Caissa Tourism Group Co., Ltd. (000796)

Equity Research Report　|　Industry: Tourism & Scenic Areas/Business Services　|　Report date: September 13, 2026　|　As of the September 11, 2026 close; technical indicators are based on daily, unadjusted prices, while 52-week highs/lows and year-to-date price ranges are based on forward-adjusted prices; shareholder structure data as of June 30, 2026

This report was automatically compiled by AI based on publicly available information. It is for reference only and does not constitute investment advice.

1. Executive Summary

Caissa Tourism’s latest operating performance shows “revenue growth but continued losses in the core business”: revenue in the first half of 2026 was RMB 435 million, up 37.08% year on year, while net profit attributable to the parent was a loss of RMB 11.0058 million. Net profit attributable to the parent excluding non-recurring items was a loss of RMB 42.9327 million, with the loss widening 44.00% year on year. Net cash flow from operating activities was negative RMB 49.7655 million. Although the company achieved net profit attributable to the parent of RMB 28.0013 million for full-year 2025, net profit attributable to the parent excluding non-recurring items remained a loss of RMB 143.81 million. The turnaround mainly depended on non-recurring gains, including debt restructuring gains and the reversal of impairment provisions on receivables, indicating that earnings quality still needs to improve.

The company’s main businesses comprise tourism, airline and railway catering, food and beverages, and marine cultural tourism. In 2025, tourism revenue was RMB 405 million, accounting for 50.64% of total revenue and increasing 51.32% year on year, but its gross margin fell to 15.67%. Catering revenue was approximately RMB 311 million, with a gross margin of 25.52%, remaining a relatively stable source of profit. Marine cultural tourism revenue increased 138.27% year on year, but its gross margin was only 3.83%. The company sits between upstream tourism-resource suppliers and downstream channels. It has limited pricing power over inbound destination services, air tickets, and food procurement, while facing strong bargaining counterparties such as OTAs, airlines, and railway bureaus downstream.

The company is expanding its tourism channels and catering capacity by restoring more than 330 stores nationwide, promoting chartered cruise products, acquiring Fujian Caissa, and acquiring Qingdao Lufthansa Sky Chef. Its growth thesis mainly depends on the recovery of outbound travel and cruise products, economies of scale in catering, and the cultivation of its marine cultural-tourism business. However, the company’s overall gross margin was approximately 18.42% in 2025, down 4.29 percentage points year on year, and operating cash flow has been negative for two consecutive years. This indicates that revenue expansion has not yet translated into stable profits and cash generation.

As of September 11, 2026, the share price closed at RMB 4.27. It had retreated from its year-to-date high and was below the MA5 and MA10 in the short term, but remained above the MA20 and the Bollinger middle band at RMB 4.20. RMB 4.50–4.73 represents a recent resistance zone, while around RMB 4.20 is an important support level to monitor. The company’s total market capitalization was approximately RMB 6.85 billion, with a PE (TTM) of approximately 165.90x and PB of approximately 7.74x, both significantly above the provided benchmark for the comprehensive tourism industry. However, because earnings are materially affected by non-recurring items, PE has limited reference value.

2. Company Overview

2.1 Basic Information

2.2 Main Businesses and Product Portfolio

• Tourism (Caissa Tourism): 2025 revenue of RMB 404.8 million, accounting for 50.64%, up 51.32% year on year; gross margin of 15.67% (down 6.74pp year on year)
• Airline and railway catering (Caissa E-food): 2025 product-based revenue of RMB 310.9 million, accounting for 38.89%, with a gross margin of 25.52%; industry-based revenue, including food and beverages, was RMB 364.7 million, accounting for 45.62%, down 2.31% year on year, with a gross margin of 22.66%
• Food and beverages: 2025 revenue of RMB 53.8 million, accounting for 6.73%, with a gross margin of 6.15%
• Marine cultural tourism (Caissa Bay): 2025 revenue of RMB 29.87 million, up 138.27% year on year, accounting for 3.74%, with a gross margin of 3.83%

2.3 Position in the Upstream and Downstream Value Chain and Cost-Profit Structure

Caissa Tourism operates three major segments: tourism (Caissa Tourism), food/catering (Caissa E-food), and marine cultural tourism (Caissa Bay). The annual report describes its principal businesses as “tourism services, airline and railway catering services, marine cultural tourism and related businesses.” The company occupies a composite position between “midstream resource integration and downstream channels.” In essence, it is a low-margin tourism and catering services integrator rather than an upstream resource owner or a downstream brand with strong market power.

