长白山旅游股份有限公司董事会独立董事专门会议文件 长白山旅游股份有限公司 第四届董事会独立董事专门会议 第四次会议决议 时间:2024年11月25日 地点:长白山旅游股份有限公司三楼会议室 出席人:张 超、彭德成、陈秀丽 主持人:张 超 本次会议以通讯表决的方式召开,会议应到独立董事 3 人,实到独立董事 3人,出席会议的独立董事符合《公司法》、 《公司章程》等的规定。本次会议的召开、表决合法有效。 与会独立董事对本次会议审议的议案进行了充分讨论, 审议通过了如下议案: 1、关于延长公司向特定对象发行 A 股股票股东会决议有 效期的议案。 表决结果:3票赞成，0 票反对,0 票弃权。 2、关于提请股东会延长授权董事会办理公司本次向特定 对象发行 A 股股票相关事宜有效期的议案。 表决结果:3票赞成，0票反对,0票弃权。 3、公司控股子公司向控股股东全资子公司租赁房屋暨关 联交易的议案。 表决结果: 3 票赞成，0 票反对，0 票弃权。 (下接签字页) （本页为《长白山旅游 股份有限公司第四届董事会独立董事 专门会议第四次会议决议》签字页，无正文） 委员签字: Syly 4/2 1933 彭德成 and and ...

关于延长公司向特定对象发行 A 股股票股东会决议有 效期及延长股东会对董事会授权有效期的公告 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个别及连带责任。 长白山旅股份有限公司（以下简称"公司"）于 2024 年 12 月 2 日召开了第四届董事会第二十九次会议和第四届监事会第二十九次 会议，分别审议通过了《关于延长公司向特定对象发行 A 股股票股东 会决议有效期的议案》《关于提请股东会延长授权董事会办理公司本 次向特定对象发行 A 股股票相关事宜有效期的议案》，具体内容如下： 一、关于延长公司向特定对象发行股票股东会决议有效期和股东 会授权董事会办理本次向特定对象发行股票相关事宜有效期的情况 公司分别于 2023 年 12 月 5 日和 2023 年 12 月 21 日召开第四届 董事会第十六次会议、第四届监事会第十六次会议和 2023 年第一次 临时股东大会，审议通过了《关于公司符合向特定对象发行 A 股股票 方案的议案》《关于修订公司 2022 年度向特定对象发行 A 股股票方案 的议案》《关于提请股东大会授权董事会办理公司本次 ...

证券代码：603099 证券简称：长白山 公告编号：2024- 073 长白山旅游股份有限公司 第四届监事会第二十九次会议决议公告 本公司监事会及全体监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 整性承担个别及连带责任。 本议案需提请公司股东会审议。 一、监事会会议召开情况 长白山旅游股份有限公司（以下简称"公司"）于 2024 年 12 月 2 日在公司监事会会议室以通讯表决方式召开第四届监事会第二十九 次会议。会议通知及会议材料于 2024 年 11 月 25 日以邮件方式发出。 会议由王洋先生召集并主持，本次会议应参与表决监事 4 名，实际参 与表决监事 4 名。会议参与表决人数及召集、召开、表决程序符合《中 华人民共和国公司法》和《公司章程》的有关规定，合法有效。 二、监事会会议审议情况 与会监事对本次会议的全部议案进行了充分讨论，会议审议并一 致通过了以下议案： （一）关于延长公司向特定对象发行 A 股股票股东会决议有 效期的议案 鉴于公司向特定对象发行 A 股股票的决议有效期即将届满，相 关事项仍在办理中，为保证本次发行相关工作顺利完成，同意将公司 ...

