Core Viewpoint - Xi'an Tourism reported a narrowing loss in its 2025 interim financial results, with total operating revenue declining and net profit showing a slight improvement compared to the previous year [1] Financial Performance - Total operating revenue for 2025 was 218 million yuan, a decrease of 13.54% year-on-year from 252 million yuan in 2024 [1] - The net profit attributable to shareholders was -55.99 million yuan, an improvement of 12.06% from -63.66 million yuan in the previous year [1] - The gross profit margin was 2.09%, down 48.19% from 4.03% in 2024 [1] - The net profit margin was -28.28%, a slight decrease of 3.17% from -27.41% in 2024 [1] - Total expenses (selling, administrative, and financial) amounted to 63.49 million yuan, accounting for 29.12% of revenue, a decrease of 2.18% year-on-year [1] Cash Flow and Debt Situation - Cash and cash equivalents decreased to 134 million yuan, down 28.68% from 188 million yuan in 2024 [1] - Accounts receivable decreased to 53.43 million yuan, a decline of 33.98% from 80.93 million yuan [1] - Interest-bearing liabilities increased to 935 million yuan, up 6.40% from 879 million yuan [1] - The company has a cash flow situation that requires attention, with cash and cash equivalents to current liabilities ratio at 14.79% [3] Strategic Focus - The company is focusing on reducing losses and improving efficiency through several strategies, including expanding its hotel business and enhancing the travel agency's profitability [3] - The company aims to leverage its tourism resources to improve its main business and drive quality enhancement [3]

Core Viewpoint - The document presents a supplementary legal opinion regarding Nanjing Commercial Tourism Co., Ltd.'s issuance of shares and cash payment for asset acquisition, along with the associated fundraising and related transactions, emphasizing compliance with legal standards and the necessity of the transaction for the company's growth [1][2][3]. Group 1: Transaction Overview - Nanjing Commercial Tourism Co., Ltd. is engaging in a transaction involving the issuance of shares and cash to acquire assets and raise supporting funds [1][2]. - The transaction is subject to regulatory scrutiny, and the law firm has issued a supplementary legal opinion to address inquiries from the regulatory body [3][7]. Group 2: Legal Compliance and Responsibilities - The law firm asserts that it has fulfilled its legal responsibilities in accordance with relevant laws and regulations, ensuring the accuracy and completeness of the facts presented in the opinion [4][5][6]. - The supplementary legal opinion is intended solely for the purpose of this transaction and cannot be used for other purposes without the law firm's consent [6]. Group 3: Financial and Operational Implications - The transaction includes a price adjustment mechanism to respond to market fluctuations, which aims to protect the interests of the company and its minority shareholders [12][13]. - The law firm has conducted thorough checks on the financial health of the involved entities, ensuring that the assets to be injected into the company meet specific financial and compliance standards [22][23]. Group 4: Asset Evaluation and Strategic Considerations - The assets being considered for acquisition have been evaluated based on their financial performance, with specific criteria set to ensure they contribute positively to the company's operations [22][23]. - The document outlines the financial performance of the target assets, indicating that they meet the necessary profitability and return on investment criteria [23][27].

Group 1 - The company Xi'an Tourism (SZ 000610) announced the convening of its 10th Board of Directors meeting on August 14, 2025, to review the 2025 semi-annual report and summary [1] - For the year 2024, the revenue composition of Xi'an Tourism is as follows: travel agency accounts for 66.47%, hotel industry for 23.4%, leasing business for 3.33%, trade for 2.86%, and other business income for 2.52% [1] - As of the report, the market capitalization of Xi'an Tourism is 3 billion yuan [1]

Investment Rating - The report assigns a "Buy" rating for Jiuhua Tourism (603199) [1] Core Views - Jiuhua Tourism is leveraging its unique Buddhist mountain resources to develop a regional cultural tourism complex, with a projected revenue of 764.44 million yuan in 2024, reflecting a year-on-year growth of 5.64% [1][12] - The company is expected to benefit from the ongoing recovery in domestic tourism, with a significant increase in young visitors to temple tourism, which is becoming a new trend in emotional consumption [2][40] - The company plans to enhance its capacity through new projects and improved transportation, which will likely drive customer growth and revenue [3][56] Summary by Sections Company Overview - Jiuhua Tourism, established in December 2000, is located in the Jiuhua Mountain scenic area of Anhui Province and operates in various sectors including transportation, hotels, and travel agencies [12][17] - The company aims to build a regional tourism complex, with a projected revenue of 764.44 million yuan in 2024, where hotel, cable car, transportation, and travel agency businesses contribute 31%, 38%, 21%, and 8% respectively [20][12] Tourism Market Trends - The domestic tourism market is experiencing high growth, with a 20.6% increase in travel volume and a 15.2% increase in total spending in the first half of 2025 [40][41] - Young visitors, particularly those born in the 1990s and 2000s, are increasingly engaging in temple tourism, which is becoming a popular form of emotional consumption [48][49] Company Highlights - Jiuhua Mountain is one of China's four major Buddhist mountains, providing a stable flow of visitors due to its unique cultural and natural resources [56][58] - The company is investing in new projects, including a 326 million yuan cable car project and various hotel renovations, which are expected to enhance its service capacity and profitability [37][38] - Improvements in external transportation, such as the opening of the Pihuang high-speed railway, are anticipated to boost visitor numbers [56][58] Financial Analysis - The company forecasts a net profit of 217.09 million yuan for 2025, with a corresponding P/E ratio of 18 times [1][11] - Revenue projections for 2025-2027 indicate a steady growth trajectory, with net profits expected to reach 267.37 million yuan by 2027 [1][11]

