Financial Performance - The net profit attributable to shareholders for 2020 was -55,785,352.56 CNY, with distributable profits amounting to 383,129,690.07 CNY[4] - The company will not distribute cash dividends for the year 2020, opting to retain undistributed profits for operational and investment needs[4] - In 2020, the company's operating revenue was CNY 147,596,718.85, a decrease of 68.41% compared to CNY 467,196,177.44 in 2019[22] - The net profit attributable to shareholders was a loss of CNY 55,785,352.56 in 2020, down 174.12% from a profit of CNY 75,259,381.62 in 2019[22] - The basic earnings per share in 2020 was -0.21 CNY, a decrease of 175% compared to 0.28 CNY in 2019[22] - The weighted average return on equity decreased by 12.52 percentage points to -5.32% in 2020 from 7.20% in 2019[22] - The total assets at the end of 2020 were CNY 1,208,171,080.30, down 8.17% from CNY 1,315,694,562.31 at the end of 2019[22] - The net cash flow from operating activities was -8,572,988.38 CNY in 2020, a decline of 106.94% from CNY 123,503,823.29 in 2019[22] - The company reported a total of CNY 5,108,723.58 in non-recurring gains and losses for 2020[26] - The company experienced a significant decline in net profit, with a loss of CNY 16,084,131.86 in Q4 2020, compared to a profit in previous quarters[24] Operational Strategy - The company is focusing on enhancing its operational strategies and market expansion efforts in the coming year[4] - The company has outlined potential risks in the "Discussion and Analysis of Operating Conditions" section of the annual report[4] - The company has exclusive operating rights for transportation in three scenic areas of Changbai Mountain, enhancing its competitive advantage in tourism transportation[32] - The hotel management segment, in collaboration with InterContinental Hotels Group, has established the Crowne Plaza brand, which has become a landmark hotel in the region[32] - The company is actively developing new hot spring projects to align with post-pandemic tourism market demands[37] - The company is focusing on developing a diverse range of tourism products, including sports, wellness, and educational tourism, to meet changing market demands[62] - The company aims for a revenue target of 348.78 million CNY and a net profit of 17.35 million CNY for 2021, focusing on resource integration and service quality improvement[62] Financial Management - The company has not indicated any plans for capital reserve transfers to increase share capital for 2020[4] - The company has committed to not engaging in similar business activities as its controlling shareholders, ensuring no competition arises[74] - The company will support the repurchase of shares to stabilize stock prices and fulfill obligations related to increasing holdings in the company's stock[82] - The company will initiate a buyback program within five trading days if the prospectus is found to contain false statements or omissions, with the buyback price based on the market price at that time[86] - The company will compensate investors for any losses caused by violations of commitments[92] - The company will ensure that any earnings from violations will be returned to the company, compensating for any losses incurred by investors[94] Governance and Compliance - The company has implemented a comprehensive management system to ensure safety and service standards, positioning itself as a leader in scenic area management[32] - The company is enhancing its governance structure to improve decision-making and ensure compliance with financial management regulations[62] - The company has appointed independent directors with extensive backgrounds in finance and law to strengthen governance[140] - The company adheres to the governance requirements set by the China Securities Regulatory Commission, ensuring effective implementation of decision-making and supervisory rights[157] - The company did not report any risks identified by the supervisory board during the reporting period[161] Social Responsibility - The company actively fulfilled social responsibilities, focusing on environmental protection and sustainable development, implementing energy-saving and pollution prevention measures[114] - The company supported 14 impoverished households in Xisan Village, achieving complete poverty alleviation without signs of relapse[114] - The company organized donation activities for employees facing severe illnesses or disasters, ensuring all employees achieved poverty alleviation[114] - The company reported zero COVID-19 infections among employees during the pandemic, showcasing effective preventive measures[114] Shareholder Information - The total number of ordinary shareholders reached 16,491 by the end of the reporting period, an increase from 16,182[121] - The largest shareholder, Jilin Province Changbai, held 158,533,060 shares, representing 59.45% of total shares, with 79,266,530 shares pledged[121] - The company has a history of cash dividend distributions, with a cash dividend of RMB 0.43 per share in 2019, amounting to RMB 11,466,810.00, representing 15.24% of the net profit attributable to shareholders[71] Audit and Internal Control - The company has reported a standard unqualified audit opinion from Xinyong Zhonghe Accounting Firm[4] - The internal control audit was also conducted by Xinyong Zhonghe Accounting Firm with a fee of 200,000 RMB[105] - The internal control audit report issued by Xinyong Zhonghe Accounting Firm confirmed that the company maintained effective financial reporting internal controls as of December 31, 2020[164] - There were no significant deficiencies in internal controls reported during the audit period[168] Market Conditions and Risks - The tourism industry is highly sensitive to macroeconomic conditions, and a slowdown in economic growth could adversely affect disposable income and tourism demand, impacting revenue and profit growth[67] - Seasonal fluctuations significantly affect the company's performance, with over 60% of annual tourist numbers and revenue concentrated in the third quarter[67] - The company faces risks related to price adjustments for transportation and heating services, which require approval from regulatory authorities, limiting its ability to respond to rising costs due to inflation[67] - The tourism industry is vulnerable to unexpected events such as natural disasters and pandemics, which can severely impact operational performance[67]

