Group 1 - The company Changbai Mountain (SH 603099) announced on September 22 that its fifth board meeting was held via telecommunication to review proposals including capital increase to its subsidiary and related transactions [1] - For the first half of 2025, the revenue composition of Changbai Mountain was as follows: tourism transportation revenue accounted for 66.82%, hotel revenue 24.09%, other industries 6.82%, and travel agency 2.28% [1] - As of the report date, the market value of Changbai Mountain was 13.4 billion yuan [1] Group 2 - The parent company of the brand Arc'teryx is facing issues related to "mountain blasting," and the new president for Greater China has been in office for just over two months, praised for his strong professional capabilities [1]

证券代码：603099 证券名称：长白山 公告编号：2025-051 长白山旅游股份有限公司 关于子公司向公司控股股东预购长白山景区门票暨 关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 重要内容提示： ●关联交易标的：长白山旅游股份有限公司（以下简称"公司"） 子公司长白山保护开发区易游旅游服务有限公司（以下简称"易游公 司"）将向控股股东吉林省长白山开发建设（集团）有限责任公司（以 下简称"长白山集团"）以门市价格的15%优惠价格预购1500万元额 度的长白山北、西景区门票。 ●本次交易事项已经公司第五届董事会独立董事专门会议第二 次会议、第五届董事会第五次会议及第五届监事会第五次会议审议通 过。本次交易无需提交公司股东会审议。 一、关联交易概述 截至披露日，易游公司持有长白山景区门票余额约为 52.78 万 元。为了降低门票成本，易游公司计划向长白山集团以门市价格的 15%优惠价格预购 1500 万元额度的长白山北、西景区门票。根据测算， 易游公司 9-12 月预计使用门票 150 万元，2026 ...

证券代码：603099 证券名称：长白山 公告编号：2025-052 长白山旅游股份有限公司 关于子公司向关联方预购和平滑雪场雪票暨关联交 易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 重要内容提示： ●关联交易标的：长白山旅游股份有限公司（以下简称"公司"） 子公司长白山保护开发区易游旅游服务有限公司（以下简称"易游公 司"）将向控股股东吉林省长白山开发建设（集团）有限责任公司（以 下简称"长白山集团"）参股孙公司延边长白山和平滑雪有限责任公 司（以下简称"和平滑雪公司"）预购315万元雪场门票。 ●本次交易事项已经公司第五届董事会独立董事专门会议第二 次会议、第五届董事会第五次会议及第五届监事会第五次会议审议通 过。本次交易无需提交公司股东会审议。 一、关联交易概述 公司于 2023 年 10 月 19 日召开了第四届董事会第十四次会议， 审议通过了《关于子公司向公司控股股东预购和平滑雪场雪票暨关联 交易的议案》，议案详见《长白山旅游股份有限公司关于子公司向公 司控股股东预购和平滑雪场雪票暨关联交易的公 ...

证券代码：603099 证券名称：长白山 公告编号：2025-050 长白山旅游股份有限公司 关于向控股子公司增资暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 一、关联交易概述 公司在 2024 年 8 月 7 日召开了第四届董事会第二十五次会议、 2024 年 8 月 28 日召开了 2024 年第二次临时股东会，审议通过了《公 司与控股股东共同投资成立公司暨关联交易的议案》，公司与控股股 重要内容提示： 东长白山集团共同投资成立恩都里商管公司，公司持有恩都里商管公 司 51%，长白山集团持股 49%，为加速推进恩都里餐饮项目的进程， 引入国内高端品牌，加快恩都里项目发展，拟由原股东按认缴的持股 比例共增资 2,000 万元，公司将以自有资金向恩都里商管公司增资 1020 万元，长白山集团增资 980 万元。增资后，恩都里商管公司各 投资方持股比例不变。 ●增资公司名称：长白山保护开发区恩都里商业管理有限公司 （以下简称"恩都里商管公司"） 至本次关联交易为止，过去 12 个月内公司未向恩都里商管 ...

