自由家树屋等酒店等新项目将贡献业绩增量。3）四川碧峰峡主题旅游度假区，涵盖野生动物世界、生 态峡谷景区和大熊猫基地等核心板块，2023 年收入/净利润分别为1.25/0.58 亿元，空中廊桥助力景区接 待能力提升。 持续整合景区资产，贡献利润增量。1）大南岭片区布局湖南莽山五指峰景区，辐射湖南、广东客群， 2024H1 收入/净利润为0.48/0.11亿元。2）中标丹霞山5 个项目特许经营权，布局华南目的地，2023年景 区门票和锦江画廊收入0.54 亿元。3）卧龙大熊猫神树坪基地，与碧峰峡协同发展，2024Q1-3 净利润 1012 万元。4）控股股东文旅资源丰富，将助力公司整合资产。 投资要点 打造全球领先的文旅资产服务商：祥源控股集团于2017 年入主上市公司，主营业务为动漫及其衍生和 影视制作等，2022 年起公司通过完成资产重组、资产置换、现金收购等方式陆续收购多个景区相关资 产，布局"大湘西"、"大黄山"、"川渝"、"大湾区"等旅游目的地资源，实现动漫影视文化到文旅投资运 营的转型，并构建"文化IP+旅游+科技"新模式。2023 年公司营收为7.2 亿元，其中景交服务/酒店/动物 园/智慧文旅/动 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The company has successfully transformed its business model through asset restructuring and strategic shifts, focusing on a "Cultural IP + Tourism + Technology" integrated approach, enhancing its brand value in the tourism sector [6][18]. - The company has shown strong revenue growth, with a projected increase in net profit driven by acquisitions and the expansion of tourism assets [6][7]. - The company is well-positioned to capitalize on the low-altitude tourism market, having launched its first eVTOL flight in 2025, marking a significant step in integrating low-altitude economic activities with tourism [6][18]. Financial Data and Profit Forecast - Total revenue is expected to grow from 722 million yuan in 2023 to 1.333 billion yuan in 2025, reflecting a compound annual growth rate (CAGR) of 52.3% [2]. - Net profit is projected to increase from 151 million yuan in 2023 to 386 million yuan in 2025, indicating a significant growth trajectory [2]. - The company’s gross margin is expected to improve from 52% in 2023 to 55% in 2026, showcasing enhanced operational efficiency [2]. Market Data - As of March 27, 2025, the company's closing price was 9.18 yuan, with a market capitalization of 6.062 billion yuan [3]. - The company has a price-to-earnings (P/E) ratio projected to decrease from 64 in 2023 to 25 in 2025, indicating a favorable valuation trend [2][3]. Strategic Initiatives - The company has diversified its tourism offerings by acquiring key assets in popular tourist destinations, creating a chain of attractions that enhance its brand presence [6][24]. - The integration of digital technology and animation IP into tourism experiences is expected to drive visitor engagement and revenue growth [6][18]. - The company is actively pursuing low-altitude tourism projects, which are anticipated to provide new revenue streams and enhance customer experiences [6][18].

生态文旅新格局, 低空科技创未来 [Table_Summary] 投资要点： [Table_MainInfo] 公司研究/旅游服务业 证券研究报告 祥源文旅（600576）公司研究报告 2025 年 03 月 18 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 股票数据 | 03[Table_StockInfo 月 17 日收盘价（元）] | 9.20 | | --- | --- | | 52 周股价波动（元） | 3.59-9.95 | | 总股本/流通 A 股（百万股） | 1055/660 | | 总市值/流通市值（百万元） | 9702/6076 | | 相关研究 | | 市场表现 [Table_QuoteInfo] | 沪深 300 对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅（%） | 21.9 | 29.3 | 17.1 | | 相对涨幅（%） | 21.2 | 24.1 | 18.8 | | 资料来源：海通证券研究所 | | | | | 分析师:李宏科 | | --- | | Tel:(021)231856 ...

