Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][11]. Core Insights - The report highlights a significant differentiation in performance across various sectors within the social services industry, particularly in tourism and hospitality, driven by changing consumer behaviors and economic conditions [3][4]. - The hotel industry is transitioning from a rapid growth phase to a more competitive environment, with a notable increase in the number of hotels and rooms available [3][4]. - The demand for duty-free shopping is anticipated to grow due to global economic recovery and consumption upgrades, despite some companies facing revenue declines [3][4]. Summary by Relevant Sections Tourism Attractions - Jiuhua Tourism is projected to achieve a 22% increase in revenue and a 28% increase in net profit for H1 2025. Huangshan Tourism is expected to generate revenue of 911 million yuan, a 9% increase year-on-year, with a net profit of 149 million yuan, up 13% [3][4]. - Changbai Mountain is forecasted to see a 7.48% decrease in revenue, with a net loss of 2 million yuan, marking a 110% decline [3][4]. - Tianmu Lake is expected to report a 5% revenue increase to 277 million yuan and a 9% rise in net profit to 58 million yuan [3][4]. Hotel Industry - Huazhu is expected to generate 11.66 billion yuan in revenue for H1 2025, a 2% increase, with a net profit of 2.04 billion yuan, up 18% [3][4]. - Shoulv Hotel is projected to see a 4% decline in revenue to 3.59 billion yuan, while net profit is expected to rise by 9% to 391 million yuan [3][4]. - Atour Hotel anticipates a 30% revenue increase to 4.24 billion yuan and a 16% rise in net profit to 653 million yuan [3][4]. Exhibition & Human Resource Services - The report notes increasing competition in the domestic market, with companies like Miao Exhibition expected to achieve a 9% revenue increase to 284 million yuan, despite a significant drop in net profit [3][4]. - Beijing Human Resources is projected to see a 6% revenue increase to 23.29 billion yuan, with a substantial 81% rise in net profit to 785 million yuan [3][4]. Duty-Free Sector - China Duty-Free is expected to report a 9% decline in revenue to 28.58 billion yuan and a 14% decrease in net profit to 2.84 billion yuan [3][4]. - Wangfujing is projected to see an 18% decline in revenue to 4.95 billion yuan, with a 73% drop in net profit to 80 million yuan [3][4]. Investment Recommendations - The report suggests focusing on companies in various sectors: 1. Exhibition and events: Lansheng Co., Lisheng Sports, Miao Exhibition 2. Human resources: Beijing Human Resources, Keri International 3. Tourism: Changbai Mountain, Jiuhua Tourism, Huangshan Tourism, Songcheng Performing Arts, Tianmu Lake 4. Hotels: Shoulv Hotel, Huazhu, Atour 5. Duty-free: China Duty-Free, Wangfujing [3][4].

Core Viewpoint - The tourism industry, once expected to thrive, is now facing significant challenges, highlighted by the bankruptcy of Qinghai Tourism Investment Group and the struggles of various tourism companies despite an increase in domestic travel and spending [2][3][4][8]. Group 1: Industry Challenges - Qinghai Tourism Investment Group and its subsidiaries have filed for bankruptcy, shocking the tourism sector [3]. - The company, which aimed for significant growth and public listing, mismanaged its resources, leading to a loss of 4.8 billion in registered capital [4]. - 44 listed companies in the tourism sector reported their Q1 earnings, with 25 experiencing negative revenue growth, accounting for 56.8% of the total [4]. Group 2: Financial Performance - Major airlines like China Southern Airlines, China Eastern Airlines, and Air China reported substantial losses in Q1, with losses of 747 million, 995 million, and 2.044 billion respectively [7]. - Despite a 26.4% increase in domestic travel and an 18.6% rise in spending, the tourism industry is struggling financially [8][9]. Group 3: Market Dynamics - The tourism market is saturated, with an increase in A-level scenic spots and travel agencies, yet average income has dropped by nearly 40% [31]. - Online travel platforms like Ctrip and Tongcheng are thriving, with Ctrip reporting a net profit of approximately 4.3 billion in Q1, showcasing the "shovel effect" where service providers profit while actual tourism businesses struggle [28][30]. Group 4: Shifts in Consumer Behavior - The tourism industry is transitioning to a 2.0 era, where experiential value is prioritized over mere scarcity of resources [46][50]. - Successful attractions like Jiuhua Mountain and Disney have capitalized on immersive experiences, contrasting with traditional scenic spots that fail to adapt [39][41]. Group 5: Future Outlook - Many tourism platforms are likely to face severe financial difficulties or bankruptcy if they cannot adapt to the changing market dynamics and consumer preferences [55][56]. - The current environment suggests a need for a significant restructuring within the tourism sector to eliminate ineffective players and allow successful entities to thrive [58][59].

