Investment Rating - The report assigns a rating of "Accumulate" for the company with a target price of 42.00 CNY [5][16]. Core Insights - The report highlights the potential for significant growth in visitor numbers due to the opening of the Shenbai High-Speed Railway and the expansion of Changbai Mountain Airport, which are expected to enhance accessibility and attract more tourists [2][40]. - The connection between the popular IP "Tomb Raider Notes" and Changbai Mountain is emphasized, suggesting that the upcoming "ten-year agreement" will further boost tourism and revenue [17][28]. Financial Summary - Total revenue is projected to grow from 620 million CNY in 2023 to 1,156 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 15.4% [4]. - Net profit attributable to the parent company is expected to increase from 138 million CNY in 2023 to 301 million CNY in 2027, with a notable growth rate of 340.6% in 2023 [4]. - Earnings per share (EPS) is forecasted to rise from 0.52 CNY in 2023 to 1.13 CNY in 2027 [4]. Visitor Growth Potential - The report anticipates that the opening of the Shenbai High-Speed Railway will significantly increase visitor numbers, with an expected annual capacity of over 10 million passengers [41][43]. - The expansion of Changbai Mountain Airport is projected to enhance its annual passenger capacity to 1.8 million, further broadening the tourist base [69][71]. Cultural and Tourism Integration - The integration of the "Tomb Raider Notes" IP into the tourism strategy is expected to create a unique cultural experience, attracting a younger demographic and enhancing visitor engagement [17][28]. - Various events and activities related to the "Tomb Raider Notes" are planned to coincide with the second "ten-year agreement," aiming to stimulate interest and increase foot traffic [31][28].

Core Viewpoint - Long Bai Mountain has shown a net financing inflow of 15.2991 million yuan last week, ranking 444th in the two markets, indicating a moderate interest from investors [1] Financing Data - Last week, the total financing amount for Long Bai Mountain was 106 million yuan, while the repayment amount was 90.417 million yuan [1] - Over the past 5 days, the main capital inflow was 44.641 million yuan, with a price increase of 3.82% [1] - In the last 10 days, the main capital outflow was 18.4381 million yuan, with a price decrease of 0.9% [1] Company Profile - Long Bai Mountain Tourism Co., Ltd. was established in 2010 and is located in Baishan City, primarily engaged in road transportation [1] - The company has a registered capital of 26.667 million yuan and a paid-in capital of 20 million yuan [1] - The legal representative of the company is Wang Kun [1] Investment and Intellectual Property - Long Bai Mountain Tourism Co., Ltd. has invested in 8 enterprises and participated in 427 bidding projects [1] - The company holds 122 trademark registrations and has 49 administrative licenses [1]

Core Viewpoint - The 15th Northeast Asia Expo and the 8th Changbai Mountain Pharmaceutical Health Industry Development Forum were held in Tonghua City, Jilin Province, highlighting the region's growing pharmaceutical industry and its significance as a hub for traditional Chinese medicine and ginseng production [1] Industry Development - Tonghua is recognized as "China's Pharmaceutical City" and "China's Ginseng Capital," gradually forming a diversified industrial development pattern that includes modern traditional Chinese medicine, biopharmaceuticals, chemical drugs, and medical devices [1] - The event announced the geographical indication certification trademark for "Tonghua Ginseng," indicating a formal recognition of the product's quality and origin [1] Agreements and Collaborations - A commissioning agreement for the compilation of the "Tonghua Ginseng Annual Industry Development Report" was signed, which aims to provide insights and data on the industry's progress [1] - A cooperation agreement for the establishment of a health product research and development production service center was also signed, indicating a commitment to enhancing the local health product sector [1]

