Summary of Conference Call Notes Company Overview - The company discussed is **Three Gorges Tourism**. Key Financial Metrics - **2025 Annual Profit Forecast**: - Expected net profit attributable to shareholders: **0.56-0.72 billion** CNY, a year-on-year decrease of **38.77% to 52.38%** [1] - Expected net profit excluding non-recurring items: **0.67-0.87 billion** CNY, a year-on-year decrease of **9.65% to 30.42%** [1] - **Q4 2025 Single Quarter Forecast**: - Expected net profit attributable to shareholders: **-0.30 to -0.14 billion** CNY (compared to **0.32 billion** CNY in Q4 2024) [1] - Expected net profit excluding non-recurring items: **-0.26 to -0.06 billion** CNY (compared to **0.4 billion** CNY in Q4 2024) [1] - **Tax Impact**: Previous tax adjustments impacted net profit by **44.33 million** CNY [2] Impairment and Valuation - **Impairment Projects**: New impairment projects were introduced due to ongoing profitability pressure at the Jiufeng Valley Scenic Area, with specific impairment amounts pending annual report disclosure [2] - **Market Expectations**: Prior market expectations for annual net profit excluding non-recurring items were around **1 billion** CNY; if impairment is around **20 million** CNY, performance may align with expectations [2] Future Growth Opportunities - **New Vessels**: Two inter-provincial cruise ships are scheduled to launch in April and July 2026, with a focus on monitoring occupancy rates and average revenue per passenger [2] - **Profitability Potential**: Current profitability per ship is estimated at **50 million** CNY, with potential for further improvement [2] - **Acquisition Strategy**: The company is exploring the acquisition of other inter-provincial cruise indicators [2] - **Collaborative Opportunities**: There is potential for collaboration with cities along the Yangtze River for cruise operations and geographic expansion [2] Industry Positioning - The company is recognized for its high business scarcity and clear growth trajectory [3] - Under the narrative of service consumption, the company is considered one of the best quality targets in the tourism sector, suggesting continued monitoring is advisable [4]

Core Viewpoint - Yulin is actively enhancing its livelihood construction through industrial development, urban-rural integration, and modern governance, transforming high-quality development outcomes into tangible benefits for the community [1] Group 1: Industrial Development - Yulin is leveraging its characteristic industries to create job opportunities for residents, enabling them to achieve income growth close to home [2] - The Yuyang District is fostering leading enterprises and agricultural cooperatives to connect small farmers with larger markets, facilitating the modernization and branding of traditional agriculture [2] - The Shagai Mei Food Technology Co., Ltd. has transformed local traditional food into a significant industry, creating over 260 jobs and benefiting more than 1,000 people [2] - The Yujia Economic and Technological Development Zone aims to be a model for new industrialization in the province, promoting rural revitalization and high-quality county development [2] - The Jidong Oilfield (Yulin) Energy Co., Ltd. has created over 3,000 jobs and supported the development of 65 local enterprises through diversified development of the natural gas industry [2] Group 2: Infrastructure Improvement - Since the 14th Five-Year Plan, the Hongshan District has optimized its urban road network and planned over 60 major construction projects, with a total investment of 641 million yuan [3] - Efforts to upgrade urban infrastructure and improve public services have enhanced the living environment and comfort for residents [3] Group 3: Social Services and Governance - The Yuyang District's third Ice and Snow Tourism Consumption Season combines winter leisure with local culture, providing residents with enjoyable recreational options [4] - The integration of elderly care and medical services in the Hongshan District has provided remote support and home services for over 560 elderly residents, focusing on vulnerable groups [4] - The Jia County has implemented a comprehensive governance system based on the "Fengqiao Experience," enhancing grassroots governance modernization [4] Group 4: Sustainable Development - Yulin is building a sustainable and shared ecosystem for livelihood development, ensuring that residents continuously experience stable happiness [5]

1. 业绩预告期间：2025年1月1日至2025年12月31日 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002627 证券简称：三峡旅游 公告编号：2026-006 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、本期业绩预计情况 2. 预计的经营业绩：□亏损 □扭亏为盈 □同向上升 √同向下降 二、与会计师事务所沟通情况 本次业绩预告相关的财务数据未经会计师事务所审计。公司已就本次业绩预告与会计师事务所进行预沟 通，公司与会计师事务所在本期业绩预告方面不存在分歧，具体数据以审计结果为准。 2025年公司经营业绩较上年同期有较大幅度的下降，主要原因如下： 1.控股子公司补缴税款影响。2025年公司控股子公司湖北宜昌长江三峡游轮中心开发公司补缴税款及滞 纳金5,494.04万元，上述补缴税款计入公司2025年当期损益，预计影响公司2025年度归属于上市公司股 东的净利润约4,433.21万元。 2.资产减值损失影响。报告期内，公司九凤谷景区因区域市场竞争态势加剧，经营业绩出现持续亏损， 且未见收窄，景区资产存在减值迹象。基于谨慎性原则，公 ...

