Tianmu Lake Tourism Co.,Ltd.(SH:603136) Mei Ri Jing Ji Xin Wen·2025-08-17 22:15Core Viewpoint - The Tianmu Lake scenic area in Changzhou, Jiangsu, is offering free admission to visitors with the surname Zhao from August 17 to August 31, following a local football team's victory, which has the potential to attract a significant number of visitors [2][4]. Company Overview - Tianmu Lake (603136.SH) is the first listed tourism scenic area enterprise in Jiangsu Province, having been listed on the A-share market in September 2017 [5]. - The company has experienced revenue fluctuations over the past three years, with revenues of 3.69 billion yuan, 6.3 billion yuan, and 5.36 billion yuan for the years 2022 to 2024, respectively [5]. Financial Performance - The company's net profit for the same period was 0.2 billion yuan, 1.47 billion yuan, and 1.05 billion yuan [5]. - In Q1 of the current year, the company reported a slight revenue decline of 1.6% to 1.05 billion yuan, while net profit increased by 26.45% to 13.84 million yuan [5]. Scenic Area Performance - The two scenic areas involved in the free admission offer, the Mountain Water Garden and Nanshan Bamboo Sea, generated revenues of 1.48 billion yuan and 1.35 billion yuan last year, showing year-on-year decreases of 17.47% and 7.58%, respectively [6]. - Both scenic areas have high gross profit margins, achieving 69.72% and 71.22% last year [6]. Visitor Potential - Based on the 2018 national surname report, there are approximately 28.6 million people with the surname Zhao in China [4]. - If all Zhao surname visitors were to visit Tianmu Lake, the potential ticket revenue could reach between 4.8 billion yuan and 7.4 billion yuan [4]. - The company could afford to cover the entrance fees for approximately 206,000 to 319,000 Zhao surname visitors, which represents only 7% to 11% of the total Zhao population [4].