Investment Rating - The investment rating for the company is "Buy" (maintained) [2][14] Core Views - The company is expected to benefit from increased summer tourist traffic due to IP marketing, with a significant improvement in transportation in Q4, setting the stage for a new growth cycle [1][7] - Despite a challenging H1 2025 with a revenue decline of 7.4% year-on-year to 2.35 billion yuan and a net profit loss, the outlook for the second half of the year is optimistic due to expected increases in tourist flow and cost reductions [5][6] - The company has adjusted its profit forecasts for 2025-2027, projecting net profits of 1.98 billion yuan, 2.35 billion yuan, and 2.78 billion yuan respectively, reflecting year-on-year growth rates of 37.6%, 18.3%, and 18.5% [5][8] Financial Summary - For H1 2025, the company reported revenues of 2.35 billion yuan, down 7.4% year-on-year, with a net loss of 0.02 billion yuan compared to a profit of 0.21 billion yuan in H1 2024 [5] - The company’s revenue for Q2 2025 was 1.07 billion yuan, a decrease of 15.7% year-on-year, with a net loss of 0.06 billion yuan [5] - The company’s total market capitalization is 11.461 billion yuan, with a current stock price of 42.98 yuan [3] Revenue and Profit Forecasts - The company expects to achieve revenues of 856 million yuan in 2025, with a year-on-year growth of 15.1%, and net profits of 198 million yuan, reflecting a year-on-year increase of 37.6% [8][10] - The projected EPS for 2025 is 0.74 yuan, with corresponding P/E ratios of 44, 37.2, and 31.4 for 2025, 2026, and 2027 respectively [5][8] Operational Insights - The company’s transportation business is showing signs of stabilization, with a slight increase in customer spending despite a decline in overall revenue [6] - The company is leveraging IP marketing and events to boost summer visitor numbers, with July seeing a record 810,200 visitors, a 37.8% increase year-on-year [7]

Financial Performance - The company reported a net profit of -2.05 million yuan for the first half of 2025, a year-on-year decline of 109.75% [1] - Total operating revenue for the same period was 23.5 million yuan, down 7.44% year-on-year [1] - The gross profit margin decreased to 19.04%, a drop of 35.3% compared to the previous year [1] - The net profit margin turned negative at -1.13%, reflecting a decline of 113.66% year-on-year [1] - The total of selling, administrative, and financial expenses reached 41.87 million yuan, accounting for 17.78% of revenue, an increase of 24.05% year-on-year [1] Key Financial Ratios - The company's return on invested capital (ROIC) was 12.07% last year, indicating strong capital returns [3] - The historical median ROIC over the past decade is 7.04%, with a notably poor performance in 2022 at -5.25% [3] - The net profit margin for the previous year was 19.41%, suggesting high added value in products or services [3] Shareholder Information - Several funds have newly entered the top ten shareholders of the company, including Guangfa Xinxiang Flexible Allocation Mixed A and Huaxia Domestic Demand Driven Mixed A [4] - The largest fund holding is Guangfa Xinxiang Flexible Allocation Mixed A, with a scale of 1.805 billion yuan and a recent net value increase of 0.46% [4]

Core Viewpoint - The Long White Mountain Cultural Tourism Industry Chain Party Committee is actively working to enhance the financing capabilities of enterprises within the industry chain by integrating financial resources and broadening financing channels [5][6]. Group 1: Training and Support Initiatives - A specialized training session titled "Enhancing Enterprise Financing Capabilities" was held on August 28, focusing on the financing needs of enterprises [5]. - Representatives from four financial institutions, including Industrial and Commercial Bank of China, Agricultural Bank of China, Jilin Bank, and Changbai Mountain Rural Commercial Bank, participated in the training to provide one-on-one consultations to address financing challenges faced by enterprises [5][6]. - The training improved the understanding of the latest financing policies among local enterprises and facilitated effective bank-enterprise connections, resulting in multiple enterprises reaching loan financing agreements [6]. Group 2: Ongoing Efforts and Future Plans - The Long White Mountain Cultural Tourism Industry Chain Party Committee Office plans to continue building a "bridge" for bank-enterprise connections, regularly addressing financing needs and conducting exchange activities to enhance service levels [6]. - The initiative aims to support the healthy development of enterprises and strengthen the role of private enterprises in promoting economic stability, innovation, employment, and improving livelihoods in the region [6].