• Tourism: Actual procurement items include overseas destination-management services, international air tickets, overseas hotels, cruise cabins, and visa resources. In 2025, revenue from this business increased 51.32%, while costs increased 64.47%. Cost growth materially outpaced revenue growth, directly causing the gross margin to fall 6.74pp year on year to 15.67%. This is typical evidence of “rebuilding supplier resources after the pandemic and trading margin for the restoration of resources.” The company is essentially a price taker in this area, with upstream suppliers determining the pricing of domestic and overseas destination services and air tickets.
• Catering: Procurement items include food raw materials, such as meat, rice, flour, edible oils, fruits and vegetables, packaging meal boxes and cold-chain logistics, and airline-food processing equipment. Procurement is highly dispersed: the top five suppliers accounted for only RMB 72.69 million, or 11.15%, of annual procurement in 2025, with related parties accounting for 2.77%. This indicates low dependence on any single supplier. However, given the company’s limited scale and the fact that airline-food standards are specified by customers, including airlines and airports, its ability to exert pricing pressure on upstream suppliers is limited.
• Marine cultural tourism: Core “inputs” include the right to use sea areas, coastal properties/sites, and ships and yacht assets. This is a capital-intensive, resource-acquisition business.
• Source: Sina Finance full text of the 2025 annual report, sections on major customers and suppliers
• Catering downstream: Customers are domestic and international airlines and railway bureaus under China State Railway Group. Airline catering is awarded through airline/airport tenders and includes annual price-adjustment clauses. Railway catering is tendered by railway bureaus and subject to industry standards, creating a buyer-led market with strong bargaining power.
• Tourism downstream: Three customer categories—government, enterprises (MICE, business travel and business exchanges), and individual travelers. Individuals are reached through more than 330 stores and online channels including OTAs, Douyin, and Xiaohongshu.
• Customer concentration (2025): The top five customers accounted for combined sales of RMB 221.3 million, or 27.68% of annual sales, with related-party sales accounting for 4.74%. The ratio is not particularly high, but nearly all downstream catering customers are large airline and railway entities.
• Source: Sina Finance/Securities Star full text of the 2025 annual report. Note: Only one data point for 2025 was obtained. Customer concentration data for 2021–2024 was not located; historical trends would require checking prior annual reports.
• The top five receivables amounted to RMB 128.1 million, accounting for 55.51% of total receivables and contract assets, against bad-debt provisions of only RMB 2.2 million. Receivables are highly concentrated among a small number of large customers, reflecting the strong position of downstream airlines and railways in setting payment and credit terms. Net operating cash flow was negative RMB 94.32 million in 2025, compared with negative RMB 177 million in 2024 and positive RMB 393 million in 2023, remaining negative for two consecutive years. Operating cash flow was negative RMB 23.42 million in the 2025 interim report. Revenue growth has not generated cash inflows, and working capital is being occupied by both upstream and downstream counterparties. The top five prepayments totaled RMB 13.86 million, accounting for 35.56% of total prepayments. The top five other receivables totaled RMB 11.16 million, mainly deposits and guarantees, accounting for 40.40%. Prepayments and deposits are not large, and upstream prepayment pressure remains manageable, but the company experienced continuous operating cash outflows from 2023 to 2025. Source: Sina Finance full text of the 2025 annual report, sections on receivables, other receivables, and prepayments.
• Customer concentration: The top five customers generated combined sales of RMB 221.3 million in 2025, accounting for 27.68% of annual sales, with related-party sales accounting for 4.74%. Source: the 2025 annual report, as reproduced by Sina Finance/Securities Star. This is a single-year data point, and the 2021–2024 trend was not located. Supplier concentration: the top five suppliers accounted for only RMB 72.69 million, or 11.15%, of 2025 procurement, with related parties accounting for 2.77%. Source: the same section of the 2025 annual report. Receivables concentration: the top five totaled RMB 128.1 million, accounting for 55.51% of total receivables and contract assets. All of these concentration figures are from a single 2025 annual report and have not been cross-checked over multiple years; the latest annual report should prevail.

Caissa Tourism occupies a composite position between “midstream resource integration and downstream channels.” It is essentially a low-margin tourism and catering services integrator rather than an upstream resource owner or a downstream brand with strong market power: it has little pricing power over overseas destination services, air tickets, and food ingredients upstream, while facing strong buyers such as airlines and railway bureaus downstream, with long payment terms. Its overall gross margin is only approximately 18%, and non-GAAP net profit has remained negative for consecutive years. The feasible path to gross-margin improvement lies not in “raising prices,” but in upgrading the product mix toward outbound tourism and cruise products with higher price spreads, including a higher proportion of all-inclusive products; using new catering capacity, such as Qingdao Lufthansa Sky Chef, to achieve economies of scale and dilute fixed costs; and moving marine cultural tourism from the cultivation stage toward standardized replication to escape its 3.83% gross margin. None of these three drivers had materialized in 2025.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Data as of approximately September 11, 2026. The latest period is the 2026 interim report, announced on 2026-08-28; the 2026 third-quarter report had not yet been disclosed. In 1H26, net profit attributable to the parent excluding non-recurring items was negative RMB 42.9327 million, down 44.00% year on year, meaning the loss widened. Net operating cash flow was negative RMB 49.7655 million, down 112.49% year on year. Basic/diluted EPS was negative RMB 0.0069, weighted-average ROE was negative 1.23%, total assets at period-end were RMB 1.981 billion, and net assets attributable to the parent were RMB 885 million, down 1.40% from the end of the prior year. Consolidated net profit, including minority interests, was approximately negative RMB 3.5631 million. The 2026 interim earnings guidance, announced on 2026-07-15, forecast a net loss attributable to the parent of RMB 8–13 million; the actual interim result fell within that range. In 2025, net profit attributable to the parent excluding non-recurring items was negative RMB 143.81 million. The full-year turnaround was mainly attributable to total non-recurring gains of RMB 172 million, including approximately RMB 162 million of debt restructuring gains and the reversal of approximately RMB 50.7974 million of impairment provisions for specific receivables. Basic EPS was RMB 0.02, weighted-average ROE was 3.40% (3.12% under some sources), gross margin was 18.42% (down 4.29pp year on year), net margin was 8.55%, the debt-to-asset ratio was 45.48% (down 8.02pp year on year), and net operating cash flow was negative RMB 94.3223 million. The 2025 earnings guidance, announced on 2026-01-30, forecast net profit attributable to the parent of RMB 32–48 million and a non-GAAP loss of RMB 90–160 million; actual results fell within the forecast ranges. Sources: East Money earnings reports, Securities Star, China Securities Journal, Sina Finance, and China Financial Information Network disclosures from the Shenzhen Stock Exchange.

Revenue in the latest period, 1H26, rose 37.08% year on year. Net profit attributable to the parent narrowed its loss by 54.68% year on year but remained negative; the non-GAAP loss widened 44.00% year on year, while net operating cash flow deteriorated sharply by 112.49%. This indicates that core-business profitability has not yet turned positive. In full-year 2025, net profit attributable to the parent turned positive at RMB 28.0013 million, but non-GAAP net profit attributable to the parent remained negative RMB 143.81 million. The turnaround mainly depended on approximately RMB 162 million of debt restructuring gains, approximately RMB 50.7974 million of reversed impairment provisions on receivables, and other non-recurring items, indicating weak earnings quality. 1Q26 generated quarterly net profit attributable to the parent of RMB 2.8026 million, turning profitable from a loss, but the first half as a whole remained loss-making, with non-GAAP profit still negative. Because net profit attributable to the parent is severely distorted by non-recurring items, PE calculated using this metric has limited reference value.

