Investment Rating - The report maintains a "Recommended" rating for Changbai Mountain (603099.SH) with a current price of 31.36 CNY [5]. Core Views - The company reported a revenue of 595 million CNY for the first three quarters of 2024, representing a year-on-year increase of 19.55%, while the net profit attributable to shareholders decreased by 2.52% to 148 million CNY [3]. - The third quarter revenue was 340 million CNY, up 3.19% year-on-year, but the net profit attributable to shareholders fell by 9.04% to 127 million CNY, attributed to increased costs from new environmental vehicles and staffing [3]. - Despite weather-related closures impacting visitor numbers, the company still saw a 7.09% increase in visitor traffic during July and August 2024 compared to the previous year [3]. - The National Day holiday in 2024 saw record visitor numbers of 181,800, a year-on-year increase of 18.05%, indicating strong demand for the scenic area [3]. - The report highlights the potential for growth in the ice and snow tourism sector, driven by improved external transportation and internal operational enhancements [3]. Financial Summary - For 2024, the company is projected to achieve revenues of 620 million CNY, with a growth rate of 218.73% [4]. - The net profit attributable to shareholders is expected to reach 161 million CNY in 2024, reflecting a growth rate of 16.86% [4]. - The report forecasts earnings per share (EPS) of 0.61 CNY for 2024, with a price-to-earnings (PE) ratio of 52 [4]. - The gross margin is projected to improve to 43.36% by 2025, while the net profit margin is expected to stabilize around 21.91% [6].

Investment Rating - The investment rating for Changbai Mountain (603099.SH) is maintained at "Buy" [1] Core Views - The company experienced a slight revenue growth in Q3 2024, with total revenue reaching 595 million yuan, a year-on-year increase of 19.55%. However, net profit for the same period was 148 million yuan, reflecting a decrease of 2.52% year-on-year [2][3] - The report anticipates that the upcoming winter season will boost business performance, despite short-term profit pressures due to increased costs in asset amortization, facility maintenance, and labor [2][4] - The company is expected to benefit from supportive policies for the snow tourism industry, with projections indicating that domestic snow leisure tourism participants may exceed 500 million by 2025, representing a growth of over 25% year-on-year [4] Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 595 million yuan, with Q3 revenue at 340 million yuan, a year-on-year increase of 3.89% [2] - The net profit for Q3 2024 was 127 million yuan, down 9.04% year-on-year, with a net profit margin of 37.3% [2][3] - The company’s gross margin for Q3 2024 was 57.9%, a decrease of 5.4 percentage points year-on-year, primarily due to increased labor and amortization costs [3] - The forecast for net profit from 2024 to 2026 has been adjusted to 164 million, 215 million, and 248 million yuan respectively, with corresponding year-on-year growth rates of 18.4%, 31.7%, and 15.1% [2][4] Market and Operational Insights - The main scenic area received 1.678 million visitors in Q3 2024, a year-on-year increase of 5.85%, although July saw a decline due to adverse weather conditions [3] - The report highlights the ongoing construction of the Shenyang-Baihe high-speed railway and the second phase of the hot spring project, which are expected to enhance visitor capacity significantly by 2025 [4] - The company is focusing on enhancing its unique snow tourism products to capitalize on the expected increase in visitor numbers during the new snow season [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][12]. Core Views - The company experienced a 3.2% year-on-year revenue growth in Q3, but the net profit attributable to shareholders decreased by 9.0% [2][6]. - The company is preparing for a new round of the winter sports season, with a focus on enhancing its product offerings and operational capacity [2][11]. - Despite adverse weather conditions affecting performance, the company is expected to align with forecasts when excluding these anomalies [2][6]. Revenue and Profitability - Q3 revenue was 340 million yuan, reflecting a 3.19% increase, while net profit was 127 million yuan, down 9.04% [2][6]. - For the first three quarters of 2024, revenue reached 595 million yuan, up 19.55%, with net profit at 148 million yuan, a slight decrease of 2.52% [2][6]. - The company’s gross margin in Q3 was 57.9%, down 5.4 percentage points year-on-year, primarily due to increased labor costs and vehicle depreciation [2][8]. Visitor Trends - The number of visitors to the scenic area increased by 6.5% in Q3, with a total of 2.77 million visitors in the first three quarters, representing a 23% increase [2][6]. - During the National Day holiday, visitor numbers reached 2.96 million, a 22% increase, with a notable 18.1% growth in visitors during the holiday itself [2][9]. Future Outlook - The company plans to enhance its offerings for the winter season, including new activities like snowmobile tours, and is also involved in local community operations [2][11]. - The company is expected to benefit from improved transportation infrastructure, including the opening of new rail lines by the end of 2025, which will support increased visitor numbers [2][11]. - The projected net profits for 2024-2025 have been adjusted to 160 million yuan, 200 million yuan, and 230 million yuan, reflecting year-on-year growth rates of 14.9%, 23.2%, and 15.5% respectively [3][11].

