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].

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 ...