Market Overview - The tourism and scenic spots sector experienced a decline of 3.08% on November 21, with Dalian Shengya leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Dalian Shengya saw a significant drop of 10.00%, closing at 47.34, with a trading volume of 147,500 shares and a transaction value of 714 million [2] - Other notable declines included Tianfu Culture Tourism (-4.18%), Changzi Mountain (-4.08%), and Qujiang Culture Tourism (-3.93%) [2] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 486 million from main funds, while retail investors saw a net inflow of 461 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Yunnan Tourism had a main fund net inflow of 10.99 million, while it faced a retail net outflow of 32.27 million [3] - Huangshan Tourism and Sanxia Tourism experienced significant net outflows from main funds, at 10.61 million and 11.62 million respectively, while both saw positive retail inflows [3]

Core Viewpoint - China Changbai Mountain International (603099) expects a significant reduction in net loss attributable to shareholders for the six months ending September 30, 2025, compared to a net loss of approximately RMB 601 million for the same period ending September 30, 2024, with the anticipated loss ranging between RMB 30 million and RMB 36 million [1] Group 1 - The expected net loss reduction is primarily due to the absence of additional impairment provisions after the sale of a property project in Fusong County, which previously required an impairment provision of approximately RMB 565 million (after deferred tax) [1] - The company has been actively implementing cost-saving measures during the current interim period [1]

Core Viewpoint - China Changbai Mountain International (00989) expects a significant reduction in net loss attributable to shareholders for the six months ending September 30, 2025, compared to a net loss of approximately RMB 601 million for the same period ending September 30, 2024, with the anticipated loss ranging between RMB 30 million and RMB 36 million [1] Group 1 - The substantial decrease in net loss is primarily due to the absence of additional impairment provisions after the sale of a property project in Fusong County, which previously required an impairment provision of approximately RMB 565 million (after deferred tax) [1] - The company has been actively implementing cost-saving measures during the current interim period [1]

公告表示，集团于本中期期间的净亏损大幅减少主要是由于(i)于相应中期期间抚松县一个物业项目录得 价值减值拨备(扣除递延所得税后)金额约人民币5.647亿元而本中期期间因应出售该项目完成后不需再提 取额外减值；及(ii)集团于本中期期间持续致力进行成本节约措施。 格隆汇11月21日丨中国长白山国际(00989.HK)发布公告，预计集团截至2025年9月30日止六个月期间的 应占母公司拥有人净亏损相比截至2024年9月30日止六个月期间("相应中期期间")约人民币6.011亿元应 占母公司拥有人净亏损，将大幅减少不少于九成(范围介乎人民币3000万元至人民币3600万元之间)。 ...

Core Viewpoint - Changbai Mountain's stock experienced a decline of 3.22% on November 20, with a trading volume of 872 million yuan, indicating potential market volatility and investor sentiment concerns [1] Financing Summary - On November 20, Changbai Mountain had a financing buy-in amount of 82.41 million yuan and a financing repayment of 78.71 million yuan, resulting in a net financing buy of 3.70 million yuan [1] - As of November 20, the total financing and securities lending balance for Changbai Mountain was 388 million yuan, with the financing balance of 387 million yuan accounting for 2.79% of the circulating market value, which is above the 90th percentile of the past year [1] - The securities lending aspect showed no shares were repaid or sold on November 20, with a remaining securities lending volume of 16,500 shares and a balance of 858,000 yuan, also above the 90th percentile of the past year [1] Business Performance Summary - As of September 30, the number of shareholders for Changbai Mountain reached 45,900, an increase of 25.35%, while the average circulating shares per person decreased by 20.23% to 5,814 shares [2] - For the period from January to September 2025, Changbai Mountain reported an operating income of 636 million yuan, a year-on-year increase of 6.99%, and a net profit attributable to the parent company of 149 million yuan, up 1.05% year-on-year [2] - Since its A-share listing, Changbai Mountain has distributed a total of 144 million yuan in dividends, with 42.53 million yuan distributed over the past three years [2] Institutional Holdings Summary - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder of Changbai Mountain, holding 2.7464 million shares, an increase of 1.7474 million shares from the previous period [2] - The top five circulating shareholders also included the Fortune CSI Tourism Theme ETF and the Southern CSI 1000 ETF, with notable changes in their holdings [2]

Core Viewpoint - The tourism and scenic spots sector experienced a decline of 2.02% on November 20, with Dalian Shengya leading the drop. The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1]. Group 1: Market Performance - The tourism and scenic spots sector saw a net outflow of 417 million yuan from main funds, while retail investors contributed a net inflow of 396 million yuan [2][3]. - Dalian Shengya's stock price fell by 6.57% to 52.60 yuan, with a trading volume of 179,500 shares and a transaction value of 1.006 billion yuan [2]. - Other notable declines included Yunnan Tourism, which dropped 6.41% to 5.84 yuan, and Tianfu Cultural Tourism, which fell 3.85% to 5.50 yuan [2]. Group 2: Individual Stock Performance - Kaiser Rotation (000796) rose by 3.07% to 7.39 yuan, with a trading volume of 1.4841 million shares and a transaction value of 1.079 billion yuan [1]. - The stock of Xiangyuan Cultural Tourism (600576) decreased by 0.80% to 7.48 yuan, with a trading volume of 239,200 shares and a transaction value of 178 million yuan [1]. - The stock of Huangshan Tourism (600054) fell by 1.05% to 11.36 yuan, with a trading volume of 38,200 shares and a transaction value of 43.56 million yuan [1].

