Summary of Changbai Mountain Conference Call Company Overview - The conference call discusses the performance and outlook of Changbai Mountain, a tourist destination in China, focusing on its financial results and operational strategies for 2025. Key Points Financial Performance - In Q1 2025, Changbai Mountain reported a profit decrease of approximately 6 million yuan, attributed to rising wages, increased operational costs (such as expanded snow production and higher electricity costs due to new electric vehicles), and increased expenses related to travel agency revenue growth [2][4] - Revenue for Q1 2025 was 129 million yuan, a year-on-year increase of 0.73%, while costs and expenses rose by 9% [3][4] - Despite a 2.6% increase in visitor numbers, revenue growth was below 1%, primarily due to increased closure days of the Tianchi scenic spot and the timing of the Spring Festival [5] Visitor Trends and Projections - The company plans to host approximately 4 million visitors in 2025, representing a year-on-year growth of 17%-20%, with significant increases expected during the summer and winter seasons [8] - The opening of the Shenyang-Baicheng high-speed railway is anticipated to significantly boost visitor numbers in Q4 2025, changing the visitor demographic and promoting short-distance travel [8][10] Weather Impact - Adverse weather conditions in April 2025, including heavy snowfall, led to frequent closures of the Tianchi scenic spot, resulting in a 20% year-on-year decline in visitor numbers for that month [7][6] - The company expects the May Day holiday to be fully booked, but overall visitor numbers will depend on weather conditions [7] Infrastructure Developments - Significant infrastructure improvements are underway, including the expansion of the 331 National Road and the opening of new highways, which will enhance accessibility to the Changbai Mountain area [11][12] - The company is also investing in new facilities, such as the second phase of the hot spring project, expected to open before the summer or winter season of 2026 [18] Marketing and International Tourism - The inbound tourism market is primarily driven by South Korean visitors, with plans to promote Changbai Mountain in South Korea, Japan, and Southeast Asia [13][14] - The company aims to develop hiking routes and outdoor activities to cater to the preferences of South Korean tourists [15] Domestic Tourism Shifts - There has been a notable shift in domestic tourist demographics, with a decrease in visitors from Northeast China and an increase from North, East, and South China, particularly from Guangdong province [17] Future Investments and Projects - The company is focusing on core business areas such as transportation and hotel services, with ongoing projects under review by the stock exchange [18] - The transportation segment is expected to see a rebound in average spending per customer, while hotel occupancy rates and average room prices are projected to improve during the summer season [19][20] Ice and Snow Projects - Current revenue from ice and snow projects is limited, with plans to enhance offerings and potentially develop a comprehensive ice and snow tourism experience similar to "Snow Town" [21] - The company is exploring opportunities to manage additional scenic spots and hotels to increase visitor flow and standardize service quality [22] Goals and Performance Metrics - The target for visitor numbers in 2025 is set at 4 million, with internal goals exceeding those set by the State-owned Assets Supervision and Administration Commission [23] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the financial performance, visitor trends, infrastructure developments, and future growth plans for Changbai Mountain.

Core Viewpoint - The report indicates that Changbai Mountain (603099) is expected to experience stable growth in 2024, but profits in Q1 2025 are under pressure due to various cost factors and weather disruptions, leading to a revised profit forecast for 2025-2027 [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 743 million yuan, a year-on-year increase of 19.8%, and a net profit attributable to shareholders of 144 million yuan, up 4.5% year-on-year [1]. - Q1 2025 revenue was 129 million yuan, a slight increase of 0.7% year-on-year, but net profit dropped to 4 million yuan, down 58.9% year-on-year [1][2]. - The company has adjusted its profit forecasts for 2025-2026, now expecting net profits of 186 million yuan and 218 million yuan, respectively, with a new forecast for 2027 at 263 million yuan [1]. Group 2: Visitor Traffic and Revenue Streams - Visitor traffic for 2024 reached 3.409 million, with Q4 and Q1 figures at 634,000 and 477,000 respectively, showing year-on-year growth of 24.1%, 26.6%, and 2.6% [2]. - The company’s revenue from various segments in 2024 included 538 million yuan from passenger transport, 140 million yuan from hotels, and 34 million yuan from other businesses, with year-on-year growth rates of 27.9%, 0.9%, and 32.1% respectively [2]. Group 3: Operational Developments - The company is actively expanding transportation capacity in preparation for the peak winter season, although actual visitor numbers have been affected by adverse weather conditions [1][2]. - Significant infrastructure improvements are underway, including the expected operation of a high-speed rail station in April 2025 and the full opening of the Shenyang-Baishan high-speed rail line by September 2025, which will enhance visitor access [3]. - Capital expenditures in 2024 reached 167 million yuan, primarily for vehicle purchases, with ongoing projects aimed at increasing operational capacity and enhancing the commercial ecosystem around the scenic area [3].

