证券代码：603099 证券名称：长白山 公告编号：2025-037 长白山旅游股份有限公司 关于公司与控股股东的参股公司签订人力资源服务 劳务外包协议暨关联交易的公告 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"） 将与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"）参股公司长白山保护开发区人才发展服务有限公 司（以下简称"人才公司"），就人力资源服务签订人力资源服务劳 务外包协议，合同期限为三年，首年交易金额约为5751万元，三年合 计交易金额约为1.8亿元。 ●至本次关联交易为止，过去 12 个月内公司与同一关联人发生 的关联交易或与不同关联人之间交易标的类别相关的关联交易已达 到 3,000 万元，且达到公司最近一期经审计净资产绝对值的 5%，本 次关联交易需提交股东大会审议。 ●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一 次会议、第五届董事会第二次会议及第五届监事会第二次会议审议通 过。 一、关联 ...

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"）于 2025 年 6 月 23 日召开第五届董事会第二次会议审议通过了《关于增加经营范围 暨修改<公司章程>的议案》《关于修改<公司董事、监事津贴管理办 法>的议案》，现将有关情况公告如下： 二、修改《公司章程》的情况 证券代码：603099 证券名称：长白山 公告编号：2025-038 长白山旅游股份有限公司 关于增加经营范围暨修改《公司章程》及修改《公司 董事、监事津贴管理办法》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。 根据经营需要，公司决定增加经营范围，现对《公司章程》进行 修改，具体修订情况如下： 此次修改《公司章程》事项尚需提交股东大会审议，最终经营范 围以工商登记信息部门核定为准。具体内容详见同日在上海证券交易 所网站 www.sse.com.cn 披露的《长白山旅游股份有限公司章程》。 三、关于修改《公司董事、监事津贴管理办法》情况 结合公司经营需要，综合考虑独立董事的工作任务、责任等，现 对《公司董事、监事津贴管理办法》的 ...

股东会召开日期：2025年7月9日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一)股东会类型和届次 2025年第二次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 证券代码：603099 证券简称：长白山 公告编号：2025-039 长白山旅游股份有限公司 关于召开2025年第二次临时股东会的通知 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法律责任。 重要内容提示： 一、 召开会议的基本情况 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 7 月 9 日 14 点 00 分 召开地点：长白山旅游股份有限公司三楼会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 7 月 9 日 至2025 年 7 月 9 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:3 ...

证券代码：603099 证券简称：长白山 公告编号：2025-036 长白山旅游股份有限公司 第五届监事会第二次会议决议公告 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 与会监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、关于公司与控股股东的参股公司签订人力资源服务劳务外包 协议暨关联交易的议案 表决结果：5 票同意，0 票反对，0 票弃权。 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。 本议案需要提交股东会审议。 长白山旅游股份有限公司（以下简称 "公司"）于 2025 年 6 月 23 日以通讯表决方式召开第五届监事会第二次会议。会议通知及会 议材料于 2025 年 6 月 18 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 ...

二、董事会会议审议情况 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： 证券代码：603099 证券名称：长白山 公告编号：2025-035 长白山旅游股份有限公司 第五届董事会第二次会议决议公告 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 二次会议于2025年6月23日以通讯表决的方式召开。会议通知及会议 材料于2025年6月18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。 1、关于公司与控股股东的参股公司签订人力资源服务劳务外包 协议暨关联交易的议案 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一次会议审 议通过。本议案尚需提交公司股东会审议。具体 ...

