内部审计，是指公司内部审计机构和人员对 公司、控股子公司、分公司、其他有实际控制权的企业以及具有重大 影响的参股公司财务收支、经济活动、内部控制、风险管理以及内部 管理领导人员履行经济责任情况等，实施独立、客观的监督、评价和 建议，以促进公司完善治理、实现目标的行为。 第三条 公司、控股子公司、分公司、其他有实际控制权的企业 以及具有重大影响的参股公司依照本制度接受审计监督。 第二章 内部审计机构和人员管理 第四条 公司应当在董事会下设立审计委员会。审计委员会成员 全部由公司董事组成 ...

| 审计委员会应当根据风控审计部提交的 | 及时向深圳证券交易所报告。 | | --- | --- | | 内部审计报告及相关资料，对公司内部控制 | 审计委员会应当根据风控审计部提交的 | | 有效性出具书面的评估意见，并向董事会报 | 内部审计报告及相关资料，对公司内部控制 | | 告。董事会或者审计委员会认为公司内部控 | 有效性出具书面的评估意见，并向董事会报 | | 制存在重大缺陷或者重大风险的，董事会应 | 告。董事会或者审计委员会认为公司内部控 | | 当及时向深圳证券交易所报告并予以披露。 | 制存在重大缺陷或者重大风险的，董事会应 | | 公司应当在公告中披露内部控制存在的重大 | 当及时向深圳证券交易所报告并予以披露。 | | 缺陷或者重大风险、已经或者可能导致的后 | 公司应当在公告中披露内部控制存在的重大 | | 果，以及已采取或者拟采取的措施。 | 缺陷或者重大风险、已经或者可能导致的后 | | | 果，以及已采取或者拟采取的措施。 | | 第二十三条 风控审计部应当至少每季度对 | 第二十二条 风控审计部应当至少每季度对 | | 募集资金的存放与使用情况检查一次，并及 | 募集资金 ...

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。 证券代码：000524 证券简称：岭南控股 公告编号：2026-004 号 广 州 岭 南 集 团 控 股 股 份 有 限 公 司 董 事 会 十 一 届 二 十 三 次 会 议 决 议 公 告 本次董事会经参加会议的董事审议一致通过如下决议： （一）审议通过《关于修订公司<内部审计制度>的议案》（详见同日在《中 国证券报》《证券时报》及巨潮资讯网上披露的《内部审计制度（2026 年 1 月）》 和《内部审计制度修订对比表》）； 为规范公司内部审计工作，提高内部审计工作质量，充分发挥内部审计 作用，根据相关法律法规、规范性文件的规定，结合公司实际情况，同意对 《广州岭南集团控股股份有限公司内部审计制度》进行修订。公司董事会审 计委员会以 3 票同意、0 票反对、0 票弃权审议通过《关于修订公司<内部审 计制度>的议案》。 表决结果：同意 7 票、反对 0 票、弃权 0 票。 一、董事会会议召开情况 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 三次会议于 2026 年 1 月 29 ...

Core Viewpoint - The tourism and scenic spots sector experienced a rise of 1.31% on January 29, with Emei Mountain A leading the gains, while the overall market showed mixed results with the Shanghai Composite Index up by 0.16% and the Shenzhen Component Index down by 0.3% [1] Group 1: Market Performance - The tourism and scenic spots sector saw a notable increase, with Emei Mountain A closing at 13.78, up by 4.16% [1] - Other significant gainers included Lingnan Holdings at 12.84, up by 3.97%, and Huangshan Tourism at 12.26, up by 3.11% [1] - The overall trading volume for Emei Mountain A was 259,700 shares, with a transaction value of 354 million yuan [1] Group 2: Capital Flow - The tourism and scenic spots sector had a net inflow of 24.06 million yuan from main funds, while retail funds saw a net inflow of 82.52 million yuan [2] - Conversely, speculative funds experienced a net outflow of 107 million yuan [2] - The individual stock capital flow data indicates that Lingnan Holdings had a main fund net inflow of 27.80 million yuan, while Emei Mountain A had a net inflow of 24.35 million yuan [3]

Core Insights - The report emphasizes the steady growth of the postal industry, with a total delivery volume of 2,165.1 billion pieces in 2025, marking an 11.8% year-on-year increase, and express delivery volume reaching 1,989.5 billion pieces, up 13.6% year-on-year [15][14] - The social service sector has shown a 4.78% increase in the last two trading weeks, ranking 8th among 31 industries, with expectations for continued growth in consumer spending driven by various policies [8][12] - The logistics sector is experiencing structural optimization, with the national postal bureau reporting robust growth in the industry, while the airline sector sees a slight decrease in average ticket prices compared to 2019 due to timing issues [15][14] Market Performance - The Shanghai Composite Index closed at 4,132.61, down 0.09%, while the Shenzhen Component Index fell by 0.85% to 14,316.64 [1] - The social service sector outperformed the CSI 300 index by 5.97 percentage points, indicating strong relative performance [9][8] Industry Dynamics - The report highlights the successful first flight of a 500kg tilt-rotor drone, indicating advancements in the low-altitude economy and the potential for eVTOL applications [15][14] - The report notes a general decline in freight rates for major shipping routes due to geopolitical tensions affecting demand [15][14] Investment Recommendations - The report suggests focusing on companies with strong earnings growth certainty in the travel chain and related industries, such as Tongcheng Travel and Huangshan Tourism [12] - It also recommends monitoring opportunities in the express logistics sector, particularly for companies like SF Express and Jitu Express, as well as in the airline industry due to increased demand during the Spring Festival [17][12]

Investment Rating - The industry is rated as "Outperforming the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [2][49]. Core Insights - The social service sector has shown steady growth in consumer retail sales, with a 3.7% year-on-year increase in 2025, reaching a total of 50.12 trillion yuan. Urban retail sales grew by 3.6%, while rural sales increased by 4.1% [5][30]. - The sector experienced a 4.78% increase in the first two trading weeks of 2026, ranking 8th among 31 industries in the Shenwan classification [2][13]. - The introduction of duty-free shops at 41 ports is expected to enhance consumer spending and support the recovery of the tourism and retail sectors [5][30]. Summary by Sections Market Review & Industry Dynamics - The social service sector outperformed the CSI 300 index by 5.97 percentage points during the first two weeks of 2026, with notable increases in sub-sectors such as professional services (+7.65%) and hotel and catering (+4.75%) [2][13][17]. - The overall consumer spending and income levels are on the rise, with per capita disposable income reaching 43,377 yuan, a 5.0% increase year-on-year [5][30]. Investment Recommendations - Companies with strong growth potential in the travel and related industries are recommended for investment, including Tongcheng Travel, Huangshan Tourism, and Lijiang Co. [5][42]. - The report suggests focusing on hotel brands like Jinjiang Hotels and ShouLai Hotels, which are expected to benefit from the recovery of business travel and increased market share [5][42]. - Companies in the cross-border tourism market, such as China Duty Free Group and Wangfujing, are also highlighted due to the anticipated recovery in airport duty-free sales [5][42]. Company Dynamics & Announcements - The report notes significant developments, such as the establishment of new duty-free shops at 41 ports, which is expected to boost consumer spending [30]. - Other company-specific news includes the restructuring plans of Huazhong Hotel and the financial support initiatives by Lingnan Holdings to enhance operational capabilities [30].