三、请介绍一下 2024 年度公司商旅出行业务经营发展 情况。 证券代码： 000524 证券简称：岭南控股 广州岭南集团控股股份有限公司投资者关系活动记录表 编号：2025-003 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □业绩说明会 □媒体采访 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 活动参与人员 | 上市公司接待人员：董事会秘书石婷、证券事务代表吴旻 | | | 参与单位名称及人员：国联民生证券股份有限公司商社消费 | | | 行业研究员曹晶 | | 时间 | 2025 年 4 月 8 日 | | 地点 | 公司会议室 | | 形式 | 现场调研 | | | 一、请介绍一下公司的基本情况。 | | | 公司是一家集商旅出行（旅行社）业务、住宿（酒店） | | | 业务及其他旅游产业链相关业务为一体的综合性旅游集团。 | | | 公司以创新和资本为双引擎，构建规模领先、品质引领、业 | | | 态多元的泛旅游生态圈，致力于发展成为具备国际竞争力与 | | | 影响力、信任 ...

New Stock Issuance - Kent Catalysts issued at a price of 15.00[1] - ST Xinchao has a tender offer period from April 8, 2025, to May 7, 2025[1] Abnormal Fluctuations - ST Gongzhi reported significant abnormal fluctuations on April 3, 2025[2] - ST Yu Shun experienced abnormal fluctuations on March 27, 2025[3] - ST Xintong reported abnormal fluctuations on April 4, 2025[3]

Market Overview - On April 3, the A-share market opened lower and then rebounded, but by midday, the Shanghai Composite Index fell by 0.51% to 3333.09 points, the Shenzhen Component Index dropped by 1.46%, and the ChiNext Index decreased by 1.8% [1][2] - The total market turnover for the half-day session was 746.299 billion yuan [1] Monetary Policy - The People's Bank of China conducted a 7-day reverse repurchase operation of 223.4 billion yuan at a fixed rate of 1.50%, with a net injection of 4.9 billion yuan for the day after accounting for maturing reverse repos [2] Sector Performance - The market saw a mixed performance across sectors, with the agricultural sector, particularly seed industry stocks, showing resilience. The top-performing sectors included seed industry (1.55% increase) and chicken (1.35% increase), while sectors like wireless headphones and Apple concept stocks saw declines [4] - The government has set a target of approximately 1.4 trillion jin of grain production by 2025, signaling a strong focus on agricultural development, which may benefit companies with competitive varieties and reserves [4] Company Insights - **Qianyuan High-Tech**: A leader in the seed industry with a focus on integrated breeding and promotion, enhancing growth through R&D and acquisitions [7] - **Fengle Seed Industry**: Supported by a capital increase from its controlling shareholder, the company is expected to enhance its variety promotion efforts and accelerate acquisition plans, boosting its competitive edge [8] - **Dabeinong**: The company is improving its pig farming business performance and has a leading position in transgenic seed reserves, which is expected to generate additional growth [9] - **Longping High-Tech**: As a leading corn seed company, it possesses dual advantages in variety and traits, with potential for significant growth as transgenic corn penetration increases [10]

4月1日，在线旅游概念上涨1.11%，今日主力资金流入4188.21万元，概念股19只上涨，7只下跌。 主力资金净流入居前的分别为岭南控股（000524）(5492.32万元)、ST华闻（000793）(1755.99万元)、滨 江集团（002244）(1448.34万元)、首旅酒店（600258）(1079.55万元)、众信旅游（002707）(756.52万 元)。 | 序号 | 代码 | 名称 | 最新价 | 涨跌幅 | 主力净流入 | 主力净占比 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 000524 | 岭南控股 | 11.4 | 5.56 | 5492.32万元 | 8.9% | | 2 | 000793 | ST华闻 | 2.33 | 4.95 | 1755.99万元 | 14.54% | | 3 | 002244 | 滨江集团 | 10.07 | -3.54 | 1448.34万元 | 3.86% | | 4 | 600258 | 首旅酒店 | 13.96 | 4.88 | 1079.55万元 | 3.13% | | 5 | 002 ...