3.2 Earnings Forecasts

Institutional earnings forecasts are essentially unavailable. East Money’s “Earnings Forecast” page explicitly states that “there is currently no rating statistics for this stock”; all forecast items for 2026, 2027, and 2028 are “--,” with only 2025A EPS of RMB 0.02 and PE of 200.46x listed. On East Money’s “Industry Analysis” page, EPS growth and PE for 2026E/2027E/2028E are all “--.” Simply Wall St explicitly states that “there is not enough analyst coverage at present” (nine analysts cover the stock, but none has submitted revenue or earnings forecasts). Zhiliaocaibao marks the company as having “no institutional research coverage.” Securities Star lists “-” for 2026 and 2027 and RMB 0.06 for 2028, but this isolated single-source figure cannot be verified for source or timeliness and is not accepted. Investing.com gives a single analyst’s 12-month target price of RMB 2.70, with a consensus Sell rating, but its timeliness is uncertain and it diverges from market-based data; it should not be treated as a valid consensus expectation. Guotai Junan research reports dated 2021-08-30 and 2021-11-01, with a target price of RMB 11.30, are outdated and cannot be used for current valuation. MarketScreener, using S&P Capital IQ data, gives a 2026 revenue forecast whose scale is materially inconsistent with the company’s actual disclosures; it is considered questionable in terms of definition or units and is not accepted. Conclusion: As of 2026-09-11, there is no usable multi-broker consensus forecast for 2026–2028 revenue, net profit, or EPS. Accordingly, the forecast table is left blank.

3.3 Valuation and Institutional Ratings

Current valuation as of the September 11, 2026 close: the share price was approximately RMB 4.27, down RMB 0.24, or 5.32%, on the day, versus a prior close of RMB 4.51 and an intraday low of RMB 4.22. Total market capitalization was RMB 6.848 billion and free-float market capitalization was RMB 5.682 billion. Total shares outstanding were 1.604 billion and free-float shares were 1.331 billion. PE (TTM) was 165.90x according to STCN, Sina, and CLS, corresponding to TTM net profit attributable to the parent of approximately RMB 41.3 million, which can be cross-checked as approximately RMB 52.28 million in 2H25 plus negative RMB 11.01 million in 1H26. Static PE based on 2025 earnings was approximately 239.4–244.6x, according to CLS at 244.57x and Ping An Securities at 239.41x. Dynamic PE based on annualized 1H26 earnings was negative: -311.12x according to East Money and -327.16x according to STCN on 2026-09-09, because net profit attributable to the parent remained negative in the first half. PB was 7.74x according to East Money, STCN, and Sina, consistent with the latest net assets attributable to the parent of approximately RMB 885 million and net assets per share of approximately RMB 0.55. East Money’s “Key Trading Information” page showed MRQ PB of 7.92x based on the 2026 interim report. The 52-week price range was approximately RMB 3.39–8.42 according to Investing.com, while another source gave RMB 3.79–8.42. The stock has retreated significantly from its 2026 high. Benchmark data from Zhongzheng Intelligent Finance, based on the April 28, 2026 closing price, showed PE (TTM) of approximately 289.24x, PB (LF) of approximately 9.02x, and PS (TTM) of approximately 10.13x, indicating that valuation multiples had fallen significantly after the share-price decline following the second quarter. Industry comparison, based on East Money’s 2026 interim-report industry analysis, showed PE of approximately 78.97x and PB of approximately 2.81x for the third-level “comprehensive tourism” industry. Caissa Tourism’s PE (TTM) of approximately 166x and PB of approximately 7.74x were therefore significantly above the industry, and the company ranked approximately fourth by market capitalization among the peer sample. ⚠ Valuation-definition note: PE (TTM) differs across sources, with figures including 165.90x and 189.66x; the latter appears in Ping An Securities and may reflect a different pricing date or methodology. Static PE is 239–245x, and dynamic PE is negative (-311/-327x). The methodology and date must be specified when used. PB is approximately 7.7–7.9x and is relatively consistent across sources. ⚠ In addition, because the 2025 turnaround depended on non-recurring items and the 1H26 non-GAAP loss widened year on year, PE calculated using net profit attributable to the parent is severely distorted. PE (TTM) of 166x therefore has limited reference value. ⚠ Timeliness: Market and valuation data come from different sources around 2026-09-11, with slightly different refresh times. The date should be uniformly stated as “as of 2026-09-11.”

4. Recent News and Announcements

4.1 Confirmation of the Caissa Tourism (000796.SZ) Investment Target

Company name: Caissa Tourism Group Co., Ltd. (formerly Caissa Tosun Development Co., Ltd.; the historical stock-name sequence was *ST Caissa → ST Caissa → Caissa Tourism). Code/market: 000796.SZ, Shenzhen Stock Exchange Main Board. Controlling shareholder/actual controller: state-owned-assets background in Qingdao’s Shibei District; controlling shareholder is Qingdao Huanghai Bay Cultural Tourism Development Group Co., Ltd. Related shareholders also include HNA Tourism Group Co., Ltd. and Qingdao Luchuang Rubicon River Industrial Investment Fund Partnership (Limited Partnership). Main businesses: tourism, food businesses including airline and railway catering, and marine cultural tourism. Sources: Compass market data, CFi, Huaxin/Baidu market pages. Note: Multiple announcements since January 2026 use the name “Caissa Tourism,” with no “ST” prefix observed. Combined with third-party reports stating that the company “removed the hat one year ago,” it can be concluded that the ST/delisting-risk warning has been removed, although the exact announcement date of the removal was not directly verified in this review and is marked as uncertain.

