Investment Rating - The report rates the social services industry as "Overweight" indicating a positive outlook for the sector [4]. Core Insights - The report highlights the resurgence of instant film photography, particularly the popularity of "Peel Apart" film and the new "Life Four Frames" photo booths, driven by nostalgia and unique consumer experiences [5][11]. - The scarcity of Peel Apart film, with global inventory dropping below 500,000 boxes, has led to a dramatic price increase, with prices soaring from around 65-70 RMB per pack to 2800-3300 RMB on second-hand platforms, earning it the nickname "Paper Moutai" [9][11]. - The "Life Four Frames" photo booths have modernized the traditional photo booth experience, offering various backgrounds and instant photo printing, appealing to younger consumers [11][12]. Summary by Sections 1. New Trends in Photography - Peel Apart film has gained immense popularity due to its unique aesthetic and the limited availability of products from major manufacturers like Polaroid and Fujifilm, which have ceased production [8][9]. - The "Life Four Frames" photo booths have evolved from traditional photo booths, providing a more interactive and customizable experience for users [11]. 2. Market Performance Review - The social services sector saw a 2.09% increase in its index from June 2 to June 6, outperforming the broader market [13]. - Key stocks in the social services sector, such as ST United and Jinling Hotel, experienced significant gains, with increases of 21.46% and 11.87% respectively [18]. 3. Company Announcements - Companies in the retail and social services sectors are actively engaging in stock buybacks and shareholder reduction plans, indicating a focus on enhancing shareholder value [26][27]. 4. Industry Developments - The report notes significant developments in the social services industry, including record passenger numbers during the Dragon Boat Festival, showcasing a recovery in travel and tourism [30]. - The introduction of new technologies and partnerships, such as the investment in Acai Travel by Amadeus, reflects ongoing innovation within the industry [30]. 5. Valuation of Key Companies - The report provides a detailed valuation of key companies in the human resources, tourism, and hotel sectors, indicating a favorable outlook for these industries as they recover from previous downturns [32][33].

Core Viewpoint - SanTe Cableway maintains steady development driven by dual core of "cableway main business + ecological cultural tourism," achieving record-high profitability indicators since its listing in 2024 [1] Financial Performance - In 2024, SanTe Cableway received a total of 8.6681 million visitors, generating revenue of 692 million yuan and a net profit of 142 million yuan, continuing to lead the national cableway industry [1] - The company achieved a year-on-year revenue growth of 11.34%, with net profit reaching 142 million yuan [1] Key Projects Performance - The iconic project, Fanjing Mountain Cableway, received 1.7666 million visitors in 2024, generating revenue of 237 million yuan and a net profit of 136 million yuan, despite increased downtime due to weather [2] - Huashan Cableway received 1.9894 million visitors, with revenue of 136 million yuan and net profit of 46.37 million yuan, leveraging cultural IP to enhance visitor interaction [2] - Zhuhai Jingshan Cableway and Slide saw accelerated growth in the second half of 2024, with 1.1322 million visitors, revenue of 63.92 million yuan, and a net profit increase of 25% [2] Innovation and Market Activation - Hainan Monkey Island project attracted 1.2425 million visitors, generating revenue of 106 million yuan and net profit of 36.2 million yuan, introducing the first immersive sky show in the country [3] - Traditional projects like Lushan Three Gorges and Qiandao Lake are optimizing operations to alleviate market pressure, with Lushan attracting 682,700 visitors [3] Strategic Initiatives - The company is focusing on "slimming down and strengthening" internal management while maintaining cost control, with operating costs increasing only by 2% year-on-year [4] - Management expenses decreased by 9.5%, and financial expenses dropped by nearly 12 million yuan, improving profitability quality [4] Future Outlook - SanTe Cableway aims to solidify its position as an "ecological theme park comprehensive operator" while actively expanding into new business areas, with the Qiandao Lake "Muxin Valley" project progressing rapidly [5] - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares, totaling approximately 44.43 million yuan, reflecting a significant increase in shareholder returns [5] - In 2025, the company will continue to focus on dual core drivers, enhancing brand operation and content innovation [5]

