Financial Performance - In 2019, the company achieved a net profit attributable to shareholders of RMB 75,259,381.62, representing an increase of 11.28% compared to RMB 67,629,928.01 in 2018[5]. - The company's operating revenue for 2019 was RMB 467,196,177.44, a slight increase of 0.66% from RMB 464,141,015.84 in 2018[20]. - Basic earnings per share increased by 12% to CNY 0.28 in 2019 compared to CNY 0.25 in 2018[21]. - Weighted average return on equity rose to 7.20% in 2019, up from 6.90% in 2018, an increase of 0.30 percentage points[21]. - The company's total revenue for the year was 300,943,588.96 yuan, a decrease of 0.92% compared to the previous year[44]. - The company reported a net profit of CNY 105,624,499.58 in the third quarter, marking a significant recovery from a loss in the first quarter[23]. - The company's total comprehensive income for 2019 was CNY 75,259,381.62, up from CNY 67,629,928.01 in 2018, marking a growth of 11.9%[163]. Assets and Liabilities - The total assets of the company increased by 3.93% to RMB 1,315,694,562.31 in 2019, up from RMB 1,265,927,656.21 in 2018[20]. - The net assets attributable to shareholders at the end of 2019 were RMB 1,082,042,962.83, reflecting a growth of 7.02% from RMB 1,011,067,018.83 at the end of 2018[20]. - Total liabilities decreased to RMB 206,791,720.23 in 2019 from RMB 223,600,687.01 in 2018, a reduction of about 7.5%[159]. - The company's equity attributable to shareholders rose to RMB 1,082,042,962.83, compared to RMB 1,011,067,018.83, marking an increase of 7.03%[156]. - Cash and cash equivalents increased to RMB 231,522,818.24 from RMB 171,668,838.67, a growth of 34.83%[154]. Cash Flow - The cash flow from operating activities for 2019 was RMB 123,503,823.29, which is a significant increase of 23.39% compared to RMB 100,092,274.69 in 2018[20]. - The total cash flow from operating activities in 2019 was CNY 465,708,979.25, slightly down from CNY 468,499,143.80 in 2018[167]. - The net cash outflow from investing activities was CNY -70,368,940.56, compared to CNY -123,848,104.97 in the previous year, indicating an improvement of about 43%[169]. - Cash flow from financing activities generated a net inflow of CNY 7,689,074.36, a significant decrease from CNY 82,859,123.73 in 2018, representing a decline of approximately 90%[169]. Dividend Policy - The company plans to distribute a cash dividend of RMB 0.43 per 10 shares, totaling RMB 11,466,810.00, which accounts for 15.24% of the net profit for the year[5]. - The company has established a cash dividend policy to ensure a stable return to investors, as approved in the 2017 shareholder meeting[68]. - In 2018, the cash dividend was RMB 0.26 per 10 shares, amounting to RMB 6,933,420.00, representing 10.25% of the net profit of RMB 67,629,928.01[70]. Operational Strategy - The company continues to focus on expanding its tourism services and enhancing its operational efficiency in the coming years[6]. - The company is transitioning from traditional travel agency services to an online travel agency model, integrating technology with professional service capabilities[30]. - The company plans to enhance its transportation integration and management output to improve surrounding tourism quality and resource integration[61]. - The company intends to develop a series of winter tourism products centered around snow activities, leveraging its travel agency platform[63]. Risk Management - The management has outlined potential risks in the annual report, advising investors to pay attention to these risks[7]. - The company faces risks related to the expiration of operating permits, macroeconomic changes, and seasonal fluctuations in tourism demand[66]. Corporate Governance - The company has established a commitment to ensure that its former executives do not engage in competitive activities for six months after leaving their positions[75]. - The company has a governance structure that complies with the requirements of the China Securities Regulatory Commission[132]. - The company has not faced any penalties from securities regulatory authorities in the past three years[125]. Employee Management - The company has established a series of employee management systems to ensure the protection of employee rights and promote a harmonious labor relationship[97]. - The company has implemented various employee welfare initiatives, including health and safety measures, and has organized sports activities to enhance employee well-being[97]. - The total number of employees in the parent company is 794, and in major subsidiaries, it is 543, resulting in a total of 1,337 employees[126]. Audit and Compliance - The company has received a standard unqualified audit report from its accounting firm, indicating the financial statements are accurate and complete[8]. - The internal control audit report confirmed that the company maintained effective financial reporting internal controls as of December 31, 2019[135]. - The company has complied with the new financial instrument standards effective from January 1, 2019, with no impact on the financial statements[86].

