转型中的文旅类城投经营现状及面临的挑战与机遇 联合资信 公用评级二部 迟腾飞|魏 凯|潘跃升 文旅类城投公司作为城投体系中一类细分主体，兼具城市基础设施建设和文旅 资源运营两大角色，是地方政府整合文旅资源的重要载体，其核心竞争力源于政府 赋予的功能定位以及其拥有的文旅资源禀赋。随着城市基础设施建设日趋完善，城 投公司纷纷谋求市场化转型，文旅类城投的发展方向正逐步从传统文旅基础设施建 设业务转向市场化、精细化的文旅运营服务。本文主要聚焦正处于转型中的文旅类 城投，相较于以文旅资源运营为主、已完成转型的文旅类城投，转型中的文旅类城 投其旅游资源尚在培育期，文旅类业务营收结构较为单一、文旅设施和酒店等经营 性项目尚需持续投入，转型过程中挑战与机遇并存。 本文通过梳理当下文旅行业配套支持政策、发展现状，明晰转型中文旅类城投 企业基本特征、其持有的核心景区资源禀赋以及经营状况和财务表现，并结合典型 案例分析该类主体当前发展现状、未来发展机遇和转型面临的挑战，以期尽可能为 文旅类城投产业化、市场化转型提供实务参考。 www.lhratings.com 研究报告 1 一、 文旅行业政策梳理 近年来，国家层面密集出台多项文旅 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4][6][9]. Core Insights - Lingnan Holdings is a comprehensive tourism company with a national and diversified business development strategy, focusing on travel agency operations, hotel management, and related tourism industry services [5][11]. - The tourism market is showing strong recovery, with domestic travel expected to reach 5.62 billion trips in 2024, a year-on-year increase of 14.8% [26][30]. - The company has completed a nationwide layout for its travel agency business, with over 200 stores across China, and is expanding its hotel business with new projects and rooms [5][40]. Summary by Sections Company Overview - Lingnan Holdings operates as a major tourism industry platform, integrating travel, accommodation, and other tourism-related services, with a focus on innovation and capital management [5][15]. - The company is controlled by the Guangzhou State-owned Assets Supervision and Administration Commission, ensuring a stable shareholding structure [16]. Business Performance - The company expects revenues of 4.967 billion, 5.602 billion, and 6.277 billion RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 15.26%, 12.80%, and 12.03% [9][10]. - The travel agency segment is projected to contribute over 70% of the company's revenue, with significant growth anticipated in both domestic and outbound tourism [40][49]. Market Trends - The inbound tourism market is recovering rapidly, with inbound visitors expected to reach 131.9 million in 2024, a 60.8% increase year-on-year [30][33]. - The company is actively leveraging new policies to boost inbound tourism, including tax refund policies and visa exemptions [50]. Financial Projections - The report forecasts a net profit of 135 million, 182 million, and 235 million RMB for 2025, 2026, and 2027, with growth rates of -10.22%, 35.04%, and 28.90% respectively [9][10]. - The current price-to-earnings (P/E) ratios are projected at 65.18, 48.27, and 37.45 for the next three years [9][10]. Strategic Initiatives - The company is expanding its hotel management and operation business, with a focus on brand development and strategic partnerships to enhance its market presence [55][70]. - Lingnan Holdings is diversifying its tourism offerings, including technology integration in travel services and expanding into duty-free operations [68][72].

Group 1 - The core point of the article is that the Enshi Grand Canyon scenic area is not a project operated by the company SanTe Cableway (002159.SZ) [1]