4.2 2025 Earnings Guidance (Disclosed on the Evening of 2026-01-29)

The company expected 2025 net profit attributable to the parent of RMB 32–48 million, turning profitable year on year from a loss of RMB 103.0404 million, representing a year-on-year increase of +131.06% to +146.58%. Net profit attributable to the parent excluding non-recurring items was expected to be a loss of RMB 90 million–160 million, compared with a loss of RMB 85.3268 million in the prior-year period, implying a further loss increase of 5.48%–87.51%; the core business therefore remained unprofitable. Basic EPS was expected to be RMB 0.02–0.03 per share, versus negative RMB 0.066 in the prior-year period. The main reasons for the turnaround, all of which were non-recurring items, were: (1) subsidiaries reaching settlements or obtaining effective judgments in relevant litigation, resulting in the reversal of previously accrued bad-debt provisions and recognition of debt restructuring gains; and (2) participation in the reorganization investment of Zhangjiajie Tourism Group Co., Ltd., generating fair-value-change gains from movements in the target’s share price. The announcement explicitly stated that the data were unaudited and that the annual report would prevail. Sources, cross-checked across multiple outlets: China Securities Journal/East Money, The Paper, Sina Finance, and Securities Star. Additional context: revenue for the first three quarters of 2025 was RMB 541 million and net profit attributable to the parent was negative RMB 26.78 million.

4.3 Disclosure of the 2025 Annual Report and 2026 First-Quarter Report (Both Released on the Evening of 2026-04-29)

The 2025 annual report and 2026 first-quarter report were both disclosed on the evening of 2026-04-29. 1Q26 revenue was RMB 196 million, up 39.43% year on year. Sources: Sina’s individual-stock news lists dated 2026-04-29/04-30 and TMTPost.

4.4 Key Contradiction: Inconsistent Final 2025 Net Profit Attributable to the Parent and Revenue Figures (Not Fully Cross-Checked)

For the 2025 annual report disclosed on the evening of 2026-04-29, an East Money Wealth-account interpretation stated that net profit attributable to the parent was “RMB 32–48 million,” consistent with the earnings guidance. However, a TMTPost article dated 2026-05-14 stated that full-year 2025 net profit attributable to the parent was RMB 28 million, up 127% year on year. The figures are inconsistent: RMB 28 million versus RMB 32–48 million. Revenue figures are also inconsistent: TMTPost stated that 2025 revenue was RMB 799 million, up 22.35% year on year, while another Wealth-account article stated revenue of RMB 750 million, up 15%. Sina’s news list also showed “April 30, 2026: Caissa Tourism’s 2025 annual revenue was RMB 799 million, up 22.35% year on year.” Conclusion: the final audited annual-report figures are believed to be net profit attributable to the parent of approximately RMB 28 million and revenue of approximately RMB 799 million, up 22.35%, which differ from the guidance range of RMB 32–48 million. The original annual report or the CNINFO disclosure should be used for final confirmation. Sources: Wealth accounts, TMTPost, and Sina individual-stock news.

4.5 Advance Disclosure of a Share-Reduction Plan by Jingu Trust, a Shareholder Holding More Than 5% (2025-12-25, Announcement No. 2025-076)

The “Advance Disclosure Announcement on the Share-Reduction Plan of a Shareholder Holding More Than 5%” was issued on 2025-12-25 (Announcement No. 2025-076). China Jingu International Trust Co., Ltd. (“Jingu Trust”), formerly a shareholder holding more than 5% and a non-controlling shareholder, planned within the three months after the 15th trading day following the advance disclosure, namely from 2026-01-20 to 2026-04-19, to sell no more than 16,037,889 shares through centralized bidding, equivalent to no more than 1% of total shares; no more than 32,075,778 shares through block trades, equivalent to no more than 2%; and no more than 48,113,667 shares in total, equivalent to no more than 3%.

4.6 Implementation Progress of Jingu Trust’s Reduction: Stake Fell Below 5% (2026-01-22, Announcement No. 2026-009)

On 2026-01-20, Jingu Trust sold 3,625,700 shares through centralized bidding, equivalent to 0.23%. Its stake declined from 83,815,144 shares, or 5.23%, to 80,189,444 shares, or 4.9999%, and it was no longer a shareholder holding more than 5%. The company issued the “Indicative Announcement on a Shareholder Holding More Than 5% Reducing Its Stake to Below 5% and Changes in Equity” on 2026-01-22 (Announcement No. 2026-009), together with a simplified equity-change report. The reason for the reduction was “funding arrangements.” The reduction plan had not yet been completed, and the shareholder did not rule out further sales within the following 12 months; no increase was planned within the following 12 months. Sources, consistent across multiple outlets: East Money announcements, Shanghai Securities News, and Sina. On the company’s interactive platform, a response dated 2026-01-08 stated that “the reduction by Jingu Trust, the third-largest shareholder, was due to the shareholder’s own funding needs and financial arrangements.”

4.7 Historical Plan for the Controlling Shareholder to Increase Its Stake (2025-04-25, Announcement No. 2025-023)

The “Announcement on the Controlling Shareholder’s Plan to Increase Its Shareholding in the Company Using a Special Loan and Its Own Funds” was issued on 2025-04-25 (Announcement No. 2025-023). The controlling shareholder proposed increasing its stake through centralized bidding, with an amount of no less than RMB 70 million and no more than RMB 110 million, to be implemented at an appropriate time. Sources: Tonghuashun; Securities Daily/Sina.

4.8 New Progress on the Controlling Shareholder’s Stake Increase (2026-05-11, Pending Verification)

Multiple news items dated 2026-05-11 stated that “Caissa Tourism: controlling shareholder plans to increase its stake by RMB 50 million–100 million,” referring to controlling shareholder Huanghai Bay Cultural Tourism, and included the item in the May 11 summary of shareholding changes. Source: Sina individual-stock news list. The original announcement containing details such as the period and price cap was not obtained in this review and is marked as pending verification.

4.9 Share Pledges/Release of Restricted Shares (Source: Structured Market Fields Attached to an Announcement Page; Verification Required)

A footnote on the simplified equity-change report page showed that 273,020,088 restricted shares were expected to become tradable on 2026-12-22. As of 2026-07-24, the total pledged-share ratio was 18.31%, the total number of pledged shares was 294 million, and there were seven pledge transactions. Source: East Money announcement page. A May 11, 2026 report stated that “Caissa Tourism’s pledge triggered Eagle Eye’s ‘risk’ rating; beware of the risk of dispersed equity,” sourced from the Sina individual-stock news list. The above pledge and release figures came from structured fields and news headlines and were not checked line by line against the original announcements; they are therefore marked as uncertain.

