Core Insights - The INC Index, which stands for "Internet Communication Influence Index," serves as a quantitative evaluation system for brand communication effectiveness in the digital age [1] - The average INC Index for all 4A5A scenic spots in Shandong in May was 612.48, indicating a mature brand construction and high social attention within the industry [2][5] Industry Overall Level Analysis - The overall INC Index for Shandong's 4A5A scenic spots shows a skewness coefficient of 0.469, indicating a near-normal distribution of data, with most brands scoring between 489.93 and 735.03 [2] - The industry demonstrates strong online communication influence, with a peakness coefficient of 1.201, suggesting a concentration of scores around the mean [2] Communication Breadth Analysis - The average communication breadth score for May was 2.97, categorized as "standard level," indicating effective information dissemination by most scenic spots [4] - A total of 18 scenic spots achieved the highest level (5), including famous locations like Mount Tai and Laoshan [4][6] Communication Heat Analysis - The average communication heat score was 2.64, also at the "standard level," reflecting a moderate level of engagement on social media platforms [7] - 14 scenic spots reached the highest level (5) in communication heat, indicating strong audience interaction [8] Online Attention Analysis - The average online attention score was 0.8, categorized as "minimal attention," suggesting many scenic spots lack sufficient public interest [9] - 36 scenic spots achieved a "national attention" level (3 or above), while 176 scenic spots remained at the lowest level of attention [10] Official Website Presentation Analysis - The average score for official website presentation was 0.25, below the "standard level," indicating underutilization of websites for brand communication [11] - Only one scenic spot reached a "national attention" level in website presentation, while 220 scenic spots were at the lowest level [12]

Meeting Overview - The annual shareholder meeting of Tibet Tourism Co., Ltd. is scheduled for June 19, 2025, with the agenda including 12 proposals for voting [1][3][4]. Financial Performance - In 2024, the company achieved total revenue of 213.41 million yuan, with net profit reaching 16 million yuan, an increase of 5 million yuan year-on-year [7][33]. - The tourism service business generated 19 million yuan, while the tourism cultural business saw a 35% increase, reaching 17 million yuan [33]. Strategic Initiatives - The company is focusing on enhancing its operational strategies by leveraging its brand advantages and integrating resources with partners like New Oriental and Shenzhou Car Rental [7][8]. - The introduction of the "Le You Tibet" service e-commerce platform aims to provide comprehensive travel services, including itinerary planning and smart travel assistance [8][9]. Governance and Compliance - The board of directors consists of 9 members, including 3 independent directors, and has established several specialized committees to ensure compliance and effective governance [13][20]. - The company has conducted regular board meetings and shareholder meetings to discuss key issues, including financial reports and strategic decisions [16][18]. ESG and Sustainability - The company has initiated the construction of an ESG management system to enhance its sustainability practices, focusing on environmental protection and social responsibility [12][31]. - The company aims to align with the new guidelines for sustainable development reporting, emphasizing its commitment to long-term value creation [12][31]. Future Outlook - For 2025, the company plans to enhance its service offerings by integrating digital solutions and expanding its product range to cater to evolving customer needs [21][22]. - The focus will be on developing high-quality tourism experiences and improving safety measures in response to the unique challenges of operating in Tibet [9][10].

Core Points - The company announced a cash dividend distribution for its shareholders, with A shares receiving a cash dividend of 0.172 CNY per share and B shares receiving 0.023932 USD per share [1][2] - The dividend distribution plan was approved at the annual shareholders' meeting held on May 30, 2025 [1][2] Dividend Distribution Details - The total share capital before the distribution is 729,379,440 shares [2] - Key dates for the dividend distribution are as follows: - A shares: Record date on June 24, 2025; Ex-dividend date on June 25, 2025 - B shares: Record date on June 27, 2025; Ex-dividend date on June 24, 2025; Dividend payment date on July 10, 2025 [1][2] Taxation Information - For individual shareholders holding A shares for over one year, the dividend income is exempt from personal income tax; for those holding less than one month, the full amount is taxable at 20% [3][4] - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in a net dividend of 0.1548 CNY per share [4][5] - For B share holders, the company will withhold 10% tax for non-resident enterprises, resulting in a net dividend of 0.021539 USD per share [6][7]