本资产评估报告依据中国资产评估准则编制 长白山保护开发区恩都里商业管理有限公司 拟承租长白山保护开发区恩吉里房地产开发有限公司所拥 有的部分不动产涉及的 10年租赁使用费项目 资产评估报告 国枫兴华评报字[2024]第 020078 号 (共一册,第一册) 评估机构名称:北京国枫兴华资 评估报告日:二〇二四年十 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 1111020071202400160 | | --- | --- | | 合同编号: | 国枫兴华(2024)020070号 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 国枫兴华评报字[2024]第020078号 | | 报告名称: | 长白山保护开发区恩都里商业管理有限公司拟承相 长白山保护开发区恩吉里房地产开发有限公司所拥 | | | 有的部分不动产涉及的10年租赁使用费项目 | | 评估结论: | 64.097,215.10元 | | 评估报告日: | 2024年11月29日 | | 评估机构名称: | 北京国枫兴华资产评估有限公司 | | 签名人员: | 江永利 (资产评估师) 会员编号:41210 ...

Investment Rating - The report maintains a "Buy" rating for Changbai Mountain (603099 SH) with a target price of 40 18 yuan per share based on a 25-year 50X PE valuation [4][21] Core Views - Changbai Mountain's Q3 2024 revenue reached 3 40 billion yuan, up 3 19% YoY, but net profit attributable to shareholders decreased by 9 04% YoY to 1 27 billion yuan due to typhoon impacts during the peak summer season [4] - The company's Q3 2024 gross margin declined by 5 37 percentage points YoY to 57 9%, primarily due to the closure of scenic areas during the typhoon and adverse weather affecting hotel room rates and occupancy [4] - The report expects the company to benefit from the opening of the Shenbai high-speed railway in 2025 and the long-term growth of ice and snow tourism [21] Financial Performance - In the first three quarters of 2024, Changbai Mountain achieved revenue of 5 95 billion yuan, up 19 55% YoY, with net profit attributable to shareholders of 1 48 billion yuan, down 2 52% YoY [4] - The company's 2024-2026 revenue is forecasted to be 7 53 billion yuan, 8 80 billion yuan, and 9 96 billion yuan, with YoY growth rates of 21 3%, 16 9%, and 13 3% respectively [21] - Net profit attributable to shareholders for 2024-2026 is projected to be 1 72 billion yuan, 2 14 billion yuan, and 2 59 billion yuan, with YoY growth rates of 24 2%, 24 9%, and 20 9% respectively [21] Business Segments Tourism Transportation - The company's tourism transportation revenue is expected to grow from 5 44 billion yuan in 2024 to 7 49 billion yuan in 2026, with a gross margin of around 50% [13][14] - The number of visitors to Changbai Mountain reached 3 07 million from January to October 2024, up 23 5% YoY, and is expected to reach 3 35 million for the full year [13] Hotel Business - Hotel revenue is projected to grow from 1 4 billion yuan in 2024 to 1 6 billion yuan in 2026, with a gross margin increasing from 32% in 2023 to 35% in 2026 [14] Travel Agency Business - Travel agency revenue is expected to grow from 0 39 billion yuan in 2024 to 0 57 billion yuan in 2026, with a gross margin increasing from 48% in 2023 to 52% in 2026 [15] Industry Context - The State Council has emphasized the development of differentiated and characteristic ice and snow tourism, which is expected to benefit Changbai Mountain as a top-tier destination with "ice and snow + hot spring" resources [5][13] - The opening of the Shenbai high-speed railway in 2025 is anticipated to significantly boost visitor numbers to the region [21]