Transaction Overview - Wuhan Santour Cableway Group Co., Ltd. approved the acquisition of 100% equity of Chongyang Santour Junshuihe Tourism Development Co., Ltd. and related transactions during board meetings held on December 1 and December 19, 2022 [2] - The company also approved the transfer of certain assets of Junshuihe Company and 49% equity of Chongyang Junshuihe Ecological Farm Development Co., Ltd. due to the residential land nature of some assets, which does not align with the company's operational philosophy [2] - The assets were transferred to Chongyang Tourism Development Co., Ltd. for a price of 15.2 million yuan, and all transaction funds were received by January 2023, with only the transfer procedures pending [2] Transaction Progress - After the agreement took effect, the company transferred the land operating rights and income rights of the two residential lands to Chongyang Tourism Development Co., Ltd. However, the transfer procedures were delayed due to insufficient development investment by Chongyang Tourism [4] - According to the Urban Real Estate Management Law, the transfer of real estate requires that the development investment reaches at least 25% of the total investment, which was not met [4] Land Recovery Agreement - In October 2024, Junshuihe Company received a decision from the local government to recover the two idle land use rights, with compensation based on the paid land transfer fee of 15.2 million yuan [5] - Following this, Junshuihe Company informed Chongyang Tourism, which agreed to allow the government to recover the land use rights at the original transaction price and authorized Junshuihe Company to sign the recovery agreement [5] Completion of Land Transfer - Recently, Junshuihe Company signed the land recovery agreement with Chongyang County Land Acquisition and Storage Center and received the payment of 15.2 million yuan [6] - The company is required to transfer the land use rights within three working days after receiving the payment and is cooperating with the land registration and cancellation process [6] - This transaction is deemed to balance the interests of the company and all parties involved, ensuring legality, compliance, and reasonableness without harming the interests of the company and its shareholders [6]

武汉三特索道集团股份有限公司（以下简称"公司"）于 2022 年 12 月 1 日、12 月 19 日分别召开了第十一届董事会第十六次临时会议 和 2022 年第一次临时股东大会，审议通过了《关于收购崇阳三特隽 水河旅游开发有限公司 100%股权暨关联交易及交易后形成关联担保 的议案》，同时在第十一届董事会第十六次临时会议上审议通过了《关 于转让崇阳三特隽水河旅游开发有限公司部分资产及崇阳三特隽水 河生态农庄开发有限公司 49%股权暨关联交易的议案》，由于崇阳三 特隽水河旅游开发有限公司（以下简称"隽水河公司"）名下部分资 产为住宅用地性质的土地使用权资产，其性质属于涉房资产，与公司 经营发展理念不符，因此隽水河公司与崇阳三特旅业发展有限公司 （以下简称"崇阳旅业公司"）签订了《资产转让协议》，将隽水河 公司名下两宗土地使用权以 1,520 万元的价格转让给崇阳旅业公司。 截至 2023 年 1 月，上述全部交易款项已全额收到，仅剩余两宗土地 使用权的过户手续尚在办理中。 上述事项的具体内容详见公司于 2022 年 12 月 3 日、2022 年 12 月 20 日以及 2023 年 1 月 5 日在巨潮资讯 ...

证券代码：002159 证券简称：三特索道 公告编号：2025-14 武汉三特索道集团股份有限公司 2024 年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现增加、变更和否决提案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025 年 5 月 7 日（星期三）15:00。 （2）网络投票时间：2025 年 5 月 7 日。其中，通过深圳证券交 易所交易系统进行投票的具体时间为 2025 年 5 月 7 日 9:15—9:25、 9:30—11:30、13:00——15:00；通过深圳证券交易所互联网投票系统 投票的具体时间为：2025 年 5 月 7 日 9:15—15:00 期间任意时间。 2、现场会议召开地点：武汉市东湖开发区关山一路特 1 号光谷 软件园 D1 栋一楼会议室。 3、召开方式：会议现场表决和网络投票相结合。 4、召集人：公司董事会。 5、股权登记日：2025 年 4 月 28 日（星期一）。 6、主持人： ...

湖北得伟君尚律师事务所 关于武汉三特索道集团股份有限公司 2024 年度股东大会的 法律意见书 湖北得伟君尚律师事务所 DEWELL & PARTNERS 卓尔国际中心 20-21 楼 湖北得伟君尚律师事务所 关于武汉三特索道集团股份有限公司 2024 年度股东大会的法律意见书 （2025）得伟君尚律字第 4909 号 致：武汉三特索道集团股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》和中国证监会发 布的《上市公司股东大会规则》等法律、法规和规范性文件以及贵公司《公司章 程》的规定，本所受贵公司董事会的委托，指派本所律师出席贵公司 2024 年度 股东大会，并就本次股东大会的召集、召开程序、出席会议人员资格、召集人资 格、表决程序以及表决结果的合法有效性等事项出具法律意见。 为出具本法律意见书，本律师对本次股东大会所涉及的有关事项进行了审 查，查阅了相关会议文件，并对有关问题进行了必要的核查和验证。本律师同意 将本法律意见书随贵公司本次股东大会决议一并公告，并依法对本法律意见书承 担相应的责任。 在本法律意见书中，本所律师仅对本次股东大会的召集人资格和召集、召开 程序、出席会议人员资格、表 ...

