中新网福建新闻1月5日电 (郭铭)"周末戏相逢"公益性演出元旦音乐会专场、梁静茹厦门演唱会、"遇见 2026"奥斯卡经典金曲新年音乐会等活动轮番上演，元旦假日期间，福建文旅市场持续火热。 美团旅行数据显示，元旦假日期间，福建省文旅预订增速达62%，厦门、福州、泉州、漳州、龙岩跻身 热门旅行目的地；省外游客主要来自深圳、北京、广州、上海、杭州等地。 泉州文旅吸引力尤为突出，元旦假日期间，当地酒店搜索量同比上涨128%，泉州西街成为热门酒店搜 索地标。"泉州蟳埔村簪花""泉州西街簪花"等关键词搜索量同比涨幅均超200%，泉州簪花、泉州菜、 泉州木偶剧院等更是成为游客追捧的热点。 福建省文化和旅游厅披露，经测算，2026年元旦假日期间，全省接待游客1051.33万人次，实现旅游总 收入67.54亿元，重点景区人气旺盛。此外，全省监测的都市休闲类4A级及以上景区接待人数同比增长 59.5%。(完) 西街旅游。 假日期间，福建全省联动推出940多场文旅活动、120多项惠民措施，三坊七巷"民俗雅集·非遗流芳"、 福州闽越水镇星河夜宴千灯会、"星耀船政跨年夜"、厦门方特无人机天幕秀与双场烟花秀、漳州双鱼岛 ·双鱼奇缘焰火大 ...

Core Insights - The 113th National Sugar and Wine Products Trade Fair will take place from October 16 to 18 at the Hexi Group Nanjing International Expo Center, coinciding with the 70th anniversary of the event and the peak consumption period of "Golden September and Silver October" [1][2] - Nanjing is launching an innovative "Autumn Sugar Season" campaign starting September 20, featuring over 700 consumption scenarios and integrating cultural, tourism, sports, and commercial resources to enhance local economic activity [1][2] Group 1 - The "Autumn Sugar Season" will include seven major themed events and collaborations with over 70 local dining brands, aiming to create a city-wide experience that connects the Mid-Autumn Festival, National Day, and the trade fair [1] - Various landmark areas in Nanjing will host a series of events such as a Chinese street dance competition, a sweet carnival, and a dragon boat race, targeting audiences from Generation Z to seniors [1] - The city will offer over 100 discount packages for attractions, cultural venues, and hotels, along with new experiences like the Xuanwu Lake water curtain movie [2] Group 2 - Nanjing aims to expand consumer space and stimulate economic vitality through initiatives like the "Autumn Sugar Season," while also hosting international events to enhance its global influence [2] - The trade fair will feature a total exhibition area of 200,000 square meters, ten product categories, 13 specialty zones, and over 30 industry conferences [2]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - In the first half of 2025, the company achieved operating revenue of 246 million yuan, a year-on-year decrease of 6.49%, while the net profit attributable to the parent company was 54.73 million yuan, an increase of 4.12% year-on-year [5][6] - The company is expected to remain one of the best-governed and most logically growing companies in the scenic area sector, with future projects focusing on incremental improvements and the launch of a significant animal kingdom project in Liyang [5][10] - The company is projected to achieve net profits attributable to the parent company of 132 million, 150 million, and 171 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 27X, 23X, and 21X [5][10] Financial Performance - In Q2 2025, the company reported operating revenue of 141 million yuan, down 9.82% year-on-year, and a net profit of 40.89 million yuan, a decrease of 1.76% year-on-year [5][6] - The company’s gross profit margin improved by 1.37 percentage points to 53.55% in the first half of 2025, indicating operational resilience [10] - The overall expense ratio decreased by 0.16 percentage points to 19.52%, contributing to a net profit margin increase of 1.84 percentage points to 25.42% [10] Strategic Development - The company is effectively advancing both existing project upgrades and new project developments, with significant upgrades to core products and facilities in the existing projects [10] - The company has initiated a light asset operation model, which is expected to become a new profit growth point in the future [10] - The strategic focus for the next two years includes enhancing the functionality of the Liyang base and expanding into new regions with local state-owned enterprise support [10]

