证券研究报告·公司点评报告·旅游及景区 祥源文旅（600576） 收购金秀莲花山 100%股权，外延扩张逻辑 持续兑现 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 722.26 | 864.12 | 1,260.35 | 1,646.52 | 1,896.41 | | 同比（%） | 55.81 | 19.64 | 45.85 | 30.64 | 15.18 | | 归母净利润（百万元） | 151.30 | 146.55 | 226.37 | 350.72 | 437.02 | | 同比（%） | 571.66 | (3.14) | 54.47 | 54.93 | 24.61 | | EPS-最新摊薄（元/股） | 0.14 | 0.14 | 0.21 | 0.33 | 0.41 | | P/E（现价&最新摊薄） | 51.37 | 53.03 | 34.33 | 22.16 | 17.78 | [Tabl ...

Group 1 - The core point of the news is the update on the construction progress of the Lion Peak Scenic Area cable car project by Jiuhua Tourism (603199.SH) [2][4] - The project has completed the main construction of the Heihu Song Bridge, which is part of the auxiliary road and bridge engineering [2][4] - The import equipment for the cable car has been received and accepted, and the civil engineering work for the cable car is progressing in an orderly manner [2][4]

证券日报网讯12月3日，九华旅游（603199）在互动平台回答投资者提问时表示，公司重视股东回报， 坚持市值管理的核心逻辑，聚焦主责主业、拓展产业链布局、强化市场开发、提升经营业绩，努力为投 资者创造长期投资价值。 ...

Group 1 - The company, Electric Broad Media (000917.SZ), announced an investment of 60 million yuan using its own funds to establish a joint venture named "Zhangjiajie Mango Cultural Tourism Co., Ltd." in collaboration with Mango Super Media and Zhangjiajie Tourism Group [2] - The joint venture will be responsible for the quality improvement and actual operation of the Dayong Ancient City project [2] - This investment constitutes a related party transaction, and the related directors have abstained from voting [2]

Group 1 - The company, Yunnan Tourism, reported that as of November 28, 2025, the number of shareholders is 68,240 [2]

Group 1 - The major shareholder is currently developing the East Gate project of Huangshan Scenic Area, and the company has not yet been involved in this project [2] - The operation of the East Gate cableway project is expected to enrich the route offerings of Huangshan Scenic Area, positively impacting its operations [2]

Core Viewpoint - Zhangjiajie Tourism Group Co., Ltd. (*ST Zhang) has selected Mango Excellent Media Co., Ltd. and Hunan Electric Broad Media Co., Ltd. as restructuring investors to participate in its restructuring process, with a formal investment agreement signed on November 13, 2025 [1] Group 1 - The joint venture "Zhangjiajie Mango Cultural Tourism Co., Ltd." is to be established with a registered capital of 180 million yuan, with each of the three parties contributing 60 million yuan, representing one-third of the total capital [1] - The joint venture will not be consolidated into *ST Zhang's financial statements and will be responsible for the quality improvement and actual operation of the Dayong Ancient City project [1] - The restructuring application for *ST Zhang was accepted by the Zhangjiajie Intermediate People's Court on November 3, aiming to protect the legal rights of creditors, debtors, and employees through a market-oriented and lawful process [1]

