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 ...

Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, expecting the industry index to outperform the market index by over 10% in the next six months [35]. Core Insights - The consumer services industry index rose by 4.92% from July 11 to July 24, 2025, outperforming the CSI 300 index by approximately 1.45 percentage points during the same period [8][10]. - The report highlights the positive impact of the upcoming closure of Hainan Free Trade Port on the duty-free shopping sector, with specific policies expected to be announced in the second half of the year [22][35]. - The report notes that while the tourism and hotel sectors are recovering, the education sector continues to decline, indicating a mixed performance across sub-sectors [10][35]. Summary by Sections Market Review - The consumer services index showed a significant increase, outperforming the broader market [8]. - Sub-sector performance varied, with tourism and hotel sectors rebounding while the education sector faced declines [10]. - A total of 35 companies in the industry reported positive returns, with notable gains from companies like Tibet Tourism and China Duty Free [14]. Industry News - Hainan Free Trade Port is set to officially close on December 18, 2025, with adjustments to the duty-free shopping policy anticipated [22]. - The visa application process for Chinese citizens traveling to India has resumed, expanding the visa-free travel range [23]. - In the first half of 2025, 333 million entries and exits were recorded, marking a 15.8% year-on-year increase [24]. Company Announcements - Companies such as Dalian Shengya and Beijing Renli reported significant changes in their financial forecasts, with some expecting substantial profit increases while others faced losses due to adverse weather conditions [28][30][31][34]. Weekly Outlook - The report suggests focusing on specific stocks that are expected to benefit from the upcoming summer season and policy changes, including China Duty Free and Jinjiang Hotels [35][36].

Group 1 - The tourism industry is experiencing a recovery, with domestic tourist numbers expected to reach 5.615 billion in 2024, an increase of 724 million from 2023, representing a year-on-year growth of 14.8% [1] - Domestic tourism spending is projected to reach 5.75 trillion yuan in 2024, an increase of 840 billion yuan from 2023, reflecting a growth of 17.1% [1] - The average spending per trip in 2024 is estimated at 1,024 yuan, showing a year-on-year increase of 2.0% [1] Group 2 - Consumer preferences are shifting, leading to changes in tourism themes, which presents both opportunities and challenges for tourism operators [2] - Non-traditional tourist destinations can attract large crowds quickly but face challenges in infrastructure, attractiveness, and repeat visitation [2][3] - Long-term visitors, such as families and artists, contribute significantly to the local tourism landscape, contrasting with the transient nature of typical tourists [3] Group 3 - The tourism user base is diversifying, with a shift from elite-focused travel to family-oriented leisure travel, as evidenced by the increase in family and parent-child trips [4] - Rural residents show a high willingness to travel, with 78% expressing interest in tourism, and their spending growth outpacing that of urban residents [6] - The demand for diverse pricing in tourism products is rising, with various destinations catering to different user groups [6] Group 4 - Successful tourism brands maintain their unique characteristics while offering a wide range of products to attract loyal customers [7] - The definition of tourism supply has evolved beyond natural and cultural attractions to include immersive experiences that create emotional connections with users [7][8] - Companies that transition from sightseeing to immersive experiences are more likely to succeed in the current tourism landscape [8] Group 5 - Key operational data from listed tourism companies shows that many are experiencing stagnant or negative revenue growth, while those focusing on leisure and vacation experiences are performing better [9] - The evolution of the tourism ecosystem indicates a shift from natural sightseeing to immersive experiences, with a focus on user engagement and experience time [8] Group 6 - The case of Japan's "MACHI*ASOBI" festival illustrates the effectiveness of strong marketing and differentiated immersive experiences in attracting tourists [11] - Creating immersive experiences requires breaking down self-perceptions and providing multi-sensory stimuli to engage users fully [12][14] - Successful tourism experiences often involve a high level of scene-setting and emotional engagement, as seen in events like concerts that drive additional spending [14]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][11]. Core Insights - The report