Summary of Changbai Mountain Conference Call Industry and Company Overview - The conference call focuses on the Changbai Mountain tourism industry, particularly its winter sports and scenic area operations. Key Points and Arguments 1. **Visitor Trends and Impact** - From November 2024 to February 2025, nearly 3 million mainland Chinese tourists are expected to visit Japan, with an average spending of approximately 13,000 RMB per person. Some of these tourists may shift to domestic ice and snow tourism, benefiting Changbai Mountain's visitor numbers [2][3]. 2. **Operational Enhancements for 2025** - Changbai Mountain and the Pinghu Ski Resort opened early on November 2, 2025, compared to mid to late December in previous years. The expansion of the western scenic area is expected to lead to a double-digit growth in visitor numbers, potentially reaching 20% [2][4]. 3. **Stock Performance and Market Sentiment** - The stock price of Changbai Mountain has not yet surpassed the pre-2024 winter peak, but there is increasing market attention and potential for further price catalysts [2][4]. 4. **Future Development Plans for 2026** - The North Slope Corridor project is set to open before the summer of 2026, which is expected to increase the North Slope's visitor capacity by 10%. Additionally, vehicle procurement will continue to enhance capacity during peak seasons [5][6]. 5. **Transportation Improvements** - The opening of the high-speed rail from Shenyang to Changbai Mountain will reduce travel time to the western scenic area to just 20 minutes, significantly increasing visitor flow. The southern slope's capacity is also expected to improve [6]. 6. **Profit Forecasts** - For 2025, profits are projected to be between 150 million to 160 million RMB, with expectations of 190 million RMB in 2026. The return of Japanese tourists could further enhance profitability [2][7]. Additional Important Insights - The early opening of the ski season and the expected increase in visitor capacity are critical factors that could lead to a successful winter season for Changbai Mountain [4][6]. - The potential shift of tourists from Japan to domestic destinations due to geopolitical tensions is a significant driver for Changbai Mountain's growth [3].

Group 1 - The search popularity for "ice and snow routes" such as "Xi'an to Lhasa," "Chengdu to Urumqi," and "Guangzhou to Harbin" has been steadily increasing since November, with "Chengdu to Urumqi" seeing a 48% year-on-year growth in search volume [2] - The top 10 destinations for ice and snow tourism include Beijing, Zhangjiakou, Urumqi, Altay, Changchun, Baishan, Tianjin, Harbin, Shenyang, and Chengdu, indicating a nationwide trend in ice and snow tourism [2] Group 2 - The search volume for "Chongli ski tickets" has surged by 275%, reflecting a high demand for skiing experiences [3] - Popular flight routes to ski destinations are being offered at low prices, with flights from Beijing to Harbin starting at 300 yuan and from Shanghai to Changchun at 280 yuan [3] - Nearly half of the visitors to Zhangjiakou are post-95s, with Beijing contributing over 20% of the total visitor flow [3] Group 3 - Short-distance ice and snow tourism is gaining traction, with train ticket bookings to Changbai Mountain increasing by 167% [4] - The opening of the Shenyang-Baishan high-speed railway has significantly reduced travel time, facilitating weekend trips for urban workers [4] - Activities at Changbai Mountain extend beyond skiing, including natural hot springs and reindeer feeding, enhancing the overall tourist experience [4] Group 4 - The overall tourism booking volume in Beijing has increased by 15% since November, with a notable rise in interest for skiing in the region [5] - The search volume for "Beijing skiing" has surged by nearly 90%, indicating strong interest from tourists in nearby cities [5] - Cross-city ice and snow consumption is showing robust vitality, particularly from visitors in Tianjin, Shijiazhuang, and Shenzhen [5]

Group 1 - The tourism and hotel sector experienced a strong rebound in the afternoon, with Yunnan Tourism hitting the daily limit up, indicating significant investor interest [1] - Changbai Mountain and *ST Yunwang saw increases of over 4%, reflecting positive market sentiment towards these companies [1] - Other companies such as Qujiang Cultural Tourism, Nanjing Commercial Travel, Quanjude, and Tianfu Cultural Tourism also experienced gains, suggesting a broader recovery in the sector [1]

Core Viewpoint - Changbai Mountain's stock price has shown fluctuations with a recent decline, while the company has experienced overall growth in revenue and profit year-to-date [1][2]. Company Overview - Changbai Mountain Tourism Co., Ltd. is located in the Changbai Mountain Protection and Development Zone, Jilin Province, established on December 8, 2010, and listed on August 22, 2014. The company primarily operates in the tourism service industry, including tourist transportation, travel agency services, and hot spring water development [1]. Financial Performance - For the period from January to September 2025, Changbai Mountain achieved a revenue of 636 million yuan, representing a year-on-year growth of 6.99%. The net profit attributable to the parent company was 149 million yuan, with a growth of 1.05% [2]. - Since its A-share listing, the company has distributed a total of 144 million yuan in dividends, with 42.53 million yuan distributed over the past three years [2]. Stock Performance - As of November 19, Changbai Mountain's stock price was 50.25 yuan per share, with a year-to-date increase of 19.53%. Over the last five trading days, the stock rose by 4.04%, and over the last 60 days, it increased by 26.93% [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on November 5, where it recorded a net buy of -69.6151 million yuan [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Changbai Mountain was 45,900, an increase of 25.35% from the previous period. The average circulating shares per person decreased by 20.23% to 5,814 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 2.7464 million shares, an increase of 1.7474 million shares from the previous period [3].