证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 西域旅游(300859.SZ) 投资评级 上次评级 [Table_A 宿一赫 uthor 社服分析师 ] 执业编号：S1500524080004 联系电话：15721449682 邮 箱：suyihe@cindasc.com 张洪滨 社服行业研究助理 联系电话：18916616659 邮 箱：zhanghongbin@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 西域旅游 25H1 业绩预告点评：短期业绩承压，文 旅投增持、董事长换帅，资产整合或加速 [Table_ReportDate] 2025 年 7 月 16 日 [Table_S 事件：公司披露 ummary] 半年度业绩预告。公司预计 2025H1 实现归母净利润 900-1100 万元，同比下降 62.55%-69.36%；实现扣非净利润 850-1100 万 元，同比下降 63.19% ...

新场景激活文旅新体验 今年夏天，"打卡"龙江有了更多令人惊艳的打开方式。全感元宇宙空间打破虚实界限，AR技术让昔日 的历史街区在眼前"重现"，城市旅拍定格游客最美瞬间，芬多精森林浴引领游客在大自然中获得深度疗 愈……不断涌现的文旅新场景正成为解锁龙江夏日魅力的独特密钥。 夏日的漠河北极村，清风送爽，林海苍翠。当神鹿极光馆直径33米的巨型球幕骤然点亮，160个动感座 椅同步启动，主题影片《飞跃兴安》的壮美画面倾泻而下，四季流转的龙江风光在沉浸式全景声场中扑 面而来。"太震撼了！仿佛真的在空中遨游，追寻着神秘的极光！"来自上海的游客李薇完全沉浸在这座 中国最北、东北最大的球幕影院带来的奇幻之旅中。记者了解到，这座斥资1.1亿元打造的文化旅游新 地标，以"寻极光"为主线，融合"漠河极北慢生活"空间设计，甫一开放便引爆市场，预计年接待游客将 突破20万人次。 神鹿极光馆的惊艳亮相，是黑龙江省实施"旅游+"战略，全力打造全国夏季避暑旅游引领区的一个生动 缩影。为抢抓"后亚冬"机遇，我省在延续去年夏季避暑旅游"百日行动"成功经验基础上，从新场景、新 产品、优服务、强惠民等维度系统发力，全力打造全国夏季避暑旅游引领区，"清 ...

7月11日，游客在2025澳门国际美食之都嘉年华上拍摄美食。新华社发（张金加摄） 新华社澳门7月11日电（记者齐菲、郭雨祺）2025澳门国际美食之都嘉年华11日在澳门渔人码头揭 幕，网罗多地特色风味，尽显美食之都魅力。 嘉年华以"香料及香草"为主题，包括"国际美食大道""美食之都厨艺展示""澳门国际美食论坛"等活 动。其中，"国际美食大道"设有百余个美食展位，汇集巴西、土耳其、沙特阿拉伯、泰国、伊朗、菲律 宾、中国内地及澳门等世界风味；来自海内外29个"创意城市美食之都"的名厨将在活动期间轮流献技， 带来超过60场精彩厨艺展示。 澳门特区政府旅游局局长文绮华现场致辞表示，澳门独特的美食文化与环球美食，已成为到访旅客 的必选项目。特区政府近年积极推动"旅游+美食"，通过相关项目带动社区旅游经济。 7月11日，演员在2025澳门国际美食之都嘉年华开幕仪式上表演。新华社发（张金加摄） 根据特区政府治安警察局统计，截至8日上午11时，澳门今年入境旅客已突破2000万人次，较去年 提前26天。文绮华受访时说，进入暑期，如天气稳定，希望能达到日均11万人次左右旅客量。这期间也 会有多种活动、表演，希望吸引更多旅客来澳。 ...

"跟着赛事去旅行""跟着赛事去购物"已经成为眼下最热门的消费浪潮之一。 继"村BA""村超"等富有地方文化特色的赛事走红后，"苏超"再次破圈，借助社交媒体"造梗"互动，球迷 和游客追随赛事足迹，跨区域流动、跨领域消费，形成了"体育赛事引流、文旅消费变现"的新模式。 有数据显示，"苏超"带动江苏目的地的过夜游客大增，南通、宿迁、徐州等城市的暑期酒店预订量均实 现翻倍增长。结合赛程安排，江苏将陆续举办博物馆夜游、文创市集、美食体验等特色文旅活动500多 项，推出景区门票减免、文旅消费券等惠民便民措施1400多项。 可以看到，近年来，随着健康中国战略和全民健身国家战略的深入实施，我国体育消费市场快速增长， 体育旅游、体育健康、体育教育培训、体育文创、体育会展、体育金融等"体育+"新业态不断涌现。 体育竞赛表演产业是体育产业的重要组成部分，发展体育竞赛表演产业对挖掘和释放消费潜力、打造经 济增长新动能具有重要意义。国务院办公厅《关于加快发展体育竞赛表演产业的指导意见》指出，这一 领域总规模预计到2025年将达到2万亿元。 2025年6月24日，中国人民银行等六部门联合印发了《关于金融支持提振和扩大消费的指导意见》，从 ...

