Core Viewpoint - The ice and snow tourism index experienced a 2% increase, indicating a positive trend in the sector [1] Company Performance - Dalian Shenya saw a significant rise of 7.01% in its stock price [1] - Jingxue Energy increased by 6.36% [1] - Changbai Mountain's stock rose by 3.84% [1] - Iceberg Cold and Heat gained 1.47% [1] - Inpai Si experienced a 1.17% increase [1]

Investment Rating - The report maintains a "Buy" rating for the consumer services industry, emphasizing the potential for growth driven by government policies aimed at boosting consumption [1]. Core Insights - The report highlights the importance of the "14th Five-Year Plan" which aims to significantly enhance consumer spending through various measures, including increasing public service expenditure and improving consumer rights protection [4]. - It suggests that the current transformation in China's service consumption sector presents a prime investment opportunity, particularly in service consumption platforms, hotel groups with improving margins, and the tourism sector [4]. Industry Overview - The consumer services sector consists of 55 listed companies with a total market capitalization of approximately 498.8 billion yuan and a circulating market value of about 457.1 billion yuan [1]. - The sector's performance over the past month shows a decline of 7.7%, while the 12-month performance indicates a growth of 9.2% [2]. Market Performance - The consumer services industry experienced a weekly increase of 0.45%, outperforming the overall A-share market which rose by 0.39% [7]. - Notable stocks in the sector include Dalian Shengya, Chuangye Heima, and Fangzhi Technology, which showed significant gains [4]. Key Announcements - Major announcements include Meituan's issuance of $2 billion in senior bonds with a subscription rate exceeding 5.7 times, and Guangzhou Restaurant's third-quarter revenue of 2.293 billion yuan, reflecting a year-on-year growth of 4.66% [31][32]. Upcoming Events - Several companies in the sector are scheduled to hold shareholder meetings in November, including Guangzhou Restaurant and Yunnan Tourism, which may provide further insights into their operational strategies and financial performance [35][36]. Industry News - Recent developments include the collaboration between Mixue Ice City and Hainan Airlines to launch a co-branded flight, and the introduction of pet-friendly travel products by Zhongxin Tourism, indicating innovation in service offerings [37][38].

Summary of Long White Mountain Conference Call Company Overview - Long White Mountain reported a revenue growth of 6.99% year-on-year for the first three quarters, with a net profit increase of 1.05% [2][4] - In Q3, revenue rose by 17.78% to 400 million, and net profit increased by 19.43%, indicating accelerated growth [2][4] Industry Insights Tourism and Visitor Trends - The South Scenic Area closed on October 17 and is scheduled to reopen on May 1, 2026, which may temporarily affect visitor numbers but is expected to enhance the area's attractiveness in the long term [2] - The opening of the Shenbai High-Speed Railway has increased the proportion of visitors from Liaoning Province from 15.85% to 16.19%, with an absolute increase of approximately 14-15% [2][11] - New flight routes from cities like Guangzhou and Shenzhen are expected to significantly boost visitor numbers from Guangdong Province, which accounted for 20% of total visitors last year [2][12] Visitor Statistics - As of September 2025, the total visitor count reached 3.0619 million, a year-on-year increase of 10.4% [4] - The North Scenic Area saw a growth of 2.91%, while the West and South Scenic Areas experienced increases of 36.46% and 68.09%, respectively [4] Seasonal Outlook - The 2025 snow season is anticipated to be longer due to an early start and favorable weather conditions, with expectations of 3.8 to 3.9 million visitors, although reaching 4 million remains challenging [3][13] - The New Year holiday from February 17 to February 25, 2025, is expected to increase transportation and hotel demand, with projected visitor numbers during this period reaching 110-120 thousand [13] Financial Performance Hotel Operations - The occupancy rate of the Crowne Plaza hotel increased by 3.89% year-on-year, with an average room rate rise of 3.05% [6] - Newly opened hotels, such as Huazhu and Huazhu Luxury, reported occupancy rates of 45.76% and 39.74%, respectively, indicating positive growth trends [6] Urban Transportation Business - Revenue from urban transportation services grew by 26.47% year-on-year, although net profit declined by 2.12% due to rising costs [7] - In Q3, revenue increased by 22.23%, and net profit rose by 37.36%, showing improved profitability [7] Travel Agency Performance - The travel agency segment, including products like "Fly Over Changbai Mountain," saw a revenue increase of 44% and a net profit increase of 22% [8] Operational Developments Scenic Area Management - The company manages six surrounding scenic areas, receiving 1.57 million visitors in the first nine months, a 64% increase year-on-year, with revenue up by 42% [9] - The light asset operation model demonstrates significant growth potential despite its limited impact on overall economic indicators [9] Infrastructure and Project Updates - The second phase of the Changbai Mountain Hot Spring project is under construction, with an investment of 536 million, expected to open in Q4 2026 [17][18] - Platform upgrades and new equipment are anticipated to enhance operational capacity and visitor experience [10] Future Outlook - The company aims to achieve a visitor target of 3.8 to 3.9 million for the year, with long-term growth potential supported by improved infrastructure and management practices [21] - The expansion of the 331 National Road is expected to further enhance accessibility and support future visitor growth [21]

