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 ...

Market Performance - The tourism and scenic spots sector increased by 2.02% on September 16, with Caesar Travel leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Key Stocks in Tourism Sector - Caesar Travel (000796) closed at 7.12, up 7.07%, with a trading volume of 2.83 million shares and a transaction value of 2.008 billion [1] - Jiuhua Tourism (661809) closed at 39.78, up 4.25%, with a trading volume of 99,100 shares [1] - Tibet Tourism (600749) closed at 21.91, up 2.86%, with a trading volume of 226,400 shares and a transaction value of 491 million [1] - Emei Mountain A (000888) closed at 14.70, up 2.51%, with a trading volume of 291,000 shares and a transaction value of 422 million [1] Capital Flow Analysis - The tourism and scenic spots sector saw a net inflow of 144 million from institutional investors, while retail investors experienced a net inflow of 65.56 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors showing confidence while retail investors faced outflows [2][3] Individual Stock Capital Flow - Caesar Travel had a net inflow of 91.35 million from institutional investors, while retail investors saw a net outflow of 28.35 million [3] - Songcheng Performance (300144) experienced a net inflow of 69.40 million from institutional investors, but retail investors faced a net outflow of 28.35 million [3] - Yunnan Tourism (002059) had a net inflow of 20.63 million from institutional investors, with retail investors experiencing a net outflow of 15.07 million [3]

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]

证券日报网讯峨眉山A9月11日在互动平台回答投资者提问时表示，金顶索道改造提升项目正在推进 中。 ...

Core Insights - The tourism and performance industry is facing significant challenges, with many companies reporting declining performance metrics and increased operational costs [2][3][15] - The project "Only Emei Mountain" has been suspended due to ongoing losses, highlighting the difficulties faced by large-scale cultural tourism projects [3][11][15] Company Performance - Song City Performing Arts reported a 27.4% decrease in net profit for the first half of 2025, with total revenue down 8.3% to 1.08 billion yuan [4][5] - The company’s cultural tourism performance saw a revenue drop of 35.01%, while its major projects experienced varying degrees of revenue decline [5][7] - Fengshang Culture's revenue decreased by 1.79%, with a significant drop in net profit by 33.56%, while its cultural tourism segment saw a 35.01% revenue decline [7] - Sanxiang Impression's revenue fell by 37.37%, with a 50.32% drop in net profit, indicating a struggle in the cultural performance sector [8] Industry Trends - The industry is witnessing a shift from capital-intensive models to a focus on content and efficiency, as companies face increased competition and changing consumer preferences [15][14] - Many companies are exploring the integration of AI and new technologies to enhance their offerings, although these initiatives are still in the early stages [8][9] - The overall sentiment in the tourism market remains cautious, with companies emphasizing the need for innovation and differentiation in their cultural offerings [13][14]

Core Viewpoint - The performance of various listed companies in the cultural tourism and performance industry has significantly declined, with many reporting decreased revenues and profits due to high operational costs and market challenges [1][2][12]. Financial Performance - Song City Performing Arts reported a 27.4% year-on-year decrease in net profit, with total revenue down 8.3% to 1.08 billion yuan [3][4]. - Lijiang Co. saw a 14.47% drop in revenue from its "Impression Lijiang" project, with visitor numbers down 17.96% [1][9]. - Fengshang Culture's cultural tourism performance revenue decreased by 35.01% year-on-year, while its overall revenue fell by 1.79% [5][6]. - Sanxiang Impression's cultural performance revenue declined by 2.52%, with a gross margin drop of 9.79 percentage points to 26.10% [5][7]. Project Challenges - The large-scale cultural tourism project "Only Emei Mountain" has been suspended after continuous losses, with a net loss of 16.14 million yuan reported [2][10]. - Many projects face high operational costs and a lack of unique cultural connection, leading to consumer dissatisfaction and reduced attendance [10][11]. Market Trends - The industry is experiencing a shift towards content-driven strategies rather than capital-intensive models, as companies seek to innovate and differentiate their offerings [12][11]. - The competitive landscape is characterized by high saturation and price competition, which may negatively impact product quality and consumer experience [11][12]. Future Outlook - Companies are exploring new growth areas, including AI and robotics, but many are still in the early stages of development [7]. - The focus is shifting towards optimizing existing assets and improving operational efficiency to adapt to changing consumer preferences [12].

