Sante(SZ:002159) Shang Hai Zheng Quan Bao·2025-11-11 19:13Core Viewpoint - The company is undergoing a transformation from a traditional transportation service to an immersive tourism experience, driven by the strategic support of state-owned assets and innovative management practices [4][5][9]. Financial Performance - In 2024, despite a 3.69% decline in revenue, the company's net profit reached 142 million yuan, marking an 11.34% increase year-on-year, showcasing strong profitability resilience [5][8]. - The financial expenses decreased by nearly 12 million yuan, and the company's debt level was effectively controlled, with the asset-liability ratio dropping to 21.22%, a historical low [5][8]. Business Operations - The company has successfully upgraded its existing projects, such as the Guizhou Fanjing Mountain cableway, which now features NPC interactive performances, enhancing the visitor experience [7][9]. - The Zhuhai Scenic Mountain cableway has also transformed by integrating entertainment elements, achieving double-digit growth in visitor numbers, revenue, and net profit in the first half of 2025 [7][8]. Management Efficiency - The company has optimized its organizational structure and implemented refined management practices, resulting in a 2% increase in operating costs while management expenses decreased by 9.5% in 2024 [8][9]. - A diversified product matrix has been established, covering cableway transportation, sightseeing, experiential participation, accommodation, and cultural services, effectively meeting diverse visitor needs [8][9]. Strategic Direction - The company is focusing on a dual-core strategy of "cableway main business + ecological tourism," aiming to become a comprehensive operator of ecological theme parks [9][10]. - Plans include the intelligent upgrade of key cableway projects and the expansion of light asset output models to provide management and technical services to third-party scenic spots [9][10]. Cultural and Technological Integration - The company is leveraging cultural IP values from project locations and integrating advanced technologies like AI and XR into tourism experiences, exemplified by the immersive show at Hainan Nanwan Monkey Island [10][11]. - Recent initiatives have led to significant online engagement, with the Qiandao Lake project achieving nearly 100 million online impressions through art exhibitions, enhancing visitor rates [11].