Summary of Emei Mountain Company Conference Call Industry and Company Overview - The conference call pertains to Emei Mountain Company, which operates in the tourism industry, specifically focusing on the Emei Mountain scenic area and its related services such as ticketing, cable cars, and hotel accommodations [2][10]. Key Points and Arguments - **Technological Empowerment**: Emei Mountain is actively exploring technological innovations to enhance visitor interaction and experience, aiming to increase tourist flow and related revenues from tickets, cable cars, and hotels. This initiative is primarily managed by subsidiaries Shitu Network and Lingchuang [2][3]. - **Leshan Airport Development**: The upcoming opening of Leshan Airport is seen as a significant opportunity. The company plans to enhance marketing efforts to improve awareness of travel convenience to Emei Mountain and develop corresponding travel routes, while continuing to promote joint tourism routes with the Leshan Giant Buddha [2][6]. - **Golden Summit Cableway Project**: The approval process for the Golden Summit cableway renovation is complex, requiring national-level approvals. The project is part of the 2025 capital expenditure plan, with no significant changes in investment scale or amount anticipated [2][7][8]. - **High Debt Ratio**: The company's high asset-liability ratio is attributed to its strategic development as a wholly state-owned enterprise, which also undertakes some tourism infrastructure construction responsibilities. Currently, there are no plans for equity pledge financing [2][9][10]. - **Social Responsibility and Marketing**: The company is conducting free ticket and cable car promotions as part of its social responsibility and marketing strategy, aimed at enhancing its market value management, which is a long-term goal [5][10]. - **New Product Launches**: Emei Mountain's tea brand, Emei Snow Bud, has introduced new products like beer, with efforts underway to enhance marketing and brand influence, aiming to make these products a highlight of sales revenue [5][11]. - **Impact of Holiday Policies**: National holiday policies, such as the Spring and Autumn holidays, positively influence tourist flow. The company plans to leverage these policies with targeted marketing activities and develop specific tourism products for these periods [5][12]. - **Visitor Demographics**: Post-introduction of the Autumn holiday, there has been a positive impact on visitor numbers, with approximately 80% of visitors being individual travelers and over 50% being under the age of 45 [12]. Other Important Information - The company is currently in a phase of exploring AI and robotics, which is not expected to yield significant short-term profits but is aimed at attracting younger demographics and enhancing visitor experiences [3]. - The company is not facing any competition issues with its new major shareholder, as per the strategic decisions made by the local government [10]. - The company is committed to ongoing communication regarding project updates and operational timelines through official announcements [7][8].

海南早已成为我的第二故乡。这片土地的开放、包容与活力，让我这个异乡人找到了归属，也看到 了无限可能。我坚信，在自贸港政策的持续赋能下，海南旅游业将迎来更加广阔的未来。(整理/李艳玫) 我是马来西亚人，2017年加入三亚亚特兰蒂斯。刚来时，三亚海棠湾不少设施仍在建设中，如今已 是高端酒店林立、道路畅通、绿化优美的国际旅游消费区域。同时越来越多的国际面孔出现在我们场馆 ——来自欧洲、东南亚等全球各地的自由行旅客、亲子家庭和年轻社群成为重要客源。这种变化不仅反 映了三亚旅游国际化程度的提升，也推动我们持续优化服务、升级互动项目，以满足不同文化背景游客 的体验需求。 这些年，我们不断升级场馆设施，引入更多沉浸式科技与生态展示内容，推出定制化互动项目，让 游客每一次到访都有新体验。这种变化，正是海南自贸港建设不断加速的缩影——不只是硬件设施的提 升，更是服务理念与业态模式的全面焕新。 三亚亚特兰蒂斯水族馆运营副总监黄鉦業： 我们的国际游客越来越多了 ...

中新网天津12月2日电 (记者 周亚强)记者2日从天津市文化和旅游局获悉，天津市新增4家A级旅游景 区。其中，天津津翔野生动物园景区获评国家4A级旅游景区；天津庆王府旅游景区、华利集团电力文 化旅游景区和小辛码头旅游景区获评国家3A级旅游景区。 此次评定工作依据国家标准《旅游景区质量等级划分》和《旅游景区质量等级管理办法》，由滨海新 区、和平区、东丽区、宝坻区文化和旅游局推荐，经天津市文化和旅游局按程序组织综合评定，并于 2025年11月28日完成公示。 据了解，新晋4A级的天津津翔野生动物园景区位于中新天津生态城，其前身为"亿利精灵乐园"，于 2024年升级更名并正式开园。园区以"水韵、绿脉、野趣"为生态特色，构建了滨水生态景观体系，饲养 动物百余种，设有"猛兽世界""熊猫公馆"等26处主题展区与沉浸式馆舍。园内平原、水岸、林地等多样 地貌错落分布，既为动物营造了接近半野生的栖息环境，也为游客提供了步移景异、富有自然野趣的游 览体验。 此次获评3A级的景区各具特色。天津庆王府始建于1922年，1923年正式落成，现为全国重点文物保护 单位、天津市文物保护单位和天津市特殊保护级别的历史风貌建筑。华利集团电力文 ...