智通财经APP讯，远东酒店实业(00037)发布公告，集团截至2025年9月30日止6个月(本期间)的中期业绩 预计将取得约800万港元的净亏损，而截至2024年同期取得净亏损约2300万港元。 预期本集团本期间取得净亏损主要归因本集团投资物业的公允价值减少;及于中国香港营运的酒店业务 和于中国内地营运的服务式物业出租收益下降。 ...

长白山所属申万行业为：社会服务-旅游及景区-自然景区。所属概念板块包括：旅游酒店、在线旅游、 东北振兴、冰雪产业、融资融券等。 截至9月30日，长白山股东户数4.59万，较上期增加25.35%；人均流通股5814股，较上期减少20.23%。 2025年1月-9月，长白山实现营业收入6.36亿元，同比增长6.99%；归母净利润1.49亿元，同比增长 1.05%。 分红方面，长白山A股上市后累计派现1.44亿元。近三年，累计派现4253.39万元。 机构持仓方面，截止2025年9月30日，长白山十大流通股东中，香港中央结算有限公司位居第四大流通 股东，持股274.64万股，相比上期增加174.74万股。富国中证旅游主题ETF（159766）位居第五大流通 股东，持股222.46万股，相比上期增加84.71万股。南方中证1000ETF（512100）位居第七大流通股东， 持股97.42万股，相比上期减少1.53万股。华夏中证1000ETF（159845）位居第九大流通股东，持股 57.98万股，为新进股东。华夏中证旅游主题ETF（562510）位居第十大流通股东，持股48.46万股，为 新进股东。广发鑫享混合A（0 ...

Core Viewpoint - Xi'an Tourism has significantly shifted its fundraising strategy, moving from expansion plans to focusing on alleviating financial pressure through a new A-share issuance plan aimed at raising up to 300 million yuan for working capital and debt repayment [1][2][4]. Fundraising Strategy - The new fundraising plan involves a reduction in the scale of fundraising from approximately 400 million yuan in the previous plan to a maximum of 300 million yuan, with a higher proportion of funds now allocated for debt repayment and working capital [2][4]. - The company has terminated its previous fundraising plan for 2024, which aimed to invest in direct hotel expansion projects [1][2]. Financial Performance - Xi'an Tourism reported a significant decline in revenue, with a 13.54% drop in 2024 to 582 million yuan and a net loss of 260 million yuan, marking a 69.13% increase in losses year-on-year [4][5]. - In the first half of 2025, the company experienced a 27.4% decrease in revenue, totaling 218 million yuan, with a net loss of approximately 55.93 million yuan [5]. Business Structure and Challenges - The company has faced a drastic change in its revenue structure, with its traditional trade business declining over 80%, while travel agency and hotel businesses have seen increased revenue shares, yet without profitability [6][7]. - The hotel business has reported a negative gross margin of -12.54%, indicating a worsening financial situation where increased revenue leads to greater losses [7][8]. Competitive Landscape - Xi'an Tourism's business model has been criticized for its weak competitiveness, especially when compared to other regional companies with significantly higher gross margins [8]. - The company's aggressive expansion strategy has resulted in a "bleeding growth" scenario, exacerbating resource consumption and financial strain [8].

Core Viewpoint - The company has developed its own online sales platform for travel agencies, scenic spots, and hotels, while also collaborating with online travel agencies (OTAs) to expand product sales channels [1] Group 1: Online Business Strategy - The company operates an independent online sales platform for its travel agency, scenic spots, and hotel businesses [1] - Collaboration with OTAs is utilized to broaden product sales channels [1] Group 2: Cultural and Artistic Initiatives - The Wuzhen Scenic Area has successfully hosted the Wuzhen Theatre Festival for twelve consecutive years since its inception in 2013, establishing it as an internationally influential theatre brand [1] - The company has launched various cultural initiatives such as the "Wuzhen International Contemporary Art Invitation Exhibition" and the "Wuzhen International Future Visual Art Project" to enhance its cultural positioning [1] Group 3: Innovative Experiences at Scenic Spots - The Gubei Water Town has leveraged its historical resources, such as the Simatai Great Wall, to create immersive experiences like "Dream Back to Gubei Great Wall Town" [1] - The immersive drama and interactive performances extend from the stage to the streets, enhancing the connection between architecture, scenes, and culture, resulting in positive market feedback [1]