2019 年第三季度报告 公司代码：603099 公司简称：长白山 长白山旅游股份有限公司 2019 年第三季度报告 1 / 29 2019 年第三季度报告 一、 重要提示 二、 公司基本情况. 11[ 重要事项 四、 附录 目录 2 / 29 2019 年第三季度报告 单位：元 币种：人民币 3 / 29 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人王昆、主管会计工作负责人王娟及会计机构负责人（会计主管人员）石春庆保证 季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | |-------------------------------------------------|------------------------------|--------------------------------- ...

Financial Performance - The company's operating revenue for the first half of 2019 was ¥128,969,644.34, representing a 17.91% increase compared to ¥109,383,060.84 in the same period last year [17]. - The net profit attributable to shareholders of the listed company was -¥23,485,347.89, an improvement of 43.90% from -¥41,861,417.34 in the previous year [17]. - The net cash flow from operating activities improved significantly to -¥6,321,753.85, a 78.68% increase compared to -¥29,645,774.79 in the same period last year [17]. - The company reported a basic and diluted earnings per share of -0.09 yuan, an improvement of 43.75% compared to -0.16 yuan in the same period last year [19]. - The weighted average return on equity was -2.36%, an increase of 2.16 percentage points from -4.52% in the previous year [19]. - Total revenue for the reporting period was 128.97 million yuan, representing a year-on-year increase of 17.91% from 109.38 million yuan [27]. - The company's net profit was -23.49 million yuan, a reduction in losses by 43.90% compared to the previous year [27]. - Operating costs increased by 2.10% to 123.07 million yuan from 120.54 million yuan in the previous year [27]. - The total comprehensive loss for the first half of 2019 was approximately ¥23.49 million, compared to a loss of ¥41.86 million in the same period of 2018, showing significant improvement [116]. Assets and Liabilities - The net assets attributable to shareholders of the listed company decreased by 2.82% to ¥982,562,057.98 from ¥1,011,067,018.83 at the end of the previous year [17]. - Total assets decreased by 3.17% to ¥1,225,839,204.40 from ¥1,265,927,656.21 at the end of the previous year [17]. - Current assets totaled ¥232,131,954.19, a decrease of 8.6% from ¥253,801,337.20 in the previous year [98]. - Non-current assets amounted to ¥993,707,250.21, down 1.8% from ¥1,012,126,319.01 [101]. - Total liabilities decreased to ¥243,277,146.42, a reduction of 4.6% from ¥254,860,637.38 [104]. - Shareholders' equity amounted to ¥982,562,057.98, down 2.8% from ¥1,011,067,018.83 [104]. Cash Flow - The net cash flow from operating activities decreased by 78.68% to -6,321,753.85 CNY compared to the previous period [30]. - The net cash flow from investing activities decreased by 47.61% to -40,223,248.38 CNY compared to the previous period [30]. - The net cash flow from financing activities decreased by 88.12% to 8,754,293.31 CNY compared to the previous period [30]. - Cash and cash equivalents increased by 67.78% to 133,885,314.10 CNY, primarily due to increased borrowings compared to the previous year [30]. - The total cash flow from investing activities was -40,223,248.38, reflecting a continued trend of negative cash flow in this area [130]. Operational Risks and Challenges - There were no significant risks that materially affected the company's production and operation during the reporting period [4]. - The company faces risks related to the expiration of operating licenses and potential increases in usage fees, which could adversely affect operations [34]. - The tourism business is significantly affected by seasonal fluctuations, with over 60% of annual revenue generated in the third quarter [34]. Strategic Initiatives - The company is focused on improving its financial performance and managing risks as outlined in the management discussion and analysis section of the report [4]. - The company aims to develop its online travel agency capabilities, integrating technology with traditional travel services to enhance business growth [25]. - The company plans to invest 1002.70 million yuan in financial products and 2671.83 million yuan in engineering projects, with adjustments expected in the second half of the year [27]. - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of up to 500 million allocated for this purpose [77]. Shareholder Information - The company did not propose any profit distribution or capital reserve transfer to increase share capital during the reporting period [4]. - The total number of common stock shareholders as of the end of the reporting period is 22,192 [90]. - The largest shareholder, Jilin Changbai Mountain Development Construction Group, holds 158,533,060 shares, representing 59.45% of the total shares [90]. Compliance and Governance - The company has committed to not engaging in competitive activities with its subsidiaries since December 9, 2011 [39]. - The company has made commitments to avoid and minimize related party transactions, ensuring fairness and transparency [46]. - The company will compensate for any losses incurred due to its subsidiaries' actions that violate commitments [46]. Future Outlook - The company provided guidance for the next quarter, projecting revenue growth of 10% to 12%, with expected earnings per share between 0.50 and 0.55 [73]. - New product launches are anticipated to contribute an additional 200 million in revenue over the next fiscal year [74]. - The company is expanding its market presence in Asia, targeting a 30% increase in market share by the end of the year [75].

