Market Overview - The Shanghai Composite Index rose by 0.97% on November 6, with 19 out of 28 sectors experiencing gains, led by the metals and electronics sectors, which increased by 3.05% and 3.00% respectively [1] - The media and social services sectors had the largest declines, falling by 1.35% and 1.11% respectively [1] Capital Flow - The net inflow of capital in the two markets was 6.174 billion yuan, with 12 sectors seeing net inflows [1] - The electronics sector had the highest net inflow of 12.224 billion yuan, while the metals sector followed with a net inflow of 3.647 billion yuan [1] Social Services Sector - The social services sector declined by 1.11%, with a net outflow of 1.1 billion yuan [2] - Out of 79 stocks in this sector, 25 rose while 54 fell, with one stock hitting the daily limit down [2] - The top three stocks with the highest net outflows included Caesar Travel, Changbai Mountain, and Xince Standard, with outflows of 228 million yuan, 166 million yuan, and 93.93 million yuan respectively [2] Individual Stock Performance in Social Services - The stock performance in the social services sector showed significant declines for several companies, with Caesar Travel down by 9.37% and Changbai Mountain down by 9.48% [2] - Notable stocks with net inflows included Zhonggang Tianyuan, which saw an inflow of 17.851 million yuan, and Shibu Testing with 9.2576 million yuan [4]

证券代码：603099 证券名称：长白山 公告编号：2025-058 根据中国证券监督管理委员会出具的《关于同意长白山旅游股份 有限公司向特定对象发行股票注册的批复》（证监许可【2025】1358 号），同意长白山旅游股份有限公司（以下简称"公司"或"长白山"） 向特定对象发行股票的注册申请。公司向特定对象发行人民币普通股 股票 5,685,860 股，募集资金总额为 235,849,472.80 元,扣除不含税 发行费用后的募集资金净额为人民币 229,223,986.79 元。 上述募集资金已于 2025 年 10 月 29 日到账，已经信永中和会计 师事务所(特殊普通合伙)审验并出具了 XYZH/2025QDAA1B0098 号验 资报告。公司开立了募集资金专项账户，对上述募集资金进行专户存 储。 长白山旅游股份有限公司 关于签订募集资金专户存储三方监管协议的公告 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。 一、募集资金基本情况 二、《募集资金专户存储三方监管协议》的签订情况和募集资金专 户的开立情况 公司于 ...

Group 1 - The company announced the issuance of 5.6859 million shares to specific targets, raising a total of 236 million yuan, with a net amount of 229 million yuan, which was received on October 29 [1] - On November 6, the company signed a tripartite supervision agreement for the special account for raised funds with Jilin Bank Changbai Mountain Branch and Northeast Securities [1] - As of October 29, the special account balance was 231 million yuan, designated for the "Changbai Mountain Volcano Hot Spring Tribe Phase II" project and cannot be used for other purposes [1]

Core Viewpoint - The snow tourism index experienced significant adjustments on November 6, with notable declines in several companies within the sector [1] Company Performance - Dalian Shenya saw a sharp decline of 8.81% [1] - Jingxue Energy dropped by 6.22% [1] - Changbai Mountain decreased by 5.03% [1] - Bingshan Cold and Heat fell by 2.60% [1] - Sanfu Outdoor declined by 1.14% [1]

Core Insights - The ice and snow industry sector is experiencing significant volatility, with major companies facing sharp declines in stock prices [1] Group 1: Company Performance - Dalian Shenya has hit the daily limit down, indicating severe market pressure [1] - Changbai Mountain has seen a nearly 8% drop in its stock price, reflecting broader industry challenges [1] - Other companies such as Jinxue Energy, Caesar Travel, and Iceberg Refrigeration are also experiencing notable declines in their stock values [1]

Summary of Changbai Mountain Conference Call Industry Overview - The conference call discusses the performance of Changbai Mountain Scenic Area, focusing on its revenue, profit growth, and visitor demographics for the first nine months of 2025 and the third quarter specifically [2][3]. Key Points and Arguments Revenue and Profit Growth - For the first nine months of 2025, Changbai Mountain Scenic Area generated revenue of 636 million yuan, a year-on-year increase of 6.99%, and a net profit of 149 million yuan, up 1.05% [2][3]. - In Q3 2025, revenue reached 400 million yuan, reflecting a 17.78% year-on-year growth, while net profit was 151 million yuan, increasing by 19.43% [2][3]. Visitor Demographics - The main sources of visitors in the first nine months were Jilin (10.62%), Liaoning (9.23%), and Shandong (7.97%), with Jilin regaining its position as the top source [4][5]. - The age distribution of visitors showed an increase in the proportion of visitors under 18 years old, while the percentage of visitors over 65 years old decreased. Female visitors accounted for 57.4% of the total [6]. Hotel Business Performance - The occupancy rate of the Crowne Plaza Hotel increased slightly by 0.31 percentage points, but the average room rate decreased by 4.48%. In Q3, occupancy rose by 3.89 percentage points, and the average room rate increased by 3.05% [7]. - The newly opened high-end homestay project in the Enduli commercial area performed well, with occupancy rates of 45.76% for Huazhu Luxury and 39.74% for Huazhu Homestay [7]. Other Business Segments - The urban transportation operation business saw a revenue increase of 26.47% in the first nine months, although net profit declined by 2.12%. In Q3, revenue grew by 22.23%, and net profit increased by 37.36% [8]. - The travel agency segment benefited from the Feiyue Changbai Mountain project and adjustments in online sales channels, with revenue and net profit both experiencing significant growth [8]. Ticketing and Visitor Flow - The ticketing mini-program and the management of scenic areas contributed to significant growth in visitor numbers, with managed scenic areas seeing a 64.47% increase in visitor flow from January to September 2025 [9]. Future Development Plans - The company plans to open the second phase of the hot spring project in Q4 2025, which will offer more dining and family-friendly options [15]. - The opening of the Shenbai High-Speed Railway is expected to enhance accessibility and attract more visitors, particularly during the winter season [12][17]. Seasonal Profit Distribution - The company anticipates that the first quarter may become the second-largest profit season due to the extended New Year holiday in 2026, which could significantly boost first-quarter profitability [17]. Financing and Management Goals - The company has initiated a refinancing project and is currently reporting to the stock exchange, with expectations of increasing visitor numbers to 4 million in 2025 and 5 million by 2026 [16][18]. Challenges and Opportunities - The company is adjusting its business model to enhance winter tourism profitability by diversifying offerings and improving the winter experience [12][13][14]. Additional Important Information - The company is considering implementing employee stock ownership plans in the future, although this is not currently on the agenda [19][21]. - The impact of seasonal variations on visitor numbers is significant, with a stark contrast between peak and off-peak seasons [20].

