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]

Core Insights - Tongcheng Travel reported a revenue increase of 10.4% year-on-year to 5.5091 billion yuan for the three months ending September 30, 2025, compared to 4.9915 billion yuan in the same period last year [1] - Adjusted EBITDA rose by 14.5% to 1.5103 billion yuan, with an adjusted EBITDA margin increasing to 27.4% from 26.4% year-on-year [1] - Adjusted net profit increased by 16.5% to 1.0602 billion yuan, with an adjusted net profit margin rising to 19.2% from 18.2% year-on-year [1] Revenue Breakdown - Accommodation business revenue grew by 14.7% year-on-year to 1.5795 billion yuan, driven by increased demand for high-quality hotels and enhanced brand recognition in lower-tier cities [3] - Transportation ticketing services revenue increased by 9.0% year-on-year to 2.2087 billion yuan, with rapid growth in international ticket sales and a balanced approach to subsidies and operational efficiency [3] - Other business revenue reached 820.6 million yuan, a 34.9% increase, primarily due to strong performance in hotel management [4] Strategic Developments - The number of hotels under the group's management platform grew to nearly 3,000, with an additional 1,500 hotels in preparation as of September 30, 2025 [4] - On October 16, 2025, Tongcheng Travel completed the acquisition of Wanda Hotel Management (Hong Kong) Co., Ltd., which operates 239 hotels and several high-end brands, accelerating the expansion of the company's hotel management business [4] User Metrics - Average monthly paying users increased by 2.8% year-on-year to 47.7 million, reaching a historical high [4] - Annual paying users rose by 8.8% year-on-year to 252.9 million, also a historical high [4] - Cumulative service users increased by 7.3% year-on-year to 2.0194 billion over the twelve months ending September 30, 2025 [4]

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].

Core Insights - Windy Zhi's stock price increased by 2.17% to 10.34 CNY per share, with a total market capitalization of 6.15 billion CNY as of November 24 [1] - The company has seen a year-to-date stock price increase of 13.38%, with a recent 5-day increase of 6.82% and a 20-day increase of 11.42% [1] - For the period from January to September 2025, Windy Zhi reported a revenue of 1.33 billion CNY, representing a year-on-year growth of 38.88%, and a net profit of 52.70 million CNY, up 145% [2] Financial Performance - The company has a total revenue composition of 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] - Cumulative cash dividends since the A-share listing amount to 744 million CNY, with 259 million CNY distributed over the last three years [3] Shareholder Information - As of October 20, 2025, the number of shareholders decreased by 1.71% to 44,200, while the average circulating shares per person increased by 1.74% to 13,453 shares [2] - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 5.14 million shares, a decrease of 587,200 shares from the previous period [3]

Group 1 - The core viewpoint of the news is that Tsinghua Tongfang's stock has shown significant fluctuations, with a year-to-date increase of 47.74% but a recent decline of 3.00% over the last five trading days [1] - As of November 24, Tsinghua Tongfang's stock price is reported at 10.34 CNY per share, with a total market capitalization of 9.137 billion CNY [1] - The company has experienced a net outflow of main funds amounting to 14.8793 million CNY, with large orders showing a buy of 24.4293 million CNY and a sell of 27.1693 million CNY [1] Group 2 - Tsinghua Tongfang was established on January 11, 1999, and listed on October 30, 2009, with its main business segments being outdoor products and semiconductor chips [2] - The revenue composition of Tsinghua Tongfang includes outdoor clothing (63.31%), chip business (17.13%), outdoor footwear (13.29%), outdoor equipment (3.71%), and other services (2.56%) [2] - As of September 30, the number of shareholders decreased by 29.16% to 41,100, while the average circulating shares per person increased by 41.16% to 21,485 shares [2] Group 3 - Tsinghua Tongfang has distributed a total of 5.09 billion CNY in dividends since its A-share listing, with 30.4177 million CNY distributed in the last three years [3]

Group 1 - Yunnan Tourism's stock price increased by 2.05% to 5.96 CNY per share, with a trading volume of 375 million CNY and a turnover rate of 6.50%, resulting in a total market capitalization of 6.034 billion CNY [1] - The company has seen a year-to-date stock price increase of 10.58%, with recent gains of 3.65% over the last five trading days, 7.78% over the last twenty days, and 14.40% over the last sixty days [1] - Yunnan Tourism has appeared on the "Dragon and Tiger List" five times this year, with the most recent appearance on September 25 [1] Group 2 - The company operates in the social services sector, specifically in tourism and scenic areas, and is involved in online tourism, tourism hotels, low-cost travel, small-cap stocks, and state-owned enterprise reforms [2] - As of November 10, the number of shareholders increased to 68,500, a rise of 8.47%, while the average circulating shares per person decreased by 7.81% to 14,350 shares [2] - For the period from January to September 2025, Yunnan Tourism reported a revenue of 185 million CNY, a year-on-year decrease of 58.72%, and a net profit attributable to the parent company of -132 million CNY, a decline of 196.83% [2] Group 3 - Since its A-share listing, Yunnan Tourism has distributed a total of 212 million CNY in dividends, with no dividends paid in the last three years [3] - As of September 30, 2025, the sixth largest circulating shareholder is the Fortune China Securities Tourism Theme ETF, holding 10.1815 million shares, an increase of 3.65 million shares from the previous period [3]

Group 1 - The core viewpoint of the news is that BoRui Communication's stock has shown a positive trend, with a year-to-date increase of 10.15% and a recent rise of 2.16% in the last five trading days [2][3] - As of November 21, BoRui Communication's stock price reached 5.21 CNY per share, with a total market capitalization of 5.696 billion CNY [1] - The company has a diverse revenue structure, with software development and hardware integration accounting for 53.12% of total revenue, followed by media business at 21.27%, online gaming at 15.13%, and building leasing at 8.58% [2] Group 2 - For the period from January to September 2025, BoRui Communication reported a revenue of 435 million CNY, representing a year-on-year growth of 40.86%, while the net profit attributable to shareholders decreased by 35.97% to 7.8468 million CNY [2] - The company has distributed a total of 999.3 million CNY in dividends since its A-share listing, with 34.9866 million CNY distributed over the past three years [3] - As of September 30, 2025, the number of shareholders decreased by 7.60% to 54,300, while the average circulating shares per person increased by 8.22% to 20,114 shares [2]