"2025全国文旅上市公司上海行"活动现场。 许泽宇 摄 上海市徐汇区和松江区风光。 张大伟 制图 ◎记者 杨翔菲 罗茂林 胡嘉树 作为提振大众消费的重要一环，近年来文旅产业的重要性与日俱增。日前，在"2025全国文旅上市公司 上海行"活动上，全国近百家文旅上市公司、优强企业走进上海市徐汇区和松江区实地考察相关文旅项 目，并于徐汇西岸共话上海文旅产业发展新机遇。 会上，上海市、区两级文旅部门先后登台推介，向全国文旅企业发出热情邀约。"布局未来文旅产业， 上海将成为必争的核心区域"也成为参会企业的共识。 本次活动主题为"'申'情相约，共'赢'文旅"。活动由上海市文化和旅游局主办，上海证券报社联合主 办，上海市文化和旅游事业发展中心、徐汇区文化和旅游局、松江区文化和旅游局协办。 新故事： 上海打造"海派"文旅名片 徐汇区副区长魏兰在会上介绍，2024年，徐汇区文化及相关产业总营收突破1500亿元，占全市总量超五 分之一，连续5年位居全市第一。与此同时，区内培育了一批如米哈游、鹰角、莉莉丝等立足徐汇、辐 射全球的文化标杆企业。 上海国际旅游度假区管委会产业发展处处长叶帆在会上介绍，该旅游度假区已形成以迪士尼乐园为核 ...

Core Insights - The CEOs of the trade and tourism sectors in Kenya have the lowest economic growth expectations for 2025, with 37% of trade executives anticipating growth below 3% and about 24% of tourism CEOs sharing similar views [1] - In contrast, the real estate sector shows optimism, with approximately 25% of respondents expecting growth to exceed 6% [1] - Respondents believe that improvements in the service sector, increased private sector activity, and a stable macroeconomic environment (including low inflation and stable exchange rates) will support economic growth [1] - Recent increases in tariffs on Kenyan goods by the U.S. and the expiration of AGOA are expected to raise import costs, reduce exports, and potentially lead to a decline in consumer demand, posing downward pressure on industry growth [1]

Investment Rating - The investment rating for Huangshan Tourism (600054) is "Buy" (maintained) [1] Core Insights - The company reported a robust revenue growth of 8.75% year-on-year for the first three quarters of 2025, achieving a total revenue of 1.535 billion yuan. The third quarter alone saw a revenue of 595 million yuan, reflecting a 3.05% increase year-on-year [6] - Despite the revenue growth, the net profit attributable to the parent company decreased by 11.02% to 253 million yuan, primarily due to increased resource usage fees and rising sales expenses, which surged by 53.3% to 59.66 million yuan [6] - The company successfully narrowed the scope of free tickets, resulting in a significant increase in average ticket price to 376 yuan, a 12.2% rise compared to the same period in 2024, while the number of visitors reached 3.7572 million, up 3.44% year-on-year [6] - The company has also seen a remarkable 80.45% increase in inbound tourists, reaching 111,700 visitors, indicating a strong performance in the international market [6] - New business initiatives include the opening of the Beihai Hotel and progress in the East Huangshan expansion project, which are expected to enhance the company's accommodation capacity and optimize visitor flow [6] Financial Summary - The total revenue forecast for 2025 is 2.141 billion yuan, with a projected net profit of 282 million yuan, reflecting a decrease from previous estimates due to the impact of resource usage fees [5][6] - The company's projected earnings per share for 2025 is 0.39 yuan, with a price-to-earnings ratio of 29 [5] - The expected return on equity (ROE) for 2025 is 5.8%, with a gradual increase projected in subsequent years [5]

证券日报网讯 10月29日晚间，九华旅游发布2025年第三季度报告称，2025年前三季度公司实现营业收 入668，005，851.60元，同比增长17.40%；归属于上市公司股东的净利润为180，705，632.01元，同比 增长17.65%。 （编辑 任世碧） ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown significant improvement in the operational efficiency of its main business, the cableway operations, while actively expanding into new business areas to seek additional growth [8] - The key project, Qiandao Lake Muxin Valley, is currently under construction and is expected to become a new performance growth point in the future [8] - The company is projected to achieve revenues of 6.58 billion, 7.24 billion, and 7.92 billion yuan for the years 2025 to 2027, with year-on-year growth rates of -5%, +10.0%, and +9.5% respectively [8] Financial Performance Summary - For the third quarter of 2025, the company reported revenues of 211 million yuan, a year-on-year decrease of 12.82%, and a net profit attributable to shareholders of 71 million yuan, down 10.67% year-on-year [8] - The gross margin for Q3 2025 was 63.86%, a decrease of 1.54 percentage points year-on-year, while the net profit margin was 33.50%, an increase of 0.8 percentage points year-on-year [8] - The company’s revenue for the first three quarters of 2025 was 503 million yuan, down 9.07% year-on-year, with a net profit of 138 million yuan, down 11.07% year-on-year [8] Earnings Forecast - The company’s projected earnings for 2025 include revenues of 658 million yuan, a decrease of 5.0% year-on-year, and a net profit of 160 million yuan, an increase of 12.4% year-on-year [7] - The earnings per share (EPS) is expected to be 0.90 yuan in 2025, with a price-to-earnings (PE) ratio of 16.8 [7] - The return on equity (ROE) is projected to be 10.8% in 2025, increasing to 12.4% by 2027 [7] Market Performance - The company’s stock price closed at 15.15 yuan as of October 28, 2025 [2] - Over the past 12 months, the company’s stock has experienced a performance decline of 9%, compared to the Shanghai and Shenzhen 300 index [4]