Financial Performance - Net profit attributable to shareholders was CNY -39,701,220.70, representing a decline of 148.33% year-on-year[17] - Operating revenue for the first nine months was CNY 98,500,324.08, down 74.45% from the same period last year[17] - Basic earnings per share were CNY -0.15, a decline of 148.39% year-on-year[17] - The company reported a significant decline in both revenue and profit due to the impact of external factors[17] - The company's net profit for Q3 2020 was CNY 18,057,317.89, a significant decrease compared to CNY 105,624,499.58 in Q3 2019, reflecting a decline of approximately 83.9%[50] - The company's total profit for Q3 2020 was CNY 18,004,429.88, down from CNY 132,188,027.23 in Q3 2019, representing a decline of approximately 86.4%[50] - The company reported a net profit margin decline due to reduced revenue and increased operational costs, impacting overall profitability[43] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,230,458,417.62, a decrease of 6.48% compared to the end of the previous year[17] - The total assets as of September 30, 2020, amounted to CNY 1,254,736,378.86, compared to CNY 1,321,796,293.60 at the end of 2019, reflecting a decrease of approximately 5.1%[43] - The total liabilities as of September 30, 2020, were CNY 181,854,008.37, down from CNY 206,791,720.23 at the end of 2019, showing a reduction of about 12.1%[43] - The total liabilities decreased to ¥196,212,948.73 from ¥233,651,599.48 in the previous year[36] - The company reported a 332.32% increase in non-current liabilities due within one year, amounting to ¥42,488,000.00 compared to ¥9,828,000.00 at the beginning of the year[26] Cash Flow - The net cash flow from operating activities was CNY -2,837,840.32, a decrease of 101.72% compared to the previous year[17] - Cash flow from operating activities showed a net outflow of 2,837,840.32 RMB, a significant decline from a net inflow of 164,804,289.66 RMB in the previous period[60] - Total cash inflow from operating activities was 89,955,857.81 RMB, down 73.4% from 338,189,715.71 RMB in the previous year[63] - Cash outflow from operating activities totaled 93,666,317.72 RMB, a decrease of 41.0% compared to 158,453,988.68 RMB in 2019[63] - The company recorded investment cash inflows of 49,428,016.43 RMB, while investment cash outflows were 96,631,071.02 RMB, resulting in a net cash outflow of 47,203,054.59 RMB[60] Shareholder Information - The total number of shareholders at the end of the reporting period was 17,255[22] - The largest shareholder, Jilin Changbai Mountain, held 59.45% of the shares[22] Government Subsidies - Government subsidies recognized in the current period amounted to CNY 3,222,116.46[19] - The company received government subsidies related to operations, contributing to other income of ¥2,238,835.27, an increase of 391.53% compared to ¥455,481.66 in the previous year[26] Operational Costs and Expenses - The main business cost for Q3 2020 was ¥114,406,598.96, down 49.68% from ¥227,345,940.60 in the previous year[26] - Total operating costs for Q3 2020 were CNY 58,832,884.67, down from CNY 125,440,959.54 in Q3 2019, indicating a reduction of about 53.1%[43] - The company experienced a significant reduction in sales expenses, which were ¥3,877,514.81, down 64.80% from ¥11,014,146.87 in the previous year[26] - Sales expenses for Q3 2020 were CNY 2,041,183.98, down 56.2% from CNY 4,655,393.76 in Q3 2019[53] - Management expenses for Q3 2020 were CNY 4,988,254.45, a decrease of 41.5% compared to CNY 8,569,590.60 in Q3 2019[53] Future Outlook - The company is focusing on market expansion and new product development to recover from the revenue decline experienced in 2020[43] - Future guidance indicates a cautious outlook with expectations of gradual recovery in revenue as market conditions improve[43]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 24.63 million, a decrease of 80.90% compared to CNY 128.97 million in the same period last year [26]. - The net profit attributable to shareholders was a loss of CNY 57.76 million, representing a 145.93% increase in loss compared to a loss of CNY 23.49 million in the previous year [26]. - The net cash flow from operating activities was a negative CNY 43.40 million, a significant decline of 586.51% compared to a negative CNY 6.32 million in the same period last year [26]. - The total assets at the end of the reporting period were CNY 1,224.72 million, down 6.91% from CNY 1,315.69 million at the end of the previous year [26]. - The basic earnings per share for the first half of 2020 was -CNY 0.22, a decrease of 144.44% compared to -CNY 0.09 in the same period last year [26]. - The weighted average return on equity decreased by 3.12 percentage points to -5.48% from -2.36% in the previous year [26]. - The company reported non-recurring gains of CNY 3.41 million, primarily from government subsidies related to normal business operations [26]. - The company reported a total comprehensive loss of CNY 49,308,373.21 for the first half of 2020, reflecting the ongoing financial challenges [116]. Operational Challenges - The company faced significant operational challenges due to the COVID-19 pandemic, leading to a complete closure of the Changbai Mountain scenic area from January 24 to February 22, 2020 [26]. - The company has five wholly-owned subsidiaries, all of which reported declines in performance due to the COVID-19 pandemic [34]. - Seasonal fluctuations significantly impact revenue, with over 60% of annual income generated during the peak third quarter [34]. - The company experienced a significant decrease in cash received from sales of goods and services, totaling CNY 24,453,703.98, down from CNY 116,334,841.53 in the same period last year [120]. Corporate