此次布局冰雪赛道，并非中旅国际的偶然选择，而是其深耕稀缺自然资源战略的延续。从宁夏沙坡头 的"沙漠星空"IP，到广西德天跨国瀑布的生态体验，再到云南洱海的文旅融合项目，中旅国际始终围 绕"中国优质自然资源地图"展开布局，精准捕捉游客对差异化自然体验的需求，形成覆盖沙漠、湖泊、 瀑布、山地等多元场景的"自然体验矩阵"。 在轻资产运营层面，中旅国际并购的V.SKI品牌已展现出规模化优势。2025-2026雪季，中旅冰雪V.SKI 参与运营6家滑雪度假区，管理雪道面积达380公顷，年接待游客近200万人次。未来，V.SKI将通过延伸 四季运营场景、强化人才技术支撑，进一步提升冰雪资源开发效能，助力打造国际级滑雪度假标杆。 中旅国际的实践，折射出文旅行业发展的新趋势。从"资源依赖"到"运营制胜"，专业管理与人才体系成 为核心竞争力；从"单季盈利"到"四季融合"，有效破解冰雪产业季节性瓶颈；从"国内市场"到"国际对 标"，随着免签政策优化，松花湖等度假区正吸引全球游客，推动中国冰雪经济融入国际市场。 当前，文旅行业竞争已从"资本竞争"升级为"资源+运营"的复合竞争。在业内人士看来，中旅国际的发 展路径，不仅为央企在市场 ...

Core Viewpoint - Dongwu Securities reports that Hong Kong Travel (00308) is a leading integrated cultural tourism investment and operation platform in China, backed by the central enterprise China Travel Group, and is expected to grow through diversified business development in the Greater Bay Area and new projects both domestically and internationally [1] Financial Projections - The company is projected to achieve net profit attributable to shareholders of HKD 270 million, HKD 420 million, and HKD 600 million for the years 2025, 2026, and 2027 respectively, corresponding to price-to-earnings ratios of 32, 21, and 15 times [1] Market Trends - In the first half of 2025, domestic travel volume and total spending by tourists are expected to increase by 20.6% and 15.2% year-on-year respectively, indicating a steady growth in travel demand despite high base effects [1] - Frequent service consumption policies are anticipated to help unlock the potential of cultural tourism consumption [1] Business Operations - The company has a nationwide layout of scenic spots, achieving an integrated operation of investment and operation [1] - Revenue projections for 2024 in specific segments are as follows: theme parks at HKD 596 million, natural and cultural tourism at HKD 1.241 billion, leisure vacations at HKD 458 million, and supporting services for scenic spots at HKD 50 million [1]

Group 1: Real Estate Market Insights - The company actively responds to policies regarding special bonds for purchasing real estate, collaborating closely with local governments on land storage matters [3] - The real estate market shows signs of recovery, with new home sales in key cities experiencing year-on-year growth in Q4 last year and Q1 this year [3] - In March, the company successfully acquired approximately 27 acres of land in a core area of Chongqing, enhancing its resource portfolio [3] Group 2: Market Value Management - The company emphasizes market value management, implementing measures such as share buybacks and stakeholder engagement to boost market confidence [5] - A structured management mechanism for market value, including a "Market Value Management System" and "Valuation Enhancement Plan," has been established [5] - Future efforts will focus on transparent operations and enhancing business quality to reflect true corporate value in the capital market [5] Group 3: Debt Management - The company primarily relies on medium to long-term bank loans for its existing debt and adheres to a strict "631" risk management principle to ensure timely debt repayment [5] Group 4: Cultural and Tourism Business Development - The cultural and tourism sector is a core business area, with the company responding to national policies aimed at boosting consumption through various initiatives [6] - The company is innovating its operational strategies, focusing on enhancing existing projects and developing new products to capture market opportunities [6] - The company plans to upgrade existing theme parks and hotels, aiming to improve competitiveness and attract a broader customer base [6] Group 5: Asset Optimization Strategies - The company employs various asset optimization methods, including regulatory adjustments, inventory acquisition, and customized sales strategies [7] - A long-term mechanism for asset revitalization has been established, involving regular reporting and leadership oversight to ensure project progress [7]