机构：申万宏源研究 研究员：贾梦迪 同程旅行3Q25 的收入同比增长10%至55 亿元，经调整净利润同比增长17%至10.6 亿元，超出我们的预 期，主要由于住宿业务好于预期。我们将25 年每股盈利预测由1.41 元上调至1.44 元，维持26 年预测 1.57 元，27 年预测1.74 元。目标价由26.5 港币上调至27 港币，对应25%的上涨空间，维持买入评级。 国内业务增长稳健。三季度的核心OTA业务收入同比增长15%。住宿预订收入同比增长15%，受益于酒 店平均价格的增长以及日均间夜量创历史新高。交通票务收入同比增长9%，其他业务收入同比增长 35%，主要受益于酒店管理业务的增长。年付费用户同比增长9%至2.529亿人，创历史新高。 出境机票业务已实现盈利。3Q25 出境机票贡献交通收入的约6%，并实现盈利。公司预计出境游业务将 快速发展，国际机票和酒店在整体机票和酒店的收入贡献在2027 年将提升至10-15%。 维持买入评级。我们看好在线旅游行业的增长确定性和行业竞争格局的稳定，同程旅行是内需消费中确 定性较高的标的，出境游规模的提升有望推动利润率的提升，酒店管理业务也有望提供额外的增长驱动 力 ...

Core Viewpoint - The stock of China Three Gorges Tourism has shown a significant increase in price and trading activity, indicating positive market sentiment and potential growth opportunities for investors [1]. Group 1: Stock Performance - As of November 28, the stock price of China Three Gorges Tourism rose by 2.04% to 6.51 CNY per share, with a trading volume of 21.54 million CNY and a turnover rate of 0.46%, resulting in a total market capitalization of 4.717 billion CNY [1]. - Year-to-date, the stock has increased by 32.18%, with a 5-day increase of 5.85%, a 20-day increase of 10.90%, and a 60-day increase of 11.47% [1]. Group 2: Company Overview - China Three Gorges Tourism Group Co., Ltd. is located in Yichang, Hubei Province, and was established on August 10, 1998, with its stock listed on November 3, 2011 [2]. - The company's main business includes various services such as passenger transport, domestic express delivery, insurance agency, port machinery leasing, ticketing services, and tourism operations [2]. - The revenue composition includes tourism comprehensive services (34.47%), comprehensive transportation services (21.36%), and other related services [2]. Group 3: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 609 million CNY, representing a year-on-year growth of 9.48%, while the net profit attributable to shareholders decreased by 23.29% to 85.87 million CNY [3]. - The company has distributed a total of 508 million CNY in dividends since its A-share listing, with 138 million CNY distributed over the past three years [4]. Group 4: Shareholder Information - As of November 20, the number of shareholders for China Three Gorges Tourism was 24,900, a decrease of 12.18% from the previous period, with an average of 28,790 circulating shares per shareholder, an increase of 13.88% [3]. - Notable institutional shareholders include Penghua Quality Governance Mixed Fund, which is the fourth largest shareholder with 15.59 million shares, and two new shareholders, including the Fortune China Tourism Theme ETF and Penghua Industry Selected Mixed Fund [4].

Group 1 - The core viewpoint of the news is that Tianfu Cultural Tourism has shown significant stock price performance, with a year-to-date increase of 74.49% and a recent rise of 12.90% over the last five trading days [1] - As of November 28, the stock price reached 5.95 CNY per share, with a total market capitalization of 7.671 billion CNY [1] - The company has experienced net outflows of main funds amounting to 4.2579 million CNY, with large orders showing a buy-sell imbalance [1] Group 2 - Chengdu New Tianfu Cultural Tourism Development Co., Ltd. was established on March 31, 1988, and listed on May 9, 1994, with its main business activities including cultural tourism, film and television, and real estate [2] - The revenue composition of the company is as follows: cultural tourism 51.88%, film and television 35.03%, real estate leasing 7.45%, conference and exhibition 4.80%, sports 0.83%, and merchandise sales 0.00% [2] - As of September 30, the number of shareholders increased to 151,900, a rise of 96.43%, while the average circulating shares per person decreased by 49.09% [2] Group 3 - For the period from January to September 2025, the company achieved operating revenue of 226 million CNY, reflecting a year-on-year growth of 69.32%, but reported a net profit attributable to shareholders of -18.4479 million CNY, a decrease of 108.64% [2] - The company has distributed a total of 112 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [2]