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2] Core Viewpoints - The tourism volume is increasing while prices remain stable, with an extended travel radius. The focus is on policy support and advancements in AI applications [3] Summary by Sections Market Review - In April, the social service sector outperformed the benchmark by 1.42 percentage points, with strong performance from tourism and education stocks. The A-share scenic spots and leading education stocks led the gains, while Hong Kong stocks in the supply chain and tea beverage sectors also performed well [3][4][6] May Day Holiday Summary - Domestic spending during the holiday increased by 8.0%, with travel willingness remaining high and an extended travel radius. A total of 314 million domestic trips were made, a year-on-year increase of 6.4%. The average spending per person increased by 1.5%, recovering to 90% of the 2019 level [3][9] Sub-Industries - **Inbound and Outbound Travel**: Inbound travel increased by 28.7% during the holiday, with significant growth in travelers from Hong Kong, Macau, Taiwan, and foreign visitors. The number of inbound foreign visitors under visa-free policies grew by 72.7% [3][21] - **Hotel Industry**: The hotel industry saw a REVPAR of 192 yuan, up 11.5% year-on-year, with occupancy rates and average daily rates also increasing. High-star hotels in county areas outperformed the overall industry [24][22] - **Scenic Spots**: Many scenic spots experienced significant visitor growth, aided by favorable weather and local government promotional activities. For example, Xiangyuan Cultural Tourism received 51.79% more visitors compared to last year [25][28] - **Dining**: Key monitored dining enterprises saw sales increase by 8.7% year-on-year, indicating a recovery in consumer spending [29][30] - **Duty-Free Sales**: Duty-free shopping during the holiday saw a decline of 7% in sales, but the average spending per person remained stable [41][35] Investment Recommendations - The report suggests focusing on leading companies benefiting from policy support and marginal improvements, including Tongcheng Travel, Xueda Education, Jiuhua Tourism, and others. Mid-term recommendations include China Duty Free, Meituan, Huazhu Group, and others [3][42]

Financial Performance - The company's operating revenue for Q1 2025 was ¥131,585,793.25, a decrease of 7.03% compared to ¥141,533,972.82 in the same period last year[5] - Net profit attributable to shareholders was ¥30,165,648.84, down 10.73% from ¥33,791,653.90 year-on-year[5] - Basic and diluted earnings per share decreased by 10.53%, from ¥0.19 to ¥0.17[5] - Net profit for the current period is ¥31,243,461.12, a decline of 12.5% compared to ¥35,484,175.00 in the previous period[18] - Earnings per share (basic and diluted) is ¥0.17, down from ¥0.19 in the previous period[18] Cash Flow - The net cash flow from operating activities significantly dropped by 83.82%, from ¥41,629,662.39 to ¥6,735,216.71[9] - Cash flow from operating activities generated a net amount of ¥6,735,216.71, significantly lower than ¥41,629,662.39 in the previous period[21] - Cash outflow from investing activities was -¥10,171,545.73, an improvement from -¥12,070,631.81 in the previous period[21] - Cash inflow from financing activities was ¥1,000,000.00, compared to ¥25,000,000.00 in the previous period[21] - The net cash flow from financing activities was -$29,020,612.47, compared to -$37,099,450.81 in the previous period, indicating an improvement[22] - The net increase in cash and cash equivalents was -$32,456,941.49, a significant decline from -$7,540,420.23 in the prior period[22] - The ending balance of cash and cash equivalents was $342,019,849.19, down from $374,476,790.68 at the beginning of the period[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,802,131,829.81, a decline of 2.65% from ¥1,851,252,770.16 at the end of the previous year[5] - Current assets decreased from RMB 414,453,538.47 to RMB 384,571,720.84, a decline of about 7.2%[14] - The company's cash and cash equivalents decreased from RMB 374,761,302.69 to RMB 342,304,361.20, a drop of approximately 8.7%[14] - The company's total liabilities decreased from RMB 253,480,046.82 to RMB 200,644,407.42, a reduction of about 21%[15] - Total liabilities decreased to ¥356,845,914.41 from ¥437,223,154.71, reflecting a reduction of 18.3%[16] - The company's total assets decreased from RMB 1,851,252,770.16 to RMB 1,802,131,829.81, reflecting a reduction of approximately 2.6%[15] Shareholder Information - Shareholders' equity attributable to the parent company increased by 2.14%, reaching ¥1,394,685,104.98 compared to ¥1,365,506,617.31 at the end of the previous year[5] - Total equity attributable to shareholders increased to ¥1,394,685,104.98 from ¥1,365,506,617.31, an increase of 2.1%[16] - The number of ordinary shareholders at the end of the reporting period was 14,082[9] - The largest shareholder, Wuhan Contemporary Urban Construction Development Limited, holds 22.53% of the shares[9] Compensation and Legal Proceedings - The company received government subsidies amounting to ¥937,520.47 during the reporting period[7] - The company reported a significant increase in resource compensation fees compared to the previous year, contributing to the decline in cash flow[9] - The company received performance compensation payments totaling RMB 32,884,440 and RMB 10,961,480 from Wuhan Kawo Tourism Development Co., Ltd. and Wuhan Huama Hong Tourism Industry Co., Ltd. respectively[11] - As of the report date, the company has fully recovered performance compensation payments for both 2022 and 2023 from Huama Hong Company, amounting to RMB 11,481,767.28 and RMB 3,431,544.22 respectively[12] - The company has initiated legal proceedings to auction the equity held by Kawo Tourism to recover outstanding performance compensation payments[13] Other Financial Metrics - Total operating costs decreased to ¥90,530,271.81, down 2.4% from ¥92,729,439.21[17] - Other comprehensive income after tax for the current period is -¥987,161.17, slightly improved from -¥1,012,473.00 in the previous period[18] - The company reported a significant increase in accounts payable, rising from RMB 4,969,732.49 to RMB 4,314,861.78, indicating a change of approximately -13.1%[15] - The company’s long-term investments remained relatively stable, with a slight decrease from RMB 108,084,385.00 to RMB 107,987,591.15[14] - The company’s non-current assets totaled RMB 1,417,560,108.97, down from RMB 1,436,799,231.69, reflecting a decrease of about 1.3%[15]