Core Viewpoint - The ice and snow industry is experiencing a strong performance driven by the early start of the 2025-2026 snow season, leading to increased consumer spending and positive financial results from related companies [1][4]. Industry Performance - On November 4, the ice and snow industry sector saw a rise of 1.35%, continuing an upward trend since October 13 [2]. - Notable individual stock performances included a 13.49% increase for Jingxue Energy (301010), and a significant rise for Dalian Shengya (600593) and Xue Ren Group, with Dalian Shengya's stock price increasing nearly 90% since October 10 [2]. Market Trends - The onset of colder temperatures has led to the early opening of outdoor ski resorts, with many skiers shifting from indoor to outdoor venues [3]. - Search volume for "outdoor ski resorts" surged nearly 900% since mid-October, indicating a strong consumer interest in ice and snow activities [3]. Company Financials - Xue Ren Group reported a third-quarter revenue of 671 million yuan, a year-on-year increase of 31.68%, and a net profit of 12.27 million yuan, up 12.73% [4]. - Changbai Mountain reported a third-quarter revenue of 401 million yuan, a 17.78% increase, and a net profit of 151 million yuan, up 19.43% [4]. Future Outlook - The ice and snow industry is projected to exceed 1 trillion yuan by 2025, with continued growth expected due to upcoming large-scale winter sports events [4].

Core Viewpoint - The ice and snow industry is experiencing a strong performance driven by the early start of the 2025-2026 snow season, leading to increased consumer spending and positive financial results from related companies [1][2]. Industry Trends - The ice and snow industry sector saw a 1.35% increase on November 4, continuing an upward trend since October 13 [1]. - Multiple ski resorts across the country have opened earlier than usual, significantly boosting the ice and snow tourism market [2]. - The new winter-spring flight schedule, effective from October 26, enhances capacity for "northward skiing" and "southward winter escape" routes [1]. Company Performance - Xue Ren Group reported a third-quarter revenue of 671 million yuan, a year-on-year increase of 31.68%, and a net profit of 12.27 million yuan, up 12.73% [3]. - Changbai Mountain's third-quarter revenue reached 401 million yuan, growing 17.78% year-on-year, with a net profit of 151 million yuan, an increase of 19.43% [3]. - The overall revenue for Xue Ren Group in the first three quarters was 1.631 billion yuan, up 24.26%, and net profit was 39.17 million yuan, a 16.63% increase [3]. - Changbai Mountain's revenue for the first three quarters was 636 million yuan, a 6.99% increase, with a net profit of 14.9 million yuan, growing 1.03% [3]. Market Outlook - The ice and snow industry is projected to exceed 1 trillion yuan by 2025, with continued growth expected due to upcoming large-scale winter sports events [3]. - The rising popularity of ice and snow tourism is prompting investment interest in related stocks [3].

Core Viewpoint - Changbai Mountain Tourism Co., Ltd. has announced the completion of the stock issuance to specific targets, with the underwriting summary and related documents approved by the Shanghai Stock Exchange [1] Group 1 - The company will proceed with the registration and custody of the newly issued shares in accordance with relevant regulations [1] - Detailed information regarding the stock issuance can be found in the report published on the Shanghai Stock Exchange website [1]

Core Insights - The ice and snow economy stocks have shown significant activity, with companies like Dalian Shenya (600593) and Xue Ren Group (002639) hitting the daily limit, indicating strong market interest in this sector [1] Group 1: Market Performance - On November 4, several ice and snow economy stocks experienced notable gains, including a more than 13% increase for Jingxue Energy (301010) and over 7% for Changbai Mountain (603099) [1] - The early opening of ski resorts across multiple regions has led to a surge in hotel bookings, with increases of 50% to 70% compared to previous periods [1] Group 2: Consumer Behavior - A report from Qunar Travel indicated that hotel bookings in areas surrounding ski resorts have increased significantly, with a 51.6% rise in bookings for hotels in Fuyun County after the opening of the Keketohai International Ski Resort [2] - The Zhangjiakou Chongli Wanlong Ski Resort opened on October 21, leading to a 243% year-on-year increase in hotel bookings for the next three months [2] Group 3: Travel Trends - The new winter-spring flight schedule initiated on October 26 has resulted in a 23% year-on-year increase in flight bookings to Harbin, a popular ice and snow destination [3] - Southern tourists are increasingly interested in ice and snow tourism, with over 60% of bookings for related products coming from southern cities [3]