Core Insights - Inner Mongolia is leveraging its unique agricultural products, such as sheep milk and seabuckthorn, to create innovative consumer goods that attract attention at international expos [1][5][7] - The integration of traditional techniques with modern marketing strategies is enhancing the visibility and economic potential of local products [3][11][18] Group 1: Sheep Milk Products - Entrepreneur Hao Zhiwei is producing sheep milk soap using fresh sheep milk and medicinal herbs, which has gained popularity at the 2025 Beijing International Cultural Tourism Expo [1][5] - The production process involves local cultivation of herbs like chamomile and artemisia, reducing costs and benefiting local farmers [3] Group 2: Seabuckthorn Products - The "Tianjiao Changqing" seabuckthorn juice, developed by a village collective economy, has successfully entered the capital market, showcasing the potential of local agricultural products [7] - The seabuckthorn project utilizes over 50,000 acres of economic forest, addressing issues of resource waste and high processing costs through a cooperative model [7] Group 3: Cultural and Creative Products - The exhibition features unique cultural products, such as the Ewenki ethnic group's sunflowers, which blend traditional craftsmanship with modern aesthetics [9][11] - Various innovative products made from birch bark demonstrate the fusion of traditional culture with contemporary design, appealing to a broader audience [11][13] Group 4: Tourism and Economic Development - The expo serves as a platform for Inner Mongolia to showcase its cultural tourism products, enhancing brand recognition and attracting domestic and international customers [5][18] - The integration of culture, tourism, and creativity is expected to drive economic benefits and invigorate the local tourism industry [18]

央视网消息：6月17日，240小时过境免签政策实施已满半年。记者从广州边检总站白云边检站了解到，越来越多的外国人选择来广东旅游，带动口岸出 入境客流数量大幅增长。 据白云边检站统计，截至6月17日0时，广州白云国际机场已有超1万名旅客享受到240小时过境免签便利，人数比去年同期增长约90%。 过境免签政策放宽优化带动经济作用明显。某旅游平台数据显示，2025年1月1日至2025年5月22日，广州入境游客总人次同比增长57.86%，总消费金额 同比增长68.63%，带动旅游、餐饮、住宿等相关产业发展，有力实现"过境流量"向"经济增量"转化。 浙江杭州：入境游火热 科技新特产"圈粉"境外游客 自6月12日起，中国240小时过境免签政策适用国家增至55国。随着我国免签"朋友圈"再扩容，外籍游客既能"说来就来"，也能"边逛边买"。在浙江杭 州，外籍游客将深度游、文化游作为首选，也被不少科技新特产"圈粉"。 在杭州手工艺活态馆内，外籍游客正跟着老师学习制作江浙传统糕点"定胜糕"，地道的美食文化给大家带来不一样的体验。而在馆内的手工艺品展区， 外籍游客正忙着挑选杭扇、冰箱贴、饰品，给自己的旅行留下特别的回忆。 在杭州大厦 ...

Group 1 - The core viewpoint of the article is that the company, Lianzhong, has signed a cooperation agreement with the Hainan Province Danzhou Municipal Government and Huanxin Bay (Hainan) Industrial Operation Management Co., Ltd. to launch the "Intellectual Master Competition" in Danzhou, aiming to activate regional development in Hainan Free Trade Port through a "sports + industry + cultural tourism" model [1][2] - The collaboration will integrate government resources, industry operation experience, and digital sports event IP to host a series of events in the Huanxin Bay area, enhancing local cultural and sports life while boosting regional cultural soft power [1] - The initiative aims to attract domestic and international tourists through nationwide promotion and digital operation of the events, leading to an upgrade in the tourism industry consumption in Huanxin Bay [1][2] Group 2 - Huanxin Bay is positioned as a core area of the Danyang Economic Circle and a demonstration zone for the integration of port, industry, and city development in Hainan Free Trade Port [2] - The company plans to leverage its resources and collaborate with various parties to promote high-quality development in Huanxin Bay through multiple dimensions, including event IP introduction, supporting industry incubation, and cultural tourism scene linkage [2]