证券代码：603099 证券简称：长白山 公告编号：2025-049 长白山旅游股份有限公司 第五届监事会第五次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 一、 监事会会议召开情况 长白山旅游股份有限公司（以下简称 "公司"）于 2025 年 9 月 22 日以通讯表决方式召开第五届监事会第五次会议。会议通知及会 议材料于 2025 年 9 月 17 日以邮件加现场送达方式发出。会议由公司 监事会主席孙青春先生召集并主持，本次会议应参与表决监事 5 名， 实际参与表决监事 5 名。会议参与表决人数及召集、召开、表决程序 符合《中华人民共和国公司法》和《公司章程》的有关规定，合法有 效。 二、监事会会议审议情况 2、关于子公司向公司控股股东预购长白山景区门票暨关联交易 的议案 监事会认为：双方在自愿、平等、互利的基础上协商确定，符合 交易公平原则,不存在损害公司和全体股东利益的情形。 表决结果：5 票同意，0 票反对，0 票弃权。 3、关于子公司向关联方预购和平滑雪场雪票暨关联交易的议案 监事会认为：双 ...

证券代码：603099 证券名称：长白山 公告编号：2025-048 与会董事对本次会议的全部议案进行了充分讨论，会议审议并一 致通过了以下议案： 1、关于向控股子公司增资暨关联交易的议案 该议案为关联交易，关联董事回避表决。 表决结果：6 票赞成，3 票回避，0 票反对，0 票弃权。 本议案已经公司第五届董事会独立董事专门会议第二次会议审 长白山旅游股份有限公司 第五届董事会第五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 一、 董事会会议召开情况 长白山旅游股份有限公司（以下简称"公司"）第五届董事会第 五次会议于2025年9月22日以通讯表决的方式召开。会议通知及会议 材料于2025年9月17日以专人递送、电子邮件等方式发出。本次会议 应参与表决董事9人，实际参与表决董事9人，有效表决票为9票，参 与表决的董事符合《公司法》和《公司章程》等法律法规的有关规定。 本次会议的召开、表决合法有效。 二、董事会会议审议情况 2、关于子公司向公司控股股东预购长白山景区门票暨关联交易 的议案 表决结果：6 ...

Core Viewpoint - Changbai Mountain (603099.SH) announced that its subsidiary, Yiyou Company, plans to purchase 3.15 million yuan worth of ski resort tickets from its controlling shareholder, Changbai Mountain Group, and will obtain exclusive agency rights for the 2025-2026 winter-spring season tickets from Pinghua Ski Company [1] Group 1 - Yiyou Company will hold a total of 5 million yuan worth of ski tickets after the transaction, with an expected net profit of approximately 330,000 yuan upon selling all tickets [1] - The company will purchase 15% discounted tickets for Changbai Mountain's North and West scenic areas, with a total value of 15 million yuan, to be used primarily in 2026 [1] - The expected usage of 11 million yuan in ticket purchases will occur from January to December 2026, with sales completion anticipated by March 2027 [1] Group 2 - This transaction is expected to lower ticket costs and enhance profit growth opportunities for the company [1]

Group 1 - The company and its controlling shareholder, Changbai Mountain Group, are increasing capital by 20 million yuan, with the company contributing 10.2 million yuan and Changbai Mountain Group contributing 9.8 million yuan [1] - The capital increase will be used for engineering supervision and intermediary services, maintenance and outdoor engineering, elevator installation and kitchen equipment procurement, new cold storage, and expansion of store and outdoor space [1] - This capital increase is expected to enhance the quality upgrade and market competitiveness of the restaurant business of Enduri Commercial Management Company [1]