Core Insights - The summer tourism peak season in 2025 is experiencing a significant downturn, with many operators reporting a drop in business and occupancy rates [2][3][10] - Factors such as extreme heat and changing consumer preferences are leading to a shift in travel behavior, with tourists opting for short trips and local experiences instead of traditional long-distance travel [11][14][20] Group 1: Current Situation - A significant number of vacation rentals in Weihai are seeing occupancy rates drop by over 60%, with average room prices halving from 800 yuan to 400 yuan [2][3] - Many operators in the tourism industry are struggling, with reports of low customer traffic and a lack of visitors at popular attractions [4][6] - The overall sentiment among tourism professionals is one of confusion and concern, as they observe a stark contrast between reported tourist numbers in the media and their own experiences [9][10] Group 2: Changing Consumer Behavior - Extreme temperatures have deterred many families from long-distance travel, leading them to seek cooler, local accommodations instead [11][12] - There is a growing trend among urban middle-class families to prioritize comfort and unique experiences over traditional sightseeing, opting for local stays and activities [13][14] - Many tourists are increasingly choosing to visit non-traditional attractions, such as local cultural complexes, which offer a more appealing experience compared to conventional tourist sites [16][20] Group 3: Industry Challenges - The tourism industry is facing a disconnect between consumer demand and traditional service offerings, with many travelers opting for self-organized trips rather than packaged tours [17][18] - The rental car business is booming, indicating a shift in how tourists are approaching travel logistics [19] - The oversupply of accommodations is leading to price wars among hotels and rentals, further complicating the financial viability of the peak season [22] Group 4: Strategies for Recovery - Tourism operators are encouraged to innovate their offerings, such as introducing unique experiences like night tours in zoos to attract visitors [24][25] - There is a push for the development of long-term rental options in smaller cities to cater to the growing demand for immersive travel experiences [26][27] - Travel agencies are exploring new business models, such as charging for customized travel consultations, to enhance their service value and adapt to changing consumer preferences [27]

Group 1 - In May, the Consumer Price Index (CPI) in Yongzhou City decreased by 0.6% year-on-year and by 0.3% month-on-month [1] - Among eight categories of goods, five experienced price increases while three saw declines year-on-year [1] - The prices of other goods and services rose by 7.5%, while transportation and communication prices fell by 3.5% year-on-year [1] Group 2 - Non-food prices decreased by 0.3% month-on-month, with service prices down by 0.1%, contributing to a CPI decline of approximately 0.04 percentage points [2] - Housing prices, both self-owned and rental, fell by 0.7% and 0.4% respectively, impacting CPI by about 0.10 percentage points [2] - International oil price declines led to domestic gasoline and diesel prices dropping by 3.8% and 4.0%, respectively, affecting CPI by approximately 0.15 percentage points [2]

Investment Rating - The report assigns an "Accumulate" rating for Jiuhua Tourism (603199) [1] Core Views - Jiuhua Tourism has a stable flow in its main tourism business, benefiting from the scarcity of scenic resources and strong anti-cyclical characteristics [7] - The company has a clear project reserve and a quantifiable long-term growth momentum [8] - The company is expected to achieve revenue growth of 18% in 2025, 15% in 2026, and 10% in 2027, with net profit growth of 23%, 21%, and 17% respectively [10] Summary by Sections Company Overview - Jiuhua Tourism is based on the core scenic area of Jiuhua Mountain, a national 5A-level Buddhist site, forming a comprehensive tourism service system including cable cars, hotels, passenger transport, and travel agencies [9][12] - The company has a stable and diverse revenue structure, with significant visitor loyalty due to the cultural heritage of Jiuhua Mountain [17] Financial Performance - The core profit source, the cable car business, is expected to maintain a gross margin above 85% from 2023 to 2024, contributing approximately 38.33% of the company's revenue in 2024 [9] - The hotel business, while currently weaker with a gross margin of 16% in 2023, is expected to improve due to location advantages and operational efficiency [9] - Revenue has shown strong recovery post-pandemic, with a 118% year-on-year increase in 2023 and a 25% increase compared to pre-pandemic levels in 2019 [25] Growth Drivers - The opening of the Chihuang High-speed Railway in April 2024 is expected to significantly enhance accessibility to Jiuhua Mountain, boosting overall attractiveness [9] - The Lion Peak cable car project is anticipated to start operations in 2026, potentially contributing an average annual revenue of 1.11 billion yuan and a net profit of 0.5 billion yuan over the next 15 years [60][63] Investment Projections - The company plans to raise up to 500 million yuan through a private placement to fund key projects, including the Lion Peak cable car and hotel renovations [75] - Earnings per share (EPS) is projected to rise to 1.53 yuan in 2025 and 1.94 yuan in 2026, reflecting a significant improvement in profitability [75]