Core Insights - The article discusses the emerging trends in high-quality consumption, particularly focusing on the integration of experience-driven consumption in various sectors such as tourism, entertainment, and hospitality [2][3]. Group 1: Experience Economy - The experience economy is gaining traction, with events like concerts and sports driving tourism and local consumption. The "Su Super League" in Jiangsu has attracted over 180,000 spectators, boosting local tourism and cultural experiences [2][3]. - Young consumers are increasingly seeking personalized and immersive experiences, moving away from traditional sightseeing to more engaging activities like attending concerts and local cultural events [3][4]. - The concert industry is a significant contributor to the experience economy, with ticket sales in 2024 projected to reach 57.95 billion yuan, and concerts driving substantial local spending [4][5]. Group 2: Hospitality and Accommodation Trends - Hotels and homestays are shifting from merely providing accommodation to offering unique experiences that resonate emotionally with guests. Nearly 80% of users prefer booking accommodations with added experiential features [8][9]. - The integration of entertainment and hospitality is becoming a trend, with hotels offering packages that combine lodging with events like comedy shows, enhancing guest experiences and brand differentiation [9][10]. Group 3: Low-altitude Tourism - Low-altitude tourism is emerging as a new growth point in the travel industry, utilizing drones, helicopters, and other aerial vehicles to provide unique sightseeing experiences [12][13]. - The demand for low-altitude experiences is increasing, with a reported 460% rise in related searches, indicating a strong consumer interest in innovative travel options [13][14]. Group 4: Technology in Tourism - The introduction of AI and robotics in tourism is enhancing visitor experiences, with devices like exoskeletons helping older tourists navigate mountainous areas more easily [15][16]. - The global market for exoskeleton robots is projected to reach $18 billion by 2024, indicating a growing acceptance and demand for such technologies in outdoor and tourism sectors [18].

Core Insights - The article emphasizes the importance of the cultural tourism industry as a pillar for economic development, highlighting the need for integration across various sectors such as culture, sports, tourism, and commerce [1][2] - The focus is on enhancing product offerings and capturing new market opportunities to drive high-quality development through cultural and economic synergy [1] Group 1: Industry Development - The cultural tourism market is evolving rapidly, necessitating a keen awareness of new trends and opportunities to innovate and expand the industry [1][2] - The integration of "culture + sports + tourism + commerce" is essential to transform visitor engagement into economic benefits, fostering emotional connections and cultural identity [2] Group 2: Strategic Initiatives - There is a call to improve the overall visitor experience by enhancing infrastructure and services, ensuring that tourists feel compelled to stay longer [2] - The article stresses the importance of preserving and utilizing historical sites and cultural heritage to create a unique urban identity for Zhenjiang [2] Group 3: Community Engagement - The article highlights the need for collective responsibility in promoting Zhenjiang's image as a cultural tourism destination, emphasizing both quality service and infrastructure improvements [2] - It mentions ongoing efforts to enhance event management, such as the Jiangsu Province City Football League, to maintain enthusiasm among fans and promote the city's image [2]

Core Viewpoint - Lingnan Holdings is accelerating its asset-light transformation through strategic adjustments, including long-term leasing of properties, hotel management agreements, and the sale of equity stakes, despite facing challenges in revenue growth and profitability [1][4][5]. Group 1: Strategic Adjustments - The company announced a 12-year lease for 11,000 square meters of property at Dongfang Hotel, with a total rental income of approximately 63.19 million yuan and management fees of 15.80 million yuan [2]. - Lingnan Holdings' subsidiary signed a 10-year management agreement for seven hotels, with a total service fee of 123 million yuan, aiming to leverage its expertise in hotel management [4]. - The company plans to publicly transfer 3.92% of its stake in Guangzhou World Wonder, with a starting price of 23.66 million yuan, to focus on its core business [5]. Group 2: Financial Performance - In 2024, the company expects a revenue increase of 25.43% to 4.309 billion yuan, but the net profit excluding non-recurring items is projected to grow only 1.17% [1][10]. - The gross margin for the travel agency business is under pressure, and the hotel management business has seen a decline in profitability, with hotel management gross margin dropping by 8.21 percentage points to 27.29% [4][10]. - The company reported a significant increase in investment cash inflow by 353.6% year-on-year, largely due to dividends from its stake in World Wonder [5]. Group 3: Market Position and Challenges - Lingnan Holdings is entering the duty-free market in Guangzhou, collaborating with major partners to establish a joint venture, which is seen as a potential growth area [8][9]. - The company faces challenges in recovering its pre-pandemic performance levels, with 2019 revenues and net profits significantly higher than current projections [10][11]. - The competitive landscape in the tourism industry is intensifying, and the company must navigate the complexities of transforming its business model while managing operational costs [11].