Core Viewpoint - The emergency rescue drill "Protecting the Sky Blade - 2025" held at Changbai Mountain Airport aimed to test the scientific and operational effectiveness of the airport's emergency rescue plan, enhancing coordination and response capabilities among various rescue units [1][11]. Group 1: Drill Overview - The drill was initiated with a command at 12:30 PM and focused on scenarios involving a terrorist threat, airborne explosive threats, and an aircraft veering off the runway during landing [3]. - Four core modules were established: handling explosive threat information, aircraft hijacking response, emergency rescue operations, and the removal of damaged aircraft, covering procedures from information transmission to post-incident recovery [3]. - A total of 22 scenario subjects were included, with new elements such as cloud-seeding operations, forest fire extinguishing, and helicopter transport of severely injured patients being conducted for the first time [3]. Group 2: Participation and Scale - The drill involved 13 participating units and over 200 participants, deploying more than 50 emergency rescue and support vehicles, making it the largest and highest-level emergency rescue drill since the airport's operation [5]. - Over 70 guests from more than 20 units observed the drill on-site, indicating significant interest and collaboration among various stakeholders [5]. Group 3: Execution and Evaluation - The drill lasted 60 minutes and utilized multimedia displays and live broadcasts to present various stages of the exercise, demonstrating precise command, rapid response, and effective coordination [8]. - Post-drill evaluations by the Civil Aviation Northeast Regional Administration and the Civil Aviation Jilin Regulatory Bureau acknowledged the drill's achievements while analyzing areas for improvement [11]. Group 4: Future Plans - Following the drill, Changbai Mountain Airport plans to refine its emergency rescue system, enhance practical capabilities, and promote the application of new technologies to strengthen safety measures [14].

Summary of the Conference Call Records Industry Overview - The social services sector in the first half of 2025 showed uneven recovery, reaching only 79% of 2019 levels. Key areas of growth included K12 training, human resources, and scenic spots, while the travel chain and higher vocational education faced challenges [1][2][26]. Key Points and Arguments K12 Training - K12 training maintained high industry prosperity due to clear policy definitions, contributing positively to the sector's performance [2][3]. Human Resources - The human resources sector experienced significant growth driven by outsourcing and headhunting services, with a reported revenue increase of approximately 30% [3][17]. Scenic Spots - Scenic areas saw both revenue and profit growth, with companies like Xiangyuan Cultural Tourism and Jiuhua Tourism leading the way through asset injections [4][10]. OTA (Online Travel Agency) - The OTA sector, particularly Ctrip, benefited from travel demand, achieving net profit above expectations due to precise overseas spending and strong domestic accommodation and transportation bookings [5][12][26]. Hotel Industry - The hotel sector is nearing a turning point, with average RevPAR down by 4%-5%. However, leading companies like Huazhu and Atour managed to achieve profit growth through operational excellence [5][13][26]. Restaurant and Beverage Sector - The restaurant and beverage industry showed structural highlights despite facing pressures, such as the June alcohol ban. Notable performers included Xiaocaiyuan and Green Tea, with profit growth rates of 35%-36% and 40%, respectively [6][21][23]. Future Outlook - Strong operational companies are expected to outperform in the second half of the year and into 2026. The hotel industry is anticipated to see a supply curve slowdown, indicating a potential turning point. Flight booking data for the upcoming National Day shows a year-on-year increase of 5.7%, suggesting a continued recovery in travel demand [7][8][26]. Xiangyuan Cultural Tourism - Xiangyuan Cultural Tourism is expected to further develop through asset injections and is actively building an online platform to create private traffic [9]. Jiuhua Tourism - Jiuhua Tourism reported a robust performance with a 20% increase in visitor numbers, benefiting from favorable timing and improved transportation access [10]. Challenges and Opportunities in Scenic Areas - Scenic areas face challenges such as increased customer acquisition pressure and rising sales costs. However, those with unique resources, like Jiuhua Mountain and Changbai Mountain, are expected to attract visitors and improve profitability [11]. Investment Recommendations - Investment opportunities are recommended in the OTA sector, particularly Ctrip, and in the hotel sector, with a focus on companies like Shoulv and Huazhu. The restaurant sector also presents potential with companies like Xiaocaiyuan and Green Tea [26][27][29]. Other Important Insights - The duty-free industry is currently in an adjustment phase, with a 9% decline in sales but a 20% increase in average transaction value. The focus is on identifying the turning point in this sector [14][15]. - The professional services industry is embracing AI technology to enhance efficiency and reduce costs, with notable advancements in recruitment and event management [16]. - The education sector is seeing varied performance, with companies like China Oriental Education showing resilience and growth potential through strategic adjustments [18][19][28]. This summary encapsulates the key insights and developments within the social services sector and its sub-industries, highlighting both challenges and opportunities for investors.