Financial Performance - Operating revenue for the period was CNY 49,277,171.74, an increase of 14.57% year-on-year[11] - Net profit attributable to shareholders of the listed company was CNY -25,115,737.20, a decrease of 21.31% compared to the same period last year[11] - Basic earnings per share were CNY -0.09, a decrease of 25.00% from the previous year[11] - The weighted average return on net assets was -2.51%, improving by 0.63 percentage points year-on-year[11] - The company's net profit for Q1 2019 was -25,115,737.20 RMB, compared to -31,916,954.70 RMB in Q1 2018, showing an improvement of approximately 21.5% year-over-year[41] - The total profit for Q1 2019 was -25,112,143.40 RMB, an improvement from -31,985,219.45 RMB in Q1 2018, indicating a reduction in losses of approximately 21.5%[41] - The total comprehensive income for Q1 2019 was -25,115,737.20 RMB, compared to -31,916,954.70 RMB in Q1 2018, reflecting an improvement of about 21.5%[43] - The total comprehensive income for the period was -22,284,247.03 RMB, compared to -20,705,208.83 RMB in the previous period, indicating a decline[49] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,233,918,686.31, a decrease of 2.53% compared to the end of the previous year[11] - Current liabilities totaled CNY 141,718,093.76, compared to CNY 157,840,805.12 in the previous period, indicating a reduction of about 10.2%[29] - Non-current liabilities increased to CNY 105,599,832.26 from CNY 97,019,832.26, reflecting an increase of approximately 8.2%[29] - Total liabilities amounted to CNY 247,317,926.02, down from CNY 254,860,637.38, a decrease of about 3%[29] - Total equity attributable to shareholders was CNY 986,600,760.29, compared to CNY 1,011,067,018.83, showing a decline of approximately 2.4%[31] - Cash and cash equivalents were CNY 95,449,827.73, slightly down from CNY 96,157,005.77[35] - Accounts receivable increased to CNY 1,983,337.83 from CNY 879,406.37, indicating a significant growth of approximately 125%[35] - Inventory decreased to CNY 10,057,673.92 from CNY 10,352,131.68, a reduction of about 2.8%[35] - The company reported a retained earnings of CNY 364,413,383.80, down from CNY 389,529,121.00, reflecting a decrease of approximately 6.4%[31] Cash Flow - The net cash flow from operating activities was CNY -11,326,245.81, compared to CNY -39,266,649.06 in the same period last year[11] - Cash inflow from operating activities totaled 66,323,069.38 RMB, up from 49,211,655.25 RMB year-over-year, reflecting a 34.7% increase[49] - Cash outflow from investing activities was 24,824,373.71 RMB, significantly lower than 59,599,908.60 RMB in the previous year, showing a reduction of 58.4%[52] - Cash inflow from financing activities was 8,580,000.00 RMB, down from 51,690,000.00 RMB, representing a decrease of 83.4%[52] - The ending cash and cash equivalents balance was 141,488,366.53 RMB, compared to 63,428,494.26 RMB in the previous year, indicating a substantial increase[52] - The company reported a net cash increase of -28,324,193.68 RMB, compared to -47,280,772.50 RMB in the previous year, showing an improvement[52] - The cash flow from operating activities net amount was 6,252,452.44 RMB, a turnaround from -7,182,653.50 RMB in the same quarter last year[55] - The total cash inflow from operating activities was 47,033,438.20 RMB, down from 51,833,418.41 RMB, reflecting a decrease of 9.5%[55] - The company’s cash outflow for operating activities was 40,780,985.76 RMB, compared to 59,016,071.91 RMB in the previous year, indicating a reduction of 30.9%[55] Shareholder Information - The total number of shareholders at the end of the reporting period was 22,064[17] - The largest shareholder, Jilin Changbai Mountain Development and Construction (Group) Co., Ltd., held 59.45% of the shares[17] Other Financial Metrics - The company reported a government subsidy income of CNY -46,933.60 during the period[15] - The company reported a significant increase in trading financial assets, reaching RMB 10,038,667.53, compared to RMB 0.00 in the previous period[20] - Other receivables decreased by 56.98%, from RMB 27,224,880.45 to RMB 11,710,870.34, due to the recovery of state-owned resource compensation funds[20] - Prepayments dropped by 47.45%, from RMB 1,751,796.70 to RMB 920,544.06, attributed to a decrease in hotel room and ticket prepayments[20] - Employee compensation payable decreased by 32.34%, from RMB 45,742,039.05 to RMB 30,947,149.28, as performance bonuses were paid out[20] - Financial expenses increased by 133.76%, from RMB 77,032.77 to RMB 180,074.18, due to new loans leading to higher interest costs[20] - Cash flow from other operating activities surged by 250.88%, from RMB 5,764,324.91 to RMB 20,225,894.26, primarily from the recovery of state-owned resource compensation[20] - The company reported a significant drop in cash paid for acquiring fixed assets, intangible assets, and other long-term assets, decreasing by 75.17% from RMB 59,599,908.60 to RMB 14,797,373.71[21] - The company did not report any overdue commitments during the reporting period[22] - The company anticipates potential significant changes in net profit compared to the same period last year, but specific reasons were not disclosed[22]