Investment Rating - The investment rating for Changbai Mountain is maintained at "Buy" [1] Core Views - The company experienced a revenue growth of 19.8% year-on-year in 2024, with a total revenue of 743 million yuan and a net profit of 144 million yuan, reflecting a 4.5% increase year-on-year [5] - In Q1 2025, the company reported a revenue of 129 million yuan, a slight increase of 0.7% year-on-year, but the net profit dropped by 58.9% year-on-year to 4 million yuan due to various cost pressures [5] - The company is actively expanding transportation capacity in anticipation of the peak ice and snow season, although actual visitor numbers were affected by adverse weather conditions [5][6] - The forecast for net profit from 2025 to 2027 has been adjusted downwards, with expected figures of 186 million yuan, 218 million yuan, and 263 million yuan respectively, indicating a year-on-year growth of 29.2%, 16.9%, and 20.7% [5] Financial Summary - The company’s total revenue is projected to reach 829 million yuan in 2025, with a year-on-year growth of 11.6% [7] - The gross profit margin is expected to be 42.3% in 2025, slightly improving from 41.7% in 2024 [7] - The earnings per share (EPS) for 2025 is estimated at 0.70 yuan, with a price-to-earnings (P/E) ratio of 46.9 times [7] - The company’s total assets are projected to grow to 1,637 million yuan by 2025, with a total liability of 289 million yuan [9]

Group 1 - The core viewpoint of the article is the introduction of various affiliated companies related to Changbai Mountain Tourism Co., Ltd., including their financial data and operational scope [1][2][3][4][5][6][7][8][9][10][11][12][13][14]. - The affiliated companies include Jilin Changbai Mountain Development Construction (Group) Co., Ltd., Jilin Changbai Mountain Scenic Area Management Co., Ltd., and others, with varying financial statuses and operational focuses [1][2][3][4][5][6][7][8][9][10][11][12][13][14]. - The total assets and net assets of Jilin Changbai Mountain Development Construction (Group) Co., Ltd. are reported as 2,054,826.82 million yuan and 1,264,121.03 million yuan respectively, with a main business income of 111,224.29 million yuan and a net profit of 5,019.58 million yuan as of December 31, 2024 [1]. - Jilin Changbai Mountain Scenic Area Management Co., Ltd. has total assets of 11,011.45 million yuan, a net asset of -11,796.88 million yuan, with a main business income of 8,324.82 million yuan and a net loss of 697.80 million yuan [2]. - Jilin Changbai Mountain Real Estate Development Co., Ltd. shows total assets of 149,584.12 million yuan, a net asset of -26,543.44 million yuan, with a main business income of 2,864.91 million yuan and a net loss of 3,756.64 million yuan [3]. - The financial performance of other affiliated companies, such as Yanbian Changbai Mountain Peace Skiing Co., Ltd. and Jilin Changbai Mountain All-Season Terrain Park Management Co., Ltd., also reflects significant losses and negative net assets [4][5]. Group 2 - The article outlines the relationship between Changbai Mountain Tourism Co., Ltd. and its affiliated companies, indicating that the majority are wholly owned subsidiaries of the controlling shareholder, Jilin Changbai Mountain Development Construction (Group) Co., Ltd. [14]. - The article emphasizes that the affiliated companies are capable of fulfilling their obligations and do not pose a risk of default in transactions with Changbai Mountain Tourism Co., Ltd. [14]. - The pricing policy for transactions with affiliated parties is based on voluntary, equal, and mutually beneficial principles, ensuring that the interests of the company and its shareholders are not harmed [15]. - The transactions are designed to leverage the technological and product advantages of the affiliated companies, ensuring stable operations and overall economic benefits for Changbai Mountain Tourism Co., Ltd. [16].