Revenue and Profit - Revenue for the third quarter was RMB 340.28 million, a year-on-year increase of 3.19%[2] - Net profit attributable to shareholders of the listed company was RMB 126.80 million, a year-on-year decrease of 9.04%[2] - Total operating revenue for the first three quarters of 2024 reached 594,689,079.59 RMB, a 19.56% increase compared to 497,437,781.46 RMB in the same period of 2023[13] - Net profit for the first three quarters of 2024 was 147,829,462.34 RMB, a slight decrease of 2.52% from 151,646,410.80 RMB in the same period of 2023[14] - Sales revenue from goods and services for the first three quarters of 2024 was 624,223,261.21 RMB, a 19.05% increase compared to 524,348,745.53 RMB in the same period of 2023[16] Assets and Equity - Total assets as of the end of the reporting period were RMB 1.38 billion, an increase of 12.10% compared to the end of the previous year[3] - Equity attributable to shareholders of the listed company was RMB 1.17 billion, an increase of 12.35% compared to the end of the previous year[3] - Total assets increased to 1,380,959,719.64 RMB as of September 30, 2024, compared to 1,231,937,070.42 RMB at the end of 2023[10][11] - Current assets rose to 427,415,823.52 RMB, up from 329,395,926.04 RMB at the end of 2023[10][11] - Fixed assets increased to 679,886,655.58 RMB, up from 631,642,440.42 RMB at the end of 2023[11] - Shareholders' equity attributable to the parent company rose to 1,167,506,815.39 RMB, up from 1,039,143,682.13 RMB at the end of 2023[12] - Retained earnings increased to 529,828,961.58 RMB, compared to 402,799,086.10 RMB at the end of 2023[12] - Total assets as of the end of Q3 2024 were 1,380,959,719.64 RMB, a 12.10% increase compared to 1,231,937,070.42 RMB at the end of Q3 2023[13] - Total equity attributable to shareholders as of the end of Q3 2024 was 1,167,506,142.11 RMB, a 12.35% increase compared to 1,039,143,682.13 RMB at the end of Q3 2023[13] Cash Flow - Operating cash flow for the period was RMB 228.01 million, a year-on-year decrease of 11.58%[2] - Cash and cash equivalents grew to 294,546,858.66 RMB, a significant increase from 211,001,329.22 RMB at the end of 2023[10] - Cash flow from operating activities for the first three quarters of 2024 was 640,466,347.15 RMB, a 16.09% increase compared to 551,712,075.79 RMB in the same period of 2023[16] - Cash paid to employees and for employees increased to 130,417,825.19, up from 106,736,652.13 in the previous period[17] - Taxes paid rose to 38,213,811.29, compared to 28,269,263.52 previously[17] - Other cash payments related to operating activities grew to 40,392,345.52, up from 22,863,590.87[17] - Total cash outflows from operating activities reached 412,457,946.17, compared to 293,832,700.66[17] - Net cash flow from operating activities was 228,008,400.98, down from 257,879,375.13[17] - Cash used for acquisition of fixed assets, intangible assets, and other long-term assets increased to 110,755,886.72, up from 58,396,462.95[17] - Net cash flow from investing activities was -110,755,886.72, compared to -58,362,962.95[17] - Cash used for debt repayment was 8,275,000.00, up from 7,875,000.00[17] - Cash used for dividend distribution, profit distribution, or interest payment increased to 22,985,704.80, compared to 2,825,256.10[17] - Net cash flow from financing activities was -34,106,984.82, compared to -10,700,256.10[17] Earnings and Returns - Basic earnings per share for the third quarter were RMB 0.48, a year-on-year decrease of 8.56%[2] - Weighted average return on equity (ROE) for the third quarter was 11.49%, a decrease of 2.71 percentage points year-on-year[3] - Basic earnings per share for the first three quarters of 2024 were 0.55 RMB, a 3.51% decrease compared to 0.57 RMB in the same period of 2023[15] Expenses and Costs - Total operating costs for the first three quarters of 2024 were 387,664,356.98 RMB, a 29.21% increase compared to 300,012,711.79 RMB in the same period of 2023[13] - Sales expenses for the first three quarters of 2024 were 16,571,518.74 RMB, a 24.51% increase compared to 13,309,324.75 RMB in the same period of 2023[13] - Management expenses for the first three quarters of 2024 were 42,502,511.92 RMB, a 29.13% increase compared to 32,915,954.76 RMB in the same period of 2023[13] Non-Recurring Items and Subsidies - Non-recurring gains and losses for the period amounted to a net loss of RMB 1.63 million[5] - The company received government subsidies of RMB 19,950 during the quarter[4] Shareholder Information - The largest shareholder, Jilin Changbai Mountain Development and Construction (Group) Co., Ltd., holds 59.45% of the shares[7] Accounts Receivable and Inventory - Accounts receivable increased to 55,781,602.38 RMB, up from 47,031,950.95 RMB at the end of 2023[10] - Inventory rose to 17,786,901.19 RMB, compared to 13,152,626.16 RMB at the end of 2023[10] Liabilities - Total liabilities increased to 213,453,577.53 RMB, compared to 192,793,388.29 RMB at the end of 2023[12]

