Group 1 - The company and its controlling shareholder, Changbai Mountain Group, are increasing capital by 20 million yuan, with the company contributing 10.2 million yuan and Changbai Mountain Group contributing 9.8 million yuan [1] - The capital increase will be used for engineering supervision and intermediary services, maintenance and outdoor engineering, elevator installation and kitchen equipment procurement, new cold storage, and expansion of store and outdoor space [1] - This capital increase is expected to enhance the quality upgrade and market competitiveness of the restaurant business of Enduri Commercial Management Company [1]

Core Viewpoint - The emergency rescue drill "Protecting the Sky Blade - 2025" held at Changbai Mountain Airport aimed to test the scientific and operational effectiveness of the airport's emergency rescue plan, enhancing coordination and response capabilities among various rescue units [1][11]. Group 1: Drill Overview - The drill was initiated with a command at 12:30 PM and focused on scenarios involving a terrorist threat, airborne explosive threats, and an aircraft veering off the runway during landing [3]. - Four core modules were established: handling explosive threat information, aircraft hijacking response, emergency rescue operations, and the removal of damaged aircraft, covering procedures from information transmission to post-incident recovery [3]. - A total of 22 scenario subjects were included, with new elements such as cloud-seeding operations, forest fire extinguishing, and helicopter transport of severely injured patients being conducted for the first time [3]. Group 2: Participation and Scale - The drill involved 13 participating units and over 200 participants, deploying more than 50 emergency rescue and support vehicles, making it the largest and highest-level emergency rescue drill since the airport's operation [5]. - Over 70 guests from more than 20 units observed the drill on-site, indicating significant interest and collaboration among various stakeholders [5]. Group 3: Execution and Evaluation - The drill lasted 60 minutes and utilized multimedia displays and live broadcasts to present various stages of the exercise, demonstrating precise command, rapid response, and effective coordination [8]. - Post-drill evaluations by the Civil Aviation Northeast Regional Administration and the Civil Aviation Jilin Regulatory Bureau acknowledged the drill's achievements while analyzing areas for improvement [11]. Group 4: Future Plans - Following the drill, Changbai Mountain Airport plans to refine its emergency rescue system, enhance practical capabilities, and promote the application of new technologies to strengthen safety measures [14].

Group 1 - The core viewpoint is that the travel demand is expected to increase significantly during the 2025 National Day and Mid-Autumn Festival holiday, with a search volume increase of over 20% year-on-year [1] - Flight bookings for both domestic and international routes show a notable recovery, with domestic flight bookings exceeding 3.26 million per day, up 26% year-on-year, and international bookings exceeding 1.16 million, up 15% [2] - High-quality hotel bookings are experiencing a surge, with a year-on-year increase of 58% for popular hotels and over 20% for high-quality hotels during the holiday period [3] Group 2 - The outbound travel market is benefiting from visa-free policies, with significant increases in travel to South Korea, the Middle East, and Africa, with outbound travel numbers up 130% year-on-year [4] - Investment recommendations include focusing on OTA sectors such as Tongcheng Travel and Trip.com Group, as well as companies in the ice and snow industry like Changbai Mountain and Dalian Shengya, and tourism retail companies like China Duty Free Group and Wangfujing [5]

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - The core value of mountain climbing robots lies not only in physical assistance but also in enhancing visitor experience and optimizing scenic area service capabilities. The focus of future industry development will be on creating barrier-free tourism scenarios and enhancing the technological competitiveness of scenic areas [3][7] - The introduction of mountain climbing robots is expected to significantly improve customer satisfaction and create differentiated advantages by alleviating physical strain on visitors, extending their stay, and stimulating secondary consumption [3][7] Summary by Sections Industry Overview - Domestic mountain scenic areas are actively adopting mountain climbing robots, which are based on bionic joints and intelligent drive technology to provide physical assistance to climbers. The industry is transitioning from pilot projects to large-scale applications [7] - Scenic areas like Taishan have begun large-scale deployment, with plans to operate 5,000 units by the upcoming holiday season [7] Economic Impact - The use of mountain climbing robots enhances visitor experience by making the climbing process easier and more personalized, leading to increased secondary consumption in dining, entertainment, and cultural activities. For instance, the time taken to climb a specific route was reduced by 50%, with a 30% decrease in physical exertion [7] - Scenic areas can open new revenue streams through the rental of these robots, with potential earnings reaching 300 million to 400 million yuan annually if scaled to 5,000 units [7] Market Dynamics - The introduction of climbing robots has led to a 217% year-on-year increase in product sales for scenic areas that offer this experience, particularly attracting younger consumers aged 18-30 [7] - The rental model for these robots varies by scenic area, with pricing around 30-40 yuan per hour, potentially generating significant daily and monthly revenues [7] Technological Development - While the current weight of the robots has been optimized to 1.8 kg, further improvements in weight reduction and battery life are needed for high-frequency rentals. The technology is continuously being refined to address challenges in complex terrains and user safety [7]

