Core Viewpoint - The announcement details the resolutions passed during the fourth extraordinary general meeting of shareholders held by Zhejiang Xiangyuan Cultural Tourism Co., Ltd. on November 12, 2025, including the cancellation of the supervisory board and the implementation of a shareholder return activity [2][4][8]. Meeting Details - The meeting was held on November 12, 2025, at the Xiangyuan Cultural Tourism conference room in Hangzhou [2]. - All directors and supervisors were present, ensuring compliance with legal and regulatory requirements [3][6]. Resolutions Passed - The proposal to cancel the supervisory board and amend the company's articles of association was approved [4]. - Several management system amendments were also approved, including the introduction of a new external guarantee system and revisions to shareholder meeting rules, board meeting rules, independent director systems, and related party transaction decision-making systems [5]. Shareholder Return Activity - The company will conduct a "2025 Shareholder Return" activity from November 13, 2025, to December 31, 2025, to thank shareholders for their support [8][12]. - Eligible shareholders will receive free access to various attractions and discounts on hotel stays at designated properties [12][13]. - The activity is limited to shareholders registered by November 6, 2025, and participation is restricted to one registration per shareholder [9][14]. Participation and Feedback - Shareholders can register for the activity through a WeChat mini-program and must provide proof of shareholding [14][15]. - The company encourages shareholders to provide feedback on its development and products via an investor email [16].

Core Insights - The tourism industry in China is experiencing a structural shift from scale expansion to quality enhancement, with a focus on deep leisure and cultural experiences [2] - Xiangyuan Cultural Tourism Co., Ltd. reported significant growth in revenue and profit for the first half of 2025, driven by innovative marketing and product upgrades [3][4] Financial Performance - In the first half of 2025, Xiangyuan achieved revenue of 500 million yuan, a year-on-year increase of 35.41%, and a total profit of 132 million yuan, up 57.18% [2] - The company's core tourism business generated 440 million yuan, reflecting a 51.26% increase compared to the previous year [3] - Operating cash flow saw a substantial increase of 171.77%, reaching 155 million yuan [5] Business Strategy - The company is transitioning from a focus on asset maintenance to a comprehensive service model encompassing investment, research, construction, and operation [2] - Xiangyuan is leveraging cultural IP and technology for content innovation, enhancing the overall visitor experience [2][4] - The company is actively exploring low-altitude flight applications in tourism, with ongoing projects in various locations [5] Market Trends - Visitor preferences are shifting towards immersive and culturally rich experiences, moving away from traditional sightseeing [2] - The company has successfully activated consumer potential through innovative "cultural tourism+" models during peak holiday periods [3] Operational Highlights - The Mangshan Wuzhifeng scenic area has shown remarkable revenue growth, attributed to marketing innovations and product enhancements [4] - Xiangyuan's financial structure remains robust, with a debt-to-asset ratio of 35.84%, indicating a stable financial position [5][6]

Group 1 - The company expects to achieve a net profit attributable to the parent company of between 90 million to 97 million yuan for the first half of 2025, representing an increase of 30.57 million to 37.57 million yuan compared to the same period last year, which is a year-on-year increase of 51.44% to 63.22% [1][2] - The company anticipates a net profit attributable to the parent company after deducting non-recurring gains and losses of between 77 million to 84 million yuan, which is an increase of 19.46 million to 26.46 million yuan compared to the same period last year, reflecting a year-on-year increase of 33.83% to 45.99% [2] - The main reasons for the profit increase include the addition of new scenic spots such as Mangshan Wuzhifeng Scenic Area, Danxia Mountain Scenic Area, and Sichuan Wolong Giant Panda Base, which contributed to increased operating income, along with government subsidies [2] Group 2 - The previous year's net profit attributable to the parent company was 59.4281 million yuan, and the net profit after deducting non-recurring gains and losses was 57.5367 million yuan [2] - The total profit for the previous year was 84.2211 million yuan, and the earnings per share were 0.06 yuan [2]