Governance and Compliance - The company’s board of directors and management have confirmed the accuracy and completeness of the financial report, assuming legal responsibility for any misstatements [4]. - The company has not faced any significant risks that could materially impact its operations during the reporting period [4]. - The company has not provided any guarantees in violation of regulatory decision-making procedures [4]. - The company has established a long-term commitment to ensure the accuracy and completeness of its disclosures [63]. - The company will actively disclose any failure to fulfill commitments and apologize to investors [67]. - The company has committed to cooperate with the board and supervisory board in case of any breaches of commitments [64]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 18,601 [82]. - The largest shareholder, Jilin Province Changbai Mountain Development Construction (Group) Co., Ltd., held 158,533,060 shares, accounting for 59.45% of total shares [82]. - The company did not propose any profit distribution or capital reserve fund transfer plan for the half-year period [40]. - The company committed to repurchase all newly issued shares if the prospectus is found to contain false records or misleading statements by regulatory authorities [54]. Assets and Liabilities - Total assets decreased from ¥1,315,694,562.31 to ¥1,224,715,461.38, a decline of approximately 6.9% [98]. - Total liabilities decreased from ¥233,651,599.48 to ¥197,891,189.48, a decline of about 15.3% [98]. - Total equity attributable to shareholders decreased from ¥1,082,042,962.83 to ¥1,026,824,271.90, a reduction of approximately 5.1% [98]. - The company's cash and cash equivalents as of June 30, 2020, were approximately ¥157.55 million, down from ¥231.52 million at the end of 2019, representing a decrease of 32% [93]. Accounting Policies - The accounting policies are based on the actual production and operational characteristics of the company [172]. - The company follows the enterprise accounting standards, ensuring that the financial statements reflect its financial status accurately [173]. - Financial assets are classified based on the business model and cash flow characteristics, including those measured at amortized cost and fair value [181]. - The group employs a cost method for accounting long-term equity investments in subsidiaries [196]. Cash Flow Management - Cash flow from operating activities showed a net outflow of CNY -43,399,643.79, compared to a smaller outflow of CNY -6,321,753.85 in the previous year [120]. - The company received CNY 22,142,512.88 in cash from borrowings during the financing activities, slightly up from CNY 21,811,011.63 in the prior year [122]. - The total cash and cash equivalents at the end of the period stood at CNY 156,606,550.04, compared to CNY 132,021,851.29 at the end of the previous year [122]. - The company received CNY 3,090,808.35 in tax refunds, a significant increase from CNY 291,220.52 in the previous year, indicating improved cash flow management [120].

Financial Performance - Operating revenue fell by 71.87% to CNY 13,860,851.84 year-on-year[12] - Net profit attributable to shareholders was a loss of CNY 29,454,440.24, representing a 17.27% increase in loss compared to the same period last year[12] - The diluted earnings per share was -CNY 0.11, a decrease of 22.22% compared to the previous year[12] - The company reported a total comprehensive income of -29,454,440.24 RMB, which is a decrease from -25,115,737.20 RMB year-over-year[46] - Operating profit was reported at -30,403,231.94 RMB, compared to -25,065,209.80 RMB in the previous year, showing a worsening of around 21%[44] - The company reported a total comprehensive income of -25,408,157.71 RMB, compared to -22,284,247.03 RMB in the previous year, indicating a decline in overall financial performance[52] Cash Flow - Net cash flow from operating activities was negative at CNY -26,173,757.44, worsening from CNY -11,326,245.81 in the previous year[12] - Total cash inflow from operating activities was 24,930,813.89 RMB, down 62.4% from 66,323,069.38 RMB in the same period last year[52] - Cash outflow from operating activities reached 51,104,571.33 RMB, a decrease of 34.2% compared to 77,649,315.19 RMB in Q1 2019[52] - The company experienced a net cash flow from investing activities of -35,257,906.58 RMB, compared to -24,824,373.71 RMB in Q1 2019, reflecting increased investment expenditures[54] - The company secured 16,970,512.88 RMB in cash from financing activities, an increase from 8,580,000.00 RMB in Q1 2019, indicating improved financing efforts[54] - The net cash flow from financing activities was 15,423,832.03 RMB, up from 7,826,425.84 RMB in the previous year, showing a positive trend in financing[54] Assets and Liabilities - Total assets decreased by 3.77% to CNY 1,266,086,547.47 compared to the end of the previous year[12] - Total liabilities decreased from ¥233,651,599.48 to ¥212,167,138.15, a reduction of approximately 9.5%[34] - Total equity attributable to shareholders decreased from ¥1,082,042,962.83 to ¥1,053,919,409.32, a decline of about 2.6%[34] - Total current assets decreased from ¥224,114,379.77 to ¥199,428,860.25, a decline of about 11%[38] - Non-current assets decreased from ¥1,097,681,913.83 to ¥1,086,937,342.95, a decrease of approximately 1%[38] Shareholder Information - The total number of shareholders at the end of the reporting period was 19,227[19] - The largest shareholder, Jilin Changbai Mountain Development Construction Group Co., Ltd., holds 59.45% of the shares[19] Government Support and Subsidies - The company received government subsidies amounting to CNY 1,318,695.88, which are closely related to its normal business operations[15] Business Operations - The company's main business revenue decreased by 71.87% to ¥13,860,851.84 compared to ¥49,277,171.74 in the previous period due to reduced business activities caused by the COVID-19 pandemic[22] - The company's main business cost decreased by 38.35% to ¥37,689,091.51 from ¥61,137,702.28 in the previous period, attributed