Core Viewpoint - The article highlights the emerging trend of "fast travel, slow tourism" in Changbai Mountain, emphasizing the integration of natural beauty and cultural experiences to enhance visitor engagement and satisfaction [1][3]. Group 1: Natural Attractions - The recent "ice opening" phenomenon at Tianchi Lake has attracted many tourists, showcasing a unique natural spectacle where ice layers break and melt due to wind and temperature changes [1][3]. - This year's "ice opening" is noted for its dual characteristics of "gentle melting" and "forceful breaking," marking a significant observation in the region's natural events [1]. Group 2: Cultural and Recreational Developments - The Endu Li leisure and vacation community has recently opened, featuring various cultural and creative shops that reflect the artistic talents of local students and artists [3][4]. - The community includes diverse dining options, with 20% of the restaurants being the first of their kind in Jilin Province, enhancing the culinary landscape for visitors [3]. Group 3: Transportation and Accessibility - The upcoming opening of the Shenbai High-speed Railway will reduce travel time from Beijing to Changbai Mountain to approximately 4 hours, facilitating easier access for tourists [3]. Group 4: Tourism Experience Enhancements - The Yun Ding Market, which opened in 2023, has become a popular destination for tourists, featuring over 60 food stalls and cultural displays, contributing to the overall tourism experience [4][6]. - Free shuttle bus services have been reintroduced to connect major attractions, improving visitor convenience and experience during the peak summer season [6]. Group 5: Local Community Engagement - The article notes an increasing number of outsiders, including entrepreneurs, settling in the Changbai Mountain area, contributing to the local tourism industry and cultural scene [6]. - Local residents are actively engaging in tourism-related activities, with examples of individuals starting businesses to promote the region's appeal [6].

Investment Rating - The report maintains an "Accumulate" rating for the retail sector [5] Core Insights - In May 2025, the total retail sales of consumer goods reached 41,326 billion yuan, with a year-on-year growth of 6.4%, slightly exceeding expectations [1][9] - The retail sales excluding automobiles amounted to 37,316 billion yuan, with a year-on-year increase of 7.0% [1][9] - The overall retail sales from January to May 2025 totaled 203,171 billion yuan, reflecting a year-on-year growth of 5.0% [1][9] Summary by Sections Retail Sales Performance - In May 2025, the retail sales of essential goods showed positive growth across all categories, with food and oil products experiencing significant changes [2][14] - Essential goods such as grain and oil, food, beverages, and daily necessities saw year-on-year increases of 14.6%, 0.1%, 11.2%, and 8.0% respectively [2][14] - The retail sales of discretionary items, except for petroleum products, also showed growth, with home appliances and communication equipment experiencing accelerated growth [2][14] Regional and Channel Analysis - Urban retail sales in May reached 36,057 billion yuan, growing by 6.5% year-on-year, while rural retail sales were 5,269 billion yuan, growing by 5.4% [3][28] - Online retail sales of physical goods from January to May 2025 reached 49,878 billion yuan, accounting for 24.5% of total retail sales, with food, clothing, and daily necessities showing year-on-year growth of 14.5%, 1.2%, and 6.1% respectively [3][30] Investment Recommendations - The report highlights a stable recovery in the retail sector since 2025, with certain sub-sectors showing marginal improvements and policy support expected to drive future growth [4][34] - Key investment targets include companies in new consumption, retail transformation, cross-border e-commerce, and tourism sectors [4][34]

