Group 1 - The opening of the Fliggy Travel store at Urumqi Tianshan International Airport marks a significant step in enhancing travel services for tourists visiting Xinjiang, offering a comprehensive range of travel-related services including flight tickets, hotels, car rentals, and guided tours [3][4] - The store features a professional travel consultant system, providing customized services based on travelers' itineraries, preferences, and group sizes, which aims to reduce the decision-making costs associated with traveling in Xinjiang [3] - Fliggy's collaboration with Xinjiang Airport Group includes plans for future innovations such as integrated transportation options and bundled travel products, enhancing the overall travel experience for visitors [4] Group 2 - The Fliggy Travel store is strategically located in the new terminal of Urumqi Airport, covering over 160 square meters and offering specialized areas for travel consultation, car rental services, and equipment rentals [3] - The efficiency of service delivery has improved significantly, with travelers saving over 50% of the time typically spent on car rentals compared to traditional airport rental services [4] - The store's face-to-face service approach has led to higher conversion rates, with many customers returning for additional travel inquiries even after their trips [4]

Core Viewpoint - The company's Q1 2025 net profit exceeded previous expectations, while 2024 revenue and profit were slightly below prior forecasts. The company aims for aggressive targets in 2025, focusing on the execution pace and effectiveness of new projects [1] Investment Highlights - The forecasted EPS for 2025-2027 is 0.51, 0.54, and 0.65 yuan respectively. Considering the industry average PE of 34 for 2025, the company is assigned a 30X PE valuation, raising the target price to 15.3 yuan and maintaining a buy rating [2] - 2024 performance was slightly below expectations, with revenue of 536 million yuan (down 14.87%) and net profit of 105 million yuan (down 28.80%). The decline was attributed to operational disruptions from hotel renovations and rigid cost pressures [2] - Q4 2024 revenue was 132 million yuan, down 6.9% quarter-on-quarter and down 15.2% year-on-year, with net profit of 19 million yuan, down 41.5% quarter-on-quarter and down 28.6% year-on-year. In Q1 2025, revenue was 105 million yuan (down 1.6%), but net profit rose to 14 million yuan (up 26.45%) [2] Core Scenic Areas and Hotel Performance - Revenue from core scenic areas in 2024 was 282 million yuan (down 13.0%), with a gross margin of 70.4% (down 0.8 percentage points). Hotel revenue was 159 million yuan (down 23.1%), with a gross margin of 21.4% (down 8.5 percentage points) [3] - The company is enhancing growth through the renovation and new construction of scenic areas, such as the Nanshan Xiaozhai Phase II project, to improve brand appeal and market competitiveness [3] 2025 Operational Plan - The company plans to achieve revenue of 580 million yuan and profit of 149 million yuan in 2025, focusing on innovative operations, quality improvement, and project development to leverage its one-stop tourism destination advantage [3]

新京报讯（记者赵利新）在"五一"小长假即将到来之际，北京市怀柔区桥梓镇推出"京郊一码通"旅游小 程序。该小程序能提供旅游线路规划，以及景区餐饮民宿等旅游资源的查询、预订等服务。 "京郊一码通"小程序整合了桥梓镇景区、酒店、餐饮、交通等各方面旅游资源，为游客提供一站式便捷 服务。游客只需通过手机扫码进入小程序，即可完成景点门票预订、酒店民宿查询与预订、旅游线路规 划、当地特色美食推荐、交通出行指引等操作，解决了游客在旅游过程中面临的信息获取不便、预订流 程繁琐等痛点问题。 此外，在功能设计上，该小程序融入个性化推荐功能，通过大数据分析游客的浏览和预订记录，精准推 送符合个人兴趣的旅游产品和线路，为游客打造专属的旅游方案。小程序还提供数字地图导览服务，游 客打开数字地图，即可清晰查看镇内卫生间、停车场、商场等公共服务设施的具体位置，同时还能了解 周边交通枢纽分布情况。 据介绍，为确保小程序的顺利推广与高效使用，桥梓镇旅游办联合镇内各旅游企业，开展了一系列宣传 与培训工作。在景区、酒店、民宿、交通枢纽等人流密集场所设置宣传展板和二维码标识，引导游客使 用小程序；同时，组织旅游从业人员与经营单位负责人进行专项培训，提 ...

