Core Insights - A new trend in the A-share market is emerging where companies are offering "physical dividends" to shareholders, enhancing the shareholder experience beyond traditional cash dividends and stock price appreciation [3][4][10] Group 1: New Trends in Investor Relations - The A-share market is witnessing a transformation in investor relations management, shifting from cash dividends to product-based rewards for shareholders [3] - Companies like Emei Mountain A and Qianwei Yangchun are leading this trend, with Emei Mountain A offering free admission to shareholders holding over 500 shares, and Qianwei Yangchun providing product gift packages worth 200 yuan to shareholders holding over 100 shares [3][4] Group 2: Strategic Considerations Behind Physical Dividends - The trend of physical rewards is not merely about providing benefits; it represents an upgrade in investor relations management to brand experience marketing, creating a low-cost yet innovative approach [4][5] - For tourism companies, offering free admission and discounts can lead to significant secondary consumption, enhancing overall revenue [4][10] Group 3: Industry-Specific Approaches to Shareholder Engagement - Different industries are adopting unique strategies to engage shareholders: - In the tourism sector, Emei Mountain A offers comprehensive benefits including free tickets and discounts on various services [7][10] - In the food industry, Qianwei Yangchun provides product gift packages, while other companies like Wufangzhai and Zhongjing Foods also offer food gifts without strict holding requirements [7][8] Group 4: Case Study of Qianwei Yangchun - Qianwei Yangchun's shareholder reward strategy aligns with its broader market expansion goals, allowing shareholders to experience products directly and potentially become loyal customers [8][9] - The company is strategically timing its rewards to coincide with its efforts to penetrate the consumer market [8] Group 5: Emei Mountain A's Unique Offerings - Emei Mountain A's rewards program is designed to counteract a 7.9% decline in visitor numbers, showcasing an innovative approach to attract more visitors [10] - The program includes not just free admission but also discounts for family members, creating a holistic consumer experience [10] Group 6: Balancing Aspirations and Realities - While the trend of physical dividends is gaining traction, companies must ensure product quality and sustainability of these initiatives to avoid damaging their reputation [13][15] - Market reactions to these initiatives can lead to short-term stock price increases, but without solid performance fundamentals, there may be risks of price corrections [15]

证券日报网讯12月4日，峨眉山A在互动平台回答投资者提问时表示，公司旗下没有瓦屋山风景区。冰 雪温泉节开始时间请关注峨眉山景区的公众号。 ...

Core Viewpoint - The article discusses the recent trend of companies offering physical gifts to shareholders as a form of "dividend," questioning whether this truly benefits shareholders or merely masks underlying business performance issues [1] Group 1: Company Actions - Qianwei Yangchun announced that individual shareholders holding over 100 shares can receive a gift package of prepared dishes valued at 200 yuan, while corporate shareholders can receive three packages [1] - This follows a similar initiative by Emei Mountain A, which offered free admission tickets to shareholders holding 500 shares, indicating a growing trend among listed companies to engage in "physical dividends" [1] Group 2: Market Reaction - The market responded positively to Emei Mountain A's announcement, resulting in a trading halt due to a surge in stock price, suggesting that investors are receptive to these creative promotional strategies [1] Group 3: Shareholder Expectations - The article argues that shareholders primarily seek capital appreciation through solid business growth, stable cash dividends, and sustained stock price increases, rather than small gifts [1] - It emphasizes that while occasional perks can enhance shareholder relations, relying on such tactics as a primary means to attract investors is misguided and detracts from core business performance [1]

Group 1 - The core point of the article highlights that over 30 A-share listed companies have introduced various shareholder benefits this year, including free tickets and discounts on services [1] - Emei Mountain A announced that it would provide free admission to its scenic area for individual shareholders and corporate representatives holding 500 shares or more, which led to a stock price increase for two consecutive days before a decline of 4.84% on the third day [1]

Core Insights - The A-share market has seen a collective decline in tourism stocks, with significant drops in several companies' share prices [1] Group 1: Stock Performance - Xiangyuan Culture and Tourism (祥源文旅) experienced a decline of over 6.71%, with a total market capitalization of 7.329 billion [2] - Haikan Co. (海看股份) fell by 5.47%, with a market cap of 10.7 billion [2] - Emei Mountain A (峨眉山A) dropped by 4.14%, with a market value of 6.95 billion [2] - Other notable declines include Caesar Travel (凯撒旅业) down 3.88%, Qujiang Culture and Tourism (曲江文旅) down 3.85%, and Nanjing Commercial Travel (南京商旅) down 3.73% [1][2] Group 2: Year-to-Date Performance - Year-to-date performance shows that Xiangyuan Culture and Tourism has only increased by 0.87% [2] - Haikan Co. has a year-to-date increase of 4.70% despite the recent decline [2] - Emei Mountain A has a modest year-to-date increase of 1.54% [2] - Other companies like Caesar Travel and Qujiang Culture and Tourism have year-to-date increases of 64.94% and 11.77% respectively, indicating some resilience despite recent stock price drops [2]

