Investment Rating - The report maintains a "Buy" rating for Changbai Mountain (603099) with a target price based on the last closing price of 31.36 [1][7]. Core Views - The report highlights that the company's profit is under pressure due to weather impacts, but it is preparing for a new round of ice and snow tourism season [1][2]. - The company achieved a revenue of 595 million yuan in the first three quarters of 2024, representing a year-on-year growth of 19.55%, while the net profit attributable to shareholders decreased by 2.52% to 148 million yuan [2][4]. - The report anticipates significant growth in net profit for the years 2024 to 2026, with projections of 177 million yuan, 213 million yuan, and 267 million yuan respectively, indicating growth rates of 28.55%, 20.13%, and 25.33% [2][4]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 340 million yuan, a year-on-year increase of 3.19%, while the net profit attributable to shareholders was 127 million yuan, down 9.04% year-on-year [2][4]. - The total number of visitors in the first three quarters reached 2.7644 million, up 23% year-on-year, with Q3 seeing 1.678 million visitors, a 5.85% increase [2][4]. Operational Insights - The report notes that the company is enhancing its winter tourism offerings and has made preparations for the upcoming ice and snow season, including product development and equipment upgrades [2][4]. - The ongoing improvement in transportation infrastructure, such as the upcoming opening of the Shenyang-Baihe high-speed railway, is expected to significantly reduce travel time to Changbai Mountain [2][4]. Future Projections - Revenue projections for 2024 to 2026 are set at 620.43 million yuan, 752.04 million yuan, and 864.85 million yuan, with growth rates of 21.21%, 15.00%, and 21.27% respectively [4][5]. - Earnings per share (EPS) are forecasted to be 0.67 yuan, 0.80 yuan, and 1.00 yuan for the years 2024 to 2026, with corresponding price-to-earnings (PE) ratios of 48X, 40X, and 32X [2][4].

吉林兢诚律师事务所 关于长白山旅游股份有限公司 2024 年第三次临时股东大会的法律意见书 吉兢法律意见书【2024】第 052 号 致:长白山旅游股份有限公司 吉林兢诚律师事务所(以下称本所)接受长白山旅游股份有限公 司(以下称公司)的委托,指派本所律师出具公司 2024年第三次临 时股东大会的法律意见书(以下称本次股东大会)。本所律师根据《中 华人民共和国公司法》(以下称《公司法》)、《中华人民共和国证 券法》(以下称《证券法》)、中国证券监督管理委员会《上市公司 股东大会规则》(以下称《股东大会规则》)、《上海证券交易所上 市公司股东大会网络投票实施细则》(以下称《上证网络投票细则》) 等法律、法规和规范性文件及《长白山旅游股份有限公司章程》(以 下称《公司章程》)、《长白山旅游股份有限公司股东大会议事规则》 (以下称《公司股东大会议事规则》)等有关规定,就本次股东大会 进行见证并出具法律意见书。 为出具本法律意见书,本所律师审查了公司提供的本次股东大会 的相关资料,包括但不限于公司召开 2024年第三次临时股东大会的 通知、公司 2024年第三次临时股东大会议程、议案及决议等文件资 地址:长春市净月区 ...

一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 363 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 179,144,084 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 67.1781 | 证券代码：603099 证券简称：长白山 公告编号：2024-070 长白山旅游股份有限公司 2024 年第三次临时股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，与会董事推举李洪刚董事为会议主持人。 会议采用现场投票和网络投票相结合的表决方式。会议的通知及召开符合《公司 法》、《公司章程》及国家有关法律、法规的规定。 (一) 股东大会召开的时间：2024 年 10 月 31 日 (二) 股东大会召开的地点：长白山旅游股份有限公司三楼会议室 (三) 出席会议的普通股 ...

