Core Viewpoint - The financial performance of Emei Mountain A has declined in the first half of 2025, attributed to a decrease in visitor numbers and revenue from core businesses [2][3]. Financial Performance - Emei Mountain A reported a revenue of 457 million yuan, a year-on-year decrease of 10.07% [2]. - The net profit attributable to shareholders was 121 million yuan, down 8.48% year-on-year [2]. - The net profit after deducting non-recurring items was 119 million yuan, a decline of 9.65% [2]. - The gross profit margin fell by 1.53 percentage points to 48.07% [2]. - In Q2, revenue decreased by 9.27% to 231 million yuan, while net profit increased by 7.42% to 62.39 million yuan [2]. Visitor Statistics - The total number of visitors to Emei Mountain Scenic Area was 2.0952 million, a year-on-year decrease of 6.5% [2]. - Revenue from mountain ticket sales was 122 million yuan, down 9.53% [2]. - Revenue from the cable car business was 185 million yuan, a decrease of 7.51% [2]. - Revenue from hotel services fell by 12.13% to 82.7253 million yuan [2]. Business Segment Performance - The gross profit margins for the three main businesses (ticket sales, cable car, and hotel services) all declined, with respective margins of 46.47%, 79.45%, and 5.37% [2]. - The tea business saw a revenue decline of 33.92% to 27.41 million yuan [3]. - The performing arts revenue increased by 1.38% to 5.3992 million yuan, but the main project "Only Emei Mountain" was suspended, leading to no income [3]. Project and Investment Insights - The suspension of "Only Emei Mountain" is linked to financial pressures faced by its operating company, which has a loan of 560 million yuan due in 2036 [4]. - The operating entity, Yunshang Lvtou, reported a net loss of 16.1383 million yuan in the first half of 2025 [3][4]. - The big data business showed resilience, with a slight revenue decline of 2.31% but a net profit increase of 107.21% to 19,600 yuan [4]. Future Prospects - Emei Mountain A is exploring new business models, including tea beer and collaborations with cultural brands [4][5]. - The company is optimistic about future growth due to the scenic area's natural resources and ongoing infrastructure improvements [5].

Investment Rating - The industry is rated as "Market Perform" [31] Core Insights - The consumer service industry index experienced a decline of 2.17% from July 25 to August 7, 2025, underperforming the CSI 300 index by approximately 1.35 percentage points, primarily due to adverse weather conditions affecting travel data and declining performance in some companies' semi-annual reports [7][8] - In the first half of 2025, the total number of domestic trips reached 3.285 billion, a year-on-year increase of 20.6%, with total spending of 3.15 trillion yuan, up 15.2% [22] - Recent heavy rainfall has led to the temporary closure of several tourist attractions, impacting the tourism and hotel sectors [23] - Positive policy signals have emerged, including subsidies for childbirth and reductions in childcare fees, indicating potential future support for consumption and fertility [31] Summary by Sections Market Review - The consumer service index has shown a decline, with significant underperformance compared to the CSI 300 index [7] - The tourism and hotel sectors have been particularly affected by recent heavy rainfall, while the education sector has seen an uptick due to supportive policies [8] Industry News - The South Korean government will implement a temporary visa exemption for Chinese group tourists starting September 29, 2025, which has led to a surge in travel searches [20] - The introduction of a new membership system by Taobao integrates various services, enhancing travel-related benefits for users [21] Company Announcements - Action Education proposed a mid-year dividend distribution of 10 yuan per 10 shares [24] - Huangshan Tourism plans to invest in a new subsidiary and participate in a land bidding process [25] - China Duty Free Group reported a decline in revenue and net profit for the first half of 2025, but maintained a strong market position in Hainan [29] Weekly Outlook - The report suggests focusing on companies that may benefit from the current market conditions, including China Duty Free Group, Jinjiang Hotels, and others in the cyclical sectors [31][32]

