Core Viewpoint - Hong Kong Zhonglv plans to divest its tourism real estate business, which has recorded after-tax losses of HKD 460 million, HKD 240 million, and HKD 190 million for 2023, 2024, and the first half of 2025 respectively. This divestment is expected to improve the company's profitability and reduce its debt ratio, allowing for better resource allocation in core business areas [1] Group 1 - The divestment of the tourism real estate business is anticipated to enhance the company's profitability and lower its debt ratio [1] - The company is making progress in its tourism destination investments, acquiring 100% stakes in Songhua Lake Resort and Wanbingxue Company, with projected after-tax profits of HKD 9.96 million and HKD 230,000 for 2024 respectively [1] - The acquisition is expected to further improve the company's leisure tourism destination layout and enhance its management service capabilities [1] Group 2 - The company is expected to incur a one-time loss from the divestment of the tourism real estate business, but this is projected to lead to increased profits in the future [1] - The profit forecast for 2025 has been revised down to a loss of HKD 50 million, while the 2026 profit forecast has been increased by 8% to HKD 370 million [1] - The target price has been raised by 20% to HKD 1.80, maintaining a "neutral" rating [1]