Core Viewpoints - The market in June is expected to remain in a consolidation phase, with large-cap stocks likely to see a recovery. Domestic demand momentum is anticipated to improve marginally, while April's industrial profits continued to show a recovery trend but experienced a decline in both volume and price. The cost decline was the main driver of profit growth in April. PMI data for May indicates a slight recovery in domestic production demand compared to April. It is expected that growth-stabilizing policies will be implemented alongside resilient external demand, and the trend of weak inventory replenishment is likely to continue in the second quarter. However, global trade policies remain uncertain, compounded by concerns over rising US debt rates, which may pressure market sentiment in the short term. In June, various growth-stabilizing policies are expected to accelerate, maintaining a cautious and oscillating market environment. Key areas to watch for a breakthrough include developments in overseas tariffs and the implementation of domestic growth-stabilizing policies in June [4][10][12]. June Stock Recommendations - The June stock selection by the report includes: - SF Express (Transportation) - Anji Technology (Chemicals) - Bairen Medical (Pharmaceuticals) - Lingnan Holdings (Social Services) - Qingdao Beer (Food and Beverage) - Suochen Technology (Computers) [10][12]. Industry Summaries Transportation Industry: SF Express - SF Express reported a net profit of 2.234 billion yuan in Q1 2025, reflecting a steady growth trend. The company achieved a total express volume of 3.56 billion parcels, a year-on-year increase of 19.7%, with revenue reaching 69.85 billion yuan, up 6.9% year-on-year. The profit growth was primarily driven by the continuous improvement of the product matrix and enhanced service competitiveness. The company also focused on cost control through operational model reforms and network optimization, achieving a gross profit margin of 13.3%, an increase of 0.1 percentage points year-on-year [12][13]. Chemical Industry: Anji Technology - Anji Technology experienced rapid growth in revenue and net profit in 2024 and Q1 2025, driven by increased market coverage and new product introductions. The gross profit margin for 2024 was 58.45%, with a net profit margin of 29.08%. In Q1 2025, the gross profit margin was 55.70%, and the net profit margin was 30.96%. The company is seeing a steady increase in its global market share for polishing liquids, with a projected market size growth for semiconductor CMP polishing materials [14][15]. Pharmaceutical Industry: Bairen Medical - Bairen Medical reported rapid growth in revenue and profit in 2024, with significant increases in its three main business segments. The heart valve replacement and repair segment saw a year-on-year growth of 64.28%. The company is expected to maintain high growth rates in 2025, driven by the approval of its first interventional valve product, which offers significant advantages in terms of operation and safety [17][18]. Social Services Industry: Lingnan Holdings - Lingnan Holdings achieved a revenue of 4.309 billion yuan in 2024, a year-on-year increase of 25.43%, and a net profit of 150 million yuan, up 116.08%. The company’s travel agency operations and hotel management segments are expected to continue growing, particularly with the recovery of inbound tourism and the expansion of hotel management projects [20][21]. Food and Beverage Industry: Qingdao Beer - Qingdao Beer faced pressure on volume and price in Q3 2024, with a year-on-year decline in sales volume of 7.0%. However, the company benefited from a decrease in raw material costs, leading to an improvement in gross profit margins. Future growth is anticipated as restaurant demand recovers, supported by the company's strong brand and distribution network [23][24]. Computer Industry: Suochen Technology - Suochen Technology reported a revenue of 39 million yuan in Q1 2025, a year-on-year increase of 21.73%. The company is focusing on enhancing its CAE software capabilities and exploring AI applications in various fields. The engineering simulation software segment has shown significant growth, contributing to an overall increase in the company's gross profit margin [25][26][27].

