Group 1 - The stock price of Tianmu Lake dropped by 5.04% to 13.00 CNY per share, with a trading volume of 182 million CNY and a turnover rate of 5.11%, resulting in a total market capitalization of 3.512 billion CNY [1] - Jiangsu Tianmu Lake Tourism Co., Ltd. was established on September 15, 1992, and listed on September 27, 2017. The company focuses on the development and management of tourism scenic areas [1] - The main revenue composition of the company includes: hotels 29.74%, landscape gardens 27.58%, Nanshan Bamboo Sea 25.10%, hot springs 7.89%, others 6.70%, travel agency 1.61%, and water world 1.39% [1] Group 2 - The top circulating shareholder of Tianmu Lake includes a fund from the Fortune Fund, specifically the Fortune CSI Tourism Theme ETF (159766), which entered the top ten circulating shareholders in the second quarter with 1.7449 million shares, accounting for 0.65% of circulating shares [2] - The Fortune CSI Tourism Theme ETF (159766) was established on July 15, 2021, with a latest scale of 2.955 billion CNY. Year-to-date return is 7.55%, ranking 3656 out of 4222 in its category; the one-year return is 29.76%, ranking 3249 out of 3813; and since inception, it has a loss of 24.21% [2] Group 3 - The fund manager of the Fortune CSI Tourism Theme ETF (159766) is Cao Ludi, who has been in the position for 5 years and 127 days. The total asset scale of the fund is 13.739 billion CNY, with the best fund return during the tenure being 109.23% and the worst being -44.98% [3]

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 Insights - The domestic tourism market in China is experiencing a recovery and growth, with a projected increase of over 5% in both the number of trips and total spending during the 2025 Qingming, "May Day", and Dragon Boat Festival holidays compared to the previous year [1] - Short-distance travel and "micro-vacations" are emerging as significant trends, reshaping the tourism landscape and creating new opportunities in the cultural tourism market [1][6] Group 1: Market Trends - Local and surrounding travel constitutes 64% of domestic travel during the 2025 Dragon Boat Festival, indicating a strong preference for short-distance trips [2] - A survey shows that 84.39% of respondents prefer to take micro-vacations within 300 kilometers of their homes, driven by the convenience of high-speed rail and limited holiday durations [2] - The rise of family-oriented travel, particularly among the 80s and 90s generations, is further boosting short-distance travel, with family trips accounting for 25% of overall travel orders during the Dragon Boat Festival [3] Group 2: Regional Travel Dynamics - Cities within the Beijing-Tianjin-Hebei and Yangtze River Delta regions are forming interconnected tourism circles, with residents frequently traveling to nearby cities [3] - For instance, during the Dragon Boat Festival, Shenzhen's main tourist sources included nearby cities like Guangzhou and Dongguan, highlighting a trend of mutual travel destinations [3] - The Beijing-Tianjin-Hebei region has seen significant inter-city tourism, with 18.2% of visitors to Hebei Province during the 2025 Spring Festival coming from Beijing and Tianjin [3] Group 3: Changing Consumer Preferences - The concept of "micro-vacation" reflects a shift in consumer mindset, where travelers prioritize relaxation and immersion in local culture over visiting multiple attractions in a short time [5][6] - New hotel offerings, such as the Yuyuan Bay Resort in Shenzhen, cater to this trend, with a high repeat customer rate and a focus on providing a unique local experience [5] - The travel consumption market is transitioning towards slow travel and deep experiences, with businesses adapting by promoting surrounding travel products [6]

Core Viewpoint - Qingyuan is highlighted as a region rich in natural resources and cultural heritage, leveraging its ecological advantages to promote rural revitalization and economic growth through sustainable practices and local specialties [5][8][46]. Group 1: Agricultural Development - Qingyuan's chicken industry has a comprehensive output value exceeding 11.1 billion, with an annual output of 158 million chickens, making it a leading product in the region's agricultural sector [13][14]. - The tea industry in Yingde, known as the "World Red Tea Hometown," has a brand value surpassing 5.178 billion, with one in six residents engaged in tea-related work [19][20]. - The bamboo shoot industry in Qingyuan has a comprehensive output value projected to exceed 10.965 billion by the end of 2024, with an annual production of 1.5136 million tons [27][28]. Group 2: Economic Transformation - The North River, as Qingyuan's main waterway, is being transformed into an economic driver, with local initiatives enhancing tourism and local businesses, leading to a collective economic income increase from 6.9 million to 15.9 million in a year [35][36]. - The integration of agriculture and tourism in San Keng Town is revitalizing the local economy, with various specialty industries flourishing alongside hot spring tourism [39][40]. - The region's focus on ecological preservation and sustainable development is creating a model for modern Chinese urbanization, balancing economic growth with environmental stewardship [46][48].

Group 1 - El Salvador is known as the "Land of Volcanoes" with a rich history and unique natural landscapes, attracting explorers seeking extraordinary travel experiences [2] - The archaeological site of Joya de Cerén, preserved under volcanic ash, provides a valuable window into ancient Maya society, showcasing well-defined functional areas of buildings and agricultural practices [2] - The country has a 256-kilometer coastline that has become a world-renowned surfing destination, hosting major events like the World Surfing Games and serving as a qualifying event for the Paris Olympics [3] Group 2 - El Tunco beach is recognized as one of the best surfing spots, offering stable wave conditions suitable for both beginners and professionals, and has become a gathering place for surfers [3] - The local culture is vibrant, with friendly hospitality from shop owners and a rich experience in learning about local surfing etiquette and customs [3] - El Salvador combines natural wonders, ancient civilizations, and modern vitality, presenting an authentic charm that invites more tourists [3]

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]

以下文章来源于凤凰WEEKLY ，作者汽水 凤凰WEEKLY . 有温度、有情感、有趣味的新媒体。 来自黑龙江的同事凯斯带着普洱茶和鲜花饼来到办公室，告诉我们一个反直觉的消息： 现在的东北人，都流行去西双版纳过冬。 同样从西双版纳回到北京的米利暗也讲述了自己的版纳过年感受：落地后，迎接她的除了雨林风情和傣味美食，还有趋近饱和的东北 冲击。她的原话是： "我明明人在版纳，却被东北人包围了。" 被东北人包围了。 作者 | 汽水 编辑 | 章鱼 来源 | 凤凰WEEKLY （ID：phoenixweekly） 春节已经彻底过完了，但人们对春节的怀念才刚刚开始。 图源：@酱酱子 西双版纳，挤满东北人 时代变了。 东北人的第二故乡，已经不是三亚了。 一个到西双版纳游玩的普通游客所到之处，遍布东北口音的大哥大姐。 飞机场、火车站的网约车上车处，仿佛是小型的东北NPC集中刷新地。 当你的鼻腔里充斥着杀猪菜和水饺味，耳边环绕着东北口音，难免会陷入恍惚： 这里到底是在西双版纳，还是哈尔滨？ 这边游客还在怀疑自己身处东北，那边本地人早就和东北人实现了口味大融合。 在西双版纳的东北一条街，东北菜早就根据云南人的偏好做出了改良。 " ...