to the reduction in business activities[22] - Cash received from sales and services decreased by 66.33% to ¥15,518,862.48 from ¥46,097,175.12, due to a decline in operating income[25] - Cash received from other operating activities decreased by 65.81% to ¥6,915,113.67 from ¥20,225,894.26, as there were no prior year resource compensation fees received[25] Employee Compensation - Employee compensation payable decreased by 41.37% to ¥26,274,447.70 from ¥44,814,021.95, as performance bonuses were paid out[22] Financial Expenses - The company incurred financial expenses of 1,106,039.53 RMB, which is a substantial increase from 180,074.18 RMB, marking an increase of over 500%[44] Tax Liabilities - The tax expenses for the quarter were 313,574.64 RMB, compared to 3,593.80 RMB in the previous year, indicating a significant increase in tax liabilities[44] Future Plans - The company has plans for market expansion and new strategies, although specific details were not disclosed in the report[44]

Financial Performance - In 2019, the company achieved a net profit attributable to shareholders of RMB 75,259,381.62, representing an increase of 11.28% compared to RMB 67,629,928.01 in 2018[5]. - The company's operating revenue for 2019 was RMB 467,196,177.44, a slight increase of 0.66% from RMB 464,141,015.84 in 2018[20]. - Basic earnings per share increased by 12% to CNY 0.28 in 2019 compared to CNY 0.25 in 2018[21]. - Weighted average return on equity rose to 7.20% in 2019, up from 6.90% in 2018, an increase of 0.30 percentage points[21]. - The company's total revenue for the year was 300,943,588.96 yuan, a decrease of 0.92% compared to the previous year[44]. - The company reported a net profit of CNY 105,624,499.58 in the third quarter, marking a significant recovery from a loss in the first quarter[23]. - The company's total comprehensive income for 2019 was CNY 75,259,381.62, up from CNY 67,629,928.01 in 2018, marking a growth of 11.9%[163]. Assets and Liabilities - The total assets of the company increased by 3.93% to RMB 1,315,694,562.31 in 2019, up from RMB 1,265,927,656.21 in 2018[20]. - The net assets attributable to shareholders at the end of 2019 were RMB 1,082,042,962.83, reflecting a growth of 7.02% from RMB 1,011,067,018.83 at the end of 2018[20]. - Total liabilities decreased to RMB 206,791,720.23 in 2019 from RMB 223,600,687.01 in 2018, a reduction of about 7.5%[159]. - The company's equity attributable to shareholders rose to RMB 1,082,042,962.83, compared to RMB 1,011,067,018.83, marking an increase of 7.03%[156]. - Cash and cash equivalents increased to RMB 231,522,818.24 from RMB 171,668,838.67, a growth of 34.83%[154]. Cash Flow - The cash flow from operating activities for 2019 was RMB 123,503,823.29, which is a significant increase of 23.39% compared to RMB 100,092,274.69 in 2018[20]. - The total cash flow from operating activities in 2019 was CNY 465,708,979.25, slightly down from CNY 468,499,143.80 in 2018[167]. - The net cash outflow from investing activities was CNY -70,368,940.56, compared to CNY -123,848,104.97 in the previous year, indicating an improvement of about 43%[169]. - Cash flow from financing activities generated a net inflow of CNY 7,689,074.36, a significant decrease from CNY 82,859,123.73 in 2018, representing a decline of approximately 90%[169]. Dividend Policy - The company plans to distribute a cash dividend of RMB 0.43 per 10 shares, totaling RMB 11,466,810.00, which accounts for 15.24% of the net profit for the year[5]. - The company has established a cash dividend policy to ensure a stable return to investors, as approved in the 2017 shareholder meeting[68]. - In 2018, the cash dividend was RMB 0.26 per 10 shares, amounting to RMB 6,933,420.00, representing 10.25% of the net profit of RMB 67,629,928.01[70]. Operational Strategy - The company continues to focus on expanding its tourism services and enhancing its operational efficiency in the coming years[6]. - The company is transitioning from traditional travel agency services to an online travel agency model, integrating technology with professional service capabilities[30]. - The company plans to enhance its transportation integration and management output to improve surrounding tourism quality and resource integration[61]. - The company intends to develop a series of winter tourism products centered around snow activities, leveraging its travel agency platform[63]. Risk Management - The management has outlined potential risks in the annual report, advising investors to pay attention to these risks[7]. - The company faces risks related to the expiration of operating permits, macroeconomic changes, and seasonal fluctuations in tourism demand[66]. Corporate Governance - The company has established a commitment to ensure that its former executives do not engage in competitive activities for six months after leaving their positions[75]. - The company has a governance structure that complies with the requirements of the China Securities Regulatory Commission[132]. - The company has not faced any penalties from securities regulatory authorities in the past three years[125]. Employee Management - The company has established a series of employee management systems to ensure the protection of employee rights and promote a harmonious labor relationship[97]. - The company has implemented various employee welfare initiatives, including health and safety measures, and has organized sports activities to enhance employee well-being[97]. - The total number of employees in the parent company is 794, and in major subsidiaries, it is 543, resulting in a total of 1,337 employees[126]. Audit and Compliance - The company has received a standard unqualified audit report from its accounting firm, indicating the financial statements are accurate and complete[8]. - The internal control audit report confirmed that the company maintained effective financial reporting internal controls as of December 31, 2019[135]. - The company has complied with the new financial instrument standards effective from January 1, 2019, with no impact on the financial statements[86].

