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].

Summary of Long White Mountain Conference Call Company and Industry Overview - The conference call discusses Long White Mountain Scenic Area, focusing on its tourism and hospitality performance in 2025, particularly in light of recent developments such as the opening of the Shenbai High-Speed Railway and seasonal visitor trends [2][4][6]. Key Points and Arguments Visitor Trends and Performance - In July, visitor numbers increased by 40% year-on-year, and in August, the growth was 13.9%, driven by summer tourism [2][4]. - The total number of visitors to the scenic area increased by approximately 10% year-on-year for the first three quarters of 2025 [4]. - The opening of the Shenbai High-Speed Railway in October reduced travel time from Shenyang to Long White Mountain to about 4 hours, leading to a nearly 20% increase in visitors from Liaoning province [6][7]. Financial Performance - The company experienced losses in the first half of the year due to an early end to the New Year holiday and extreme weather conditions [5]. - However, the summer season saw a recovery, with significant measures taken to enhance infrastructure and transportation capacity, resulting in improved performance [5]. - The hotel occupancy rate for the Long White Mountain Crowne Plaza increased by 0.31% year-on-year, although the average room rate decreased by 6.4% [10]. In the third quarter, occupancy and average room rates both rose, with revenue from room sales increasing by 10.45% [11]. Transportation and Infrastructure - The scenic area implemented strategies to manage ticket sales and visitor flow in response to sudden weather changes, including real-time adjustments to ticketing [8]. - The high-speed railway's impact is expected to be more pronounced in the coming months, enhancing visitor flexibility and increasing ticket sales uncertainty [7][16]. Seasonal Visitor Dynamics - During the autumn holiday, there was a notable increase in visitors from southern provinces, with Zhejiang province accounting for 16.73% of visitors and Guangdong province seeing a doubling in visitor numbers [9]. - The company anticipates a good increase in visitor numbers during the upcoming winter season, supported by early snowfall and the high-speed railway [14]. Business Segments - The charter bus and other transportation services reported a 26.47% year-on-year increase in revenue for the first nine months, with a 22.23% increase in charter bus revenue in the third quarter [12]. - The vacation service company saw a 44.74% increase in revenue year-on-year, with a 22.25% increase in net profit, driven significantly by the "Leap Long White Mountain" project [3][13]. Future Outlook - The company aims to meet a government-set target of 4 million visitors for the year, although achieving this remains challenging [14]. - The introduction of new transportation routes and improved connections between airports and the scenic area is expected to enhance visitor access and overall tourism growth [19][20][21]. Additional Important Insights - The scenic area is planning to enhance its capacity by expanding infrastructure and transportation options, including the procurement of additional vehicles and hiring external support for peak seasons [15]. - The company is also exploring the potential for winter tourism in the southern scenic area, which is currently underutilized due to transportation challenges [18]. - The overall efficiency of the scenic area has improved, with weekend and holiday travel becoming more accessible, thus increasing visitor numbers during off-peak times [17]. This summary encapsulates the key insights from the Long White Mountain conference call, highlighting the company's performance, visitor trends, and future strategies in the tourism industry.

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]

Group 1: Market Trends - The pace of new public offerings has slowed, with 12 new projects added in the last two weeks, a decrease of 10 projects compared to the previous period[6] - The number of terminated projects also decreased by 8, totaling 8 terminations in the same period[6] - There are currently 624 projects in the normal review stage, with 67 projects having passed the review and registration, an increase of 10 projects[6] Group 2: Project Analysis - Fangzheng Technology plans to raise up to 1.98 billion CNY for an AI and high-density interconnect circuit board project, expected to generate an annual output value of approximately 2 billion CNY[23] - Deler Co. intends to acquire 100% of Aizhuo Technology and raise 83 million CNY for smart upgrades, with the target company's valuation at 270 million CNY, reflecting a 203.33% increase[25] Group 3: Fundraising and Pricing - In the last two weeks, three projects were listed, raising a total of 786 million CNY, a 96.47% decrease from the previous period[30] - The average market price discount rate for two fixed-price projects was 48.99%[31] - The average bid premium rate for Changbai Mountain was 9.27%, with a bid success rate of 77.78%[38] Group 4: Unlocking Gains - Among three newly unlocked bidding projects, 66.67% had positive returns, a decrease of 33.33 percentage points from the previous period[42] - The average absolute return on the unlocking day for these projects was 21.56%, marking a decline of 6.09 percentage points[42] - For four fixed-price projects, the average absolute return on the unlocking day was 92.33%, with a 100% success rate[46] Group 5: Risk Factors - Risks include slower-than-expected review progress, fluctuations in secondary market stock prices, and changes in the market environment for fundraising bids[48]

Core Insights - The tourism and scenic spots sector experienced a rise of 0.77% on November 17, with Dalian Shengya leading the gains [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Sector Performance - Dalian Shengya (600593) closed at 53.09, up 7.01% with a trading volume of 170,400 shares and a transaction value of 880 million [1] - Caesar Travel (000796) closed at 8.17, up 6.10% with a trading volume of 2,343,000 shares and a transaction value of 1.9 billion [1] - Changbai Mountain (660509) closed at 52.90, up 4.92% with a trading volume of 175,700 shares and a transaction value of 932 million [1] - Tianfu Culture and Tourism (000558) closed at 5.62, up 4.07% with a trading volume of 1,028,900 shares and a transaction value of 572 million [1] - Emei Mountain A (000888) closed at 13.12, up 1.47% with a trading volume of 108,100 shares and a transaction value of 141 million [1] Capital Flow - The tourism and scenic spots sector saw a net outflow of 244 million from main funds, while retail investors contributed a net inflow of 235 million [2] - The main funds' net inflow for Tianfu Culture and Tourism was 93.67 million, while retail investors had a net outflow of 82.61 million [3] - Dalian Shengya had a main fund net inflow of 24.47 million, with retail investors experiencing a net outflow of 47.64 million [3]