Strategy Overview - The market in June is expected to remain in a state of waiting for a breakthrough, with large-cap stocks likely to see a recovery. Domestic demand momentum is anticipated to improve marginally, although April's industrial profits showed a decline in both volume and price, with cost reductions being the main driver for profit growth. The PMI for May indicates a slight recovery in domestic production demand compared to April. It is expected that growth-stabilizing policies will be implemented alongside resilient external demand, continuing the trend of weak inventory replenishment in the second quarter. However, global trade policies remain uncertain, compounded by concerns over rising US debt rates, which may pressure market sentiment in the short term. In June, various growth-stabilizing policies are expected to accelerate, maintaining a volatile consolidation pattern in the market. Key areas to monitor for a breakthrough include overseas tariff developments and the implementation of domestic growth-stabilizing policies in June. [5][7] June Stock Recommendations - The June stock selection by Zhongyin Securities includes: - SF Express (Transportation) - Anji Technology (Chemicals) - Bairen Medical (Healthcare) - Lingnan Holdings (Social Services) - Qingdao Beer (Food and Beverage) - Suochen Technology (Computers) [14][16] Performance Review of May Stock Selection - The stock selection for May outperformed the market, with notable performances from Jiemian Express-W and Yiwei Lithium Energy, both achieving over 10% monthly returns. The absolute return of the May stock selection was 3.87%, outperforming the market benchmark (CSI 300) by 2.02 percentage points. Three stocks achieved excess returns of over 5% compared to the CSI 300. [9] Company-Specific Insights SF Express (Transportation) - In Q1 2025, SF Express reported a net profit of 2.234 billion yuan, reflecting a stable growth trend. The company achieved a total express volume of 3.56 billion parcels, a year-on-year increase of 19.7%, with revenue reaching 69.85 billion yuan, up 6.9% year-on-year. The net profit increased by 16.87% year-on-year, driven by continuous improvement in product matrix and service competitiveness. The gross profit margin was 13.3%, slightly up by 0.1 percentage points. [16][17] Anji Technology (Chemicals) - Anji Technology is expected to see rapid growth in revenue and net profit in 2024, driven by increased market coverage and new product introductions. The gross margin for 2024 is projected at 58.45%, up 2.64 percentage points year-on-year. The company’s polishing liquid revenue reached 1.545 billion yuan in 2024, a year-on-year increase of 43.73%. The global semiconductor CMP polishing materials market is expected to grow from 3.42 billion USD in 2024 to 3.62 billion USD in 2025. [19][20] Bairen Medical (Healthcare) - Bairen Medical reported rapid growth in Q4 2024 and Q1 2025, with significant increases in revenue across all three major business segments. The heart valve replacement and repair segment saw a year-on-year growth of 64.28%. The approval of the TAVR product in August 2024 is expected to drive further growth in 2025. [24][25] Lingnan Holdings (Social Services) - Lingnan Holdings achieved a revenue of 4.309 billion yuan in 2024, a year-on-year increase of 25.43%, with a net profit of 150 million yuan, up 116.08%. The travel agency and hotel management segments are expected to continue growing, particularly with the recovery of inbound tourism. [29][30] Qingdao Beer (Food and Beverage) - Qingdao Beer faced challenges in 2024 with a volume decline of 7.0% and a slight price increase of 0.5%. The company’s gross margin improved due to lower raw material costs, but net profit margin slightly decreased. Future growth is anticipated as restaurant demand recovers. [34][35] Suochen Technology (Computers) - Suochen Technology reported a revenue of 39 million yuan in Q1 2025, a year-on-year increase of 21.73%. The company is focusing on enhancing its CAE software capabilities and exploring AI applications in various fields. [38][39][40]

新华财经沈阳5月12日电（记者李宇佳）记者从国家统计局辽宁调查总队了解到，4月份，辽宁省居民消 费价格（CPI）同比下降0.1%，降幅与全国平均水平持平，列全国第14位。环比上涨0.1%，涨幅与全国 平均水平持平，列全国第19位。其中，城市上涨0.1%，农村下降0.1%；食品价格与上月持平，非食品 价格上涨0.1%；消费品价格与上月持平，服务价格上涨0.2%。 从同比看，八大类商品及服务价格变动呈"六涨二降"态势。其中，其他用品及服务类价格上涨7.1%，衣 着类价格上涨1.3%，教育文化娱乐类价格上涨0.6%，食品烟酒类价格上涨0.4%，生活用品及服务类价 格上涨0.3%，居住类价格上涨0.1%，医疗保健类价格下降0.9%，交通通信类价格下降3.7%。 从环比看，八大类商品及服务价格变动呈"三涨三降二平"态势。其中，食品价格与上月持平。食品中， 受进口牛肉价格上涨影响，牛肉价格上涨6.9%，影响价格总水平上涨约0.05个百分点；气温升高，储存 成本增加，鲜果价格上涨1.4%，影响价格总水平上涨约0.04个百分点。鲜菜供应充足，价格下降4.9%， 影响价格总水平下降约0.10个百分点。 非食品价格环比上涨0.1 ...