Group 1: Hainan's Policy Initiatives - Hainan Province is optimizing its duty-free shopping policy and expanding the "immediate purchase and pick-up" product list to enhance overseas consumption return [1] - The province aims to attract high-quality overseas educational resources, targeting 18,000 students and teachers in the Lingshui Li'an International Education Innovation Pilot Zone by 2027 [1] - Hainan plans to boost overseas medical consumption, with a goal of introducing at least 40 international innovative drugs and medical devices annually by 2027, and increasing medical tourism to over 1.5 million visitors [1] Group 2: Shanghai's Retail Developments - Shanghai Hongqiao Qianwan Impression City MEGA is set to officially launch by the end of the year, with over 70% of its leasing completed and plans to introduce more than 350 lifestyle brands [2] - The project will create a super complex of 400,000 square meters, integrating living, office, and retail spaces [2] Group 3: Hotel Industry Updates - Atour, a chain hotel listed in the US, is reportedly considering a listing in Hong Kong [3] - The Hilton Garden Inn in Zhongshan, Guangdong, is set to open this month, featuring 174 luxury rooms [2] Group 4: Disney's Financial Performance - Disney reported a net profit of $5.262 billion for the third quarter, a 100.8% increase year-over-year, with revenues of $23.65 billion, up 2% [4] Group 5: Earnings Reports from Scenic Areas - Emei Mountain A reported a net profit of 121 million yuan for the first half of 2025, a decrease of 8.48%, with a 6.5% drop in visitor numbers [5] - Lijiang Co. reported a net profit of 94.5 million yuan, down 15.86%, attributed to adverse weather conditions and the pre-opening phase of a new hotel [6] Group 6: Swire Properties' Financial Results - Swire Properties achieved a revenue of 8.723 billion HKD for the first half of 2025, a 20% increase, with a basic profit attributable to shareholders of 4.42 billion HKD, up 15% [8] Group 7: New World Development Clarification - New World Development clarified that there have been no offers for the acquisition of its shares, despite media speculation regarding potential privatization by its controlling shareholder and Blackstone Group [9] Group 8: Indoor Ski Resort Development - Hot Snow Miracle has established operations in Jinan, Shandong, to manage the construction and operation of an indoor ski resort, which will cover approximately 45,000 square meters [10]

Core Viewpoint - The performance of Emei Mountain A has significantly declined in various financial metrics, with core business areas facing challenges due to decreased visitor numbers and unsuccessful new business ventures [1][4]. Financial Performance - For the first half of 2025, Emei Mountain A reported operating revenue of 457 million yuan, a year-on-year decrease of 10.07% [1]. - The net profit attributable to the parent company was 121 million yuan, down 8.48% year-on-year [1]. - The return on equity was 4.53%, a decline of 0.73 percentage points compared to the previous year [1]. Core Business Analysis - The main revenue drivers for Emei Mountain A are ticket sales and cable car services, which together account for nearly 70% of total revenue [2]. - Visitor numbers to the Emei Mountain scenic area reached 2.0952 million, a decrease of 6.5% year-on-year, directly impacting ticket and cable car revenue [2]. - Revenue from ticket sales was 122 million yuan, down 9.53% year-on-year, while cable car revenue was 185 million yuan, a decline of 7.51% [2]. - Despite maintaining a high gross margin of 79.45% for the cable car business, this figure decreased by 3.58% compared to the previous year [2]. New Business Ventures - The new business initiative "Only Emei Mountain" has not only failed to generate profit but has also increased the company's financial burden [4]. - Revenue from the hotel business was 82.73 million yuan, down 12.13% year-on-year, while other businesses, including tea, smart tourism, and performances, generated 66.94 million yuan, a decline of 15% [4]. - The "Only Emei Mountain" cultural performance project reported revenue of only 5.40 million yuan, with the operating entity incurring a loss of 16.14 million yuan [4][5]. - The company has borrowed 536 million yuan for the project, with an outstanding balance of 493 million yuan as of June 30, 2025 [5].