Group 1 - The core viewpoint of the articles highlights a significant increase in parent-child travel bookings during the winter vacation, with a week-on-week growth exceeding 100% as of January 28 [1][3] - Popular destinations for parent-child travel are primarily focused on ice and snow experiences as well as tropical island getaways, with cities like Harbin, Changchun, Dalian, Sanya, and Beijing leading in popularity [1][3] - The top ten popular destinations for winter vacation parent-child travel include Harbin, Changchun, Dalian, Sanya, Beijing, Shanghai, Xi'an, Xiamen, Guangzhou, and Chengdu, with Harbin's ice tourism experiences being particularly favored [2][3] Group 2 - Theme parks remain the most popular choice for parent-child travel, with booking heat rising nearly 300% for major theme parks like Universal Studios Beijing and Shanghai Disneyland [4] - The booking heat for cultural and art exhibitions has also surged over 200%, indicating a strong interest in family-friendly cultural activities during the winter vacation [4] - Indoor ski resorts have seen a booking heat increase of over 200%, with some locations in the Yangtze River Delta experiencing growth rates of over 500% [5][6] Group 3 - New indoor ski resorts are emerging as popular options, with facilities like Changchun Wanda Ski Resort and Suzhou Hot Snow Miracle gaining attention for their updated amenities and comprehensive services [5][6] - The top indoor ski resorts include Taihu Longzhimeng Ice and Snow World, Huzhou Yunshang Grassland Ski Resort, and Shanghai Traffic Bank Yao Snow Ice and Snow World, among others [6]

中国经济 新亮点= 截至2025年底中央企业资产总额突破95万亿元, 2025年实现利润总额2.5万亿元 ……在国务院新闻办 公室1月28日举行的发布会上,国务院国资委发布数 据显示,2025年是国资央企发展进程中很不平凡、意 义重大的一年,各项工作取得显著成效 在促进国民经济 稳中向好中作出 2011 22 11/1 截至2025年底 中央企业资产总额 突破95万亿元 2025年 实现利润总额2.5万亿元 完成固定资产投资5.1万亿元 上交税费2.5万亿元 有效带动产业链上下游企业融通发展 在推进高水平科技 自立自强中实现 2025年 中央企业研发投入 1.1万亿元 --- 连续4年超过万亿元 新增22位两院院士 创历史最好水平 23个创新联合体 新吸纳超100家创新主体参与攻关 在前沿领域实现一系列突破 Fir 在建设现代化产 业体系中展现 2025年中央企业完成 占总投资 战略性新兴产业投资 41.8% 2.5万亿元 新组建成立 中国雅江集团、中国长安汽车等企业 中国一汽、中国旅游集团 完成动力电池、邮轮运营资源整合 卫星通信、新材料、人工智能、生物技术 等领域专业化整合持续推进 在破除深层次体制 23 ...

在多项政策叠加发力下，2025年中国入境游全方位复苏增长。国家移民管理局数据显示，2025年入境外 国人达8203.5万人次、同比上升26.4%，其中免签入境外国人3008万人次。从热点城市到边境新城，从 观光到深度体验，中国以开放姿态与优质供给成为全球游客青睐目的地。 作为政策核心枢纽的磨憨口岸，政策落地后成效显著，作为政策核心枢纽的磨憨口岸，2025年验放东盟 10国出入境旅游团超160个。 2025年免签入境外国人3008万人次 美国入境旅客：虽然我们来过中国很多次，但这是第一次乘坐中老铁路。这次旅行真的很棒。 2024年底升级的240小时过境免签政策成为流量引擎，2025年新增印度尼西亚为适用国家、广东5个口岸 为政策适用口岸后，全国适用该政策的口岸总数增至65个，有力带动跨境人员流动。此外，中国免 签"朋友圈"持续扩容，新增巴西、俄罗斯、瑞典等11国后，单方面免签国家达48国，互免签证国家扩大 至29国。 老挝籍导游：我们团有来自老挝和泰国的游客，来中国西双版纳旅游四天，他们喜欢这里，是因为中国 的自然风光和中国文化。 国家移民管理局新闻发言人吕宁：2025年，全国移民管理机构共查验出入境外国人82 ...

