March 26，Hong Kong China Travel International Investment Co., Ltd. (hereinafter referred to as “China Travel International”) Announced 2023 results。China Travel International has accumulated a lot of experience，Be the first to seize the opportunity of industry recovery，Effective implementation of development strategy，Performance recovered strongly during the year，Realized total revenue of approximately HK$4.5 billion，48% year-on-year increase，Excluding the impact of divestiture of travel agency business，28% increase compared to 2019；Total profit is 7.HKD 0 billion，Turn loss into profit year-on-year，Recovering to near 2019 levels，Operation performance has improved significantly。

2023，Income from tourist attractions and related businesses increased by 137% year-on-year，17% more than the same period in 2019，Both hotel business and travel document business have basically returned to pre-epidemic levels，The recovery rate of cross-border tourism traffic far exceeds the recovery rate of Hong Kong inbound and outbound arrivals。

The reason behind the good performance is that China Travel International has been deeply involved in the cultural tourism industry for many years，Silently persist in building“First-class tourist destination investment and operation service provider”’s strategic determination，And insights into consumption changes、Determination to seize opportunities in time。

But looking at the stock price of China Travel International，Since 2019，The stock price has been hovering between HK$1-2 for a long time，PB is always less than 0.5。There 188bet sports betting app download is certainly a reason why Hong Kong stocks have generally been at a low value recently，The company’s historical performance growth is unclear、Unstable dividend return rate is also a major factor。

To fundamentally solve the problems of performance growth and return on assets，Management’s multi-pronged approach，Multiple measures taken。The equity incentive plan granted at the end of 2022 will enhance the management’s initiative，Breakthrough progress in many businesses in 2023。

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Resources have always been the key to competition among cultural tourism companies，But in the past, it was mostly based on high-quality resources“Lie and win”，But this model cannot support sustainable and rapid revenue growth。The current breakthrough is to choose high-quality tourist destinations，As a base，Create adaptation needs、Featured products with outstanding differentiated competitiveness，Destination and product support each other，Increase customer flow、Per capita consumption and overall income。

Ningxia Shapotou Scenic Area is one of the typical representatives of CTS International’s high-quality products to enhance resource attractiveness。

Focus“Stargazing”Cultural experience，China Travel International has created a ";Asia’s Best Resort Hotel”Reputable“Desert Star Hotel”，Occupancy rate has been stable at 95% since opening。2023，The hotel drove the scenic spot’s revenue to increase by 202% year-on-year，60% increase compared to 2019，A new all-time high。

Star Hotel

Shapotou Scenic Area will be launched again in 2023“Desert Legend”Themed entertainment experience project，Collect Desert Adventure、Integrating technology, entertainment and cultural experience。Diamond Hotel and Star Auditorium will be officially launched early this year，Complementing the luxury of your destination accommodation。Shapotou is gradually practicing and building ";International Desert Tourism Resort Destination”Mission，Become a regional and even global specialty tourist destination，Maintain long-lasting appeal。

Diamond Hotel

Guangxi Detian Scenic Area is another masterpiece of CTS International’s products to enhance resource attractiveness。

188bet Online Sports Betting and Casino Since China Travel International settled in Detian Scenic Area，The number of tourists has grown rapidly from about 1.45 million in 2019 to nearly 2 million in 2023，Far exceeding the growth level of similar domestic tourist destinations。Settled in these 3 years，China Travel International launched &ldquo in Detian Scenic Area;Wonderful·Ye Detian”Night Tour Products、Ring of the Sky、Climb high and watch the waterfall、Cross-border Street、China-Vietnam Style Street、More than 20 quality products including Rice Field Waterfall Coffee House，Loved by tourists，Driving the overall vitality of the scenic spot，Extended tour duration，Enriching tourist experience，While tourist satisfaction is improving，Second consumption in scenic spots accounts for more than 60%，Help Detian gradually get rid of the ticket economy，Overall income is increasing，The income of scenic spots in 2023 will increase by 148% compared with 2019。

Ring of the Sky

Future，Detian Scenic Area will take advantage of China’s first cross-border tourism cooperation zone，Build a world-class "transnational waterfall eco-resort"，Lead tourists to appreciate Vietnamese customs and Guangxi Luoyue national culture at the same time。

Detian Waterfall

2. Laying a solid foundation for development with continuously enhanced core capabilities

Investment capabilities demonstrated，Acquire strategic resources，Formation of new profit growth points。Changing the slow implementation of investment in the past，At all times, the criterion is to increase the return on assets，China Travel International in Hong Kong in 2023、Shanghai、Full-building serviced apartments have been launched in Hangzhou and other places、The first cross-river cable car on the Huangpu River、Seven high-quality projects including Qiandao Lake National 5A Scenic Area。