Core Viewpoint - The recent "explosion" incident surrounding Xiangyuan Holdings has triggered a trust crisis for the entire "Xiangyuan system," particularly impacting Xiangyuan Cultural Tourism, which is a core member of the group. The company's stock price has fallen, and negative public sentiment has intensified due to the default on financial products by its major shareholder [1][7]. Group 1: Company Overview - Xiangyuan Cultural Tourism has a solid asset base and operational strength in the cultural tourism sector, which should not be overlooked despite the current crisis [1][4]. - The company has established a diverse and deep portfolio of cultural tourism assets across multiple provinces and cities, including World Heritage sites and national 5A and 4A scenic spots, indicating long-term commercial viability and market competitiveness [2][8]. - Xiangyuan Cultural Tourism focuses on "cultural tourism investment, construction, and operation," which is distinct from the financial products that have caused the current turmoil, suggesting that its core business remains stable if managed independently [2][8]. Group 2: Financial Stability and Market Impact - The company previously entered the market with a relatively low debt-to-asset ratio, indicating a sound financial foundation, which is crucial for long-term investors [2][8]. - The recent crisis has severely impacted market confidence, leading to doubts about the overall creditworthiness and asset transparency of the "Xiangyuan system," with past issues of fund occupation and information disclosure leading to regulatory investigations [2][8]. - If the parent company's debt chain breaks and funding becomes tight, it could affect the support for cultural tourism operations, impacting new project development and brand building [3][9]. Group 3: Future Outlook - A rational and nuanced judgment is needed to differentiate between the financial product defaults and the core cultural tourism business, which may still have healthy cash flows if operated independently [3][9]. - The market and regulators should recognize the intrinsic value of cultural tourism assets, as companies with mature scenic spots and resources may still hold significant long-term potential [3][9]. - If Xiangyuan Cultural Tourism can maintain operations and rebuild transparent governance structures, it may present a low-cost investment opportunity, with potential for valuation recovery and asset restructuring post-crisis [3][9].

Core Viewpoint - The report from CICC maintains the earnings forecast for Poly Property (06049) and keeps the "outperform" rating with a target price of HKD 42.7, corresponding to a 13x P/E for 2026 and a 22% upside potential [1] Group 1: Strategic Layout and Growth - The "big property" strategic layout has achieved breadth, with the "14th Five-Year Plan" focusing on operational focus and industrial upgrades [2] - During the "14th Five-Year Plan," the company has proactively laid out the "big property" strategy, achieving over 25% compound growth in property management revenue from public services and commercial office sectors from 2021 to 2024 [2] - By 2024, the managed area for non-residential properties is expected to reach 510 million square meters, with non-residential property management revenue accounting for over 40% of total property management revenue [2] - The company's market-oriented external expansion capability and industry coverage are leading, with an annualized contract amount for non-residential external expansion expected to be RMB 2.75 billion in 2024, covering over 40 non-residential sectors [2] - The company has essentially achieved the layout and external expansion capability at the "big property" level, with future development transitioning from breadth and width to deep operations, aiming for further elevation in revenue structure, profitability, and operational capability [2] Group 2: Scenic Area Operations - Scenic area operations present good growth potential and financial models, with property management companies expected to upgrade from traditional management fees to operational revenue sharing through integrated management and operations [2] - The tourism industry is expected to continue its strong growth, with the China Tourism Research Institute predicting that cultural and tourism-related consumption will exceed RMB 10 trillion by 2030, with an average annual growth rate of 8%-10% during the "15th Five-Year Plan" [2] - For example, in the Shenzhen Xichong project, property management fee revenue is around RMB 10 million, with relatively low gross margins; however, integrating ticket revenue sharing and secondary consumption from tourists is expected to significantly enhance project gross margins [2] - By the end of 2024, Poly Property is expected to have served over 100 A-level scenic area projects, including three operational management projects, with ongoing development of benchmark projects providing a solid foundation for further acquisition of scenic area operation projects and creating an integrated service system for scenic area operations and urban management [2]

Core Viewpoint - Xiangyuan Cultural Tourism's gross margin increased by 4 percentage points to 51.84% in Q2 2025, attributed to the company's focus on quality improvement and cost control [1] Financial Performance - Sales expense ratio increased by 2 percentage points to 8.27%, mainly due to enhanced promotional efforts [1] - Management expense ratio decreased by 1 percentage point to 10.36% [1] - Net profit margin increased by 1 percentage point to 23.12% [1] Strategic Initiatives - The company plans to further explore local cultural IPs, focusing on two international-level IPs: pandas and tea [1] - Future investments will include Xiangyuan Travel and Xiangyuan General Aviation, aiming to upgrade the strategic positioning as a "cultural tourism service provider" [1] - The company is actively exploring new low-altitude cultural tourism models to create a second growth curve [1] Business Development - The company's scenic area operations are solid, with innovative breakthroughs in the travel service sector [1] - There is a strategic focus on expanding into the cruise business and low-altitude economy, which are expected to become new growth drivers for the company's performance [1] - The investment rating is maintained at "Buy" [1]