Financial Performance - The company reported a net profit of 67.54 million yuan for the first half of 2025, a year-on-year decrease of 11.49% [1] - Total operating revenue for the same period was 292 million yuan, down 6.16% year-on-year [1] - The gross profit margin was 59.48%, an increase of 0.4% compared to the previous year, while the net profit margin decreased by 4.8% to 24.62% [1] Key Financial Metrics - Earnings per share (EPS) decreased by 11.63% to 0.38 yuan [1] - Operating cash flow per share fell by 30.94% to 0.46 yuan [1] - The company’s total expenses (selling, administrative, and financial) amounted to 75.30 million yuan, representing 25.77% of revenue, an increase of 14.86% year-on-year [1] Historical Performance and Expectations - The company's return on invested capital (ROIC) was 11.05% last year, with a median ROIC of 4.77% over the past decade, indicating generally weak investment returns [3] - Analysts expect the company's performance in 2025 to reach 174 million yuan, with an average EPS forecast of 0.98 yuan [3] Fund Holdings - The largest fund holding in the company is the Guolian An Small Cap Selected Mixed Fund, which holds 1.6392 million shares and has increased its position [4] - Other funds, such as Guolian An Industry Leading Mixed Fund and Guolian An Flexible Allocation Mixed Fund, have reduced their holdings [4]

Group 1 - The core viewpoint of the article is that SanTe Cableway (002159) reported a decline in both revenue and net profit for the first half of 2025 compared to the same period in 2024 [1] - The company achieved an operating income of 292 million yuan, representing a year-on-year decrease of 6.16% [1] - The net profit for the first half of 2025 was 67.54 million yuan, which is a year-on-year decline of 11.49% [1] - The basic earnings per share (EPS) were reported at 0.38 yuan [1] - The weighted average return on equity (ROE) was 4.85% [1]

Group 1 - The core viewpoint of the article is that Wuhan Santai Cableway Group Co., Ltd. reported a decline in both revenue and net profit for the first half of 2025 [1] Group 2 - The company achieved an operating income of approximately 292 million yuan, representing a year-on-year decrease of 6.16% [1] - The net profit attributable to shareholders of the listed company was 67.54 million yuan, reflecting a year-on-year decline of 11.49% [1]

Group 1 - The core viewpoint of the article is that Santai Cableway (002159.SZ) reported a decline in both revenue and net profit for the first half of 2025 compared to the previous year [1] - The company achieved operating revenue of 292 million yuan, representing a year-on-year decrease of 6.16% [1] - The net profit attributable to shareholders of the listed company was 67.54 million yuan, down 11.49% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 67.33 million yuan, reflecting a year-on-year decline of 7.26% [1] - The basic earnings per share were reported at 0.38 yuan [1]

Core Viewpoint - Santer Cable (002159.SZ) reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved operating revenue of 292 million yuan, a year-on-year decrease of 6.16% [1] - The net profit attributable to shareholders of the listed company was 67.54 million yuan, down 11.49% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 67.33 million yuan, reflecting a year-on-year decline of 7.26% [1] - Basic earnings per share stood at 0.38 yuan [1]

上市公司 2025 年 1-6 月非经营性资金占用及其他关联资金往来情况 汇总表 编制单位：武汉三特索道集团股份有限公司 金额单位：人民币万元 | | | 占用方 | | | 年 2025 1-6 | 2025 年 | 2025 年 | 2025 年 | 6 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性 | | 与上市 | 上市公司核 | 2025 年初 | 月占用累计 | 1-6 月占用 | 1-6 月偿 | 月 30 | 日占 | 占用形 | | | 资金占用 | 资金占用方名称 | 公司的 | 算的会计科 | 占用资金余 | 发生金额 | 资金的利 | 还累计 | 用资金余 | | 成原因 | 占用性质 | | | | 关联关 | 目 | 额 | （不含利 | | | | | | | | | | 系 | | | 息） | 息（如有） | 发生额 | 额 | | | | | 控股股东、 | | | | | | | | | | | | | 实际控制 | | | | | - | - ...

半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 武汉三特索道集团股份有限公司 2025 年半年度财务报告 2025 年 8 月 1 一、审计报告 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：武汉三特索道集团股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 376,826,788.80 | 374,761,302.69 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 8,787,023.33 | 8,052,137.48 | | 应收款项融资 | | | | 预付款项 | 4,757,983.04 | 4,384,946.14 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | | | | 其他应收款 | 14,055,603.13 | 12,904,592.69 | | 其中：应收利 ...

Group 1 - The company reported a revenue of 292 million yuan for the first half of 2025, representing a year-on-year decrease of 6.16% [1] - The net profit attributable to shareholders of the listed company was 67.54 million yuan, down 11.49% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 67.33 million yuan, a decrease of 7.26% year-on-year [1] - The basic earnings per share were 0.38 yuan [1]

Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[4](index=4&type=chunk) - The company's responsible person, chief accountant, and head of the accounting department declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the overall structure of the report, including nine main chapters covering company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data [List of Reference Documents](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists the reference documents for the reporting period, including signed accounting statements, original copies of publicly disclosed company documents and announcements, and the original semi-annual report signed by the chairman - Reference documents include accounting statements signed and sealed by the company's legal representative, chief accountant, and head of the accounting department[9](index=9&type=chunk) - All original company documents and announcements publicly disclosed on designated media and Juchao Information Network during the reporting period are included[9](index=9&type=chunk) - The original text of the 2025 semi-annual report bearing the signature of Chairman Zhou Aiqiang is available[10](index=10&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for common terms used in the report, including the company name, reporting period, and full names of several project companies and related parties, to ensure clear understanding of the report content - "Company, the Company, the Group, or Sante Ropeway" refers to Wuhan Sante Cableway Group Co, Ltd[12](index=12&type=chunk) - "Reporting Period" refers to January-June 2025 or June 30, 2025[12](index=12&type=chunk) - Full names of several project companies and related parties are listed, such as Chongyang Project, Donghu Ocean Park Company, and Contemporary Technology[12](index=12&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section introduces the company's basic information, including stock abbreviation, code, listing exchange, Chinese and foreign names, and legal representative, confirming the company's shares are listed on the Shenzhen Stock Exchange Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Sante Cableway | | Stock Code | 002159 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Wuhan Sante Cableway Group Co, Ltd | | Legal Representative | Zhou Aiqiang | [Contact Person and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, ensuring convenient communication for investors Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Cao Zheng | D1 Building, Optics Valley Software Park, No. 1 Guanshan Road, East Lake Development Zone, Wuhan | 027-87341812 | 027-87341811 | sante002159@126.com | | Securities Affairs Representative | Cao Zheng | D1 Building, Optics Valley Software Park, No. 1 Guanshan Road, East Lake Development Zone, Wuhan | 027-87341812 | 027-87341811 | sante002159@126.com | [Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) This section states that the company's registered address, office address, website, email, and information disclosure and storage locations remained unchanged during the reporting period, with specific details available in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[16](index=16&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period and can be found in the 2024 annual report[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue and net profit both declined, with operating revenue decreasing by **6.16%** year-on-year and net profit attributable to shareholders decreasing by **11.49%**; net cash flow from operating activities also significantly decreased by **30.94%**, while total assets slightly decreased and net assets attributable to shareholders slightly increased Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 292,234,249.15 | 311,426,176.65 | -6.16% | | Net Profit Attributable to Shareholders of Listed Company | 67,542,474.13 | 76,307,085.96 | -11.49% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 67,331,555.54 | 72,606,210.77 | -7.26% | | Net Cash Flow from Operating Activities | 81,199,030.78 | 117,572,573.19 | -30.94% | | Basic Earnings Per Share (yuan/share) | 0.38 | 0.43 | -11.63% | | Diluted Earnings Per Share (yuan/share) | 0.38 | 0.43 | -11.63% | | Weighted Average Return on Net Assets | 4.85% | 5.93% | -1.08% | | **End of Current Reporting Period vs. End of Prior Year** | | | | | Total Assets (yuan) | 1,827,970,881.45 | 1,851,252,770.16 | -1.26% | | Net Assets Attributable to Shareholders of Listed Company (yuan) | 1,390,270,686.38 | 1,365,506,617.31 | 1.81% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and those under Chinese Accounting Standards - The company's financial reports for the reporting period showed no differences in net profit and net assets between International Accounting Standards and Chinese Accounting Standards[20](index=20&type=chunk) - The company's financial reports for the reporting period showed no differences in net profit and net assets between overseas accounting standards and Chinese Accounting Standards[21](index=21&type=chunk) [Non-recurring Gains and Losses and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **210,918.59 yuan**, primarily comprising disposal gains/losses on non-current assets, government grants, and other non-operating income and expenses, with government grants being the main contributor Non-recurring Gains and Losses and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Disposal gains/losses on non-current assets | 4,740.02 | | | Government grants included in current profit and loss | 1,268,818.38 | Mainly government grants received by Donghu Ocean Park Company, Nanzhang Gushanzhai Company, Chongyang Culture and Tourism Company, etc., and current amortization of government grants received by various companies | | Other non-operating income and expenses apart from the above | -1,096,348.50 | Mainly contract breach compensation received and liquidated damages paid | | Less: Income tax impact | 136,218.35 | | | Impact on minority interests (after tax) | -169,927.04 | | | Total | 210,918.59 | | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[24](index=24&type=chunk) Management Discussion and Analysis [Principal Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company has been deeply involved in comprehensive tourism resource development and operation for over thirty years, achieving national layout and brand chain operation, and establishing a strategic path focused on cableways, expanding scenic areas, and transforming into ecological theme parks, with its business covering diverse formats such as scenic transportation, natural sightseeing, experiential participation, accommodation, and commercial cultural and creative services - The company is engaged in the comprehensive development and operation of tourism resources nationwide, having achieved a national layout and brand chain operation[26](index=26&type=chunk) - The company has established a development path focused on cableways, expanding scenic areas, and transforming into ecological theme parks[26](index=26&type=chunk) - Its main businesses include scenic transportation products (primarily cableways), sightseeing products (primarily natural resources), experiential and participatory products, accommodation products, and commercial cultural and creative products[26](index=26&type=chunk) [Scenic Area Transportation Products, Primarily Cableways](index=9&type=section&id=(1)%20%E4%BB%A5%E7%B4%A2%E9%81%93%E4%B8%BA%E4%B8%BB%E7%9A%84%E6%99%AF%E5%8C%BA%E4%BA%A4%E9%80%9A%E7%B1%BB%E4%BA%A7%E5%93%81) The company invests in, constructs, and operates multiple scenic cableways and gondolas in China, with Shaanxi Huashan Sante Cableway and Guizhou Fanjingshan Cableway receiving 5S ratings from the China Cableway Association, demonstrating the company's leading position in cableway operations - The company operates scenic transportation products including Shaanxi Huashan Sante Cableway, Guizhou Fanjingshan Cableway, Zhejiang Qiandao Lake Cableway, and Hainan Monkey Island Cross-Sea Cableway[27](index=27&type=chunk) - Shaanxi Huashan Sante Cableway and Guizhou Fanjingshan Cableway were awarded the 5S rating for passenger cableway safety and service quality[27](index=27&type=chunk) [Sightseeing Products, Primarily Natural Resources](index=9&type=section&id=(2)%20%E4%BB%A5%E8%87%AA%E7%84%B6%E8%B5%84%E6%BA%90%E4%B8%BA%E4%B8%BB%E7%9A%84%E8%A7%82%E5%85%89%E7%B1%BB%E4%BA%A7%E5%93%81) The company has developed a cross-regional sightseeing product system centered on natural and cultural resources, including national 4A-level scenic areas like Hainan Lingshui Nanwan Monkey Island Ecological Tourist Area and Hubei Nanzhang Chunqiuzhai Scenic Area, as well as the Inner Mongolia Keshiketeng Banner Self-driving Leisure Tourist Area - Sightseeing products include Hainan Lingshui Nanwan Monkey Island Ecological Tourist Area (National 4A-level scenic area), Hainan Lingshui Daidai Island, Hubei Chongyang Langkou Hot Spring Tourist Area, Hubei Nanzhang Chunqiuzhai Scenic Area (National 4A-level scenic area), and Inner Mongolia Keshiketeng Banner Self-driving Leisure Tourist Area[28](index=28&type=chunk) [Experiential and Participatory Products](index=9&type=section&id=(3)%20%E4%BD%93%E9%AA%8C%E5%8F%82%E4%B8%8E%E7%B1%BB%E4%BA%A7%E5%93%81) The company offers diverse experiential and participatory products such as hot springs, theme parks, study tours, performances, and water sports, which are modular and replicable, continuously enriching visitor experiences through innovation and marketing activities, including Hainan Monkey Island's study tour base and immersive performance projects, and Zhuhai Jingshan Cableway's night show upgrade - Experiential and participatory products include hot springs, theme parks, museums, pet parks, study tours, performances, slides, water sports, extreme & mountain sports, and seaside experiences[29](index=29&type=chunk) - The Hainan Monkey Island project was approved as a provincial-level study tour education base for primary and secondary schools and launched an