中证报中证网讯(王珞)8月26日，岭南控股（000524）发布2025年半年度报告，公司上半年实现营业收 入20.90亿元，较上年同期增长8.52%；归属于上市公司股东的净利润4952.64万元，同比增长24.39%； 基本每股收益0.07元/股，同比提升16.67%。在文旅行业持续复苏的背景下，公司通过深化全国布局与 创新业态融合，商旅出行与住宿业务双轮驱动成效显著。 报告显示，商旅出行业务表现突出，控股子公司广州广之旅国际旅行社股份有限公司营收达15.36亿 元，同比增长11.78%，其中出境游(不含港澳)贡献营收8.49亿元，国内游营收4.98亿元，净利润同比大 幅增长34.91%。公司紧抓免签政策及支付便利化机遇，积极拓展印尼、哈萨克斯坦等28个新航线首 团，并强化"邮轮会员俱乐部""友城之旅"等主题IP，巩固"出境游专家"品牌优势。 住宿业务方面，全资子公司广州岭南国际酒店管理有限公司营收1.19亿元，净利润同比增长23.26%。旗 下自有产权酒店表现亮眼，广州花园酒店有限公司净利润增速达53.62%。公司通过新增粤东地区3 家"岭南东方酒店"及南北协同战略，持续扩大全国布局，上半年新签约酒店项目6 ...

证券研究报告·公司点评报告·旅游及景区 岭南控股（000524） 2025 年半年报点评：收入利润双增长，旅行 社与酒店业务扩张 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,435 | 4,309 | 5,347 | 6,450 | 7,532 | | 同比（%） | 232.07 | 25.43 | 24.08 | 20.63 | 16.77 | | 归母净利润（百万元） | 69.49 | 150.15 | 140.31 | 180.07 | 217.78 | | 同比（%） | 139.03 | 116.08 | (6.55) | 28.34 | 20.94 | | EPS-最新摊薄（元/股） | 0.10 | 0.22 | 0.21 | 0.27 | 0.32 | | P/E（现价&最新摊薄） | 127.61 | 59.05 | 63.20 | 49.24 | 40.71 | [Table_Ta ...

Group 1: Company Overview - The company is a comprehensive tourism group integrating business travel, accommodation, and related tourism services, aiming to become a modern comprehensive cultural tourism brand operator with international competitiveness [1][2] - The core enterprise for business travel is Guangzhou Guangzhilv International Travel Agency, a leading domestic travel agency focusing on mid-to-high-end markets [1][2] Group 2: Business Segments Business Travel - Guangzhilv has established a national strategic layout with multiple operational centers across China, enhancing its service and product supply capabilities [2] - The company operates a network covering various markets and departure ports, creating a "national buy, national sell" tourism service ecosystem [2] Accommodation - The accommodation segment includes hotel management and operation, focusing on brand development and capital operation [3][4] - The core enterprise is Guangzhou Lingnan International Hotel Management, ranked 14th among China's top 60 hotel groups [3] Related Industries - The company has diversified into several related businesses, including: - **Catering**: Promoting Lingnan culture through unique cuisine and banquet standards [4] - **Scenic Area Management**: Managing several scenic spots, including 5A and 4A level attractions [4] - **Event Services**: Successfully organizing various exhibitions and events [5] - **Transportation**: Operating a fleet of vehicles for passenger transport and ticket sales for over 120 domestic and international airlines [6] - **Technology**: Focusing on digital empowerment to innovate business models and upgrade traditional industries [6] Group 3: Recent Developments - The company has established a joint venture for duty-free operations in Guangzhou, with a registered capital of RMB 45 million, in which the company holds a 19.5% stake [7][8] - A significant acquisition plan involves the purchase of a 70% stake in Urban Hotel, enhancing the company's hotel management capabilities [8][9]

