Core Viewpoint - The article discusses the increasing trend of A-share listed companies providing physical rewards to shareholders, supplementing cash dividends to enhance shareholder satisfaction [1][2]. Summary by Sections Shareholder Reward Activities - Companies are increasingly engaging in activities to reward shareholders with physical gifts alongside cash dividends [1][2]. - Emei Mountain A offers free admission to its scenic area for shareholders holding 500 shares or more, leading to a stock price surge [2]. Specific Company Activities - **Qianwei Yangchu**: From December 2 to 16, 2025, shareholders holding 100 shares or more can receive a product gift package valued at 200 yuan, while corporate shareholders can receive three packages [5]. - **Wokanshan**: Announced on November 28 that individual and corporate shareholders with 500 shares or more can enjoy free admission to Emei Mountain and discounts at related hotels [7]. - **Huangshan Tourism**: From November 22 to 30, eligible shareholders or their representatives can access free admission to three major scenic spots [9]. - **Yingyu Te**: On November 17, launched a "Shareholder Festival" with prizes including an iPhone 17 Pro Max and a DJI Mini 4K drone [11]. - **Renyuan Cultural Tourism**: From November 13 to December 31, offers free services and accommodation discounts at various scenic spots for eligible shareholders [13]. - **Shuiyang Co.**: In July, provided a gift box valued at approximately 2,740 yuan to shareholders holding 5,000 shares or more [15]. - **Tianyu Biology**: In October, rewarded shareholders with products such as red yeast rice wine and capsules [17]. - **Beiqingsong**: In October, offered scalp massagers and other wellness products to shareholders [19]. - **Wuwanxin**: In May, distributed "Fengnian Wufang" rice dumpling gift boxes to shareholders [21]. - **Quanjude**: In May, provided a 50% discount card for self-operated products to shareholders [23]. - **Changhong Meiling**: In May, launched a discount purchase event for home appliances, with some products available at 50% off [25].

每经编辑｜黄胜 12月1日，千味央厨(001215.SZ)公告称，公司将在2025年12月2日8：00至2025年12月16日24：00期间开 展股东回馈活动。活动面向在2025年12月1日下午收市时持有公司股份100股(含)以上的股东，自然人股 东可领取1份价值200元的产品礼包，法人股东可领取3份。 A股公司"花式整活"！峨眉山后，千味央厨也公告了 此外，还有黄山旅游、祥源文旅、天域生物、倍轻松等多家上市公司宣布了类似活动。 来源：每日经济新闻 编辑：张嘉怡 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 其中，黄山旅游表示于11月22日至30日，对符合条件的股东或其代表实行旗下三大景区门票免费。祥源 文旅表示在11月13日至12月31日期间，向符合条件的股东提供旗下多个景区服务免费及住宿优惠。 上周五晚间，峨眉山A(000888.SZ)发布公告称，公司将开展股东回馈活动。 公告提出，2025年12月1日至2026年1 ...

Core Viewpoint - Emei Mountain A's stock price surge is attributed to its shareholder reward initiative, which includes free admission to its scenic area for shareholders holding over 500 shares, enhancing investor engagement and company visibility [3][4][5]. Group 1: Shareholder Reward Initiative - Emei Mountain A announced a shareholder reward program offering free admission to its scenic area from December 1, 2025, to January 31, 2026, for individual shareholders holding over 500 shares, with discounts for accompanying family members [3]. - The initiative also includes discounts on various services within the scenic area, such as cable cars, hotels, hot springs, skiing, and shopping, aimed at enhancing the shareholder experience [4]. - This program is positioned as a way to fulfill the company's responsibility to shareholders and to share the benefits of its development, reflecting a commitment to stakeholder engagement [4][5]. Group 2: Market Reaction and Impact - Following the announcement, Emei Mountain A's stock price rebounded sharply, increasing its market capitalization by approximately 600 to 700 million yuan in a single day, demonstrating the effectiveness of the marketing strategy [5]. - The initiative has drawn comparisons to similar programs by other companies in the tourism sector, indicating a trend among listed companies to enhance shareholder relations through direct engagement [5][6]. - The positive market response suggests that such innovative approaches can enhance company visibility and shareholder loyalty, potentially leading to increased long-term investment [6][7]. Group 3: Industry Context and Innovation - The initiative reflects a broader trend in the tourism industry, where companies are exploring deeper integration with capital markets and innovative ways to engage shareholders amid challenging performance metrics [6]. - Emei Mountain A's approach is seen as a new model for interaction between listed tourism companies and their shareholders, moving beyond traditional methods like earnings reports and shareholder meetings [6]. - This strategy may help foster a sense of ownership among shareholders, encouraging them to experience the company's offerings firsthand and potentially reducing speculative trading behavior [6][7].