Core Viewpoint - The rise of "borderline" marketing strategies, particularly through male models and entertainment, is becoming a common approach in offline consumption sectors as businesses seek to boost traffic and sales during a challenging economic period [2][12][20]. Group 1: Offline Marketing Trends - The offline consumption market is expected to embrace a "male marketing" trend by 2025, with various sectors like theme parks and restaurants adopting this strategy to cope with declining sales [3][12]. - The introduction of "handsome NPCs" in theme parks has proven effective, with some locations reporting significant increases in visitor numbers, particularly among young women [4][5]. - The Fuzhou Dongbai Center's "male model bag-carrying" experience led to a notable increase in daily foot traffic and sales, showcasing the effectiveness of this marketing approach [7][8]. Group 2: Financial Performance and Challenges - Despite the initial success of "borderline" marketing, many offline businesses continue to struggle financially, with a significant portion of theme parks and restaurants reporting losses [13][17]. - For instance, the theme park industry has seen about 22% of its establishments operating at a loss, while major restaurant chains like Xiaobuxiang have reported substantial net losses [13][17]. - The financial reports from major players indicate a concerning trend, with companies like Huazhou City experiencing a decline in revenue and profit margins [17][18]. Group 3: Consumer Behavior and Market Dynamics - The consumer market is shifting towards a preference for deeper cultural experiences rather than superficial entertainment, as evidenced by the growing popularity of family-oriented travel and cultural tourism [20][21][22]. - Data shows that the emotional consumption market in China is projected to exceed 2 trillion yuan by 2025, indicating a strong demand for enriching experiences [19]. - The trend towards "de-entertainment" suggests that businesses need to integrate cultural elements into their offerings to remain competitive and relevant in the evolving market landscape [23][24].

Market Overview - The tourism and scenic spots sector increased by 1.73% on August 29, with Caesar Travel leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Key Performers - Caesar Travel (000796) closed at 5.92, up 10.04% with a trading volume of 1.73 million shares and a transaction value of 256.6 million [1] - Dalian Shenya (600593) closed at 34.65, up 4.94% with a trading volume of 108,000 shares and a transaction value of 370 million [1] - Changbai Mountain (660E09) closed at 44.90, up 4.47% with a trading volume of 167,400 shares and a transaction value of 748 million [1] - Other notable performers include Zhongxin Tourism (002707) and Emei Mountain A (000888), with increases of 2.73% and 2.70% respectively [1] Fund Flow Analysis - The tourism and scenic spots sector saw a net inflow of 214 million from institutional investors, while retail investors experienced a net outflow of 56.46 million [2] - Major stocks like Caesar Travel and Dalian Shenya had significant institutional net inflows, while retail investors showed a tendency to withdraw funds [3] Individual Stock Analysis - Caesar Travel had a net inflow of 247.1 million from institutional investors, but a net outflow of 99.66 million from retail investors [3] - Dalian Shenya experienced a net inflow of 48.58 million from institutional investors, with retail investors withdrawing 32.19 million [3] - Emei Mountain A had a net inflow of 29.70 million from institutional investors, while retail investors withdrew 16.31 million [3]

Core Viewpoint - The tourism and scenic area sector experienced a rise of 0.64% on August 22, with Xiyu Tourism leading the gains. The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1]. Group 1: Stock Performance - Xiyu Tourism (300859) saw a closing price of 45.08, with an increase of 8.52% and a trading volume of 271,100 shares, amounting to a transaction value of 1.201 billion yuan [1]. - Changbai Mountain (6602099) closed at 42.10, up 2.33%, with a trading volume of 125,300 shares and a transaction value of 523 million yuan [1]. - Xi'an Tourism (000610) closed at 13.75, up 1.40%, with a trading volume of 316,000 shares and a transaction value of 431 million yuan [1]. - Other notable performers include Jiuhua Tourism (661809) at 37.35 (+1.00%), Songcheng Performance (300144) at 8.86 (+0.80%), and Xiangyuan Cultural Tourism (600576) at 7.92 (+0.51%) [1]. Group 2: Market Trends - The tourism and scenic area sector experienced a net outflow of 192 million yuan from main funds, while retail investors saw a net inflow of 238 million yuan [2]. - The overall market sentiment indicates a mixed performance, with some stocks experiencing declines, such as Tibet Tourism (600749) down 2.96% and Caesar Travel (000796) down 1.49% [2].

Core Viewpoint - The performance of "Only Emei Mountain" has been suspended for two months due to significant financial losses, confirmed by the latest half-year report from Emei Mountain Tourism Co., Ltd. [1][3] Financial Performance - The subsidiary responsible for the project, Emei Mountain Cloud Tourism Investment Co., Ltd., reported revenue of only 8.47 million yuan and a net loss of 16.14 million yuan in the first half of the year [4][5] - Despite a total of 2.1 million visitors to the Emei Mountain scenic area, fewer than 30,000 paid to see the performance, indicating a severe shortfall in expected revenue [4][5] Project Background - "Only Emei Mountain" was launched on September 6, 2019, with an investment of 819 million yuan, aiming to create an innovative theatrical experience across three different venues [3][4] - The ticket pricing strategy includes a base price of 298 yuan per venue, with total costs for a complete experience reaching approximately 500-600 yuan per person [3][4] Audience Reception - Audience feedback has been mixed, with some finding the price too high and the experience lacking in engagement, while others appreciated the artistic direction and production quality [5][6] - The project has faced challenges in attracting a broader audience, particularly among casual tourists who may not resonate with the artistic content [5][6] Industry Context - The financial struggles of "Only Emei Mountain" reflect broader issues in the live performance industry, where high initial investments and ongoing operational costs can lead to unsustainable business models [9][10] - Successful models in the industry, such as Song City Performing Arts, have shifted towards a light asset model, focusing on creative and operational flexibility to mitigate financial risks [10][11]