Core Insights - The stock price of Changbai Mountain (603099) increased by 3.63% to 52.47 yuan as of October 31, 2025, with a market capitalization of 13.992 billion yuan [1] - The number of shareholders increased by 25.35% to 45,900 as of September 30, 2025, while the average shareholding decreased [2] - The Q3 2025 report shows a revenue of 636 million yuan, a year-on-year increase of 6.99%, and a net profit of 149 million yuan, up 1.05% [3] Stock Performance - As of October 31, 2025, Changbai Mountain's stock closed at 52.47 yuan, up from 50.63 yuan the previous week, with a peak of 53.91 yuan on October 30 and a low of 49.11 yuan on October 27 [1] Shareholder Changes - As of September 30, 2025, the number of shareholders reached 45,900, an increase of 9,275 shareholders or 25.35% since June 30, 2025 [2] - The average number of shares held per shareholder decreased from 7,289 shares to 5,815 shares, with an average holding value of 265,500 yuan [2] Financial Performance - For Q3 2025, the company reported a revenue of 401 million yuan, representing a year-on-year growth of 17.78%, and a net profit of 151 million yuan, up 19.43% [3] - The company's debt ratio stands at 22.77%, with financial expenses of 3.1187 million yuan and a gross profit margin of 43.27% [3] Company Announcements - On October 28, 2025, the board of directors approved the Q3 2025 report and the establishment of a special account for fundraising, with a total fundraising amount not exceeding 235.8495 million yuan [4] - The company received approval from the CSRC on July 8, 2025, to issue shares to specific investors [4]