highlights a significant differentiation in performance across various sectors within the social services industry, particularly in tourism and hospitality, driven by changing consumer behaviors and economic conditions [3][4]. - The hotel industry is transitioning from a rapid growth phase to a more competitive environment, with a notable increase in the number of hotels and rooms available [3][4]. - The demand for duty-free shopping is anticipated to grow due to global economic recovery and consumption upgrades, despite some companies facing revenue declines [3][4]. Summary by Relevant Sections Tourism Attractions - Jiuhua Tourism is projected to achieve a 22% increase in revenue and a 28% increase in net profit for H1 2025. Huangshan Tourism is expected to generate revenue of 911 million yuan, a 9% increase year-on-year, with a net profit of 149 million yuan, up 13% [3][4]. - Changbai Mountain is forecasted to see a 7.48% decrease in revenue, with a net loss of 2 million yuan, marking a 110% decline [3][4]. - Tianmu Lake is expected to report a 5% revenue increase to 277 million yuan and a 9% rise in net profit to 58 million yuan [3][4]. Hotel Industry - Huazhu is expected to generate 11.66 billion yuan in revenue for H1 2025, a 2% increase, with a net profit of 2.04 billion yuan, up 18% [3][4]. - Shoulv Hotel is projected to see a 4% decline in revenue to 3.59 billion yuan, while net profit is expected to rise by 9% to 391 million yuan [3][4]. - Atour Hotel anticipates a 30% revenue increase to 4.24 billion yuan and a 16% rise in net profit to 653 million yuan [3][4]. Exhibition & Human Resource Services - The report notes increasing competition in the domestic market, with companies like Miao Exhibition expected to achieve a 9% revenue increase to 284 million yuan, despite a significant drop in net profit [3][4]. - Beijing Human Resources is projected to see a 6% revenue increase to 23.29 billion yuan, with a substantial 81% rise in net profit to 785 million yuan [3][4]. Duty-Free Sector - China Duty-Free is expected to report a 9% decline in revenue to 28.58 billion yuan and a 14% decrease in net profit to 2.84 billion yuan [3][4]. - Wangfujing is projected to see an 18% decline in revenue to 4.95 billion yuan, with a 73% drop in net profit to 80 million yuan [3][4]. Investment Recommendations - The report suggests focusing on companies in various sectors: 1. Exhibition and events: Lansheng Co., Lisheng Sports, Miao Exhibition 2. Human resources: Beijing Human Resources, Keri International 3. Tourism: Changbai Mountain, Jiuhua Tourism, Huangshan Tourism, Songcheng Performing Arts, Tianmu Lake 4. Hotels: Shoulv Hotel, Huazhu, Atour 5. Duty-free: China Duty-Free, Wangfujing [3][4].

Core Viewpoint - The tourism sector in A-shares is experiencing significant performance divergence in the first half of 2025, with many companies reporting increased losses while a few are showing substantial profit growth [2][11]. Group 1: Company Performance - Yunnan Tourism is expected to report a net loss of 90 million to 140 million yuan, an increase in losses by 95.79% to 204.57% compared to the previous year [4]. - Xi'an Tourism anticipates a net loss of 49 million to 69 million yuan, which is relatively stable compared to a loss of 63.66 million yuan in the same period last year [5]. - Changbai Mountain is projected to incur a net loss of 2.58 million to 1.58 million yuan, marking a shift from profit to loss due to increased operational costs and decreased visitor numbers [6]. - Dalian Shengya expects a net loss of 19.08 million to 12.72 million yuan, with a significant drop in net profit from the previous year [6]. - Tibet Tourism is set to achieve a net profit of approximately 2 million yuan, marking a turnaround from losses in the previous year [7]. - Xiyu Tourism forecasts a profit of 9 million to 11 million yuan, a decline of 62.55% to 69.36% year-on-year [8]. - Guilin Tourism reports a net profit of about 8 million yuan, recovering from a loss of 19.09 million yuan in the same period last year [10]. - Xiangyuan Cultural Tourism expects a net profit of 90 million to 97 million yuan, an increase of 51.44% to 63.22% year-on-year, driven by new attractions and government subsidies [10]. Group 2: Market Trends and Influences - The performance divergence among tourism companies is influenced by factors such as weather disturbances, cost pressures, and differences in business structures [2][11]. - The summer peak season is anticipated to drive demand, with an expected increase in air travel passenger volume by 5.4% during the 2025 summer season [12]. - Analysts suggest that the combination of peak season demand, policy support, and AI empowerment will catalyze the recovery of natural scenic spots [12]. - The domestic tourism market is expected to remain stable, with a focus on deep experiences and cultural exploration as key consumer demands [12].