Financial Performance - The company achieved a net profit attributable to shareholders of RMB 67,629,928.01 in 2018, with a cash dividend of RMB 0.26 per 10 shares, totaling RMB 6,933,420, which accounts for 10.25% of the net profit[4]. - The company's operating revenue for the year was approximately CNY 464.14 million, representing a 19.45% increase compared to CNY 388.58 million in the previous year[23]. - Net profit attributable to shareholders was CNY 67.63 million, a decrease of 4.47% from CNY 70.79 million in the prior year[23]. - The net cash flow from operating activities was CNY 100.09 million, down 11.34% from CNY 112.89 million in the previous year[23]. - The total assets increased by 12.58% to CNY 1.27 billion from CNY 1.12 billion year-over-year[23]. - The basic earnings per share decreased by 7.41% to CNY 0.25 from CNY 0.27 in the previous year[23]. - The company reported a weighted average return on equity of 6.90%, down 0.79 percentage points from 7.69% in the previous year[23]. - The company reported a total revenue of 7,935,350.51 RMB for accounts receivable, which has been consolidated with notes receivable[99]. - The company reported a total profit margin decrease, reflecting challenges in maintaining profitability amidst market conditions[200]. Business Operations - The company operates in the Changbai Mountain scenic area, which is a national-level nature reserve[10]. - The company has exclusive operating rights for tourist transportation in three scenic areas of Changbai Mountain, enhancing its market position[30]. - The company produced 180,000 cubic meters of natural hot spring water annually, indicating significant market potential in the hot spring development business[30]. - The hotel management business has partnered with InterContinental Hotels Group, enhancing service offerings and brand recognition in the region[30]. - The company is transitioning towards an online travel agency model, integrating technology with traditional travel services to enhance competitiveness[30]. - The company has established itself as the largest tourism passenger transport company in the Changbai Mountain area, with exclusive operating rights for key transportation routes[34]. - The company’s subsidiary, Tianchi International Travel, has become a leading center for high-end tourism product development in the region[34]. - The hotel management segment has shown improvement, with the Crowne Plaza brand becoming a landmark hotel in Changbai Mountain tourism[34]. - The company has implemented a smart management system for scenic areas, significantly reducing visitor wait times by two-thirds during peak seasons[34]. - The company plans to expand its ice and snow tourism offerings, including new projects and services to attract winter tourists, capitalizing on the growing demand for winter sports[56]. - The company is adjusting its Fire Volcano Hot Spring project to better align with family vacation trends, increasing the number of family-oriented accommodations[56]. - The company is pursuing a "light asset" operation strategy, focusing on management output and collaboration with surrounding scenic areas to enhance tourism diversity[56]. Financial Management - The company has engaged Xinyong Zhonghe Accounting Firm for a standard unqualified audit report[4]. - The financial report is confirmed to be true, accurate, and complete by the company's management[4]. - The company has a comprehensive disclosure policy, utilizing multiple media for reporting, including Shanghai Securities News and China Securities Journal[18]. - The company’s cash and cash equivalents at the end of 2018 were 16,981,260 RMB, an increase of 53.39% from the previous year[47]. - The company’s long-term assets increased significantly, with intangible assets rising to 197,843,863.11 RMB, a 105.94% increase year-on-year[47]. - The company’s financial expenses increased to 1,133,100 RMB, primarily due to interest expenses from new borrowings[45]. - The company’s management service costs rose to 53,885,569.78 RMB, reflecting a 191.26% increase year-on-year due to the establishment of new subsidiaries[44]. - The company has committed to bear the costs related to the resettlement and economic compensation for employees during the dissolution and liquidation process[97]. - The company has implemented a change in accounting policy that does not affect profit or loss, total assets, or net assets[100]. Shareholder and Investor Relations - The company has a cash dividend policy that aims to provide stable returns to investors, having revised its shareholder return plan in 2017 for the years 2017-2019[61]. - The company will avoid and minimize related party transactions, ensuring fairness and transparency in unavoidable transactions[71]. - The company has made supplementary commitments to protect the interests of its investors[96]. - The company has established a long-term commitment to protect investor rights and will propose supplementary or alternative commitments to shareholders[87]. - The company will take necessary measures to ensure compliance with commitments, including timely disclosures and cooperation with supervisory bodies[88]. - The company has pledged to fully disclose any failure to fulfill commitments and apologize to investors, ensuring transparency and accountability[89]. - The company will compensate investors for losses caused by violations of commitments, based on amounts determined by regulatory authorities or negotiated with investors[84]. Risks and Challenges - The report includes a risk statement regarding forward-looking statements, indicating