商贸零售 | 证券研究报告 — 调整盈利预测 2025 年 9 月 1 日 原评级：买入 市场价格:人民币 69.29 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 7.1 4.6 12.4 16.5 相对上证综指 (11.2) (2.3) (2.3) (20.2) 发行股数 (百万) 2,068.86 流通股 (百万) 2,068.86 总市值 (人民币 百万) 143,351.24 3 个月日均交易额 (人民币 百万) 1,282.93 (10%) 1% 11% 22% 32% 43% Aug-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 中国中免 上证综指 主要股东持股比例 中国旅游集团有限公司 50.3% 资料来源：公司公告， Wind ，中银证券 以 2025 年 8 月 29 日收市价为标准 相关研究报告 《中国中免》20250403 《中国中免》20241105 《中国中免》20240902 中银国际证券股份有限公司 具备证券投资咨询业务资格 ...

Core Viewpoint - Lingnan Holdings (000524) is actively expanding its business in the tourism sector, focusing on travel, accommodation, and related services, while also making strategic investments in duty-free operations and asset acquisitions to enhance its market position [1][2][3]. Group 1: Company Overview - As of August 8, 2025, Lingnan Holdings' stock price is 12.51 CNY, up 4.08% from the previous week, with a total market capitalization of 8.384 billion CNY, ranking 4th in the tourism and scenic area sector [1]. - The company aims to build a comprehensive tourism ecosystem that is internationally competitive and trusted, leveraging innovation and capital as dual engines for growth [1]. Group 2: Duty-Free Business Development - Lingnan Holdings has partnered with China Duty Free Group and other companies to establish a duty-free store in Guangzhou, with a registered capital of 45 million CNY, where Lingnan Holdings invested 8.775 million CNY, representing 19.5% of the total [2][4]. Group 3: Share Acquisition Plans - The controlling shareholder, Guangzhou Lingnan Tourism Investment Group, has signed an agreement to acquire 70% of Urban Hotel's shares, with a commitment to transfer these shares to Lingnan Holdings within three years at a fair market price [3][4].