Parkview, Hong Kong

Xinjiang Kuldun Camp

Operation capability improvement，Build to scale、Standardized management system。As a long-established tourism company listed in Hong Kong in 1992，China Travel International has more than 30 years of experience in scenic spot management。Continuously summarize history，Innovate 188bet Online Sports Betting and Casino with the old，Improve business efficiency，Publish destination management service system。Build the "China Travel and Tourism" brand、Developing accommodation product standardization model，Empowering the implementation of benchmark projects。

Guili Boyuan Hotel

Anji Hele Valley

Continuously increasing internal strength，Also recognized by the industry。2023，China Travel International’s export management business has been fruitful，7 influential projects implemented，Among them, Gengong Buddhist Cultural Tourism Zone in Quzhou City, Zhejiang Province and Baishuiyang, Ningde, Fujian Province·Yuanyang River is a 5A scenic spot，Yunnan Pu’er Jingmai Mountain Tea Forest Cultural Scenic Area is a 4A scenic spot、It is also China’s 57th World Heritage Site。As of the end of 2023，China Travel International manages a total of 52 mainland tourist destinations，17 of them are 5A level scenic spots，15 4A-level scenic spots，The effects of scale are beginning to appear。

Lijiang Snow Tower

Improvement of digital capabilities, Supported by AI technology，Cultural tourism IP as the core，Create a digital cultural tourism ecosystem。
China Travel International keeps up with the latest technology，The first domestic regular route to scenic spots launched by Window of the World and Meituan Drones has become popular since its launch。&ldquo released by Star Travel TStar platform;Naughty kid”Digital commemorative ticket，Allows tourists to generate a variety of photos with giant pandas through AI algorithms。More than 50 scenic spots under the company jointly promote Yuanverse digital tickets、Collections and cultural creations，Achieve“Friends Circle”Diversified levels、Younger。

Yuanverse Digital Ticket

三、Use assets as balance sheet“Reduce burden”

China Travel International’s historically low return on assets prevents its stock price from returning to fundamentals。Revitalizing non-core assets with relatively low operating efficiency is also the core of management’s efforts in recent years。After years of promotion，The Hung Hom Metropark 188bet app Hotel, which was transformed from a warehouse land in Hong Kong, will officially open in the first half of 2024，The China Travel Service Building project in Baoan, Shenzhen is expected to be pre-sold in the second half of the year，will bring a greater increase in income。

Hung Hom Metropark Hotel

China Travel International still owns many non-core assets in Hong Kong and Macau，Revitalization at the right time is still the top priority。

4. Use assets to lead new supply and promote value revaluation

The person in charge of investment in the secondary market consumer sector of Hillhouse Capital once mentioned，Hillhouse is a supply-side investor，The biggest difference between Hillhouse and other funds is that 80% of daily discussions focus on supply rather than demand，Because supply is longer term、Influencing factors of a more stable crossing period，Demand is more difficult to grasp。

Able to adapt to new trends in cultural tourism consumption，And create new supply，Cultural tourism enterprises that are particularly capable of creating leading supply，Has the ability or great potential to travel through cycles，And enjoy the dividends of the cycle。

China Travel International is such an enterprise.

Long years of experience in the cultural and tourism industry，China Travel International has forged a management team with outstanding capabilities，Based on in-depth understanding of the cultural tourism industry，In the formulation and implementation of company strategy，has its firmness and cutting-edge nature。In cultural tourism resources、Optimizing and strengthening products and assets，Outstanding achievements。

Outstanding financial potential of CTS International，Provides important support for long-term and healthy development。

From the financial statements，China Travel International’s low debt ratio，Sufficient cash，The asset-liability ratio at the end of last year was only 27%。This is in contrast to the asset-liability ratio of most domestic tourism companies, which is about 60%、Situations such as general insufficient cash flow，A sharp contrast。

China Travel International has sufficient“Ammunition”Invest in more destinations，Plus its acquisition of high-quality resources、Product creation、Destination“infiltration”188bet online sports betting 、Differentiated replication of operational capabilities and proven models，There are also domestic and international "increasingly abundant";Two wings”The market formed by others、Industrial link closed loop，The second growth curve is already gaining momentum，Huge potential in the future。China Travel International’s profitability is being restored，Gradually release potential value，The future is promising。