potential risks in future plans and strategies[4]. - The company faces risks from macroeconomic changes that could impact disposable income and tourism demand, potentially leading to revenue and profit declines[59]. - The company’s profitability may be adversely affected by inflation-related cost increases, as it requires regulatory approval to adjust ticket and service prices[59]. - The company’s operations are susceptible to unexpected events such as natural disasters and pandemics, which could negatively impact performance[59]. - The tourism business is highly seasonal, with over 60% of annual revenue generated in the third quarter, indicating a reliance on summer tourism[59]. Corporate Governance - The company has not faced any non-operational fund occupation by controlling shareholders or related parties[4]. - The company has not violated decision-making procedures for providing guarantees[4]. - The company has committed to not engaging in similar business activities as its controlling shareholder, ensuring no direct competition[65]. - The company has no significant changes in controlling shareholders during the reporting period[124]. - The company maintains compliance with corporate governance regulations set by the China Securities Regulatory Commission[156]. - The company conducted three shareholder meetings during the reporting period, addressing various operational and financial matters[157]. - There were changes in the board of directors, with three directors resigning due to work changes and two new deputy general managers appointed[148]. Employee and Management - The total number of employees in the parent company and major subsidiaries is 1,319, with 802 in the parent company and 517 in subsidiaries[151]. - The company has established a performance-based compensation policy linking overall salary levels to business performance[152]. - The total pre-tax compensation for all senior management during the reporting period was CNY 1,328,000[139]. - The company has a training plan in place to develop knowledge-based employees and promote a learning organization[153]. Future Outlook - The company aims for a 2019 revenue target of CNY 494.74 million and a net profit of CNY 55.05 million, focusing on enhancing its tourism offerings and operational efficiency[56]. - Future outlook includes strategies for market expansion and potential new product developments to enhance revenue streams[200].

Financial Performance - Net profit attributable to shareholders rose by 5.69% to CNY 77,060,557.74 for the first nine months of the year[6] - Operating revenue for the first nine months increased by 21.20% to CNY 383,953,314.97 compared to the same period last year[6] - Revenue for the third quarter reached ¥227,676,390.72, an increase of 31.34% compared to the previous period's ¥173,353,397.27[16] - Net profit for the first nine months of 2018 reached CNY 118,921,975.08, a 7.9% increase from CNY 110,723,555.78 in the same period last year[25] - Operating revenue for the first nine months was CNY 383,953,314.97, up 21.2% from CNY 316,803,935.79 in the previous year[24] - The total profit for the third quarter was CNY 121,421,678.08, a slight decrease from CNY 130,267,705.48 in the previous quarter, indicating a decline of 6.5%[29] Cash Flow - Net cash flow from operating activities increased by 50.43% to CNY 170,469,908.59 year-to-date[6] - Cash flow from operating activities increased dramatically to ¥34,231,918.75, a 477.23% rise from ¥5,930,389.94 in the previous period[16] - Operating cash inflow for the first nine months of 2018 reached CNY 443,594,275.48, a significant increase of 50.5% compared to CNY 294,671,427.64 in the same period last year[35] - Net cash flow from operating activities was CNY 162,636,434.47, up 37.7% from CNY 118,050,712.61 year-on-year[35] - Cash inflow from sales of goods and services was CNY 312,213,331.53, reflecting a growth from CNY 289,507,816.11 in the previous year[35] - Cash outflow for purchasing goods and services decreased to CNY 56,037,993.62 from CNY 61,258,577.50 year-on-year[35] Assets and Liabilities - Total assets increased by 17.75% to CNY 1,324,029,739.20 compared to the end of the previous year[6] - The company reported a total asset value of ¥1,324,029,739.20 as of September 30, 2018, up from ¥1,124,453,849.01 at the beginning of the year[21] - Total liabilities increased to ¥303,438,027.99 from ¥174,206,766.47, indicating a significant rise in financial obligations[21] - Total liabilities rose to CNY 261,252,553.90, compared to CNY 146,483,256.00 at the start of the year, indicating an increase of about 78.2%[23] - The company's total equity reached CNY 1,052,984,267.13, up from CNY 983,798,391.95 at the beginning of the year, indicating a growth of approximately 7.0%[23] Shareholder Information - The number of shareholders reached 20,688, with the largest shareholder holding 59.45% of the shares[13] - Basic and diluted earnings per share increased by 7.41% to CNY 0.29[7] - Basic and diluted earnings per share for the third quarter were both CNY 0.45, compared to CNY 0.42 in the previous quarter, reflecting a growth of 7.14%[26] Expenses - Sales expenses rose to ¥11,143,968.82, reflecting a 58.91% increase due to higher advertising costs[16] - The company reported a significant increase in sales expenses, which rose to CNY 11,143,968.82 from CNY 7,012,895.14, reflecting a strategic investment in marketing and sales efforts[24] - The total operating costs for the third quarter were CNY 76,560,954.26, compared to CNY 68,886,494.23 in the previous quarter, reflecting an increase of 11.5%[28] Investment Activities - The cash outflow from investment activities for the first nine months was CNY 140,726,176.65, compared to CNY 73,619,551.21 in the same period last year, indicating an increase of 90.5%[32] - The company invested CNY 49,177,600.00 in new projects, a significant increase from CNY 2,000,000.00 in the previous year[36]

