Market Overview - The tourism and scenic spots sector experienced a decline of 0.9% on September 30, with Sanxia Tourism leading the drop [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Notable stock performances include: - Caesar Travel (000796) closed at 6.34, up 1.77% with a trading volume of 947,200 shares and a turnover of 599 million yuan [1] - Lingnan Holdings (000524) closed at 13.82, up 0.58% with a trading volume of 156,800 shares and a turnover of 216 million yuan [1] - Sanxia Tourism (002627) closed at 6.01, down 3.22% with a trading volume of 321,300 shares and a turnover of 195 million yuan [2] Capital Flow - The tourism and scenic spots sector saw a net outflow of 429 million yuan from main funds, while retail investors contributed a net inflow of 372 million yuan [2] - The capital flow for individual stocks indicates: - Caesar Travel had a net inflow of 31.77 million yuan from main funds, but a net outflow of 30.82 million yuan from retail investors [3] - Sanxia Tourism experienced a net outflow of 46.20 million yuan from main funds [3]

Core Insights - The world's longest mountain cable car, located in Hunan's Xuefeng Mountain, will begin trial operations, highlighting the growing trend of "internet-famous cable cars" that attract tourists and generate significant revenue for scenic spots [1][3]. Industry Overview - The cable car industry has seen a surge in popularity, with many scenic areas experiencing long wait times during peak seasons. For instance, the Songhua River sightseeing cable car in Heilongjiang is expected to receive 400,000 visitors during the 2024-2025 winter season, a 20% increase year-on-year [3]. - The cable car experience has evolved from a mere transportation tool to a key attraction that enhances the overall visitor experience, with a focus on immersive and culturally resonant experiences [5][7]. Financial Performance - Cable cars are a major revenue source for scenic areas, with several listed companies in China's A-share market relying heavily on cable car operations. For example, Emei Mountain A reported a cable car revenue of 185 million yuan, accounting for 40.48% of its total revenue [8]. - The average gross profit margin for cable car operations among comparable companies is approximately 79.29%, significantly higher than other segments like ticket sales and hotel services [9]. Market Trends - There is a noticeable shift in consumer preferences towards unique and immersive experiences, with cable cars increasingly seen as integral to the cultural and emotional connection to the landscape [5][11]. - Companies are developing diverse value ecosystems around cable cars, integrating them with themed events and cultural products to enhance visitor engagement and increase repeat business [11].

Group 1 - The tourism stocks of Xiyu Tourism and Yunnan Tourism fell over 9% [1] - Qujiang Cultural Tourism experienced a decline of over 5% [1] - Other companies such as Guilin Tourism, Tibet Tourism, Xi'an Tourism, and Emei Mountain A also saw declines [1]

Group 1 - The tourism concept stocks in the A-share market experienced a collective decline, with notable drops in stocks such as Guilin Tourism down over 9% and Xi'an Tourism down over 8% [1] - Other companies also faced significant declines, including Caesar Travel down over 6%, Overseas Chinese Town A down over 6%, and several others down over 5% [1] - The overall market sentiment for tourism stocks appears negative, reflecting broader challenges in the sector [1] Group 2 - Specific stock performance data shows Guilin Tourism at a decline of 9.31% with a market capitalization of 3.193 billion, while Xi'an Tourism fell by 8.27% with a market cap of 3.206 billion [2] - Caesar Travel reported a decline of 6.75% with a market cap of 9.976 billion, and Overseas Chinese Town A decreased by 6.30% with a market cap of 20.3 billion [2] - Other notable declines include Nanjing Commercial Travel down 5.73% and Lingnan Holdings down 5.49%, indicating a widespread downturn across various tourism-related companies [2]

Group 1 - The board of directors of Emei Mountain Tourism Co., Ltd. held its 149th meeting on September 15, 2025, via telecommunication voting, with all five directors present [2] - The meeting was conducted in accordance with the Company Law of the People's Republic of China and the company's articles of association [2] - The board approved the proposal to amend the "Rules of Procedure for the General Manager's Office Meetings" with a unanimous vote of 5 in favor, 0 against, and 0 abstentions [3] Group 2 - The full content of the amended rules will be disclosed on the company's official information platform [3] - The announcement was made by the board of directors on September 18, 2025 [4]

