Company Overview - Yunnan Tourism (SZ 002059) announced on September 29 that the total external guarantees provided by the company and its subsidiaries amount to approximately 123 million yuan, which represents 8.66% of the company's most recent audited net assets [1] - The company and its subsidiaries have not experienced overdue guarantees, litigation-related guarantees, or losses due to judgments against guarantees [1] - The management is authorized to handle matters related to these external guarantees [1] Revenue Composition - For the first half of 2025, the revenue composition of Yunnan Tourism is as follows: the tourism comprehensive service segment accounts for 41.36%, the cultural tourism complex operation segment accounts for 39.1%, and the tourism cultural technology segment accounts for 19.54% [1] Market Capitalization - As of the report, Yunnan Tourism has a market capitalization of 6.2 billion yuan [1]

证券之星消息，2025年9月22日三峡旅游（002627）发布公告称公司于2025年9月21日接受机构调研，国盛 商社杜玥莹 陈天明、鹏华基金陈金伟 谢添元、华夏基金艾邦妮、建信基金赵长东、创金合信基金刘毅 恒、工银瑞信基金马丁、宏利基金孟杰 周少博、博时基金付伟 王诗瑶、华泰资产杨起帆、泰康资产杨世 祥、大成基金韩创、万家基金李黎亚、光大保德信基金谢东、大家资产李德宝、清和泉资本帅也、融通基 金马春玄、长信基金李泽明、惠升基金封雨辕、西部利得基金林静、银河基金杨琪、汇丰晋信基金费馨 涵、汇添富基金方心诣、摩根士丹利基金隋思誉、华商基金崔志鹏、前海联合基金魏甜参与。 答：根据公司《长江三峡省际度假型游轮旅游可行性研究报告》，公司首批 2 艘省级游轮将分别于 2026 年 6 月、2026 年12月完工并投入运行，第二批 2艘省级游轮将于 2028年 6月完工并投入运行；公司 4艘省 级游轮将运营长江三峡最经典、最受欢迎的宜渝航线（宜昌至重庆）；公司宜渝航线定价取2,800-3,000 元/人，旅行社协议结算价取 2,500 元/人，但最终定价将充分参考新建游轮投运时，对应的同类档次产品 的运营价格，并根据市场 ...

Core Viewpoint - Yunnan Tourism reported a significant decline in both revenue and net profit for the first half of 2025, indicating challenges in the tourism sector and a need for strategic adjustments to adapt to market changes [2][4]. Financial Performance - The company achieved an operating income of 117 million yuan, a year-on-year decrease of 61.22% [3]. - The net profit attributable to shareholders was -96.92 million yuan, reflecting a year-on-year decline of 110.85% [3]. - The net profit after deducting non-recurring gains and losses was -98.68 million yuan, down 95.40% compared to the previous year [3]. - The net cash flow from operating activities was -32.19 million yuan, an improvement of 78.93% from the previous year [3]. - Basic and diluted earnings per share were both -0.0957 yuan, a decrease of 110.79% [3]. - The weighted average return on net assets was -7.06%, down 3.86% from the previous year [3]. - Total assets at the end of the reporting period were approximately 3.22 billion yuan, a decrease of 1.20% from the end of the previous year [3]. - The net assets attributable to shareholders were approximately 1.32 billion yuan, down 6.79% from the previous year [3]. Business Strategy and Market Conditions - The decline in performance is primarily attributed to a downturn in the "Tourism Culture Technology" segment, prompting the company to adjust its business structure to meet new market demands [4]. - The company is actively pursuing new growth points while maintaining its traditional strengths, although the signing of new orders requires time [4]. - The real estate market's macro conditions have led to cautious land acquisition by property companies, resulting in reduced investment willingness from local governments and platform companies for large-scale cultural tourism projects [5]. - The company is currently adjusting its product and business expansion models while focusing on equipment upgrades and cultural tourism business enhancements [5]. - Despite an increase in tourist numbers, the company faces significant seasonal fluctuations in tourism business [6]. - To address these challenges, the company is closely monitoring budget execution and utilizing rolling forecasts for revenue and cost management [6]. - The company has no short-term debt repayment pressure, with total external financing of 529 million yuan, all of which are long-term loans [6].