Core Viewpoint - Several scenic spots in China, including Emei Mountain A, are implementing free admission policies for shareholders and, in some cases, all visitors, in response to declining profits and to stimulate secondary consumption [2][5][6]. Group 1: Free Admission Policies - Emei Mountain A (000888.SZ) announced a shareholder reward program from December 1, 2025, to January 31, 2026, allowing eligible shareholders to enter the scenic area for free, with accompanying family members receiving a 50% discount on adult tickets [3]. - Huangshan Tourism (600054.SH) will offer free admission to eligible shareholders from November 22 to November 30, 2025, for its scenic areas [3]. - Other scenic spots, such as Lingyin Feilai Peak and Chaka Salt Lake, are also adopting free admission policies for all visitors starting December 1, 2025 [4]. Group 2: Financial Performance and Trends - Emei Mountain A reported a revenue of approximately 733 million yuan for the first three quarters, a year-on-year decrease of 9.06%, with a net profit of about 234 million yuan, down 3.98% [5]. - Huangshan Tourism's third-quarter revenue was 595 million yuan, a year-on-year increase of 3.05%, but its total profit decreased by 13.65%, with a net profit decline of 17.17% [5]. - The trend of declining profits is prompting scenic areas to diversify their revenue streams beyond ticket sales, which have been heavily reliant on visitor numbers [6]. Group 3: Strategic Shift to Secondary Consumption - The reliance on single-source ticket revenue has been identified as a significant flaw, leading many scenic areas to explore free admission strategies to attract more visitors and boost secondary consumption, such as dining and shopping [6]. - The success of free admission policies in places like Tianya Haijiao and Luhuitou has demonstrated the potential for increased secondary revenue, prompting similar strategies in other scenic areas [6]. - Emei Mountain A's stock price reached a limit up, closing at 14.16 yuan per share, indicating positive market response to the new policies [6].

Core Viewpoint - Emei Mountain A (000888.SZ) announced a shareholder reward program, leading to a "limit-up" in stock price, reflecting positive market response to the initiative [2][3]. Group 1: Shareholder Reward Program - The program allows shareholders holding over 500 shares to enjoy free entry to the scenic area, cable car rides, and hot springs, along with discounts for accompanying guests [2]. - Additional benefits include significant discounts on hotel stays and local products, enhancing the attractiveness of the program [2]. - Following the announcement, Emei Mountain A's stock price reached 14.16 yuan per share, with a market capitalization of 74.61 billion yuan [2][3]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a revenue of 733 million yuan, a decrease of 9.06% year-on-year, and a net profit of 234 million yuan, down 3.98% [6][7]. - The decline in revenue and profit is attributed to a significant increase in visitors to the free-entry areas and a growing proportion of hikers [6][7]. - In the third quarter of 2025, the company received 2.1 million visitors, a 9.39% increase year-on-year, but revenue still fell by 7.35% [7]. Group 3: Industry Trends - Several tourism companies have launched similar shareholder reward programs, indicating a trend in the industry to enhance shareholder engagement through benefits [8]. - Other companies, such as Xiangyuan Tourism and Huangshan Tourism, have also introduced programs offering free or discounted access to attractions for shareholders [8].