Core Insights - The event "Juxian Huixi, Shuangwan Integration" in Hong Kong is aimed at enhancing cooperation between Wuxi and Hong Kong across various sectors, including inspection, testing, certification, culture, and tourism [1] Group 1: Cooperation Agreements - A memorandum of cooperation was signed between Wuxi's Market Supervision Administration and the Hong Kong Standards and Testing Centre (STC) to collaborate in the field of inspection and certification [2] - STC will establish the "STC Yangtze River Delta Food (Special Food) Joint Testing and Certification Center" and the "STC Innovative Medical Device R&D Testing Center" in partnership with Wuxi [2] - The collaboration will focus on laboratory data recognition, forward-looking standard formulation, achievement transformation, and talent exchange to enhance Wuxi's international competitiveness in inspection and certification [2] Group 2: Cultural and Tourism Initiatives - Wuxi's Cultural and Tourism Bureau signed a cooperation memorandum with Hong Kong's Wing On Travel to establish a Wuxi Cultural Tourism Promotion Center in Hong Kong [2] - The partnership aims to promote Wuxi's tourism through precise marketing of cultural resources and integrated online and offline strategies [2] - Additionally, a cooperation intention letter was signed with the Hong Kong Jiangsu Youth Association to enhance cross-border promotion of intangible cultural heritage and art technology [2] Group 3: Engagement with Hong Kong Representatives - Wuxi's Commerce Bureau presented consumption "gift packages" to representatives from Hong Kong who arrived on the first direct high-speed train [3]

Core Insights - The ticket prices for popular travel routes are significantly increasing as the Spring Festival approaches, with many flights from cities like Beijing, Chengdu, Wuhan, and Changsha to Sanya seeing economy class prices exceeding 1800 yuan, and some peak times even surpassing 4000 yuan [1][8] - The price surge is not limited to specific dates but has been gradually increasing since a week before the holiday, indicating a typical market response to high demand during peak travel periods [8] Price Trends - For flights from Chengdu to Sanya, economy class prices in early February are concentrated above 2000 yuan, marking a noticeable increase compared to regular pricing [1][4] - Some travelers have reported that ticket prices have risen from over 1000 yuan to nearly 2000 yuan within just a few days, leading to cancellations or alternative travel arrangements to manage costs [4] Market Dynamics - The increase in ticket prices is attributed to the high travel demand during the Spring Festival, a peak season for air travel, particularly to Sanya, a traditional winter vacation destination [8] - Industry experts suggest that travelers should plan their trips in advance or consider alternative routes and off-peak travel times to mitigate costs [8]

（文章来源：北京商报） 北京商报讯1月28日，北京市文化和旅游局发布的消息显示，"十五五"时期，北京将建设高效系统的全 球推广体系。依托市级层面入境旅游工作推进机制，持续优化入境游环境和服务。加强海外精准营销， 针对重点客源市场"32国+3地区"，实施"一地一策"精准推介。用好境外新媒体平台，发挥世界旅游城市 联合会作用，提升"你好，北京""欢乐春节"等活动影响力。高标准做好重大国事服务保障，树立大国首 都旅游形象，打造中国入境旅游首选地。 ...

"2025年是国资央企发展进程中很不平凡、意义重大的一年。"1月28日，国务院国资委副主任庞骁刚在 国新办新闻发布会上介绍道，截至2025年底，中央企业资产总额突破95万亿元，2025年实现利润总额 2.5万亿元，完成固定资产投资5.1万亿元，上交税费2.5万亿元，有效带动产业链上下游企业融通发展， 为我国顺利完成经济社会发展主要目标任务提供了有力支撑。 庞骁刚表示，过去一年国企改革不断深化，在破除深层次体制机制障碍中激发了新活力。国有企业改革 深化提升行动主体任务基本完成，中国特色现代企业制度加快完善，三项制度改革不断深化，管理水平 进一步提高，世界一流企业梯度培育体系加快构建，国资监管效能不断提升，数智化穿透式监管系统建 设取得重要阶段性成效。 庞骁刚还介绍，过去一年中央企业科技创新持续强化，在推进高水平科技自立自强中实现了新突破。 2025年，中央企业研发投入1.1万亿元、连续四年超过万亿元，新增22位两院院士、创历史最好水平， 23个创新联合体新吸纳超过100家创新主体参与攻关，在前沿领域实现一系列突破，国家战略科技力量 作用更加凸显。 而在产业焕新提档升级方面，2025年，中央企业完成战略性新兴产业 ...