中报观察丨峨眉山A：营利双降 “只有峨眉山”成“拖油瓶”

Core Insights - The company reported a decline in multiple performance indicators in its 2025 semi-annual report, with total revenue of 457 million yuan, a year-on-year decrease of 10.07%, and a net profit attributable to the parent company of 121 million yuan, down 8.48% [1] - The company's return on equity was 4.53%, a decrease of 0.73 percentage points year-on-year, indicating financial strain [1] - The decline in visitor numbers directly impacted the core revenue streams, with a total of 2.0952 million visitors recorded, a 6.5% decrease compared to the previous year [1] Revenue Breakdown - The mountain ticket business generated revenue of 122 million yuan, down 9.53% year-on-year, while the cable car business brought in 185 million yuan, a decrease of 7.51% [2] - Despite maintaining a high gross margin of 79.45%, the cable car business experienced a decline of 3.58% compared to the same period last year [2] New Business Challenges - The hotel business reported revenue of 82.7253 million yuan, a decline of 12.13%, while other sectors, including tea, smart tourism, and performances, generated 66.9447 million yuan, down 15% [4] - The "Only Emei Mountain" cultural performance project has not only failed to become a new profit growth point but has also increased the company's financial burden, with revenue of only 5.399 million yuan [5] - The project incurred a loss of 16.1383 million yuan, despite a reduction in losses compared to the previous year [5] - The company borrowed 536 million yuan for the project, with an outstanding balance of 493 million yuan as of June 30, 2025 [6] - The project was suspended on June 15 due to severe setbacks in its initial incubation and promotion efforts [7]