Core Viewpoint - Tianmu Lake's stock price has shown fluctuations with a year-to-date increase of 6.64%, while recent trading activity indicates a mixed performance in the short term [2][3]. Group 1: Stock Performance - As of November 10, Tianmu Lake's stock rose by 2.08%, reaching a price of 11.80 CNY per share, with a trading volume of 37.34 million CNY and a turnover rate of 1.18% [1]. - Year-to-date, Tianmu Lake's stock has increased by 6.64%, with a 3.24% rise over the last five trading days and a 2.61% increase over the last 20 days, but a decline of 5.98% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Tianmu Lake reported a revenue of 386 million CNY, reflecting a year-on-year decrease of 4.65%, while the net profit attributable to shareholders was 83.25 million CNY, down 2.54% year-on-year [3]. - Since its A-share listing, Tianmu Lake has distributed a total of 375 million CNY in dividends, with 163 million CNY distributed over the past three years [4]. Group 3: Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders for Tianmu Lake was 23,400, a decrease of 13.46% from the previous period, with an average of 11,559 shares held per shareholder, an increase of 15.55% [3]. - Among the top ten circulating shareholders, the Fortune China Securities Tourism Theme ETF holds 2.75 million shares, an increase of 1.00 million shares from the previous period, while the E Fund Enhanced Return Bond A has entered as a new shareholder with 1.42 million shares [4]. Group 4: Business Overview - Tianmu Lake, established on September 15, 1992, and listed on September 27, 2017, operates primarily in tourism, with its main business segments including scenic area operations (55.19%), travel agency services (33.78%), and hotel operations (28.65%) [2]. - The company is classified under the Shenwan industry as part of social services in tourism and scenic areas, with relevant concept sectors including online tourism, tourism hotels, small-cap stocks, micro-cap stocks, and state-owned enterprise reforms [2].

Core Insights - Airbnb is entering a significant investment year in 2025, launching new services and experiences to enhance market presence and brand recognition. Revenue from these initiatives is expected to scale in 2026, with continued investment but at a reduced level compared to the initial launch year. The company aims to improve core business efficiency while managing these investments to achieve net income growth and profit margin enhancement [1][10] - The company believes the vacation rental market has substantial growth potential, with the possibility of doubling in size. Currently, for every person choosing a vacation rental, approximately nine opt for hotels, indicating a significant opportunity for expansion in the vacation rental sector [1][10] Business Expansion and Strategy - Airbnb has initiated a global expansion plan over the past two to three years, employing a cautious localization strategy to adapt products and marketing to local demands. The company has established a strong market presence in regions like Latin America and is seeing initial success in Japan [3] - The hotel business is identified as a key future opportunity, with pilot programs in cities like New York, Los Angeles, and Madrid. Hotels are seen as a complementary offering to vacation rentals, catering to different customer needs [5][6] New Services and User Engagement - The "Book Now, Pay Later" service launched in Q3 has seen about 70% adoption among eligible users, contributing positively to net bookings despite a slight increase in cancellation rates. The company plans to continue optimizing payment tools to drive booking growth [2] - The experience and activities segment, launched in May, has attracted new users, with about 50% of experience bookers not simultaneously booking accommodations. This segment is expected to take 3 to 5 years to become a significant revenue contributor but is already enhancing user engagement and platform differentiation [4] Future Growth and Innovation - Airbnb plans to introduce at least one new billion-dollar product annually, with current focuses on experiences and hotel services. The company is exploring various high-potential market segments, including luxury accommodations [7] - The AI search feature is in testing, aiming to provide a more personalized user experience. The company anticipates that experiences and hotel offerings will become scalable growth engines over the next 3 to 5 years [8] Improvement Areas - Despite completing 65 major optimizations, there remains room for improvement in areas such as payment flexibility, cancellation policies, quality management, and pricing tools. Enhancing location information is also a priority to strengthen competitive advantage [9]

