Group 1 - Guizhou Province will implement a tax refund policy for overseas travelers starting from October 1, 2025, aimed at enhancing the shopping experience for foreign tourists [1] - The introduction of the tax refund policy is expected to boost tourism revenue and stimulate growth in retail, dining, and accommodation sectors, contributing to a more mature domestic consumption market [1] - The potential market for the tax refund policy is estimated to be nearly 100 billion, which could further enhance consumption and expand domestic demand [2] Group 2 - The tourism retail operators, particularly leading duty-free operator China Duty Free Group, are expected to benefit from the influx of inbound tourists and increased shopping activities [2] - Travel service providers may see business growth as the optimized tax refund policy is likely to attract more high-spending tourists, particularly from Europe and the United States [2][3] - Scenic destinations are positioned to gain from the influx of inbound tourists, benefiting from the consumer spending driven by the tax refund policy [3] Group 3 - Wangfujing has established a significant presence in Guizhou with multiple commercial complexes, indicating a strategic focus on the southwestern region [8] - Guizhou Cultural Tourism Technology Company, a subsidiary of GuiGuang Network, is involved in the development and operation of cultural tourism projects [9] - SanTe Cableway has signed a contract for the development of a tourism project in the Fanjing Mountain National Nature Reserve, aligning with the tourism growth in the region [10]

上海市正通过一系列"文旅商体演"联动举措刺激消费增长。 9月13日，第36届上海旅游节大巡游活动在黄浦江畔开启，在大巡游活动中，来自海内外的25辆花车和 24支表演团队依次亮相，带来各具特色的巡游表演。 《中国经营报》记者注意到，除了大巡游活动外，在上海旅游节期间，包括东方明珠、上海野生动物 园、海昌海洋公园、上海欢乐谷等63家景区（点）将在9月13日—19日期间，开展2025年第36届上海旅 游节限时门票半价优惠活动。除半价优惠活动外，上海市33家景区（点）针对9月13日出生的游客，推 出9月13日当天景区门票免票活动。 同时，以周杰伦官方二次元IP形象为核心的"乐游上海寻找周同学"活动也正式拉开序幕。今年以来，周 杰伦2025"嘉年华"世界巡回演唱会已经在多个城市举行，并带动了这些城市的消费。据相关媒体报道， 2025年3月，周杰伦三亚演唱会场参与人数总计超过15万人次，带动综合消费超过11亿元。同样是在今 年，周杰伦演唱会厦门站三次开票，开票即售罄，最便宜的500元档票也秒没。 作为上海旅游节活动的重要组成部分，以及周杰伦演唱会上海站的延伸活动，"寻找周同学"活动将 以"周同学上海痛城"为主题概念，打造 ...

Group 1 - The core achievement of Yanqing District's "Two Zones" construction over five years includes 1,219 projects in the pipeline and 740 projects completed, resulting in a completion rate of 60.7% [1] - Tourism is a key focus for development, with the Badaling Great Wall being developed into a world-class scenic area and various seasonal events planned to attract 1.408 million visitors in 2024 [1] - Yanqing has hosted 74 ice and snow events over five years, including 22 international and national-level competitions, engaging 240,000 participants in winter sports [1] Group 2 - The low-altitude economy is a distinctive feature of Yanqing, with over 100 companies gathered in the first civil unmanned aerial vehicle test zone in Beijing, and the establishment of the city's first low-altitude technology industrial park [2] - The revenue of enterprises in the Zhongguancun Yanqing Park has surpassed 100 billion, with industrial output growth in the first half of 2025 ranking second in the city [2] - The district plans to deepen the construction of a national comprehensive demonstration zone for expanding service industry openness, leveraging resources from the Great Wall, Expo, and Winter Olympics to attract quality projects [2]