2025 年 06 月 19 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 102 期 观点精粹: 最新报告摘要 全球燃气轮机和航空发动机需求大增，关注铬盐和高温合金行业--行业动态研究 5 月规上工业火电同比增速由负转正、煤炭进口缩量显著，关注动力煤基本面持续改善--行业动态研究 影响土地市场的五大因素--宏观深度研究 小商品城(600415.SH)公司深度报告：产业集群实现"买卖全球"，多轮驱动价值重估--小商品城/一般零售 (600415/214503) 公司 PPT 报告 五大业务多元发展，拟收购三爱富股权打开成长空间--华谊集团/化学原料(600623/212202) 公司动态研究 九华旅游(603199) 深度报告：一体化文旅平台夯实基本盘，稀缺资产驱动长期成长 --九华旅游/旅游及景区 (603199/214610) 公司（产业）PPT 报告 证券研究报告 1、最新报告摘要 1.1、全球燃气轮机和航空发动机需求大增，关注铬盐和高温合金行业--行业 动态研究 分析师：李永磊 S ...

Core Viewpoint - The Dazhou Bashan Grand Canyon Scenic Area is undergoing significant upgrades to achieve a national 5A tourist attraction status, which is expected to enhance local tourism and drive economic growth in surrounding areas [5][6][7]. Group 1: Scenic Area Development - The scenic area is currently waiving entrance fees to compensate for construction disruptions, as it aims to improve visitor experience during its upgrade [5]. - Dazhou has only 15 4A scenic areas and lacks a 5A designation, which is seen as essential for boosting the local tourism industry [6]. - The Bashan Grand Canyon has unique geological features and cultural resources that qualify it for 5A status, having passed the national landscape quality evaluation in July 2023 [6]. Group 2: Infrastructure and Service Improvements - The Dazhou government has implemented a special plan to support the 5A creation, establishing a coordination office with multiple working groups focused on various aspects of development [7]. - Upgrades are being made across five categories, including infrastructure and service facilities, to meet national standards [7]. - The scenic area is enhancing its facilities, including the visitor center and parking, and is improving the overall aesthetic and functionality of the site [8]. Group 3: Cultural and Interactive Experiences - New immersive performances and cultural shows are being introduced to enhance visitor engagement, with a significant increase in tourist numbers during holiday periods [9]. - The scenic area is leveraging its unique cultural heritage, particularly the Ba culture, to create distinctive selling points for tourism [8][9]. Group 4: Business and Economic Impact - Local businesses are being encouraged to improve service quality through training programs, with a focus on enhancing the overall visitor experience [10][11]. - The scenic area is exploring partnerships with local entrepreneurs to develop accommodations and other services, aiming to attract more visitors and boost local economic activity [11].

证券研究报告 2025年06月18日 旅游及景区 九华旅游(603199) 深度报告：一体化文旅平台夯实基本 盘，稀缺资产驱动长期成长 评级：增持(首次覆盖) 芦冠宇(证券分析师) S0350521110002 lugy@ghzq.com.cn 最近一年走势 -16% -8% 1% 9% 18% 27% 2024/06/18 九华旅游 沪深300 | 市场数据 | 2025/06/17 | | --- | --- | | 当前价格（元） | 35.98 | | 52周价格区间（元） | 27.92-42.30 | | 总市值（百万） | 3,982.27 | | 流通市值（百万） | 3,982.27 | | 总股本（万股） | 11,068.00 | | 流通股本（万股） | 11,068.00 | | 日均成交额（百万） | 87.25 | | 近一月换手（%） | 2.67 | 相对沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 九华旅游 | -2.7% | 3.4% | 11.7% | | 沪深300 | -0.5% | -3.2% ...

Summary of Key Points Core Viewpoint - The announcement indicates that shareholder Tao Ping did not execute the planned share reduction within the specified timeframe, maintaining his total shareholding in Jiangsu Tianmuhu Tourism Co., Ltd. at 9,251,000 shares, which represents 3.42% of the company's total equity [1][7]. Shareholder Holding Situation - As of June 18, 2025, Tao Ping holds 9,251,000 shares, accounting for 3.42% of the total share capital of the company. The shares were acquired prior to the company's initial public offering (IPO) and through capital reserve conversion [1][2]. Reduction Plan Implementation Results - The reduction plan was initially disclosed on February 25, 2025, with the intention to reduce up to 2,312,750 shares within a three-month period, excluding the trading window [1][3]. - The reduction period ended on June 17, 2025, and Tao Ping did not reduce any shares during this timeframe, resulting in a total reduction of 0 shares [1][4][5]. - The planned reduction percentage was not exceeded, as the actual reduction was 0%, consistent with the disclosed plan [5][7].