Core Viewpoint - JiuHua Tourism, established in December 2000 and listed in March 2015, is the only tourism-related listed company in the JiuHua Mountain scenic area, possessing unique tourism resources and a complete tourism industry chain [1] Group 1: Business Performance - In Q3 2025, JiuHua Tourism reported revenue of 668 million yuan, ranking 4th in the industry out of 13 companies, with the industry leader Huangshan Tourism generating 1.535 billion yuan [2] - The company's net profit for the same period was 181 million yuan, also ranking 4th in the industry, with the top performer Huangshan Tourism at 275 million yuan [2] - The main business segments include travel agency services (193 million yuan, 39.88%), cable car services (185 million yuan, 38.41%), hotel services (133 million yuan, 27.62%), and passenger transport services (117 million yuan, 24.31%) [2] Group 2: Financial Ratios - As of Q3 2025, JiuHua Tourism's debt-to-asset ratio was 15.52%, down from 20.05% year-on-year, significantly lower than the industry average of 31% [3] - The gross profit margin was 51.88%, slightly up from 51.78% year-on-year, exceeding the industry average of 45.62% [3] Group 3: Executive Compensation - The chairman, Gao Zhengquan, received a salary of 1.2361 million yuan in 2024, an increase of 203,300 yuan from 2023 [4] - The general manager, Xu Zhen, earned 1.0285 million yuan in 2024, up by 284,600 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 8.55% to 14,700, with an average holding of 7,505.26 shares, down by 7.87% [5] - Notable changes among the top ten shareholders include an increase in holdings by the Fortune China Securities Tourism Theme ETF and a decrease in holdings by several other funds [5] Group 5: Future Projections - According to Citic Securities, JiuHua Tourism is expected to achieve net profits of 233 million, 274 million, and 323 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 25.2%, 17.5%, and 18.0% [6] - Guosheng Securities forecasts revenues of 890 million, 1.02 billion, and 1.22 billion yuan for the same years, with net profits of 230 million, 270 million, and 320 million yuan [6]

Core Viewpoint - Hong Kong Travel (03808) has experienced a decline in performance in the first half of the year, primarily due to negative impacts from its tourism site business. However, after divesting its loss-making tourism real estate business, the company expects improvements in its financial statements. The hotel business continues to grow, and with fixed costs being significant, revenue increases will lead to a decrease in expense ratios, resulting in profit growth outpacing revenue growth. The passenger transport business remains stable, and the travel document business is expected to return to normal levels. Overall performance is anticipated to improve in the second half of the year, supported by a recovery in consumption and tourism, along with the upcoming winter sports season [1][2]. Business Restructuring - The company announced a group restructuring to divest its tourism real estate business into a private company, which includes five projects: Zhuhai Huaqing Bay, Xianyang Huaqing Bay, Anji Resort, Shenzhen Airport Project, and Chengdu Jintang Project. The projected revenues for the divested parts for 2023, 2024, and the first half of 2025 are 629 million, 459 million, and 147 million HKD respectively, with net losses of 461 million, 239 million, and 192 million HKD. The divestiture is expected to reduce profit drag and improve overall profitability [3]. Shareholder Distribution - The company offers shareholders two distribution options: 1) Physical distribution, where each share corresponds to one share in the private company; 2) Cash distribution, where each share pays 0.336 HKD, approximately 21.96% of the last closing price of 1.53 HKD before the announcement. Shareholders under the Shanghai-Hong Kong Stock Connect will receive cash due to difficulties in receiving shares of the private company [4]. Capital Reduction Proposal - The board has proposed a capital reduction, decreasing the capital from 9.222 billion HKD to 722 million HKD. The 8.5 billion HKD generated from this reduction will be transferred to retained earnings, which will serve as distributable reserves. This reduction will significantly limit the company's ability to pay dividends or undertake any actions requiring the use of distributable reserves, but it will allow for more flexibility in corporate actions and dividend policy decisions [5]. Expansion into Snow Economy - The company is actively expanding into the snow economy by acquiring a 75% stake in Jilin Songhua Lake International Resort Development Co., Ltd. and a 75% stake in Beijing Wanbingxue Sports Co., Ltd. The Songhua Lake company operates a ski resort and related facilities, while Wanbingxue focuses on snowfield development and management. These projects are expected to be consolidated in November, potentially contributing to revenue and profit growth [6][7].