证券简称：长白山 证券代码：603099 长白山旅游股份有限公司 ChangBai Mountain Tourism Co.,Ltd. 吉林省长白山保护开发区池北区（白林西区和平街） 向特定对象发行 A 股股票 募集说明书 （注册稿） 保荐机构（主承销商） 长春市生态大街 6666 号 二〇二五年九月 长白山旅游股份有限公司 募集说明书 声 明 本募集说明书按照《公开发行证券的公司信息披露内容与格式准则第 61 号 —上市公司向特定对象发行证券募集说明书和发行情况报告书》和《上市公司证 券发行注册管理办法》等要求编制。 本公司及全体董事、监事、高级管理人员承诺本募集说明书内容真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承 担相应的法律责任。 公司控股股东承诺本募集说明书内容真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，按照诚信原则履行承诺，并承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证本募集说明书中财 务会计资料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意 见，均不表明其对申请文件及所披露信息的真 ...

Market Overview - On September 15, the tourism and scenic spots sector rose by 0.12% compared to the previous trading day, with Xiyu Tourism leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Key Performers - Xiyu Tourism (300859) closed at 51.06, up 5.34% with a trading volume of 202,300 shares and a transaction value of 1.019 billion [1] - Songcheng Performance (300144) closed at 9.19, up 2.11% with a trading volume of 926,800 shares [1] - Other notable performers include Xi'an Tourism (000610) up 1.53%, Huangshan Tourism (600054) up 0.90%, and Guilin Tourism (000978) up 0.58% [1] Decliners - Longzi Mountain (603099) closed at 50.03, down 2.91% with a trading volume of 123,300 shares [2] - Dalian Shengya (600593) closed at 37.32, down 1.84% with a trading volume of 58,400 shares [2] - Other notable decliners include Lingnan Holdings (000524) down 1.43% and ST Zhangjiajie (000430) down 0.99% [2] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 401 million in main funds, while retail investors saw a net inflow of 361 million [2] - Speculative funds had a net inflow of 39.31 million [2] Individual Stock Capital Flow - Songcheng Performance saw a main fund net outflow of 19.2 million, while retail investors had a net outflow of 23.37 million [3] - Qujiang Cultural Tourism (600706) had a main fund net inflow of 7.83 million, but a retail net outflow of 8.67 million [3] - Huangshan Tourism (600054) recorded a main fund net inflow of 7.2 million, with retail investors experiencing a net outflow of 4.23 million [3]

Core Insights - The report indicates a divergence in performance within the social services sector, with leading companies outperforming their peers [5][7] - The overall revenue for the service consumption sector increased by 1.4% year-on-year in 1H2025, reaching 134% of 2019 levels, while profits declined by 11.5%, recovering to 79% of 2019 levels [12][15] - Key segments such as K12 education, human resources, and scenic areas showed both revenue and profit growth, while hotels, restaurants, tourism retail, and higher education faced challenges [12][13] Social Services Overview - In 1H2025, K12 training and human resources sectors saw revenue growth of 14.4% and 10.7%, respectively, with net profits increasing by 39.5% and 49.8% [12][15] - Scenic areas also reported growth, with revenues up by 3.9% and net profits by 2.4% [15] - Conversely, the hotel sector experienced a revenue decline of 4.5% and a significant profit drop of 40.6% [13][15] Travel Services - The hotel industry remains under pressure, with leading hotels like Huazhu Group and Shoulv Hotel showing resilience despite a decline in RevPAR [16][19] - In 1H2025, leading hotels continued to expand, with Huazhu adding 990 new hotels [16][18] - OTA companies benefited from overall travel demand, with significant growth in overseas business [7][24] Scenic Areas and OTA - Domestic tourism numbers surpassed pre-pandemic levels, with a 20.6% increase in travel volume in 1H2025 [24] - Scenic area performance varied, with Xiangyuan Cultural Tourism and Jiuhua Tourism showing strong growth, while Changbai Mountain faced challenges due to weather [29] - The average ticket price for domestic travel has not fully recovered, remaining at 95% of 2019 levels [24] Professional Services - The human resources sector is experiencing a mild recovery, with companies like Keri International and BOSS Zhipin performing well [7][16] - The education sector, particularly K12 training, continues to thrive, with a focus on AI applications enhancing efficiency [7][16] - The exhibition industry is awaiting macroeconomic improvements to boost performance [7][16] Restaurant and Tea Beverage Sector - The restaurant industry is under pressure, with same-store sales declining, while budget-friendly dining options are showing resilience [7][12] - The tea beverage sector is expanding, with leading brands like Mixue and Gu Ming performing exceptionally well [7][12]

