从周边游到境内长线游，再到出境游，携宠出游的路线和距离越来越长。11月30日，随着众信旅游首个 携宠出境游团发团日期渐近，由此引发的业界对于携宠出游的讨论也持续走热。选择携宠出境的游客大 多有丰富的旅行经验，偏好慢节奏的度假模式，关注重点是宠物的吃喝玩乐与安全保障。在需求增长的 背后，携宠出游市场仍是蓝海，大量旅行社还未涉足这一领域。产业链条中，境内外的航司、酒店等正 加速推进宠物友好理念，有航司将宠物托运体重上限提升，有连锁酒店正在试点推行宠物友好客房。但 多重挑战仍存在：国际航线"宠物进客舱"落地难，宠物出境手续繁琐，酒店服务标准化不足、专业配套 欠缺。随着"人宠同源"理念深化，产业链各环节的宠物配套基础设施建设仍需不断完善。 众信旅游集团旗下全景旅游东南亚部宠物产品负责人李超注意到这一趋势。他表示，"毛孩子"已经成为 家庭的重要成员，宠物经济也已是成熟模块，宠物出游本身就是一个商机。再加上一些经常单人出行、 家有宠物的游客向他反馈，往往会因为"分离焦虑"放弃时间较长的出境游，市场还缺乏支持带宠物同行 的出境游产品。 在经过大量调研之后，李超了解到，有带宠物出境游需求的主人明显偏好慢节奏的度假模式。他们不 ...

本报（chinatimes.net.cn）记者王敬 北京摄影报道 一场大型体育赛事，成为区域"体育+文旅"产业融合的超级催化剂。借力第十五届全运会的举办，粤港 澳大湾区正迎来这一产业的深度融合与升级。 杨秋荣指出，《四方协议》具有三重重要意义：一是深化内地与港澳体育协同发展，以体育合作为纽 带，将"一国两制"制度优势转化为区域发展动能，通过竞技体育协同、群众体育共建等具体举措，强化 竞技体育人才培养、提升国际赛事运营能力、丰富体育供给，激活体育产业消费潜力；二是打造区域融 合发展示范样本，以体育合作为切入点，探索跨区域协同发展的有效模式，其在规则衔接、机制对接等 方面的实践经验，可为大湾区其他产业融合发展提供参考借鉴，提供可复制、可推广的"体育+" 融合样 本；三是提升我国体育事业质量，依托香港的国际赛事运营经验、澳门的休闲体育基础、广东的竞技体 育与群众体育规模优势，构建优势互补的协同发展机制，推动体育事业向高质量发展转型。 此外，协议还延伸出多重价值。一是有助于提升大湾区国际影响力，通过联合举办国际体育赛事、打造 区域体育品牌，增强大湾区在全球体育领域的话语权与吸引力；二是能够促进港澳青年融入国家发展， ...

Core Viewpoint - The company announced a significant acquisition of Shanghai Leyou, aiming to enhance its strategic positioning in the aging economy sector while addressing investor concerns regarding the high premium paid for the acquisition and the associated risks [1][2][4]. Group 1: Acquisition Details - The company plans to acquire 100% of Shanghai Leyou for 38 million yuan, despite Leyou's negative net asset value of -9.1295 million yuan, resulting in a premium rate of 516.23% [2]. - The acquisition is seen as a strategic move to achieve business synergy, leveraging Leyou's established market presence in the tourism sector to enhance the company's offerings for the elderly demographic [2][4]. - The company has set performance targets for Leyou, requiring a combined revenue of at least 480 million yuan and a net profit of 5 million yuan from 2025 to 2028, which poses a significant challenge given Leyou's current losses [2][4]. Group 2: Board and Investor Concerns - During the board meeting, four out of eleven directors abstained from voting on the acquisition, citing concerns over business synergy and project clarity [3][4]. - The company acknowledged these concerns and emphasized the importance of strategic alignment and the potential for Leyou to contribute positively to the company's core education business [3][4]. Group 3: Future Plans and Financial Performance - The company reported substantial profit growth in the first three quarters of 2025 and is optimistic about maintaining this growth trajectory [5]. - Plans for 2026 include setting specific revenue targets and expansion strategies, although details will be disclosed in future announcements [5]. - The company is committed to increasing its investment in research and development, particularly in educational technology and course development, despite a decrease in R&D expenses in the previous quarter [6]. Group 4: Market Position and Shareholder Engagement - The company is actively exploring opportunities in the silver economy, with plans to open additional locations for its "Happy Community" initiative, which currently has four stores [8]. - The company is aware of its stagnant stock price despite a bullish market and attributes this to various external factors, including macroeconomic conditions and market liquidity [8]. - Future decisions regarding shareholder dividends will be based on operational performance, cash flow, and development plans [7].

