Core Viewpoint - The overall performance in 25H1 is stable and meets expectations, with a slight decline in cable car passenger numbers due to weather conditions, but 25Q2 revenue reached a record high, demonstrating robust operational performance [1] Financial Performance - In 25H1, the company achieved revenue of 378 million yuan, a year-on-year decrease of 1.85%, and a net profit attributable to shareholders of 95 million yuan, a year-on-year decrease of 15.86%, which is in line with expectations [1] - For 25Q2, the company reported revenue of 215 million yuan, a year-on-year increase of 5.04%, marking a historical high for the second quarter, with a net profit of 60 million yuan, a year-on-year increase of 6.26% [1] Business Segments - The cable car business experienced a year-on-year decline in passenger numbers due to weather, with a total of 3.088 million visitors across three cable cars in 25H1, down 4.6% year-on-year; the "Impression Lijiang" show received 707,000 visitors, down 18.0% year-on-year [1] - Conversely, the hotel business showed positive growth, with Lijiang Hefu Hotel generating revenue of 61.64 million yuan, up 5.5% year-on-year, and Diqing Xiangbala Hotel generating 14.56 million yuan, up 25.1% year-on-year [2] Ticketing Optimization - In 25H1, the company optimized the ticket purchasing process for cable cars, which is expected to positively impact future visitor numbers. Changes include allowing ticket purchases up to 7 days in advance, limiting purchases to once per ID within 90 days, and supporting self-rescheduling [2]

Core Viewpoint - Lijiang Co., Ltd. reported a decline in net profit by 15.86% for the first half of 2025, with total revenue also decreasing by 1.85% compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 378 million yuan, down from 385 million yuan in 2024, reflecting a decrease of 1.85% [1] - Net profit attributable to shareholders was 94.5 million yuan, a decline of 15.86% from 112 million yuan in the previous year [1] - The gross profit margin decreased to 53.79%, down 5.97% year-on-year, while the net profit margin fell to 28.05%, a decrease of 15.05% [1] - Total expenses (selling, administrative, and financial) amounted to 67.5 million yuan, representing 17.87% of revenue, an increase of 11.51% year-on-year [1] - Earnings per share decreased to 0.17 yuan, down 15.85% from 0.20 yuan in the previous year [1] Cash Flow and Financial Ratios - Cash flow from operating activities per share was 0.22 yuan, a decrease of 14.18% compared to the previous year [1] - The company experienced a significant increase in financial expenses by 78.45%, attributed to a decrease in interest income due to lower bank deposit rates [3] - Cash flow from investment activities saw a drastic decline of 287.65%, with a reduction of 129 million yuan in cash received from investments compared to the previous period [3] - The net increase in cash and cash equivalents dropped by 86.86%, primarily due to the aforementioned decrease in cash received from investments [3] Future Outlook - Analysts project that Lijiang Co., Ltd. aims to achieve a revenue of 816 million yuan and a net profit of 202 million yuan for the year 2025 [4] - The company’s return on invested capital (ROIC) was reported at 8.64%, indicating average capital returns in recent years [3]

Core Insights - Lijiang Co. reported a total operating revenue of 378 million yuan in the first half of 2025, a year-on-year decrease of 1.85% [1] - The net profit attributable to shareholders was 94.5 million yuan, down 15.86% year-on-year, while the net profit after deducting non-recurring gains and losses was 96.1 million yuan, a decline of 14.31% [1] - Despite the overall decline, the second quarter showed slight recovery with total operating revenue of 215 million yuan, an increase of 5.04% year-on-year, and a net profit of 60.03 million yuan, up 6.26% year-on-year [1] Financial Performance - Gross margin was 53.79%, down 5.97% year-on-year, and net margin was 28.05%, down 15.05% year-on-year [7] - The ratio of operating expenses to revenue increased to 17.87%, up 11.51% year-on-year [7] - Earnings per share decreased by 15.85% to 0.17 yuan, while cash flow per share was 0.22 yuan, down 14.18% year-on-year [7] Revenue Composition - Revenue from cableway transportation was 187 million yuan, accounting for 49.53% of total revenue with a gross margin of 82.68% [7] - Hotel services generated 78.2 million yuan, representing 20.70% of total revenue with a gross margin of 8.86% [7] - Impression performances contributed 63.9 million yuan, making up 16.93% of total revenue with a gross margin of 50.21% [7] Financial Changes - Financial expenses increased by 78.45% due to a decrease in interest income from bank deposits [7] - Net cash flow from investment activities decreased by 287.65%, primarily due to a reduction of 129 million yuan in cash received from investment recoveries [7] - Net cash flow from financing activities increased by 47.81%, mainly due to an increase of 78 million yuan in investments received from minority shareholders [7] Business Overview and Competitive Advantage - Lijiang Co. operates in multiple sectors including cableway operations, tourism, and scenic area management, establishing itself as a comprehensive tourism group [5] - The company's core competitive advantages include superior tourism resources, a complete industry chain, resource integration, brand influence of "Impression Lijiang," and advantageous hotel locations with international brand recognition [5] Summary of Challenges - The company's performance in the first half of 2025 was adversely affected by unusual weather leading to increased downtime for cableways, and the Indigo Hotel at Lugu Lake has yet to achieve profitability [6] - However, the company maintains a healthy cash position with cash and cash equivalents reaching 700 million yuan, a year-on-year increase of 20.03% [6]

