第113届全国糖酒商品交易会（以下简称"糖酒会"）将于10月16日至18日在河西集团南京国际博览 中心举行。距离展会开幕还有不到40天，一场贯穿全城的"秋糖季"活动将于9月20日率先启动，为广大 市民游客带来持续一个月的消费盛宴，掀起全城"发糖"热潮。 今年适逢全国糖酒会70周年，又值"金九银十"消费黄金期，南京首次创新推出"秋糖季"系列全域活 动。届时，全市将整合文化、旅游、体育、商业等全域资源，打造7场主题重点活动、联合70余家本地 餐饮品牌、推出超700处文商体旅消费场景，有机串联中秋、国庆与糖酒会三大节点，实现"全城有活 动、处处可体验"，真正让企业增效益、百姓得实惠。 作为省会城市、东部地区重要中心城市和长三角特大城市，南京正通过"秋糖季"等创新举措拓展消 费新空间、释放经济新活力。届时，环太湖国际公路自行车赛、世界华人狮王争霸赛等国际赛事也将在 宁举办，进一步提升南京的国际影响力。 目前，本届糖酒会的筹备工作正在有序推进，10月16日至18日将以20万平方米展览面积、十大品 类展区、13个特色专区和30余场行业会议迎接八方来客。 本届糖酒会既是"行业盛会"，又是"城市节日"。"秋糖季"期间，南京多 ...

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]