Core Viewpoint - Hong Kong China Travel International Investment Co., Ltd. (referred to as "Hong Kong China Travel") is undergoing a structural reorganization to divest its underperforming real estate business, which has been a drag on overall performance, and will focus on more stable and profitable sectors such as tourism and travel services [1][3]. Summary by Sections Business Restructuring - Hong Kong China Travel has announced an internal restructuring of its tourism real estate business, transferring it to a newly established private company group through a physical distribution method, which will no longer be a subsidiary of Hong Kong China Travel [1][2]. - The restructuring aims to reduce overall debt levels and concentrate resources on higher return and less cyclical sectors like scenic spots and travel-related businesses [2][3]. Financial Performance - The company expects to incur a loss of approximately HKD 160 million due to the divestment of the real estate business [3]. - As of June 30, 2025, the company reported a revenue of approximately HKD 1.974 billion, a year-on-year decrease of 8%, with a pre-tax loss of about HKD 8 million compared to a profit of HKD 165 million in the same period last year [6]. - The leisure and vacation scenic area segment saw a significant revenue decline of 33%, with losses expanding by 115% to HKD 146 million [6][7]. Real Estate Business Challenges - The real estate segment has become a burden, with significant declines in revenue from key projects such as Zhuhai Huaqing Bay and Xianyang Huaqing Bay, which saw revenue drops of 19% and over 50%, respectively [7]. - The company acknowledged that the real estate business's losses have negatively impacted the profit margins of its scenic area segment [7]. Strategic Shift - Hong Kong China Travel is shifting its strategic focus towards the tourism and leisure sectors, particularly emphasizing the "ice and snow economy" as a new growth area [8]. - The company announced a RMB 300 million acquisition of two subsidiaries from Vanke, focusing on ice and snow business operations, which indicates a proactive approach to capitalize on emerging market trends [8][9]. Investment and Operational Outlook - The company operates multiple scenic resort projects and has a portfolio of 27 managed scenic spots, including several high-rated attractions [9]. - Industry experts suggest that while the ice and snow resort sector offers operational flexibility, it also presents challenges due to high investment costs and seasonal demand fluctuations [9].

Core Insights - The "China Ice and Snow Industry Development Research Report (2025)" was officially released at the 2025 International Winter Sports Expo, indicating that the scale of China's ice and snow industry is expected to exceed 1 trillion yuan, reaching 100.53 billion yuan by 2025 [1] - The report highlights a significant growth trajectory for the ice and snow industry, driven by major events such as the 15th National Winter Games, which will contribute to sustained high-speed growth [1] Industry Growth - The scale of China's ice and snow industry has increased from 270 billion yuan in 2015 to 980 billion yuan in 2024, with a projected growth to over 1 trillion yuan by 2025 [1] - Ice and snow consumption is also on the rise, with participation and consumption expected to exceed 187.5 billion yuan during the 2024-2025 ice and snow season, marking a year-on-year growth of over 25% [1] - The total consumption at ski resorts is projected to reach 78.61 billion yuan, with a 27.97% increase in spending within a two-kilometer radius of ski resorts, indicating a strong positive impact on surrounding retail, transportation, and dining sectors [1] Expo Highlights - The Winter Expo features various exhibition areas focused on winter and alpine technology, national group exhibitions, domestic ice and snow economic clusters, personal ice and snow equipment, and industry services, covering a total area of nearly 20,000 square meters [2] - The event has attracted numerous well-known ice and snow brands from countries such as China, Austria, Italy, and Japan, showcasing the international interest in the ice and snow industry [2]

分析师：罗鹏 执业证书号：S1030523040001 大消费 [Table_ReportDate] 2025 年 10 月 13 日 [T分析师able_A：uthor 郑彬彬] 执业证书号：S1030523030001 电话：0755-23602217 邮箱：zhengbb@csco.com.cn 电话：0755-23602217 邮箱：luopeng@csco.com.cn 分析师：赵靖 执业证书号：S1030525070001 电话：0755-23602217 邮箱：zhaojing2@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 国庆中秋双节消费稳中有增 [Table_ReportType] 大消费行业周报（10 月第 2 周） [行业Table_S 观点：ummary ] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Table_Report] [Table_BaseData] 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ROA（%） 5.2 利润增长率 ...