Core Viewpoint - The financial performance of Emei Mountain A has declined in the first half of the year, with a significant drop in revenue and net profit, attributed to a decrease in visitor numbers and various business segments [1][2][5]. Financial Performance - The company reported a revenue of 457.09 million yuan, a decrease of 10.07% year-on-year [2]. - The net profit attributable to shareholders was 121.29 million yuan, down 8.48% compared to the previous year [2]. - The net asset return rate was 4.53%, a decline of 0.73 percentage points from the previous year [2]. Business Segments - Revenue from ticket sales and cable car operations decreased by 9.53% and 7.51%, respectively, with ticket sales generating 122.39 million yuan and cable car operations 185.03 million yuan [1][2]. - The hotel business saw a revenue drop of 12.13%, totaling 82.73 million yuan [1]. - Other segments, including tea, smart tourism, and performances, generated 66.94 million yuan, down 15% year-on-year [1]. Visitor Statistics - The Emei Mountain scenic area received 2.10 million visitors, a decline of 6.5% year-on-year [1]. - The company has paused the performance of the "Only Emei Mountain" project due to changes in market conditions, which had an investment of over 800 million yuan [1][5]. Market Environment - The feasibility of the "Emei Mountain Tourism Cultural Center Project" has significantly decreased due to changes in the market environment, leading to increased risks and potential failure to meet expected economic benefits [5]. - The tourism industry is facing intensified competition, with new attractions emerging, which poses additional market risks for the company [8]. Strategic Response - The company plans to enhance project investment systems, accelerate project construction, and improve internal management and cost control to mitigate risks and improve operational efficiency [7][8]. - There is a focus on integrating tourism resources and enhancing marketing efforts to adapt to market changes and meet diverse consumer needs [8][9].

Core Viewpoint - Emei Mountain Tourism Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the tourism sector and the impact of decreased visitor numbers on core business operations [2][3]. Financial Performance - The company's revenue for the first half of 2025 was approximately 457 million yuan, a year-on-year decrease of 10.07%, equating to a reduction of about 51.16 million yuan [2]. - The net profit attributable to shareholders was around 121 million yuan, down 8.48% year-on-year [2]. - The net profit after deducting non-recurring items was approximately 119 million yuan, reflecting a decrease of 9.65% [2]. Visitor Statistics - As of June 30, 2025, the Emei Mountain scenic area received 2.0952 million visitors, a decline of 6.5%, which translates to a loss of approximately 145,900 visitors [2]. Core Business Revenue Breakdown - Revenue from mountain ticket sales was about 122 million yuan, down 9.53% year-on-year [2]. - Revenue from the cable car business was approximately 185 million yuan, a decrease of 7.51% [2]. - Revenue from hotel services was around 82.73 million yuan, reflecting a decline of 12.13% [2]. Other Business Segments - Revenue from tea, smart tourism, and performance-related businesses totaled approximately 66.94 million yuan, down 15% year-on-year [3]. - The performance project "Only Emei Mountain" was suspended on June 15, 2025, with the associated company reporting a revenue of 8.47 million yuan and a net loss of 16.14 million yuan [3]. Project Performance - The "Only Emei Mountain" project has consistently reported losses since its inception, with net profits from 2020 to 2024 being -60.58 million yuan, -74.62 million yuan, -95.39 million yuan, -228 million yuan, and -124 million yuan respectively [3][4]. Industry Outlook - The domestic tourism industry showed steady growth in the first half of 2025, with both domestic and inbound tourism increasing [5]. - However, consumers are becoming more rational, favoring cost-effective travel options, leading to a slowdown in per capita spending growth [5]. - The company plans to develop a work plan for the second half of the year to achieve its annual targets and promote high-quality development in tourism [5].