4.10 Corporate Governance/Related-Party Transaction: 28th Meeting of the 11th Board (2026-01-05, Announcement No. 2026-002)

At the 28th meeting of the 11th Board of Directors on 2026-01-05, the company approved the “Proposal on the Tender for, and Related-Party Transaction Involving, the Operation Entrustment Management Services Project for the SF0102-031 Project in the Launch Area of the Qingdao International Cruise Port.” The vote was six in favor, with related directors Chi Yongjie, Ma Zhuofei, Li Jianqing, Cheng Qijian, and Han Bing abstaining. Announcement No. 2026-002. Source: CFi.

4.11 Corporate Governance/Related-Party Transaction: Second Extraordinary General Meeting of Shareholders in 2026 (2026-02-05, Announcement No. 2026-008)

The second extraordinary general meeting of shareholders in 2026 was held on 2026-02-05 to consider the “Proposal on the Estimated Ordinary Related-Party Transactions for 2026.” The record date was 2026-01-29. Related shareholders Qingdao Huanghai Bay Cultural Tourism Development Group, HNA Tourism Group, and Qingdao Luchuang Rubicon River Industrial Investment Fund abstained from voting. Announcement No. 2026-008. Sources: East Money announcements and CFi.

4.12 Market-Capitalization Management and Buyback Statements

In a response on the company’s interactive platform dated 2026-02-03, the company stated that it had formulated a “Market Capitalization Management System,” which had been reviewed and approved by the Board. Regarding buybacks, it stated that “if matters such as stake increases or share repurchases arise in the future, they will be disclosed promptly.” Source: Sina’s investor-interaction platform. Regarding repurchases, the company explicitly stated on the interactive platform on 2025-10-20 that it currently had no buyback plan. The historical repurchase of 1.1058 million shares in 2019–2020 was cancelled in January 2024. Information concerning the expiry of the repurchase period for 1.1058 million shares in 2025 is old historical news, reported by Zhitong Finance/Gelonghui on 2020-11-11, and should not be confused with recent developments.

4.13 Resolution of the 2025 Annual General Meeting of Shareholders (2026-05-20)

The resolution announcement for the 2025 annual general meeting of shareholders was issued on 2026-05-20. Source: Sina individual-stock news list.

4.14 Regulatory/Delisting Risk/ST Risk Clarification

Delisting-risk clarification: in response to an investor’s question on 2026-02-12, the company replied on 2026-02-26 that “the company’s production and operations are currently proceeding in an orderly manner, and no circumstances related to delisting-risk warnings have been triggered.” Sources: Securities Star and the investor-interaction platform. ST-risk clarification: in response to an investor’s question on 2026-04-19 asking “Will it become an ST stock?”, the company replied on 2026-04-21 that “no circumstances related to ST risk warnings have been triggered.” Source: Securities Star.

4.15 Investor Claims (2026-05-18, Pending Verification)

A report dated 2026-05-18 stated that “investor claims against Caissa Tourism (000796) have been filed with the court, with successful cases previously recorded.” Source: Sina individual-stock news list. This is headline-level information; the original article was not obtained and the item is marked as pending verification.

4.16 Participation in the Reorganization Investment of Zhangjiajie Tourism Group

Participation in the reorganization investment of Zhangjiajie Tourism Group was one of the sources of the company’s 2025 turnaround. Zhangjiajie Tourism Group removed its ST designation in mid-May 2026. Source: multiple items on the Sina individual-stock news list around 2026-05-16.

4.17 Improved Financial Structure Following Bankruptcy Reorganization (Single Source, Pending Verification)

The debt-to-asset ratio declined from 126.65% in 2022 to 45.52% at the end of 1Q26, and book cash was RMB 534 million. Source: TMTPost, a single source; marked as pending verification.

4.18 Uncertainties and Source Limitations (Important)

1. The final 2025 net profit attributable to the parent is inconsistent: the earnings guidance indicated RMB 32–48 million, while media reports cited RMB 28 million. Revenue is also inconsistent: RMB 799 million (+22.35%) versus RMB 750 million (+15%). The original annual report on CNINFO should prevail. 2. The Jingu Trust reduction is consistent across multiple sources, including East Money, Shanghai Securities News, and Sina, and the data are reliable. However, the reduction plan had not been completed at the time and was valid through 2026-04-19; subsequent progress should be monitored. 3. The controlling shareholder’s stake increase on 2026-05-11, involving RMB 50–100 million, is supported only by headline-level news. The original announcement was not obtained, and the amount, period, and method require verification. 4. Regarding buybacks, the company explicitly stated that it had no current buyback plan on the 2025-10-20 interactive platform. The historical repurchase of 1.1058 million shares in 2019–2020 was cancelled in January 2024. Information concerning the expiry of the repurchase period for 1.1058 million shares in 2025 is old historical news, reported by Zhitong Finance/Gelonghui on 2020-11-11, and should not be confused with recent developments. 5. The pledge ratio of 18.31% and the release of approximately 273 million restricted shares on 2026-12-22 were obtained from structured market-page fields and news headlines, without checking the original announcements. 6. Many of the “May 2026” news items in this briefing came from the Sina individual-stock news list and are headline-level information. When preparing a report, the original CNINFO/exchange announcements should be reviewed and confirmed item by item. 7. Data cutoff dates: earnings guidance through 2026-01-29; share reduction through 2026-01-22; first-quarter and annual reports through 2026-04-29; latest visible news headlines through 2026-05-20. The “current date” identified in this review was approximately late May 2026. The report should be updated using an “as of May 2026” basis.

5. Share-Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Caissa Tourism closed at RMB 4.27, down 5.32% on the day. The price had fallen below MA5 and MA10 but remained above MA20 and the Bollinger middle band at RMB 4.20. The technical picture was weaker in the short term, while medium- and short-term support had not been fully broken. The RMB 4.50–4.70 area had previously produced repeated resistance, while RMB 4.20 is the key level jointly indicated by moving averages, the Bollinger middle band, and the chip-distribution range. If RMB 4.20 holds, the share price may continue to trade within a range; if it is decisively broken, attention should turn to around RMB 4.00 and the RMB 3.67–3.85 area. Main-fund flows showed a small cumulative net inflow over the past 10 trading days, but a net outflow of approximately RMB 38.27 million on September 11 together with a clear price decline indicated increased short-term disagreement.

