CBMT(SH:603099) Guoxin Securities·2025-09-08 11:28Investment Rating - The investment rating for Changbai Mountain (603099.SH) is "Outperform the Market" [5] Core Views - The summer peak season showed strong visitor performance, with policies, transportation improvements, and expansion of scenic areas laying the groundwork for the winter season [2][3] - The company’s revenue for H1 2025 was 240 million yuan, down 7.4% year-on-year, with a net profit attributable to shareholders of -2.05 million yuan, a decrease of 109.8% [10] - The company anticipates a recovery in profits during the third quarter, supported by strong summer visitor numbers and favorable policies promoting the ice and snow economy [2][4] Summary by Sections Financial Performance - In H1 2025, the company’s revenue was 240 million yuan, with a net profit of -2.05 million yuan, reflecting a significant decline due to weather disruptions and increased labor costs [10] - Q1 and Q2 revenues were 129 million yuan and 107 million yuan, showing a year-on-year change of +0.73% and -15.7% respectively [10] Visitor Trends - From July to August, the main scenic area received 1.63 million visitors, an increase of 26% year-on-year, indicating a strong recovery in visitor numbers [2] - The company aims to achieve a visitor target of 4 million for 2025, representing a 17.3% year-on-year growth [2] Policy and Transportation Developments - The government is actively promoting the ice and snow economy, with a target for the total scale of the ice and snow economy to reach 1.2 trillion yuan by 2027 [2] - The opening of the Shenyang-Baihe high-speed railway is expected to significantly reduce travel time and increase visitor numbers, with an estimated annual capacity of over 10 million passengers [3] Company Growth Initiatives - The company has received approval for a private placement project to raise 236 million yuan, which will be invested in the second phase of the volcanic hot spring project and transportation equipment upgrades [4] - The second phase of the volcanic hot spring project is expected to be completed by 2025, adding approximately 400 guest rooms [4]