Core Viewpoint - Jin Jiang Hotels experienced a decline in stock price, with a current trading price of 25.42 CNY per share, reflecting a year-to-date decrease of 4.00% and a recent five-day drop of 2.94% [1] Financial Performance - For the period from January to September 2025, Jin Jiang Hotels reported a revenue of 10.241 billion CNY, representing a year-on-year decrease of 5.09%. The net profit attributable to shareholders was 746 million CNY, down 32.52% compared to the previous year [2] - Cumulative cash dividends since the A-share listing amount to 6.356 billion CNY, with 1.132 billion CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 82,800, up by 1.67%. The average circulating shares per person decreased by 2.87% to 14,286 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 66.3329 million shares, a decrease of 15.7034 million shares from the previous period [3] Market Activity - The stock's trading volume reached 265 million CNY with a turnover rate of 1.14%. The net outflow of main funds was 9.6992 million CNY, with significant selling pressure observed [1] - The company operates primarily in limited-service hotel operations and management, with 68.22% of revenue generated from domestic operations, while 28.32% comes from overseas [1]

证券研究报告 港股通 2025 年 11 月 26 日│中国香港 互联网 同程公布 3Q25 业绩：收入 55 亿元，yoy+10.4%，基本符合 VA 一致预期 （简称预期）的 54.9 亿元；经营利润 11.6 亿元，超预期 7.5%，经营利润 率持续优化，yoy+1.5pct，主要来自于精细化补贴和费用管控；调整后净利 润 10.6 亿元，超预期 2.8%。公司本季度收入表现基本符合预期，利润超预 期。我们看好国内旅游的需求韧性，同时公司高品质酒店占比提升，带来结 构性改善。维持"买入"评级。 公司收入基本符合预期，酒店/机票价格改善贡献正向驱动 公司 3Q25 收入 55 亿元，yoy+10.4%，基本符合预期。拆分来看,核心 OTA 业务中，住宿及预定服务收入达 15.8 亿元，yoy+14.7%，基本符合预期。 暑期旅游旺季需求释放，同时公司高品质酒店预订占比提升，客房量增长超 20%，而酒店价格止跌回正，成为收入增长正向驱动。交通业务持续稳健增 长，收入 22.09 亿元，yoy+9.0%，主要源于用户的需求增加以及持续丰富 的增值产品及服务，且机票票价止跌，我们预计未来交通业务量将保持稳健 增 ...

Core Viewpoint - Yunnan Tourism's stock has experienced fluctuations, with a recent decline of 2.16% and a total market value of 5.88 CNY per share, reflecting a challenging financial performance in 2025 [1][2]. Financial Performance - For the period from January to September 2025, Yunnan Tourism reported a revenue of 185 million CNY, a significant decrease of 58.72% year-on-year [2]. - The company recorded a net profit attributable to shareholders of -132 million CNY, marking a drastic decline of 196.83% compared to the previous year [2]. Stock Market Activity - As of November 26, Yunnan Tourism's stock price has increased by 9.09% year-to-date, but it has seen a decline of 5.77% over the last five trading days [1]. - The stock has been on the "龙虎榜" (a list of stocks with significant trading activity) five times this year, with the most recent appearance on September 25 [1]. Shareholder Information - As of November 20, the number of shareholders for Yunnan Tourism increased to 68,900, with an average of 14,272 circulating shares per shareholder, a decrease of 0.54% [2]. - The top ten circulating shareholders include the 富国中证旅游主题ETF, which holds 10.18 million shares, an increase of 3.65 million shares from the previous period [3]. Business Overview - Yunnan Tourism operates in various sectors, including tourism scenic area operations, tourism real estate development, transportation, and travel agencies, with the main revenue sources being transportation (41.26%), scenic area operations (39.10%), and tourism culture technology (19.54%) [1].

Core Viewpoint - The stock of Fengyuzhu experienced a decline of 2.02% on November 26, with a trading price of 10.18 CNY per share and a total market capitalization of 6.055 billion CNY. The company has shown a year-to-date stock price increase of 11.62% [1] Company Overview - Fengyuzhu, established on August 12, 2003, and listed on October 20, 2017, is located in Shanghai and specializes in the planning, design, implementation, and maintenance of digital cultural display experience systems. The revenue composition includes 63.41% from cultural and brand digital experience spaces, 32.61% from urban digital experience spaces, and 3.98% from digital products and services [1] Financial Performance - For the period from January to September 2025, Fengyuzhu achieved an operating income of 1.331 billion CNY, representing a year-on-year growth of 38.88%. The net profit attributable to shareholders reached 52.706 million CNY, marking a significant increase of 145.00% [2] Shareholder Information - As of October 20, 2025, the number of shareholders for Fengyuzhu was 44,200, a decrease of 1.71% from the previous period. The average circulating shares per person increased by 1.74% to 13,453 shares [2] Dividend Distribution - Since its A-share listing, Fengyuzhu has distributed a total of 744 million CNY in dividends, with 259 million CNY distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder with 5.136 million shares, a decrease of 587,200 shares from the previous period. Dachen Zhongzheng 360 Internet+ Index A (002236) entered as the tenth largest circulating shareholder with 1.679 million shares [3]