Core Viewpoint - Emei Mountain A (000888.SZ) announced a shareholder reward program allowing shareholders holding over 500 shares to enjoy free admission to the scenic area, leading to a significant stock price increase and a "limit-up" on the market [1][4]. Group 1: Shareholder Reward Program - The program offers free admission to the Emei Mountain scenic area, including the Wan Nian cableway and hot springs, for shareholders holding 500 shares or more, along with discounts for accompanying guests [3][4]. - Additional benefits include hotel discounts starting from 20%, buy-one-get-one-free offers on "Emei Snow Bud" tea, and 15% off on cultural products [3]. Group 2: Market Response - Following the announcement, Emei Mountain A's stock price reached a limit-up of 14.16 yuan per share, with a market capitalization of 7.461 billion yuan [4][5]. - The cost to purchase 500 shares at the limit-up price is 7,080 yuan, compared to 6,435 yuan if bought the previous trading day at 12.87 yuan, indicating a price difference of approximately 600 yuan [4]. Group 3: Financial Performance - For the first three quarters of 2025, Emei Mountain reported a revenue of 733 million yuan, a year-on-year decrease of 9.06%, and a net profit of 234 million yuan, down 3.98% [8][9]. - The decline in revenue and profit is attributed to a significant increase in visitors to the free admission areas and a growing proportion of hikers [9]. Group 4: Industry Trends - Several tourism companies have initiated similar shareholder reward programs, indicating a trend in the industry to enhance shareholder engagement and loyalty [10][12].

Core Viewpoint - Many scenic spots in China are implementing free admission policies for shareholders and even all visitors to address declining profits and reliance on single ticket revenue, aiming to boost secondary consumption and diversify income sources [4][6][8]. Group 1: Free Admission Policies - Emei Mountain A (000888.SZ) announced a shareholder reward program from December 1, 2025, to January 31, 2026, allowing eligible shareholders to enter the scenic area for free, with accompanying family members receiving a 50% discount on adult tickets [4]. - Huangshan Tourism (600054.SH) also offered free admission to eligible shareholders from November 22 to November 30, 2025, for its scenic areas [4]. - Other scenic spots, such as Lingyin Feilai Peak and Chaka Salt Lake, are providing free admission to all visitors starting December 1, 2025, to attract more tourists [5]. Group 2: Financial Performance - Emei Mountain A reported a revenue of approximately 733 million yuan for the first three quarters, a year-on-year decrease of 9.06%, with a net profit of about 234 million yuan, down 3.98% [7]. - Huangshan Tourism's third-quarter revenue was 595 million yuan, a year-on-year increase of 3.05%, but its total profit decreased by 13.65%, with a net profit decline of 17.17% [7]. - For the first three quarters, Huangshan Tourism's revenue was 1.535 billion yuan, up 8.75%, but its net profit fell by 11.02% [7]. Group 3: Shift in Revenue Strategy - The tourism industry traditionally relies heavily on ticket sales, which are subject to seasonal fluctuations, leading to income instability [8]. - By eliminating ticket barriers, scenic spots aim to increase visitor numbers, thereby enhancing secondary consumption in areas such as dining, accommodation, and shopping [8]. - The strategy of offering free admission is seen as a way to improve revenue diversification and strengthen shareholder loyalty, potentially attracting new investors [8].

Core Viewpoint - Several scenic spots have recently implemented free admission policies to lower entry barriers for tourists and stimulate secondary consumption [1][4]. Group 1: Scenic Spots Implementing Free Admission - Emei Mountain A (000888.SZ) announced a shareholder reward activity from December 1, 2025, to January 31, 2026, allowing eligible shareholders to enter the scenic area for free [2]. - Huangshan Tourism (600054.SH) will offer free admission to eligible shareholders from November 22 to November 30, 2025, at various scenic areas [2]. - Lingyin Feilai Peak and Chaka Salt Lake have also announced free admission policies for all visitors starting December 1, 2025 [3]. Group 2: Reasons Behind Free Admission Policies - The implementation of free admission is driven by declining profits and a reliance on a single revenue model from ticket sales [4][5]. - Emei Mountain A reported a revenue of approximately 733 million yuan for the first three quarters, a decrease of 9.06% year-on-year, and a net profit of about 234 million yuan, down 3.98% [4]. - Huangshan Tourism's third-quarter revenue was 595 million yuan, a year-on-year increase of 3.05%, but its net profit decreased by 17.17% [4]. Group 3: Shift Towards Secondary Consumption - The tourism industry has traditionally relied heavily on ticket sales, making it vulnerable to seasonal fluctuations [5]. - By eliminating ticket fees, scenic spots aim to attract more visitors, leading to increased secondary consumption in areas such as dining, accommodation, and shopping [5]. - The success of free admission policies in places like Tianya Haijiao and Luhuitou has demonstrated the potential for boosting local economies through increased secondary spending [5].