Core Viewpoint - The company reported a significant decline in overall revenue for the first half of 2023, primarily due to the absence of income from land development, while its tourism segment experienced explosive growth in revenue and profitability [1][2]. Financial Performance - The company achieved a total revenue of 871 million yuan, a year-on-year decrease of 21.65% [1]. - The net profit attributable to shareholders was 60.74 million yuan, reflecting a year-on-year increase of 1,111.56% [1]. - The net profit after deducting non-recurring items was 54.05 million yuan, up 621.69% year-on-year [1]. Tourism Segment Growth - The tourism segment's revenue surged by 662.39% year-on-year, contributing significantly to the company's overall performance [1][2]. - The tourism comprehensive service segment generated 205 million yuan in revenue, accounting for 23.49% of total revenue, with a gross margin of 29.73% [2]. - Specific growth rates in tourism-related services included: - Transportation services: up 157.87% - Sightseeing cruise services: up 1,029.57% - Port services: up 398.44% - Travel agency services: up 908.63% - Scenic area services: up 110.72% [2]. Strategic Focus - The company is divesting non-core assets, including a 40% stake in a passenger transport company and a 40% stake in an automotive sales company, to concentrate on its tourism business [2]. - The company plans to sell 100% of the Tianyuan Supply Chain, which is less related to tourism, while retaining the passenger transport company due to its relevance to the tourism sector [2]. Product Development and Innovation - The company is enhancing its tourism product competitiveness by improving marketing, optimizing operations, and expanding product offerings [3]. - The core product, the sightseeing cruise service, achieved a gross margin of 54.52%, a year-on-year increase of 200.79% [3]. - The "Two Gorges and One Dam" tourism product received 954,400 visitors in the first half of 2023, an increase of 1,159% compared to the same period in 2022 [3]. Business Expansion - The company is pursuing acquisitions to strengthen its tourism business, including acquiring 100% of Changjiang Travel Development and 100% of the Xing Sheng Company [4]. - The company aims to become a leader in the tourism industry by expanding its service offerings and enhancing product efficiency [4]. - The company is also developing the world's largest pure electric cruise ship, which began operations in 2022, and plans to launch two hybrid-powered sightseeing cruise ships by the end of 2023 [4]. Market Recognition - The company's strategic focus on tourism has attracted attention from the market, with analysts recommending increased holdings in the stock [5]. - The completion of asset divestitures and acquisitions is expected to enhance profitability from the Three Gorges scenic area and improve the overall service matrix [5].

Investment Rating - The industry investment rating is "Outperform the Market" [1][36] Core Viewpoints - Economic performance is steadily recovering, but consumer confidence still needs further boosting. In June 2025, the total retail sales of consumer goods reached 4.2 trillion yuan, with a year-on-year increase of 4.8%. The GDP for the first half of 2025 was 66.05 trillion yuan, reflecting a year-on-year growth of 5.3% [1][3] - The overall economic operation in the first half of 2025 was stable, with consumption playing a significant supporting role. The total retail sales for the first half of 2025 reached 24.55 trillion yuan, a year-on-year increase of 5.0% [3][4] Summary by Sections Economic Performance - The GDP growth for the first half of 2025 was 5.3%, with contributions from the primary, secondary, and tertiary industries at 3.6%, 36.2%, and 60.2% respectively. The growth pace aligns with the annual target of 5% [3][4] - The retail sales of goods increased by 5.1%, while restaurant income grew by 4.3% in the first half of 2025. The service retail sales also saw a year-on-year growth of 5.3% [3][4] Consumer Confidence - The average urban unemployment rate in the first half of 2025 was 5.2%, showing stability, but consumer confidence has not significantly improved. The consumer confidence index was at 88.0 in May, indicating a low level of confidence [3][4] Investment Recommendations - The report suggests focusing on companies likely to benefit from the recovery in tourism and travel demand, such as Lingnan Holdings and Tongcheng Travel. Other recommended companies include those in the business and exhibition sectors, as well as various hospitality and entertainment firms [3][4]

Core Viewpoint - Xiyu Tourism (300859) is expected to achieve a net profit of 9 million to 11 million yuan in the first half of 2025, leveraging the booming tourism in Xinjiang and developing new projects like "Encounter Kashgar" and "Encounter Sailake" [1][2] Group 1: Financial Performance - The company anticipates a net profit of 9 million to 11 million yuan for the first half of 2025 [1] - The tourism industry in Xinjiang has shown significant growth, with 132.78 million visitors and a total expenditure of 142.56 billion yuan, reflecting year-on-year increases of 11.15% and 11.59% respectively [1] Group 2: Business Development - Xiyu Tourism is focusing on enhancing its service offerings by providing comprehensive tourism services, including transportation, sightseeing boats, cable car tours, and RV camps [1] - The company is developing immersive performance brands under the "Encounter" series to create new growth avenues [1] - The "Encounter Kashgar" project has attracted over 13 million visitors in the first half of the year, showcasing the potential of new tourism formats like intangible cultural heritage workshops and aerial gardens [1] Group 3: Challenges and Strategic Response - The decline in performance is attributed to the early-stage market cultivation of new tourism projects, which require further development of revenue and profitability [2] - The company plans to increase promotional efforts, adjust marketing strategies, and enhance service quality to capture a larger market share and ensure expected project returns [2] Group 4: Shareholder Confidence - The controlling shareholder, Xinjiang Cultural Tourism Investment, plans to increase its stake in the company by acquiring between 1.085 million and 2.0925 million shares, representing 0.70% to 1.35% of the total share capital [2] - As of July 4, 2025, Xinjiang Cultural Tourism Investment has already increased its holdings by nearly 560,000 shares, raising its ownership from 28.79% to 29.00% [2]