Summary of Conference Call Records Industry Overview: Travel and Hospitality Sector Key Points - **Market Dynamics**: The travel and hospitality sector is experiencing demand resilience, with a notable shift in channels and brand iterations. Ctrip's stock has been affected by the slowdown in outbound travel growth and increased overseas investments, while Tongcheng has performed well due to low valuations and favorable policies [1][4]. - **Impact of Competition**: JD's entry into the travel and hospitality sector has limited impact on Ctrip but may cause a 10% decline in Tongcheng's performance due to price-sensitive users opting for platforms with higher subsidies [5][16]. - **Performance Trends**: Ctrip's performance in Q2 may be influenced by lower-than-expected overseas investments and geopolitical disturbances, but strong summer travel demand is expected to benefit OTA platforms [6][8]. Financial Insights - **Ctrip's Financial Performance**: Ctrip's outbound travel growth has decreased from 50-60% last year to 15-20% this year, with a corresponding decline in profit margins due to lower ticket prices and increased overseas investments [3][6]. - **Hotel Industry Recovery**: The hotel industry showed improvement in Q2, particularly during the May Day holiday, although June saw a slight decline compared to May. The overall hotel performance is expected to improve in the summer due to stable supply growth [7][8]. Company-Specific Insights Ctrip - **Market Position**: Ctrip has a strong advantage in high-end exclusive inventory, which mitigates the impact of JD's entry into the market [5]. - **Future Outlook**: The company is expected to benefit from increased booking volumes during the summer, with potential for upward movement in stock prices if high-frequency data improves [6][12]. Tongcheng - **Market Strategy**: Tongcheng is focusing on integrating exclusive travel resources and price subsidies to expand its market share, particularly in the mid-to-high-end hotel segment [3][14]. Yaduo - **Growth and Expansion**: Yaduo is experiencing rapid expansion with a store growth rate of 25-30%. The retail business is performing well, with plans to launch new products in the second half of the year [10][11]. - **Valuation and Market Position**: Yaduo's valuation is around 20 times earnings, with a growth rate of 25-30%, indicating a favorable cost-performance ratio [11]. Industry Challenges and Opportunities Supply Chain and Market Dynamics - **Supply Expansion Challenges**: The hotel industry faces challenges related to supply expansion, with a potential turning point in the next 6-12 months as investment returns for franchisees lengthen, affecting signing speeds [9][21]. - **Market Segmentation**: High-end hotels are focusing on renovations in high-tier cities, while lower-tier cities are expanding rapidly, indicating a significant growth potential in the mid-range and economy segments [20][21]. Competitive Landscape - **Key Competitive Factors**: The competitive landscape in the hotel online travel market is driven by resource integration and fulfillment capabilities. OTA platforms are focusing on consolidating hotel resources to provide more choices for consumers [13][18]. - **Market Share Trends**: Recent trends show a stable increase in market share for leading companies, with high-end brands like Yaduo and international brands experiencing slight growth [19]. Conclusion The travel and hospitality sector is navigating a complex landscape characterized by competitive pressures, changing consumer preferences, and evolving market dynamics. Companies like Ctrip, Tongcheng, and Yaduo are adapting their strategies to leverage growth opportunities while addressing challenges related to supply and market competition. The upcoming months will be critical for assessing the recovery trajectory of the industry, particularly in light of summer travel demand and potential shifts in consumer behavior.

Core Insights - The "post-examination economy" is a significant component of the summer economy, showing notable growth in service consumption, which not only meets the personal needs of students but also stimulates family spending [1][2] Group 1: Consumption Trends - There has been a threefold increase in search volume for "graduation travel" since June, indicating a surge in demand for travel among students after exams [1] - Discounts and promotions for students, such as free or discounted admission to attractions with exam admission tickets, are prevalent, enhancing consumer enthusiasm [1] - The "upgrade" of personal items like smartphones and tablets is also trending, supported by government policies and retailer promotions aimed at graduates [1] Group 2: Service Consumption Growth - As China's GDP per capita exceeds $13,000, service consumption is rapidly increasing, with projections indicating that by 2024, service consumption will account for 46.1% of per capita consumption expenditure [3] - There remains significant room for growth in service consumption compared to developed countries, where the figure is around 60% [3] Group 3: Youth Consumer Behavior - The "Z generation" prioritizes experiential value and quality over mere functionality, showing a willingness to spend on unique experiences and social activities [4] - Popular consumption venues include theme parks, cultural sites, and events like concerts, which cater to the social and emotional needs of young consumers [4] Group 4: Consumer Environment Optimization - The lack of standardized regulations in the service consumption sector has led to issues such as false advertising and privacy breaches, which can harm consumer trust [5] - Continuous innovation in supply-side offerings is essential, focusing on understanding young consumers' preferences and integrating new technologies to create diverse and personalized services [5]

Group 1 - The core theme of the Dragon Boat Festival this year is characterized by short-distance travel, a rise in folk culture, and experience-based tourism, influenced by multiple factors such as the "no time-off" policy and the proximity to the summer vacation [1] - The parent-child travel market is experiencing a surge, with ticket bookings for popular theme parks doubling and camping activity reservations increasing by 80%, as families engage in activities like watching dragon boat races and making rice dumplings [1][3] - The value of folk culture IP is a significant highlight this Dragon Boat Festival, with searches related to folk customs increasing over 100% year-on-year, and keywords like "dragon boat" and "rice dumpling" seeing over 200% growth [2] Group 2 - Accommodation preferences show a notable shift, with high-star hotel bookings (4-star and 5-star) increasing by 30% to 50% year-on-year, significantly outpacing lower-star hotels, reflecting a demand for quality in folk culture tourism [2] - The trend of "good accommodation" and "deep experiences" is emerging, with hotel packages that include activities and dining seeing a 24% increase in bookings [2] - The rental car market is thriving, with a 47% year-on-year increase in rental bookings, indicating a preference for self-driving trips despite the lack of free highway access during the holiday [4] Group 3 - Short-distance travel is prevalent, with many travelers opting for high-speed rail within a three-hour radius, particularly in urban clusters like Beijing-Tianjin-Hebei and the Yangtze River Delta [4] - Cross-border travel is also on the rise, with destinations like Japan, South Korea, and Southeast Asia being popular choices, particularly among travelers from the Jiangsu-Zhejiang-Shanghai region [5]