证券代码：603099 证券简称：长白山 公告编号：2025-015 长白山旅游股份有限公司 第四届监事会第三十六次会议决议公告 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 表决结果：4 票同意，0 票反对，0 票弃权。 本议案尚需提请公司 2024 年年度股东大会审议。 3、审议通过《关于公司 2024 年财务决算报告的议案》 表决结果：4 票同意，0 票反对，0 票弃权。 长白山旅游股份有限公司（以下简称 "公司"）于 2025 年 4 月 24 日以通讯表决方式召开第四届监事会第三十六次会议。会议通知 及会议材料于 2025 年 4 月 14 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 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： 1、审 ...

证券代码：603099 证券名称：长白山 公告编号：2025-014 表决结果：8 票赞成，0 票反对，0 票弃权。 本议案尚需提请公司 2024 年年度股东大会审议。 2、审议通过《关于公司 2024 年独立董事述职报告的议案》 表决结果：8 票赞成，0 票反对，0 票弃权。 长白山旅游股份有限公司 第四届董事会第三十六次会议决议公告 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 三十六次会议于2025年4月24日以通讯的方式召开，会议通知及会议 材料于2025年4月14日以专人递送、电子邮件等方式送达全体董事、 监事和高级管理人员。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《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： 1、审议通过《关于公司 2024 年 ...

重要内容提示： ●2024年度利润分配预案为：以2024年12月31日公司总股本 266,670,000股为基数，每10股派送现金红利人民币0.815元（含税）， 共计分配利润人民币21,733,605.00元，占当年合并报表归属于上市 公司股东净利润的15.07%。剩余未分配利润结转下年。 ●本次利润分配预案已经公司第四届董事会第三十六次会议审 议通过，本议案尚需提交 2024 年年度股东大会审议。 证券代码：603099 证券名称：长白山 公告编号：2025-016 长白山旅游股份有限公司 关于 2024 年度利润分配预案的公告 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、2024 年度利润分配预案的主要内容 （一）利润分配方案的具体内容 经致同会计师事务所（特殊普通合伙）审计，截至 2024 年 12 月 31 日，公司 2024 年度合并报表口径归属于上市公司股东净利润为 144,252,973.71 元 ， 本 年 度 末 母 公 司 报 表 未 分 配 利 润 为 494,182,140.60 元， ...

长白山旅游股份有限公司 二〇二四年度 内部控制审计报告 致同审字（2025）第 220A015660 号 长白山旅游股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求， 我们审计了长白山旅游股份有限公司（以下简称 长白山旅游公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业 内部控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效 性是长白山旅游股份有限公司董事会的责任。 二、注册会计师的责任 致同会计师事务所（特殊普通合伙） 致同会计师事务所（特殊普通合伙） 中国北京 朝阳区建国门外大街 22 号 赛特广场 5 层 邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 内部控制审计报告 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性 发表审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能 ...

长白山旅游股份有限公司 二〇二四年度 审计报告 致同会计师事务所（特殊普通合伙） | | | | 审计报告 | 1-5 | | --- | --- | | 合并及公司资产负债表 | 1-2 | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 | 9-77 | 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 审计报告 致同审字（2025）第 220A015547 号 长白山旅游股份有限公司全体股东： 一、审计意见 我们审计了长白山旅游股份有限公司（以下简称长白山旅游公司）财务 报表，包括 2024 年 12月 31 日的合并及公司资产负债表，2024 年度的合并及公 司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及相关财 务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编 制，公允反映了长白山旅游公司 202 ...

长白山旅游股份有限公司总经理工作细则 第一章 总 则 第一条 为完善长白山旅游股份有限公司(以下简称"公司")治理结构,规范公 司内部运作,确保公司经理人员勤勉高效地履行职责,根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《长白山旅游股份有限公司章程》（以下简称"公司章程"）及其 他有关法律、法规和规范性文件的规定,结合本公司实际情况，制定本工作细则。 第二章 总经理的任职资格和任免程序 第三条 公司设总经理一名,由董事长提名,董事会聘任或解聘。公司除董事 会秘书以外的其他高级管理人员,由总经理提名,董事会聘任或解聘。 董事可受聘兼任总经理、副总经理等高级管理人员,但高级管理人员兼任的 董事以及由职工代表担任的董事人数不得超过公司董事总数的二分之一。 第四条 总经理每届任期三年，可以连聘连任。总经理对董事会负责。 第五条 总经理任职应当具备下列条件： （一）《公司法》第一百七十八条规定情形的人员，被国务院证券监督管理 机构确定为市场禁入者，并且禁入尚未解除的人员，以及被国务院证券监督管理 机构或证券交易所认定不适宜担任上市公司总经理的人员，不得 ...