Investment Rating - The report assigns a "Strong Buy" rating for the company, predicting a relative increase of over 20% compared to the benchmark index in the next 12 months [12]. Core Insights - The company is actively exploring low-altitude tourism, aligning with national policy directions, and has made significant strides in commercializing low-altitude tourism products [3][4]. - The company is expected to experience substantial profit growth in 2025, with projected net profit reaching approximately 400 million RMB, indicating a high safety margin at the current market valuation of about 25 times earnings [4][6]. - The company has a rich resource base from its controlling shareholder, which supports ongoing asset integration and business expansion [4]. Financial Projections - The company is projected to achieve total revenue of 8.25 billion RMB in 2024, increasing to 11.40 billion RMB in 2025, and 13.13 billion RMB in 2026, reflecting year-on-year growth rates of 14%, 38%, and 15% respectively [5][7]. - The net profit forecast for the same period is 1.74 billion RMB in 2024, 3.96 billion RMB in 2025, and 5.40 billion RMB in 2026, with year-on-year growth rates of 15%, 127%, and 37% respectively [5][6]. - The company's earnings per share (EPS) are expected to rise from 0.14 RMB in 2023 to 0.51 RMB in 2026 [7][9].

Summary of Xiangyuan Cultural Tourism Conference Call Company Overview - Xiangyuan Cultural Tourism is a publicly listed company on the A-share main board, primarily focused on tourism scenic area services, accounting for approximately 90% of its business. The company operates 8 scenic destinations, with 6 rated as 5A and 2 as 4A, located in regions such as Hunan, Anhui, Guangdong, and Sichuan. In 2024, about 90% of the company's overall revenue is expected to come from cultural tourism services, while animation and related businesses, as well as film and animation production, will account for 10% [3][4]. Key Revenue Sources - The largest revenue source is the Bailong Elevator in Zhangjiajie, Hunan, generating over 200 million yuan in annual revenue and over 100 million yuan in net profit. Other significant contributors include the Mengshan Wuzhifeng and Bifengxia scenic areas, each generating over 100 million yuan in revenue and approximately 50 million yuan in net profit [4][5]. Expansion and Capital Actions - In 2024, the company expanded through acquisitions, including the Jiadashijie Hotel, the establishment of the Xiangyun Travel brand, and the acquisition of operational rights for Mengshan Wuzhifeng and Danxia Mountain. Additionally, the company formed Xiangyun Tongxing to enter the low-altitude tourism market, purchasing 50 EH216-S unmanned aerial vehicles [4][6]. Growth Strategies - The growth strategy for the Bailong Elevator in 2025 includes optimizing ticket sales and enhancing marketing efforts to increase visitor purchasing willingness and overall penetration rates. The company plans to generate over 10 million yuan in revenue through package elevator services and intends to renovate station buildings to introduce commercial operations [4][7]. Profit Projections - The overall profit for scenic areas in 2024 is estimated to be around 250-270 million yuan, with net profit exceeding 100 million yuan, impacted by amortization and depreciation. The animation business is expected to break even, while tourism remains the primary revenue source. New projects in 2025 are projected to contribute an additional profit of approximately 11-12 million yuan [4][16][17]. Future Development Plans - The company aims to continue expanding its tourism scenic areas nationwide while leveraging animation IP derivatives and film production to create synergistic effects with scenic areas. A significant focus will be on developing the low-altitude tourism market, with plans to launch low-altitude flight projects at Danxia Mountain, initially priced at 399 yuan for a 5-minute flight [4][8][28]. Marketing and Customer Engagement - The company employs various marketing strategies, including social media platforms and unique services to enhance customer satisfaction and brand recognition. The integration of a unified ticketing system and membership operations aims to attract repeat customers and improve overall brand exposure [25][26]. Financial Performance and Challenges - The financial performance in 2024 showed a profit of approximately 250-270 million yuan, with net profit affected by amortization and depreciation. The company has not encountered goodwill impairment issues, and all projects have exceeded previous profit commitments [16][17]. Conclusion - Xiangyuan Cultural Tourism is positioned for significant growth through strategic acquisitions, innovative marketing, and the development of new tourism products. The focus on low-altitude tourism and the integration of animation and film production into its offerings are expected to enhance its competitive edge in the cultural tourism sector [29][30].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为深入贯彻党的二十大和中央金融工作会议精神，落实国务院《关于进一步 提高上市公司质量的意见》的要求，浙江祥源文旅股份有限公司（以下简称"公 司"、"祥源文旅"）积极响应上海证券交易所《关于开展沪市公司"提质增效重回 报"专项行动的倡议》，结合公司发展战略和实际情况，制定公司 2025 年度"提质 增效重回报"行动方案。有关具体内容如下： 证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-011 浙江祥源文旅股份有限公司 关于 2025 年度"提质增效重回报"行动方案的公告 1 努力实现对投资者长期持续稳定的回报。 （一）在《公司章程》中明确分红政策。公司将在具备分红条件的情况下， 根据自身所处发展阶段，综合分析公司经营发展实际情况、融资环境以及股东意 愿等因素，兼顾公司的长远利益、全体股东的整体利益及公司的可持续发展能力， 力争为投资者提供持续、稳定的现金分红，致力为股东带来长期、稳定、可持续 的价值回报。 （二）持续通过股份回购、股东回馈活动等方式回馈股东并维 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 祥源文旅 摘要 • 2025 年春节期间，莽山项目总接待人次达 27.42 万，同比增长 56%，收入 约 1,700 万元，同比增长 53%，主要得益于良好天气和冰雪活动。公司暂 未调整全年业绩目标，因核心增量来源不依赖节假日。 Q&A 请介绍一下祥宇物流在 2025 年春节期间的整体表现及其主要影响因素。 祥宇物流在 2025 年春节期间的整体表现较为不错，但略低于预期，主要受天气 影响。全国各地在初三到初五普遍下雨，影响了商业性景区的客流量。然而， 尽管受到天气干扰，整体数据仍呈正向增长。特别是湖南莽山项目和安徽休宁 县齐云山景区表现突出。莽山项目因天气较好且有雾凇奇观吸引大量游客，在 初三到初五达到接待上限并实施限流措施，对整体业绩贡献较大。齐云山景区 则通过非遗活动吸引游客，两套酒店系统（祥福瑞酒店和书屋酒店）均实现显 著增长，其中祥福瑞酒店营收同比增长约 90%，书屋酒店增长超过 30%。总体来 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外 ...