Core Viewpoint - The trend of "physical dividends" is gaining momentum in the A-share market, with companies increasingly offering tangible benefits to shareholders as a way to enhance investor relations and stimulate consumption [1][2][7]. Group 1: Company Initiatives - Emei Mountain A announced a shareholder reward program allowing shareholders holding 500 shares or more to enjoy free admission to the scenic area and discounts on various services [1][3]. - The initiative aims to provide shareholders with a "immersive experience" of the company's cultural and ecological resources, while also addressing declining visitor numbers [3][4]. - The program is expected to have a marginal cost effect for the company, as the actual cost of allowing shareholders free access is low compared to the potential revenue from secondary consumption [3][4]. Group 2: Financial Performance - In the first three quarters of 2025, Emei Mountain A reported a revenue of 733 million yuan, a year-on-year decrease of 9.06%, and a net profit of 234 million yuan, down 3.98% [4][5]. - The decline in revenue and profit is attributed to a significant increase in visitors to free-entry areas and a growing proportion of hiking tourists [5]. - Visitor numbers for the scenic area have shown a downward trend, with a 7.9% year-on-year decrease in paid visitors compared to the previous year [4][5]. Group 3: Industry Trends - Over 60 A-share companies have implemented shareholder reward programs in the past decade, with more than 30 companies launching similar initiatives since 2025 [7]. - The trend includes various forms of rewards, such as free tickets, food products, and discounts, particularly prevalent among consumer companies [6][7]. - Companies are leveraging these rewards to transform shareholders into consumers, enhancing brand loyalty and potentially increasing sales through word-of-mouth marketing [8].

Market Overview - The market experienced a slight upward trend, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index closing up by 0.65%, 1.25%, and 1.31% respectively, with nearly 3,400 stocks rising and over 1,800 stocks falling [3]. AI Toys - Huawei launched its first AI companion toy, "Smart Hanhai," priced at 399 yuan, which quickly sold out after being listed on Huawei's online store [6]. - The AI toy sector saw a significant increase, with the sector rising by 6.04% throughout the day [7]. - The "Smart Hanhai" toy was developed in collaboration with Luobo Intelligent and is a customized product under the Fuzozo brand, which has seen a 25-fold increase in sales compared to June during this year's Double Eleven shopping festival [8]. AI Mobile Phones - Following the success of AI toys, AI mobile phones experienced a surge, particularly after Nubia, a subsidiary of ZTE, announced the limited release of its Nubia M153 model featuring the Doubao mobile assistant [11]. - ZTE's stock rose sharply, leading to a collective increase in AI mobile phone-related stocks, with companies like Fulong Technology and Tianyin Holdings hitting their daily limit [12][13]. - The AI mobile phone sector, including smartwatches and AI glasses, saw a strong rebound, with several stocks reaching their daily limit [14]. Chinese Film Industry - The animated film "Zootopia 2" has gained significant popularity, achieving over 1.9 billion yuan in box office revenue within five days of its release, with a projected total of 4 billion yuan [19]. - The film's success led to a collective rise in the film and entertainment sector, with stocks like China Film and Happiness Blue Sea opening strong [19]. - Despite initial fluctuations, the stock of China Film rebounded after the weekend, reflecting the market's response to the film's performance [19]. Ice and Snow Industry - Emei Mountain A shares opened strongly and closed with a T-shaped pattern, rising by 10.02% after announcing shareholder benefits, including free access to scenic areas and discounts on hotel stays for shareholders holding 500 shares or more [20][21]. - The stock's rise was attributed to the company's shareholder reward strategy, which has historically led to short-term price increases [22]. - There are mixed opinions on the sustainability of this price increase, with some questioning the rationale behind the stock's performance [23].