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3389 | 0.35 | 0.63 | -0.32 | | 深证综指 | 2013 | 0.59 | 1.33 | -0.66 | | 风格指数 | 昨日表现 | 1 个月表现 | 6 个月表现 | | --- | --- | --- | --- | | | （％） | （％） | （％） | | 大盘指数 | 0.25 | -0.68 | -0.68 | | 中盘指数 | 0.44 | 1 | -4.62 | | 小盘指数 | 0.59 | 1.21 | -0.94 | | 行业涨幅 | 昨日涨 | 1 个月涨 | 6 个月涨 | | --- | --- | --- | --- | | 影视院线 | 6.68 | 12.18 | -2.9 | | 风电设备Ⅱ | 4.3 | 5.37 | -1.16 | | 非金属材料 | 4.21 | 2.29 | 6.14 | | Ⅱ 游戏Ⅱ | 3.19 | 15.14 | 1 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [11]. Core Insights - In May 2025, the total retail sales in China reached 4.1 trillion yuan, showing a year-on-year growth of 6.4%, exceeding market expectations of 4.9% [5][6]. - The online retail sales growth for the first five months of 2025 was 8.5%, which is 3.5% higher than the overall retail sales growth [5]. - The "old-for-new" policy has significantly boosted consumption in various categories, with the sales of consumer electronics and gold jewelry showing remarkable growth [5]. Summary by Sections Retail Sales Performance - May 2025 retail sales grew by 6.4% year-on-year, with a month-on-month increase of 1.3 percentage points [5]. - Excluding automobiles, retail sales of consumer goods increased by 7.0% year-on-year [5]. - The "May Day" holiday and the preemptive "618" shopping festival contributed to the growth in both online and offline retail [5]. Online and Offline Retail Trends - Online retail sales in May reached 1,061.3 billion yuan, growing by 8.19% year-on-year [5]. - The online penetration rate increased to 25.7% in May, up from 25.3% in the same month last year [5]. - Offline retail continues to focus on supply chain optimization and enhancing consumer experience [5]. Consumption Categories - In May, the retail sales of goods grew by 6.5%, driven by government subsidies and the "old-for-new" policy [5]. - The restaurant sector also saw improvements, with a year-on-year growth of 5.9% in May [5]. - Various categories experienced significant growth, such as communication equipment (+33.0%) and gold jewelry (+21.8%) [5]. Investment Recommendations - The report suggests a positive outlook for e-commerce and instant retail sectors, highlighting companies like Alibaba, JD.com, and Meituan [5]. - It also recommends investing in quality gold jewelry brands and the travel industry, anticipating growth in consumer demand during the summer [5]. - The report emphasizes the importance of enhancing product offerings and store experiences in the department store and supermarket sectors [5].

Key Points - The report emphasizes an overweight rating for the consumer services sector, highlighting a new phase of travel transformation driven by high demand for themed tourism [1][5] - The consumer services index has shown stability with a slight decline of 3.43% as of June 13, 2025, underperforming the CSI 300 index [7][16] - The report suggests that the consumer services industry is experiencing a trend of increasing volume but decreasing prices, leading to greater pressure on corporate profitability and necessitating transformation [7][68] Sector Investment Strategy Consumer Services Sector Overview - The consumer services index has been relatively stable since the beginning of 2025, with a recent underperformance compared to the CSI 300 index [16][17] - The tourism and hospitality sectors have weakened due to declining per capita travel spending [7][16] Tourism and OTA - Domestic travel demand has rebounded significantly, with 1.794 billion domestic trips in Q1 2025, a year-on-year increase of 26.43% [25] - The average travel expenditure per person in Q1 2025 was 1,003.34 yuan, indicating a decline from previous trends due to the rapid increase in travel frequency [25][26] - The report anticipates that the demand for self-driving and short-distance travel will continue to rise, with a focus on experiential tourism rather than traditional sightseeing [25][69] Duty-Free Sector - The duty-free market in Hainan has seen a decline in sales, but the rate of decline is narrowing, with sales of 13.33 billion yuan in the first four months of 2025, down 10.75% year-on-year [32][33] - The report notes that the average spending per customer in Hainan's duty-free shopping has rebounded, reaching 8,319 yuan, a 25.11% increase compared to the previous year [33] - The international travel market is recovering, benefiting airport duty-free shops, with significant growth in international passenger traffic at major airports [37][38] Hotel Sector - The hotel industry is facing increased competition due to rapid supply growth, with the number of hotel facilities reaching 570,100 by the end of 2024, a 6.87% decrease year-on-year [42][44] - The report highlights that leading hotel groups are maintaining strong performance despite price competition primarily affecting budget hotels [42][51] - The expansion of chain hotels in lower-tier markets is expected to continue, with major hotel groups increasing their market presence [54][55] Human Resources Services - The report indicates a slight increase in employment pressure, particularly among recent graduates, with policies aimed at promoting employment expected to be introduced [57][61] - The human resources service market is projected to grow, with a market size of 2.76 trillion yuan in 2023, expected to reach 5.03 trillion yuan by 2028 [65][66] - The integration of AI in human resources services is anticipated to enhance efficiency in recruitment and management processes [66][67] Investment Recommendations - The report recommends focusing on sectors with strong demand, such as scenic spots and OTA, as well as the hotel sector, which is expected to expand despite competitive pressures [68][69] - Specific stocks to watch include Long White Mountain (603099), Emei Mountain A (000888), and China Duty Free (601888) [69]