immersive canopy show performance project[30](index=30&type=chunk) - Zhuhai Jingshan Cableway and slide completed upgrades, innovatively attempting to make cableway products more entertaining and experiential, with added light and shadow night shows[31](index=31&type=chunk) [Accommodation Products](index=10&type=section&id=(4)%20%E4%BD%8F%E5%AE%BF%E7%B1%BB%E4%BA%A7%E5%93%81) The company invests in, constructs, and operates various accommodation projects, including boutique hotels, inns, holiday apartments, RV camps, and tent camps, to meet the diverse lodging needs of visitors - Accommodation projects include Chongyang Sante Langkou Hot Spring Boutique Hotel, Langkou Hot Spring Inn, Chongyang Xiyue Boutique Holiday Apartment, Shaanxi Huashan Inn, Hubei Nanzhang Guzhai Inn, and Inner Mongolia Huanggangliang RV Camp and Tent Camp[32](index=32&type=chunk) [Commercial Services and Cultural & Creative Products](index=10&type=section&id=(5)%20%E5%95%86%E6%9C%8D%E6%96%87%E5%88%9B%E7%B1%BB%E4%BA%A7%E5%93%81) The company actively expands its commercial services and cultural & creative products, developing specialty coffee shops and various cultural and creative products like blind boxes, refrigerator magnets, and canvas bags, in addition to traditional catering and guide services, effectively increasing visitor spending and profit growth points - The Zhuhai project opened its own coffee shop, developing specialty teas and coffee blends, becoming a popular spot for visitors[33](index=33&type=chunk) - Various project companies developed multiple cultural and creative products, including Huashan HERO blind boxes, Fanjingshan original refrigerator magnets, and Zhuhai AR interactive refrigerator magnets[33](index=33&type=chunk) - The company continuously enriches its secondary consumption categories, increasing visitor stay time and effectively creating new profit growth points[33](index=33&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) Leveraging over thirty years of experience in the tourism market, the company has built full-process business capabilities and rich market experience, possessing a loyal management team and professional talent; its strategic positioning as an "ecological theme park integrated operator" involves continuous innovation and expansion of new products and business formats based on its core cableway business, forming multiple core competencies including cross-regional operations, integrated investment and operation, full industry chain expansion, diversified product system, professional talent reserve, and strong brand reputation - The company has built full-process business capabilities and accumulated rich market experience in cross-regional investment, construction, and operation of integrated tourism projects[34](index=34&type=chunk) - The company is strategically positioned as an "ecological theme park integrated operator," possessing forward-looking judgment and professional, systematic development capabilities[34](index=34&type=chunk) - While strengthening its core cableway business, the company actively innovates and expands new products and business formats[34](index=34&type=chunk) [Cross-Regional Operations for Flexible Resource Optimization](index=10&type=section&id=1%E3%80%81%E8%B7%A8%E5%8C%BA%E5%9F%9F%E7%BB%8F%E8%90%A5%E7%81%B5%E6%B4%BB%E5%AE%9E%E7%8E%B0%E8%B5%84%E6%BA%90%E4%BC%98%E5%8C%96%E9%85%8D%E7%BD%AE) The company's tourism projects are distributed nationwide, covering scenic areas with different latitudes, climates, and cultural characteristics, allowing for flexible resource optimization based on market trends as one of the few cross-regional operators in the A-share industry - The company's tourism projects are distributed nationwide, achieving a reasonable product layout that balances natural ecosystems and climate environments of different latitudes, diversified cultural connotations, and both natural mountain-water scenic areas and urban theme parks[35](index=35&type=chunk) - As one of the few cross-regional operating companies among A-share listed companies in the same industry, it can flexibly optimize resource allocation according to tourism market trends[35](index=35&type=chunk) [Comprehensive Investment, Construction, and Operation Capabilities for Tourism Projects and External Expansion Capabilities](index=10&type=section&id=2%E3%80%81%E6%97%85%E6%B8%B8%E9%A1%B9%E7%9B%AE%E7%BB%BC%E5%90%88%E6%8A%95%E8%B5%84%E3%80%81%E5%BB%BA%E8%AE%BE%E3%80%81%E8%BF%90%E8%90%A5%E8%83%BD%E5%8A%9B%E4%B8%8E%E5%A4%96%E5%BB%B6%E6%89%A9%E5%BC%A0%E8%83%BD%E5%8A%9B) The company possesses profound professional judgment, development, and safe operation capabilities in the cableway and scenic area sectors, having integrated a standardized development system for cross-regional replication, while also focusing on mergers and acquisitions for external expansion - The company possesses profound judgment capabilities, professional and systematic development capabilities, and safe operation control and management capabilities in the cableway and scenic area sectors[36](index=36&type=chunk) - The company has integrated a standardized tourism project development system, applied for cross-regional replication, ensuring high-quality project development[36](index=36&type=chunk) - The company continuously monitors industry development trends and may achieve external expansion through mergers and acquisitions to enhance profitability[36](index=36&type=chunk) [Deep Cultivation in the Cableway Industry, Continuously Expanding Full-Chain Operations](index=11&type=section&id=3%E3%80%81%E6%B7%B1%E8%80%95%E7%B4%A2%E9%81%93%E8%A1%8C%E4%B8%9A%EF%BC%8C%E4%B8%8D%E6%96%AD%E6%8B%93%E5%B1%95%E5%AE%A2%E8%BF%90%E7%B4%A2%E9%81%93%E5%85%A8%E4%BA%A7%E4%B8%9A%E9%93%BE%E7%BB%8F%E8%90%A5) Since 1995, the company has deeply cultivated the passenger cableway industry, accumulating rich experience and ranking among the top nationwide in terms of cableway types, quantity, technology, and management, while actively extending to upstream and downstream sectors to offer asset-light托管 and consulting services - The company has accumulated rich experience in passenger cableway development, construction, and operation management, ranking among the top nationwide in terms of cableway types, adaptability to environments, quantity, total assets, technical capabilities, and management level[37](index=37&type=chunk) - The company is the earliest Chinese corporate member of the International Organization for Transportation by Rope (OITAF) and a vice-chairman unit of the China Cableway Association, participating in the drafting and formulation of multiple domestic cableway industry norms and standards[37](index=37&type=chunk) - The company is actively extending to the upstream and downstream of the cableway industry, expanding asset-light passenger cableway management and consulting services, achieving integrated investment, construction, and operation development[37](index=37&type=chunk) [Diversified Product System Focused on Replicability, Personalization, and Iterative Innovation](index=11&type=section&id=4%E3%80%81%E8%81%9A%E7%84%A6%E5%8F%AF%E5%A4%8D%E5%88%B6%E3%80%81%E4%B8%AA%E6%80%A7%E5%8C%96%EF%BC%8C%E8%BF%AD%E4%BB%A3%E5%88%9B%E6%96%B0%E7%9A%84%E5%A4%9A%E5%85%83%E5%8C%96%E4%BA%A7%E5%93%81%E4%BD%93%E7%B3%BB) The company has built a diversified product system comprising 30 sub-formats and over 150 products, including