转型中的文旅类城投经营现状及面临的挑战与机遇 联合资信 公用评级二部 迟腾飞|魏 凯|潘跃升 文旅类城投公司作为城投体系中一类细分主体，兼具城市基础设施建设和文旅 资源运营两大角色，是地方政府整合文旅资源的重要载体，其核心竞争力源于政府 赋予的功能定位以及其拥有的文旅资源禀赋。随着城市基础设施建设日趋完善，城 投公司纷纷谋求市场化转型，文旅类城投的发展方向正逐步从传统文旅基础设施建 设业务转向市场化、精细化的文旅运营服务。本文主要聚焦正处于转型中的文旅类 城投，相较于以文旅资源运营为主、已完成转型的文旅类城投，转型中的文旅类城 投其旅游资源尚在培育期，文旅类业务营收结构较为单一、文旅设施和酒店等经营 性项目尚需持续投入，转型过程中挑战与机遇并存。 本文通过梳理当下文旅行业配套支持政策、发展现状，明晰转型中文旅类城投 企业基本特征、其持有的核心景区资源禀赋以及经营状况和财务表现，并结合典型 案例分析该类主体当前发展现状、未来发展机遇和转型面临的挑战，以期尽可能为 文旅类城投产业化、市场化转型提供实务参考。 www.lhratings.com 研究报告 1 一、 文旅行业政策梳理 近年来，国家层面密集出台多项文旅 ...

Core Insights - Increasing collaboration between local cultural tourism groups and leading hotel groups is aimed at enhancing the accommodation business segment [1][3] - The partnership is seen as a mutually beneficial arrangement, but practical challenges exist in the collaboration process [2][6] Group 1: Collaboration Dynamics - Local cultural tourism groups are seeking partnerships with professional hotel teams to improve operational efficiency [1][6] - Recent strategic cooperation agreements have been signed between various regional tourism groups and hotel chains, indicating a trend towards deeper integration of tourism and hotel operations [4][11] - The partnerships often involve both single project agreements and broader product layouts, including the renovation of existing hotels [6][16] Group 2: Market Trends and Challenges - The hotel industry is experiencing a shift where regional tourism groups are becoming key clients for hotel management companies, facilitating bulk project signings [7][8] - The demand for professional hotel management groups is increasing as the market transitions from real estate and rental profits to brand and operational profits [15] - Challenges remain in the collaboration process, including the need for market-oriented operational teams to adapt to the differing styles of state-owned enterprises [18][19] Group 3: Strategic Importance - The partnerships are crucial for local tourism groups to leverage brand output and management capabilities from established hotel groups [6][11] - Successful collaborations can significantly enhance the quality and efficiency of hotel assets, contributing to high-quality development in the industry [19] - The urgency for tourism groups to act is emphasized, as those who delay may miss out on valuable opportunities in the evolving market landscape [10][13]

Core Viewpoint - Yunnan Chenggong Investment announced its third quarterly report for 2025, highlighting its revenue composition and current market valuation [1] Revenue Composition - For the year 2024, the revenue composition of Yunnan Chenggong Investment is as follows: - Commercial management: 40.25% - Property management: 23.48% - Real estate: 15.72% - Hotel operations: 12.57% - Other businesses: 7.98% [1] Market Valuation - As of the report date, the market capitalization of Yunnan Chenggong Investment is 4.3 billion yuan [1]

Core Viewpoint - R&F Properties (02777) reported a significant decline in its mid-year performance for 2025, with a total revenue of RMB 5.765 billion, representing a year-on-year decrease of 59.43% [1] Revenue Breakdown - The company's revenue primarily comes from property development, rental income from investment properties, and hotel operations [1] - Revenue from property development fell by 60% year-on-year to RMB 4.165 billion, based on the delivery of 461,000 square meters of properties, a decrease of approximately 48% compared to 887,900 square meters delivered in the same period last year [1] - The average selling price during the period was approximately RMB 9,000 per square meter, down from RMB 11,800 per square meter in the first half of 2024 [1] Rental and Hotel Operations - Rental income from investment properties decreased by 26% to RMB 313 million, down from RMB 425 million in the first half of 2024 [1] - Hotel operating revenue plummeted by 70% to RMB 827 million, compared to RMB 2.762 billion in the same period last year, primarily due to the cancellation of confirmations related to a subsidiary in September 2024 [1]