Core Viewpoint - The acquisition of Shanghai Leyou by Angli Education has raised concerns due to a high premium of 516.23%, with discussions around the valuation and associated risks [1][2][3] Acquisition Details - Angli Education plans to acquire 100% of Shanghai Leyou for 38 million yuan, despite Leyou's negative net asset value of 9.1295 million yuan [2] - The acquisition is expected to generate approximately 47 million yuan in goodwill [2] - The chairman of Angli Education stated that the acquisition aims for strategic and business synergies, particularly focusing on the aging population and the silver economy as a second growth curve [2][7] Board Concerns - Some board members expressed doubts about the acquisition's support for the main business, with four out of eleven directors abstaining from the vote, indicating internal disagreements [3] - Independent directors later supported the valuation methods used, asserting that the assessment reflected the company's value accurately [3] Financial Implications - The acquisition poses financial risks, including potential impairment if performance does not meet expectations [4] - Shanghai Leyou is projected to have revenues of 65.9225 million yuan and 38.6414 million yuan for 2024 and the first half of 2025, respectively, with net losses of 435,800 yuan and 567,200 yuan [5] - Performance guarantees have been set, requiring Leyou to achieve a total audited revenue of no less than 480 million yuan and a net profit of at least 5 million yuan from 2025 to 2028, with a maximum compensation of 19 million yuan if targets are not met [5][6] Market Strategy - Angli Education is positioning itself in the silver economy, having already begun research and development in this area, with plans to launch the "Happy Community" project targeting active seniors [7] - The company aims to provide personalized travel services for the elderly, integrating its educational offerings with tourism [7][8] Competitive Landscape - The silver economy is becoming increasingly competitive, with various educational companies entering the market, including projects from Zhuoyue Education and New Oriental [8] - Angli Education differentiates itself by focusing on offline services, as over 70% of Leyou's customer base consists of seniors [8] Strategic Importance - The acquisition is viewed as a high-risk, high-reward strategy, with success dependent on transforming Leyou into a profitable entity that complements Angli Education's core business [9] - The integration of education and tourism is seen as crucial for capturing market share in the burgeoning silver economy [9]

Core Viewpoint - The acquisition of Shanghai Leyou by Angli Education is primarily aimed at achieving strategic and business synergies, particularly in catering to the aging population and enhancing the company's core education business [1][2]. Group 1: Acquisition Details - Angli Education plans to acquire 100% equity of Shanghai Leyou for 38 million yuan, despite the latter's net asset value being -9.1295 million yuan, resulting in a premium rate of 516.23% [1]. - The acquisition is expected to provide personalized travel services to the elderly demographic, which aligns with the company's strategy to tap into the silver economy [1]. - Shanghai Leyou has a significant customer base of elderly clients, with over 70% of its offline store clientele being seniors, which can drive traffic to Angli Education's "Happy Community" initiative [2]. Group 2: Board and Governance - During the board's review of the acquisition, 4 out of 11 directors abstained from voting, which is noted as unusual in M&A cases [2]. - The reasons for the abstentions included concerns over the small scale of the target company and insufficient clarity regarding its operational status [3]. Group 3: Financial Performance and Projections - The acquisition includes performance commitments, requiring Shanghai Leyou to achieve a total revenue of no less than 480 million yuan and a net profit of at least 5 million yuan from 2025 to 2028, which poses a significant challenge given the company's current losses [3][4]. - Angli Education's revenue for the first three quarters of 2025 reached 1.081 billion yuan, marking a year-on-year increase of 12.03%, while net profit rose by 141.11% to 45.9309 million yuan [5].

教育科技公司昂立教育一则跨界收购案，因高达516%的溢价率引发市场瞩目与质疑。11月26日，在昂 立教育召开的 2025 年第三季度业绩暨乐游项目收购说明会上，昂立教育集团董事长兼总裁周传有回应 了此次高溢价收购上海乐游的原因，同时表示将银发经济业务作为公司业务增长的第二曲线。此前，昂 立教育拟收购上海乐游，交易作价3800万元，溢价率516.23%，引发业内对估值合理性与收购风险的广 泛讨论。然而，上海乐游当前处于亏损状态、加上部分董事投出的弃权票以及交易将形成的4700万元商 誉，均为这笔战略投资增添了诸多不确定性。未来，昂立教育的这场跨界豪赌仍存在诸多挑战。 高溢价的收购 近日，"昂立教育拟收购上海乐游100%股权"一事受到多方关注。 根据昂立教育发布的关于对上海证券交易所《关于资产收购事项问询函》（以下简称《问询函》）回 复，昂立教育拟收购上海湘宏文化旅游发展集团有限公司（以下简称"上海湘宏"）持有的上海乐游誉途 国际旅行社有限公司（以下简称"上海乐游"）100%股权。上海乐游净资产账面价值负912.95 万元，交 易作价3800万元，溢价率516.23%。值得一提的是，本次收购预计形成约4700万元 ...