Core Viewpoint - The company Tianmu Lake (603136.SH) has reported a continuous decline in revenue for five consecutive quarters, with a significant drop in both revenue and net profit for 2024, indicating a challenging development situation amidst a recovering domestic tourism market [1][2][3]. Group 1: Core Scenic Area Business - The core scenic area business, which accounts for over 50% of the company's revenue, experienced a significant decline, with revenue for 2024 reaching 282.4 million yuan, down 13.03% year-on-year, and main profit dropping by 32.5% [2][3][4]. - The main profit margin for the scenic area business decreased to 70.43%, a reduction of 0.81 percentage points compared to the previous year [2][3]. - The two major 5A scenic areas, Shanshui Garden and Nanshan Bamboo Sea, both saw declines in revenue and main profit for 2024, with Shanshui Garden's revenue down 17.47% and Nanshan Bamboo Sea's down 7.58% [4][5]. Group 2: Hotel Business - The hotel business, which contributes nearly 30% to the company's revenue, also faced a sharp decline, with 2024 revenue falling to 159.4 million yuan, a decrease of 23.1%, and main profit down 27.86% [6][7]. - The gross profit margin for the hotel business dropped significantly from 29.88% to 21.4%, indicating substantial operational pressure [6][7]. - The performance of the hot spring and water world businesses, aimed at boosting off-peak season revenue, also saw significant declines, with the water world business revenue plummeting by 41.28% [7]. Group 3: Fundraising Projects - The company has two fundraising projects initiated in 2020 that have faced multiple delays, with the expected completion dates pushed back to December 2025 [8][10]. - The South Mountain Xiaozhai project and the Yushui Hot Spring renovation project have seen minimal progress, with only 8.14% of the projects completed as of the latest updates [10]. - The prolonged delays and changing market conditions raise uncertainties about the future performance of these projects, which were intended to enhance the company's competitiveness and profitability [10].

Core Viewpoint - In 2024, Sanxia Tourism experienced a significant decline in both revenue and net profit, primarily due to the divestiture of its automotive sales business and the underperformance of the Jiufeng Valley scenic area, which has become a financial burden for the company [2][5]. Financial Performance - In 2024, the company reported total revenue of 741.32 million yuan, a decrease of 53.68% year-on-year [5]. - The net profit attributable to shareholders was 117.59 million yuan, down 9.29% compared to the previous year [5]. - The net profit after deducting non-recurring gains and losses was 96.29 million yuan [1]. Business Segments - The core business segments, including sightseeing cruise services and travel agency operations, saw revenue growth of 17.73% and 14.04%, respectively [3]. - The total number of tourists served by cruise products in 2024 was 2.56 million, a slight increase of 1.93% year-on-year [3]. - The Jiufeng Valley scenic area, acquired by the company, reported revenue of only 2.5 million yuan in 2024, a decline of 48.38% [4]. Strategic Changes - The company divested 70% of its stake in the automotive sales business, which significantly impacted its revenue [2]. - The divestiture included selling 20% of the stake to the controlling shareholder and transferring all debts related to the automotive sales company [2]. - The company aims to extend its tourism service offerings by adding new scenic area operations, despite the challenges faced by Jiufeng Valley [4]. Legal and Compliance Issues - Jiufeng Valley has not demonstrated profitability since its acquisition, failing to meet profit commitments in 2021 and 2022, leading to a compensation obligation for the seller [6]. - The seller, Pei Daobing, has appealed a court ruling regarding the failure to fulfill performance compensation commitments, with the case still pending [6].

Core Viewpoint - Yunnan Tourism Co., Ltd. plans to issue A-shares to specific investors, which may dilute immediate returns for existing shareholders, and the company has committed to measures to mitigate this impact [1][2][7]. Financial Impact Analysis - The issuance of shares is expected to increase the total share capital from 1,012,434,813 shares to 1,053,891,115 shares, with an estimated fundraising amount of 1.905 billion yuan [4]. - The projected net profit for 2025 under three scenarios shows potential losses ranging from -26.18 million yuan to -39.27 million yuan, depending on the performance relative to 2024 [6][8]. - Basic and diluted earnings per share are projected to improve from -0.3233 yuan to a range of -0.2484 to -0.3726 yuan, depending on the profit scenario [4][6]. Necessity and Reasonableness of the Issuance - The funds raised will be used for the construction of the Chuzhou Overseas Chinese Town Cultural Tourism Equipment Industrial Park and to repay interest-bearing debts, which aligns with the company's existing business operations [8][10]. - The project aims to enhance production capacity and improve the company's capital structure, thereby increasing profitability and competitive strength [8][10]. Project Implementation and Technical Readiness - The company has a strong technical team with nearly 50 professionals and a history of innovation, ensuring the successful implementation of the fundraising projects [9]. - The company has established a solid market foundation and brand advantage, which will support the execution of the investment projects [10]. Measures to Mitigate Dilution of Immediate Returns - The company will implement strategies to enhance operational efficiency and increase future earnings to offset the dilution of immediate returns from the share issuance [11]. - Strict adherence to regulations regarding the management and use of raised funds will be maintained to prevent misuse and ensure effective project execution [11][12]. Commitment from Key Stakeholders - The company's board and senior management have committed to fulfilling their responsibilities and ensuring the effectiveness of measures to compensate for any dilution of immediate returns [13].