Core Insights - The article discusses the recent developments in Shenzhen's retail and office markets, highlighting the opening of new shopping centers and the dynamics of supply and demand in these sectors [1][2][3]. Retail Market Overview - Shenzhen's retail market continues to see strong supply, with approximately 280,000 square meters of new premium shopping center space added in Q3, bringing the total stock to 7.757 million square meters [2]. - New projects include Shenzhen Dayuecheng, Qianhai Ice and Snow World, and Shenzhen Bay MixC Phase II, each with unique positioning and brand offerings [2]. - Shenzhen Dayuecheng has achieved an average daily footfall of 150,000 and total sales nearing 370 million yuan within two months of opening [2]. - The retail sector's total social consumer goods retail sales growth rate has recovered to 3.6% in the first seven months, with merchandise retail growth at 3.8%, outpacing the restaurant sector [3]. Office Market Dynamics - The total stock of Grade A office space in Shenzhen has reached 8.879 million square meters, with significant new supply concentrated in the Qianhai area [5]. - The vacancy rate for Grade A offices has increased by 1.2 percentage points to 29.0%, driven by the influx of new supply [5]. - Average rental rates for Grade A offices have decreased to 153.4 yuan per square meter per month, reflecting a 4.2% quarter-on-quarter decline and an 11.2% year-on-year decline [5]. - The net absorption of office space reached 92,000 square meters in Q3, marking the highest quarterly figure since 2024 [5]. Trends and Innovations - There is a trend towards smaller retail spaces in mature projects as businesses seek to control costs and reduce risks [4]. - The collaboration between property owners and office service operators is evolving from traditional leasing to partnership models, enhancing risk-sharing and revenue-sharing mechanisms [6]. - The demand for office space is primarily driven by the TMT, financial, professional services, and retail sectors, with notable activity in niche technology companies entering the market [6][7].

Group 1 - The opening of the Shenyang-Jiamusi high-speed railway segment has significantly boosted tourism in the Changbai Mountain area, with a record high of 99,830 visitors from October 1 to October 3, representing a year-on-year increase of 22.16% [1] - The high-speed railway has reduced travel time from Beijing to Changbai Mountain to approximately 4 hours and 33 minutes, enhancing accessibility and convenience for tourists [2] - The Shenyang-Jiamusi high-speed railway is a key project in the national "14th Five-Year" railway development plan, aimed at revitalizing the Northeast region's tourism economy and supporting new economic models such as ice and snow tourism and senior tourism [2] Group 2 - Liaoning and Jilin provinces have seen a significant increase in tourism orders during the "Double Festival" period, with orders from Liaoning up by 16% and Jilin by 20% compared to last year [3] - The development of tourism projects along the high-speed railway line is expected to enhance the overall tourism industry in the region, contributing to the economic revitalization of cities like Fushun and Tonghua [2][3]

Investment Rating - The industry investment rating is "Maintain Overweight" [5] Core Viewpoints - The travel and consumption market remains vibrant, with significant increases in cross-regional travel during the holiday period, indicating strong consumer activity [1][2][3] - The report highlights four main investment themes: new consumption growth, transformation and reform opportunities, overseas expansion, and favorable policies [4][7][8] Summary by Sections Travel and Tourism - During the Mid-Autumn and National Day holidays, cross-regional travel is expected to reach 2.36 billion trips, a 3.2% increase from last year [1] - Tourist attractions have seen record visitor numbers, with notable increases in various regions, such as a 22.16% rise in visitors to Changbai Mountain [2] Hotel and Retail Performance - Hotel occupancy rates have improved, with an average of 64.7% during the first four days of the holiday, up 2 percentage points year-on-year [2] - Retail sales from key enterprises increased by 3.3% year-on-year during the holiday period, with specific regions like Guangxi showing an 11.3% increase [3] Investment Recommendations - Short-term focus on companies with strong Q3 performance certainty and those likely to benefit from the upcoming holiday season, including cross-border e-commerce and certain tourist attractions [4] - Recommended companies include Xiaogoods City, Yonghui Supermarket, and Jiuhua Tourism, among others [4][7][8]

