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]

A股旅游及酒店板块持续走低，君亭酒店跌超8%，大连圣亚、天府文旅跌超5%，岭南控股、三特索 道、西域旅游跟跌。 ...

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].

Core Insights - The report emphasizes the importance of domestic demand and high-performing leading companies, as well as sectors benefiting from increased tariffs [3][7] - The consumer services sector has outperformed benchmarks since March, with low-valued high-performing stocks showing resilience amid tariff negotiations [3][10] Sector Analysis 1. Consumer Internet Platforms - The performance of leading companies in the consumer internet space is expected to be stable, with significant growth in domestic travel during the Qingming holiday [4] - Companies like Tongcheng Travel and Ctrip are projected to benefit from increased user engagement and market penetration [4][19] 2. Natural Scenic Area Leaders - Companies in this sector are noted for their defensive attributes, with expected profit growth driven by increased visitor numbers during holidays [4] - Jiuhua Tourism is anticipated to see a net profit increase of approximately 32% in Q1, supported by improved visitor flow [4][8] 3. Chain Consumption Leaders - The hotel industry is showing signs of stabilization, with RevPAR (Revenue per Available Room) expected to improve due to rising travel demand [5][25] - Major hotel chains are focusing on expanding their market share through aggressive opening strategies, with significant growth targets set for 2025 [28][33] 4. Duty-Free Sector - The duty-free market is positioned to benefit from tariff increases, with a focus on the recovery of consumer spending and the influx of foreign tourists [6][7] - The report highlights the potential for growth in the duty-free segment as policies evolve to stimulate economic recovery [6][19] Investment Recommendations - The report suggests a focus on companies such as Tongcheng Travel, Meituan-W, Ctrip Group-S, and Huazhu Group-S, which are expected to perform well in the current economic environment [7][8] - The emphasis is on sectors with strong domestic demand and those that are likely to benefit from tariff adjustments, indicating a favorable investment outlook [7][8]

Core Viewpoint - Since the state-owned capital took control in 2023, the profitability of SanTe Cableway (002159.SZ) has significantly improved, achieving a remarkable performance in the context of the tourism industry's recovery [1][2]. Financial Performance - In 2024, the company reported total revenue of 692 million yuan, with a net profit attributable to shareholders of 142 million yuan, representing a year-on-year increase of 11.34% despite a revenue decline of 3.69% [2][4]. - The company's asset-liability ratio stood at 23.62%, marking a historical low, while financial expenses decreased by 94.14% to 742,300 yuan [4]. Business Operations - The cableway business remains a strong revenue driver, contributing 79.60% of total revenue with operational income of 551 million yuan [2]. - Key projects such as Guizhou Fanjing Mountain and Shaanxi Huashan have driven significant revenue growth through innovative products and targeted marketing strategies [2][3]. Project Developments - The Zhuhai project achieved a 20.1% increase in revenue to 63.92 million yuan, benefiting from e-commerce operations and a 23% increase in visitor numbers [3]. - The company is strategically upgrading the Hangzhou Qiandao Lake project, aiming to establish a new benchmark in cultural tourism [5]. Strategic Focus - The company plans to continue focusing on its core business of cableways and ecological cultural tourism, enhancing brand operations and content innovation while expanding its asset-light model [5].