长白山旅游股份有限公司 2024 年第三次临时股东大会材料 长白山旅游股份有限公司 2024 年第三次临时股东大会 会议资料 中国·吉林 二〇二四年十月 长白山旅游股份有限公司 2024 年第三次临时股东大会材料 目录 召集人：董事会 主持人：王 昆 召开方式：本次股东大会所采用现场投票和网络投票相 结合的方式。采用上海证券交易所网络投票系统，通过交易 系统投票平台的投票时间为股东大会召开当日的交易时间 段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网 投票平台的投票时间为股东大会召开当日的 9:15-15:00。 会议议程 一、主持人宣布大会开始 二、宣布现场参会股东和股东代表人数及所代表股份数 | 一、 长白山旅游股份有限公司 2024 年第三次临时股东大会议程 1 | | --- | | 二、股东大会会议须知 3 | | 三、议案 5 | | 议案一：关于子公司向公司控股股东预购长白山景区门票暨关联交易的议案 5 | | 议案二：关于子公司托管蓝景酒店暨关联交易的议案 10 | | 议案三：关于子公司托管蓝景酒店股权暨关联交易的议案 14 | | 议案四：公司关于关联 ...

从2022年7月1日至2024年9月30日，天池酒店从蓝景酒店取得的 管理费收入合计约684万元。据此判断，预计合同期内该交易金额约 1500万元。 证券代码：603099 证券名称：长白山 公告编号：2024-063 关于子公司托管蓝景酒店暨关联交易的公告 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。 重要内容提示： ●2024年9月30日蓝景酒店100%股权由吉林省长白山保护开发区 管理委员会财政局无偿划转给吉林省长白山开发建设（集团）有限责 任公司（以下简称"长白山集团"）。蓝景酒店与天池酒店托管构成 关联交易。为保证该托管经营决策合规性，经与蓝景酒店协商，双方 重新签订托管协议，按关联交易提报履行审议程序。 ●至本次关联交易为止，过去 12 个月内公司与同一关联人发生 的关联交易或与不同关联人之间交易标的类别相关的关联交易已达 到 3,000 万元，且达到公司最近一期经审计净资产绝对值的 5%，本 次关联交易需提交股东大会审议。 一、关联交易概述 公司全资子公司吉林省天池酒店管理有限责任公司（以下简称 "天池 ...

