黄山旅游发展股份有限公司2025 年半年度报告 公司代码：600054 公司简称：黄山旅游 黄山旅游发展股份有限公司 黄山旅游发展股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人章德辉、主管会计工作负责人王雁及会计机构负责人（会计主管人员）王雁声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 报告期公司不进行利润分配和公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质承诺，敬 请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 ...

Core Viewpoint - Sichuan province plans to establish unified "Jinxiu Shanhe" and "Panda" tourism train brands, aiming to operate no less than 200 "Panda tourism trains" by 2027 [1] Group 1: Supply Expansion and Service Improvement - Sichuan will enhance the supply and expand the network of tourism train routes, increasing the frequency, density, and coverage of senior tourism trains [1] - The province aims to create a unified brand with a focus on "quality, comfort, and inclusiveness" to cater to different senior consumer needs [1] - A market-oriented operation mechanism will be developed, promoting collaboration among railway groups, investment entities, and operational bodies to support investment in senior tourism train modifications [1] Group 2: Senior-Friendly Modifications - The province will optimize carriage layouts and increase senior-friendly facilities based on the needs of the elderly [2] - Scenic spots will undergo modifications to be more senior-friendly, aligning with the "strong foundation and renewal" initiative for tourist attractions [2] - Operators will be encouraged to provide senior-friendly services and collaborate with local public transport units to offer exclusive optimized transfer services for senior travelers [2] Group 3: Diverse Empowerment and Support - Sichuan will enrich the supply of cultural and tourism services on trains, including local delicacies, time-honored brands, intangible cultural heritage skills, and local performance teams [2] - The province plans to enhance medical and wellness services on senior tourism trains, exploring the provision of health service teams on board, with the possibility of insurance reimbursement for medical expenses incurred during travel [2] - Policy support will be strengthened, aiming to include senior tourism train modification projects in large-scale equipment renewal support, along with benefits in new consumption scenarios, train operations, and credit insurance [2]

Core Viewpoint - The potential of the senior travel market is being further explored, with Ctrip launching its first offline flagship store "Ctrip Old Friends Club" specifically designed for the elderly travel demographic [1][2]. Group 1: Market Insights - Ctrip's "Old Friends Club" has over 3 million members, indicating a strong interest in senior travel [2]. - The flagship store aims to address the needs of older travelers who prefer face-to-face consultations and direct experiences over online bookings [2]. - The senior travel market is projected to exceed 1 trillion yuan in revenue by 2025, with Shanghai being a key city due to its high aging population [2][3]. Group 2: Product Offerings - The store offers tailored travel packages for the 50+ demographic, including six themed travel groups: "In the Picture Series," "Dance and Song Series," "Research Series," "Light and Shadow Series," "Wellness Series," and "Secret Realm Series" [1]. - Ctrip plans to recruit "Travel Guardians" to enhance the travel experience by providing services such as photography and entertainment during trips [1]. Group 3: Competitive Landscape - Other companies like Tongcheng Travel and Spring Airlines are also expanding their offerings in the senior travel market, indicating a growing competitive landscape [2]. - Specialized agencies like Zhongxing International Travel Agency are focusing on the senior travel niche, further highlighting the market's potential [2]. Group 4: Challenges - The senior travel market faces challenges such as age restrictions on certain travel routes, inadequate facilities for elderly travelers, and a lack of medical and care personnel during trips [3].

Group 1: Ctrip's Senior Travel Initiative - Ctrip has opened its first "Old Friends Club" flagship store in Shanghai, targeting individuals aged 50 and above with one-stop travel services [1] - The senior population in China is projected to exceed 100 million by 2025, with the silver travel market expected to reach trillions in revenue [1] - Ctrip's "Old Friends Club" has accumulated over 3 million members and plans to expand its presence in major cities and resource-rich second and third-tier cities [1] Group 2: Summer Box Office Performance - The summer box office for 2025 has surpassed 1.5 billion yuan, indicating a resurgence in the cultural and entertainment market [2] - Major films such as "Mission: Impossible 8," "Sauce Garden Case," and "How to Train Your Dragon" are leading the box office [2] - Future growth in box office revenue will depend on word-of-mouth and the quality of content released during the summer [2] Group 3: Amazon and Pop Mart Anti-Counterfeiting Collaboration - Amazon's global anti-counterfeiting team has partnered with Pop Mart to combat counterfeit products, seizing over 700 fake LABUBU keychains [3] - This collaboration highlights the international trend of IP protection and enhances brand credibility for Pop Mart in overseas markets [3] - The partnership serves as a model for Chinese original brands aiming to expand globally [3] Group 4: Domestic Flight Booking Trends - Domestic flight bookings for July are nearing 17.9 million, reflecting a year-on-year growth of approximately 5% [4] - International flight bookings have exceeded 7.74 million, with a year-on-year increase of about 14% [4] - The growth in flight bookings indicates a recovery in travel confidence, particularly in the international tourism market [4]