Investment Rating - The report maintains the investment rating for the company [3] Core Views - The company is projected to experience revenue growth from 692.47 million in 2024 to 907.42 million in 2027, reflecting a compound annual growth rate (CAGR) of approximately 9.70% [8] - The net profit is expected to increase from 164.35 million in 2024 to 251.43 million in 2027, indicating a growth rate of 8.79% [8] - The EBITDA is forecasted to rise from 350.56 million in 2024 to 449.14 million in 2027, showing a steady increase in operational profitability [8] Financial Summary - The total assets are projected to grow from 1851.25 million in 2024 to 3340.40 million in 2027 [7] - The company's total liabilities are expected to increase from 437.22 million in 2024 to 1236.15 million in 2027 [7] - The return on equity (ROE) is anticipated to be 10.40% in 2024, peaking at 12.05% in 2025, and then gradually declining to 11.28% by 2027 [8] - The company’s cash flow from operating activities is estimated to rise from 285.28 million in 2024 to 406.66 million in 2027 [7] Key Financial Ratios - The gross margin is projected to improve from 60.34% in 2024 to 63.60% in 2027 [8] - The net profit margin is expected to increase from 20.50% in 2024 to 24.62% in 2027 [8] - The price-to-earnings (P/E) ratio is forecasted to decrease from 18.63 in 2024 to 11.84 in 2027, indicating potential undervaluation over time [8]

| | 和 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601228 | 广州港 | 0.1280 | 96443.07 | -10.63 | 1407293.13 | 6.66 | | 301488 | 豪恩汽 | 1.1000 | 10091.18 | -11.15 | 140893.71 | 17.25 | | | 电 | | | | | | | 001324 | 长青科 | 0.4361 | 6018.00 | -16.41 | 46042.71 | -13.16 | | | 技 | | | | | | | 002535 | 林州重 | 0.1189 | 9534.40 | -18.47 | 168353.14 | -8.38 | | | 机 | | | | | | | 002075 | 沙钢股 | 0.0700 | 16258.29 | -27.75 | 1441626.09 | -7.69 | | | 份 | | | | | | | 002860 | 星帅尔 | 0.4700 | 14369.40 | -29.03 | 207 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002159 证券简称：三特索道 公告编号：2025-10 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 √适用 □不适用 中审众环会计师事务所（特殊普通合伙）为本公司出具了带强调事项段的无保留意见的审计报告，本公 司董事会已对相关事项进行了专项说明，监事会发表了相关意见，具体内容详见公司于2025年4月9日在 深圳证券交易所网站披露的相关文件。 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 是否以公积金转增股本 □是 √否 公司经本次董事会审议通过的利润分配预案为：以总股本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），送红股0股（含税），不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 ■ 二、公司基本情况 1、公司简介 2、报告期主要业务或产品简介 公司旗下体验参与类产品包括温泉、主题公园 ...

Core Viewpoint - The company has approved its 2024 annual profit distribution plan, which includes a cash dividend of 2.5 yuan per 10 shares, totaling approximately 44.33 million yuan, based on a net profit of 141.98 million yuan for the year [16][17][31]. Group 1: Financial Performance - The company reported a net profit attributable to shareholders of 141.98 million yuan for 2024, with total revenue of 692.47 million yuan and a net cash flow from operating activities of 285.28 million yuan [27][31]. - The total assets of the company as of December 31, 2024, were 1.85 billion yuan, with total liabilities of 437.22 million yuan, resulting in total equity of 1.41 billion yuan [27]. Group 2: Profit Distribution Plan - The profit distribution plan proposes a cash dividend of 2.5 yuan per 10 shares, amounting to a total distribution of 44.33 million yuan, which is based on the lower of the consolidated or parent company profit available for distribution [17][31]. - The company has maintained a consistent cash dividend policy, with cumulative cash dividends over the last three years exceeding 83.33 million yuan, which is above 30% of the average net profit for the same period [18][19]. Group 3: Governance and Risk Management - The company plans to purchase liability insurance for its directors and senior management to enhance risk management and protect their legal rights, with an annual premium not exceeding 450,000 yuan [51]. - The company has established a three-year shareholder return plan for 2025-2027, which aims to ensure stable and sustainable dividend policies [10][65]. Group 4: Future Financing and Investments - The company intends to increase its financing scale by up to 300 million yuan in 2025 to support its operational goals [37]. - A proposal for the company’s wholly-owned subsidiary to borrow 247.1 million yuan from a bank has been approved, with the company providing guarantees for the loan [67].