Core Viewpoint - Changbai Mountain (603099) is expected to report a net profit loss for the first half of 2025, primarily due to adverse weather conditions affecting visitor numbers and increased operational costs [2][3][5] Trading Information Summary - On July 14, 2025, Changbai Mountain's stock closed at 38.52 yuan, down 0.21%, with a turnover rate of 1.93% and a trading volume of 51,600 shares, amounting to a transaction value of 199 million yuan [1] - The net outflow of main funds was 5.123 million yuan, accounting for 2.57% of the total transaction value, while retail investors saw a net inflow of 4.7188 million yuan, representing 2.37% of the total [2][5] Performance Disclosure Highlights - The company forecasts a net profit loss attributable to shareholders of the parent company between 158,000 yuan and 258,000 yuan for the first half of 2025, with an expected operating revenue of approximately 235 million yuan, reflecting a year-on-year decrease of about 7.48% [2][3][5] - The previous year's net profit attributable to shareholders was 21.033 million yuan, with a non-recurring profit of 27.0914 million yuan, and earnings per share of 0.08 yuan [3] Company Announcement Summary - The anticipated performance decline is attributed to increased closure days of the scenic area due to extreme weather, leading to a decrease in visitor numbers and revenue [3][5] - Rising labor costs are also a factor, driven by increased social security bases, higher insurance premiums, and the outsourcing of business expansion and temporary labor [3][5]

Group 1 - The company expects a net profit attributable to shareholders of the parent company for the first half of 2025 to be between -2.58 million and -1.58 million yuan, indicating a loss compared to the same period last year [1][2] - The estimated operating revenue for the first half of 2025 is approximately 235 million yuan, representing a decrease of about 7.48% compared to the same period last year [1][2] - The net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is expected to be between -2.75 million and -1.75 million yuan [1][2] Group 2 - In the same period last year, the net profit attributable to shareholders of the parent company was 21.03 million yuan, and the net profit after deducting non-recurring gains and losses was 27.09 million yuan [2] - The increase in labor costs compared to the same period last year is attributed to higher social security bases, increased insurance premiums, and the expansion of outsourced and temporary labor [2] - The company faced operational challenges due to extreme weather, leading to increased closure days for scenic spots and a decline in visitor numbers [2]

Group 1 - New Yi Sheng expects a net profit increase of 327.68%-385.47% for the first half of 2025, reaching between 37 billion to 42 billion yuan, driven by growth in AI-related computing power demand and product structure optimization [2][4] - Xinghui Entertainment plans to sell 99.66% of its stake in the Spanish club Espanyol for 1.3 billion euros, with half of the payment in cash and the other half in shares [3] - *ST Yushun intends to acquire 100% of three companies for a total of 33.5 billion yuan, aiming to diversify its business into data center infrastructure services and related products [4] Group 2 - Salted Fish plans to reduce its shareholding by up to 2.04%, with a major shareholder intending to sell 5,455,572 shares [5] - Lian Microelectronics expects a net loss of approximately 1.21 billion yuan for the first half of 2025 [6] - Meinian Health anticipates a net loss of 1.92 billion to 2.36 billion yuan for the first half of 2025, with revenue expected to decline by 0.12%-5.83% [7] Group 3 - Chengdi Xiangjiang forecasts a net profit of 28 million to 42 million yuan for the first half of 2025, marking a turnaround from a loss of 69.29 million yuan in the previous year [8] - Jinpu Titanium plans to acquire 100% of Nanjing Lide Oriental Rubber and Plastic Technology Co., Ltd., with stock resuming trading after the announcement [9] - Bohai Leasing expects a net loss of 1.8 billion to 2.4 billion yuan for the first half of 2025 due to goodwill impairment from a subsidiary's asset sale [10] Group 4 - Foton Motor anticipates a net profit increase of approximately 87.5% for the first half of 2025, reaching about 777 million yuan [11] - Shenwan Hongyuan expects a net profit growth of 92.66%-111.46% for the first half of 2025, estimating profits between 4.1 billion to 4.5 billion yuan [12] - Ganfeng Lithium predicts a net loss of 5.5 billion to 3 billion yuan for the first half of 2025, an improvement from a loss of 7.6 billion yuan in the previous year [13] Group 5 - Suzhou Planning intends to acquire 100% of Beijing Dongjin Aviation Technology Co., Ltd., with stock resuming trading after the announcement [14] - Xiangyang Bearing expects a net loss of approximately 13 million yuan for the first half of 2025, slightly worse than the previous year's loss [15] - Tianqi Lithium forecasts a net profit of 0 to 1.55 billion yuan for the first half of 2025, a significant improvement from a loss of 5.2 billion yuan in the previous year [16] Group 6 - Shandong Gold anticipates a net profit increase of 84.3%-120.5% for the first half of 2025, estimating profits between 2.55 billion to 3.05 billion yuan [17] - Yunnan Geology expects a net profit of 16 million to 23 million yuan for the first half of 2025, marking a turnaround from a loss in the previous year [18] - Four-dimensional Map expects a net loss of 319 million to 268 million yuan for the first half of 2025, with revenue growth of 3.07%-14.30% [19] Group 7 - Tangrenshen anticipates a net loss of 54 million to 69 million yuan for the first half of 2025, a significant decline from the previous year's profit [20] - Changbai Mountain expects a net loss of 2.58 million to 1.58 million yuan for the first half of 2025, with revenue decreasing by approximately 7.48% [21] - Jiu Gui Jiu predicts a net profit of 8 million to 12 million yuan for the first half of 2025, a decline of 90.08%-93.39% compared to the previous year [22] Group 8 - Hengsheng Electronics expects a net profit increase of 740.95% for the first half of 2025, estimating profits around 251 million yuan [23] - Qixia Construction anticipates a net profit of 5.5 million to 8 million yuan for the first half of 2025, driven by increased project completions [24] - Poly Development expects a net profit decrease of 63.15% for the first half of 2025, estimating profits around 27.35 billion yuan [25] Group 9 - Anyuan Coal anticipates a net loss of 259 million to 310 million yuan for the first half of 2025, worsening from the previous year's loss [26] - Zhonghua Equipment plans to acquire 100% of Yiyang Rubber Machine and Beihua Machine, with stock suspension expected for no more than 10 trading days [27] - Bayi Steel expects a net loss of 650 million to 700 million yuan for the first half of 2025, primarily due to weak market conditions [28] Group 10 - Yuegui Co. anticipates a net profit increase of 58.67%-77.12% for the first half of 2025, estimating profits between 215 million to 240 million yuan [29] - Dalian Friendship expects a net loss of 38 million to 30 million yuan for the first half of 2025, with revenue impacted by tax-related issues [30] - Hangfa Power expects a net profit decrease of 84.53%-86.55% for the first half of 2025, estimating profits around 80 million to 92 million yuan [31] Group 11 - Dongfang Zirconium anticipates a net profit increase of 141.77%-156.80% for the first half of 2025, estimating profits between 25 million to 34 million yuan [32] - Hangzhou Steel expects a net profit decrease of 2% from a major shareholder's planned reduction [33] - Jingao Technology predicts a net loss of 2.5 billion to 3 billion yuan for the first half of 2025, worsening from the previous year's loss [34] Group 12 - Shanshan Co. expects a net profit increase of 810.41%-1265.61% for the first half of 2025, estimating profits between 160 million to 240 million yuan [35] - Guocheng Mining anticipates a net profit increase of 1046.75%-1174.69% for the first half of 2025, estimating profits between 493 million to 548 million yuan [36] - Jindi Group expects a net loss of 3.4 billion to 4.2 billion yuan for the first half of 2025, with significant declines in revenue [37] Group 13 - Founder Securities anticipates a net profit increase of 70%-80% for the first half of 2025, estimating profits between 22.96 billion to 24.32 billion yuan [38] - Hasi Lian expects a net loss of 98 million to 80 million yuan for the first half of 2025, a significant decline from the previous year [39] - Lanhua Ketech expects a net profit decrease of 89.12%-92.75% for the first half of 2025, estimating profits between 40 million to 60 million yuan [40] Group 14 - Shanxi Securities anticipates a net profit increase of 58.17%-70.72% for the first half of 2025, estimating profits between 5.04 billion to 5.44 billion yuan [41] - Xinda Real Estate expects a net loss of 3.5 billion to 3.9 billion yuan for the first half of 2025, with significant declines in revenue [42] - Xiangcai Co. anticipates a net profit increase of 63.64%-118.19% for the first half of 2025, estimating profits between 12 million to 16 million yuan [43] Group 15 - Longi Green Energy expects a net loss of 2.4 billion