Group 1: Challenges in Senior Tourism - Many travel agencies refuse to accept elderly travelers, particularly those over 70, citing company policies and safety concerns [2][5] - Travel agencies require elderly participants to sign liability waivers, with additional conditions for those over 75, such as needing a direct relative to accompany them [2][3] - There are numerous unregulated "channel tours" targeting elderly travelers, which often lead to forced consumption and safety risks [3][5] Group 2: Demand and Supply Issues - The demand for senior tourism is increasing, but the supply of quality travel products is insufficient, with many agencies struggling to develop high-quality offerings due to declining profits [5][6] - Elderly travelers express dissatisfaction with the current offerings, noting a lack of personalized and suitable travel options, as well as inadequate service details [4][6] Group 3: Legal and Market Considerations - Legal frameworks exist to protect the rights of elderly travelers, prohibiting discrimination based on age in tourism activities [6][7] - The senior tourism market is evolving towards more personalized and high-quality experiences, with a focus on cultural engagement and wellness [7][8]

Core Insights - The article highlights the growing focus on senior tourism in China, driven by an aging population and increasing demand for quality leisure travel experiences [1] - Various government departments and organizations are promoting the development of senior-friendly travel services, including specialized train services and improved tourist facilities [1][2] Group 1: Senior Tourism Initiatives - The Chinese government has issued documents encouraging the expansion of senior tourism train services, reflecting a commitment to enhancing travel options for older adults [1] - By the end of the 14th Five-Year Plan, it is estimated that over 100 million low-age healthy seniors will have high travel rates and significant tourism spending [1] - The introduction of "Silver Travel Trains" aims to provide a hassle-free travel experience for seniors, including all-inclusive pricing for transportation, accommodation, and most attraction tickets [2][3] Group 2: Health and Safety Measures - Trains catering to senior tourists are equipped with medical supplies and health consultation services, ensuring a safe travel environment [3] - The Shanghai Railway Group is implementing modifications to train facilities to enhance accessibility for elderly passengers, such as adjusting thresholds and adding safety features [3] Group 3: Smart Tourism Solutions - Tourist attractions are adopting smart technology to assist older visitors, including real-time information systems and easy access to facilities [4][5] - The integration of smart security systems in tourist areas allows for quick recovery of lost items and enhances overall safety for senior tourists [7] Group 4: Customized Travel Products - Senior travelers are increasingly seeking personalized travel experiences that cater to their pace and health needs, leading to the development of specialized travel products [9][10] - The tourism industry is responding by offering accommodations with senior-friendly modifications and creating itineraries that emphasize slow travel and cultural immersion [10] - Local governments are actively promoting wellness tourism and community engagement activities to attract senior visitors, with a focus on enhancing the overall travel experience [10]

Group 1 - The core viewpoint is the implementation of a plan by the provincial cultural and tourism department, civil affairs department, and China Railway Xi'an Bureau Group to enhance train travel services for the elderly population [1][2] - The plan includes the regular operation of various themed tourist trains such as ecological health tourism trains around the Qinling Mountains, Silk Road cultural tourism trains, and red classic tourism trains to meet the growing travel demand of the elderly [1] - There is an emphasis on creating an age-friendly service environment by encouraging collaboration between medical institutions and railway departments, including the provision of medical staff on trains and facilitating medical insurance settlements for treatments incurred during travel [1][2] Group 2 - The initiative aims to deepen the integration of tourist trains with scenic spots and elderly care institutions, improving transportation services between train stations and tourist attractions [2] - The plan includes the establishment of preferential policies for elderly travelers, such as discounts on train tickets and entry fees to scenic spots, while also ensuring strict enforcement against illegal practices targeting the elderly [2] - The provincial civil affairs department expresses the hope that the integration of railway and tourism will enrich travel offerings and enhance the travel experience for older adults [2]