Summary of the Conference Call Industry or Company Involved - The conference call pertains to the **Jilin Province listed companies** and their efforts to enhance investor confidence and communication through an online event organized by the **Jilin Securities Association** and **Shenzhen Panorama Network Co., Ltd** [1][10]. Core Points and Arguments - The event titled **"Promoting High-Quality Development to Boost Investor Confidence 2025"** aims to improve the intellectual level of listed companies in Jilin and establish a good communication mechanism between companies and investors [1]. - High-level executives from various listed companies, including chairpersons, general managers, financial directors, and board secretaries, participated in the online interaction with investors, addressing concerns regarding the **2024 annual reports**, risk prevention, investor protection, and sustainable development [1][10]. - The event facilitated a total of **872 questions** answered by company representatives, showcasing effective interaction between listed companies and investors [10]. Other Important but Possibly Overlooked Content - The online format of the event allows for a more comprehensive understanding of the participating companies by investors, leveraging the advantages of internet-based face-to-face communication [3]. - Continuous communication channels will remain open post-event, allowing investors to raise further inquiries through the Panorama Network's platform [10]. - The list of participating companies includes notable names such as **Jilin Communication, Jilin Aodong, Jilin High-Speed, and others**, indicating a diverse representation from the Jilin province [2].

Summary of the Conference Call Industry or Company Involved - The conference call pertains to the **Jilin Province listed companies** and their efforts to enhance investor confidence and communication through an online collective reception day event in 2025 [1][10]. Core Points and Arguments - The event is organized by the **Jilin Securities Industry Association** in collaboration with **Shenzhen Panorama Network Co., Ltd.**, aimed at improving the intellectual level of listed companies in the Jilin region and establishing a good communication mechanism between companies and investors [1][10]. - High-level executives from various listed companies, including chairpersons, general managers, financial directors, and board secretaries, participated in the online interaction with investors, addressing concerns regarding the **2024 annual reports**, risk prevention, investor protection, and sustainable development [1][10]. - The event utilized internet virtual space for face-to-face communication, allowing investors to gain a comprehensive understanding of the participating companies [3][10]. - A total of **872 questions** were answered by company representatives during the event, indicating a strong interaction between listed companies and investors [10]. Other Important but Possibly Overlooked Content - The event emphasized the importance of maintaining open channels for communication between listed companies and investors, encouraging ongoing dialogue beyond the event [10]. - The initiative reflects a broader trend in the industry towards enhancing transparency and responsiveness to investor inquiries, which is crucial for building trust and confidence in the market [1][10].

Summary of the Conference Call Industry or Company Involved - The conference call pertains to the **Jilin Province listed companies** and their efforts to enhance investor confidence and communication through an online collective reception day event in 2025 [1][10]. Core Points and Arguments - The event is organized by the **Jilin Securities Industry Association** in collaboration with **Shenzhen Panorama Network Co., Ltd.**, aimed at improving the intellectual level of listed companies in the Jilin region and establishing a good communication mechanism between companies and investors [1][10]. - High-level executives from various listed companies, including chairpersons, general managers, financial directors, and board secretaries, participated in the online interaction with investors, addressing concerns regarding the **2024 annual reports**, risk prevention, investor protection, and sustainable development [1][10]. - The event facilitated a total of **872 questions** answered by company representatives, showcasing effective interaction between listed companies and investors [10]. Other Important but Possibly Overlooked Content - The event utilized multiple channels for real-time reporting, including video live streaming, text reporting, and on-site images, to ensure comprehensive coverage and engagement [1]. - The ongoing communication channels will remain open for investors to continue raising their concerns through the **Panorama Network** platform, indicating a commitment from Jilin listed companies to address investor information needs promptly [10].

Summary of the Conference Call Industry or Company Involved - The conference call pertains to the **Jilin Province listed companies** and their efforts to enhance investor confidence through an online collective reception day event in 2025 [1][10]. Core Points and Arguments - The event is organized by the **Jilin Securities Industry Association** in collaboration with **Shenzhen Panorama Network Co., Ltd.**, aimed at improving the intellectual level of listed companies in Jilin and establishing a good communication mechanism between companies and investors [1][10]. - High-level executives from various listed companies, including chairpersons, general managers, financial directors, and board secretaries, participated in the online interaction with investors, addressing concerns regarding the **2024 annual reports**, risk prevention, investor protection, and sustainable development [1][10]. - The event utilized internet virtual space for face-to-face communication, allowing investors to gain a comprehensive understanding of the participating companies [3][10]. - A total of **872 questions** were answered by company representatives during the event, indicating a strong interaction between listed companies and investors [10]. Other Important but Possibly Overlooked Content - The event emphasizes the importance of maintaining open channels for communication between listed companies and investors, suggesting that the interaction will continue beyond the event through platforms like **Panorama Network** [10]. - The initiative reflects a broader trend in the industry towards enhancing transparency and responsiveness to investor inquiries, which is crucial for building trust and confidence in the market [1][10].