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]

Group 1 - The company Emei Mountain A held its 149th board meeting on September 15, 2025, via telecommunication to review the proposal for amending the rules of the general manager's office meeting [1] - For the first half of 2025, the revenue composition of Emei Mountain A was as follows: 40.48% from cable car services, 26.78% from mountain entrance tickets, 18.1% from hotel services, 6.42% from other sources, and 6.0% from tea industry [1] - As of the report date, the market capitalization of Emei Mountain A was 7.8 billion yuan [1]

经董事会审议并表决，通过以下决议： 审议通过《关于修订〈峨眉山旅游股份有限公司总经理 办公会议事规则〉的议案》 表决结果：5 票同意，0 票反对，0 票弃权。 证券代码：000888 证券简称：峨眉山A 公告编号：2025-50 峨眉山旅游股份有限公司 第五届董事会第一百四十九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 峨眉山旅游股份有限公司第五届董事会第一百四十九次 会议于 2025 年 9 月 15 日以通讯表决的方式召开。会议通知 于 2025 年 9 月 11 日以书面、短信方式发出。本次会议应到 董事 5 人，实到董事 5 人。本次会议召开符合《中华人民共 和国公司法》和《公司章程》的有关规定。 二、会议审议情况 特此公告。 峨眉山旅游股份有限公司董事会 2025 年 9 月 18 日 2 全文内容详见公司同日在巨潮资讯网披露的《峨眉山旅 游股份有限公司总经理办公会议事规则》。 三、备查文件 1 峨眉山旅游股份有限公司第五届董事会第一百四十九次 会议决议 ...

Market Overview - The tourism and scenic spots sector experienced a decline of 1.43% on September 17, with Xiyu Tourism leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Notable gainers included Yunnan Tourism, which rose by 9.96% to a closing price of 6.07, with a trading volume of 1.29 million shares and a transaction value of 770 million [1] - Other stocks like Tibet Tourism and Emei Mountain A also showed slight increases, while several stocks, including Xiyu Tourism and Zhenfu Cultural Tourism, saw declines of 3.95% and 1.52%, respectively [2][1] Capital Flow - The tourism and scenic spots sector saw a net outflow of 717 million from main funds, while retail investors contributed a net inflow of 653 million [2] - The capital flow data indicates that Yunnan Tourism had a net inflow of 96.73 million from main funds, while Emei Mountain A and Tibet Tourism also experienced positive net inflows [3]

峨眉山旅游股份有限公司 总经理办公会议事规则 （本制度经本公司第五届董事会第一百四十九次会议审议通过） 第一章 总则 第一条 为进一步规范公司总经理办公会议事程序，提高公 司经营层决策能力，根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《峨眉山旅游股份有限公司章程》（以下简 称"《公司章程》"）、《峨眉山旅游股份有限公司"三重一大" 事项决策制度实施细则》（以下简称《公司"三重一大"实施细 则》）的规定，结合本公司实际，制定本议事规则。 第二条 总经理办公会是经营层的议事决策机构，负责落实 党委会、董事会、股东会决议有关事项，组织实施年度经营计划、 经营项目、经营决策，研究公司经营管理事项。 第三条 总经理办公会议事决策原则。 （一）坚持依法决策。严格遵循国家法律法规、党内法规、 《公司章程》及"三重一大"决策制度，确保决策权限、内容、 程序合法合规。 （二）坚持民主决策。正确处理民主与集中的关系，严格执 行民主集中制，遵循"集体领导、民主集中、个别酝酿、会议决 定"的程序进行决策。 — 1 — （三）坚持科学决策。以习近平新时代中国特色社会主义思 想为指导，强化决策前调查研究、专家论证、风险评估 ...