Core Viewpoint - The event held in Shanghai aimed to promote high-quality agricultural products from Jilin and establish a solid bridge for industrial cooperation and resource connection between Jilin and the Yangtze River Delta region [1] Group 1: Event Overview - The promotional event was co-hosted by the government of Huadian City and Jilin Agricultural Development Group, with support from various local organizations [1] - The "Jilin Quality Products" exhibition center was launched, serving as a permanent platform for showcasing Jilin's agricultural products in the Yangtze River Delta [1] Group 2: Product Showcase - A variety of Jilin specialty products were displayed, including Northeast rice, birch juice, sweet glutinous corn, wild ginseng, mushrooms, and health products, emphasizing the purity of the black soil [2] - The exhibition center is described as a microcosm of the "mountain-sea cooperation" between Jilin and Shanghai, aiming to convert ecological advantages into industrial benefits [2] Group 3: Investment Promotion - The Huadian City Business Bureau focused on promoting key industries such as ecological tourism, food and medicine, modern agriculture, and green mining, highlighting the region's unique advantages and development potential [2] - Strategic projects like the China Gold Museum and the 120-meter radio telescope system were introduced, showcasing Huadian's investment opportunities across agriculture, cultural tourism, and technology [3] Group 4: Business Engagement - Several participating companies expressed interest in collaboration, particularly in agricultural procurement, deep processing, and cultural tourism project development [3] - The Huadian City government plans to optimize the business environment and provide comprehensive support to facilitate the integration of high-quality agricultural products into southern markets [3] Group 5: Marketing Initiatives - A live-streaming team was formed to promote Jilin's quality products, allowing consumers in Shanghai to experience the ecological and artisanal aspects of Huadian's offerings [4] - Following the event, a dedicated team will be established to track cooperation intentions and convert short-term orders into long-term partnerships [4]

Group 1 - The 2025 Changchun International Pharmaceutical Health Industry Expo and Changbai Mountain Ginseng Industry High-Quality Development Conference will be held from December 6 to 8 at the Northeast Asia International Expo Center in Changchun, focusing on the theme "New Quality Leading Health, Technology Co-Creating the Future" [1] - The expo will feature a "main venue + sub-venues" model with an exhibition area of approximately 50,000 square meters, expecting over 600 participating companies and nearly 1,000 attendees including academicians, experts, and notable entrepreneurs [1][2] - The event aims to establish a hub for the Northeast Asia pharmaceutical health industry and an international cooperation window for traditional Chinese medicine [1] Group 2 - The conference will emphasize the under-forest ginseng industry, promoting brand high-end and international development, with participation from over 15 countries including the USA, Russia, Japan, South Korea, and Vietnam [2] - An "International Procurement Zone" will be set up to invite over 30 procurement merchants from Belt and Road Initiative countries, along with special days for China-Japan and China-South Korea collaborations [2] - The expo will also include a "Health Changchun - National Health Carnival" to engage the public with free health checks, expert consultations, and educational activities [2] Group 3 - The high-quality development of under-forest ginseng is expected to drive upgrades across the entire industry chain, with initiatives focusing on technology leadership, standardization, and brand empowerment [3] - The province aims to protect ginseng genetic resources and develop high-end health products, pharmaceuticals, and cosmetics using under-forest ginseng as a raw material [3] - The ultimate goal is to create a multi-layered and gradient development pattern for the ginseng industry in Jilin, positioning under-forest ginseng as a high-end product while meeting mass consumption needs with garden ginseng [3]

Group 1 - The core viewpoint emphasizes the dedication and continuous efforts of forest rangers in the Changbai Mountain area, highlighting their role in ecological protection regardless of weather conditions [1][4]. - As of August this year, there are over 600 staff members actively working in the ecological protection frontline across 11 management stations in the Changbai Mountain Nature Reserve [6]. - The responsibilities of forest rangers have remained unchanged over the years, although the equipment used for patrols has become more advanced [4].