编号：2025-008 广州岭南集团控股股份有限公司投资者关系活动记录表 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 活动参与人员 | 上市公司接待人员：董事会秘书石婷、证券事务代表吴旻 | | | 参与单位名称及人员：1、天弘基金管理有限公司行业研究部 | | | 研究总监俞仁钦；2、天弘基金管理有限公司股票投资研究部 | | | 研究员胡晓彤；3、中泰证券股份有限公司研究所商社首席分 | | | 析师郑澄怀；4、中泰证券股份有限公司华北区资深销售经理 | | | 付禹璇。 | | 时间 | 2025 年 9 月 11 日 | | 地点 | 公司会议室 | | 形式 | 现场调研 | | | 1、请介绍一下公司商旅出行和住宿业务及半年度的经营 | | | 情况。 | | | 公司把握国家全方位扩大内需、提振消费政策利好机遇， | | | 紧紧围绕公司"拼经济、促发展、增效益、保安全"年度工作 | | | 主题，发 ...

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]

Financial Performance - In the first half of 2025, the company achieved operating revenue of CNY 2,089.60 million, an increase of 8.52% year-on-year [2] - The net profit attributable to shareholders was CNY 49.53 million, up 24.39% compared to the same period last year [2] - The net asset attributable to shareholders at the end of the period was CNY 2,260.86 million, remaining stable year-on-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 and Tourism Business - The core enterprise for travel services is Guangzhou Guangzhilv International Travel Agency, which achieved operating revenue of CNY 1,535.71 million in the first half of 2025, a year-on-year increase of 11.78% [3] - Outbound tourism (excluding Hong Kong and Macau) generated revenue of 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, reflecting a growth of 34.91% year-on-year [3] Hotel Business - The hotel business reported revenue of CNY 118.56 million in the first half of 2025, a 1.60% increase year-on-year [4] - The net profit from hotel operations was CNY 9.73 million, up 23.26% compared to the previous year [4] - The accommodation sector's revenue grew by 18.49% compared to the same period in 2019 [4] New Retail and Cultural Products - The company developed 87 cultural products in the first half of 2025, with 16 selected as part of the first batch of "Guangzhou Gifts" [6] - The new retail initiatives generated nearly CNY 0.70 million in revenue, with significant growth in seasonal food sales [6] Duty-Free Business - The company, in collaboration with China Duty Free Group and others, established a duty-free company with a registered capital of CNY 45 million, holding a 19.50% stake [8] - The first city duty-free store opened on August 26, 2025, marking a significant step in implementing national duty-free policies [8] - Future plans include leveraging travel agency and hotel resources to enhance duty-free shopping experiences for travelers [9]

Core Insights - In August, the sales revenue growth rate of enterprises nationwide accelerated by 0.9 percentage points compared to July, indicating multiple positive trends [1] Manufacturing Sector - The manufacturing sector maintained steady development, with sales revenue growth in August outpacing the overall national enterprise growth by 1.5 percentage points, accounting for 30.7% of total sales revenue [1] - High-end and digital transformation in manufacturing continued to progress, with sales revenue in equipment manufacturing and digital product manufacturing increasing by 7.4% and 9.6% year-on-year, respectively [1] High-Tech Industry - The sales revenue of the high-tech industry grew by 14.5% year-on-year in August, continuing a rapid growth trend [1] - Breakthroughs in large model high-tech companies accelerated the application of AI technology in intelligent manufacturing, providing sustained momentum for the sector [1] - Sales revenue for industrial robots, special operation robots, and service robots increased by 12.6%, 52.9%, and 64.2% year-on-year, respectively [1] Service Consumption - Service consumption potential continued to be released, driven by summer travel and leisure activities, maintaining a good growth trend since July [1] - Sales revenue for travel agency services, leisure sightseeing activities, and sports venue management increased by 10.3%, 16.9%, and 32.1% year-on-year, respectively [1] - This growth also positively impacted sales revenue for catering delivery services and homestay services, which rose by 9.3% and 13% year-on-year, respectively [1]

Core Viewpoint - The tourism market in September has seen a significant drop in prices for flights and hotels, creating an opportunity for consumers to take advantage of off-peak travel [1][2][3] Group 1: Price Trends - September is identified as a "price trough" for the tourism market, with flight and hotel prices dropping significantly after the summer peak and before the National Day holiday [1] - For example, flights from Beijing to popular Southeast Asian destinations are priced between 800 to 1000 yuan, which is about half the price during the National Day holiday [1] - Domestic group tour prices have decreased by over 20% compared to the summer season, with some popular routes seeing even larger reductions [3] Group 2: Consumer Behavior - Nearly 80% of users are choosing to travel during September to take advantage of lower prices, with a notable increase in older travelers (over 50 years old) making up over 40% of this demographic [2] - The preference among older travelers is shifting towards guided and customized tours, particularly those focused on natural scenery and wellness [2] - Younger travelers are increasingly interested in personalized activities such as hiking, camping, and photography, indicating a diversification in travel preferences [2] Group 3: Market Strategy - Tourism companies are advised to tailor their offerings to meet the changing demands of different consumer groups, such as developing slow travel products for older travelers and flexible travel options for younger consumers [3] - Companies are encouraged to utilize digital tools to monitor market changes and create high-value packages that enhance resource optimization and customer experience [3] - As the National Day holiday approaches, it is expected that travel product prices will gradually increase, particularly for outbound and long-distance travel [3]

Core Viewpoint - Company plans to hold a half-year performance briefing on September 15, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A [2][3]. Group 1: Meeting Details - The meeting is scheduled for September 15, 2025, from 16:00 to 17:00 [2][5]. - It will take place at the Shanghai Stock Exchange Roadshow Center, accessible online [2][5]. - Investors can submit questions from September 8 to September 12, 2025, before 16:00 [2][5]. Group 2: Participants - Key participants include the Chairman, Vice Chairman, and several independent directors of the company [4]. Group 3: Investor Participation - Investors can join the meeting online via the Shanghai Stock Exchange Roadshow Center [5][6]. - Questions can be submitted through the website or via the company's email [5][6]. Group 4: Contact Information - Contact persons for inquiries are Li Lan and Yu Yao, with provided phone numbers and email [6].