Financial Performance - The company's operating revenue for the first half of 2018 was ¥109,383,060.84, representing a 43.44% increase compared to ¥76,256,523.11 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was -¥41,861,417.34, compared to -¥37,814,916.29 in the previous year, indicating a continued loss[18]. - The total profit for the period was a loss of 41.86 million yuan, which represents a 10.80% increase in loss compared to the previous year[26]. - Operating costs rose to 120.54 million yuan, reflecting a 41.76% increase year-on-year[28]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion in the first half of 2018, representing a year-over-year growth of 15%[43]. - The company reported a comprehensive income loss of CNY -41,861,417.34 during the period[93]. - The total comprehensive income for the period was -19,967,141.22 RMB, indicating a significant loss compared to the previous period[98]. Cash Flow and Assets - The net cash flow from operating activities was -¥29,645,774.79, worsening from -¥25,590,552.55 in the same period last year[18]. - The total assets at the end of the reporting period were ¥1,141,039,203.87, a slight increase of 1.47% from ¥1,124,453,849.01 at the end of the previous year[18]. - The company's cash and cash equivalents decreased to CNY 79,796,925.63 from CNY 112,128,264.47, a decline of approximately 29.0%[73]. - The total liabilities reached CNY 237,817,315.37, compared to CNY 174,206,766.47 at the beginning of the period, indicating a significant increase in liabilities[75]. - The total equity attributable to shareholders was CNY 903,221,888.50, down from CNY 950,247,082.54, indicating a decrease of approximately 4.9%[75]. Operational Highlights - The company has exclusive operating rights for transportation in three scenic areas for 20 years, enhancing its market position[23]. - The company operates the first international standard five-star hotel in the region, which began operations in December 2016[23]. - The company has expanded its business model to include online car-hailing services, becoming the first in the region to do so[23]. - The company’s travel agency subsidiary generated revenue of 2,523,800, with a net loss of 505,900, showing a 24% reduction in losses year-over-year[35]. Risks and Challenges - The company faces risks related to the expiration of operating licenses, which could significantly impact future revenue streams[36]. - Seasonal fluctuations in tourism significantly affect revenue, with peak income concentrated in the third quarter, accounting for over 60% of annual revenue[37]. - The company reported no significant risks that could materially affect its operations during the reporting period[5]. Shareholder and Governance - There were no profit distribution or capital reserve transfer plans during the reporting period[4]. - The controlling shareholder has pledged to lock up shares for 36 months post-listing, with automatic extensions if stock prices fall below the issue price[46]. - The company has committed to timely compensation for investor losses if the prospectus is found to contain false statements or omissions, with a buyback program initiated within five trading days at the market price[49]. - The company has no major litigation or arbitration matters during the reporting period, indicating a stable legal environment[54]. Future Outlook and Strategy - The company provided a positive outlook for the next quarter, projecting a revenue growth of 10% to 1.32 billion[43]. - New product launches are expected to contribute an additional 200 million in revenue by the end of the year[44]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 300 million earmarked for potential deals[44]. - The company has committed to maintaining competitive pricing strategies to ensure market competitiveness, with a focus on reducing costs by 8%[43]. Accounting and Compliance - The financial statements are prepared based on the going concern principle, with no significant doubts about the company's ability to continue operations for the next 12 months[107]. - The company has confirmed that its financial statements comply with the requirements of the enterprise accounting standards, reflecting a true and complete picture of its financial status[109]. - The company recognizes financial assets based on the extent of involvement in transferred financial assets, confirming relevant liabilities accordingly[116]. Inventory and Receivables - The company reported a significant increase in inventory, which rose to CNY 11,584,757.86 from CNY 8,797,344.39, an increase of 31.9%[78]. - The accounts receivable at the end of the period totaled ¥7,841,000, with a bad debt provision of ¥54,476, indicating a provision ratio of 0.69%[150]. - The company recognized a bad debt provision of 1,597,818.16 RMB, with a provision rate of 5.8% for other receivables totaling 27,514,333.83 RMB[159].

