Anhui Jiuhuashan Tourism Dvlp

As the Mid-Autumn Festival and National Day holidays approach, travel booking momentum continues to build, and multiple brokerages are upbeat on the travel sector's prospects. Valuations for scenic-spot operators are near bottom levels, and the hotel industry's supply-demand improvement has reached a confirmed inflection point. According to data from Tongcheng Travel, as of August 24, search interest for the keywords Mid-Autumn Festival and National Day on its platform rose 116 percent month on month, while bookings made more than 30 days in advance for the two holidays grew more than 20 percent year on year. Guotai Haitong estimates that taking three days of leave between the two holidays could create a 13-day continuous break, potentially unleashing demand for long-haul domestic travel, outbound travel, and in-depth tours. Scenic-spot stocks are generally trading at relatively low levels, and the brokerage suggests positioning around two main themes: low valuations offering a margin of safety, and the delivery of project catalysts. In the hotel sector, Soochow Securities notes that the early part of the summer may have marked the bottom for travel demand, with marginal improvement imminent and supply-demand dynamics likely to improve. East Money Securities believes the supply-demand gap in the hotel industry is narrowing, and in the second half of the year investors should closely track how the summer season and the Mid-Autumn and National Day peak periods play out. Institutions are focusing on Jiuhua Tourism and BTG Hotels. Jiuhua Tourism achieved operating revenue of 500 million yuan in the first half of 2026, up 3.43 percent year on year, with net profit attributable to shareholders of 152 million yuan, up 7.27 percent. BTG Hotels posted first-quarter 2026 operating revenue of 1.777 billion yuan, up 0.66 percent year on year, and net profit attributable to shareholders of 169 million yuan, up 18.51 percent.

Several tourism companies have disclosed their half-year results, showing overall profit growth but widening divergence. Lijiang Yulong Tourism reported first-half revenue of 419 million yuan and net profit attributable to shareholders of 133 million yuan, up 40.5 percent year on year. Yuyuan Tourist Mart reported first-half revenue of 17 billion yuan and net profit attributable to shareholders of 160 million yuan, up 157 percent year on year. Anhui Jiuhuashan Tourism Development posted net profit of 152 million yuan, up 7.27 percent year on year, mainly driven by cost control. Zhangjiajie Tourism Group turned losses into profits, with net profit attributable to shareholders of about 308 million yuan, up 1,026.8 percent year on year, but this relied mainly on non-recurring gains. Yunnan Tourism, China CYTS Tours Holding, and Sanxiang Impression reported expected losses or profit declines. Among them, China CYTS Tours Holding expects net profit attributable to shareholders of 22.5 million yuan, down 66.34 percent year on year. Yuyuan Tourist Mart Chairman Huang Zhen said the company's core business adjustment and transformation are showing results, while cultural expansion overseas is creating a new growth curve. In the second half of the year, the company will seize three major opportunity windows: trend-driven, structural, and innovative, while continuing to pursue global expansion.

On August 20, the A-share tourism sector strengthened amid intraday volatility. Nanjing Commercial & Tourism and Cuivei Co. hit their daily limit up, while Baiona Qiancheng, Jiuhua Tourism, Jinpu Landscape, Ciwen Media, and Shaanxi Tourism also rose in tandem. On the news front, according to the State Council General Office's notice on holiday arrangements for 2026, the Mid-Autumn Festival holiday runs from September 25 to 27, a total of 3 days with no adjusted working days, while the National Day holiday runs from October 1 to 7 with adjusted working days, a total of 7 days. The two holidays are separated by only 3 working days. If consumers apply for leave during those 3 working days, they can piece together a super-long 13-day holiday from September 25 to October 7. Entering August, the "take 3 days off for a 13-day break" leave strategy quickly gained momentum in the tourism consumption market, directly driving a rapid rise in search and booking interest for long-haul and outbound travel. Inquiry volumes for related products on online travel platforms such as Ctrip, Tongcheng, and Tuniu rose noticeably. According to data from Qunar, as of August 10, booking interest for popular domestic cities during the Mid-Autumn and National Day holidays grew 30% year on year, while interest in popular outbound cities grew more than 50%. According to data from U-Tour, as of August 12, travel products for the National Day golden week had already accounted for 75% of customer intake, with the pace of bookings significantly faster than the same period last year, and overall trip registrations up 70% year on year. According to big data from the official civil aviation direct sales platform Umetrip, as of August 11, bookings for domestic flight tickets with travel dates from September 25 to October 7 exceeded 1.71 million, up about 7% year on year, while bookings for international and regional flight tickets exceeded 1.28 million, up about 11% year on year. BOC International analysis pointed out that this year's Mid-Autumn and National Day holidays are only 3 days apart, and some consumers have already pieced together a long holiday through the "take 3 days off for a 13-day break" approach. A longer holiday period is expected to help unleash demand for long-haul and cross-border travel. In the first half of 2026, domestic residents made 3.463 billion trips, an increase of 178 million over the same period last year, up 5.4% year on year, with total travel spending reaching 3.21 trillion yuan, up 2.0% year on year. With State Council approval, the Ministry of Culture and Tourism recently issued the 15th Five-Year Plan for building a strong tourism nation, proposing that by 2030 domestic residents will make 8.3 billion trips, total domestic travel spending will reach 7.7 trillion yuan, and inbound tourism will reach 190 million visits with total spending exceeding 150 billion US dollars.

Jiuhua Tourism released its 2026 interim report, with net profit attributable to the parent company of 152 million yuan, an increase of 10.2986 million yuan compared with the same period last year, up 7.27% year on year, marking a fourth consecutive year of growth. The company's total operating revenue was 500 million yuan, up 3.43% year on year, also achieving four consecutive years of growth. Net cash inflow from operating activities was 183 million yuan, up 24.84% year on year. The company's latest asset-liability ratio was 22.54%, up 9.60 percentage points from the previous quarter. Gross margin was 55.99%, up 1.39 percentage points year on year. Diluted earnings per share were 1.37 yuan, up 7.26% year on year.