Group 1 - The domestic tourism market has seen a rise in family travel and inbound tourism during the summer, with a noticeable increase in off-peak travel as the season ends [1][5] - Data from a travel platform indicates that hotel bookings in Xiamen increased by 9% year-on-year during the summer [3] - Travel agencies are receiving numerous inquiries and bookings for off-peak travel, promoting autumn-themed products and long-distance outbound trips, with overall prices dropping by 15% to 20% compared to the peak summer season [5] Group 2 - Xiamen Airlines' travel sales center reports significant decreases in airfare, particularly for outbound travel, as Australia approaches spring, leading to the introduction of seasonal products [7]

Group 1 - The core point of the article highlights the rapid increase in demand for outbound travel during the National Day holiday, with many European travel products sold out as early as August, indicating a strong interest from Chinese tourists [1][2][3] - The trend shows that travelers are making decisions more quickly and are more decisive in their bookings, with hotel reservations for popular destinations doubling year-on-year [2][3] - The "Golden Week" holiday, combined with the Mid-Autumn Festival, has led to a surge in outbound travel, reflecting diverse travel preferences among Chinese tourists [1][2] Group 2 - The "Caucasus Three Countries" tour package has gained popularity, especially among older travelers, due to the visa-free policy between China and these countries [4] - The travel agency has noted that the demand for long-haul European tours has significantly increased, with some products requiring only three days off work to participate [3][4] - The introduction of additional flights by airlines, such as the increase in frequency for the Guangzhou-Almaty route, is expected to facilitate travel plans for tourists [5][6] Group 3 - The trend of "card point" travel, where travelers can maximize their holiday without taking many days off, is becoming increasingly popular among young professionals [7] - The analysis indicates that travelers are finding better value in booking flights that allow for extended holidays, with late returns being more cost-effective [8] - The data shows that travelers are strategically planning their trips around the holiday schedule to optimize their vacation time [8]

Core Viewpoint - The article discusses the turmoil within the Chinese tour guide industry in Europe, highlighting conflicts between local and foreign tour operators, particularly focusing on the actions of a group of Chinese tour guides in Southern France who are allegedly sabotaging vehicles of non-local operators to protect their market share [1][4][6][21]. Group 1: Industry Conflicts - The article reveals that the so-called crackdown on "domestic airlifted drivers" is actually a well-orchestrated trap designed by a group of Chinese tour guides in Southern France [4][6]. - Simon, a Czech-based tour operator, reports multiple incidents of vandalism against his vehicles, including tire slashing and theft, indicating a systematic campaign against non-local operators [4][6][18]. - The conflict has escalated from online disputes to organized physical actions, with Simon noting that these actions are not isolated incidents but part of a broader trend of violence within the industry [6][12]. Group 2: Legal and Regulatory Issues - Simon's operations, while claiming to be legitimate, may not comply with local regulations, as vehicles registered in the Czech Republic are not authorized to operate in France without proper licensing [10][12]. - The article highlights that many local Chinese tour operators in France also lack complete operational credentials, creating a gray area in compliance that complicates the conflict [12][14]. - The competitive landscape has been further strained by geopolitical factors and market pressures, leading to increased tensions among operators [13][14]. Group 3: Impact on the Industry - The ongoing violence and sabotage not only threaten individual operators but also damage the reputation of the entire Chinese tourism sector in Europe, potentially deterring future tourists [21]. - The article emphasizes that the internal strife could lead to a loss of trust in the European travel market, affecting the overall perception of Chinese operators among tourists [21]. - As the situation escalates, there is a risk of further retaliatory actions, which could lead to more severe conflicts and a deteriorating business environment for all involved [18][21].

Group 1 - Xi'an Tourism Co., Ltd. experienced a stock price increase of 5.85%, reaching 14.30 CNY per share, with a trading volume of 299 million CNY and a turnover rate of 9.14%, resulting in a total market capitalization of 3.385 billion CNY [1] - The company, established on December 31, 1996, primarily operates in domestic commerce, food services, material supply, residential services, and tourism services, with the main revenue sources being travel agency services (63.83%), hotel industry (24.46%), leasing (5.46%), commerce (2.75%), other services (2.56%), and amusement parks (0.94%) [1] Group 2 - Among the top ten circulating shareholders of Xi'an Tourism, Huaxia Fund's Huaxia CSI Tourism Theme ETF (562510) reduced its holdings by 169,800 shares, now holding 515,100 shares, which accounts for 0.22% of the circulating shares, with an estimated floating profit of approximately 406,900 CNY [2] - The Huaxia CSI Tourism Theme ETF was established on December 21, 2021, with a current scale of 704 million CNY, showing a year-to-date return of 0.69% and a one-year return of 17.09%, ranking 4116 out of 4222 and 3587 out of 3789 respectively, while it has incurred a loss of 28.4% since inception [2]