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but managed to improve its net profit and profitability through product structure optimization and effective cost control [1][2]. Financial Performance - In 1H25, the company achieved revenue of 250 million yuan, a year-on-year decrease of 6.5%, while net profit attributable to shareholders was 55 million yuan, an increase of 4.1% year-on-year [1]. - For Q2, the company reported revenue of 140 million yuan, down 9.8% year-on-year, and net profit attributable to shareholders of 41 million yuan, a decrease of 1.8% year-on-year [1]. - The company's gross profit margin improved to 53.5%, up 1.4 percentage points year-on-year, driven by product structure optimization and high-value projects [2]. Business Segment Analysis - The scenic area business generated revenue of 140 million yuan in 1H25, down 9.9% year-on-year, primarily due to industry-wide pressure on visitor numbers, but the gross margin for this segment improved to 64.1%, up 2.3 percentage points year-on-year [1][2]. - The hotel business reported revenue of 70 million yuan in 1H25, a decrease of 5.7% year-on-year, with a gross margin of 24.2%, down 6.3 percentage points year-on-year, significantly impacted by reduced visitor numbers and declining industry average daily rates (ADR) [1][2]. Cost Control and Profitability - The company's sales and management expenses accounted for 6.5% and 14.2% of revenue, respectively, with sales expense ratio decreasing by 0.3 percentage points year-on-year and management expense ratio decreasing by 1.2 percentage points year-on-year in Q2 [2]. - The net profit margin attributable to shareholders was 22.2%, an increase of 2.3 percentage points year-on-year, indicating significant improvement in profitability driven by enhanced gross margin and effective cost control [2]. Investment Outlook - The company is positioned as a one-stop tourism development model with ample project operation experience and a well-progressed diversified product structure development, leading to continuous improvement in profitability [2]. - Projected net profits for 2025-2027 are estimated at 110 million yuan, 130 million yuan, and 140 million yuan, corresponding to price-to-earnings ratios of 31x, 27x, and 25x, respectively, with a "recommended" rating [2].

Core Viewpoint - The company's Q1 2025 net profit exceeded previous expectations, while 2024 revenue and profit were slightly below prior forecasts. The company aims for aggressive targets in 2025, focusing on the execution pace and effectiveness of new projects [1] Investment Highlights - The forecasted EPS for 2025-2027 is 0.51, 0.54, and 0.65 yuan respectively. Considering the industry average PE of 34 for 2025, the company is assigned a 30X PE valuation, raising the target price to 15.3 yuan and maintaining a buy rating [2] - 2024 performance was slightly below expectations, with revenue of 536 million yuan (down 14.87%) and net profit of 105 million yuan (down 28.80%). The decline was attributed to operational disruptions from hotel renovations and rigid cost pressures [2] - Q4 2024 revenue was 132 million yuan, down 6.9% quarter-on-quarter and down 15.2% year-on-year, with net profit of 19 million yuan, down 41.5% quarter-on-quarter and down 28.6% year-on-year. In Q1 2025, revenue was 105 million yuan (down 1.6%), but net profit rose to 14 million yuan (up 26.45%) [2] Core Scenic Areas and Hotel Performance - Revenue from core scenic areas in 2024 was 282 million yuan (down 13.0%), with a gross margin of 70.4% (down 0.8 percentage points). Hotel revenue was 159 million yuan (down 23.1%), with a gross margin of 21.4% (down 8.5 percentage points) [3] - The company is enhancing growth through the renovation and new construction of scenic areas, such as the Nanshan Xiaozhai Phase II project, to improve brand appeal and market competitiveness [3] 2025 Operational Plan - The company plans to achieve revenue of 580 million yuan and profit of 149 million yuan in 2025, focusing on innovative operations, quality improvement, and project development to leverage its one-stop tourism destination advantage [3]