Core Viewpoint - Hong Kong Travel (03808) has experienced a decline in performance in the first half of the year, primarily due to negative impacts from its tourism and scenic area business. The company expects improvements in its financial statements following the divestiture of its loss-making tourism real estate business. The hotel business continues to grow, and with the upcoming winter season, the company anticipates overall performance to improve in the second half of the year [1][2]. Group 1: Business Restructuring - The company announced a group restructuring to divest its tourism real estate business, which includes five projects: Zhuhai Huaqing Bay, Xianyang Huaqing Bay, Anji Resort, Shenzhen Airport Project, and Chengdu Jintang Project. The projected revenues for the divested parts are 629 million, 459 million, and 147 million HKD for 2023, 2024, and the first half of 2025, respectively, with net losses of 461 million, 239 million, and 192 million HKD [2]. - The divestiture is expected to reduce profit drag and improve overall profitability, with the company focusing on its core businesses, including theme parks, tourism certificates, hotel operations, and passenger services [2]. Group 2: Shareholder Distribution - The company offers shareholders two distribution options: a physical distribution of shares in the private company or a cash distribution of 0.336 HKD per share, which is approximately 21.96% of the last closing price of 1.53 HKD [3]. - Following the distribution, the tourism real estate business will be removed from the listed company and become a privately held entity [3]. Group 3: Capital Reduction Proposal - The board of directors proposed a capital reduction, decreasing the capital from 9.222 billion HKD to 722 million HKD. The resulting 8.5 billion HKD will be transferred to retained earnings, which will limit the company's ability to pay dividends or undertake actions requiring distributable reserves [4]. - The capital reduction will provide the company with more flexibility in decision-making regarding corporate actions and dividend policies [4]. Group 4: Expansion into Snow Economy - The company has entered into agreements to acquire 75% stakes in Jilin Songhua Lake International Resort Development Co., Ltd. and Beijing Wanbingxue Sports Co., Ltd. These acquisitions are expected to be consolidated in November and will likely contribute to revenue and profit growth [5][6]. - The company aims to actively respond to national calls for developing the snow economy and plans further development of related projects [6].

Core Points - Tianmu Lake's stock price increased by 2.06% on October 20, reaching 11.37 CNY per share, with a total market capitalization of 3.071 billion CNY [1] - The company has seen a year-to-date stock price increase of 2.76%, but has experienced declines of 0.96% over the last five trading days, 14.12% over the last twenty days, and 11.45% over the last sixty days [1] - For the first half of 2025, Tianmu Lake reported a revenue of 246 million CNY, a year-on-year decrease of 6.49%, while net profit attributable to shareholders increased by 4.12% to 54.73 million CNY [2] Company Overview - Jiangsu Tianmu Lake Tourism Co., Ltd. was established on September 15, 1992, and listed on September 27, 2017. The company primarily engages in the development, management, and operation of tourist attractions [1] - The revenue composition of Tianmu Lake includes 55.19% from scenic area operations, 33.78% from travel agency services, 28.65% from hotel operations, 9.35% from other services, 7.68% from hot spring services, and 0.12% from water park operations [1] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 58.86% to 27,000, with an average of 10,004 circulating shares per person, a decrease of 37.05% [2] - The company has distributed a total of 375 million CNY in dividends since its A-share listing, with 163 million CNY distributed over the past three years [3] - Among the top ten circulating shareholders, the Fortune China Securities Tourism Theme ETF is the seventh largest shareholder, holding 1.7449 million shares as a new entrant [3]