长白山旅游股份有限公司 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：2025-054 第五届监事会第七次会议决议公告 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 10 月 28 日以通讯表决方式召开第五届监事会第七次会议。会议通知及会 议材料于 2025 年 10 月 23 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。 表决结果：5 票同意，0 票反对，0 票弃权。 三、备查文件 1、公司第五届监事会第七次会议决议。 特此公告。 长白山旅游股份有限公司监事会 2025 年 10 月 29 日 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 20 ...

证券代码：603099 证券名称：长白山 公告编号：2025-053 二、董事会会议审议情况 长白山旅游股份有限公司 第五届董事会第七次会议决议公告 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。 一、 董事会会议召开情况 长白山旅游股份有限公司（以下简称"公司"）第五届董事会第 七次会议于2025年10月28日以通讯表决的方式召开。会议通知及会议 材料于2025年10月23日以专人递送、电子邮件等方式发出。本次会议 应参与表决董事9人，实际参与表决董事9人，有效表决票为9票，参 与表决的董事符合《公司法》和《公司章程》等法律法规的有关规定。 本次会议的召开、表决合法有效。 与会董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 年三季度报告的议 案 表决结果：9 票赞成，0 票反对，0 票弃权。 本议案已经公司第五届董事会审计与风险控制委员会第二次会 议审议通过。具体内容详见上海证券交易所网站 www.sse.com.cn。 《长白山旅游股份有限公司 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥400,773,076, representing a year-on-year increase of 17.78%[3] - Total profit for the period was ¥199,697,700.36, up 18.05% compared to the same quarter last year[3] - Net profit attributable to shareholders was ¥151,429,019.98, reflecting a 19.43% increase year-on-year[3] - Total operating revenue for the first three quarters of 2025 reached RMB 636,249,664.15, an increase of 7.5% compared to RMB 594,689,079.59 in the same period of 2024[16] - Net profit attributable to the parent company increased to RMB 643,140,398.50, compared to RMB 515,496,314.26 in the same period last year, reflecting a growth of 24.8%[15] - Net profit for the first three quarters of 2025 was CNY 146,863,795.24, slightly down from CNY 147,829,462.34 in the same period of 2024, representing a decrease of approximately 0.73%[18] - Operating profit for the first three quarters of 2025 was CNY 201,371,825.23, compared to CNY 207,037,371.38 in 2024, indicating a decline of about 2.8%[18] - The company’s total comprehensive income for the first three quarters of 2025 was CNY 146,863,795.24, slightly lower than CNY 147,829,462.34 in 2024, a decrease of about 0.73%[18] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥1,686,420,133.54, an increase of 16.57% from the previous year[4] - Total assets as of September 30, 2025, amounted to RMB 1,686,420,133.54, compared to RMB 1,446,671,690.48 at the end of 2024, indicating a growth of 16.6%[14] - Current assets totaled RMB 576,702,318.47, an increase of 29.6% from RMB 444,919,942.91 in the previous year[13] - Non-current assets reached RMB 1,109,717,815.07, up from RMB 1,001,751,747.57, marking a growth of 10.8%[13] - Total liabilities increased to RMB 383,976,723.21 from RMB 284,641,948.87, reflecting a rise of 35%[14] - The company reported a significant increase in accounts payable, which rose to RMB 101,220,823.85 from RMB 51,532,748.55, a growth of 96.4%[14] Cash Flow and Earnings - The net cash flow from operating activities for the year-to-date was ¥216,303,944.50, showing a decrease of 5.13% compared to the same period last year[3] - Cash flow from operating activities for the first three quarters of 2025 was CNY 216,303,944.50, down from CNY 228,008,400.98 in 2024, a decrease of approximately 5.5%[20] - The company reported a net cash increase of CNY 79,063,148.90 in the first three quarters of 2025, compared to CNY 83,145,529.44 in 2024, reflecting a decrease of about 4.1%[21] - The total cash and cash equivalents at the end of the third quarter of 2025 amounted to CNY 364,846,594.48, up from CNY 293,831,258.66 at the end of the same period in 2024, representing an increase of approximately 24.2%[21] Shareholder Information - The company had a total of 45,859 common shareholders at the end of the reporting period[9] - The basic earnings per share for the quarter was ¥0.56, up 16.67% year-on-year[3] - The company’s basic and diluted earnings per share remained stable at CNY 0.55 for both 2025 and 2024[18] Operating Costs and Expenses - Total operating costs for the first three quarters of 2025 were RMB 436,284,854.79, up 12.5% from RMB 387,664,356.98 in the previous year[16] - The company reported an increase in operating expenses, with total operating expenses rising to CNY 515,607,897.49 in 2025 from CNY 412,457,946.17 in 2024, reflecting a growth of approximately 25%[20] - Research and development expenses for the first three quarters were not explicitly detailed but are included in the total operating costs[16] Strategic Initiatives - The company is focusing on market expansion and new product development as part of its strategic initiatives moving forward[12] Non-recurring Items - Non-recurring gains and losses for the period totaled -¥518,283.15, with a year-to-date total of -¥343,382.53[7] - The company incurred a credit impairment loss of CNY -306,487.53 in the first three quarters of 2025, compared to CNY -678,681.57 in 2024, indicating an improvement in credit quality[18]