5.3 Short-Term Outlook (Next Week; Scenario Analysis for Reference Only)

*⚠️ Risk warning: The following is a subjective scenario analysis based on the closing data, historical prices, and technical indicators as of September 11, 2026. It does not constitute investment advice or a definitive price forecast.*

① Key Technical Levels

② Scenarios for the Coming Week (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher weight, approximately 60%; this is a subjective heuristic judgment based on current technical indicators, chip distribution, and fund flows, not a statistical probability): approximate price range of RMB 4.20–4.50. Trigger conditions include the stock holding around RMB 4.20, turnover value returning to the recent normal range of approximately RMB 300–500 million, and no major negative industry or company news. If volume is insufficient during an attempt to rise above RMB 4.50, the stock may continue to rotate within RMB 4.20–4.50.
• Weak decline (medium weight; subjective judgment, not a statistical probability): approximate price range of RMB 3.67–4.20. Trigger conditions include consecutive closes below RMB 4.20, with daily turnover value remaining above the recent normal range, such as repeated turnover above RMB 500 million, while main-fund outflows continue or the tourism and social-services sectors weaken broadly. Only a high-volume break below RMB 3.67 would warrant further observation of support near RMB 3.39; a single-day breakdown alone cannot confirm this scenario.
• Stronger rebound (low-to-medium weight; subjective judgment, not a statistical probability): approximate price range of RMB 4.50–4.80. Trigger conditions include the stock reclaiming RMB 4.50 and recording at least one trading day with turnover value of RMB 500 million or more, while the MACD histogram continues to expand and RSI6 returns to around 50 or above. If the tourism sector strengthens at the same time or the company receives a clear positive catalyst, the rebound could prove more sustained. RMB 4.73 is near the Bollinger upper band and RMB 4.71 is the recent intraday high. A one-day spike that fails to hold above RMB 4.50 would more likely represent an in-range pulse or a rally followed by a retreat.

③ Fund-Flow and Liquidity Background

As of September 11, 2026, the recent turnover rate was approximately 4.7%–10.3%, and daily turnover value was approximately RMB 280–670 million, indicating active but highly volatile short-term trading. On September 11, turnover value was approximately RMB 367 million, the turnover rate was approximately 6.40%, main-fund net outflow was approximately RMB 38.27 million, and the share price fell 5.32%. Shareholder-structure data as of June 30, 2026 showed that the top ten shareholders held approximately 643 million shares in total, accounting for approximately 40.09% of total shares; the top ten free-float shareholders held approximately 377 million shares, accounting for approximately 28.33% of the free float; and the total number of ordinary shareholders was 96,809. The top ten shareholders were mainly state-owned platforms, trusts, industrial investment funds, and other corporate entities. Public funds held approximately 0.12%, and there was no prominent pattern of holdings by mainstream institutions. These shareholder data are subject to quarterly disclosure lags. More than two months had passed since June 30, 2026, and the structure may have changed; the figures should not be treated as real-time holdings. In practice, recent turnover and trading value indicate active short-term trading but also significant disagreement among market participants. Shareholder concentration data cannot directly establish sustained control by mainstream institutions.

Observable volume-confirmation signals: if the share price reclaims RMB 4.50, with daily turnover value rising to RMB 500 million or more and remaining above RMB 400 million for at least one subsequent trading day, this may be viewed as an observation signal that the rebound has volume confirmation. If turnover value repeatedly rises above RMB 500 million when RMB 4.20 is broken, this may be viewed as an observation signal of increasing downside pressure. These thresholds are estimated from the recent RMB 280–670 million turnover range and are not fixed trading rules.

④ Key Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Observe whether the closing price can find support around RMB 4.20 and whether MA20 continues to rise or flattens.
• Observe whether the RMB 4.50–4.73 resistance zone can be broken on higher volume, particularly with turnover value above RMB 500 million.
• Observe subsequent repair after the approximately RMB 38.27 million main-fund outflow on September 11, rather than assessing the fund trend solely on the basis of cumulative inflows over the past 10 trading days.
• Observe the quarterly lag in the top-ten shareholder and institutional-holding data as of June 30, 2026. These data cannot be treated as the real-time chip structure on September 11, 2026. All of the above are observation frameworks, not trading instructions.

The above scenarios are based on the September 11, 2026 closing data and calculations using historical prices and technical indicators. Short-term share prices may also be affected by news, liquidity, the broader market, and other factors. Technical indicators have inherent lags and limitations. This does not guarantee future performance or constitute a buy or sell recommendation. Investors should make independent judgments based on the latest market information and bear investment risks themselves.

6. Industry Structure and Competitor Analysis

6.1 Industry Overview

The company operates simultaneously in three sub-industries: outbound/comprehensive tourism, airline and railway catering, and marine cultural tourism. Their market structures differ substantially: tourism is highly fragmented, has low barriers to entry, and is characterized by volume growth but declining margins; catering is characterized by qualification barriers, regional monopolies, and strong buyers; and marine cultural tourism remains an emerging business in the cultivation stage.

