峨眉山A上半年营收同比降10%，投入上亿元的演艺项目暂停演出

Core Viewpoint - The financial performance of Emei Mountain A has declined in the first half of 2025, attributed to a decrease in visitor numbers and revenue from core businesses [2][3]. Financial Performance - Emei Mountain A reported a revenue of 457 million yuan, a year-on-year decrease of 10.07% [2]. - The net profit attributable to shareholders was 121 million yuan, down 8.48% year-on-year [2]. - The net profit after deducting non-recurring items was 119 million yuan, a decline of 9.65% [2]. - The gross profit margin fell by 1.53 percentage points to 48.07% [2]. - In Q2, revenue decreased by 9.27% to 231 million yuan, while net profit increased by 7.42% to 62.39 million yuan [2]. Visitor Statistics - The total number of visitors to Emei Mountain Scenic Area was 2.0952 million, a year-on-year decrease of 6.5% [2]. - Revenue from mountain ticket sales was 122 million yuan, down 9.53% [2]. - Revenue from the cable car business was 185 million yuan, a decrease of 7.51% [2]. - Revenue from hotel services fell by 12.13% to 82.7253 million yuan [2]. Business Segment Performance - The gross profit margins for the three main businesses (ticket sales, cable car, and hotel services) all declined, with respective margins of 46.47%, 79.45%, and 5.37% [2]. - The tea business saw a revenue decline of 33.92% to 27.41 million yuan [3]. - The performing arts revenue increased by 1.38% to 5.3992 million yuan, but the main project "Only Emei Mountain" was suspended, leading to no income [3]. Project and Investment Insights - The suspension of "Only Emei Mountain" is linked to financial pressures faced by its operating company, which has a loan of 560 million yuan due in 2036 [4]. - The operating entity, Yunshang Lvtou, reported a net loss of 16.1383 million yuan in the first half of 2025 [3][4]. - The big data business showed resilience, with a slight revenue decline of 2.31% but a net profit increase of 107.21% to 19,600 yuan [4]. Future Prospects - Emei Mountain A is exploring new business models, including tea beer and collaborations with cultural brands [4][5]. - The company is optimistic about future growth due to the scenic area's natural resources and ongoing infrastructure improvements [5].