Core Viewpoint - Emei Mountain A (000888.SZ), the first tourism listed company in Southwest China, reported a decline in visitor numbers and revenue in its mid-year report, highlighting challenges in its core business and the underperformance of its new economic growth project, the performance show "Only Emei Mountain" [1][4][16]. Financial Performance - As of June 30, 2025, Emei Mountain A received 2.0952 million visitors, a decrease of 145,900 visitors or 6.5% year-on-year [1]. - The company achieved an operating income of 457 million yuan, down 51.156 million yuan or 10.07% compared to the previous year [1]. - The net profit attributable to the parent company was 121 million yuan, a year-on-year decline of 8.48% [1]. Revenue Breakdown - The main revenue sources for Emei Mountain A include mountain ticket sales, cable car services, and hotel services, contributing approximately 122 million yuan, 185 million yuan, and 83 million yuan respectively, accounting for 26.78%, 40.48%, and 18.10% of total revenue [1]. - All three core business segments experienced declines compared to the same period in 2024, with decreases of 9.53%, 7.51%, and 12.13% respectively [1]. Performance of "Only Emei Mountain" - The performance project "Only Emei Mountain," operated by Emei Mountain Cloud Tourism Investment Co., Ltd. (cloud travel investment), generated revenue of 8.4658 million yuan but incurred a net loss of 16.1383 million yuan [1][4]. - The project was suspended on June 15, 2025, with no tickets currently available for purchase [3][4]. Financial Strain and Debt - The total investment in the "Only Emei Mountain" project was 819 million yuan, with Emei Mountain A holding a 40% stake [6]. - The company took out a loan of 560 million yuan in September 2020, with a repayment deadline of December 5, 2036, and currently owes 493 million yuan [6][7]. - Emei Mountain A has provided financial support of 3.7545 million yuan to cloud travel investment for employee salaries and other expenses [7]. Historical Losses - Cloud travel investment has reported continuous losses since its inception, with cumulative losses exceeding 600 million yuan over six years [9]. - The company recorded asset impairment losses of over 74.2 million yuan in 2024, primarily due to ongoing losses from cloud travel investment [12]. Market Comparison - Unlike other successful performance projects such as "Impression Lijiang," which reported significant revenues and profits, "Only Emei Mountain" has struggled due to misalignment in project positioning and a lack of content updates [13][14]. - The project has been criticized for its high costs and low revenue potential, leading to a challenging financial situation [15].

Core Viewpoint - The report indicates that Emei Mountain A's performance in the first half of 2025 is under pressure due to a decline in visitor numbers, but there are future opportunities for expansion in tourist capacity and new business developments [1][2][3]. Financial Performance - In 1H25, Emei Mountain A achieved revenue of 460 million yuan, a year-on-year decrease of 10.1%, and a net profit attributable to shareholders of 120 million yuan, down 8.5% year-on-year [2]. - The second quarter saw revenue of 230 million yuan, a decline of 9.3% year-on-year, but net profit increased by 7.4% to 60 million yuan [2]. - Visitor numbers to the Emei Mountain scenic area fell to 2.095 million, a decrease of 6.5% year-on-year, primarily attributed to weather factors [2]. Revenue Breakdown - Revenue from mountain ticket sales was 122 million yuan, down 9.5% year-on-year; cable car services generated 185 million yuan, down 7.5% [2]. - Hotel revenue decreased by 12.1% to 83 million yuan, impacted by reduced accommodation demand [2]. - Tea sales revenue fell significantly by 33.9% to 27 million yuan, while performance in the performing arts segment grew slightly by 1.4% to 5.4 million yuan [2]. - Travel agency revenue surged by 52.5% to 4.8 million yuan, benefiting from structural optimization and market expansion [2]. Profitability Metrics - The gross margin for 1H25 was 48.1%, a decline of 1.5 percentage points year-on-year, influenced by reduced margins in key business areas [3]. - The net profit margin improved slightly to 26.5%, up 0.5 percentage points year-on-year, mainly due to increased interest income and reduced financial expenses [3]. Future Outlook - The company is expected to enhance its tourist capacity significantly with ongoing infrastructure developments, including the expansion of the cable car system [3]. - New business initiatives in tea, tea beer, and tourism project development are anticipated to provide additional growth opportunities [3]. - Forecasted net profits for 2025, 2026, and 2027 are 280 million yuan, 300 million yuan, and 320 million yuan, respectively, with corresponding price-to-earnings ratios of 26X, 25X, and 23X [3].

