4）2025Q2 度假业务实现收入6.62 亿元/yoy-8%，主要受东南亚安全问题影响。 机构：方正证券 研究员：李珍妮/王雪尼 1、业绩回顾：25Q2 经调整净利7.75 亿元/净利率16.6%，超指引上限 收入：公司25Q2 总收入46.69 亿元/yoy+10%，其中核心OTA 收入为40.08 亿元/yoy+14%。 1）2025Q2 住宿预订收入13.71 亿元/yoy+15%，主要得益于业务量的稳健增长及变现能力的提升，公司 积极挖掘周末度假、演唱会及体育赛事等新兴住宿预订场景，推动日均间夜量达历史新高，同时加大低 线城市拓展力度、深化与全球供应商合作。 2）2025Q2 交通票务收入为18.81 亿元/yoy+8%，25Q2 公司国际机票业务量创历史新高，同增近30%， 国内火车票务变现能力进一步提升。 3）2025Q2 其他业务收入为7.55 亿元/yoy+28%，主要系酒店管理业务表现出色推动，截至25 年6 月 底，集团酒店管理业务平台下在运营酒店数超2700 家，另有1500 家酒店在筹备中。 业绩：2025Q2 公司实现经调整净利7.75 亿元/yoy+18%，经调整净利率为16.6 ...

8月21日早盘，曲江文旅股价在5分钟内快速反弹，涨幅超过2%，截至9点53分报10.85元，成交额 6406.65万元。 资金流向方面，8月21日主力资金净流出643.41万元，近五日主力资金累计净流出1161.70万元。 风险提示：股市有风险，投资需谨慎。 截至2025年8月21日15时，曲江文旅股价报10.86元，较前一交易日上涨0.13元，涨幅1.21%。当日开盘 价为10.68元，最高触及10.99元，最低下探10.54元，成交量为20.88万手，成交额达2.25亿元。 曲江文旅属于旅游酒店板块，公司业务涵盖景区运营、文化演艺、酒店管理等，主要依托西安曲江新区 丰富的文化旅游资源开展经营活动。 ...

Group 1 - The stock price of Xi'an Tourism closed at 12.79 yuan on August 15, 2025, down 0.31% from the previous trading day, with a trading volume of 1.55 billion yuan [1] - Xi'an Tourism operates in the tourism and hotel sector, with main businesses including travel agency services, hotel management, and scenic area operations [1] - The company's semi-annual performance report revealed that for the first half of 2025, operating revenue was approximately 218 million yuan, a year-on-year decrease of 13.54% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 55.99 million yuan, although the loss margin has narrowed compared to the same period last year [1] Group 2 - On August 15, 2025, the net outflow of main funds was 22.48 million yuan, with a cumulative net outflow of 3.74 million yuan over the past five days [2]

企业名称青岛融华酒店管理有限公司法定代表人孙晓辉注册资本700万人民币国标行业住宿和餐饮业> 住宿业>一般旅馆地址山东省青岛市高新区华贯路819号8号楼102户企业类型有限责任公司(自然人投资 或控股的法人独资)营业期限2025-8-5至无固定期限登记机关青岛高新技术产业开发区市场监督管理局 来源：金融界 经营范围含酒店管理；餐饮管理；商务代理代办服务；日用品销售；会议及展览服务；洗烫服务；停车 场服务；住房租赁。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项目：住宿 服务；餐饮服务；食品销售；酒类经营；烟草制品零售。（依法须经批准的项目，经相关部门批准后方 可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准） 天眼查App显示，近日，青岛融华酒店管理有限公司成立，法定代表人为孙晓辉，注册资本700万人民 币，由青岛融创信为控股有限公司全资持股。 序号股东名称持股比例1青岛融创信为控股有限公司100% ...

Company Overview - Shanghai Tianhuan Zhongzhi Technology Co., Ltd. has been established with a registered capital of 50 million RMB [1] - The legal representative of the company is Lin Li, and it is wholly owned by Shanghai Tianhuan Zhongzhi Enterprise Management Co., Ltd. [1] Business Scope - The company’s business scope includes information technology consulting services, hotel management, catering management, parking lot services, domestic cargo transportation agency, enterprise management consulting, supply chain management services, property management, engineering management services, non-residential real estate leasing, conference and exhibition services, health consulting services (excluding medical services), technology intermediary services, social and economic consulting services, software development, wholesale and retail of computer hardware and software and auxiliary equipment, information system integration services, sales of information security equipment, technical services, technical development, technical consulting, technical exchange, technical transfer, technical promotion, domestic trade agency, information consulting services (excluding licensed information consulting services), trade brokerage, advertising design and agency, organization of cultural and artistic exchange activities, sales of household appliances, sales of mechanical equipment, wholesale of kitchenware and daily necessities, and sales of arts and crafts and ceremonial supplies (excluding ivory and its products), as well as wholesale of hardware products [1] Company Registration Details - The company is classified under the national standard industry of leasing and business services, specifically in comprehensive management services [1] - The registered address is located at 480 Fuzhou Road, Huangpu District, Shanghai [1] - The company is categorized as a limited liability company (wholly foreign-owned enterprise) with an operating period until June 3, 2025, with no fixed term thereafter [1] - The registration authority is the Huangpu District Market Supervision Administration [1]

Core Viewpoint - Rongsheng Development reported stable operations and a debt reduction strategy amid the real estate industry's adjustment, with a focus on enhancing operational quality and diversifying into non-property businesses [1][2][3] Financial Performance - In 2024, the company achieved a revenue of 38.009 billion yuan, aligning with industry averages and expectations [1] - The company’s debt scale continues to decline, and its debt structure is being optimized [1] Debt Restructuring Plan - The company plans to utilize two platforms, "Zhixiang" and "Zhiqi," to convert approximately 16 billion yuan of debt into equity, focusing on light asset operations in sectors like hotel management and commercial management [1][2] - The debt-to-equity swap mechanism provides creditors with equity appreciation potential while allowing the company to retain control over core assets [2] Strategic Transformation - The company is enhancing its light asset operational capabilities, particularly in hotel management and project management, with a dual focus on stable operations and sustainable development [2][3] - The project management segment has seen a 45% year-on-year increase in project value for 2024, while the hotel management segment is recovering to 90% of pre-pandemic revenue per available room (RevPAR) [2] Industry Context - The debt restructuring and light asset transformation of Rongsheng Development serve as a model for the industry, providing a new approach to debt restructuring through market-driven mechanisms [3] - The shift towards light asset operations aligns with the broader industry trend, as 38 out of the top 50 real estate companies are now engaged in light asset operations, with project management scale increasing by 470% over three years [3]