sightseeing, transportation, experiences, commercial services, and non-standard accommodation, with ecological theme parks at its core, leveraging IP matrices and highly replicable product modules, and adding new products to stimulate innovation and profit growth - The company has built a diversified product system, with its cultural tourism products including sightseeing, transportation, participatory experiences, commercial services, and non-standard accommodation, involving **30 sub-formats** and over **150 products**[38](index=38&type=chunk) - The company focuses on natural and healthy ecological themes, meticulously building an IP matrix and highly replicable product modules with ecological theme parks at its core[38](index=38&type=chunk) - By adding new products such as mountain non-powered projects, pet parks, and immersive experience projects, the company aims to achieve new profit growth points[38](index=38&type=chunk) [Loyal Management Team and Professional Technical Talent Pool](index=11&type=section&id=5%E3%80%81%E5%BF%A0%E8%AF%9A%E7%9A%84%E7%AE%A1%E7%90%86%E5%9B%A2%E9%98%9F%E5%92%8C%E4%B8%93%E4%B8%9A%E6%8A%80%E6%9C%AF%E4%BA%BA%E6%89%8D%E6%A2%AF%E9%98%9F%E5%82%A8%E5%A4%87) The company has cultivated a highly professional and loyal management team through years of deep involvement in various tourism formats, and pioneered cableway vocational education and training by collaborating with the China Cableway Association and vocational schools, thereby building a talent pipeline for professional technical personnel - The company has cultivated a highly professional, comprehensively capable, and dedicated management team[39](index=39&type=chunk) - The company, in collaboration with the China Cableway Association and Chongyang Longxiang Technical School, established a specialized vocational training class for cableway maintenance, pioneering vocational education and training in the cableway industry[39](index=39&type=chunk) - This initiative changed the traditional recruitment and talent development methods in the cableway industry, building a talent pipeline for the company's professional technical personnel[39](index=39&type=chunk) [Brand Influence Building a Strong Market Reputation](index=11&type=section&id=6%E3%80%81%E5%93%81%E7%89%8C%E5%BD%B1%E5%93%8D%E5%8A%9B%E6%89%93%E9%80%A0%E5%B8%82%E5%9C%BA%E8%89%AF%E5%A5%BD%E5%8F%A3%E7%A2%91) The company's brands, such as "Sante Cableway" and "Sante Scenic Area," have gained widespread industry recognition, with several projects like "Huashan Sante Cableway" and "Monkey Island Scenic Area" enjoying a strong market reputation and receiving multiple honors and awards during the reporting period, further enhancing brand prestige - The company has successively established brands such as "Sante Cableway" and "Sante Scenic Area," which have gained widespread recognition in the industry[40](index=40&type=chunk) - Brands like "Huashan Sante Cableway," "Monkey Island Scenic Area," "Daidai Island," and "Wuhan East Lake Ocean Park" enjoy a strong reputation and prestige in the tourism market[40](index=40&type=chunk) - During the reporting period, Fanjingshan Company was re-elected as a "National Civilized Unit," Hainan Company was selected for Ctrip's "Top 100 China Parent-Child Attractions List," and Zhuhai Jingshan Cableway was included in Ctrip's "2025 Must-Visit Attractions List"[41](index=41&type=chunk) [Analysis of Principal Business](index=11&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's principal business revenue and net profit both declined, primarily due to macroeconomic factors, intensified market competition, extreme weather, and capacity control; profitability varied among projects, with Zhuhai Cableway, Lushan Sandiequan, and Qiandao Lake companies achieving triple growth in visitor numbers, revenue, and net profit, while Huashan Cableway and Hainan Monkey Island projects saw declines; loss-making projects, Chongyang Project and Huashan Hotel, reduced their losses Key Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 292,234,249.15 | 311,426,176.65 | -6.16% | | Net Profit Attributable to Shareholders of Listed Company | 67,542,474.13 | 76,307,085.96 | -11.49% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 67,331,555.54 | 72,606,210.77 | -7.26% | - The decline in revenue and net profit was primarily due to increasingly rational tourist consumption, intensified competition in the cultural tourism industry, frequent extreme weather, government capacity control for cultural tourism projects, and reduced operating days due to upgrades and renovations of some key projects[42](index=42&type=chunk) Major Project Operating Performance (January-June 2025 vs. January-June 2024) | Company Name | Jan-Jun 2025 Visitors (10,000 visitors/times) | Jan-Jun 2025 Operating Revenue (10,000 yuan) | Jan-Jun 2025 Net Profit (10,000 yuan) | Jan-Jun 2024 Visitors (10,000 visitors/times) | Jan-Jun 2024 Operating Revenue (10,000 yuan) | Jan-Jun 2024 Net Profit (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guizhou Fanjingshan Project | 70.46 | 9,331.01 | 5,223.97 | 73.44 | 9,726.28 | 5,104.90 | | Hainan Monkey Island Project | 52.63 | 5,424.80 | 2,102.66 | 74.72 | 6,556.24 | 2,782.56 | | Huashan Cableway Company | 74.11 | 4,753.75 | 1,455.78 | 85.61 | 5,413.68 | 1,736.28 | | Zhuhai Cableway Company | 59.97 | 3,302.37 | 1,725.64 | 49.20 | 2,799.43 | 1,221.58 | | Lushan Sandiequan Company | 28.88 | 1,671.20 | 847.58 | 26.47 | 1,555.88 | 779.83 | | Qiandao Lake Company (Consolidated) | 32.96 | 1,481.40 | 356.26 | 30.60 | 1,357.59 | 233.35 | | Total Profitable Projects | 319.00 | 25,964.52 | 11,711.90 | 340.04 | 27,409.09 | 11,858.50 | | Donghu Ocean Park Company | 35.62 | 2,320.52 | -394.85 | 44.49 | 2,857.46 | -21.76 | | Chongyang Project | 5.20 | 691.23 | -645.92 | 3.59 | 467.58 | -1,046.57 | | Huashan Hotel | 0.60 | 198.38 | -207.29 | 0.93 | 268.97 | -241.95 | | Hubei Nanzhang Project | 3.30 | 130.13 | -265.56 | 3.92 | 169.98 | -226.77 | | Keshiketeng Banner Tourism Company (Consolidated) | 0.02 | 4.73 | -851.06 | 0.02 | 8.72 | -649.03 | | Total Loss-making Projects | 44.75 | 3,344.98 | -2,364.68 | 52.95 | 3,772.70 | -2,186.08 | | Total | 363.75 | 29,309.50 | 9,347.21 | 392.99 | 31,181.79 | 9,672.42 | - Zhuhai Cableway Company, Lushan Sandiequan Company, and Qiandao Lake Company (consolidated) achieved triple growth in visitor numbers, revenue, and net profit during the current reporting period, with Zhuhai Cableway Company's strong marketing, refined operations, and vigorous expansion of secondary consumption driving double-digit growth in all three indicators[46](index=46&type=chunk) - The Chongyang Project's loss significantly narrowed by **38.28%**, reducing losses by **4.01 million yuan**, mainly due to strong multi-channel marketing and reduced costs and expenses[46](index=46&type=chunk) Operating Revenue Composition (Current Reporting Period vs. Prior Year Period) | Category | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | Tourism | 279,382,879.75 | 95.60% | 296,793,637.99 | 95.30% | -5.87% | | Other | 12,851,369.40 | 4.40% | 14,632,538.66 | 4.70% | -12.17% | | **By Product** | | | | | | | Cableway Operations | 228,544,586.17 | 78.21% | 238,568,564.12 | 76.61% | -4.20% | | Scenic Area Tickets | 43,994,659.29 | 15.05% | 52,639,045.64 | 16.90% | -16.42% | | Hotel Catering | 4,161,052.44 | 1.42% | 4,095,879.47 | 1.32% | 1.59% | | Hot Spring