证券日报网讯中青旅11月4日在互动平台回答投资者提问时表示，公司作为国内旅行社行业中首家A股 上市的企业、中国第一家拥有中央大型金融控股集团发展背景的旅游类上市公司，经过多年积累，已形 成以"中青旅"品牌为核心，以"遨游"为旅行社业务骨干子品牌，以"乌镇""古北水镇"为景区业务骨干子 品牌，以"中青博联"为整合营销业务骨干子品牌的多产品品牌体系。"中青旅"品牌作为承载公司文化的 主要载体，已深入渗透产品、服务、市场运作的各个环节，为公司旅行社业务赢得广泛的客源，并逐渐 转化为公司作为综合旅游服务商的核心竞争力，在公司拓展发展空间和开展策略性投资方面凸显出卓越 的品牌资源优势。 （文章来源：证券日报） ...

Group 1 - The Chinese government has decided to resume group tours for Chinese citizens to Canada, which is expected to boost the outbound tourism market significantly [1][2] - Following the announcement, flight search volume to Canada increased nearly 100% within one hour, with significant interest in routes from Shanghai and Beijing to various Canadian cities [1][2] - Travel agencies are quickly developing new travel products for Canada, including winter-themed itineraries and unique experiences such as ice sports and aurora viewing [2] Group 2 - The number of round-trip flights between China and Canada is projected to increase significantly, with a 2.5 times year-on-year growth expected by October 2025, although it remains 64.4% lower than in 2019 [3] - The top three routes for flights to Canada are from Shanghai Pudong to Vancouver, Beijing Capital to Vancouver, and Shanghai Pudong to Pearson, with domestic airlines accounting for 67.4% of the flight volume [3]

Core Insights - China has decided to resume travel agency operations for Chinese citizens traveling to Canada, aiming to meet outbound travel demand and enhance people-to-people exchanges between China and Canada [2] - Online travel service provider Qunar reported a significant increase in flight searches to various Canadian cities following the announcement, with searches to Toronto up 61%, Montreal up 223%, and Ottawa up 137% [2] - The number of international flight tickets to Canada from China has increased by 28.1% year-on-year from January to October 2023 [2] Group 1: Travel Demand and Trends - Canada has been a popular destination for Chinese travelers, with over 737,000 visitors in 2018, but the number dropped significantly due to the pandemic, with only about 225,000 visitors in 2023, less than one-third of the peak numbers in 2018 and 2019 [2] - In response to the policy change, travel agency Zhongxin Tourism has launched multiple winter-themed travel packages covering major cities in Canada, which have received positive market feedback and high enrollment rates [3] - A travel agency operator in Vancouver noted that Canada remains a favored North American destination for Chinese tourists, despite a decline in group tours and visitor numbers due to reduced direct flights in recent years [3] Group 2: Flight Operations and Capacity - Prior to the pandemic, there were over 100 weekly flights between major cities in China and Canada, which dropped to only 6 during the pandemic, but flight volumes are now recovering [4] - According to data from flight analysis agency Hangban Guanjia, the number of round-trip flights on the China-Canada route reached 319 in October 2025, a year-on-year increase of over 2.5 times, although it is still down 64.4% compared to 2019 [4] - The top three routes in October included Shanghai Pudong to Vancouver (80 flights), Beijing Capital to Vancouver (70 flights), and Shanghai Pudong to Pearson (36 flights) [4]

Group 1 - The North American outbound tourism market is expected to heat up with the resumption of group tours for Chinese citizens to Canada, as announced by the Chinese Ministry of Foreign Affairs [1] - Flight search volume to Canadian cities has significantly increased, with searches for Toronto up 61%, Montreal up 223%, and Ottawa up 137% compared to the previous year [1] - The resumption of group tours to Canada is seen as a positive development for the tourism industry, enhancing the travel destination matrix in North America and providing more diverse outbound travel options for tourists from Shanghai [1] Group 2 - Companies are preparing to launch new travel products for Canada, including seasonal themes such as tulip viewing in spring, maple leaf viewing in autumn, and ice hockey and skiing in winter [1] - The focus is on ensuring smooth visa processing for tourists and integrating supply chain resources, prioritizing partnerships with airlines and local travel agencies that offer Chinese language services [2] - The Americas division is actively negotiating to expedite product development and launch for Canadian outbound tourism products, pending official notification from tourism authorities [2]

Group 1 - The Chinese government has decided to resume travel agency operations for group tours of Chinese citizens to Canada, aiming to meet outbound travel demand and promote people-to-people exchanges between China and Canada [1] - Following the announcement, there was a significant increase in flight search volumes for Canadian cities on travel platforms, with Toronto seeing a 61% year-on-year increase, Montreal 223%, and Ottawa 137% [1] - From January to October this year, international flight volumes to Canada increased by 28.1% compared to the same period last year [1] Group 2 - Travel agencies like Zhongxin Tourism have quickly launched multiple winter-themed travel routes to Canada, covering major cities such as Toronto, Ottawa, Montreal, Vancouver, and Victoria, with unique experiences like castle hotel stays [1] - The company is preparing for a major product line for Canada in 2026, offering seasonal themed products such as spring tulip viewing, autumn foliage tours, and winter activities like ice hockey and aurora viewing [1] - According to data from Hangban Guanjia, the number of round-trip flights on the China-Canada route in October 2025 reached 319, a year-on-year increase of over 2.5 times [2] Group 3 - In October, the top three routes for flights to Canada were Shanghai Pudong to Vancouver (80 flights), Beijing Capital to Vancouver (70 flights), and Shanghai Pudong to Pearson (36 flights) [2] - Domestic airlines accounted for 67.4% of the flight volume, with the three major airlines (China Eastern, China Southern, and Air China) having a nearly equal share [3] - Canadian Airlines operated 104 flights in October, leading among carriers, with a year-on-year increase of over 2.1 times compared to 2024, but a 65.3% decrease compared to 2019 [3]