Group 1 - The core viewpoint of the articles highlights the rapid growth of the ice and snow economy in China, driven by increasing participation in ice and snow sports and a surge in related consumer activities [1][3] - The A-share ice and snow industry index and tourism index have both seen an increase of over 8% since October 9, indicating strong market interest [1] - Notable stocks such as Dalian Shengya have experienced significant gains, with a price increase of over 50% in just two weeks, reflecting investor optimism in the ice and snow sector [1] Group 2 - The consumer market is witnessing a substantial boom, with flight and hotel bookings experiencing dramatic increases; for instance, searches for Harbin Ice Snow World rose by nearly 163% [3] - Hotel bookings in Hebei's Chongli area surged by 2.2 times following the opening of Wanlong Ski Resort, showcasing the growing demand for winter tourism [3] - The indoor ski venues are emerging as popular attractions, with search volumes for locations like Shanghai Yao Snow World and Guangzhou Hot Snow Miracle increasing by over 150% [3] Group 3 - The ice and snow industry in China is projected to exceed 1 trillion yuan by 2025, indicating a robust growth trajectory [3] - The number of participants in ice and snow sports reached 292 million last season, contributing to a consumption scale of over 187.5 billion yuan, which is a year-on-year growth of over 25% [3] - The increasing popularity of ice and snow sports is expected to drive further growth in the industry, with related services such as children's ice training seeing a search volume increase of nearly 87% [3]

Core Viewpoint - Changbai Mountain's stock price has shown a significant increase this year, with a 23.41% rise, indicating positive market sentiment and potential growth in the tourism sector [1][2]. Financial Performance - As of June 30, 2025, Changbai Mountain reported a revenue of 235 million yuan, a year-on-year decrease of 7.44%, and a net profit attributable to shareholders of -2.05 million yuan, a decline of 109.75% [2]. - The company has distributed a total of 144 million yuan in dividends since its A-share listing, with 42.53 million yuan distributed over the past three years [3]. Stock Market Activity - On October 28, Changbai Mountain's stock rose by 2.05%, reaching 51.88 yuan per share, with a trading volume of 320 million yuan and a turnover rate of 2.34% [1]. - The stock's market capitalization stands at 13.835 billion yuan, with a net inflow of 4.209 million yuan from main funds [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 24.52% to 36,600, while the average number of circulating shares per person increased by 32.48% to 7,289 shares [2]. - Notable changes in institutional holdings include a significant reduction in shares held by the fifth-largest shareholder, while several new shareholders have entered the top ten list [3]. Business Overview - Changbai Mountain, established in December 2010 and listed in August 2014, primarily operates in the tourism service industry, with its main revenue sources being tourism transportation (66.82%) and hotel services (24.09%) [1]. - The company is categorized under the social services sector, specifically in tourism and scenic areas, and is involved in various concept sectors including tourism hotels and online tourism [1].

Core Insights - The tourism and scenic spots sector increased by 0.57% on October 27, with Dalian Shengya leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Sector Performance - Dalian Shengya (600593) closed at 49.80, up 6.68% with a trading volume of 172,100 shares and a transaction value of 843 million [1] - Other notable performers include: - Tibet Tourism (600749) at 18.58, up 1.75% [1] - Peijiang Co. (002033) at 8.72, up 1.40% [1] - Lingnan Holdings (000524) at 13.81, up 0.95% [1] - Caesar's Rotating Industry (000796) at 6.14, up 0.82% [1] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 77.52 million from institutional investors, while retail investors saw a net inflow of 187 million [2] - Key individual stock capital flows include: - Dalian Shengya with a net inflow of 65.19 million from institutional investors [3] - Caesar's Rotating Industry with a net inflow of 35.32 million from institutional investors [3] - Jiuhua Tourism (661809) with a net inflow of 8.69 million from institutional investors [3]

Core Viewpoint - The report highlights a significant increase in interest in winter sports tourism, particularly skiing, with search volumes for outdoor ski resorts rising nearly 900% since mid-October. This trend is expected to create investment opportunities in the ice and snow tourism sector as the winter season begins [1][2]. Group 1: Ice and Snow Tourism Trends - The ice and snow economy is projected to exceed 1 trillion yuan, with government policies beginning to show effects. By 2027, the total scale of the ice and snow economy is expected to reach 1.2 trillion yuan, and by 2030, it is projected to reach 1.5 trillion yuan [1]. - From November 1, 2024, to February 4, 2025, 934 ski resorts across 31 provinces are expected to receive 151 million visitors, representing a year-on-year increase of 27.8% [1]. Group 2: Market Performance - The Wande Ice and Snow Tourism Concept Index increased by 6.34% during the week of October 20-24, outperforming the Shenwan Consumer Services Index by 3.74 percentage points. For the month up to October 24, the index rose by 10.24%, also outperforming the Shenwan Consumer Services Index [3]. - Notable stocks in the ice and snow tourism sector, such as Changbai Mountain and Dalian Shengya, saw price increases of 6.19% and 22.91% respectively during the week, and 10.88% and 37.46% for the month [3]. Group 3: Spring and Autumn Holidays - With the implementation of policies to expand service consumption, various regions are set to introduce spring and autumn holidays for schools, creating a 5-day holiday opportunity that could stimulate travel during traditionally low seasons [4]. - Specific regions, such as Zhejiang and Guangdong, have scheduled autumn holidays in November, aligning with weekends to maximize travel opportunities [4]. Group 4: Promotions and Discounts - Various scenic spots are launching promotional initiatives to attract visitors during the traditional off-peak season in November. For example, Changbai Mountain is offering free admission to university students, while Huangshan and Emei Mountain are providing discounts and free return visits for ticket holders [5][6]. - The introduction of themed travel products targeting school groups is expected to further enhance travel interest during the autumn holiday period, with significant increases in flight bookings for family trips [6].