证券代码：002159 证券简称：三特索道 公告编号：2025-18 （一）武汉三特索道集团股份有限公司（以下简称"本公司"或 "公司"）2024 年度利润分配方案已获得公司于 2025 年 5 月 7 日召 开的 2024 年年度股东大会审议通过，公司以现有总股本 177,301,325 股为基数，向全体股东每 10 股派发现金红利 2.5 元（含税），合计派 发现金红利 4,432.53 万元（含税），不进行公积金转增股本和送红股。 本次利润分配方案实施后，公司剩余未分配利润结转下年度。若在公 司 2024 年度利润分配预案公告后至实施前，公司总股本由于股权激 励行权、回购注销等原因而发生变化的，公司按照现金分红总额固定 不变的原则对分配比例进行调整。 （二）自 2024 年度利润分配方案披露至实施期间，公司股本总 额未发生变化。 武汉三特索道集团股份有限公司 关于 2024 年度利润分配实施的公告 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、股东大会审议通过利润分配方案的情况 （三）本次实施的分配方案与 2024 年年度股东大会审议通过的 分配方 ...

Group 1 - The company is currently involved in a lawsuit where it is the defendant, with the case now in the execution phase after a final judgment [2][3] - The amount in dispute is approximately 72.98 million yuan, which is the original assessed capital contribution, and the impact on the company's profits is currently uncertain [2][3] - The company has received a civil judgment requiring it to transfer land use rights to Wuhan Han Jintang Investment Co., Ltd. within 60 days of the judgment becoming effective [4][5] Group 2 - The company has been ordered to bear the litigation costs, including a case acceptance fee of 406,682 yuan and a property preservation fee of 5,000 yuan [5] - As of September 30, 2024, the company has not reached a settlement with the plaintiff and is actively working to resolve the matter [6] - The company received a lawyer's letter demanding compliance with the court's judgment, warning that failure to do so may lead to forced execution [6] Group 3 - The company is closely monitoring the execution of the judgment and will fulfill its obligations as required by the court [9] - There are no other significant undisclosed lawsuits or arbitration matters, with minor contract disputes totaling approximately 13.64 million yuan, which does not meet the threshold for major litigation disclosure [8] - A preliminary assessment indicates that the land transfer issue is unlikely to cause significant losses due to tax issues [9]

Core Viewpoint - The company is involved in a legal dispute regarding land transfer and is currently in the process of negotiating a resolution with the plaintiff, while facing potential execution measures if obligations are not met [1][2][4]. Group 1: Litigation Background - The plaintiff, Hubei Heyuesheng Investment Co., Ltd., has filed a lawsuit against the company and Wuhan Hanjintang Investment Co., Ltd. over a capital contribution dispute [1]. - The court has ruled that the land use rights under specific certificates must be transferred to Hanjintang Company, with the company responsible for related taxes and fees [2][3]. Group 2: Litigation Progress - Following the final judgment, the company has been actively negotiating with the plaintiff to resolve the matter, but the execution of the judgment has not yet occurred due to unresolved historical issues [3]. - The company has received an execution notice and is required to fulfill its obligations, including payment of execution fees [4]. Group 3: Financial Impact and Future Actions - Preliminary assessments indicate that the land transfer issue is not expected to cause significant financial losses for the company due to tax-related concerns [4]. - The company will continue to monitor the situation closely and fulfill its disclosure obligations regarding the litigation [4].

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。 特别提示： 1、案件所处的诉讼阶段：已终审判决，现处于立案执行阶段； 2、公司所处的当事人地位：被告； 3、涉案的金额：诉讼标的额为 7,297.64 万元（原始评估出资额）， 对公司损益影响尚无法确定。 4、对上市公司损益产生的影响：截至目前，经公司请示上级主 管部门，并根据第三方税务专业机构于 2025 年 4 月 7 日出具的书面 意见，综合研判后，初步预计武汉市汉金堂投资有限公司涉诉土地过 户事项不会因税款问题给公司造成较大损失。公司将及时履行本次 《执行通知书》要求的支付案件执行费等经济义务，剩余履行权证过 户将与司法机关充分沟通,妥善推进。因该诉讼涉及多个历史遗留问 题尚未最终解决，故仍存在一定的不确定性，如果未能及时履行相关 义务，不排除被司法机关采取相应强制措施的可能性。后续公司将密 切关注该事项实际执行情况并及时履行信息披露义务。 一、诉讼事项的基本情况 证券代码：002159 证券简称：三特索道 公告编号：2025-17 武汉三特索道集团股份有限公司 关于诉讼事项的进展公告 1 原告：湖北合悦 ...

Group 1 - The "post-examination economy" is gaining momentum as graduation travel demand continues to rise following the end of the national college entrance examination in 2025 and various middle school entrance examinations [1][2] - Data from Tongcheng Travel indicates a significant increase in flight bookings starting from the night of June 9, with over 50% of orders being a "1+1" combination of one graduate and one parent [1] - Qunar platform reports a 35% year-on-year increase in long-distance travel flight bookings since June for graduation trips [1] Group 2 - Tourist attractions are offering free or discounted entry for graduates, such as the special offer from Huaqing Palace in Shaanxi, which allows 2025 graduates to enter for free with their examination admission ticket and ID from June 9 to August 31 [1] - Companies in the tourism industry are preparing for the peak customer flow by organizing various themed activities and experiences tailored to seasonal and demographic needs [2] - Companies like Songcheng Performance Development Co., Ltd. and Wuhan Santian Cableway Group are optimizing their product and service offerings to meet market demands, including immersive experiences and cultural tourism routes [2][2]