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 Insights - The company reported a total operating revenue of 378 million yuan for the first half of 2025, representing a year-on-year decrease of 1.85% [1] - The net profit attributable to shareholders was 94.5 million yuan, down 15.86% compared to the same period last year [1] - The decline in revenue and profit is primarily attributed to adverse weather conditions, including strong winds and heavy snowfall, which increased the number of operational downtime days for the company's cable cars [1] - Additionally, the Indigo Hotel at Lugu Lake began trial operations in July 2024, but has not yet generated profit during the reporting period [1]

Core Insights - A total of 39 companies released their semi-annual reports for 2025 on August 8, with 27 reporting year-on-year profit growth and 12 reporting declines [1] - Among these, 29 companies saw an increase in operating revenue, while 10 experienced a decrease [1] - 22 companies reported simultaneous growth in both net profit and operating revenue, while 5 companies saw declines in both metrics [1] - Six companies achieved a profit growth rate exceeding 100%, with Rongzhi Rixin leading at a staggering 2063.42% [1] Company Performance Summary - **Rongzhi Rixin (688768)**: EPS of 0.1600, net profit of 14.24 million, net profit growth of 2063.42%, operating revenue of 256.33 million, operating revenue growth of 16.55% [1] - **Feiwo Technology (301232)**: EPS of 0.4200, net profit of 31.54 million, net profit growth of 164.56%, operating revenue of 116.53 million, operating revenue growth of 81.42% [1] - **Chaoqing San (300647)**: EPS of 0.0247, net profit of 11.31 million, net profit growth of 163.01%, operating revenue of 47.44 million, operating revenue growth of 18.47% [1] - **ZheShu Wenhua (600633)**: EPS of 0.3000, net profit of 377.38 million, net profit growth of 156.26%, operating revenue of 1.41 billion, operating revenue growth of 0.09% [1] - **Ganli Pharmaceutical (603087)**: EPS of 1.0200, net profit of 603.68 million, net profit growth of 101.96%, operating revenue of 2.07 billion, operating revenue growth of 57.18% [1] - **Aixu Co., Ltd. (600732)**: EPS of -0.1300, net profit of -237.56 million, net profit growth of 86.38%, operating revenue of 844.62 million, operating revenue growth of 63.63% [1] Additional Company Insights - **Huace Navigation (300627)**: EPS of 0.5946, net profit of 326.47 million, net profit growth of 29.94%, operating revenue of 1.83 billion, operating revenue growth of 23.54% [1] - **China Mobile (600941)**: EPS of 3.9000, net profit of 8.42 billion, net profit growth of 5.03%, operating revenue of 54.38 billion, operating revenue decline of 0.54% [2] - **Anjiasi (688581)**: EPS of 1.5562, net profit of 126.02 million, net profit growth of 1.26%, operating revenue of 30.24 million, operating revenue growth of 14.56% [2] - **Lijiang Co., Ltd. (002033)**: EPS of 0.1720, net profit of 94.50 million, net profit decline of 15.86%, operating revenue of 37.77 million, operating revenue decline of 1.85% [2]