Market Performance - The market experienced a rebound last week, with the CSI Xinhua National Brand Index rising by 4.14% to 2037.67 points [1][2] - The Shanghai Composite Index increased by 2.88%, the Shenzhen Component Index by 4.73%, the ChiNext Index by 8.05%, and the CSI 300 Index by 3.24% [2] Strong Stock Performances - Notable strong performers included: - Zhongji Xuchuang (up 32.23%) - Shiyuan Technology (up 14.54%) - Sunshine Power (up 14.37%) [2] - Other stocks with significant gains included: - Anji Technology and Wowo Bio (both up over 10%) - SMIC and Zhaoyi Innovation (both up over 9%) [2] Year-to-Date Stock Performance - Since the beginning of the second half of the year, Zhongji Xuchuang has surged by 239.03%, leading the gains [3] - Sunshine Power has increased by 145.06%, while other stocks like Lanke Technology and Yiwei Lithium Energy have risen over 70% [3] Market Outlook - According to Fangzheng Fubang Fund, liquidity remains a crucial driver for market development, and future capital inflow will significantly impact market trends [4] - The fund suggests focusing on sectors with solid fundamentals and reasonable valuations, rather than chasing high-performing stocks with poor earnings [4] - Long-term investment opportunities may lie in technology companies with real technological barriers that align with national strategies [4] - Kangmand Capital anticipates a volatile market in the short term due to uncertainties, but the core logic for an upward trend remains unchanged [4] - Xingshi Investment notes that positive incremental information could stabilize market expectations and emotions, with a potential shift in economic momentum towards technology and consumption [4]

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The ice and snow tourism sector is experiencing a surge in popularity, with the ice and snow economy expected to exceed 1 trillion yuan. The government has set a target for the total scale of the ice and snow economy to reach 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030 [1][2] - The introduction of spring and autumn breaks in various regions is anticipated to boost off-peak travel, with many scenic spots offering discounts to attract visitors [3][4] - The ice and snow tourism concept index has shown significant growth, outperforming the broader social service index, indicating strong market interest and investment potential in this sector [2] Summary by Sections Ice and Snow Tourism - The ice and snow economy is projected to grow significantly, with a government policy aiming for a total scale of 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030. Recent data shows a 27.8% year-on-year increase in visitor numbers to ski resorts [1] - The popularity of outdoor skiing has surged, with search volumes increasing by nearly 900% since mid-October, indicating a strong market trend [1] - The ice and snow tourism concept index rose by 6.34% in the week of October 20-24, outperforming the social service index by 3.74 percentage points [2] Spring and Autumn Breaks - Various regions are implementing spring and autumn breaks for schools, which are expected to enhance travel during traditionally slow periods. Discounts and special offers from scenic spots are likely to attract more visitors [3][4] - Data indicates a significant increase in hotel bookings and flight reservations for destinations popular during the autumn break, suggesting a positive impact on travel demand [4] Investment Recommendations - The report suggests focusing on companies within the ice and snow tourism sector, such as Changbai Mountain, as well as those benefiting from the new school holiday policies, including Lingnan Holdings and Huangshan Tourism [4][8] - Short-term investment strategies should prioritize companies with strong third-quarter performance and those positioned to benefit from the upcoming holiday seasons [8][9]

Core Insights - The tourism and scenic spots sector experienced a decline of 1.62% on October 24, with Changbai Mountain leading the drop [1][2] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Sector Performance - The tourism and scenic spots sector saw a net outflow of 349 million yuan from major funds, while retail investors contributed a net inflow of 345 million yuan [2][3] - Key stocks in the sector showed varied performance, with ST Zhangjiajie rising by 2.50% and Changbai Mountain falling by 4.72% [1][2] Stock Details - Notable stock performances included: - ST Zhangjiajie: Closing price 7.78 yuan, up 2.50%, with a trading volume of 63,200 hands and a transaction amount of approximately 48.70 million yuan [1] - Changbai Mountain: Closing price 50.63 yuan, down 4.72%, with a trading volume of 180,600 hands and a transaction amount of approximately 924 million yuan [2] - Other stocks like Huangshan Tourism and Yunnan Tourism also experienced slight declines of 0.26% and 0.90%, respectively [1][2]