智通财经记者 | 王婷婷 在旅游行业复苏背景下，三特索道交出了一份"增利不增收"的业绩答卷。 索道业务表现较为亮眼。作为三特索道的主营业务，索道项目继续贡献主要收入，全年索道营运收入达5.51亿元，同比减少0.71%，占总营收的79.6%。 更关键的是，该业务也展现出较为强劲的盈利能力，期内毛利率高达70.98%，但相较于2023年同期呈现出下滑态势，同比下降0.36%。 其中，贵州梵净山索道、陕西华山索道、珠海景山索道成为业绩增长的主力军。 以梵净山索道为例，报告期内，梵净山项目克服了2024年因天气原因导致索道全年停运天数同比增加带来的压力，依然实现游客量、营业收入及净利润的三 重增长，全年实现收入2.37亿元，净利润1.36亿元，利润增幅超过收入增长。 2024年接待游客人次最多的是华山索道，接待游客人次为198.94万人次，同比增长9.65%；营业收入约1.36亿元，位列第二，同比增长6.54%；珠海项目发力 电商运营，2024全年游客量增长超23%，珠海索道营收6391.58万元，同比增长20.1%。 4月9日，武汉三特索道集团股份有限公司（下称"三特索道"，002159.SZ）公布2024年业绩报 ...

Core Viewpoint - The report highlights the financial performance of SanTe Cableway, indicating a decline in revenue but an increase in net profit, showcasing the company's resilience in a challenging market environment [2][3]. Financial Performance - In 2024, SanTe Cableway achieved a total revenue of approximately 6.92 billion yuan, a year-on-year decrease of 3.69% [2]. - The net profit attributable to shareholders was about 1.42 billion yuan, reflecting a year-on-year increase of 11.34% [2]. - The net cash flow from operating activities was 2.85 billion yuan, down 13.76% compared to the previous year [2]. - The company decided to increase its dividend payout, distributing 2.5 yuan per 10 shares, totaling 44.32 million yuan [2]. Business Segmentation - The cableway business is the dominant segment, accounting for 79.6% of total revenue with an income of 5.5 billion yuan in 2024 [3]. - The cableway segment demonstrated strong profitability with a gross margin of 70.98%, although it decreased by 0.36% year-on-year [3]. Project Performance - The Guizhou Fanjing Mountain project received 1.77 million visitors in 2024, a 1.99% increase, generating revenue of 237 million yuan, up 1.01% [4]. - The Huashan Cableway project also saw growth, with 1.99 million visitors, revenue of 136 million yuan, and net profit of 46.37 million yuan, reflecting increases of 9.65%, 6.54%, and 8.64% respectively [4]. - However, four out of eleven core scenic projects reported losses, with a total net loss of 57.29 million yuan, primarily due to adverse weather conditions affecting visitor numbers [4]. Industry Context - The cableway business is often referred to as the "cash cow" of the tourism industry due to its high gross margins, with some projects achieving margins above 80% [5][6]. - The industry faces challenges such as dependency on scenic areas and the trend towards lower ticket prices, which could impact revenue [5]. - Companies are exploring new growth avenues, such as themed cable cars and high-altitude viewing experiences, to adapt to market changes [5].