据证券之星公开数据整理，近期峨眉山A（000888）发布2025年中报。根据财报显示，峨眉山A净利润 减8.48%。截至本报告期末，公司营业总收入4.57亿元，同比下降10.07%，归母净利润1.21亿元，同比 下降8.48%。按单季度数据看，第二季度营业总收入2.31亿元，同比下降9.31%，第二季度归母净利润 6238.12万元，同比上升7.35%。 本次财报公布的各项数据指标表现一般。其中，毛利率48.07%，同比减3.09%，净利率24.3%，同比增 6.41%，销售费用、管理费用、财务费用总计8112.65万元，三费占营收比17.75%，同比减7.04%，每股 净资产4.95元，同比增3.64%，每股经营性现金流0.3元，同比增2.97%，每股收益0.23元，同比减8.47% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 5.08亿 | 4.57亿 | -10.07% | | 归母净利润(元) | 1.33 Z | 1.21亿 | -8.48% | | 扣非净利润(元) | 1.32亿 | 2611 ...

Core Viewpoint - Emei Mountain A (000888) reported a decline in overall performance for the first half of 2025, with a notable improvement in the second quarter, indicating potential recovery trends despite challenges in the tourism sector [2][10]. Financial Performance Overview - Total revenue for the first half of 2025 was 457 million yuan, a year-on-year decrease of 10.07% - Net profit attributable to shareholders was 121 million yuan, down 8.48% year-on-year - Non-recurring net profit was 119 million yuan, a decline of 9.65% year-on-year - In Q2, net profit reached 62.38 million yuan, an increase of 7.35% year-on-year, with non-recurring net profit at 62 million yuan, up 6.73% [2]. Key Financial Metrics - Gross margin for the first half of 2025 was 48.07%, down 3.09% year-on-year - Net margin was 24.3%, an increase of 6.41% year-on-year, indicating effective cost control despite declining gross margin [3]. Expense Control - Total operating expenses (selling, administrative, and financial expenses) amounted to 81.13 million yuan, accounting for 17.75% of revenue, a decrease of 7.04% year-on-year, reflecting improved expense management [4]. Per Share Indicators - Earnings per share (EPS) was 0.23 yuan, down 8.47% year-on-year - Net asset value per share was 4.95 yuan, an increase of 3.64% year-on-year - Operating cash flow per share was 0.30 yuan, up 2.97% year-on-year, indicating stable asset quality and cash flow [5]. Main Business Analysis - Passenger cableway revenue was 185 million yuan, accounting for 40.48% of total revenue, with a high gross margin of 79.45% - Mountain ticket revenue was 122 million yuan, representing 26.78% of total revenue, with a gross margin of 46.47%, likely impacted by a decrease in visitor numbers - Hotel services revenue was 82.73 million yuan, making up 18.10% of total revenue, but with a low gross margin of 5.37%, suggesting a need for operational optimization [6][7][8]. Financial Condition and Cash Flow - Cash and cash equivalents stood at 1.651 billion yuan, a year-on-year increase of 20.27% - Accounts receivable was 50.54 million yuan, down 16.04% year-on-year, indicating improved receivables management - Interest-bearing debt was 501 million yuan, a slight decrease of 0.52% year-on-year, reflecting stable overall debt levels [9]. Development Prospects and Challenges - As a well-known tourism operator in China, Emei Mountain A possesses rich tourism resources and a complete industry chain - However, the company faces challenges from declining visitor numbers and increasing market competition, necessitating enhancements in service quality and business structure optimization - Continued focus on cost control and operational efficiency is essential for ensuring long-term stable profit growth [10].