2019 年第三季度报告 公司代码：603099 公司简称：长白山 长白山旅游股份有限公司 2019 年第三季度报告 1 / 29 2019 年第三季度报告 一、 重要提示 二、 公司基本情况. 11[ 重要事项 四、 附录 目录 2 / 29 2019 年第三季度报告 单位：元 币种：人民币 3 / 29 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人王昆、主管会计工作负责人王娟及会计机构负责人（会计主管人员）石春庆保证 季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | |-------------------------------------------------|------------------------------|--------------------------------- ...

Financial Performance - The company's operating revenue for the first half of 2019 was ¥128,969,644.34, representing a 17.91% increase compared to ¥109,383,060.84 in the same period last year [17]. - The net profit attributable to shareholders of the listed company was -¥23,485,347.89, an improvement of 43.90% from -¥41,861,417.34 in the previous year [17]. - The net cash flow from operating activities improved significantly to -¥6,321,753.85, a 78.68% increase compared to -¥29,645,774.79 in the same period last year [17]. - The company reported a basic and diluted earnings per share of -0.09 yuan, an improvement of 43.75% compared to -0.16 yuan in the same period last year [19]. - The weighted average return on equity was -2.36%, an increase of 2.16 percentage points from -4.52% in the previous year [19]. - Total revenue for the reporting period was 128.97 million yuan, representing a year-on-year increase of 17.91% from 109.38 million yuan [27]. - The company's net profit was -23.49 million yuan, a reduction in losses by 43.90% compared to the previous year [27]. - Operating costs increased by 2.10% to 123.07 million yuan from 120.54 million yuan in the previous year [27]. - The total comprehensive loss for the first half of 2019 was approximately ¥23.49 million, compared to a loss of ¥41.86 million in the same period of 2018, showing significant improvement [116]. Assets and Liabilities - The net assets attributable to shareholders of the listed company decreased by 2.82% to ¥982,562,057.98 from ¥1,011,067,018.83 at the end of the previous year [17]. - Total assets decreased by 3.17% to ¥1,225,839,204.40 from ¥1,265,927,656.21 at the end of the previous year [17]. - Current assets totaled ¥232,131,954.19, a decrease of 8.6% from ¥253,801,337.20 in the previous year [98]. - Non-current assets amounted to ¥993,707,250.21, down 1.8% from ¥1,012,126,319.01 [101]. - Total liabilities decreased to ¥243,277,146.42, a reduction of 4.6% from ¥254,860,637.38 [104]. - Shareholders' equity amounted to ¥982,562,057.98, down 2.8% from ¥1,011,067,018.83 [104]. Cash Flow - The net cash flow from operating activities decreased by 78.68% to -6,321,753.85 CNY compared to the previous period [30]. - The net cash flow from investing activities decreased by 47.61% to -40,223,248.38 CNY compared to the previous period [30]. - The net cash flow from financing activities decreased by 88.12% to 8,754,293.31 CNY compared to the previous period [30]. - Cash and cash equivalents increased by 67.78% to 133,885,314.10 CNY, primarily due to increased borrowings compared to the previous year [30]. - The total cash flow from investing activities was -40,223,248.38, reflecting a continued trend of negative cash flow in this area [130]. Operational Risks and Challenges - There were no significant risks that materially affected the company's production and operation during the reporting period [4]. - The company faces risks related to the expiration of operating licenses and potential increases in usage fees, which could adversely affect operations [34]. - The tourism business is significantly affected by seasonal fluctuations, with over 60% of annual revenue generated in the third quarter [34]. Strategic Initiatives - The company is focused on improving its financial performance and managing risks as outlined in the management discussion and analysis section of the report [4]. - The company aims to develop its online travel agency capabilities, integrating technology with traditional travel services to enhance business growth [25]. - The company plans to invest 1002.70 million yuan in financial products and 2671.83 million yuan in engineering projects, with adjustments expected in the second half of the year [27]. - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of up to 500 million allocated for this purpose [77]. Shareholder Information - The company did not propose any profit distribution or capital reserve transfer to increase share capital during the reporting period [4]. - The total number of common stock shareholders as of the end of the reporting period is 22,192 [90]. - The largest shareholder, Jilin Changbai Mountain Development Construction Group, holds 158,533,060 shares, representing 59.45% of the total shares [90]. Compliance and Governance - The company has committed to not engaging in competitive activities with its subsidiaries since December 9, 2011 [39]. - The company has made commitments to avoid and minimize related party transactions, ensuring fairness and transparency [46]. - The company will compensate for any losses incurred due to its subsidiaries' actions that violate commitments [46]. Future Outlook - The company provided guidance for the next quarter, projecting revenue growth of 10% to 12%, with expected earnings per share between 0.50 and 0.55 [73]. - New product launches are anticipated to contribute an additional 200 million in revenue over the next fiscal year [74]. - The company is expanding its market presence in Asia, targeting a 30% increase in market share by the end of the year [75].