Group 1: Visitor Statistics - As of September 2024, Changbai Mountain Scenic Area received a total of 2.775 million visitors, representing a year-on-year increase of 23.5% [1] - In Q3 2024, the scenic area recorded 1.678 million visitors, a year-on-year growth of 5.85% [2] Group 2: Financial Performance - For the period ending September 2024, the company achieved a revenue of CNY 595 million, up 19.55% year-on-year, while net profit was CNY 148 million, a decrease of 2.52% [1] - In Q3 2024, the company reported revenue of CNY 340 million, reflecting a year-on-year increase of 3.19%, with net profit at CNY 127 million, down 9.04% compared to the previous year [1] Group 3: Impact of Weather and Operations - Extreme weather conditions significantly affected visitor numbers and hotel occupancy, with the scenic area closed for seven consecutive days during peak season from July 27 to August 2, 2024 [2] - In September, the North Slope Tianchi scenic spot was closed for five days due to heavy rain and fog, which did not occur in the same period last year [2] Group 4: Business Segments Performance - The transportation segment (Zhixing Company) saw a revenue increase of 37.59% year-on-year, attributed to the addition of new bus and ride-hailing services [2] - The hotel segment reported a revenue increase of 4.29% year-on-year, with Crowne Plaza Hotel revenue rising by 8.37%, mainly due to increased income from winter tourism [2] Group 5: Winter Tourism Initiatives - The company plans to enhance winter tourism offerings by expanding ice and snow projects and introducing new experience and fee-based activities [3] - The company is also preparing to open previously unavailable snow experience projects this winter due to last year's snowmobile shortages [3] Group 6: Government Collaboration and Promotion - Local government and tourism departments are actively promoting winter tourism through online advertising and offline promotional activities in key source cities [3] - The winter flight schedule from Changbai Mountain Airport will include 28 routes to 20 cities, enhancing accessibility for tourists [3] Group 7: Policy Impact - The recent government document on promoting high-quality development in winter sports outlines 24 measures to stimulate the ice and snow economy, which the company plans to leverage for enhancing its winter tourism offerings [3]

Summary of Changbai Mountain Scenic Area Conference Call Industry Overview - The conference call discusses the performance of the Changbai Mountain Scenic Area in the tourism industry, particularly focusing on visitor statistics and operational challenges faced in 2023. Key Points and Arguments Visitor Statistics - In the first three quarters of 2023, Changbai Mountain Scenic Area received 2.775 million visitors, a year-on-year increase of 23.5% [2][3] - By the end of October, the total number of visitors exceeded 3.1 million, surpassing the previous year's total of 2.75275 million [3] - The third quarter saw 1.678 million visitors, a growth of 5.85%, impacted by Typhoon "Gemi" which caused a 7-day closure, resulting in an estimated loss of 200,000 visitors [3] Seasonal Performance - The scenic area has distinct seasonal performance: - Winter relies on snow tourism - Summer benefits from peak tourist season - August saw over 20% growth in visitor numbers despite the typhoon [2][4] - October set a record with 292,500 visitors, a 23.7% increase year-on-year [5] Visitor Demographics - The primary visitor demographic is the middle-aged group (31-50 years), with family and senior tourism markets growing in importance [8] - The age distribution shows that 60% of winter tourists are aged 18-40, while summer tourism attracts a more diverse age range [9] Source of Visitors - The main sources of visitors are the three northeastern provinces of China, with Shandong's share increasing, surpassing Heilongjiang [6] - Korean visitors have rebounded to 7.6%, approaching pre-pandemic levels [6] Infrastructure Improvements - Recent improvements in transportation infrastructure, including airport expansions and new high-speed rail lines, have facilitated increased visitor access from Eastern China [7] - The company has invested in new vehicles and staff to enhance capacity, with a budget of 80 million yuan for vehicle procurement [12][13] Revenue and Pricing - Overall revenue increased in Q3 despite weather-related challenges affecting transportation and hotel operations [10] - Average ticket prices decreased due to the closure of the North Slope Tianchi scenic spot, while hotel occupancy rates increased but average room rates fell by 6% [11] Cost Increases - The company faced increased costs due to infrastructure investments and rising labor costs, with a 20% increase in overall labor costs [12] Future Development Plans - Preparations for the winter season include enhancing service quality and optimizing customer experience [14] - Expansion plans for snow tourism include new facilities and activities, aiming to increase daily visitor capacity by 20% [16][17] Policy Support - Government support includes marketing for ice and snow tourism, increased flight routes, and financial subsidies for equipment upgrades [21] Conclusion - The Changbai Mountain Scenic Area is positioned for growth with strategic investments in infrastructure, a focus on diverse visitor demographics, and supportive government policies, despite facing challenges from weather and operational costs.