Group 1 - The Dragon Boat Festival is expected to be a "not expensive and not crowded" holiday, positioned between the May Day holiday and the upcoming summer vacation [1] - The travel market for the Dragon Boat Festival is characterized by short trips, an increase in folk experiences, and a focus on seasonal cuisine [1][2] - Domestic local and nearby travel is predicted to dominate the travel trends, accounting for 50% of the overall travel volume [2] Group 2 - Popular travel routes for the Dragon Boat Festival are concentrated in city clusters such as Beijing-Tianjin-Hebei, Sichuan-Chongqing, and the Pearl River Delta [2] - Major destinations for hotel bookings during the holiday include Beijing, Nanjing, Hangzhou, Shanghai, Chengdu, and Qingdao [2] - Hotel prices in several cities are expected to remain below 300 yuan for comfortable (3-star) accommodations, maintaining off-season pricing [2] Group 3 - The international flight ticket prices are expected to rise significantly after the Dragon Boat Festival, with an average increase of nearly 20% on the first day of the national college entrance examination [3] - There is a high-value travel window for outbound tourism between the Dragon Boat Festival and the college entrance examination [3] Group 4 - Folk tourism experiences related to traditional activities such as dragon boat racing and zongzi making are gaining popularity, with a 270% increase in related search volume [4] - The top ten popular folk tourism destinations include Chengdu, Hangzhou, and Suzhou, among others [4] Group 5 - The Dragon Boat Festival has seen a surge in tourism orders, with bookings in Foshan increasing by 167% and hotel orders by 145% [6] - Traditional cultural and intangible heritage projects are attracting more visitors, with ticket sales for performances in Shaanxi increasing by 1260% [6] Group 6 - The expansion of high-speed rail networks has allowed more travelers to access local delicacies, enhancing the cultural experience during traditional festivals [7] - The Dragon Boat Festival is evolving to meet deeper consumer expectations for cultural tourism, with various activities and experiences being offered [7]

Core Viewpoint - The tourism market during the "May Day" holiday showed a vibrant recovery, with significant increases in various segments such as family travel, self-driving tours, and cruise trips, alongside a notable rise in inbound tourism orders due to favorable tax policies [1][11]. Group 1: Tourism Trends - The "May Day" holiday saw a surge in family and self-driving travel, with some travel platforms reporting a 120% year-on-year increase in bookings [1]. - The trend of "reverse tourism" gained traction, with 1,230 counties welcoming tourists seeking less crowded destinations, leading to a 30% increase in hotel bookings in these areas [9]. - Early bird and staggered travel became popular, with nearly 19% of travelers starting their trips before the holiday, particularly among the younger demographic [4]. Group 2: Booking and Spending Patterns - The peak travel days were concentrated in the first two days of the holiday, accounting for 27% and 21% of total travel, respectively [5]. - Average spending per traveler increased significantly compared to last year, with domestic cruise orders from Shanghai rising over 150% [5]. - High-star hotels outperformed lower-star accommodations, with four-star and five-star hotel bookings increasing by 54% and 28%, respectively [6]. Group 3: Cultural and Inbound Tourism - The integration of culture and tourism became a trend, with over 60 concerts taking place during the holiday, significantly boosting hotel bookings in various cities [10]. - Inbound tourism orders surged by 130% during the holiday, with cities like Shanghai and Shenzhen seeing increases of 138% and 188% in orders, respectively [11]. - The introduction of tax refund policies and visa exemptions contributed to the rise in foreign tourists engaging in shopping and travel in China [11][12].

Group 1 - The core viewpoint of the report indicates that the domestic tourism market during the "May Day" holiday is experiencing a significant surge in demand, potentially reaching historical highs, driven by favorable weather and various factors such as extended holiday arrangements [2] - Popular tourist cities in the Chengdu-Chongqing and Yunnan-Guizhou regions have become key "air hubs" and starting points for self-driving tours, with the top ten self-driving cities including Chengdu, Chongqing, and Shanghai [2] - The report highlights that the top ten train routes during the holiday are primarily "1-hour high-speed rail direct" connections, reflecting a trend where travelers are opting for less crowded, off-the-beaten-path destinations [2] Group 2 - There has been a three-digit percentage increase in the booking popularity of high-quality surrounding tours that include premium accommodations and entertainment packages during the "May Day" holiday [3] - The report notes that hotel booking popularity for four-star and five-star hotels has increased by 54% and 28% respectively, while lower-star hotels saw a 24% increase [3] - Popular outbound travel destinations during the holiday include Vietnam, Malaysia, and Cambodia, with Phnom Penh in Cambodia ranking as the second most popular inbound tourist source [3] Group 3 - Hotel prices in popular surrounding travel destinations such as Bangkok, Tokyo, and Seoul have decreased, enhancing the cost-effectiveness of short-haul outbound travel [3] - Major flight routes from Shanghai to Tokyo and Osaka, as well as from Beijing to Tokyo, have also seen price reductions, contributing to the attractiveness of short-distance international travel [3] - The heat in the short-haul outbound travel market is expected to continue into the first weekend after the holiday due to factors like post-holiday leave arrangements [3]