to 2.8 billion yuan for the first half of 2025, despite an increase in sales volume [44] - Wentai Technology anticipates a net profit increase of 178%-317% for the first half of 2025, estimating profits between 390 million to 585 million yuan [45] - Ruida Futures expects a net profit increase of 50.56%-83.15% for the first half of 2025, estimating profits between 206 million to 251 million yuan [46] Group 16 - Debang Co. anticipates a net profit decrease of 84.26%-87.86% for the first half of 2025, estimating profits between 40 million to 52 million yuan [47] - Jin Yi Culture expects a net loss of 20 million to 32 million yuan for the first half of 2025, a significant decline from the previous year [48] - Hongdian Film expects a net profit increase of 103.55%-160.09% for the first half of 2025, estimating profits between 180 million to 230 million yuan [49] Group 17 - Qiaqia Food anticipates a net profit decrease of 71.05%-76.25% for the first half of 2025, estimating profits between 80 million to 97.5 million yuan [50] - Guotai Haitong expects a net profit increase of 205%-218% for the first half of 2025, estimating profits between 15.283 billion to 15.957 billion yuan [51] - Xining Special Steel expects a net loss of approximately 234 million yuan for the first half of 2025, with revenue impacted by low steel prices [52]

[Current Period Performance Forecast](index=1&type=section&id=Item%201.%20Current%20Period%20Performance%20Forecast) The company forecasts a shift from profit to loss in H1 2025, with net profit attributable to shareholders between -2.58 million and -1.58 million yuan, and operating revenue decreasing by 7.48% to 235 million yuan Key Performance Forecast Data for H1 2025 | Indicator | Estimated Amount/Range (million yuan) | Year-over-Year Change | | :--- | :--- | :--- | | **Net Profit Attributable to Parent Company Shareholders** | -2.58 to -1.58 | Shift from Profit to Loss | | **Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Items)** | -2.75 to -1.75 | Shift from Profit to Loss | | **Operating Revenue** | Approx. 235 | Decrease of approx. 7.48% | - The performance forecast data has not been audited by a certified public accountant[7](index=7&type=chunk) [Operating Performance and Financial Status in the Prior Period](index=2&type=section&id=Item%202.%20Operating%20Performance%20and%20Financial%20Status%20in%20the%20Prior%20Period) In H1 2024, the company reported a net profit attributable to shareholders of 21.033 million yuan and non-recurring net profit of 27.0914 million yuan, with EPS of 0.08 yuan, a stark contrast to the current forecast H1 2024 Performance Review | Indicator | H1 2024 Amount | | :--- | :--- | | **Net Profit Attributable to Parent Company Shareholders** | 21.033 million yuan | | **Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Items)** | 27.0914 million yuan | | **Earnings Per Share** | 0.08 yuan | [Key Reasons for Performance Change in the Current Period](index=2&type=section&id=Item%203.%20Key%20Reasons%20for%20Performance%20Change%20in%20the%20Current%20Period) Performance decline is primarily due to increased scenic area closures from extreme weather, reducing visitors and revenue, alongside rising labor costs from higher social security contributions and expanded temporary staffing - Revenue decreased due to increased closures of scenic areas and attractions caused by extreme weather, leading to a decline in visitor numbers[10](index=10&type=chunk) - Labor costs increased year-over-year due to higher social security contribution bases, increased insurance premiums, and expanded outsourcing and temporary employment for business development[10](index=10&type=chunk) [Risk Warning](index=2&type=section&id=Item%204.%20Risk%20Warning) The company confirms no significant uncertainties currently exist that could impact the accuracy of this performance forecast - The company states there are no significant uncertainties affecting the accuracy of this performance forecast[11](index=11&type=chunk) [Other Explanatory Matters](index=2&type=section&id=Item%205.%20Other%20Explanatory%20Matters) The company reminds investors that the disclosed performance forecast is preliminary, and final accurate financial data will be based on the official 2025 semi-annual report, with an investment risk warning - The forecast data provided is preliminary, and the final accurate financial data will be based on the company's officially disclosed 2025 semi-annual report[12](index=12&type=chunk)

长白山（603099）公告，2025年半年度预计实现归属于母公司所有者的净利润为-258万元至-158万元， 与上年同期相比，将出现亏损。预计2025年半年度实现归属于母公司所有者的扣除非经常性损益的净利 润为-275万元至-175万元。2025年半年度营业收入约为2.35亿元，与上年同期相比减少约7.48%。本次业 绩预告未经注册会计师审计。 ...