证券代码：603099 证券名称：长白山 公告编号：2024-071 长白山旅游股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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 担个别及连带责任。 重要内容提示： ●会议召开时间：2024 年 11 月 15 日(星期五）下午 15：00—16： 00 ●会议召开形式：网络互动形式 ●登陆网址： "进门财经"（https://s.comein.cn/zgv677ze） 一、说明会类型 公司于 2024 年 10 月 29 日在《中国证券报》、《上海证券报》、 《证券时报》及上海证券交易所网站 www.sse.com.cn 披露了公司 2024 年第三季度报告。为加强与投资者的深入交流，使投资者更加 全面、深入地了解公司情况，公司拟以网络互动形式召开 2024 年第 三季度业绩说明会，欢迎广大投资者积极参与。公司现就 2024 年第 三季度业绩说明会提前向广大投资者征集相关问题，广泛听取投资者 的意见和建议。 二、说明会召开的时间和形式 参会方式： 1. APP/小程序： 搜索" ...

社会服务 | 证券研究报告 — 调整盈利预测 2024 年 11 月 4 日 603099.SH 增持 原评级：增持 市场价格:人民币 33.54 板块评级:强于大市 股价表现 (11%) 28% 67% 106% 145% 184% Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 | --- | --- | --- | --- | --- | |------------------------------------------|----------------------------|-----------------------------------|------------------------|-------------------------| | 长白山 \n(%) \n绝对 \n相对上证综指 | 今年 至今 \n103.5 \n93.1 | 上证综指 \n1 个月 \n10.1 \n12.0 | 3 个月 \n53.2 \n41.6 | 12 个月 \n137.0 \n128.8 | | 发行 ...

Investment Rating - The report maintains a "Buy" rating for Changbai Mountain (603099) with a target price based on the last closing price of 31.36 [1][7]. Core Views - The report highlights that the company's profit is under pressure due to weather impacts, but it is preparing for a new round of ice and snow tourism season [1][2]. - The company achieved a revenue of 595 million yuan in the first three quarters of 2024, representing a year-on-year growth of 19.55%, while the net profit attributable to shareholders decreased by 2.52% to 148 million yuan [2][4]. - The report anticipates significant growth in net profit for the years 2024 to 2026, with projections of 177 million yuan, 213 million yuan, and 267 million yuan respectively, indicating growth rates of 28.55%, 20.13%, and 25.33% [2][4]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 340 million yuan, a year-on-year increase of 3.19%, while the net profit attributable to shareholders was 127 million yuan, down 9.04% year-on-year [2][4]. - The total number of visitors in the first three quarters reached 2.7644 million, up 23% year-on-year, with Q3 seeing 1.678 million visitors, a 5.85% increase [2][4]. Operational Insights - The report notes that the company is enhancing its winter tourism offerings and has made preparations for the upcoming ice and snow season, including product development and equipment upgrades [2][4]. - The ongoing improvement in transportation infrastructure, such as the upcoming opening of the Shenyang-Baihe high-speed railway, is expected to significantly reduce travel time to Changbai Mountain [2][4]. Future Projections - Revenue projections for 2024 to 2026 are set at 620.43 million yuan, 752.04 million yuan, and 864.85 million yuan, with growth rates of 21.21%, 15.00%, and 21.27% respectively [4][5]. - Earnings per share (EPS) are forecasted to be 0.67 yuan, 0.80 yuan, and 1.00 yuan for the years 2024 to 2026, with corresponding price-to-earnings (PE) ratios of 48X, 40X, and 32X [2][4].