Financial Performance - Operating revenue for the period was CNY 49,277,171.74, an increase of 14.57% year-on-year[11] - Net profit attributable to shareholders of the listed company was CNY -25,115,737.20, a decrease of 21.31% compared to the same period last year[11] - Basic earnings per share were CNY -0.09, a decrease of 25.00% from the previous year[11] - The weighted average return on net assets was -2.51%, improving by 0.63 percentage points year-on-year[11] - The company's net profit for Q1 2019 was -25,115,737.20 RMB, compared to -31,916,954.70 RMB in Q1 2018, showing an improvement of approximately 21.5% year-over-year[41] - The total profit for Q1 2019 was -25,112,143.40 RMB, an improvement from -31,985,219.45 RMB in Q1 2018, indicating a reduction in losses of approximately 21.5%[41] - The total comprehensive income for Q1 2019 was -25,115,737.20 RMB, compared to -31,916,954.70 RMB in Q1 2018, reflecting an improvement of about 21.5%[43] - The total comprehensive income for the period was -22,284,247.03 RMB, compared to -20,705,208.83 RMB in the previous period, indicating a decline[49] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,233,918,686.31, a decrease of 2.53% compared to the end of the previous year[11] - Current liabilities totaled CNY 141,718,093.76, compared to CNY 157,840,805.12 in the previous period, indicating a reduction of about 10.2%[29] - Non-current liabilities increased to CNY 105,599,832.26 from CNY 97,019,832.26, reflecting an increase of approximately 8.2%[29] - Total liabilities amounted to CNY 247,317,926.02, down from CNY 254,860,637.38, a decrease of about 3%[29] - Total equity attributable to shareholders was CNY 986,600,760.29, compared to CNY 1,011,067,018.83, showing a decline of approximately 2.4%[31] - Cash and cash equivalents were CNY 95,449,827.73, slightly down from CNY 96,157,005.77[35] - Accounts receivable increased to CNY 1,983,337.83 from CNY 879,406.37, indicating a significant growth of approximately 125%[35] - Inventory decreased to CNY 10,057,673.92 from CNY 10,352,131.68, a reduction of about 2.8%[35] - The company reported a retained earnings of CNY 364,413,383.80, down from CNY 389,529,121.00, reflecting a decrease of approximately 6.4%[31] Cash Flow - The net cash flow from operating activities was CNY -11,326,245.81, compared to CNY -39,266,649.06 in the same period last year[11] - Cash inflow from operating activities totaled 66,323,069.38 RMB, up from 49,211,655.25 RMB year-over-year, reflecting a 34.7% increase[49] - Cash outflow from investing activities was 24,824,373.71 RMB, significantly lower than 59,599,908.60 RMB in the previous year, showing a reduction of 58.4%[52] - Cash inflow from financing activities was 8,580,000.00 RMB, down from 51,690,000.00 RMB, representing a decrease of 83.4%[52] - The ending cash and cash equivalents balance was 141,488,366.53 RMB, compared to 63,428,494.26 RMB in the previous year, indicating a substantial increase[52] - The company reported a net cash increase of -28,324,193.68 RMB, compared to -47,280,772.50 RMB in the previous year, showing an improvement[52] - The cash flow from operating activities net amount was 6,252,452.44 RMB, a turnaround from -7,182,653.50 RMB in the same quarter last year[55] - The total cash inflow from operating activities was 47,033,438.20 RMB, down from 51,833,418.41 RMB, reflecting a decrease of 9.5%[55] - The company’s cash outflow for operating activities was 40,780,985.76 RMB, compared to 59,016,071.91 RMB in the previous year, indicating a reduction of 30.9%[55] Shareholder Information - The total number of shareholders at the end of the reporting period was 22,064[17] - The largest shareholder, Jilin Changbai Mountain Development and Construction (Group) Co., Ltd., held 59.45% of the shares[17] Other Financial Metrics - The company reported a government subsidy income of CNY -46,933.60 during the period[15] - The company reported a significant increase in trading financial assets, reaching RMB 10,038,667.53, compared to RMB 0.00 in the previous period[20] - Other receivables decreased by 56.98%, from RMB 27,224,880.45 to RMB 11,710,870.34, due to the recovery of state-owned resource compensation funds[20] - Prepayments dropped by 47.45%, from RMB 1,751,796.70 to RMB 920,544.06, attributed to a decrease in hotel room and ticket prepayments[20] - Employee compensation payable decreased by 32.34%, from RMB 45,742,039.05 to RMB 30,947,149.28, as performance bonuses were paid out[20] - Financial expenses increased by 133.76%, from RMB 77,032.77 to RMB 180,074.18, due to new loans leading to higher interest costs[20] - Cash flow from other operating activities surged by 250.88%, from RMB 5,764,324.91 to RMB 20,225,894.26, primarily from the recovery of state-owned resource compensation[20] - The company reported a significant drop in cash paid for acquiring fixed assets, intangible assets, and other long-term assets, decreasing by 75.17% from RMB 59,599,908.60 to RMB 14,797,373.71[21] - The company did not report any overdue commitments during the reporting period[22] - The company anticipates potential significant changes in net profit compared to the same period last year, but specific reasons were not disclosed[22]