Business | 2,682,581.85 | 0.92% | 1,490,148.76 | 0.48% | 80.02% | | Other | 12,851,369.40 | 4.40% | 14,632,538.66 | 4.70% | -12.17% | | **By Region** | | | | | | | Shaanxi | 47,765,624.19 | 16.34% | 54,781,727.73 | 17.59% | -12.81% | | Hainan | 48,699,820.71 | 16.66% | 58,537,074.90 | 18.80% | -16.81% | | Guangdong | 31,676,879.28 | 10.84% | 26,979,820.23 | 8.66% | 17.41% | | Jiangxi | 16,633,249.51 | 5.69% | 15,512,626.21 | 4.98% | 7.22% | | Inner Mongolia | 47,261.43 | 0.02% | 201,112.30 | 0.06% | -76.50% | | Hubei | 26,925,389.27 | 9.21% | 30,342,004.52 | 9.74% | -11.26% | | Guizhou | 92,820,700.00 | 31.76% | 96,863,324.52 | 31.10% | -4.17% | | Zhejiang | 14,813,955.36 | 5.07% | 13,575,947.58 | 4.36% | 9.12% | | Other | 12,851,369.40 | 4.40% | 14,632,538.66 | 4.70% | -12.17% | Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 292,234,249.15 | 311,426,176.65 | -6.16% | | | Operating Cost | 118,425,262.88 | 126,933,304.51 | -6.70% | | | Selling Expenses | 13,265,232.58 | 11,814,361.68 | 12.28% | | | Administrative Expenses | 61,616,401.35 | 57,569,761.52 | 7.03% | | | Financial Expenses | 418,466.19 | 477,134.08 | -12.30% | | | Income Tax Expense | 25,995,598.65 | 33,658,789.62 | -22.77% | | | Net Cash Flow from Operating Activities | 81,199,030.78 | 117,572,573.19 | -30.94% | Current period revenue decreased compared to the prior year, and resource compensation fees paid in the current period increased compared to the prior year | | Net Cash Flow from Investing Activities | -18,384,405.21 | -8,019,141.27 | -129.26% | Asset disposals decreased this year, while cash paid for the acquisition of long-term assets slightly increased | | Net Cash Flow from Financing Activities | -60,749,377.12 | -39,257,007.62 | -54.75% | No new borrowings in the current period compared to the prior period, and the scale of bank borrowings further decreased | | Net Increase in Cash and Cash Equivalents | 2,065,248.45 | 70,296,424.30 | -97.06% | Net cash flows from operating, investing, and financing activities all decreased year-on-year in the current period | [Analysis of Non-Principal Business](index=14&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's non-principal business contributed minimally to total profit, with investment income being negative, and other non-operating income and expenses, other income, credit impairment losses, and asset disposal gains all impacting total profit, but with low sustainability Impact of Non-Principal Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Investment Income | -468,812.91 | -0.48% | Yes | | Non-operating Income | 1,126,942.70 | 1.15% | No | | Non-operating Expenses | 2,224,042.67 | 2.27% | No | | Other Income | 1,307,864.77 | 1.34% | No | | Credit Impairment Losses | 2,890,378.04 | 2.95% | No | | Asset Disposal Gains | 5,491.49 | 0.01% | No | [Analysis of Assets and Liabilities](index=14&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets slightly decreased, while net assets attributable to shareholders of the listed company slightly increased; the asset-liability structure remained relatively stable, with no significant changes in major asset and liability items, and both short-term and long-term borrowings decreased Significant Changes in Asset Composition (End of Current Reporting Period vs. End of Prior Year) | Item | Amount at End of Current Reporting Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 376,826,788.80 | 20.61% | 374,761,302.69 | 20.24% | 0.37% | No significant change | | Fixed Assets | 828,089,949.50 | 45.30% | 848,596,067.90 | 45.84% | -0.54% | No significant change | | Short-term Borrowings | 0.00 | 0.00% | 25,020,416.69 | 1.35% | -1.35% | No significant change | | Long-term Borrowings | 1,000,000.00 | 0.05% | 25,932,643.08 | 1.40% | -1.35% | No significant change | - The company had no major overseas assets during the reporting period[58](index=58&type=chunk) Assets and Liabilities Measured at Fair Value (End of Period) | Item | Amount at End of Period (yuan) | | :--- | :--- | | Subtotal of Financial Assets | 30,847,683.45 | | Total above | 30,847,683.45 | | Financial Liabilities | 0.00 | - As of the end of the reporting period, details of the company's restricted asset rights are provided in Note VII, 21 of the financial report[60](index=60&type=chunk) [Analysis of Investment Status](index=15&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company had no significant equity investments, financial asset investments, or use of raised funds; the ongoing major non-equity investment is the Hangzhou Qiandao Lake Muxingu Project, with **1.97 million yuan** invested in the current period, a cumulative investment of **86.71 million yuan**, and a project progress of **22.00%** - The company had no securities investments or derivative investments during the reporting period[63](index=63&type=chunk)[64](index=64&type=chunk) - The company had no use of raised funds during the reporting period[65](index=65&type=chunk) Major Non-Equity Investments in Progress During the Reporting Period | Project Name | Budget (yuan) | Amount Invested in Current Reporting Period (yuan) | Cumulative Actual Investment at End of Reporting Period (yuan) | Project Progress | | :--- | :--- | :--- | :--- | :--- | | Hangzhou Qiandao Lake Muxingu Project | 394,118,600.00 | 1,969,052.80 | 86,714,366.59 | 22.00% | [Significant Asset and Equity Sales](index=17&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell any significant assets during the reporting period[67](index=67&type=chunk) - The company did not sell any significant equity during the reporting period[68](index=68&type=chunk) [Analysis of Major Holding and Participating Companies](index=17&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section lists the financial information of the company's major holding subsidiaries and participating companies that impact the company's net profit by **10%** or more; Guizhou Fanjingshan Tourism Development Co, Ltd. reported the highest net profit of **52.24 million yuan**, while Keshiketeng Banner Sante Tourism Development Co, Ltd. incurred a significant loss Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shaanxi Huashan Sante Cableway Co, Ltd | Subsidiary | Sightseeing Cableway | USD4050000.00 | 80,068,339.32 | 20,434,476.78 | 47,537,497.96 | 19,939,486.39 | 14,557,808.98 | | Guizhou Sante Fanjingshan Tourism Development Co, Ltd (Consolidated) | Subsidiary | Sightseeing Cableway | 50,000,000.00 | 251,656,705.11 | 131,162,467.34 | 93,310,137.64 | 61,469,802.84 | 52,239,725.50 | | Hainan Sante Cableway Co, Ltd (Consolidated) | Subsidiary | Sightseeing Cableway | 40,000,000.00 | 120,412,550.29 | 87,207,365.66 | 28,865,309.17 | 16,904,900.28 | 15,024,580.40 | | Lushan Sandiequan Cable Car Co, Ltd | Subsidiary | Sightseeing Cable Car, Cultural Tourism | 18,000,000.00 | 57,873,151.06 | 38,281,040.08 | 16,711,957.09 | 11,304,534.09 | 8,475,841.92 | | Zhuhai Jingshan Sante Cableway Co, Ltd | Subsidiary | Sightseeing Cableway, Slide | 20,000,000.00 | 86,860,872.50 | 44,051,140.47 | 33,023,688.20 | 23,068,717.00 | 17,256,414.08 | | Keshiketeng Banner Sante Tourism Development Co, Ltd (Consolidated) | Subsidiary | Tourist Scenic Area, Sightseeing Cableway | 100,000,000.00 | 194,034,355.49 | -166,323,671.57 | 47,261.43 | -6,661,821.88 | -8,510,649.81 | - The company had no acquisitions or disposals of subsidiaries during the reporting period[69](index=69&type=chunk) [Information