Core Viewpoint - Shanghai New Nanyang Angli Education Technology Co., Ltd. (referred to as "Angli Education") plans to acquire 100% equity of Shanghai Leyou Yutu International Travel Agency Co., Ltd. for a transaction price of 38 million yuan, representing a premium of 516.23% over the company's net asset value of -9.1295 million yuan [1][3]. Group 1: Asset Evaluation - The company used both asset-based and income approaches for the valuation of the target company, resulting in an asset-based valuation of -9.1254 million yuan (an increase of 0.04%) and an income-based valuation of 38.5 million yuan (an increase of 521.71%) [3]. - The final transaction price of 38 million yuan is based on the income approach, with an expected goodwill of approximately 47 million yuan [3]. Group 2: Target Company Operations - The target company primarily engages in tourism, with reported revenues of 65.9225 million yuan and 38.6414 million yuan for 2024 and the first half of 2025, respectively, and net losses of 435,800 yuan and 567,200 yuan for the same periods [4]. - The related parties have committed that the target company will achieve a total audited revenue of no less than 480 million yuan and a total audited net profit of no less than 5 million yuan from 2025 to 2028 [4]. Group 3: Payment Terms - The transaction price will be paid in two installments: 35 million yuan for the first installment and 3 million yuan for the second installment, contingent upon certain conditions [5]. - Shanghai Xianghong will manage the working capital of Shanghai Leyou, and will repay its funding occupation after receiving the first installment [5]. Group 4: Board Review - During the board meeting, 4 out of 11 directors abstained from voting on the acquisition, citing concerns over project clarity and the uncertainty of business synergy between the target company and Angli Education [6][7]. - Independent directors expressed doubts regarding the acquisition's support for the main business and suggested exploring cooperation rather than acquisition if business synergy exists [8][9].

Core Viewpoint - On October 30, 2023, Angli Education announced its plan to acquire 100% equity of Shanghai Leyou Yutu International Travel Agency Co., Ltd. from Shanghai Xianghong Cultural Tourism Development Group Co., Ltd. for a transaction price of 38 million yuan [1] Group 1 - The acquisition is part of Angli Education's strategic planning and development needs for its silver-haired business [1] - The transaction aims to enrich the service content and product matrix of the silver-haired business, solidifying the company's second growth curve [1] - This move is intended to support the high-quality implementation and sustainable development of the silver-haired strategy [1]

Core Viewpoint - The company announced a transaction to acquire 100% equity of Shanghai Leyou Yutu International Travel Agency Co., Ltd. for a total consideration of 38 million RMB, indicating a strategic move to expand its presence in the cultural tourism sector [1] Summary by Relevant Sections Transaction Details - The acquisition will be executed in two phases, with the first payment of 35 million RMB and the second payment of 3 million RMB [1] - The seller, Shanghai Xianghong Cultural Tourism Development Group Co., Ltd., has committed that the audited total revenue of Shanghai Leyou from 2025 to 2028 will not be less than 480 million RMB, and the audited net profit will not be less than 5 million RMB [1] Performance Commitment - Should the performance commitments not be met, the seller will compensate the company proportionally [1]

Core Insights - The sales of tickets and entertainment packages for the Double 11 event have exceeded 1 million, significantly surpassing last year's total sales during the same period [1][5] - Travel-related merchants have experienced strong growth, with the number of merchants achieving over 10 million in transaction value during Double 11 significantly exceeding last year [5] Group 1: Sales Performance - As of October 29, ticket and entertainment package sales have surpassed 1 million, with international and domestic travel products showing substantial growth compared to last year [1] - Sales of chartered tours and visa services have increased by over 50% compared to the same period last year [1] - The number of travel agencies and vacation merchants achieving over 10 million in sales during Double 11 has significantly increased compared to last year [5] Group 2: Consumer Trends - Consumers are increasingly willing to spend on quality and engaging travel experiences, as indicated by the popularity of new travel products [5] - The introduction of overseas charter services and unique travel packages, such as helicopter tours, has attracted significant consumer interest [5] - The trend towards all-inclusive cruise travel has shown remarkable growth, with international cruise transaction users increasing by nearly 30% year-on-year [5] Group 3: Popular Products - Major theme parks and resorts have launched attractive promotional products, with brands like Chimelong, Shanghai Disneyland, and Universal Studios Beijing participating [5] - Domestic cruise sales have surged by 200% compared to last year, with specific products like the Three Gorges cruise seeing over 26,000 units sold [5] - A newly launched tour package to Murmansk for viewing the Northern Lights has quickly gained popularity, achieving over 10 million in sales within 24 hours of its launch [6]

Core Viewpoint - The "silver tourism" economy is experiencing significant growth, with the elderly becoming a major force in tourism consumption. However, the increasing age and declining physical abilities of older travelers raise concerns about their safety during trips, particularly regarding the responsibility of travel agencies in informing them about potential risks [1]. Group 1 - The elderly demographic has ample free time, making group travel a popular choice for their later years [1]. - There is a heightened risk of injury for older travelers due to declining physical capabilities as they age [1]. - The legal implications for travel agencies regarding their responsibility to adequately inform elderly tourists about activity risks are being examined [1].