公司报告 | 年报点评报告 天目湖（603136） 证券研究报告 25Q1 利润增长 26%，全年业绩增长展望积极 公司发布 2024 年报及 2025 年一季报： 2024 年营收 5.4 亿元、同比下滑 14.9%，归母净利润 1.0 亿元、同比下滑 28.8%，扣非归母净利润 1.0 亿元、同比下滑 27.8%。2024 年受外部市场环 境影响，业绩有所下滑。 24Q4 营收 1.3 亿元、同比下滑 15.2%，归母净利润 0.2 亿元、同比下滑 28.6%， 扣非归母净利润 0.2 亿元、同比下滑 29.6%。 25Q1 营收 1.0 亿元、同比下滑 1.6%，归母净利润 0.1 亿元、同比增长 26.45%， 扣非归母净利润 0.1 亿元、同比增长 34.5%。成本管控得当利润增速转正。 2024 年分红方案：拟每股派发现金红利 0.235 元（含税），分红率 60.7%。 分业务：2024 年各业务均承压 2024 年，景区业务收入 2.8 亿元、同比下滑 13.0%（其中，山水园收入 1.5 亿元、同比下滑 17.5%，南山竹海收入 1.3 亿元、同比下滑 7.6%），酒店业 务收入 1.6 亿 ...

Core Insights - The company reported its 2024 annual results and Q1 2025 results, with performance in line with expectations [1] - Revenue for 2024 was 536 million, a decrease of 14.87% year-on-year, while net profit attributable to shareholders was 105 million, down 28.8% due to extreme weather and external market conditions [1] - In Q1 2025, total revenue was 105 million, a decline of 1.6% year-on-year, but net profit attributable to shareholders increased by 26.45% to 14 million [1] Financial Performance - The company's sales and management expense ratios for 2024 were 8.41% and 14.68%, respectively, with year-on-year changes of +0.83 and +0.99 percentage points [1] - For Q1 2025, the sales and management expense ratios were 5.67% and 17.15%, with year-on-year changes of +0.86 and +0.15 percentage points [1] Core Business Stability - The core scenic area business remained robust, with Tianmu Lake's main attractions generating revenues of 148 million and 135 million, down 17.47% and 7.58% year-on-year, respectively [1] - Gross profit margins for these attractions were 69.72% and 71.22%, indicating strong profitability [1] - The company effectively mitigated seasonal revenue fluctuations by developing secondary consumption scenarios and complementary seasonal products [1] Growth Initiatives - Scenic area renovations and new projects are driving organic growth, with ongoing projects like Nanshan Xiaozhai Phase II and Night Park enhancing visitor experience and brand appeal [2] - The company is expanding its hotel business through new constructions and renovations, improving reception capacity and service quality [2] - The opening of the Hushu Lake High-speed Railway at the end of 2024 will reduce travel time from Shanghai to Liyang to about one hour, potentially boosting visitor traffic [2] Shareholder Returns - The company implemented a profit distribution plan for 2023, distributing 5.36 yuan per 10 shares (including tax), totaling 100 million yuan [2] - The board approved a profit distribution proposal for 2024, planning to distribute 2.35 yuan per 10 shares (including tax), expected to total 63 million yuan [2] - The cash dividend policy aligns with company regulations, ensuring the protection of minority shareholders' rights [2] Investment Outlook - The company is focused on a "one-stop tourism" development model, with unique and competitive products [3] - Following the opening of the Hushu Lake High-speed Railway, there is significant marketing flexibility [3] - Upcoming projects include the planning and construction of Nanshan Xiaozhai Phase II, the planning of Pingqiao characteristic leisure tourism area, and the third phase of Yushui Hot Spring [3] - Profit forecasts for 2025 and 2026 have been revised down to 134 million and 153 million, respectively, with a new forecast for 2027 at 170 million [3]