Group 1: Macro and Market Overview - In March, both manufacturing and non-manufacturing sectors continued to show positive growth, remaining in the expansion zone, driven by the implementation of "two new" policies which accelerated market demand and boosted production willingness [1] - The new orders index in March increased by 0.7 percentage points compared to the previous month, contributing significantly to the rise in manufacturing PMI [1] - The construction industry saw an upturn in March due to warmer weather and accelerated construction progress, leading to improved market expectations [1] Group 2: Industry Comparisons and Valuation - The report emphasizes that relying on a single factor for industry comparison is insufficient; a multi-faceted approach is necessary, particularly focusing on valuation metrics [2] - Among various valuation indicators, the absolute PE valuation score has shown the best effectiveness, suggesting that investors should pay close attention to this metric during industry comparisons [2] Group 3: Fund Market Trends - Equity funds experienced continued withdrawal, while fixed-income funds maintained positive returns; however, pharmaceutical and consumer-themed funds saw increases [3] - The domestic market remains active with 41 new funds established, totaling 30.148 billion shares issued [3] - Stock ETFs stabilized with net inflows, primarily increasing positions in Hong Kong stocks, TMT, and commodity-themed ETFs [3] Group 4: Low-altitude Economy - The certification of EHang OC marks the beginning of low-altitude commercial operations, with a payback period of 2-3 years for tourism and sightseeing operations [4] - The development of low-altitude operations is being supported by local state-owned capital, exploring a regional industrial chain and light asset model [4] - Key companies to watch include infrastructure players like Sihua Electronics and Zhongke Xingtu, as well as manufacturers such as EHang Intelligent and Yingboer [4] Group 5: Chemical and Agricultural Sector - The report highlights a positive outlook for pesticide and fertilizer sectors, particularly in light of the new implementation plan for high-standard farmland [5] - It suggests focusing on low-valuation, high-dividend, and strong-performing companies in the "three barrels of oil" and oil service sectors, including China National Petroleum and China Petroleum & Chemical [5] - The report also notes the potential benefits for domestic semiconductor and panel material companies due to the trend of domestic substitution [5] Group 6: Metal and Mining Sector - Antimony prices have reached a five-year high, while cobalt prices have seen a comprehensive increase [7] - Lithium prices have dropped below 80,000 yuan per ton, with potential for accelerated capacity clearance in the lithium mining sector [7] - The suspension of cobalt exports from the Democratic Republic of Congo for four months may alleviate global supply excess, with a recommendation to focus on Huayou Cobalt [7] Group 7: Pharmaceutical Sector - The integration of commercial health insurance with innovative drugs is progressing, with pilot programs in Guangzhou and recommendations for Shanghai to include innovative drugs in national insurance [9] - Companies with strong R&D capabilities and commercialized innovative drug products, such as BeiGene and Hengrui Medicine, are highlighted as key investment opportunities [9] Group 8: Financial Performance of Companies - Agricultural Bank reported a revenue of 710.6 billion yuan for 2024, with a year-on-year growth of 2.3% and a net profit of 282.1 billion yuan, reflecting a 4.7% increase [12] - Yuexiu Services achieved a revenue of 3.87 billion yuan, a 20% increase year-on-year, although net profit decreased by 27.5% due to goodwill impairment [13] - Cangge Mining's revenue fell by 37.8% to 3.25 billion yuan, but investment income increased significantly due to rising copper prices [14] Group 9: Energy Sector - China National Petroleum achieved a total revenue of 2.938 trillion yuan in 2024, a decrease of 2.48%, while net profit increased by 2.02% to 164.7 billion yuan [15] - The report anticipates a stable profit outlook for the company, projecting net profits of 173 billion yuan, 178.4 billion yuan, and 182.9 billion yuan for 2025-2027 [15] Group 10: Consumer Goods Sector - Qingdao Beer reported a revenue of 32.14 billion yuan in 2024, a decrease of 5.3%, while net profit increased by 1.8% to 4.34 billion yuan [33] - The company is expected to maintain a positive outlook for 2025-2027, with projected net profits of 4.846 billion yuan, 5.171 billion yuan, and 5.442 billion yuan [33]

Investment Rating - The report maintains an "Increase" rating for the industry, indicating a positive outlook for future performance [1]. Core Insights - Hainan Airport's major shareholder increased their stake, reflecting confidence and improving governance by eliminating cross-holding issues. The transaction involved acquiring 41,792,448 shares at a price of 3.69 CNY per share, totaling 154 million CNY, raising the holding from 24.51% to 24.87% [4][9]. - Hainan Airport operates 11 airports, with a peak passenger throughput exceeding 52.81 million in 2023. The airports are crucial for the Free Trade Port and low-altitude economic development in Hainan [10]. - The low-altitude economy is expected to enhance tourism, with significant potential for low-altitude sightseeing and inter-island commuting, which will boost non-aviation revenue for Hainan Airport [11]. Industry Trends - The report highlights a decline in the Shunwan retail index by 2.05% for the week from March 24 to March 28, while the year-to-date performance shows an increase of 5.21% [12][16]. - The report provides a detailed valuation table for various companies within the industry, indicating a generally positive outlook with multiple companies rated as "Buy" [18][19].