Investment Rating - The industry is rated as "Market Perform" [31] Core Insights - The consumer service industry index experienced a decline of 2.17% from July 25 to August 7, 2025, underperforming the CSI 300 index by approximately 1.35 percentage points, primarily due to adverse weather conditions affecting travel data and declining performance in some companies' semi-annual reports [7][8] - In the first half of 2025, the total number of domestic trips reached 3.285 billion, a year-on-year increase of 20.6%, with total spending of 3.15 trillion yuan, up 15.2% [22] - Recent heavy rainfall has led to the temporary closure of several tourist attractions, impacting the tourism and hotel sectors [23] - Positive policy signals have emerged, including subsidies for childbirth and reductions in childcare fees, indicating potential future support for consumption and fertility [31] Summary by Sections Market Review - The consumer service index has shown a decline, with significant underperformance compared to the CSI 300 index [7] - The tourism and hotel sectors have been particularly affected by recent heavy rainfall, while the education sector has seen an uptick due to supportive policies [8] Industry News - The South Korean government will implement a temporary visa exemption for Chinese group tourists starting September 29, 2025, which has led to a surge in travel searches [20] - The introduction of a new membership system by Taobao integrates various services, enhancing travel-related benefits for users [21] Company Announcements - Action Education proposed a mid-year dividend distribution of 10 yuan per 10 shares [24] - Huangshan Tourism plans to invest in a new subsidiary and participate in a land bidding process [25] - China Duty Free Group reported a decline in revenue and net profit for the first half of 2025, but maintained a strong market position in Hainan [29] Weekly Outlook - The report suggests focusing on companies that may benefit from the current market conditions, including China Duty Free Group, Jinjiang Hotels, and others in the cyclical sectors [31][32]

【环球网报道 记者 姜蔼玲】近日，一名韩国博主在中国吉林省长白山天池景区挥舞韩国国旗并高唱韩国国歌的行为引发舆论关注。韩 国YTN电视台、韩国《朝鲜日报》等多家韩媒相继报道了此事。 据韩媒报道，韩国博主"Girit"当地时间25日在其社交平台YouTube频道上传了一段时长达4小时18分钟的视频。画面显示，他在游览长白 山天池时，从背包中取出韩国国旗挥舞，并高唱韩国国歌。 随后，一名身穿红衣、疑似景区工作人员的男子出现在画面中，上前将其手中韩国国旗拿走。视频中还可听到一名韩国游客提醒 说，"这里是中国领土，不能做这样的行为。" 《环球时报》记者7月31日就此事向长白山保护开发区管委会进行询问。一名工作人员证实，事件发生在长白山北景区，但未透露具体 时间。 该工作人员表示，当地公安部门已介入。景区此前也发生过类似事件，工作人员均会"及时制止"。 ...

Core Viewpoint - The implementation opinions aim to promote high-quality development of the cultural industry in Jilin Province, injecting continuous momentum and vitality into the healthy development of the economy and society, and assisting in the construction of a culturally strong province [1][2] Group 1: Key Tasks - The implementation opinions outline nine key tasks, including the formulation of cultural industry development plans, the implementation of major cultural industry project strategies, and the deep integration of culture and technology [1] - The tasks also emphasize the integration of culture and tourism, the establishment of a "culture + ice and snow" industry ecosystem, and the enhancement of cultural industry parks [1] - Additional tasks include the empowerment and upgrading of the cultural industry, the promotion of leading enterprises, and the upgrading of cultural tourism consumption [1] Group 2: Tourism Development - The opinions propose a "trillion-level tourism industry" initiative, promoting deep integration of various sectors such as agriculture, commerce, and sports with tourism [2] - There is a focus on strengthening smart tourism construction and market-oriented operation of qualified 4A-level scenic spots [2] - The plan includes the development of tourism in specific regions like Changbai Mountain and the Dongsonghua River basin, along with the promotion of tourism brands and high-quality events [2]

Group 1 - The core demand for tourists has shifted towards "cooling travel" as temperatures rise, with a 47% year-on-year increase in search volume for "cooling travel" since July [1] - Major tourist companies are launching unique projects and services to cater to this demand, including concerts, water gun festivals, and off-season overseas cooling trips [1][2] - The Northeast region has established a clear "cooling ecosystem," with Yunnan and Guizhou also seeing significant tourist influx, as evidenced by a 70% year-on-year increase in orders for Yunnan scenic spots during the summer vacation [2] Group 2 - Companies like Changbai Mountain Tourism Co., Ltd. are diversifying their cooling products, transforming ski resorts into mountain sports parks and hosting summer music festivals, resulting in a 4.5% increase in visitors in June [2] - Tianmu Lake has developed various attractions targeting "cooling travel" and family tourism, such as outdoor events and themed water activities [3] - Travel agencies are also capitalizing on the "cooling travel" trend, with significant increases in bookings for Australia and New Zealand travel packages, showing growth rates of 200% and 120% respectively [3] Group 3 - The tourism market is undergoing a transformation as standardized travel packages lose appeal, prompting companies to explore ways to extend the "cooling travel" experience [4] - Yunnan Province reported a 10.8% year-on-year increase in tourist arrivals, reaching 371 million visitors in the first half of the year, with total tourism spending growing by 10.5% to 658.43 billion [4] - Tourists are increasingly seeking authentic local experiences rather than just visiting major attractions, indicating a shift towards a desire for unique cultural engagement [4][5] Group 4 - Companies like Guangzhou Lingnan Group are innovating by integrating local cultural symbols into their offerings, enhancing the overall visitor experience [5] - Xi'an Qujiang Cultural Tourism Co., Ltd. is transforming historical sites into cultural IPs, creating immersive experiences that blend history with modern creativity [5] - The tourism market is moving from a superficial experience to a more meaningful engagement, emphasizing the importance of local culture and community in attracting repeat visitors [5]