6.2 Competitive Landscape

• Outbound/comprehensive tourism (largest segment, 50.6%): The industry is highly fragmented and has low entry barriers. During 2023–2025, it was in a period of deepening recovery but “volume growth and margin decline, with differentiated demand,” according to the 2025 annual report. Offline travel agencies face pressure from both OTAs, including Ctrip, Fliggy, and Tongcheng, and content platforms, including Douyin and Xiaohongshu. The bargaining power and customer-traffic value of traditional store channels have declined. Caissa Tourism’s differentiated positioning is high-end/quality outbound tourism, government and corporate MICE and business travel, and chartered cruise products.
• Airline catering and railway catering (approximately 45.6%): This is an industry with qualification barriers and regional monopolies. Airline-food companies must pass strict food-safety and catering-qualification certifications from airlines and airports and must build plants near airports, creating strong service-radius constraints. The structure is “one plant per location, long-term ties to airlines based at the local hub.” China’s civil aviation passenger volume was 1.529 billion in 2025, up 4.8%. Complete railway data were not provided in the briefing.
• The company provides meals and related supporting services to numerous domestic and international airlines through five airline-catering companies. It describes itself as China’s first SKYTRAX five-star airline-food provider. It also describes itself as one of the largest providers of high-speed-rail catering services in China and a formulator of industry standards for China’s railway catering services.
• In the second half of 2025, the acquisition of Fujian Caissa filled the company’s channel gap in southern China. The nationwide store network was restored to more than 330 stores, covering northern, northeastern, southwestern, northwestern, eastern, and southern China, with coverage of more than 120 countries and regions worldwide. The company is also promoting chartered cruises, including the “Poseidon” Arctic Four Islands and Antarctic Peninsula products, as well as the “Aida Modu” and “Blue Dream Star” cruise ships.
• Acquisition of Qingdao Lufthansa Sky Chef (announcement dated 2025-09-24): Wholly owned subsidiary Xinhua Airline Food proposed to acquire 100% of Qingdao Lufthansa Sky Chef Food Co., Ltd. from Hong Kong International Food Services Co., Ltd. for RMB 16 million using its own funds. The target plant covers approximately 33,300 square meters, has eight production lines, annual maximum capacity of approximately 25 million meals, and storage capacity for 400,000 meals. Source: CLS individual-stock information page, a single source not cross-verified against the annual report; the original announcement should prevail.
• Duty-free retail (equity investment): Through cooperation with China National Travel Service, the company has invested in the inbound duty-free store at Tianjin International Cruise Home Port and duty-free stores in downtown Nanjing and Beijing. Source: CLS individual-stock information page.
• Financial technology (equity investment): Through its stake in Yisheng Financial Services Holding Group, the company indirectly holds Yisheng Payment, which possesses a full third-party payment license. Note: Duty-free retail, payment services, and Haivoyage beverage assets are largely equity investments or non-core assets and make limited contributions to consolidated revenue.

6.3 Major Competitors

Caissa Tourism faces powerful upstream and downstream counterparties in all three sub-industries. In tourism, it is pressured by both OTAs, including Ctrip, Fliggy, and Tongcheng, and content platforms, including Douyin and Xiaohongshu, reducing the bargaining power and traffic value of traditional store channels. In catering, it faces airline and railway-bureau tendering systems and annual price-adjustment clauses, creating a buyer-led market with strong bargaining power. Marine cultural tourism is an emerging business in the cultivation stage, with a gross margin of only 3.83% in 2025. Compared with OTA platforms, the company’s positioning as an offline travel agency and catering-services integrator lacks the network effects and bargaining power of platform businesses. The briefing did not provide specific financial data for comparable companies; Ctrip, Fliggy, Tongcheng, Douyin, and Xiaohongshu were listed only as sources of competitive pressure.

7. Risk Factors

• Risk to the sustainability of core-business profitability: Net profit attributable to the parent was RMB 28.0013 million in 2025, but non-GAAP net profit attributable to the parent was negative RMB 143.81 million. Debt restructuring gains of approximately RMB 162 million and the reversal of impairment provisions on receivables made a significant contribution to the turnaround. In 1H26, net profit attributable to the parent and non-GAAP net profit were still negative RMB 11.0058 million and RMB 42.9327 million, respectively. Without similar non-recurring gains, profits could come under renewed pressure.
• Operating cash-flow risk: Net operating cash flow was negative RMB 94.3223 million in 2025 and negative RMB 49.7655 million in 1H26, remaining negative for two consecutive years. Revenue growth has not generated corresponding cash inflows. If receivables collection or business prepayments continue to tie up funds, working-capital pressure could intensify.
• Receivables concentration and collection risk: The top five receivables and contract assets accounted for 55.51% of the relevant balance, while bad-debt provisions were only approximately RMB 2.2 million. Catering customers mainly include airlines, airports, and railway-related entities, with payment terms and bargaining power favoring downstream customers. Any change in collection timing or increase in credit risk could create cash-flow and impairment pressure.
• Risk of declining tourism margins: Tourism revenue increased 51.32% year on year in 2025, but costs increased 64.47%, causing gross margin to fall to 15.67%, down 6.74 percentage points year on year. The company has limited pricing power over overseas destination services, international air tickets, hotels, and cruise cabins. If it continues to offer concessions to restore channels and supplier resources, scale growth could continue to come with margin pressure.
• Downstream customer bargaining risk: Airline catering is awarded through airline or airport tenders and includes annual price-adjustment clauses, while railway catering is tendered by railway bureaus. Customers are concentrated among large airline and railway entities. If tender prices, price adjustments, or order mix become unfavorable, catering revenue growth may not translate into corresponding profit growth.
• Marine cultural-tourism cultivation and low-margin risk: Marine cultural-tourism revenue increased 138.27% year on year in 2025, but gross margin was only 3.83%, a significant decline from the high margin disclosed for 2024. The business remains in the cultivation stage. If resource costs such as investment, sites, and ships cannot be effectively diluted by revenue scale, overall profitability could be dragged down.
• Shareholder selling, pledging, and potential supply pressure: China Jingu International Trust reduced its stake to 4.9999%, and its reduction plan had not been completed at the time. HNA Tourism Group’s stake is almost entirely pledged, while some restricted shares are expected to become tradable on December 22, 2026. Further selling, changes in pledges, or the release of restricted shares could increase share-price volatility.
• Valuation and share-price volatility risk: As of September 11, 2026, the company’s PE (TTM) was approximately 165.90x and PB approximately 7.74x, significantly above the provided benchmark for the comprehensive tourism industry. The stock also fell 5.32% on the day. Although estimated main-fund inflows over the past 10 trading days totaled approximately RMB 42.93 million, the stock recorded an outflow of approximately RMB 38.27 million on the day. If core-business earnings recovery falls short of expectations or market risk appetite declines, valuation and the share price could fluctuate substantially.