Financial Performance - The company achieved a net profit attributable to shareholders of RMB 67,629,928.01 in 2018, with a cash dividend of RMB 0.26 per 10 shares, totaling RMB 6,933,420, which accounts for 10.25% of the net profit[4]. - The company's operating revenue for the year was approximately CNY 464.14 million, representing a 19.45% increase compared to CNY 388.58 million in the previous year[23]. - Net profit attributable to shareholders was CNY 67.63 million, a decrease of 4.47% from CNY 70.79 million in the prior year[23]. - The net cash flow from operating activities was CNY 100.09 million, down 11.34% from CNY 112.89 million in the previous year[23]. - The total assets increased by 12.58% to CNY 1.27 billion from CNY 1.12 billion year-over-year[23]. - The basic earnings per share decreased by 7.41% to CNY 0.25 from CNY 0.27 in the previous year[23]. - The company reported a weighted average return on equity of 6.90%, down 0.79 percentage points from 7.69% in the previous year[23]. - The company reported a total revenue of 7,935,350.51 RMB for accounts receivable, which has been consolidated with notes receivable[99]. - The company reported a total profit margin decrease, reflecting challenges in maintaining profitability amidst market conditions[200]. Business Operations - The company operates in the Changbai Mountain scenic area, which is a national-level nature reserve[10]. - The company has exclusive operating rights for tourist transportation in three scenic areas of Changbai Mountain, enhancing its market position[30]. - The company produced 180,000 cubic meters of natural hot spring water annually, indicating significant market potential in the hot spring development business[30]. - The hotel management business has partnered with InterContinental Hotels Group, enhancing service offerings and brand recognition in the region[30]. - The company is transitioning towards an online travel agency model, integrating technology with traditional travel services to enhance competitiveness[30]. - The company has established itself as the largest tourism passenger transport company in the Changbai Mountain area, with exclusive operating rights for key transportation routes[34]. - The company’s subsidiary, Tianchi International Travel, has become a leading center for high-end tourism product development in the region[34]. - The hotel management segment has shown improvement, with the Crowne Plaza brand becoming a landmark hotel in Changbai Mountain tourism[34]. - The company has implemented a smart management system for scenic areas, significantly reducing visitor wait times by two-thirds during peak seasons[34]. - The company plans to expand its ice and snow tourism offerings, including new projects and services to attract winter tourists, capitalizing on the growing demand for winter sports[56]. - The company is adjusting its Fire Volcano Hot Spring project to better align with family vacation trends, increasing the number of family-oriented accommodations[56]. - The company is pursuing a "light asset" operation strategy, focusing on management output and collaboration with surrounding scenic areas to enhance tourism diversity[56]. Financial Management - The company has engaged Xinyong Zhonghe Accounting Firm for a standard unqualified audit report[4]. - The financial report is confirmed to be true, accurate, and complete by the company's management[4]. - The company has a comprehensive disclosure policy, utilizing multiple media for reporting, including Shanghai Securities News and China Securities Journal[18]. - The company’s cash and cash equivalents at the end of 2018 were 16,981,260 RMB, an increase of 53.39% from the previous year[47]. - The company’s long-term assets increased significantly, with intangible assets rising to 197,843,863.11 RMB, a 105.94% increase year-on-year[47]. - The company’s financial expenses increased to 1,133,100 RMB, primarily due to interest expenses from new borrowings[45]. - The company’s management service costs rose to 53,885,569.78 RMB, reflecting a 191.26% increase year-on-year due to the establishment of new subsidiaries[44]. - The company has committed to bear the costs related to the resettlement and economic compensation for employees during the dissolution and liquidation process[97]. - The company has implemented a change in accounting policy that does not affect profit or loss, total assets, or net assets[100]. Shareholder and Investor Relations - The company has a cash dividend policy that aims to provide stable returns to investors, having revised its shareholder return plan in 2017 for the years 2017-2019[61]. - The company will avoid and minimize related party transactions, ensuring fairness and transparency in unavoidable transactions[71]. - The company has made supplementary commitments to protect the interests of its investors[96]. - The company has established a long-term commitment to protect investor rights and will propose supplementary or alternative commitments to shareholders[87]. - The company will take necessary measures to ensure compliance with commitments, including timely disclosures and cooperation with supervisory bodies[88]. - The company has pledged to fully disclose any failure to fulfill commitments and apologize to investors, ensuring transparency and accountability[89]. - The company will compensate investors for losses caused by violations of commitments, based on amounts determined by regulatory authorities or negotiated with investors[84]. Risks and Challenges - The report includes a risk statement regarding forward-looking statements, indicating potential risks in future plans and strategies[4]. - The company faces risks from macroeconomic changes that could impact disposable income and tourism demand, potentially leading to revenue and profit declines[59]. - The company’s profitability may be adversely affected by inflation-related cost increases, as it requires regulatory approval to adjust