Core Insights - The newly opened Qianhai Ice and Snow World in Shenzhen has seen a remarkable influx of visitors, with approximately 30,000 guests on its first day of trial operation and daily attendance exceeding 33,000 during the National Day holiday [1][3] - The facility features a large indoor ski area with advanced snow-making technology, making it the largest and lowest-latitude indoor ski resort globally [7][8] Visitor Engagement - Many visitors, including groups from Hong Kong and Macau, are drawn to the facility, highlighting its appeal to both local and regional ski enthusiasts [3] - The venue has attracted professional ski instructors who are eager to experience the new facility, indicating a strong interest from the skiing community [3][5] Technological Advancements - The snow quality is enhanced by the sixth-generation distributed snow-making technology, which closely mimics natural snowfall, producing fine snow with low moisture content [8] - The facility maintains a constant indoor temperature of -6 degrees Celsius despite the outdoor temperatures exceeding 30 degrees Celsius, thanks to advanced insulation and cooling systems [8] Economic Impact - Qianhai Ice and Snow World is expected to stimulate the local economy by creating over 10,000 jobs in related sectors such as hospitality, dining, and retail [10] - The venue is designed to host various ice and snow events, contributing to the development of Shenzhen as a prominent sports city [10] Business Development - The facility integrates multiple business models, including dining, retail, and accommodation, creating a comprehensive experience for visitors [10][11] - Partnerships with local hotels and travel agencies are being established to offer combined packages, enhancing the overall visitor experience [11]

Core Viewpoint - Hong Kong China Travel (00308.HK) announced the acquisition of two companies related to the tourism and snow sports industry, which aligns with its strategic development in urban and leisure vacation products [1][2]. Group 1: Acquisition Details - The company’s wholly-owned subsidiary, China Travel Scenery, will acquire 100% equity of Jilin Songhua Lake International Resort Development Co., Ltd. for RMB 295 million, with the target company having bank loans of approximately RMB 755 million as of September 29, 2025 [1]. - The company will also acquire 100% equity of Beijing Wanbing Snow Sports Co., Ltd. from Vanke Hotel Management Co., Ltd. for RMB 5 million [1]. Group 2: Business Overview of Target Companies - Target Company A operates in the tourism sector, managing the Songhua Lake Ski Resort, hotels, and commercial streets, and is the main entity for Vanke's snow business [2]. - Target Company B focuses on snowfield management, teaching, and consulting services, managing nine well-known ski resorts and possessing strong integration capabilities in the skiing industry [2]. Group 3: Strategic Significance - The acquisitions are seen as a strategic move to seize historical opportunities and cultivate new growth areas, actively positioning the company in the ice and snow economy [2].

Group 1 - Hong Kong China Travel (00308) announced the acquisition of 100% equity in target company A for RMB 295 million and target company B for RMB 5 million, with cash payments required to sellers A and B respectively [1] - Target company A, Jilin Songhua Lake International Resort Development Co., Ltd., operates in the tourism sector, managing the Songhua Lake Ski Resort, hotels, and commercial streets, and is a key player in Vanke's ice and snow business [1][2] - Target company B, Beijing Wanbingxue Sports Co., Ltd., focuses on snowfield management, teaching, and consulting, managing nine well-known ski resorts and possessing strong integration capabilities in the skiing industry [2] Group 2 - The acquisition aligns with the company's strategy to develop urban and leisure vacation products, seizing historical opportunities and fostering new growth areas in the ice and snow economy [2]

Core Viewpoint - Hong Kong China Travel (00308) announced the acquisition of 100% equity in two target companies, aiming to enhance its presence in the tourism and snow sports industry through strategic investments [1][2] Group 1: Acquisition Details - The company agreed to acquire 100% equity of Target Company A for RMB 295 million, which has bank borrowings of approximately RMB 755 million as of September 29, 2025 [1] - The company also agreed to acquire 100% equity of Target Company B for RMB 5 million, with both transactions requiring cash payments [1] - Upon completion, both target companies will become wholly-owned subsidiaries, and their financial performance will be consolidated into the group's financial statements [1] Group 2: Target Companies Overview - Target Company A, Jilin Songhua Lake International Resort Development Co., Ltd., operates the Songhua Lake Ski Resort, hotels, and commercial streets, focusing on the tourism sector [2] - Target Company B, Beijing Wanbingxue Sports Co., Ltd., specializes in snowfield management, teaching, and consulting, managing nine well-known ski resorts and possessing strong integration capabilities in the skiing industry [2] - The acquisitions align with the company's strategy to develop urban and leisure vacation products, seizing historical opportunities to cultivate new growth areas in the ice and snow economy [2]