Group 1 - The fifth meeting of the board of directors of Changbai Mountain Tourism Co., Ltd. was held on August 27, 2025, via communication methods, with all directors and senior management receiving the meeting notice and materials on August 22, 2025 [1] - All 9 directors participated in the voting, with a total of 9 valid votes, indicating that the meeting and voting were conducted in accordance with the Company Law and the Articles of Association [1] - The board unanimously approved the proposal regarding the company's 2025 semi-annual report, with a voting result of 9 votes in favor, 0 against, and 0 abstentions [1][2] Group 2 - The proposal was also reviewed and approved by the company's Audit and Risk Control Committee, with the same voting result of 9 votes in favor, 0 against, and 0 abstentions [2]

Core Viewpoint - The report indicates a significant decline in the financial performance of Changbai Mountain Tourism Co., Ltd. for the first half of 2025, with a notable drop in revenue and net profit compared to the same period in the previous year [2][5]. Financial Performance Summary - The company's operating revenue for the first half of 2025 was approximately 235.48 million yuan, a decrease of 7.44% from 254.41 million yuan in the same period last year [2][5]. - The total profit for the period was 348,003.26 yuan, down 98.76% from 28.07 million yuan in the previous year [2][5]. - The net profit attributable to shareholders was -2.05 million yuan, representing a decline of 109.75% compared to 21.03 million yuan in the previous year [2][5]. - The net cash flow from operating activities was 8.17 million yuan, a decrease of 18.38% from 10.01 million yuan in the previous year [2][5]. Business Operations Overview - The company holds exclusive operating rights for transportation within three scenic areas of Changbai Mountain, focusing on visitor transport, vehicle rentals, and parking management [3][5]. - The company has expanded its services to include ride-hailing, charter services, and intercity bus lines connecting scenic areas to towns and airports [3][5]. - The company operates the Juylong Hot Spring with an annual production capacity of 180,000 cubic meters of natural volcanic spring water [3][5]. - The Changbai Mountain Crown Holiday Hotel, in collaboration with InterContinental Hotels Group, began operations in December 2016, offering various hospitality services [3][5]. Industry Context - The domestic tourism industry showed growth in the first half of 2025, with a 20.6% increase in the number of trips taken by residents, totaling 3.285 billion trips, and a 15.2% increase in spending, reaching 315 billion yuan [3][5]. - Changbai Mountain is recognized for its rich ecological resources and cultural heritage, positioning it as a significant tourist destination in Northeast China [5][6].

Group 1 - The meeting of the Supervisory Board of Changbai Mountain Tourism Co., Ltd. was held on August 22, 2025, and was convened by Chairman Sun Qingchun [1] - All five supervisors participated in the voting, and the meeting's procedures complied with the Company Law of the People's Republic of China and the company's articles of association [1] - The Supervisory Board unanimously approved all agenda items with a voting result of 5 votes in favor, 0 votes against, and 0 abstentions [1][1][1] Group 2 - The announcement confirms that the Supervisory Board and all supervisors guarantee the truthfulness, accuracy, and completeness of the announcement's content [1] - The meeting's resolutions and discussions were thorough, reflecting a consensus among the supervisors [1]

Core Viewpoint - Changbai Mountain Tourism Co., Ltd. reported a significant decline in both revenue and net profit for the first half of 2025, indicating challenges in the tourism sector due to reduced visitor numbers and increased costs [1] Financial Performance - The company's operating revenue for the first half of 2025 was approximately 235 million RMB, representing a year-on-year decrease of 7.44% [1] - The net profit attributable to shareholders was approximately -2.05 million RMB, a year-on-year decline of 109.75%, marking a shift from profit to loss [1] - The net profit after deducting non-recurring items was approximately -2.23 million RMB, reflecting a year-on-year decrease of 108.22%, also indicating a transition from profit to loss [1] Operational Challenges - The decline in net profit was attributed to a decrease in tourist numbers compared to the previous year, leading to reduced revenue [1] - Increased costs were noted due to a general salary adjustment for personnel, contributing to higher overall expenses compared to the same period last year [1]

●登陆网址： "进门财经"（https://s.comein.cn/vttmt5cs） 一、说明会类型 公司于 2025 年 8 月 28 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 2025 年半年度报告。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 2025 年半年 度业绩说明会，欢迎广大投资者积极参与。公司现就 2025 年半年度 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 证券代码：603099 证券名称：长白山 公告编号：2025-046 长白山旅游股份有限公司 关于召开 2025 年半年度报告业绩说明会的公告 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：2025 年 9 月 5 日(星期五）下午 15：00—16： 00 ●会议召开形式：网络互动形式 本次说明会将于 2025 年 9 月 5 日（星期五 ...

第五届监事会第四次会议决议公告 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。 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 2025 年 8 月 27 日以通讯表决方式召开第五届监事会第四次会议。会议通知及会 议材料于 2025 年 8 月 22 日以邮件加现场送达方式发出。会议由公司 监事会主席孙青春先生召集并主持，本次会议应参与表决监事 5 名， 实际参与表决监事 5 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 证券代码：603099 证券简称：长白山 公告编号：2025-044 长白山旅游股份有限公司 2025 年 8 月 28 日 三、备查文件 1、公司第五届监事会第四次会议决议。 特此公告。 长白山旅游股份有限公司监事会 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： 1、关于审议长白山旅游股份有限公司 2025 年半年度报告的议案 表决结果：5 票同意，0 ...

Core Viewpoint - Changbai Mountain Tourism Co., Ltd. reported a decline in revenue and a net loss for the first half of 2025, indicating financial challenges for the company [1] Financial Performance - The company achieved an operating income of 235 million yuan, representing a year-on-year decrease of 7.44% [1] - The net profit turned into a loss of 2.0513 million yuan, contrasting with previous profitability [1]