Core Viewpoint - The acquisition of Shanghai Leyou by Anli Education has sparked market attention and skepticism due to a high premium rate of 516.23%, raising questions about valuation and associated risks [1][3][4]. Acquisition Details - Anli Education plans to acquire 100% of Shanghai Leyou for 38 million yuan, despite Leyou's negative net asset value of -9.1295 million yuan, resulting in a premium of 516.23% [3][4]. - The acquisition is expected to generate approximately 47 million yuan in goodwill [3][4]. - Anli Education's chairman stated that the acquisition aims to achieve strategic and business synergies, particularly focusing on the silver economy as a second growth curve for the company [3][10]. Board Concerns - Some board members expressed concerns about the acquisition's support for the main business, with four out of eleven directors abstaining from the vote, indicating internal disagreements [4][12]. - Independent directors later supported the valuation methods used, asserting that the assessment reflects the true value of the target company [4][12]. Financial Implications - The acquisition could lead to significant financial risks, including potential impairment if performance does not meet expectations [5][12]. - Anli Education has set performance targets for Shanghai Leyou, requiring a total audited revenue of at least 480 million yuan and a net profit of at least 5 million yuan from 2025 to 2028, with a maximum compensation of 19 million yuan for unmet targets [7][8]. Market Strategy - Anli Education is positioning itself in the silver economy sector, targeting active elderly individuals with personalized travel services through Shanghai Leyou [10][11]. - The company has already begun exploring opportunities in the silver economy, launching projects aimed at elderly education and entertainment [10][11]. Competitive Landscape - The silver economy market is becoming increasingly competitive, with various educational companies entering the space, which may pose challenges for Anli Education [11][12]. - Anli Education believes that Shanghai Leyou's offline model aligns well with the preferences of the elderly demographic, potentially providing a large customer base for future growth [11][12].

近日，Manus与DeepSeek联合发布《2025年中国宜居城市30强排名》，引发广泛关注。广州以448分首次登顶，上海以442分紧随其后，而成都、武汉、无 锡、昆明等城市的排位变化，折射出中国城市发展的新格局。 | 排名 | 城市 | 教育 与医疗 | 经济环 | 城市县做反施 与交通 | 全年气候 新道度 | 物价 部15度 | 息分 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 广州 | 90 | 89 | 99 | 92 | 78 | 448 | | 2 | 上海 | 96 | 97 | 100 | 84 | ୧୧ | 442 | | ર | 香港 | 92 | 98 | 97 | d3 | 59 | 439 | | 4 | 台北 | 91 | 89 | de | 91 | 70 | 436 | | 5 | 深圳 | 85 | 90 | 99 | 92 | 69 | 435 | | 6 | 成都 | 88 | 86 | 98 | 82 | 79 | 433 | | 7 | 武汉 | 90 | 82 | 98 | 83 | 79 | ...

Core Insights - Recent controversial remarks by Japanese leaders regarding Taiwan have led to warnings from the Chinese government for citizens to avoid traveling to Japan, resulting in significant cancellations of travel bookings [1] - Chinese tourists are a crucial market for Japan's tourism industry, with projections indicating that in 2024, Japan will receive approximately 36.9 million international visitors, including 6 million from China, accounting for 16.4% of the total [1][2] - The decline in Chinese tourists poses a challenge for Japan's tourism sector, as their spending power and consumption patterns are significantly higher than those of tourists from other countries [1] Group 1 - The cancellation rate for trips to Japan has exceeded 50%, with some travel agencies reporting up to 70% cancellations on specific days [1] - Major airlines, including China International Airlines and Eastern Airlines, are offering free ticket refunds and changes for flights to Japan [1] - The impact of these cancellations is being felt across key retail areas in Japan, including duty-free shops and major department stores [1] Group 2 - Alternative tourist sources such as South Korea (25.1% of visitors) and Taiwan (17.5%) may help fill the gap, but their lower spending per capita compared to Chinese tourists limits their effectiveness [2] - Tourists from Hong Kong (7.8%) may partially compensate for high-end retail losses, but their limited population and flight capacity restrict their overall impact [2] - Long-haul markets like the United States (7.5%) and Australia (2.6%) could provide some support, but their consumption patterns and travel constraints hinder their ability to replace the spending power of Chinese tourists [2]

Group 1 - The core viewpoint of the articles is that Angli Education is acquiring Shanghai Leyou International Travel Agency to achieve strategic and business synergies, focusing on the aging population and the silver economy as a growth avenue [1][2] - Angli Education's main business is in education and training, and the acquisition aims to provide personalized travel services for the elderly, enhancing the company's silver economy business [1] - Shanghai Leyou is one of the top three local travel agencies in Shanghai, with a strong market reputation and a customer base that is over 70% elderly, which aligns with Angli Education's target demographic for its "Happy Community" initiative [1] Group 2 - As of June 2025, Shanghai Leyou reported a negative net asset value of 9.1295 million yuan, indicating insolvency, with revenues of 65.9225 million yuan and 38.6414 million yuan for 2024 and the first half of 2025, respectively, both showing net losses [2] - Despite the losses, the equity value of Shanghai Leyou is assessed at 38.5 million yuan, reflecting an appreciation of 47.6295 million yuan, with a growth rate of 521.71% [2] - For the first three quarters of 2025, Angli Education achieved a revenue of 1.081 billion yuan, a year-on-year increase of 12.03%, and a net profit of 46 million yuan, up 141.11% year-on-year, attributed to improved operational efficiency [2]