on Structured Entities Controlled by the Company](index=17&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[70](index=70&type=chunk) [Risks Faced by the Company and Countermeasures](index=18&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces multiple risks including adverse weather, policy changes, tourism market fluctuations, production safety, and tourism project development and operation; it actively addresses these risks through diversified investments, establishing policy information systems, innovating product models, strengthening safety management, and enhancing project pre-planning capabilities to mitigate their impact - The company faces risks from adverse weather, natural disasters, and other force majeure factors, which it mitigates through diversified investments across different regions nationwide and by improving emergency mechanisms[71](index=71&type=chunk) - The company faces policy risks related to tourism industry policies, economic policies, and land use policies, which it addresses by establishing policy information collection and analysis systems and making scientific project feasibility judgments[72](index=72&type=chunk) - The company faces tourism industry market risks due to fierce market competition and changes in tourist consumption behavior, which it addresses by accelerating the creation of new products, developing new models, and implementing precise marketing[73](index=73&type=chunk) - The company faces safety production risks for sightseeing passenger cableways, which it addresses by adhering to the policy of "safety first, prevention foremost, strengthening intelligence, and comprehensive governance," and by establishing a comprehensive safety production management system and emergency mechanisms[74](index=74&type=chunk) - The company faces development and operation risks for tourism projects, such as large investment scale, long development cycles, and lower-than-expected returns, which it addresses by enhancing project investment development pre-planning capabilities and optimizing its operation management system[75](index=75&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=19&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company's Board of Directors approved the "Market Value Management System" on April 7, 2025, but no valuation enhancement plan has been disclosed - The company has formulated a market value management system, which was approved at the seventh meeting of the twelfth Board of Directors on April 7, 2025[76](index=76&type=chunk) - The company has not disclosed a valuation enhancement plan[76](index=76&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=19&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[77](index=77&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=20&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there was a change in the company's senior management, with Zhang Jie appointed as Vice President due to a job transfer Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zhang Jie | Vice President | Appointment | January 16, 2025 | Job transfer | [Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=20&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[80](index=80&type=chunk) [Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=20&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor any implementation thereof - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures or their implementation during the reporting period[81](index=81&type=chunk) [Environmental Information Disclosure](index=20&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[82](index=82&type=chunk) [Social Responsibility](index=20&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) In the first half of 2025, the company continued to consolidate poverty alleviation achievements, contributing to rural revitalization through industrial development, job creation, and paired assistance; Huashan Cableway Company, Hainan Project, Wuhan East Lake Ocean Park, and Nanzhang Company all actively participated in rural development, environmental protection, and community assistance activities, achieving significant social benefits - The company continued to consolidate and expand poverty alleviation achievements, effectively linking them with rural revitalization by driving industries, providing employment, and offering paired assistance to inject new impetus into rural development[82](index=82&type=chunk) - Huashan Cableway Company deeply carried out rural revitalization work, including providing warmth to impoverished households and certifying land contract extensions[82](index=82&type=chunk) - Hainan Company deepened the concept of "enterprise and people as one family," promoting rural revitalization through distributing holiday慰问品, creating new local jobs, and jointly developing distinctive cultural and creative products[83](index=83&type=chunk) - Wuhan East Lake Ocean Park responded to consumption-based poverty alleviation policies and participated in the "National Fish Release Day" event, contributing to the ecological development of the Yangtze River[83](index=83&type=chunk) - Nanzhang Company leveraged its scenic area resources to develop agri-tourism integration projects, directly creating local employment and forming a virtuous cycle of "scenic area development, community benefit"[84](index=84&type=chunk) Significant Matters [Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=21&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, Wuhan Kawo Tourism Development Co, Ltd. (Kawo Tourism) did not fully fulfill its performance commitment for Donghu Ocean Park, involving performance compensation for 2022 and 2023; the company has pursued legal action, and while some compensation has been recovered, Kawo Tourism's compensation remains partially unrecovered, with its equity frozen by the court, and the matter is currently in judicial enforcement - Kawo Tourism and Huamahong Company's performance commitment period for Donghu Ocean Park for 2020-2022 was extended by one year, but they failed to meet performance commitments for 2021, 2022, and 2023[86](index=86&type=chunk) - The company has obtained court judgments requiring Kawo Tourism and Huamahong Company to pay performance compensation for 2022 and 2023[86](index=86&type=chunk)[87](index=87&type=chunk) - As of the disclosure date, Huamahong Company's performance compensation for 2022 and 2023 has been recovered, while Kawo Company's performance compensation has not been fully recovered, and the court has frozen Kawo Company's equity in Donghu Ocean Park Company, with the matter still in judicial enforcement[87](index=87&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=22&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, the company had no non-operating funds occupied by controlling shareholders or other related parties from the listed company - The company had no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period[88](index=88&type=chunk) [Irregular External Guarantees](index=23&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[89](index=89&type=chunk) [Appointment and Dismissal of Accounting Firms](index=23&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual report was not audited - The company's semi-annual financial report was not audited[90](index=90&type=chunk) [Explanations by the Board of Directors and Supervisory Board on "Non-Standard Audit Report" for the Current Period](index=23&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, there were no explanations by the Board of Directors or Supervisory Board regarding a "non-standard audit report" for the current period - During the reporting period, there were no explanations by the Board of Directors or Supervisory Board regarding a "non-standard audit report" for the current period[91](index=91&type=chunk) [Explanations by the Board of Directors on "Non-Standard Audit Report" for the Previous Year](index=23&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company's audit report for the previous year included an unqualified opinion with an emphasis-of-matter paragraph because the company and its former actual controller, Mr. Ai Luming, were under investigation by the China Securities Regulatory Commission for alleged information disclosure violations, with the investigation results still pending as of the report disclosure date; the Board of Directors attaches great importance to this matter and is actively taking measures to eliminate its impact - The company and its former actual controller, Mr. Ai Luming, were under investigation by the China Securities Regulatory Commission for alleged information disclosure violations, leading to an unqualified audit opinion with an emphasis-of-matter paragraph in the company's 2024 annual report[91](index=91&type=chunk) - As of the disclosure date of the 2024 annual report, the company had not received conclusive opinions or decisions from the China Securities Regulatory Commission regarding the aforementioned investigation[91](index=91&type=chunk) - The Board of Directors believes the audit report reflects the company's actual situation and is committed to actively taking effective measures to eliminate the impact and protect investors' interests[92](index=92&type=chunk) [Bankruptcy Reorganization Matters](index=23&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company had no bankruptcy reorganization matters during the reporting period - The company had no bankruptcy reorganization matters during the reporting period[93](index=93&type=chunk) [Litigation Matters](index=23&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no significant litigation or arbitration matters; as a plaintiff, the company had 5 unresolved cases with a total involved amount of **72.28 million yuan**; as a defendant, it had 5 unresolved cases with a total involved amount of **86.47 million yuan**; 3 cases were concluded, involving **1.78 million yuan** - The company had no significant litigation or arbitration matters during the current reporting period[94](index=94&type=chunk) Other Litigation Matters | Basic Information of Litigation (Arbitration) | Involved Amount (10,000 yuan) | Provision for Contingent Liabilities Formed | Litigation (Arbitration) Progress | | :--- | :--- | :--- | :--- | | 5 unresolved cases in current period (company as plaintiff) | 7,228.02 | No | Unresolved or judgment enforcement in progress | | 5 unresolved cases in current period (company as defendant) | 8,646.52 | No | Unresolved or judgment enforcement in progress | | 3 concluded cases in current period | 178.16 | No | Concluded | [Penalties and Rectification](index=24&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification matters during the reporting period - The company had no penalties or rectification matters during the reporting period[96](index=96&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=24&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) During the reporting period, there were no issues concerning the integrity status of the company, its controlling shareholder, or its actual controller - During the reporting period, there were no issues concerning the integrity status of the company, its controlling shareholder, or its actual controller[97](index=97&type=chunk) [Significant Related Party Transactions](index=24&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor/debtor relationships; there were also no deposits, loans, credit lines, or other financial services between the company and related financial companies - The company had no related party transactions related to daily operations during the reporting period[97](index=97&type=chunk) - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[98](index=98&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[99](index=99&type=chunk) - The company had no related party creditor/debtor relationships during the reporting period[100](index=100&type=chunk) - There were no deposits, loans, credit lines, or other financial services between the company and related financial companies[101](index=101&type=chunk) [Significant Contracts and Their Performance](index=25&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no significant contracts related to trusteeship, contracting, wealth management, or other major agreements; as a lessee, the company's lease liabilities are detailed in the financial report notes; regarding significant guarantees, the company provided a guarantee of **48 million yuan** for its subsidiary, Zhuhai Jingshan Sante Cableway Co, Ltd., which remains unfulfilled - The company had no significant contracts related to trusteeship, contracting, wealth management, or other major agreements during the reporting period[105](index=105&type=chunk)[106](index=106&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) - As a lessee, the company's leasing situation is detailed in Notes VII, 15 and 32 of the financial report[107](index=107&type=chunk) Company Guarantees for Subsidiaries | Name of Guaranteed Party | Announcement Date of Guarantee Limit | Guarantee Limit (10,000 yuan) | Actual Occurrence Date | Actual Guarantee Amount (10,000 yuan) | Type of Guarantee | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhuhai Cableway Company | May 29, 2021 | 4,800 | July 26, 2021 | 100 | Joint and several liability guarantee | Within 3 years from the maturity date of the loan | No | | Hangzhou Qiandao Lake Sante Tourism Co, Ltd | April 09, 2025 | 24,710 | | | | | No | - The actual guarantee balance at the end of the reporting period totaled **1 million yuan**, accounting for **0.07%** of the company's net assets[110](index=110&type=chunk) [Explanation of Other Significant Matters](index=27&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company is involved in a shareholder capital contribution dispute case with Hanjintang Company, where the court ruled that the company must transfer land use rights to Hanjintang Company; the company's appeal was rejected, and the matter is currently in judicial enforcement; the company preliminarily expects this matter not to cause significant losses, but uncertainties remain - The company was ordered by the court to transfer land use rights to Hanjintang Company due to a shareholder capital contribution dispute case[113](index=113&type=chunk)[114](index=114&type=chunk) - The company's appeal was rejected, the second instance upheld the original judgment, and an enforcement notice has been received, with the matter currently in judicial enforcement[114](index=114&type=chunk)[115](index=115&type=chunk) - The company preliminarily expects that the land transfer matter involving Hanjintang will not cause significant losses due to tax issues, but some uncertainties still exist[115](index=115&type=chunk) [Significant Matters of Company