Core Insights - The article discusses the transformation of Changbai Mountain's tourism strategy from development to quality enhancement, focusing on environmental protection and visitor experience improvement [2][3]. Group 1: Environmental Management - Changbai Mountain has shifted its development focus to quality enhancement, emphasizing standardized systems to improve visitor experience while adhering to environmental protection principles [2]. - The scenic area implements strict maximum capacity management, limiting daily visitors to 25,000 in the North area, 15,000 in the West area, and 4,000 in the South area [2]. - Measures include a zero-pollution waste management policy, banning snow-melting agents, and ensuring all operational vehicles meet environmental standards [2]. Group 2: Visitor Experience Enhancement - The scenic area has established a smart weather and ticketing system to improve the accuracy of weather forecasts and visitor arrangements, addressing visitor concerns about the unpredictability of viewing the Tianchi Lake [3]. - A standardized manual has been created to set higher operational standards than those required for national 5A tourist attractions, focusing on high-altitude and mountainous conditions [3]. - The introduction of a "first question responsibility" system ensures that the first staff member a visitor encounters is responsible for resolving any issues, eliminating the possibility of passing the buck [3]. Group 3: Ticketing and Transportation Innovations - The scenic area has implemented a free public transportation policy during peak tourist seasons and has increased bus frequency during high-demand periods [4]. - To combat ticket scalping, the ticketing system employs real-name verification, facial recognition, and time-slot reservations, ensuring fair access to tickets [4]. - The system allows for ticket reservations up to 15 days in advance and integrates with high-speed rail ticketing to enhance the purchasing experience [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Insights - The company experienced a strong recovery in tourist traffic during the summer of 2025, with Q3 revenue reaching 4.01 billion yuan, a year-on-year increase of 17.78%, and a net profit of 1.51 billion yuan, up 19.43% year-on-year [7][9] - The company has adjusted its profit forecasts for 2025-2027 due to potential disruptions from unusual weather, now expecting net profits of 1.77 billion yuan, 2.14 billion yuan, and 2.53 billion yuan respectively, reflecting year-on-year growth rates of 22.4%, 21.0%, and 18.6% [7][9] - The opening of the Shenbai high-speed railway is expected to enhance accessibility to the company’s attractions, potentially increasing visitor numbers from the Beijing-Tianjin-Hebei region [9] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 6.36 billion yuan, a year-on-year increase of 6.99%, and a net profit of 1.49 billion yuan, up 1.05% year-on-year [7] - The average revenue per visitor decreased by 2.4% to 198 yuan, attributed to a decline in hotel room rates, although the decline has narrowed compared to Q2 [8] - The company’s gross margin for Q3 was 57.5%, with a net profit margin of 37.78%, indicating strong seasonal profit support [8] Future Outlook - The upcoming winter season is anticipated to benefit from extended operational periods due to the later timing of the 2026 Spring Festival, which could enhance visitor flow [9] - The company’s non-public offering project has received regulatory approval, which is expected to accelerate the construction of the second phase of the volcanic hot spring project, further boosting visitor attraction capabilities [9][10]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][5] Core Views - The company reported stable growth in Q3 2025, with revenue reaching 401 million RMB, a year-on-year increase of 17.78%, and a net profit of 151 million RMB, up 19.43% year-on-year [4][8] - The report highlights the positive impact of improved transportation and ongoing project expansions on attracting more visitors, which is expected to contribute to performance in the upcoming ice and snow season [5][8] Financial Summary - For the first three quarters of 2025, the company achieved a total revenue of 636 million RMB, reflecting a year-on-year growth of 6.99%, and a net profit of 149 million RMB, which is a 1.05% increase year-on-year [8] - The company anticipates EPS for 2025, 2026, and 2027 to be 0.60, 0.71, and 0.82 RMB respectively, with corresponding P/E ratios of 86.2, 72.6, and 63.6 [5][7] - The report projects a steady increase in revenue from 620 million RMB in 2023 to 1,000 million RMB by 2027, with a compound annual growth rate of approximately 9.7% [7][9] Visitor Trends - Q3 2025 saw a record high in visitor numbers, with a total of 2.0248 million visitors, marking a 20.7% increase year-on-year, driven by summer tourism and events like the "817 Rice Music Festival" [8][9] - The report notes significant improvements in external transportation, including the opening of the Shenbai High-Speed Railway, which is expected to enhance visitor access to the site [8][9] Project Developments - The second phase of the hot spring project is progressing, having moved from the main construction phase to interior decoration [8] - The report mentions government support for the ice and snow economy, including the establishment of a 500 million RMB fund aimed at promoting ice and snow tourism and related activities [8]

Summary of Changbai Mountain Scenic Area Conference Call Industry Overview - The conference call discusses the performance of the Changbai Mountain Scenic Area in 2025, focusing on revenue, profit, visitor demographics, and operational strategies. Key Financial Performance - Revenue for the first three quarters of 2025 reached 636 million yuan, a year-on-year increase of 6.99% [2][9] - Net profit for the same period was 149 million yuan, up 1.05% year-on-year [2][9] - In Q3 2025, revenue was 400 million yuan, reflecting a 17.78% increase year-on-year, while net profit was 101.51 million yuan, up 19.43% [2][9] Visitor Demographics and Trends - Visitor demographics show a shift towards younger tourists, with the proportion of visitors under 18 years old increasing to 14.52%, up approximately 2 percentage points from the previous year [2][7] - The proportion of visitors aged 41 to 50 also increased to 17.97% [2][7] - Female visitors accounted for 57.4% of total visitors, surpassing male visitors at 42.6% [2][7] - The proportion of group tours decreased to 33.3%, while individual travelers now make up 66.7% of visitors, indicating a need for more personalized services [2][8] Changes in Visitor Source Regions - The share of visitors from Heilongjiang, Jilin, and Liaoning provinces has declined, while Shandong province's visitor numbers are rapidly increasing, potentially becoming the second-largest source of visitors [2][5] - In Q3 2025, the visitor proportions were Jilin 12.04%, Liaoning 10.67%, and Shandong 9.86% [2][5] - The proportion of South Korean visitors decreased to 8.19% in Q3 2025 [2][6] Hotel Performance - The occupancy rate of Crowne Plaza Hotel in Q3 was 58.03%, an increase of 3.89 percentage points year-on-year [2][10] - Average room rates rose by 3.05%, and revenue per available room increased by 10.45% [2][10] - Newly opened luxury hotels had occupancy rates above 45% with revenue per available room around 575 yuan [2][10] Operational Strategies and Future Projects - The company plans to expand snowmobile tours and introduce UTV and ATV snowmobile projects in Q4 2025 [2][13][14] - The opening of the Shenbai High-speed Railway is expected to significantly increase visitor numbers, with projections of over 4 million visitors in 2026 [2][17] - The company is adjusting its operational strategies to accommodate the anticipated increase in visitor traffic [2][14][17] City Operations and Travel Agency Performance - The city operations segment, including transportation services, saw a revenue increase of 26.47% in the first nine months, although net profit declined by 2% [2][11] - Easy Travel Agency transitioned all offline channels to online, achieving over 53% revenue growth in Q3 and a net profit increase of 4,059% [2][12] Government Support and Taxation - The company faced minor tax recoveries of about 1-2 million yuan, which had a negligible impact due to its status as a top taxpayer in the province [2][15] - Various subsidies related to tourism are expected to continue, supporting the company's operations [2][15] Transportation Improvements - Significant improvements in transportation, including new flight routes and the Shenbai High-speed Railway, are expected to enhance visitor access and increase tourism [2][16] Employee Costs and Future Outlook - Employee costs have risen significantly in 2025 due to previous wage adjustments, but no major changes are expected in 2026 [2][18] - The company anticipates that the growth in visitor numbers will support necessary increases in labor costs [2][18]

