Core Viewpoint - The company, Three Gorges Tourism (002627), has shown significant growth in its tourism business, with a focus on expanding its cruise operations and enhancing governance structures. Group 1: Business Performance - In the first half of 2025, the company achieved a total revenue of 286 million yuan in its tourism business, representing a year-on-year increase of 20.20% [2] - The cruise products received a total of 1.2525 million visitors, marking a 10.96% increase compared to the same period in 2024, setting a new record for visitor numbers [2] - The company's main revenue for the first half of 2025 was 367 million yuan, up 7.47% year-on-year, with a net profit attributable to shareholders of 63.6214 million yuan, an increase of 17.74% [9] Group 2: Future Plans and Developments - The company plans to launch its first two provincial cruise ships in June and December 2026, with a second batch of two ships expected to be completed by June 2028 [4] - The pricing for the popular Yichang-Chongqing cruise route is set between 2,800 and 3,000 yuan per person, with a travel agency settlement price of 2,500 yuan per person [4] - The company has established a clear goal to transition towards the tourism industry and will prioritize asset injections from its controlling shareholder that meet relevant conditions [5] Group 3: Governance and Management Changes - The company made governance adjustments by abolishing the supervisory board and establishing a worker representative director, following legal requirements [3] - Hu Junhong resigned as director and vice chairman but will continue to serve as the board secretary, participating in strategic investment and corporate governance [3] Group 4: Sales and Market Response - As of September 21, 2025, the pre-sale situation for the company's cruise products during the "National Day" holiday was strong, with all tickets sold out for the period from October 2 to October 7 [6] Group 5: Share Buyback and Financial Management - Over the past three years, the company has completed two share buyback programs, with the first buyback of 18.9219 million shares aimed at employee incentive plans and the second buyback of 10.2476 million shares for maintaining company value and shareholder rights [7]

Group 1: Company Performance - In the first half of 2025, the company achieved a total revenue of 2.86 billion yuan from tourism-related businesses, representing a year-on-year growth of 20.20% [3] - The company’s cruise products received a total of 125.25 thousand visitors, marking a 10.96% increase compared to the same period in 2024, setting a new record for visitor numbers [3] Group 2: Corporate Governance - The company held its first extraordinary general meeting on September 10, 2025, where it approved amendments to the Articles of Association, including the dissolution of the supervisory board and the establishment of employee representative directors [3] - After resigning as director and vice chairman, Hu Junhong will continue to serve as the company’s secretary of the board, focusing on strategic investment, capital operations, and corporate governance [3] Group 3: Future Plans - The company plans to launch two provincial cruise ships by June and December 2026, with a second batch of two ships expected to be completed by June 2028 [3] - The pricing for the popular Yichang-Chongqing route will be set at 2,800-3,000 yuan per person, with adjustments based on market competition and similar product pricing [3] Group 4: Share Buyback - Over the past three years, the company has completed two share buyback programs: the first from November 18, 2022, to November 10, 2023, involving 18.92 million shares, and the second from February 7, 2024, to April 30, 2024, involving 10.25 million shares [6] - The purpose of the first buyback was for employee stock ownership plans, while the second aimed to maintain company value and shareholder rights [6] Group 5: Sales Performance - As of September 21, 2025, the pre-sale situation for the "Two Dams and One Gorge" cruise products is strong, with tickets sold out for the period from October 2 to October 7, 2025 [5]