Financial Performance - Operating revenue for the period was CNY 43,010,769, representing a significant increase of 66.74% year-on-year[5] - Net profit attributable to shareholders of the listed company was CNY -31,929,442.72, a decline of 12.34% compared to the same period last year[5] - The weighted average return on net assets decreased to -3.41%, down by 0.24 percentage points from -3.17%[5] - Basic and diluted earnings per share were both CNY -0.12, reflecting an increase of 8.81% in loss per share compared to CNY -0.11 in the previous year[5] - Net loss for Q1 2018 was CNY 31,916,954.70, compared to a net loss of CNY 28,090,382.77 in Q1 2017, representing a decline of 10.0%[27] - The company reported a net loss of CNY 20,705,208.83 for Q1 2018, an improvement from a net loss of CNY 22,214,968.66 in the same period last year, representing a decrease in loss of approximately 6.76%[30] - Basic and diluted earnings per share for Q1 2018 were both CNY -0.12, compared to CNY -0.11 in Q1 2017[28] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 1,124,775,076, a slight increase of 0.03% compared to the previous year[5] - The company's total assets amounted to CNY 1,162,107,698.37, an increase from CNY 1,130,281,647.95 year-over-year[23] - Total liabilities were CNY 197,838,745.23, compared to CNY 146,483,256.00 in the previous year, reflecting a rise of 35.1%[23] - The total equity of the company was CNY 964,268,953.14, down from CNY 983,798,391.95 in the previous year, indicating a decrease of 2.0%[23] Cash Flow - The company reported a net cash flow from operating activities of CNY -39,266,649.06, an improvement of 4.52% compared to the previous year[5] - The net cash flow from operating activities was negative at CNY -39,266,649.06, slightly improved from CNY -41,125,396.38 in the same quarter last year[33] - Total cash outflow from operating activities was CNY 88,478,304.31, an increase from CNY 70,930,310.40 in the previous year, indicating higher operational costs[33] - The company reported a cash flow from financing activities net increase of CNY 51,585,785.16, showing a positive financing position[34] Shareholder Information - The total number of shareholders at the end of the reporting period was 21,641[10] - The largest shareholder, Jilin Changbai Mountain Development Construction (Group) Co., Ltd., held 158,533,060 shares, accounting for 59.45% of the total shares[10] - The top ten shareholders included several state-owned enterprises, indicating a strong institutional presence[10] Investments and Expenditures - Cash paid for the acquisition of fixed assets and intangible assets increased by 115.04% to ¥59,599,908.60 from ¥27,716,185.86, indicating significant investment in construction projects[14] - The company invested CNY 59,599,908.60 in fixed assets and other long-term assets, compared to CNY 27,716,185.86 in the previous year, indicating a significant increase in investment activities[34] - Long-term borrowings increased to ¥51,690,000.00 from ¥0.00, marking a 100% increase as the company secured bank loans[13] Changes in Current Assets - Cash and cash equivalents decreased by 42.17% to ¥64,848,520.47 from ¥112,128,264.47 due to significant payments for engineering projects[13] - Prepayments decreased by 89.81% to ¥10,892,621.57 from ¥106,875,878.74 as prepaid land transfer fees were converted to intangible assets[13] - Other current assets increased by 65.92% to ¥8,722,284.26 from ¥5,256,807.06 due to an increase in input tax[13] - Construction in progress surged by 443.77% to ¥33,422,014.49 from ¥6,146,403.66 due to increased investment in engineering projects[13] - Intangible assets rose by 107.85% to ¥199,682,571.56 from ¥96,068,324.21 due to the addition of new land-related intangible assets[13] Revenue and Costs - Operating costs rose by 44.80% to ¥60,015,531.55 from ¥41,447,674.09, primarily due to increased labor costs and seasonal losses in the off-peak period[14] - Cash received from sales and services increased by 72.29% to ¥43,447,330.34 from ¥25,218,186.42, reflecting improved revenue generation[14] - Total operating revenue for Q1 2018 was CNY 43,010,769.16, an increase of 66.6% compared to CNY 25,794,557.26 in the same period last year[26] - Total operating costs for Q1 2018 were CNY 75,012,639.30, up 38.1% from CNY 54,328,071.49 in Q1 2017[27] - Operating revenue from sales of goods and services increased to CNY 43,447,330.34, up 72.2% from CNY 25,218,186.42 in the previous year[32]