Core Insights - The successful completion of the AG600 amphibious aircraft's first field water collection and water dropping exercise marks a significant milestone for the aircraft's operational capabilities [1] - The AG600 aircraft has been stationed at Changbai Mountain Airport since September 30, 2025, conducting six practical missions for forest fire prevention [1][2] Group 1 - The AG600 aircraft's successful operation at Changbai Mountain Airport demonstrates the airport's commitment to aviation support and its capability to handle challenging tasks [1][2] - A comprehensive support system has been established at Changbai Mountain Airport, including dedicated parking spaces and optimized operational processes to meet the AG600's diverse operational and research needs [2] - The collaboration at Changbai Mountain Airport has led to the creation of an information-sharing mechanism, enhancing the support services for the AG600 aircraft through timely access to meteorological data and flight dynamics [2] Group 2 - The successful deployment and exercise of the AG600 aircraft at Changbai Mountain Airport serve as a critical test of the airport's aviation support capabilities and inject new vitality into the development of the low-altitude economy in the Changbai Mountain region [2] - Future plans for Changbai Mountain Airport include enhancing aviation support capabilities and expanding into various aviation business areas, aiming to attract more special flight missions and aviation enterprises [2] - The integration of low-altitude tourism, emergency rescue, and aviation logistics is expected to provide stronger support for regional economic and social development as well as ecological protection [2]

Macro and Strategy - The macroeconomic analysis indicates a significant deviation between traditional GDP calculations and official figures, suggesting a structural transformation in the economy, moving away from traditional infrastructure and real estate investments [9][10] - The focus of future policies is expected to shift from "investment in objects" to "investment in people," emphasizing urban renewal and service industry development [10] Industry and Company Analysis - New Hope Liuhe (002001.SZ) reported a resilient performance with a 5.45% year-on-year increase in revenue to 16.642 billion yuan and a 33.37% increase in net profit to 5.321 billion yuan for the first three quarters of 2025 [20] - Cloud Map Holdings (002539.SZ) experienced a slight revenue decline of 4.73% in Q3, but the core business remains stable with a net profit of 1.64 billion yuan [23] - Kingfa Sci. & Tech. (600143.SH) achieved a 22.62% increase in revenue to 49.616 billion yuan and a 55.86% increase in net profit to 10.65 billion yuan for the first three quarters of 2025, driven by product structure optimization [26] - Aiwai Electronics (688798.SH) reported a 55% increase in net profit for the first three quarters, with a revenue of 2.176 billion yuan, reflecting strong performance in the consumer electronics sector [30] - The overall performance of the food industry, including companies like Sanquan Foods (002216.SZ) and Haitian Flavoring (603288.SH), shows a trend of revenue stabilization and cost control despite market challenges [8][30] Fixed Income Strategy - The convertible bond market is experiencing a significant increase in public fund holdings, with a total of 316.6 billion yuan, despite a decrease in overall market size [12][13] - The strategy suggests a focus on sectors like lithium batteries, semiconductors, and pharmaceuticals for potential high returns, while advising caution in financial and consumer sectors [11][12] Commodity Market Insights - The gold market is witnessing a pivotal moment as prices approach 4400 USD/oz, indicating a challenge to the dollar's dominance and a potential shift in global reserve currency dynamics [18][19] - The fertilizer market, particularly for compound fertilizers, remains stable, although sales have been impacted by extreme weather conditions [24][25]