Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The return of everyday dining and the rise of home-cooked meals are significant trends, with the market for casual dining exceeding 1.2 trillion RMB, emphasizing high cost-performance [5][58] - The creator economy, particularly in the music streaming sector, is experiencing stable growth, with platforms enhancing their bargaining power through non-music content [22][24] - The casual dining market is projected to grow at a compound annual growth rate (CAGR) of 9.1% from 2023 to 2028, reaching 55.87 billion RMB by 2028 [56][58] Summary by Sections 1. Trend in Casual Dining - The average spending on Chinese dining has decreased from 87.6 RMB in 2023 to 79.2 RMB in 2024, a decline of 9.6% [53][55] - The casual dining market is characterized by a shift towards high cost-performance and practicality, with a significant increase in home cooking frequency [53][56] - The market for affordable casual dining (under 100 RMB per meal) is the largest segment, accounting for 88.7% of the total dining market, with a current size of 36.18 billion RMB [56][58] 2. Creator Economy and Music Streaming - The global music streaming market is projected to reach over 20.4 billion USD in 2024, with a year-on-year growth of 7.3% [27][30] - Subscription users in the music streaming sector are expected to grow to 263 million in 2024, reflecting an increase of 11% year-on-year [30] - Spotify's market penetration in emerging markets is driving user growth, with a CAGR of 35% from 2021 to 2025 [26][30] 3. Trends in Toy and Creator Economy - The online sales of trendy toys in June 2025 reached 1.348 billion RMB, with a year-on-year growth of 16% [12][14] - The sales of blind boxes and plush toys showed strong performance, with blind boxes growing by 109% year-on-year [12][13] - The creator economy is bolstered by the growth of non-music content, enhancing platforms' bargaining power [22][24] 4. Beauty and Personal Care Market - The skincare market on Tmall has seen a concentration increase, with the top 20 brands accounting for 46.2% of the total GMV [66] - Domestic brands have seen a decline in both quantity and market share, while international brands have experienced double-digit growth [66][67]

证券代码：603099 证券简称：长白山 公告编号：2025-41 长白山旅游股份有限公司 2025年第二次临时股东会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 7 月 9 日 (二)股东大会召开的地点：长白山旅游股份有限公司三楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 465 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 184,142,764 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 69.0526 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东会由公司董事会召集，参会董事推举姜山为会议主持人。会议采用现 场投票和网络投票相结合的表决方式。会议的通知及召开符合《公司法》、《公司 章程》及国家有 ...

吉林兢诚律师事务所 关于长白山旅游股份有限公司 2025 年第二次临时股东会的法律意见书 吉兢法律意见书【2025】第 028 号 致:长白山旅游股份有限公司 吉林兢诚律师事务所(以下称本所)接受长白山旅游股份有限公 司（以下称公司）的委托,指派本所律师出具公司 2025年第二次临 时股东会（以下称本次股东会）的法律意见书。本所律师根据《中华 人民共和国公司法》(以下称《公司法》)、《中华人民共和国证券 法》(以下称《证券法》)、中国证券监督管理委员会《上市公司股 东会规则》(以下称《股东会规则》)等法律、法规和规范性文件及 《长白山旅游股份有限公司章程》（以下称《公司章程》）、《长白 山旅游股份有限公司股东会议事规则》(以下称《公司股东会议事规 则》）等有关规定,就本次股东会进行见证并出具法律意见书。 本次股东会由董事会提议并召集,公司董事会于 2025年 6 月 24 日在上海证券交易所网站(www.sse.com.cn)等媒体发布了《长白山 旅游股份有限公司关于召开 2025年第二次临时股东会的通知》（以 下称股东会通知）。载明了本次股东会的召集人、召开方式、投票方 式、会议时间及地点、会议审议事项、会 ...

证券代码：603099 证券简称：长白山 公告编号：2025-040 长白山旅游股份有限公司 关于向特定对象发行股票申请获得中国证监会同意 注册批复的公告 本公司监事会及全体监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。 长白山旅游股份有限公司（以下简称"公司"）近日收到中国证 券监督管理委员会（以下简称"中国证监会"）出具的《关于同意长 白山旅游股份有限公司向特定对象发行股票注册的批复》（证监许可 [2025]1358 号），主要内容如下： 一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发行应严格按照报送上海证券交易所的申报文件 和发行方案实施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事 项，应及时报告上海证券交易所并按有关规定处理。 公司董事会将根据上述批复文件和相关法律法规要求以及公司 股东会的授权，在规定期限内办理本次向特定对象发行股票相关事宜， 并及时履行信息披露义务。敬请广大投资者注意投资风险。 1 特此公告。 长白山旅游股份有限公司董事会 202 ...

Group 1 - The tourism and hotel sector experienced an initial rise, with Nanjing Shanglv (600250) hitting the daily limit up [1] - Jinling Hotel (601007), Tianfu Culture and Tourism (000558), Changbai Mountain (603099), and Xiyu Tourism (300859) also saw significant increases in their stock prices [1]