Report Summary 1. Report Industry Investment Rating - No information provided regarding the industry investment rating [1][2] 2. Core Viewpoints - The company operates tourism transportation and scenic area operations nationwide, with a business model that is replicable and highly expandable. It still has significant revenue growth potential in upgrading existing projects and developing new ones [31] 3. Summary by Directory 3.1调研基本情况 - The research object is Santel Cableway, belonging to the tourism and hotel industry. The reception time was on June 12, 2025. The company's reception staff included President Zhang Quan, Director and Chief Accountant Peng Gang, and Vice President and Board Secretary Cao Zheng [16] 3.2详细调研机构 - The reception object was investors who interacted with the company during the 2025 online collective reception day for investors of listed companies in Hubei Province. The reception object type was "other", and the relevant institutional personnel were these investors [19] 3.3调研机构占比 - No information provided [20] 3.4主要内容资料 - **IP cooperation**: The company has no plans to cooperate with popular IPs such as Labubu or Pop Mart [23][31] - **Resource project investment**: The company is actively seeking investment cooperation opportunities for high - quality resource projects nationwide, and the specific progress should be followed through company announcements [24] - **Employee incentives**: The company adheres to the principles of fairness, incentives, and sustainable development, and has established a position - grade and salary system. It currently has no plans for equity incentives [24] - **Improving operational efficiency**: The company's projects optimize product and service supply based on market demand and resource endowments, formulate comprehensive marketing strategies, promote technological innovation, and achieve digital operation management [26] - **Asset impairment**: The company conducts annual year - end asset inspections, impairment tests, and entrusts professional evaluation institutions. The year - end impairment situation should be based on the company's year - end results and announcements, and there is no intention to adjust profits [27][29] - **Project compensation negotiation**: The litigation regarding the cooperation contract dispute of the company's Keqi project in Inner Mongolia is in progress [28] - **Investment value and share repurchase**: The company's business model has growth potential, and the major shareholder has no plans to repurchase shares [31] - **Safety insurance**: The company's projects purchase property insurance and accident insurance, covering facilities, staff, and tourists [31]

Group 1: Investor Relations Activities - The company participated in the online collective reception day for listed companies in Hubei on June 12, 2025, from 14:00 to 16:40 [2] - The event was conducted remotely via the investor relations interactive platform [2] - Key company representatives included CEO Zhang Quan, CFO Peng Gang, and Secretary of the Board Cao Zheng [2] Group 2: Project and Resource Development - The company is actively seeking quality resource project investment opportunities nationwide [3] - There are currently no plans to collaborate with popular IPs like labubu for the Muxin Valley project [3] - The company has not initiated any employee stock incentive plans [3] Group 3: Financial Management and Asset Valuation - The company conducts annual asset impairment testing and engages professional evaluation agencies to ensure accurate financial reporting [4][5] - The company adheres to the Shenzhen Stock Exchange's regulations and accounting standards regarding asset impairment [5] - There are no plans for significant impairment provisions this year; results will be disclosed in the year-end report [4] Group 4: Marketing and Product Development - The company is enhancing its marketing strategies through innovative promotions and sales models, including cross-industry activities and self-media operations [3] - New immersive experiences have been introduced at the Hainan Monkey Island Park to cater to family audiences [3] - The company aims to improve operational efficiency and brand reputation through technology innovation and quality service [3] Group 5: Safety and Insurance Measures - All projects under the company have purchased property and accident insurance covering facilities, staff, and visitors [5] - The company emphasizes safety measures in its operations to ensure visitor security [5] Group 6: Future Growth and Investment Potential - The company possesses significant growth potential in tourism transportation and scenic area operations, with opportunities for both upgrading existing projects and developing new ones [5] - There are currently no plans for share buybacks by major shareholders [5]

证券代码：002159 证券简称：三特索道 公告编号：2025-16 为促进上市公司规范运作、健康发展，增强上市公司信息透明度， 加强与广大投资者沟通交流，进一步提升投资者关系管理水平，武汉 三特索道集团股份有限公司（以下简称"公司"）将于 2025 年 6 月 12 日参加由湖北证监局指导、湖北省上市公司协会主办、深圳市全 景网络有限公司承办的"提质增效强信心 稳中求进促发展"——湖 北辖区上市公司 2025 年投资者集体接待日活动。现将有关事项公告 如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（https://rs.p5w.net），或关注微信公众号：全景财经，或下载全 景路演 APP，参与本次互动交流，活动时间为 2025 年 6 月 12 日（周 四）14:00—16:40。届时公司高管（具体以当天实际参会人员为准） 将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、融 资计划和可持续发展等投资者关心的问题，与投资者进行沟通与交 流，欢迎广大投资者踊跃参与！ 特此公告。 武汉三特索道集团股份有限公司 关于参加湖北辖区上市公司 2025 年投资者 网上集体接待日 ...