Summary of the Conference Call Industry or Company Involved - The conference call pertains to the **Jilin Province listed companies** and their efforts to enhance investor confidence through an online collective reception day event in 2025 [1][10]. Core Points and Arguments - The event is organized by the **Jilin Securities Industry Association** in collaboration with **Shenzhen Panorama Network Co., Ltd.**, aimed at improving the intellectual level of listed companies in Jilin and establishing a good communication mechanism between companies and investors [1][10]. - High-level executives from various listed companies, including chairpersons, general managers, financial directors, and board secretaries, participated in the online interaction with investors, addressing concerns regarding the **2024 annual reports**, risk prevention, investor protection, and sustainable development [1][10]. - The event utilized internet virtual space for face-to-face communication, allowing investors to gain a comprehensive understanding of the participating companies [3][10]. - A total of **872 questions** were answered by company representatives during the event, indicating a strong interaction between listed companies and investors [10]. Other Important but Possibly Overlooked Content - The event emphasized the importance of maintaining open channels for communication between listed companies and investors, encouraging ongoing dialogue beyond the event [10]. - The initiative reflects a broader trend in the industry towards enhancing transparency and responsiveness to investor inquiries, which is crucial for building trust and confidence in the market [1][10].

各位嘉宾各位投资者各位网友大家下午好 推动高质量发展提振投资者信心2025年吉林辖区上市公司投资者网上集体接待日活动热情欢迎您的参与本次活动是由吉林省证券业协会主办深圳市全景网络有限公司协办感谢您的关注全景网全景路演将对本次活动进行全程关注利用视频直播文字报道现场图片等多渠道对活动进行现场实时报道 为切实提高吉林辖区上市公司智力水平建立公司和投资者良好沟通机制便于投资者全面深入了解辖区上市公司发展情况和经营成果由吉林省证券业协会联合深圳市全景网络有限公司共同举办的推动高质量发展提振投资者信心2025年吉林辖区上市公司投资者网上集体接待日活动 活动组织辖区各上市公司董事长总经理财务总监董事会秘书等高管人员利用投资者关系互动平台与广大投资者进行集中在线交流在本次活动中吉林辖区上市公司高管人员将通过网络在线交流形式就2024年年报防控风险投资者保护可持续发展等各位所关心的问题 通过互动平台和投资者进行一对多形式的沟通和交流下面请允许我向大家介绍出席今日活动的吉林辖区的49家上市公司他们是奥莱德奥普光电百克生物长白山长春高新长春燃气长春伊东迪瑞医疗东北证券富澳股份浩辰医疗华为电子 吉大通信 吉大证源 吉电股份吉林敖东 ...

Investment Rating - The report maintains a "Buy" rating for Changbai Mountain, with a target price raised to 36.87 CNY, reflecting a 36% upside from the current price of 31.36 CNY [4][3]. Core Views - The company's performance in Q3 2024 was slightly below expectations due to a decline in hotel occupancy rates and average spending per customer, alongside rising labor costs. The report emphasizes the importance of monitoring the progress of the private placement, new projects, and transportation developments [2][3]. - The projected net profits for 2024-2026 have been revised downwards to 1.66 billion CNY (-16%), 2.14 billion CNY (-15%), and 2.71 billion CNY (-14%), respectively. The corresponding EPS estimates are 0.62 CNY, 0.80 CNY, and 1.02 CNY [3]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 5.95 billion CNY, representing a 29% increase year-on-year. However, the net profit attributable to shareholders decreased by 3% to 1.48 billion CNY [3]. - In Q3 alone, revenue was 3.4 billion CNY, up 3.19% year-on-year, while gross profit fell by 5.56% to 1.97 billion CNY, resulting in a gross margin of 57.9%, down 5.36 percentage points [3]. - The report highlights that the increase in costs, particularly in personnel expenses, contributed to a significant decline in profit margins [3]. Market and Industry Context - The report notes that the company is expected to benefit from the upcoming Harbin Asian Winter Games in February 2025 and the anticipated completion of the Shenyang-Baicheng high-speed railway by the end of 2025, which will reduce travel time to Changbai Mountain [3][4]. - The report also mentions the potential for increased customer flow due to local government initiatives, such as ski consumption vouchers, aimed at boosting winter sports participation [3].