ticket and service prices[59]. - The company’s operations are susceptible to unexpected events such as natural disasters and pandemics, which could negatively impact performance[59]. - The tourism business is highly seasonal, with over 60% of annual revenue generated in the third quarter, indicating a reliance on summer tourism[59]. Corporate Governance - The company has not faced any non-operational fund occupation by controlling shareholders or related parties[4]. - The company has not violated decision-making procedures for providing guarantees[4]. - The company has committed to not engaging in similar business activities as its controlling shareholder, ensuring no direct competition[65]. - The company has no significant changes in controlling shareholders during the reporting period[124]. - The company maintains compliance with corporate governance regulations set by the China Securities Regulatory Commission[156]. - The company conducted three shareholder meetings during the reporting period, addressing various operational and financial matters[157]. - There were changes in the board of directors, with three directors resigning due to work changes and two new deputy general managers appointed[148]. Employee and Management - The total number of employees in the parent company and major subsidiaries is 1,319, with 802 in the parent company and 517 in subsidiaries[151]. - The company has established a performance-based compensation policy linking overall salary levels to business performance[152]. - The total pre-tax compensation for all senior management during the reporting period was CNY 1,328,000[139]. - The company has a training plan in place to develop knowledge-based employees and promote a learning organization[153]. Future Outlook - The company aims for a 2019 revenue target of CNY 494.74 million and a net profit of CNY 55.05 million, focusing on enhancing its tourism offerings and operational efficiency[56]. - Future outlook includes strategies for market expansion and potential new product developments to enhance revenue streams[200].

Financial Performance - Net profit attributable to shareholders rose by 5.69% to CNY 77,060,557.74 for the first nine months of the year[6] - Operating revenue for the first nine months increased by 21.20% to CNY 383,953,314.97 compared to the same period last year[6] - Revenue for the third quarter reached ¥227,676,390.72, an increase of 31.34% compared to the previous period's ¥173,353,397.27[16] - Net profit for the first nine months of 2018 reached CNY 118,921,975.08, a 7.9% increase from CNY 110,723,555.78 in the same period last year[25] - Operating revenue for the first nine months was CNY 383,953,314.97, up 21.2% from CNY 316,803,935.79 in the previous year[24] - The total profit for the third quarter was CNY 121,421,678.08, a slight decrease from CNY 130,267,705.48 in the previous quarter, indicating a decline of 6.5%[29] Cash Flow - Net cash flow from operating activities increased by 50.43% to CNY 170,469,908.59 year-to-date[6] - Cash flow from operating activities increased dramatically to ¥34,231,918.75, a 477.23% rise from ¥5,930,389.94 in the previous period[16] - Operating cash inflow for the first nine months of 2018 reached CNY 443,594,275.48, a significant increase of 50.5% compared to CNY 294,671,427.64 in the same period last year[35] - Net cash flow from operating activities was CNY 162,636,434.47, up 37.7% from CNY 118,050,712.61 year-on-year[35] - Cash inflow from sales of goods and services was CNY 312,213,331.53, reflecting a growth from CNY 289,507,816.11 in the previous year[35] - Cash outflow for purchasing goods and services decreased to CNY 56,037,993.62 from CNY 61,258,577.50 year-on-year[35] Assets and Liabilities - Total assets increased by 17.75% to CNY 1,324,029,739.20 compared to the end of the previous year[6] - The company reported a total asset value of ¥1,324,029,739.20 as of September 30, 2018, up from ¥1,124,453,849.01 at the beginning of the year[21] - Total liabilities increased to ¥303,438,027.99 from ¥174,206,766.47, indicating a significant rise in financial obligations[21] - Total liabilities rose to CNY 261,252,553.90, compared to CNY 146,483,256.00 at the start of the year, indicating an increase of about 78.2%[23] - The company's total equity reached CNY 1,052,984,267.13, up from CNY 983,798,391.95 at the beginning of the year, indicating a growth of approximately 7.0%[23] Shareholder Information - The number of shareholders reached 20,688, with the largest shareholder holding 59.45% of the shares[13] - Basic and diluted earnings per share increased by 7.41% to CNY 0.29[7] - Basic and diluted earnings per share for the third quarter were both CNY 0.45, compared to CNY 0.42 in the previous quarter, reflecting a growth of 7.14%[26] Expenses - Sales expenses rose to ¥11,143,968.82, reflecting a 58.91% increase due to higher advertising costs[16] - The company reported a significant increase in sales expenses, which rose to CNY 11,143,968.82 from CNY 7,012,895.14, reflecting a strategic investment in marketing and sales efforts[24] - The total operating costs for the third quarter were CNY 76,560,954.26, compared to CNY 68,886,494.23 in the previous quarter, reflecting an increase of 11.5%[28] Investment Activities - The cash outflow from investment activities for the first nine months was CNY 140,726,176.65, compared to CNY 73,619,551.21 in the same period last year, indicating an increase of 90.5%[32] - The company invested CNY 49,177,600.00 in new projects, a significant increase from CNY 2,000,000.00 in the previous year[36]