Investment Rating - The report maintains a "Strong Outperform" rating for the social services sector [6]. Core Insights - The government emphasizes boosting consumption and investment to expand domestic demand, aiming to make it a primary driver of economic growth [1][4]. - The report highlights the importance of optimizing the consumption environment and enhancing service supply in sectors like health, elderly care, and tourism [4]. - The report notes a significant increase in domestic tourism, with Heilongjiang province expecting to receive 135.08 million visitors in the 2024-2025 winter season, a year-on-year growth of 18.5% [5]. Summary by Sections Market Performance - The consumer services sector saw a weekly increase of 3.27%, outperforming the Shanghai Composite Index by 1.72 percentage points [2]. - The commercial trade sector had a modest increase of 0.48%, underperforming the Shanghai Composite Index by 1.08 percentage points [2]. Sector Performance - The outbound tourism sector led with a 9.04% increase, while hotels, restaurants, and scenic spots showed varied performance [3]. - The e-commerce and services sector also performed well, with a 3.90% increase, indicating strong consumer engagement [3]. Policy and Regulatory Developments - The government plans to implement special actions to boost consumption, including measures to enhance consumer capacity and improve the consumption environment [4]. - The report mentions the allocation of 300 billion yuan in special government bonds to support the replacement of old consumer goods [4]. Investment Recommendations - The report suggests monitoring the duty-free sector closely, especially with the expected decline in sales in early 2025, while also noting the potential benefits from policy optimizations [37]. - The hotel sector is expected to stabilize in 2025, with a focus on improving operational efficiency and managing supply pressures [39]. - The restaurant sector faces challenges but may see improvements in efficiency and market dynamics as competition evolves [42].

广州岭南集团控股股份有限公司 《 内部审计制度 》修订对比表 | 修订前 | 修订后 | | --- | --- | | 第一条 为了规范广州岭南集团控股股份有限 | 第一条 为加强广州岭南集团控股股份有限公 | | 公司（以下简称"公司"）内部审计工作，保 | 司（以下简称"公司"）内部审计工作，建立 | | 证内部审计质量，加强公司内部管理和监督， | 健全内部审计制度，提高内部审计工作质量， | | 保护投资者合法权益，依据《中华人民共和国 | 充分发挥内部审计作用，保护投资者合法权 | | 审计法》《深圳证券交易所上市公司规范运作 | 益，根据《中华人民共和国审计法》《中华人 | | 指引》《审计署关于内部审计工作的规定》和 | 民共和国审计法实施条例》《审计署关于内部 | | 有关法律法规及规范性文件的规定，结合公司 | 审计工作的规定》《企业内部控制基本规范》 | | 实际情况，制定本制度。 | 《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 本规定所称内部审计，是指对公司、 | 第二条 本制度所称内 ...

广州岭南集团控股股份有限公司 简式权益变动报告书 股票代码 000524.SZ 信息披露义务人名称： 广州岭南国际企业集团有限公司 住所： 广州市越秀区流花路 122 号中国大酒店商业大厦 C413-4 室及 D4、D5、D6 层 通讯地址： 广州市越秀区流花路 122 号中国大酒店商业大厦 C413-4 室及 D4、D5、D6 层 股份变动性质：股份减少（无偿划转） $$\Xi{\bf O}{\bf\equiv}\Xi{\bf\#}{\bf\div}\Xi{\bf\#}$$ 上市公司名称： 广州岭南集团控股股份有限公司 上市地点： 深圳证券交易所 股票简称： 岭南控股 广州岭南集团控股股份有限公司 简式权益变动报告书 信息披露义务人声明 一、本报告书系依据《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—权益变动报告书》及相关法律、法规和 规范性文件编写。 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 露义务人章程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 ...

广州岭南集团控股股份有限公司 收购报告书摘要 | 收购人名称： | 广州岭南商旅投资集团有限公司 | | | | | | --- | --- | --- | --- | --- | --- | | 住所： | 广州市越秀区流花路 | 122 | 号自编 | 1-4 | 栋中国大酒店商业大厦 | | | C413-14 室及 D4、D5、D6、C8、9 | | | 楼 | | | 通讯地址： | 广州市越秀区流花路 | 122 | 号 楼 9 | | | 二〇二三年十二月 上市公司名称： 广州岭南集团控股股份有限公司 上市地点： 深圳证券交易所 股票简称： 岭南控股 股票代码 000524.SZ 收购人声明 一、本报告书摘要系收购人依据《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 16 号——上市公司收购报告书》及其他 相关法律、法规及部门规章的有关规定编写。 二、依据《中华人民共和国证券法》、《上市公司收购管理办法》的规定，本报告书摘 要已全面披露了收购人在岭南控股拥有权益的股份。 截至本报告书摘要签署日，除本报告书摘要披露的持股信息外，收购人没有通过任何 ...