Core Viewpoint - Lijiang Co., Ltd. (002033.SZ) reported a decrease in institutional ownership in its semi-annual report for 2025, with a total of 7 institutional investors holding 278 million shares, representing 50.64% of the total share capital, a slight decline of 0.11 percentage points from the previous quarter [1] Institutional Ownership - As of August 7, 2025, institutional investors include Lijiang Yulong Snow Mountain Tourism Development Co., Ltd., Huabang Life Health Co., Ltd., Yunnan Yuntou Capital Operation Co., Ltd., Lijiang Yulong Snow Mountain Scenic Area Investment Management Co., Ltd., Hong Kong Central Clearing Limited, Lijiang Moses Cultural Park Co., Ltd., and Bank of China Co., Ltd. - Fortune China Securities Tourism Theme ETF [1] - The total institutional ownership decreased by 0.11 percentage points compared to the previous quarter [1] Public Fund Holdings - One public fund, Fortune China Securities Tourism Theme ETF, reported a decrease in holdings by 0.15% compared to the previous quarter [1] - One public fund, Jin Xin Consumption Upgrade Stock A, was not disclosed in the current period compared to the previous quarter [1] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, also reported a slight decrease in holdings compared to the previous quarter [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to adverse weather conditions and the ongoing costs associated with new projects that have not yet become profitable [5][4][3]. Financial Performance - The company achieved total operating revenue of 377.70 million yuan, a decrease of 1.85% compared to the same period last year [5]. - The net profit attributable to shareholders was 94.50 million yuan, down 15.86% year-on-year [5]. - The decline in revenue and profit was attributed to increased downtime of cable cars due to bad weather and the trial operation of the Lugu Lake Indigo Hotel, which has not yet turned a profit [5]. Business Segments - The company’s three cable cars received a total of 3.09 million visitors, a decrease of 148,400 visitors or 4.58% year-on-year [5]. - The Impression Lijiang show attracted 707,000 visitors, down 15.48% year-on-year [5]. - The hotel business, including various properties, generated revenue of 61.64 million yuan, an increase of 5.48% year-on-year [5]. - The Diquing Shangri-La Tourism Investment Company reported revenue of 14.56 million yuan, a year-on-year increase of 25.08% [5]. Corporate Governance - All board members attended the meeting to review the report [2]. - The board approved the half-year report without any cash dividends or stock bonuses [3]. - The company’s controlling shareholder and actual controller did not change during the reporting period [5]. Related Party Transactions - The company plans to engage in daily related party transactions with Lijiang Tourism Investment Group in 2025, which were approved by the board [14][21]. - The transactions are deemed necessary for the company's operations and are conducted at fair market prices [19][16].

Summary of Key Points Core Viewpoint - The financial data presented by Lijiang Yulong Tourism Co., Ltd. indicates significant intercompany transactions and financial relationships with its subsidiaries and related parties, highlighting the company's operational dynamics and financial health. Group 1: Financial Relationships - The company has substantial non-operating fund occupations with its controlling shareholders and related parties, with a total amount of 3,651.81 million RMB at the beginning of the period and 19,352.63 million RMB at the end of the period [1]. - The total amount of operating receivables from related parties, including ticket sales and other services, shows a notable increase, indicating a robust operational performance [2][3]. Group 2: Intercompany Transactions - The company reported significant amounts in accounts receivable from its subsidiaries, such as 160.50 million RMB from Lijiang Yulong Snow Mountain Tourism Sightseeing Vehicle Co., Ltd. and 24.94 million RMB for prepayments related to sightseeing vehicle fees [1]. - Other receivables from subsidiaries and related parties include 206.66 million RMB from Lijiang Longyue Catering Management Co., Ltd. and 55,695.41 million RMB from Diqing Shangri-La Tourism Investment Co., Ltd., reflecting extensive intercompany financial interactions [2]. Group 3: Overall Financial Position - The total financial position of the company, including all intercompany transactions and receivables, amounts to 104,799.10 million RMB, with a significant portion attributed to operating and non-operating relationships with subsidiaries and related entities [3].

Core Viewpoint - The investment management system of Lijiang Yulong Tourism Co., Ltd. aims to regulate investment activities, control risks, and enhance returns while safeguarding the interests of the company and its shareholders [1][2]. Summary by Sections General Principles - The investment management system is established based on relevant laws and regulations to ensure effective management of investment activities [1]. - Investment activities are defined as cash operations and management of idle funds to achieve capital preservation and appreciation [1]. Management Principles - The company adheres to principles of standardized operations, risk prevention, cautious investment, and value preservation, ensuring that investment activities do not disrupt normal business operations [2]. - Funds used for investment must be idle funds and should not affect operational and project construction funds [2]. Approval Authority and Decision-Making Procedures - The finance department is responsible for managing investment activities, including pre-investment analysis, execution supervision, and information disclosure [2]. - Different approval levels are established based on the percentage of assets involved in the investment, with varying authorities from the general manager to the shareholders' meeting [2][3]. Accounting Management - Upon completion of investment activities, the company must obtain relevant investment proof and timely record it in the accounts [4]. - The finance department is responsible for daily accounting of investment activities in accordance with accounting standards [5]. Risk Control and Information Disclosure - The company must select reputable financial institutions for investment and sign contracts with them [5]. - The audit department supervises investment activities, ensuring compliance with approval processes and monitoring fund usage [5]. - Any investment activities that meet disclosure standards must be reported in a timely manner according to regulations [5]. Supplementary Provisions - The board of directors is responsible for the formulation and revision of the investment management system, while the finance department executes it [6]. - The system takes effect upon approval by the board of directors [6].