证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-010 浙江祥源文旅股份有限公司 浙江祥源文旅股份有限公司董事会 2025 年 2 月 5 日 2025 年春节假期景区业务主要经营数据快报 1 如按照财务合并口径计算，公司 2025 年春节期间接待游客 79.17 万人次同 比 2024 年接待游客 48.71 万人次增长 62.53%；实现营业收入 4,963.66 万元同 比 2024 年营业收入 3,110.52 万元增长 59.58%。 以上主要经营数据未经审计，仅为投资者及时了解公司生产经营概况使用， 敬请广大投资者注意投资风险。 特此公告。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江祥源文旅股份有限公司 2025 年春节假期（1 月 28 日至 2 月 4 日）景区 业务经营数据如下： | 项目 | 2025 年春节假期（农历 | | 同比 2024 年春节假期（农历初 | | --- | --- | --- | --- | | | 除夕至初七，共 8 | 天） | 一至初八，共 8 ...

Group 1 - The tourism market during the Spring Festival was booming, with significant increases in visitor numbers and revenue reported by major cultural tourism companies [1][2] - Xiangyuan Cultural Tourism received 791,700 visitors during the Spring Festival, a year-on-year increase of 15.35%, with revenue reaching 49.64 million yuan, up 14.35% [1] - Songcheng Performing Arts reported 550 performances of "The Eternal Song" during the Spring Festival, with a peak of 91 performances in a single day and a daily visitor count of 460,000 [1][2] Group 2 - The successful application for UNESCO's intangible cultural heritage status for the Spring Festival has heightened interest in traditional cultural tourism, leading to increased visitor engagement [2] - Data from Meituan indicated a surge in searches for national intangible cultural heritage experiences, with "Quanzhou Puppet" searches up 272% and "Self-Guang Lantern Festival" up 122% [2] - The younger generation, particularly those born after 2000, are driving deeper tourism experiences, contributing to a vibrant holiday tourism market [3]

证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-009 浙江祥源文旅股份有限公司 关于股东部分股份质押的更正公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江祥源文旅股份有限公司（以下简称"公司"）于2025年1月22日披露了《关于 股东部分股份质押的公告》（公告编号：临2025-008）。公告披露后发现，上述公告 内容存在错误，公司现予更正（更正的内容以加粗表示），情况如下： 一、更正情况 更正前： 二、股东累计质押股份情况 截至本公告披露日，实际控制人俞发祥先生、控股股东祥源旅开及其一致行 动人祥源实业累计质押股份情况如下： | | | | | | 占其 | 占公 | | 已质押股份情况 | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 持股数量 | 持股 | 本次解质前 | 本次解质后 | 所持 | 司总 | 已质押 | 已质押 | 未质押股份 | 未质押股 | ...