北京商报讯（记者 吴其芸）10月29日，大连圣亚发布2025年第三季度报告，报告期内，大连圣亚实现 营业收入2.43亿元，同比增长7.32%；归属于上市公司股东的净利润8186.58万元，同比下降11.85%。 ...

Core Insights - Jiuhua Tourism reported a revenue of 185 million yuan for Q3 2025, representing a year-on-year growth of 6.37% [1] - The net profit attributable to shareholders of the listed company was 39.02 million yuan, showing a slight decline of 0.7% compared to the previous year [1] Financial Performance - Revenue: 185 million yuan, up 6.37% year-on-year [1] - Net Profit: 39.02 million yuan, down 0.7% year-on-year [1]

Core Insights - Guilin Tourism reported a revenue of 142 million yuan for Q3 2025, representing a year-on-year decline of 2.73% [1] - The net profit attributable to shareholders of the listed company was 27.76 million yuan, showing a year-on-year increase of 7.2% [1] Financial Performance - Revenue: 142 million yuan, down 2.73% year-on-year [1] - Net Profit: 27.76 million yuan, up 7.2% year-on-year [1]

Core Insights - The "silver economy" is rapidly growing in China, driven by an increasing elderly population with strong purchasing power [2][3][4] - By the end of 2024, the elderly population aged 60 and above is expected to exceed 310 million, accounting for 22% of the total population [2] - The silver economy is projected to reach 30 trillion yuan by 2035, representing 10% of the GDP [3] Group 1: Consumption Trends - "Self-indulgent consumption" is emerging as a new market driver, with retirement clubs gaining popularity among seniors [3][4] - The elderly are increasingly willing to pay for social activities and learning experiences, with a notable rise in silver tourism, which now accounts for over 20% of total tourism in China [4][5] - Revenue from elderly tourism services, health services, and cultural activities has seen significant growth, with increases of 26.2%, 23.9%, and 20.7% respectively in the first half of the year [5][12] Group 2: New Business Models - The shift in elderly needs is prompting innovation in commercial spaces, with shopping malls adapting to provide social and learning opportunities for seniors [8][9] - A notable example includes a shopping mall in Chongqing that transformed into a "silver-themed store," resulting in a 307% increase in sales on opening day [8] - The demand for travel and leisure among seniors is leading to the establishment of numerous travel and wellness centers, significantly boosting local economies [9][10] Group 3: Product Innovation - There is a growing market for products specifically designed for the elderly, such as larger chess pieces and modified toys that cater to their needs [10][11] - The integration of technology into elderly care is increasing, with smart devices and robots becoming commonplace in daily life, enhancing convenience and engagement for seniors [11][12] - Sales of smart elderly care technologies and wearable devices have seen year-on-year growth of 33.7% and 32.6% respectively [12]

（央视财经《正点财经》）演艺市场的火热正逐渐带动成为城市文旅发展的新引擎。福建各地也正在以演唱会为核心，打造多个沉浸式体验场景。同时持续 创新"票根+"模式，将票根升级为串联餐饮、零售等多元消费场景的"钥匙"，实现跨业态联动引流。 不仅热门景点迎来客流高峰，演出场馆和各大景点附近的酒店住宿预订量也出现明显增长。 "跟着演出去旅行"已经成为年轻人的旅行方式，据不完全统 计，今年以来，新一线城市几乎每个周末都有一场规模在5000人以上的演出活动。跨城观演的游客越来越多。 演唱会期间，记者走访多家商圈发现客流增长明显。在厦门的一家商圈内，首次进驻的主题周边快闪店吸引大量消费者。商场还在快闪店周边以及所在街 区，设置了带有厦门滨海城市元素的帆船、海浪等场景，供歌迷粉丝拍照打卡。 据介绍，快闪店开业8天时间，销售额就突破千万。商场还推出一系列"票根福利"，歌迷粉丝凭借演唱会门票，可以参与商场内32家餐饮品牌优惠等，全场 销售额大幅提升。 福建厦门某商场推广部负责人 沈达夫：演唱会期间我们的客流量同比已经超过了105%，其中餐饮品牌的增长是最为显著的，带动了全场餐饮提升40%左 右。 福州市还特别为演唱会观众定制了多条旅 ...