Core Viewpoint - The newly upgraded Changbai Mountain Jin 1172 themed performance street is the first panoramic Jin Dynasty cultural experience project in Northeast China, blending historical elements with modern tourism [1][4]. Group 1: Cultural and Technological Integration - The street innovatively adopts a "culture + technology + performance" integration model, divided into three main thematic areas and eight functional sections, showcasing Jin Dynasty social life, religious beliefs, and cultural arts [3]. - Modern methods are employed to revitalize history, allowing visitors to experience the intertwining of reality and virtuality, witnessing the perfect encounter of traditional culture and modern tourism [4]. Group 2: Future Development Plans - Future plans include developing cultural research and study routes in collaboration with the Changbai Mountain scenic area, aiming to continuously amplify cultural influence and inject new momentum into the development of the cultural tourism industry in Changbai Mountain [4].

Investment Rating - The investment rating for Changbai Mountain (603099.SH) is "Outperform the Market" [5] Core Views - The summer peak season showed strong visitor performance, with policies, transportation improvements, and expansion of scenic areas laying the groundwork for the winter season [2][3] - The company’s revenue for H1 2025 was 240 million yuan, down 7.4% year-on-year, with a net profit attributable to shareholders of -2.05 million yuan, a decrease of 109.8% [10] - The company anticipates a recovery in profits during the third quarter, supported by strong summer visitor numbers and favorable policies promoting the ice and snow economy [2][4] Summary by Sections Financial Performance - In H1 2025, the company’s revenue was 240 million yuan, with a net profit of -2.05 million yuan, reflecting a significant decline due to weather disruptions and increased labor costs [10] - Q1 and Q2 revenues were 129 million yuan and 107 million yuan, showing a year-on-year change of +0.73% and -15.7% respectively [10] Visitor Trends - From July to August, the main scenic area received 1.63 million visitors, an increase of 26% year-on-year, indicating a strong recovery in visitor numbers [2] - The company aims to achieve a visitor target of 4 million for 2025, representing a 17.3% year-on-year growth [2] Policy and Transportation Developments - The government is actively promoting the ice and snow economy, with a target for the total scale of the ice and snow economy to reach 1.2 trillion yuan by 2027 [2] - The opening of the Shenyang-Baihe high-speed railway is expected to significantly reduce travel time and increase visitor numbers, with an estimated annual capacity of over 10 million passengers [3] Company Growth Initiatives - The company has received approval for a private placement project to raise 236 million yuan, which will be invested in the second phase of the volcanic hot spring project and transportation equipment upgrades [4] - The second phase of the volcanic hot spring project is expected to be completed by 2025, adding approximately 400 guest rooms [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights a robust growth in domestic travel during the summer of 2025, with a total of 11.9 billion people expected to travel, reflecting a year-on-year increase of 4.3% [5][16] - The report emphasizes the strong performance of Long White Mountain, which received 825,200 visitors in August 2025, marking a 14.9% increase year-on-year, setting a new monthly record [30] - The report discusses the rise of AI-driven creative applications, particularly the success of Meitu's AI features, which have gained significant traction globally [6][32] - The report notes the acceleration of internationalization efforts by Proya, including a strategic investment in Huazhihao, aimed at expanding its global footprint [7][42] Summary by Sections Travel and Tourism - Domestic travel is projected to reach 11.9 billion trips during the summer of 2025, with air travel expected to carry 147 million passengers, a 3.4% increase year-on-year [5][16] - Hotel performance is under pressure, with average room rates declining, particularly in mid-range and economy segments, while luxury hotels remain stable [22][29] - Long White Mountain's visitor numbers in August 2025 reached 825,200, a 14.9% increase from the previous year, with cumulative visitors for the year at 2.67 million, up 11.7% [30] AI and Creative Applications - Meitu's AI features, particularly the Nano Banana, have gained popularity, leading to top rankings in app stores in Thailand and Laos [6][35] - The introduction of the WearWow AI fashion app aims to enhance user experience by integrating shopping capabilities directly into the app [37][39] - As of the first half of 2025, Meitu's paid subscribers in the U.S. surpassed those in Japan, indicating strong growth potential in Western markets [40] Beauty Industry - Proya's investment in Huazhihao aims to leverage the brand's appeal among Gen Z consumers, focusing on high aesthetic and emotional value [7][42] - The report indicates that domestic beauty brands are outperforming international brands on platforms like Douyin, with a notable shift towards higher-priced products [57][59] - The beauty market is witnessing a trend towards premiumization, with a significant increase in the sales proportion of high-priced items [58][60]

