公司近况 机构：中金公司 研究员：赖晟炜/林思婕 公司动态 消费力修复不及预期；存量项目优化和新项目拓展不及预期。 公告签订松花湖度假区股权转让协议，旅游目的地布局再落一子。公司9 月30 日公告收购松花湖度假区 公司和万冰雪公司（累计管理9 家雪场）100%股份，收购对价分别为2.95 亿元和500 万元，另需承担松 花湖度假区公司7.55 亿元银行借款。我们认为此次收购有望进一步完善公司休闲度假旅游目的地布局并 提升输出管理服务能力。松花湖度假区稳定期年游客量超35 万人次、收入超3 亿元，2024 年两家公司 税后利润分别为996 万元和23 万元，建议关注后续公司对该项目运营管理赋能进展。 旅游运营能力突出，国庆中秋假期旗下部分目的地表现火热。公司通过IP联动、非遗活动、数字沉浸馆 等形式创新优化文旅体验，国庆中秋假期中旅国际景区接待量超百万人次，庐山秀峰索道、天山旅游走 廊等接待量同增超100%，松花湖度假区接待量稳步上升，多家特色精品酒店多日入住率达100%。 盈利预测与估值 考虑25 年剥离旅游地产产生一次性亏损但有望增厚后续利润，下调25 年盈利1.4 亿港元至亏损0.5 亿港 元，上调26 ...

智通财经APP获悉，中金发布研报称，考虑25年剥离旅游地产产生一次性亏损但有望增厚后续利润，下 调香港中旅(00308)25年盈利1.4亿港元至亏损0.5亿港元，上调26年盈利8%至3.7亿港元。当前股价对应 26年25倍P/E。维持中性评级。考虑26年盈利相对常态化，估值切换至26年，考虑建议分派的现金收益 及公司持续强化旅游目的地投资运营商地位，上调目标价20%至1.8港元，对应26年27倍P/E，上行空间 8%。 中金主要观点如下： 旅游运营能力突出，国庆中秋假期旗下部分目的地表现火热 公司通过IP联动、非遗活动、数字沉浸馆等形式创新优化文旅体验，国庆中秋假期中旅国际景区接待量 超百万人次，庐山秀峰索道、天山旅游走廊等接待量同增超100%，松花湖度假区接待量稳步上升，多 家特色精品酒店多日入住率达100%。 风险提示：消费力修复不及预期;存量项目优化和新项目拓展不及预期。 该信息由智通财经网提供 剥离旅游地产、聚焦核心业务，有望改善盈利能力并优化资源配置 公司拟通过建议分派方式剥离旅游地产业务，旅游地产业务于2023/2024/1H25录得税后亏损4.6/2.4/1.9 亿港元，该行认为此次剥离有望改善 ...

Core Viewpoint - Vanke continues its "slimming" plan by divesting its ice and snow business, which was once highly anticipated [1] Group 1: Transaction Details - On August 26, Hong Kong Travel signed a share transfer agreement with Vanke's subsidiaries to acquire 75% of Jilin Songhua Lake International Resort Development Co., Ltd. and Beijing Vanke Ice and Snow Sports Co., Ltd. [2] - The transaction includes two core assets: the heavy asset Songhua Lake Resort and the light asset Vanke Ice and Snow management platform [4] - The Songhua Lake Resort, located in Jilin Province, covers an area of 220 hectares, has 50 ski trails totaling 55 kilometers, and can accommodate 15,000 visitors daily [4] Group 2: Background of Vanke's Ice and Snow Business - Vanke's involvement in the ice and snow industry began in 2011, with the official operation starting in 2015 when the Songhua Lake Ski Resort opened [5] - The ice and snow division was established in 2017, aiming to capitalize on the booming ice and snow industry following Beijing's successful bid for the 2022 Winter Olympics [6][7] - However, the ice and snow industry is characterized by high investment, long cycles, and slow returns, leading Vanke to subsidize its ski resorts and related assets through real estate sales [8][10] Group 3: Financial Performance and Strategic Shift - In 2020, Vanke's ice and snow business accounted for only 1.03% of the group's total revenue, prompting the company to dissolve its independent ice and snow division [11] - Vanke reported a loss of 49.48 billion yuan in 2024, facing increasing liquidity pressure and a concentrated debt repayment [13] - In response, Vanke announced a comprehensive "slimming" plan to gradually exit non-core businesses, including the ice and snow sector [14][15] Group 4: Hong Kong Travel's Entry - Hong Kong Travel, established in 1992, is a significant player in tourism investment and operations [16][17] - The acquisition of Vanke's ice and snow assets marks a strategic expansion into the ice and snow tourism sector, which Hong Kong Travel has previously lacked [21] - Post-acquisition, Hong Kong Travel plans to enhance the Songhua Lake Resort by expanding ski trails and updating equipment [23] Group 5: Industry Trends - Vanke's divestment of its ice and snow business reflects a broader trend of real estate companies retreating from the cultural tourism sector amid industry adjustments [24] - Major players like Evergrande and Wanda have also been divesting cultural tourism assets to alleviate liquidity pressures [26] - The shift in ownership towards state-owned enterprises and specialized tourism operators indicates a transition from real estate-driven models to professional operational approaches in the industry [27][28]

Core Viewpoint - Vanke continues its "slimming" plan by divesting its ice and snow business, with Hong Kong Travel Group acquiring a 75% stake in two of Vanke's subsidiaries related to the ice and snow sector [1][10]. Group 1: Transaction Details - The transaction involves two core assets: the heavy asset Songhua Lake Resort and the light asset Wan Ice and Snow management platform [3]. - Songhua Lake Resort, located in Jilin Province, covers an area of 220 hectares, features 50 ski trails totaling 55 kilometers, and has a daily reception capacity of 15,000 visitors [3]. - Wan Ice and Snow Company manages seven ski resorts for the 2024-2025 season, operating 115 ski trails over 390 hectares, with an annual visitor capacity of nearly 2 million [3]. Group 2: Historical Context - Vanke's involvement in the ice and snow business began in 2011, with significant operations starting in 2015 when the Songhua Lake Ski Resort opened [4]. - The ice and snow division was established in 2017, aiming to capitalize on the booming ice and snow industry following China's successful bid for the 2022 Winter Olympics [4][5]. Group 3: Financial Performance and Challenges - The ice and snow industry is characterized by high investment, long cycles, and slow returns, leading Vanke to rely on real estate to subsidize its ski resorts and related assets [7]. - In the 2016-2017 season, Songhua Lake generated revenue of 110 million yuan, while real estate sales exceeded 300 million yuan, indicating a reliance on real estate for profitability [8]. - By 2020, Vanke's ice and snow business accounted for only 1.03% of total revenue, prompting the company to dissolve its independent ice and snow division [8]. Group 4: Industry Trends - The divestment of Vanke's ice and snow business reflects a broader trend in the real estate sector, where companies are retreating from the cultural tourism segment amid deep industry adjustments [16]. - Major real estate firms, including Evergrande and Wanda, have been selling off cultural tourism assets to alleviate liquidity pressures, with state-owned enterprises becoming the primary acquirers of these assets [17][18].