Incident Overview - A visitor named Mr. Sheng was injured by a horse at the Chixi Horse Ranch in Baishan City, Jilin Province, resulting in a fractured tailbone and testicular pain [1][2] - The incident occurred while Mr. Sheng was preparing to ride a horse, and he was reportedly not in compliance with the ranch's ticket purchasing policy [1][3] Company Response - The Chixi Horse Ranch staff stated that warning signs were present and emphasized the dangers of standing behind a horse [3] - The ranch indicated that Mr. Sheng had purchased insurance but had not bought a ticket, which is part of their riding protocol [3] - Following the incident, the local tourism and cultural sports bureau issued a three-day suspension for the ranch to rectify safety measures [3] Regulatory Actions - The local tourism authority acknowledged the presence of warning signs but noted their visibility was insufficient, prompting the suspension [3] - The ranch is officially registered as "Chixi District Songxueye Equestrian Club," with a focus on scenic management and recreational activities [3] Background Information - The Chixi Horse Ranch is promoted as a unique equestrian experience that combines natural scenery with nomadic culture, featuring professional equestrian instructors [4]

Core Insights - The summer heat has driven a significant increase in demand for "cooling travel," with search volume rising by 47% year-on-year since July, particularly in the Northwest, Northeast, and Southwest regions of China [1] - Listed tourism companies are launching unique projects and services to cater to this demand, including concerts, water gun festivals, and off-season overseas cooling trips [1][2] - The trend of "cooling travel" has led to a substantial increase in orders, with Yunnan's scenic spots seeing a 70% year-on-year growth in orders during the summer vacation period [1] Industry Trends - The tourism market is shifting from standardized packages to more personalized experiences, as companies explore ways to extend the appeal of "cooling travel" [2][3] - Yunnan Province reported 371 million visitors in the first half of the year, a 10.8% increase, with total tourism spending reaching 658.43 billion yuan, up 10.5% [3] - Tourists are increasingly seeking authentic local experiences rather than just visiting top-rated attractions, indicating a desire for unique cultural engagement [3][4] Company Strategies - Changbai Mountain Tourism Co., Ltd. is diversifying its cooling products, transforming ski resorts into mountain sports parks and hosting summer music festivals [1] - Tianmu Lake is creating attractive projects for cooling and family travel, including outdoor events and themed water festivals [2] - Guangzhou Lingnan Group is enhancing visitor experiences by integrating local cultural elements into their offerings, while Xi'an Qujiang Cultural Tourism Co., Ltd. is rebranding historical sites into immersive cultural experiences [4]

天眼查商业履历信息显示，长白山旅游股份有限公司，成立于2010年，位于白山市，是一家以从事道路 运输业为主的企业。企业注册资本26667万人民币，实缴资本20000万人民币。公司法定代表人为王昆。 通过天眼查大数据分析，长白山旅游股份有限公司共对外投资了8家企业，参与招投标项目423次，知识 产权方面有商标信息122条，此外企业还拥有行政许可49个。 来源：金融界 金融界消息 截至2025年7月29日收盘，长白山（603099）报收于37.27元，下跌1.45%，换手率2.31%， 成交量6.17万手，成交金额2.31亿元。 资金流向方面，今日主力资金净流出2475.71万元，占比成交额10.7%。其中，超大单净流出1002.41万 元、占成交额4.33%，大单净流出1473.30万元、占成交额6.37%，中单净流出流入105.44万元、占成交 额0.46%，小单净流入2370.27万元、占成交额10.24%。 长白山最新一期业绩显示，截至2025一季报，公司营业总收入1.29亿元、同比增长0.73%，归属净利润 439.47万元，同比减少58.93%，扣非净利润439.74万元，同比减少62.13%，流动比 ...