Core Viewpoint - The emergence of "wimp" adventure activities like "wimp rafting" and "wimp bungee jumping" reflects a shift in the preferences of young Chinese consumers towards more relaxed and enjoyable travel experiences rather than extreme challenges [1][2][18]. Group 1: New Travel Trends - The "wimp rafting" project in Shandong offers a calm experience, contrasting with traditional thrilling rafting, appealing to young people who prefer a more laid-back approach [1]. - Similarly, the "wimp bungee jumping" in Zhejiang, with a height of only 20 meters and a slow descent, allows participants to feel a sense of achievement without the extreme fear associated with traditional bungee jumping [2][3]. - These new activities have sparked discussions about redefining adventure tourism, indicating a growing acceptance of less intense experiences among young travelers [4][18]. Group 2: Changing Consumer Behavior - A report by McKinsey highlights a significant shift in Chinese consumer behavior, with younger generations prioritizing personal fulfillment and experiences over traditional notions of success [20]. - Young consumers are increasingly reallocating their budgets from alcohol and electronics to travel, indicating a desire for meaningful experiences [21]. - The trend of "wimp" activities is part of a broader movement where young people seek to enjoy travel without the pressure of extreme challenges, reflecting a more relaxed attitude towards personal achievement [17][21]. Group 3: Economic Context - The current economic environment, characterized by job instability and rising living costs, has led young consumers to make more rational spending decisions based on their personal circumstances [26][27]. - The recent focus on wage increases by the government has been met with cautious optimism from young consumers, who are more concerned about tangible improvements in their income [29][30]. - This economic backdrop supports the rise of "wimp" activities, as young people look for affordable and enjoyable travel options that align with their current realities [30][31].

01：野人当白领 天天如沙丁鱼般被困于格子间内的打工牛马们，或许都曾有一个"野人梦"。 不用上班，不用通勤，不用租房，以天地为家，以山林为食，最重要的是，啥也不用多想，啥也不必多做，山野之间可劲儿撒野撒欢儿就完事了~ "野人岗不是山岗，是岗位的岗" 梦醒时分，坐在办公室电脑屏幕前的各路"精神野人们"，居然终于刷到了自己的"梦想工作"——当野人。 近日，神农架景区发布信息，公开招聘景区内的"野人NPC"，日薪500按天结算，不仅提供百万意外险，还包开实习证明，简直就差把"大学生优先"写在 脸上了，毫不夸张地说，这波热度直逼每年应届生最关心的春招秋招。 这哪里是让白领去当野人，简直就是让野人得到了白领般的待遇。 对此，神旅集团相关负责人表示，招聘信息发出后，当晚就接到2000多个报名，次日已经有近4000人报名，后续更是突破了万人，甚至很多刚高考完的学 生都跃跃欲试。 什么金三银四招聘季，这七八月的工作时间可不要太合适，避暑还有钱拿。 "野人"工作内容很简单，穿着野人服饰在景区巡游，发呆撒欢跳舞都可以，还能接受游客投喂，在"感谢大自然馈赠"的同时，又混到了一餐，这森林里刷 新的辣条烤串薯条可真好吃...... 所 ...

西域旅游 20250617 摘要 西域旅游 2025 年预计增速约 10%，但客单价略有下滑，餐饮和酒店消 费占比偏低，二次消费项目增长乏力，公司正加强与旅行社合作，推广 索道、太空舱营地等项目以提升二次消费收入。 控股股东 2024 年获得表决权后，计划增持不超过 1.35%的股份，旨在 加强对上市公司的实际控制，避免触发要约收购。二股东昌吉州国投目 前无增持或减持计划。 文旅集团管理团队变动为内部调整，不影响战略方向，将继续加快对西 域旅游的战略布局和实际控制力度。公司积极准备暑期旺季，加强天山 天池景区宣传，确保运营安全和服务质量。 公司积极探索低空经济，已向自治区发改委汇报，争取政策扶持和飞行 运营许可，但因国家层面规章制度尚未完善，商业化运营时间表未定， 推进难度较大。 2025 年冰雪旅游规划尚未明确，但计划延续 2024 年与世界冰帆赛的 合作，扩大冬季天山天池景区的宣传和项目推广，增加冬季收入和影响 力。 Q&A 最近新疆旅游市场的游客人数情况如何？ 目前新疆旅游旺季已经到来，尤其是从端午节开始，紧接着是古尔邦节等地方 民族节日。总体而言，今年（2025 年）游客人数的增长与年初的预期一致， ...