Group 1 - The ginseng industry is a key advantage for Tonghua City in Jilin Province, with a comprehensive output value of 15.694 billion yuan from January to May [1] - Tonghua City is focusing on a coordinated development strategy across the entire industry chain, enhancing the primary industry, improving secondary processing capabilities, and promoting deep processing [1][2] - The city is also innovating in the tertiary sector by developing cultural tourism and wellness industries, creating unique tourism routes and educational bases that integrate ginseng cultivation and leisure [1] Group 2 - The area for under-forest ginseng cultivation in Tonghua City is 320,900 acres, accounting for 85.40% of the province's output and 86.42% of its value [2] - There are over 450 ginseng processing enterprises in the city, with 28 large-scale production companies [2] - Tonghua has two major ginseng markets, with a projected total transaction volume of 16.5 billion yuan in 2024, where the Aoyang market accounts for over 80% of the national wild ginseng trading volume [2] Group 3 - Tonghua City is implementing a "Technology-Driven Ginseng" strategy, enhancing collaboration between industry, academia, and research [3] - The city is establishing a technology innovation center for non-forest ginseng cultivation and product development in collaboration with Changchun University of Traditional Chinese Medicine [3] - Key technologies are being developed, with significant funding allocated to projects aimed at overcoming challenges in non-forest ginseng cultivation [3]

Core Viewpoint - The Jilin Provincial Water Resources Department and the Jilin Provincial Meteorological Bureau have issued an orange alert for mountain flood disaster risk, indicating a significant likelihood of such disasters in various regions of Jilin Province from the night of July 3 to the night of July 4 [1] Summary by Relevant Categories Weather and Disaster Risk - An orange alert for mountain flood disaster risk has been jointly issued, highlighting the potential for severe weather-related events [1] - Specific areas at high risk include Dongfeng County, Meihekou City, Liuhe County, Tonghua County, Hunjiang District, Jiangyuan District, and Jiyu County [1] - Broader regions with a high likelihood of mountain flood disasters include southern Jilin, southwestern Yanbian, most of Tonghua, most of Liaoyuan, and most of Baishan [1] Recommendations and Precautions - The Jilin Provincial Water Resources Department and the Jilin Provincial Meteorological Bureau have advised residents to take precautions against potential mountain flood disasters [1]

长白山旅游股份有限公司 2025 年第二次临时股东会材料 长白山旅游股份有限公司 会议资料 中国·吉林 二〇二五年六月 长白山旅游股份有限公 司 2025 年第 二次临时股东会材料 议案一：关于公司与控股股东的参股公司签订人力资源服务劳务外包协议暨关联 长白山旅游股份有限公司 2025 年第二次临时股东会材料 召集人：董事会 主持人：王 昆 召开方式：本次股东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会召开当日的交易时间段，即 台的投票时间为股东会召开当日的 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 三、介绍公司董事、监事、高级管理人员、见证律师及 一、长白山旅游股份有限公司 2025 年第二 次临时股东会议程 时 间：2025 年 7 月 9 日 14 点 地 点：长白山旅游股份有限公司三楼会议室 其他人士的出席情况 四、推选计票人和监票人，宣读议案审议及表决办法 五、宣读和审议议案 劳务外包协议暨关联交易的议案 长白山旅游股份有限公司 2025 年第二次临时股东会材料 六 ...

Core Viewpoint - The tourism industry, once expected to thrive, is now facing significant challenges, highlighted by the bankruptcy of Qinghai Tourism Investment Group and the struggles of various tourism companies despite an increase in domestic travel and spending [2][3][4][8]. Group 1: Industry Challenges - Qinghai Tourism Investment Group and its subsidiaries have filed for bankruptcy, shocking the tourism sector [3]. - The company, which aimed for significant growth and public listing, mismanaged its resources, leading to a loss of 4.8 billion in registered capital [4]. - 44 listed companies in the tourism sector reported their Q1 earnings, with 25 experiencing negative revenue growth, accounting for 56.8% of the total [4]. Group 2: Financial Performance - Major airlines like China Southern Airlines, China Eastern Airlines, and Air China reported substantial losses in Q1, with losses of 747 million, 995 million, and 2.044 billion respectively [7]. - Despite a 26.4% increase in domestic travel and an 18.6% rise in spending, the tourism industry is struggling financially [8][9]. Group 3: Market Dynamics - The tourism market is saturated, with an increase in A-level scenic spots and travel agencies, yet average income has dropped by nearly 40% [31]. - Online travel platforms like Ctrip and Tongcheng are thriving, with Ctrip reporting a net profit of approximately 4.3 billion in Q1, showcasing the "shovel effect" where service providers profit while actual tourism businesses struggle [28][30]. Group 4: Shifts in Consumer Behavior - The tourism industry is transitioning to a 2.0 era, where experiential value is prioritized over mere scarcity of resources [46][50]. - Successful attractions like Jiuhua Mountain and Disney have capitalized on immersive experiences, contrasting with traditional scenic spots that fail to adapt [39][41]. Group 5: Future Outlook - Many tourism platforms are likely to face severe financial difficulties or bankruptcy if they cannot adapt to the changing market dynamics and consumer preferences [55][56]. - The current environment suggests a need for a significant restructuring within the tourism sector to eliminate ineffective players and allow successful entities to thrive [58][59].

长白山旅游股份有限公司 2025年第二次临时股东会材料 长白山旅游股份有限公司 2025 年第二次临时股东会 会议资料 中国·吉林 二〇二五年六月 1 一、长白山旅游股份有限公司 2025 年第二 次临时股东会议程 时 间：2025 年 7 月 9 日 14 点 地 点：长白山旅游股份有限公司三楼会议室 召集人：董事会 主持人：王 昆 召开方式：本次股东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会召开当日的 9:15-15:00。 | | | 长白山旅游股份有限公司 2025年第二次临时股东会材料 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 三、介绍公司董事、监事、高级管理人员、见证律师及 其他人士的出席情况 四、推选计票人和监票人，宣读议案审议及表决办法 五、宣读和审议议案 1、关于公司与控股股东的参股公司签订人力资源服务 劳务外包协议暨关联交易的议案 2、关于增加经营范 ...