Subsidiaries](index=28&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) Subsequent progress on the company's subsidiary Chongyang Junshuihe Company's equity acquisition involved the transfer of two residential land parcels; due to insufficient subsequent development by Chongyang Tourism Company, the land transfer procedures could not be completed; the local government has agreed to repossess the use rights of these two idle land parcels with compensation, and all related work including land payment, land use right transfer, change registration, and cancellation has been completed - The company's acquisition of Chongyang Junshuihe Company's equity involved the transfer of two residential land parcels to Chongyang Tourism Company, but due to insufficient subsequent development by Chongyang Tourism Company, the land transfer procedures could not be completed[118](index=118&type=chunk)[119](index=119&type=chunk) - Chongyang County Natural Resources and Planning Bureau issued a "Decision on Recovering State-Owned Construction Land Use Rights," agreeing to repossess the use rights of the two idle land parcels with compensation, settled at **15.20 million yuan** based on the paid land transfer fees[119](index=119&type=chunk) - As of the report disclosure date, all related work, including land payment, transfer of the two land use rights, change registration, and cancellation, has been completed[119](index=119&type=chunk) Share Changes and Shareholder Information [Share Change Status](index=29&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital remained unchanged, but restricted shares decreased by **10,850 shares** and unrestricted shares increased by **10,850 shares**, primarily due to the sale of some shares by a departing senior executive and the locking of some shares held by a newly appointed senior executive Share Change Status | Item | Number Before Change (shares) | Proportion Before Change | Net Change (increase/decrease) (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 38,839,612 | 21.91% | -10,850 | 38,828,762 | 21.90% | | II. Unrestricted Shares | 138,461,713 | 78.09% | 10,850 | 138,472,563 | 78.10% | | III. Total Shares | 177,301,325 | 100.00% | 0 | 177,301,325 | 100.00% | - The reasons for share changes include the sale of some shares by a departing senior executive and the locking of some shares held by a newly appointed senior executive[122](index=122&type=chunk) Restricted Share Change Status | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Unrestricted Shares Released in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Date of Release from Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shu Bendao | 78,065 | 19,516 | 0 | 58,549 | Restriction rules for senior executives after departure | Released from restriction according to relevant regulations for senior executives after departure | | Zhang Jie | 0 | 0 | 8,666 | 8,666 | Senior executive locked shares | Unlocked according to relevant regulations for senior executive locked shares | | Total | 78,065 | 19,516 | 8,666 | 67,215 | -- | -- | [Securities Issuance and Listing](index=30&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[126](index=126&type=chunk) [Number of Shareholders and Shareholding Status](index=30&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the end of the reporting period, the total number of common shareholders was **13,736**; among the top ten shareholders, Contemporary City Construction Development held **22.53%** as the largest shareholder, and High-Tech Group held **14.98%**; Contemporary City Construction Development, Contemporary Technology, and their concerted action party Luo Desheng have irrevocably waived their voting rights for a combined **25.70%** of the company's shares, making High-Tech Group the controlling shareholder - The total number of common shareholders at the end of the reporting period was **13,736 households**[127](index=127&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Contemporary City Construction Development | Domestic Non-State-Owned Legal Person | 22.53% | 39,944,659 | 38,634,659 | 1,310,000 | Pledged: 39,940,000; Frozen: 26,640,000 | | High-Tech Group | State-Owned Legal Person | 14.98% | 26,551,295 | 0 | 26,551,295 | Not applicable: 0 | | Donghu Development | State-Owned Legal Person | 6.07% | 10,763,305 | 0 | 10,763,305 | Not applicable: 0 | | Contemporary Technology | Domestic Non-State-Owned Legal Person | 2.72% | 4,818,700 | 0 | 4,818,700 | Pledged: 3,520,000; Frozen: 4,818,700 | - Contemporary City Construction Development, Contemporary Technology, and their concerted action party Luo Desheng have irrevocably waived their voting rights for a combined **25.70%** of the company's shares[128](index=128&type=chunk) - High-Tech Group became the controlling shareholder of the company, holding **21.05%** of the company's equity and voting rights, and Wuhan East Lake New Technology Development Zone Management Committee became the actual controller of the company[117](index=117&type=chunk)[118](index=118&type=chunk) [Shareholding Changes of Directors, Supervisors, and Senior Management](index=32&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) During the reporting period, the company's Chief Engineer Shu Bendao reduced his holdings by **19,000 shares** after his departure, with his shareholding at the end of the period being **59,065 shares**; overall, the total shareholding of directors, supervisors, and senior management decreased Shareholding Changes of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (shares) | Number of Shares Reduced in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shu Bendao | Chief Engineer | Departed | 78,065 | 19,000 | 59,065 | | Total | -- | -- | 78,065 | 19,000 | 59,065 | [Changes in Controlling Shareholder or Actual Controller](index=32&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8

Core Viewpoint - The report details the equity changes of Wuhan Santai Cableway Group Co., Ltd. due to judicial enforcement actions leading to a reduction in shareholding by its major shareholders [1][2][3] Group 1: Equity Changes - The equity change is a result of the forced sale of shares by the Wuhan East Lake New Technology Development Zone People's Court, where Wuhan Contemporary City Construction Development Co., Ltd. lost 1,310,000 shares and Wuhan Contemporary Technology Industry Group Co., Ltd. lost 2,000,000 shares [5][6][7] - Following these changes, the total shares held by the information disclosure obligors decreased from 47,563,359 shares (26.83%) to 44,253,359 shares (24.96%) [8][9] Group 2: Shareholding Structure - Before the equity change, Wuhan Contemporary City Construction Development Co., Ltd. held 39,944,659 shares (22.53%), while Wuhan Contemporary Technology Industry Group Co., Ltd. held 6,818,700 shares (3.85%) [6][8] - After the equity change, the shareholding structure adjusted to 38,634,659 shares (21.79%) for Wuhan Contemporary City Construction Development Co., Ltd. and 4,818,700 shares (2.72%) for Wuhan Contemporary Technology Industry Group Co., Ltd. [8][9] Group 3: Future Plans - There are no plans for the information disclosure obligors to increase their holdings in the next 12 months, but they do not rule out the possibility of further reductions [6][7] - The report confirms that the equity changes will not affect the control of the company or its governance structure [9][10]