Financial Performance - The company achieved a total operating revenue of RMB 388,577,954.49 in 2017, representing a year-on-year increase of 26.62% compared to RMB 306,887,768.22 in 2016[18]. - The net profit attributable to shareholders of the listed company was RMB 70,792,421.35, showing a slight decrease of 0.45% from RMB 71,112,221.50 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was RMB 68,115,523.73, down 3.42% from RMB 70,524,964.65 in 2016[18]. - The net cash flow from operating activities was RMB 112,891,509.37, a decrease of 12.82% compared to RMB 129,489,950.31 in 2016[18]. - The company achieved a total revenue of 388.58 million RMB and a net profit of 70.79 million RMB in 2017, marking significant growth despite challenges[33]. - Basic earnings per share remained unchanged at CNY 0.27 in 2017 compared to 2016[19]. - The weighted average return on equity decreased by 0.46 percentage points to 7.69% in 2017 from 8.15% in 2016[19]. - Total revenue for the fourth quarter was CNY 71,774,018.70, while the net profit attributable to shareholders was a loss of CNY 2,116,218.14[20]. Assets and Liabilities - Total assets reached RMB 1,124,453,849.01, reflecting a slight increase of 0.85% from RMB 1,115,024,891.41 in the previous year[18]. - The net assets attributable to shareholders of the listed company increased by 5.44% to RMB 950,247,082.54 at the end of 2017, up from RMB 901,191,537.83 at the end of 2016[18]. - Total liabilities decreased to CNY 174,206,766.47 from CNY 213,833,353.58, a reduction of about 18.5%[148]. - Total equity increased to CNY 950,247,082.54 from CNY 901,191,537.83, showing an increase of approximately 5.4%[148]. Cash Flow - The net cash flow from investment activities improved to -CNY 192.07 million, a 39.06% increase compared to the previous year[41]. - The company's cash and cash equivalents at the end of 2017 were CNY 110.71 million, a decrease of 47.59% from the previous year[46]. - The net cash increase for the period was CNY -100,508,182.20, compared to CNY -216,342,346.30 in the previous period[160]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.27 per 10 shares, totaling RMB 7,200,090, which accounts for 10.17% of the net profit attributable to shareholders[4]. - The company has established a stable dividend policy to ensure continuous returns to investors, as outlined in its shareholder return plans[66]. - The company has not proposed any cash profit distribution plan for the reporting period despite having positive distributable profits[69]. Operational Developments - The company has established a new scenic area management division to enhance resource integration and management output[25]. - The company holds exclusive operating rights for transportation in three scenic areas for 20 years[26]. - The company has been recognized as a top domestic travel agency and has expanded its offerings to include specialized tourism products[26]. - The company is collaborating with InterContinental Hotels Group to operate the Changbai Mountain Hot Spring Crowne Plaza Hotel, which has become a landmark hotel in the region[29]. Risks and Challenges - The company faces risks related to macroeconomic changes that could suppress tourism demand, impacting revenue and profit growth[63]. - The company is exposed to unexpected events such as natural disasters and political changes, which could adversely affect operational performance[64]. - Rising costs due to inflation may pressure the company's profitability, as pricing adjustments for services require regulatory approval[64]. Governance and Compliance - The company has established a comprehensive internal control system, ensuring compliance with legal and regulatory requirements[92]. - The audit report was issued by Xinyong Zhonghe Accounting Firm, confirming compliance with professional ethics and independence requirements[145]. - The company has no major litigation, arbitration, or administrative penalty cases pending or foreseeable[73]. Future Outlook - The company aims for a revenue target of CNY 496.46 million and a net profit of CNY 54.27 million for 2018, focusing on optimizing business segments and enhancing economic growth points[59]. - The company plans to enhance its marketing channels and product development, including establishing a 400 customer service center and launching themed products for special occasions[60]. - The company is positioned to capitalize on the growing demand for high-quality tourism experiences as the industry transitions towards deeper engagement and premium offerings[57].

2017 年第三季度报告 公司代码：603099 公司简称：长白山 长白山旅游股份有限公司 2017 年第三季度报告 1 / 21 2017 年第三季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年度末增 减(%) 总资产 1,143,520,079.71 1,115,024,891.41 2.56% 归属于上市公司 股东的净资产 953,221,320.28 901,191,537.83 5.77% 年初至报告期末 （1-9 月） 上年初至上年报告期末 （1-9 月） 比上年同期增减(%) 经营活动产生的 现金流量净额 113,324,973.55 177,187,633.63 -36.04% 年初至报告期末 （1-9 月） 上年初至上年报告期末 （1-9 月） 比上年同期增减 （%） 营业收入 316,803,935.79 270,794,115.77 16.99% 归属于上市公司 股东的净利润 72,908,639.49 90,137,345.93 -19.11% 归属于上市公司 股东的扣除非经 常性损益的净利 润 71,9 ...