Core Insights - Changbai Mountain, known for its ecological significance and cultural tourism, is being developed as a "slow city" destination, integrating ecological construction with urban development and cultural tourism [1] Group 1: Ecological and Cultural Significance - Changbai Mountain serves as an important ecological barrier and regional climate regulator in Northeast Asia, enhancing its role beyond just a mountain [1] - The area has transformed into a cultural hub, connecting various ecological and cultural towns, promoting a holistic approach to tourism and local development [1] Group 2: Tourism Development - The Erdao Baihe town at the foot of Changbai Mountain has been developed into a 4A scenic area and an "international slow city," offering visitors a blend of natural beauty and leisurely experiences [1] - The newly opened Enduli leisure and vacation community has become a popular attraction, featuring creative restaurants, folk music venues, and diverse cultural shops, enhancing the overall tourist experience [1] Group 3: Visitor Experience - Tourists can engage in various activities such as cycling through scenic areas, enjoying fresh air, and capturing beautiful moments with photography [1] - The vibrant nightlife in the commercial community offers unique dining experiences and cultural performances, contributing to a sense of happiness and community among visitors [1]

截至 2025 年 6 月末，长白山景区累计接待游客 103.66 万人次， 同比下降 4.6%。报告期内，公司实现营业收入 2.35 亿元，同比减幅 7.44%，净利润-205.13 万元，同比减幅 109.75%。主要原因：受极端 天气影响，上半年景区、景点关闭天数较去年有所增加，入区游客数 量较去年同期减少。 2、长白山游客群体有哪些特点？ 证券代码：603099 证券名称：长白山 公告编号：2025-047 长白山旅游股份有限公司 关于 2025 年半年度报告业绩说明会召开情况的公告 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、本次说明会召开情况 长白山旅游股份有限公司（以下简称"公司"）于 2025 年 9 月 5 日 （ 星 期 五 ） 下 午 15 ： 00-16:00 通 过 " 进 门 财 经 " （https://s.comein.cn/vttmt5cs）以网络互动形式召开 2025 年半 年度报告业绩说明会。公司董事长王昆、董事会秘书段国岩、独立董 事张超、证券事务代表韩望参加了本次会议， ...

Group 1 - The Shenyang to Changbai Mountain high-speed railway has begun simulated passenger test runs, marking the final phase before its official opening [1] - The railway spans approximately 430 kilometers with a design speed of 350 kilometers per hour, connecting key cities and regions [3] - The line includes 10 stations, 85 newly constructed tunnels, and 175 bridges, with a bridge-tunnel ratio of about 77% [5] Group 2 - After the railway opens, the shortest travel times from Beijing Chaoyang Station and Shenyang North Station to Changbai Mountain Station will be reduced to 4 hours and 33 minutes and 1 hour and 53 minutes, respectively, saving 1 hour and 23 minutes and 1 hour and 31 minutes compared to current travel times [5] - Construction of the Shenyang to Changbai Mountain high-speed railway began in July 2021, with full track laying expected to be completed by May 2025 [7] - This railway is a crucial part of the "Eight Vertical and Eight Horizontal" high-speed rail network, enhancing regional economic circulation and promoting tourism resource development along the route [7]

Core Viewpoint - The article discusses the release of the State Council's opinion on enhancing sports consumption potential and promoting high-quality development in the sports industry, aiming for a total scale exceeding 7 trillion yuan by 2030 [1]. Group 1: Sports Consumption Potential - The article highlights the booming sports economy, including ice and snow sports and new sports markets, indicating significant potential for sports consumption [2]. - It emphasizes the need to enrich sports events, develop outdoor sports industries, and enhance sports facility supply, supported by financial policies like loan interest subsidies and sports consumption vouchers [2]. Group 2: Sports Events and Economic Impact - The opinion calls for the optimization of sports event management and the introduction of policies to boost event-driven economic growth, with examples showing a 40% increase in consumption during major events like the Hangzhou Asian Games [6][7]. - The sports service industry, particularly competition and leisure sectors, accounted for 72.7% of the sports industry's added value, which reached 3.67 trillion yuan in 2023, growing at an annual rate of 10.3% [6]. Group 3: Outdoor Sports and Ice-Snow Economy - The article outlines plans for developing outdoor sports based on regional resources, with projected online consumption in outdoor sports reaching 300 billion yuan by 2024 and ice-snow industry growth from 381.1 billion yuan in 2020 to 970 billion yuan in 2024, reflecting a 26.3% annual growth rate [8]. - Water sports participation is expected to exceed 120 million people by 2024, with an industry scale of 438.6 billion yuan, growing by 18.7% [8]. Group 4: Strengthening Sports Enterprises - The opinion emphasizes the need to strengthen sports enterprises by supporting private investment, enhancing the quality of sports enterprises, and promoting the market-oriented operation of public sports venues [11]. - Financial policies include interest subsidies for eligible sports service providers and incentives for local governments to issue sports consumption vouchers [11].