证券代码：603099 证券简称：长白山 公告编号：2024- 060 长白山旅游股份有限公司 第四届董事会第二十七次会议决议公告 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"）第四届董事会第 二十七次会议于 2024 年 10 月 15 日以通讯的方式召开，会议通知及 会议材料于 2024 年 10 月 10 日以专人递送、电子邮件等方式送达全 体董事和高级管理人员。本次会议应参与表决董事 8 人，实际参与表 决董事 8 人，有效表决票为 8 票，参与表决的董事符合《中华人民共 和国公司法》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。 二、董事会会议审议情况 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： （一）关于子公司向公司控股股东预购长白山景区门票暨关联交 易的议案 该议案为关联交易，关联董事王昆、周青林、姚义辰回避。 1 表决结果：5 票赞成，3 票回避，0 票反对，0 票弃权。 该议案已 ...

证券代码：603099 证券名称：长白山 公告编号：2024-062 关于子公司向公司控股股东预购长白山景区门票暨 关联交易的公告 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。 重要内容提示： ●关联交易标的：长白山旅游股份有限公司（以下简称"公司"） 全资子公司长白山保护开发区智行旅游交通服务有限公司（以下简称 "智行公司"）长白山旅游股份有限公司（以下简称"公司"）全资 子公司长白山保护开发区易游旅游服务有限公司（以下简称"易游公 司"）分别与吉林省长白山开发建设（集团）有限责任公司（以下简 称"长白山集团"）签订长白山景区门票采购合同，以门市价格的15% 优惠价格分别向长白山集团批量预购1000万元长白山北、西景区门 票，两家公司共计预购2000万元门票。 ●至本次关联交易为止，过去 12 个月内公司与同一关联人发生 的关联交易或与不同关联人之间交易标的类别相关的关联交易已达 到 3,000 万元，且达到公司最近一期经审计净资产绝对值的 5%，本 次关联交易需提交股东大会审议。 一、关联交易概述 1.公司全资子 ...

证券代码：603099 证券名称：长白山 公告编号：2024-064 关于子公司托管蓝景酒店股权暨关联交易的公告 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。 重要内容提示： ●长白山旅游股份有限公司（以下称股份公司）将与吉林省长白 山开发建设 (集团)有限责任公司（以下简称"长白山集团"，系公 司的控股股东），就代管吉林省长白山开发建设（集团）有限责任公 司所持有的吉林省蓝景酒店管理有限公司的股权，签订委托合同。合 同期限为伍年，从2024年10月1日至2029年9月30日止。合同期内预计 交易金额共计约为100万元。 ●至本次关联交易为止，过去 12 个月内公司与同一关联人发生 的关联交易或与不同关联人之间交易标的类别相关的关联交易已达 到 3,000 万元，且达到公司最近一期经审计净资产绝对值的 5%，本 次关联交易需提交股东大会审议。 一、关联交易概述 为了解决控股股东同业竞争问题，长白山旅游股份有限公司（以 下称"股份公司"）将与吉林省长白山开发建设 (集团)有限责任公 司（以下简称"长白山集团"，系公司的 ...

证券代码：603099 证券简称：长白山 公告编号：2024- 061 长白山旅游股份有限公司（以下简称"公司"）于 2024 年 10 月 15 日在公司监事会会议室以通讯表决方式召开第四届监事会第二十 七次会议。会议通知及会议材料于 2024 年 10 月 10 日以邮件方式发 出。会议由王洋先生召集并主持，本次会议应参与表决监事 4 名，实 际参与表决监事 4 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。 二、监事会会议审议情况 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： （一）关于子公司向公司控股股东预购长白山景区门票暨关联交 易的议案 长白山旅游股份有限公司 第四届监事会第二十七次会议决议公告 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 本次关联交易的双方在自愿、平等、互利的基础上协商确定， 定价公允，符合交易公平原则，并按照相关规定履行程序。 1 监事会认为：本次关联交易不影响公司独 ...