Business Overview - The company achieved a revenue of CNY 2,089.60 million in the first half of 2025, representing an 8.52% increase year-on-year [2] - Net profit attributable to shareholders reached CNY 49.53 million, a growth of 24.39% compared to the previous year [2] - The net asset value at the end of the period was CNY 2,260.86 million, remaining stable compared to the previous year [2] - The net cash flow from operating activities was CNY 124.78 million, with a debt-to-asset ratio of 39.03% and a weighted average return on equity of 2.16% [2] Travel Business - The core entity for the travel business is Guangzhou Guangzhi Travel International Co., Ltd., which is a leading domestic travel agency [3] - In the first half of 2025, the travel business generated revenue of CNY 1,535.71 million, an 11.78% increase year-on-year [3] - Revenue from outbound tourism (excluding Hong Kong and Macau) was CNY 848.81 million, while domestic tourism revenue was CNY 498.20 million [3] - The net profit for the travel business was CNY 23.29 million, up 34.91% year-on-year [3] Accommodation Business - The accommodation segment includes hotel management and operations, focusing on brand development and capital operation [4] - Revenue from the accommodation business was CNY 118.56 million, a 1.60% increase year-on-year [5] - The net profit for the accommodation segment was CNY 9.73 million, reflecting a 23.26% growth compared to the previous year [5] - The company’s hotel management entity ranks 14th in the "Top 60 Hotel Groups in China" [4] Scenic Area Development - The company has established Guangzhou Guangzhi Travel Yujing Destination Tourism Development Co., Ltd. to manage scenic area projects [6] - Scenic areas managed include the Mingchun Valley and Yuexi Academy, with plans to expand to other provinces [7] - The company is collaborating with various partners to enhance brand marketing and expand the tourism industry chain [7] Senior Tourism Initiatives - The company launched the "Leisure and Active" club in 2024, focusing on tourism products for the elderly [8] - In 2025, new products such as the "Travel Residence 2.0" series and specialized trains were introduced to cater to the senior market [8] Duty-Free Business - The company has partnered with China Duty Free Group and others to establish a duty-free store in Guangzhou [10] - The registered capital for the joint venture is CNY 45 million, with the company holding a 19.50% stake [10] - The first city duty-free store opened in August 2025, enhancing the shopping experience for outbound travelers [10] Cruise Tourism - The company has established a "Cruise Membership Club" to enhance the cruise business [12] - A four-tier membership system is being developed to provide unique experiences and foster long-term relationships with high-net-worth clients [12]

Core Viewpoint - Xiangyuan Cultural Tourism's gross margin increased by 4 percentage points to 51.84% in Q2 2025, attributed to the company's focus on quality improvement and cost control [1] Financial Performance - Sales expense ratio increased by 2 percentage points to 8.27%, mainly due to enhanced promotional efforts [1] - Management expense ratio decreased by 1 percentage point to 10.36% [1] - Net profit margin increased by 1 percentage point to 23.12% [1] Strategic Initiatives - The company plans to further explore local cultural IPs, focusing on two international-level IPs: pandas and tea [1] - Future investments will include Xiangyuan Travel and Xiangyuan General Aviation, aiming to upgrade the strategic positioning as a "cultural tourism service provider" [1] - The company is actively exploring new low-altitude cultural tourism models to create a second growth curve [1] Business Development - The company's scenic area operations are solid, with innovative breakthroughs in the travel service sector [1] - There is a strategic focus on expanding into the cruise business and low-altitude economy, which are expected to become new growth drivers for the company's performance [1] - The investment rating is maintained at "Buy" [1]

来源：哈尔滨日报 13日，雪乡国家森林公园发布"关于雪乡国家森林公园门票价格调整的通知"： 门票价格 雪乡国家森林公园雪乡景区门票实行淡旺季价格： 旺季（11月1日—次年4月30日）为每人次140元， 淡季（5月1日—10月31日）为每人次70元。 按国家、省、市有关政策规定，对儿童、学生、老年人、现役军人、残疾人、公安民警等特定群体实 行优惠政策。 观光车价格 游客进入雪乡景区应按照规定主动购买游览参观门票，购票起48小时内有效，可在门票有效期内往返游览 景区。推荐游客在雪乡电子商务网或微信公众平台提前实名制购票。 责编：万健祎 校对： 祝甜婷 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 雪乡国家森林公园雪乡景区内观光车往返票价每人次15元。 按照"自愿有偿"的原则，是否乘坐观光车由游客自主选择，不强制提供服务。 优惠人群乘坐观光车按照以上规定执行。 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 ...

Core Viewpoint - The VIP "Fast Pass" service at Enshi Grand Canyon was discontinued after just 33 days due to public backlash, highlighting the mismatch between natural scenic areas and theme parks' business models [1][2]. Group 1: Service Comparison - The concept of "Fast Pass" is not new, originating from Disney's FastPass system in 1999, which was initially free and aimed at reducing wait times [5][10]. - Theme parks like Disney and Universal have successfully monetized this concept through dynamic pricing and enhanced customer experience, making it a significant revenue driver [9][10]. - Enshi Grand Canyon's attempt to implement a similar service failed because it did not address the fundamental issues of overcrowding and service quality [11][14]. Group 2: Customer Experience - The pricing for Enshi's VIP service was perceived as excessive, with adults paying 680 yuan, which included a 370 yuan entrance fee, leading to dissatisfaction among visitors [13][14]. - The lack of physical separation between VIP and regular lines contributed to feelings of unfairness among regular visitors, undermining the service's intended purpose [14][16]. - Successful models in the industry focus on enhancing the overall visitor experience rather than just offering paid fast-track options [17][19]. Group 3: Business Model Insights - The core issue for Enshi Grand Canyon lies in its inadequate basic services and chaotic traffic management, which should have been resolved before introducing a paid service [15][16]. - The article emphasizes that any additional services must be built on a foundation of satisfactory basic services to be accepted by consumers [16][19]. - The long-term success of such services relies on genuine customer engagement and experience rather than merely monetizing access [19].