Core Viewpoint - The Shenyang-Baihe High-Speed Railway (Shenbai High-Speed Railway) has commenced simulated passenger operations, marking the final preparatory phase before its official opening, which is expected to enhance regional economic circulation and tourism development in Northeast China [1][2]. Group 1: Project Overview - The Shenbai High-Speed Railway spans approximately 430 kilometers, connecting key cities in Northeast China, with a design speed of 350 km/h and includes 10 stations [1]. - The project began construction in July 2021 and is part of the national "14th Five-Year Plan" key projects, serving as a regional connector in the "Eight Vertical and Eight Horizontal" high-speed rail network [2]. Group 2: Testing and Operations - Since the start of trial operations on July 28, 2023, the railway has conducted extensive testing, including 5,193 train runs to optimize system functions and ensure operational readiness under various conditions [2]. - The railway's opening is expected to significantly reduce travel times, with the fastest journey from Beijing Chaoyang Station to Changbai Mountain Station taking approximately 4 hours and 33 minutes, and from Shenyang North Station to Changbai Mountain Station taking about 1 hour and 53 minutes [2].

Market Overview - A-shares experienced a collective pullback on September 4, with the Shanghai Composite Index down 1.97% to 3738.32 points, Shenzhen Component Index down 2.37%, ChiNext Index down 3.2%, and the Sci-Tech Innovation 50 Index down 5.38% [1] - The North Exchange 50 Index rose 0.58% against the trend [2] - The micro-cap stock index increased by 1.32% [3] - The total trading volume in the Shanghai and Shenzhen markets reached 1.59 trillion yuan, an increase of 142.7 billion yuan compared to the previous trading day [4] - A total of 2629 stocks rose, 32 stocks hit the daily limit, and 2606 stocks fell [5] New Energy Sector - The new energy sector saw a significant surge, with multiple new energy ETFs performing well and several stocks hitting the daily limit [6] - The power battery index, energy storage index, and lithium battery index rose by 2.65%, 2.32%, and 1.43% respectively [6] - Yiwei Lithium Energy (300014) surged by 6.17% to 67.96 yuan per share, with a market capitalization of 139 billion yuan [6] - Notable performers included Tianhong Lithium Battery, which hit the daily limit, and other companies like Tongrun Equipment and Tianji Technology, which also saw substantial gains [7][8] - Data from the Passenger Car Association indicated that 1.079 million new energy passenger vehicles were sold in August, a year-on-year increase of 5% and a month-on-month increase of 9%, with a penetration rate of 55.3% [9] CPO Concept Stocks - CPO concept stocks, including optical modules and optical chips, experienced a significant decline after a previous surge [11] - The CPO concept sector fell by 10% on September 4, following a 7.04% increase on September 1 [12] - Major stocks like Xinyi Technology, Zhongji Xuchuang, and Tianfu Communication led the decline, each dropping over 11% [13] - The FTSE Russell announced changes to the FTSE China 50 Index and FTSE China A50 Index, including the addition of companies like BeiGene and Xinyi Technology [14] Consumer Sector - The consumer sector showed activity, with the restaurant and tourism sector rising by 2.85% and the retail sector increasing by nearly 2% [15] - Companies such as Lingnan Holdings and Changbai Mountain saw significant gains, with some hitting the daily limit [15] - The Ministry of Culture and Tourism projected that domestic tourism will reach 1.43 billion trips by 2025, recovering to 112% of 2019 levels [15] - A report from Caitong Securities indicated that the restaurant industry is in a recovery phase, with government policies expected to stimulate consumption, particularly in wedding and group dining scenarios [15]

Group 1 - Changbai Mountain's stock price increased by 5.05% on September 4, reaching 54.10 CNY per share, with a trading volume of 833 million CNY and a turnover rate of 5.99%, resulting in a total market capitalization of 14.427 billion CNY [1] - The stock has risen for five consecutive days, with a cumulative increase of 20.33% during this period [1] - Changbai Mountain Tourism Co., Ltd. was established on December 8, 2010, and listed on August 22, 2014, primarily engaged in the tourism service industry, with revenue composition: 72.31% from tourist transportation, 18.79% from hotels, 4.52% from other services, 4.01% from travel agencies, and 0.36% from supplementary services [1] Group 2 - According to data, GF Fund's Guangfa Xinxing Mixed A Fund (002132) entered the top ten circulating shareholders of Changbai Mountain in the second quarter, holding 1.3101 million shares, accounting for 0.49% of circulating shares [2] - The fund has gained approximately 3.4062 million CNY in floating profit today and 11.3977 million CNY during the five-day rising period [2] - Guangfa Xinxing Mixed A Fund was established on January 15, 2016, with a latest scale of 1.805 billion CNY, achieving a year-to-date return of 11.47% and a one-year return of 31.61% [2] Group 3 - The fund manager of Guangfa Xinxing Mixed A Fund is Zheng Chengran, who has been in the position for 5 years and 109 days, managing total assets of 13.523 billion CNY [3] - During his tenure, the best fund return was 56.59%, while the worst return was -52.62% [3] Group 4 - Guangfa Xinxing Mixed A Fund holds 1.3101 million shares of Changbai Mountain, representing 2.67% of the fund's net value, making it the ninth largest holding [4] - The fund has realized a floating profit of approximately 3.4062 million CNY today and 11.3977 million CNY during the five-day increase [4]