11月25日晚间，同程旅行披露截至2025年9月30日止三个月的业绩。当季，同程旅行收入由去年同期的49.915亿元同比增加10.4%至55.091亿元。经调整 EBITDA同比增加14.5%至15.103亿元；经调整EBITDA利润率增加至27.4%，去年同期为26.4%。经调整溢利净额同比增加16.5%至10.602亿元。经调整净利 润率由去年同期的18.2%增加至19.2%。 此外，当季来自度假业务的收入达9.003亿元，同比下降8.0%，主要由于旅客对东南亚旅游的安全担忧持续存在。 用户规模方面，2025年第三季度，同程旅行平均月付费用户同比增加2.8%至4770万人，创历史新高。年付费用户同比增加8.8%至2.529亿人，创历史新 高。另外，截至2025年9月30日止的十二个月，累计服务人次同比增加7.3%至20.194亿。 蔡淑敏/摄 业务细分来看，第三季度，同程旅行的住宿业务收入同比增长14.7%至15.795亿元。同程旅行表示，公司当季重点满足用户对高品质酒店日益增长的需 求，推动了平台上高品质酒店间夜量占比的显著提升，并强化了在低线城市高价值用户中的品牌认知度，另外在国际酒店方面，持续致力于 ...

Core Viewpoint - The stock of China Overseas Chinese Town A (华侨城A) has shown fluctuations in trading activity, with a recent increase in share price and notable changes in shareholder composition, despite a significant decline in revenue and profit for the year [1][2]. Financial Performance - For the period from January to September 2025, China Overseas Chinese Town A reported revenue of 17.025 billion yuan, a year-on-year decrease of 41.95% [2]. - The company experienced a net loss attributable to shareholders of 4.367 billion yuan, representing an 85.76% decline compared to the previous year [2]. Stock Performance - As of November 25, the stock price of China Overseas Chinese Town A increased by 2.26%, reaching 2.72 yuan per share, with a trading volume of 166 million yuan and a turnover rate of 0.90% [1]. - Year-to-date, the stock has risen by 1.87%, with a 12.86% increase over the past 20 days and a 12.40% increase over the past 60 days [1]. Shareholder Composition - As of October 20, the number of shareholders for China Overseas Chinese Town A decreased to 103,300, a reduction of 2.38% [2]. - The top ten circulating shareholders include notable entities such as the Fortune China Tourism Theme ETF and Hong Kong Central Clearing Limited, with significant increases in their holdings [3]. Dividend History - Since its listing, China Overseas Chinese Town A has distributed a total of 16.503 billion yuan in dividends, but there have been no dividend payouts in the last three years [3].

Core Viewpoint - The stock of China Three Gorges Tourism has shown a year-to-date increase of 27.51%, despite a recent decline of 1.72% over the last five trading days, indicating volatility in its performance [1]. Company Overview - China Three Gorges Tourism Group Co., Ltd. is located at No. 5 Gangyao Road, Yichang City, Hubei Province, established on August 10, 1998, and listed on November 3, 2011 [2]. - The company's main business includes passenger station operations, inter-provincial bus services, domestic express delivery, insurance agency services, port machinery leasing, ticketing services, and tourism operations [2]. Revenue Composition - The revenue composition of the company is as follows: - Tourism comprehensive services: 34.47% - Comprehensive transportation services: 21.36% - Travel agency business: 15.80% - Sightseeing cruise services: 12.18% - Passenger travel services: 8.94% - Trade logistics: 8.50% - Port services: 4.07% - Vehicle extension services: 3.93% - Tourism transportation services: 2.19% - Other services: 0.50% - Scenic area business: 0.24% [2]. Stock Performance and Shareholder Information - As of November 10, the number of shareholders for China Three Gorges Tourism is 28,400, a decrease of 1.31% from the previous period, with an average of 25,282 circulating shares per person, an increase of 1.33% [3]. - For the period from January to September 2025, the company achieved a revenue of 609 million yuan, representing a year-on-year growth of 9.48%, while the net profit attributable to shareholders decreased by 23.29% to 85.87 million yuan [3]. Dividend and Institutional Holdings - Since its A-share listing, China Three Gorges Tourism has distributed a total of 508 million yuan in dividends, with 138 million yuan distributed over the last three years [4]. - As of September 30, 2025, notable institutional shareholders include: - Penghua Quality Governance Mixed Fund (LOF) A, holding 15.59 million shares, ranked as the fourth largest shareholder and a new entrant - Fortune CSI Tourism Theme ETF, holding 10.39 million shares, ranked as the ninth largest shareholder and a new entrant - Penghua Industry Select Mixed Fund A, holding 9.43 million shares, ranked as the tenth largest shareholder and a new entrant [4].