Group 1 - The A-share market saw a collective decline in tourism stocks, with significant drops in companies such as Xiangyuan Cultural Tourism, Haikan Co., and Emei Mountain A [1] - Xiangyuan Cultural Tourism experienced a drop of over 6.71%, while Haikan Co. fell by over 5.47% [2] - Other notable declines included Emei Mountain A at -4.14%, and Caesar Travel at -3.88% [2] Group 2 - The total market capitalization of Xiangyuan Cultural Tourism is 7.329 billion, while Haikan Co. stands at 10.7 billion [2] - Year-to-date performance shows Xiangyuan Cultural Tourism with a gain of 0.87%, while Haikan Co. has increased by 4.70% [2] - Other companies like Nanjing Commercial Travel and Xian Tourism also reported declines of -3.73% and -3.56% respectively [2]

Core Viewpoint - The hotel and tourism sector is experiencing a decline, with specific companies facing significant drops in stock prices [1] Group 1: Sector Performance - The hotel and tourism sector is reported to be down overall [1] - Notable declines include Tongqinglou hitting the daily limit down and Xiangyuan Cultural Tourism dropping over 8% [1] - Other companies such as Xi'an Catering, Junting Hotel, and Emei Mountain A also experienced declines [1]

Core Viewpoint - The recent announcement by Emei Mountain A to provide benefits such as free admission to shareholders holding 500 shares or more has led to a short-term increase in stock price, but it ultimately fell by 4.84% on December 3, indicating limited long-term impact on stock performance [1][3]. Group 1: Shareholder Return Activities - Over 30 A-share companies have announced shareholder return initiatives this year, with 8 in the cultural tourism sector, 11 in food consumption, and 7 in beauty and home products, primarily offering experiences or physical products [3]. - The shareholder return activities have not significantly influenced stock prices, with most stocks showing stable performance despite the announcements [3]. Group 2: Market Reactions and Analyst Insights - Analysts suggest that shareholder return activities are more about brand promotion and investor relations management rather than core performance improvement, leading to only short-term emotional market reactions [5][10]. - There is a concern that if these return activities are misrepresented as "physical dividends" or lack proper disclosure, they may attract regulatory scrutiny [7]. - The distinction between shareholder return activities and cash dividends is emphasized, urging investors to focus on the core operational capabilities and long-term growth potential of companies [8].

Core Viewpoint - Emei Mountain A announced benefits for individual shareholders and corporate representatives holding 500 shares or more, including free admission to the scenic area and discounts on certain consumption projects, leading to a stock price increase for two consecutive days before a subsequent drop of 4.84% on the third day [1] Group 1: Shareholder Benefits - At least 30 A-share companies have launched shareholder reward programs this year, with 8 in the cultural tourism sector focusing on scenic rights and performance experiences [1] - 11 companies in the food and beverage sector are offering rewards such as fresh produce and discount coupons [1] - 7 companies in the beauty and home goods sector are providing gifts or company products as rewards [1] Group 2: Market Implications - Industry experts suggest that shareholder reward activities differ fundamentally from cash dividends advocated by regulatory authorities, indicating a need for investors to focus on the core operational capabilities and long-term development potential of companies while considering market trends [1]

Core Viewpoint - Emei Mountain A has announced a shareholder reward program that offers various benefits, including free tickets and discounts for shareholders and their families, which has positively impacted its stock price and market perception [2][3]. Group 1: Shareholder Benefits - From December 1, 2025, to January 31, 2026, shareholders holding 500 shares or more will receive free access to scenic spots, cable cars, and hot springs, along with exclusive discounts for family members [2]. - The program is designed to provide tangible benefits to shareholders, with an estimated return of at least 3% over two months based on the stock price prior to the announcement [2]. Group 2: Cost Management - The cost of the rewards program is manageable for Emei Mountain A due to the low marginal cost associated with additional visitors, as the fixed costs of infrastructure and staffing do not significantly increase with more guests [3]. - The free benefits are seen as an efficient use of "idle capacity," which can lead to increased revenue through secondary spending by shareholders and their families [3]. Group 3: Market Trends - Shareholder reward programs are becoming increasingly common in the A-share market, with other companies also offering various incentives to engage their shareholders [3]. - These initiatives aim to transform shareholders into product and service advocates, enhancing market value management [3][4]. Group 4: Long-term Value Creation - The primary goal of shareholder reward activities should extend beyond short-term stock price boosts to fostering long-term relationships and trust between the company and its investors [4]. - By allowing shareholders to experience the company's products and services, companies can enhance understanding of their business models and value propositions, leading to more rational investment decisions [4][5].