Core Viewpoint - The development of senior tourism trains in Yunnan is aimed at tapping into the growing silver-haired consumer market, providing tailored travel experiences for the elderly, and enhancing off-peak tourism consumption [4][6]. Group 1: Senior Tourism Train Development - The "Golden Age · Western Yunnan Tour" train is a newly developed quality senior tourism train, jointly launched by the Kunming Railway Bureau and China Travel Star Tourism Train Co., Ltd [4]. - Over 80% of the passengers on these tourism trains are aged 60 and above, indicating the significant presence of the elderly demographic in the tourism market [4]. - The train features amenities such as single beds, independent bathrooms, and a smart temperature control system, catering to the comfort needs of senior travelers [2]. Group 2: Market Demand and Product Offerings - There is a lack of diverse tourism products suitable for the elderly, who prefer slower-paced travel experiences [4]. - The introduction of senior tourism trains effectively meets the demand for comfortable travel options, allowing for a more enjoyable experience compared to traditional bus tours [4][6]. - The Yunnan region is integrating lesser-known but unique cities into its travel routes, broadening the appeal of its tourism offerings [6]. Group 3: Future Development and Strategy - Plans are in place to establish a product system for senior tourism trains that includes quality, comfort, and inclusive options, providing more choices for the elderly [5]. - The development of senior tourism trains is expected to stimulate off-peak tourism consumption and maximize railway capacity [6]. - There is a call for further adaptations in scenic areas to accommodate elderly visitors, including the development of wellness and cultural tourism products [7].

Core Insights - The rise of the silver-haired tourism market has led to the introduction of senior-friendly travel trains, providing safe and comfortable travel experiences for elderly tourists and creating new business opportunities [1][6][7] Group 1: Market Development - Various regions have launched silver-haired special trains, with the first train from Harbin carrying 555 elderly tourists on a 15-day journey to multiple destinations [1] - The first "Mountain Source, Beautiful Qinghai" silver-haired tourism train was launched in Xining, featuring a travel model that combines tourism and consumption [1][4] - The "Long Triangle" aid Xinjiang silver-haired tourism train carried nearly 300 elderly tourists from Zhejiang, Shanghai, Jiangsu, and Anhui to Xinjiang for an 18-day journey [3] Group 2: Service Enhancements - Silver-haired special trains are designed with senior-friendly features, including convenient soft sleeper modifications, meal services, and medical support [3][4] - Safety measures include a dedicated team coordinating with railway departments to ensure timely schedules and emergency response drills for various scenarios [4] Group 3: Industry Growth - The number of silver-haired special trains is increasing, with 14 trains to Tibet and 2 red-themed study trains launched this year, carrying over 6,400 tourists, of which more than 70% are elderly [6] - The government has issued plans to promote the development of silver-haired tourism, aiming to enhance service consumption and expand tourism routes [7] - The scale of tourism trains is rapidly growing, with a projected 1,860 trains in 2024, a 50% increase from 2019, and nearly 80% of passengers expected to be elderly [7]

Group 1 - The core idea of the articles revolves around the growing trend of travel among older adults, particularly those aged 50 and above, highlighting the emergence of tailored travel services and experiences for this demographic [2][4][5] - Ctrip's "Old Interesting Travel Group" has launched a series of themed tours specifically designed for seniors, achieving over 10 million exposures online and attracting more than 300,000 members within a year [2] - The customized inbound travel services have seen a significant revenue increase of 599% year-on-year, indicating a strong demand for personalized travel experiences among older travelers [5] Group 2 - Ctrip has successfully organized a reunion trip for a group of silver-haired classmates, emphasizing the importance of cultural and culinary experiences tailored to their preferences [4] - The company has initiated various marketing campaigns to promote Chinese mountain culture in South Korea, resulting in a 70% increase in ticket sales for related flights [7] - The rise of young tour guides, particularly university students, is reshaping the car rental travel experience, with over 2,000 students joining Ctrip's guiding platform [9] Group 3 - Ctrip's "Hello Island" project has attracted nearly 100 university students and entrepreneurs to explore new paths in tourism and digital integration on Zhoushan Island, contributing to local economic development [11][12] - The company is capitalizing on the trend of concert tourism, with a reported 6.8 billion yuan in travel consumption driven by young concert-goers, leading to a 400% increase in related product revenue [14] - A music competition organized by Ctrip and NetEase Cloud Music has gathered 13,500 original songs, promoting local tourism through music and engaging over 660,000 voters [15] Group 4 - Ctrip's vacation farm initiative has created job opportunities for 40,000 individuals, showcasing the impact of rural revitalization efforts in various regions [17] - The company has established 34 vacation farms, supporting local communities and enhancing the connection between traditional lifestyles and modern tourism [17]