Group 1 - Nanjing universities are launching various welcome activities for new students, including free or discounted admission to local attractions [1][2] - Qixia Mountain scenic area offers free admission for first-year students with their admission notice and half-price tickets for up to two accompanying persons until October 8 [1] - Niushou Mountain scenic area provides a ticket price of 40 yuan per person for 2025 freshmen from September 1 to November 30 [1] Group 2 - The Purple Mountain Cableway has introduced four limited-time discount ticket options for students and teachers, with prices ranging from 39 yuan to 70 yuan [2] - Nanjing China Imperial Examination Museum offers free admission for 2025 freshmen with valid student ID and personal ID until September 30 [2] - Nanjing Happy Valley has a back-to-school ticket promotion for students and teachers, with tickets priced at 109 yuan [2]

Group 1 - The "Golden Week" during the National Day and Mid-Autumn Festival is expected to see a significant increase in travel bookings, with popular routes selling out early [1][2] - Travel consumption trends indicate that consumers are planning trips earlier than in previous years, favoring domestic long-distance travel and diverse experiences such as themed and cultural exploration tours [1][3] - Data from various travel companies show a substantial increase in travel activity, with a 130% year-on-year rise in travelers and over 120% growth in GMV for the "Golden Week" [1] Group 2 - Car rental demand for domestic self-driving trips is projected to grow by 5.8% year-on-year, while outbound self-driving demand is expected to rise by 12.5%, indicating a peak in travel activity [2] - Major travel agencies are preparing for the holiday rush by securing popular travel resources and enhancing service quality to meet increased demand [2] - The tourism industry is experiencing a trend of consumption upgrading, with tourists seeking more immersive experiences and personalized services, leading to the emergence of new business models that integrate tourism with culture, sports, and wellness [3]

Core Viewpoint - The VIP "Fast Pass" service at Enshi Grand Canyon was suspended after only 33 days of trial due to public backlash regarding perceived unfairness and the failure to improve visitor experience [1][3][19]. Group 1: Service Implementation and Public Reaction - The "Fast Pass" model, familiar in theme parks like Disney and Universal Studios, was poorly received when applied to a natural scenic area like Enshi Grand Canyon, leading to accusations of "paying to cut in line" [3][6]. - The official announcement on September 3 indicated that the service was halted immediately based on visitor feedback [3][19]. - Visitors criticized the service for not addressing the core issues of congestion and long wait times, with many expressing dissatisfaction on social media [16][19]. Group 2: Comparison with Established Theme Parks - Disney's "Fast Pass" system, introduced in 1999, was designed to alleviate congestion and enhance visitor experience without additional charges, while Enshi's implementation was a paid service that failed to provide similar benefits [7][10]. - The pricing strategy for "Fast Pass" at established parks is dynamic, adjusting based on demand, whereas Enshi's pricing structure did not reflect a similar understanding of visitor experience [11][19]. - Successful theme parks integrate immersive experiences and effective crowd management, which Enshi Grand Canyon did not replicate, leading to a negative visitor perception [10][20]. Group 3: Economic Implications and Visitor Experience - The introduction of the "Fast Pass" was intended to manage visitor flow at Enshi Grand Canyon, which has seen a significant increase in annual visitors, surpassing 2 million in 2024 [16][19]. - The pricing of the VIP service at 680 yuan for adults, which included a base ticket price, raised questions about its value proposition, as it offered limited benefits compared to the cost [19][22]. - The failure to provide a satisfactory basic service before introducing a paid option led to public disapproval, highlighting the need for a solid foundation of visitor experience before implementing premium services [22][23]. Group 4: Lessons for Future Implementations - The experience at Enshi Grand Canyon illustrates the importance of adapting business models to the unique characteristics of natural attractions rather than simply copying successful models from theme parks [6][20]. - Successful tourist destinations must focus on enhancing the overall visitor experience and operational efficiency before introducing additional paid services [25][27]. - The case of Enshi Grand Canyon serves as a reminder that effective crowd management and visitor satisfaction are crucial for the success of any premium service offering in the tourism industry [27].