8. Conclusion and Outlook

The key direction for Caissa Tourism’s recovery is improvement in core-business profitability rather than revenue growth alone. Tourism scale has recovered relatively quickly, but cost growth exceeded revenue growth in 2025, resulting in a decline in gross margin. The catering business has qualification, regional, and customer-binding characteristics. If new capacity and acquisition integration can increase utilization, fixed-cost dilution may improve. Marine cultural tourism remains in the cultivation stage, with rapid revenue growth but low gross margins. Going forward, investors should monitor whether tourism product mix, catering-capacity utilization, and standardized replication in marine cultural tourism can translate into improvements in gross profit and cash flow.

Financially, revenue increased year on year in 1H26, but both net profit attributable to the parent and non-GAAP profit remained negative, while operating cash flow weakened further. Therefore, the 2025 turnaround does not mean that core-business profitability has been restored. The company’s ability to achieve sustained improvement will depend on whether tourism and catering can generate stable profits after non-recurring gains disappear, and whether receivables concentration and extended payment terms can be brought under control. There is currently no effective institutional consensus forecast for 2026–2028, and substantial uncertainty remains regarding the sustainability of growth and the timing of a profitability inflection point.

Technically, the share price is in a weak consolidation phase following a rebound. Whether RMB 4.20 can provide support and whether the RMB 4.50–4.73 resistance zone can be broken with volume are the key short-term points to monitor. Fundamentally, investors should assess changes in non-GAAP profit, operating cash flow, gross margin, and receivables together, rather than evaluating operational improvement solely on the basis of net profit attributable to the parent or short-term share-price movements.

Data Sources

• Caissa Tourism (000796) - Compass Market Data - Index Display
• Caissa Tourism (000796)_Company Profile_CFi
• Caissa Tourism (sz000796)
• Caissa Tourism (000796)_Company Overview_Stock Price_News_Financial Reports_Caixin Data Platform
• ST Caissa (000796)_Company Profile_CFi
• Caissa Tourism (000796)_Company Overview_Stock Price_Real-Time Quotes_Baidu Finance
• ST Caissa (000796.SZ) Deep F9-PC_HSF9 Data
• Caissa Tourism Listed-Company Information
• Caissa Tourism (000796.SZ) - Aastocks
• Caissa Tourism - Caissa Tourism
• Securities Information - Caissa Tourism - Tonghuashun
• Securities Information - Meihua Petroleum - Tonghuashun
• Caissa Tourism (000796.SZ)
• Securities Daily - Caissa Tosun Development Co., Ltd. Announcement on the Removal of Other Risk Warnings and Suspension/Resumption of Trading - Stock Code: 000796; Stock Name: ST Caissa; Announcement No. 2024-082
• ST Caissa: Other risk warning removed from market open on October 29
• Announcement Details
• Caissa Tourism - Caissa Tourism
• Caissa Tourism (sz000796) Market Trend
• Caissa Tourism (000796.SZ) Operating Analysis-PC_HSF10 Data - Main Business Scope
• Caissa Tourism 2025 First-Half Revenue RMB 317 Million
• Caissa Tourism - Main Business Composition - 2025-12-31
• Caissa Tourism 2025 First-Half Revenue RMB 317 Million
• Caissa Tourism: 2025 Interim Report
• Caissa Tourism: 2025 Annual Report - Securities Star
• Caissa Tourism: 2025 Annual Report - 9FZT
• Caissa Tourism: 2025 Annual Report Summary - East Money
• Caissa Tourism Group Co., Ltd. 2025 Annual Report Summary
• Caissa Tourism: 2026 Interim Report Summary
• Caissa Tourism (000796.SZ): 2025 Net Profit Was RMB 28.0013 Million, Turning Profitable Year on Year
• Caissa Tourism: 2025 Profit of RMB 28.0013 Million, Turning Profitable Year on Year
• Caissa Tourism Financial Analysis
• Caissa Tourism 2025 Earnings Report
• HNA-Caissa Travel Group Co Ltd (000796) Stock Forecast & Price Target - Investing.com
• Caissa Tourism (000796) Analyst Consensus Expectations - Investing.com
• Caissa Tourism (000796.SZ) Earnings Forecast-PC_HSF10
• Caissa Tourism (000796) Earnings Announcements
• Caissa Tourism (000796.SZ) - Simply Wall St
• Caissa Tourism RMB 4.27 - RMB 0.24 (-5.32%) Latest Price - East Money
• Caissa Tourism (sz000796) Market Trend
• Caissa Tourism (000796.SZ)
• Caissa Tourism (000796.SZ) Detailed Trades
• Caissa Tourism (000796.SZ) Key Trading Information-PC_HSF10
• Market Data
• Caissa Tourism: Expected 2025 Profit of RMB 32–48 Million, Turning Profitable
• Caissa Tourism (000796) Investor Q&A - Securities Star
• Caissa Tourism Shareholder Jingu Trust Sold 3.6257 Million Shares, Reducing Stake to 4.9999%
• Caissa Tourism: 28th Meeting of the 11th Board of Directors
• Caissa Tourism: Expected 2025 Profit of RMB 32–48 Million, Turning Profitable
• Caissa Tourism: Expected Net Profit Attributable to the Parent to Turn Profitable in 2025, but Remain Loss-Making Excluding Non-Recurring Items
• Caissa Tourism: Investor Q&A
• Caissa Tourism (000796) ST-Risk Clarification Investor Q&A
• Caissa Tourism: No Current Share-Buyback Plan
• Caissa Tourism (000796.SZ) Repurchase Period Expired; 1.1058 Million Shares Repurchased
• Caissa Tourism Shareholders and Shareholding Research
• Caissa Tourism (000796)_Company Announcement_2026 Interim Report Summary

This report was automatically searched, compiled, and generated by AI based on publicly available information. Information is current through the September 11, 2026 close; technical indicators are based on daily, unadjusted prices; 52-week highs/lows and year-to-date price ranges are based on forward-adjusted prices; and shareholder-structure data are as of June 30, 2026 and may be subject to timeliness differences. Specific figures should be verified against the company’s formal announcements and authoritative data terminals. This report is for information organization and research reference only. It does not constitute investment advice. Investors should make independent judgments and bear investment risks themselves.