Investment Rating - The industry investment rating is maintained as "Increase" [5] Core Viewpoints - The domestic tourism market shows a steady recovery with significant growth in various segments, including local travel, cultural heritage experiences, and family-oriented trips [3][4] - The overall consumer market is experiencing stable growth, with notable increases in sales across various retail sectors during the Dragon Boat Festival [4] - The tourism sector remains vibrant, with a marked increase in inbound tourism orders and significant growth in ticket sales for attractions [3][4] Summary by Sections Travel Data - During the Dragon Boat Festival, 119 million domestic trips were made, a year-on-year increase of 5.7%, and a 26.7% increase compared to 2019 [1] - Total domestic tourism expenditure reached 42.73 billion yuan, up 5.9% year-on-year, and 8.6% compared to 2019 [1] Hotel and Accommodation - High-star hotels in county areas saw a 73% increase in one-stop package bookings, with family-oriented bookings making up 33% [2] - The demand for high-end hotels and boutique accommodations has risen significantly during the holiday [3] Local and Cultural Tourism - Local and surrounding travel accounted for 64% of trips during the holiday, with a notable increase in demand for high-end hotels and vacation rentals [3] - Cultural heritage experiences related to the Dragon Boat Festival saw a 2.5 times increase in search volume for related keywords [3] Consumer Market Performance - Key retail sectors in Beijing achieved sales of 4.18 billion yuan during the holiday, a 1.6% increase year-on-year [4] - The restaurant sector in Beijing experienced nearly a 10% growth in consumption during the holiday [4] Inbound Tourism - A total of 5.907 million people crossed borders during the holiday, marking a 2.7% increase year-on-year [3] - Inbound tourism orders saw a nearly 90% increase compared to the previous year [3]

Group 1 - The core viewpoint highlights the significant role of the ginseng industry in Yanbian Prefecture, Jilin Province, which accounts for over 40% of China's total ginseng production, supported by favorable natural conditions and rich land resources [1] - The local financial institutions have effectively connected with the ginseng industry's financial needs, resulting in a loan balance of 1.511 billion yuan by March 2025, benefiting 1,256 operating entities, with a year-on-year increase in loans issued of 228.22% [1][2] - A collaborative effort among various departments has led to the establishment of a financial support action plan for the ginseng industry, aiming to enhance the financing capabilities and accessibility of financial services for all stakeholders in the industry [2] Group 2 - Financial institutions have innovated credit products specifically for the ginseng sector, addressing funding shortages and facilitating the growth and transformation of the industry [3] - New credit products such as "Ginseng Loan" and "Specialty Treasure" have been introduced, with 32.2514 million yuan in loans issued this year, benefiting 299 operating entities [3] - The Industrial and Commercial Bank of China Yanbian Branch has developed a comprehensive product matrix tailored to the ginseng industry's unique growth cycle and operational phases, enhancing service delivery through technology [3][4] Group 3 - The People's Bank of China Yanbian Branch has guided local financial institutions to establish communication mechanisms with ginseng associations to better understand the financing needs of ginseng growers [4] - Financial institutions are providing no-repayment renewal loans to address the long growth cycle and slow capital turnover in the ginseng industry, ensuring priority approval for credit applications related to ginseng operations [4] - A specific case is highlighted where a ginseng processing company received a loan extension to alleviate cash flow issues, demonstrating the proactive financial support for the industry [4]

Group 1 - Ctrip's report indicates that during the Dragon Boat Festival in 2025, domestic surrounding and local travel will account for 64% of total travel [1] - Family-oriented travel is becoming the main force for the Dragon Boat Festival, with nearly 90% of the top 50 scenic spots being family-friendly, and family orders making up 25% of overall travel orders [1] - There is a significant increase in inbound travel, with orders rising by nearly 90% and ticket GMV for inbound travel soaring 1.5 times year-on-year [1] Group 2 - Wanlian Securities highlights that various sectors in the service industry are experiencing growth opportunities this year, driven by the implementation and optimization of vacation policies [1] - The expansion of inbound consumption is expected to bring new growth points to the duty-free industry, while the improvement of county-level commercial systems benefits the hotel and chain restaurant sectors [1] - The education sector is anticipated to become a representative application area for artificial intelligence, with a focus on tourism, duty-free, hotels, restaurants, and education leaders [1] Group 3 - Dongguan Securities notes that the tourism and travel sector is seeing a steady increase in per capita consumption during holidays, which may help reverse the "busy but not profitable" situation [2] - The combination of domestic demand expansion policies and the continuous rise in outbound travel is expected to support the bottom recovery of the tourism and travel sector in the long term [2] - Recommended stocks include Songcheng Performance, Changbai Mountain, Xiangyuan Cultural Tourism, Zhongxin Tourism, Shoulu Hotel, Junting Hotel, and Tongqinglou, focusing on scenic area companies, hotel groups in lower-tier markets, and tourism service companies benefiting from domestic and inbound travel recovery [2]

赵玉东：男，1982 年 1 月出生，中国国籍，中共党员，无境外 永久居留权，本科学历。曾任长白山旅游股份有限公司景区运营部二 部副经理、一部副经理、一部经理、二部经理；现任长白山旅游股份 有限公司景区运营部副总经理、职工监事。 曹建宇，男，1989 年 4 月出生，中国国籍，中共党员，无境外 永久居留权，大学本科学历。曾任长白山旅游股份有限公司后勤保障 部副经理、纪检监察干事、党群工作部主管；现任长白山旅游股份有 限公司综合办公室副主任。 姜山先生与公司 2024 年年度股东会选举产生的 8 名董事共同组 成公司第五届董事会，任期与第五届董事会一致；赵玉东先生、曹建 宇先生与公司 2024 年年度股东会选举产生的 3 名监事共同组成公司 第五届监事会，任期与第五届监事会一致。 特此公告。 证券代码：603099 证券名称：长白山 公告编号：2025-033 长白山旅游股份有限公司 关于选举职工董事、职工监事的公告 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。 近日，收到《长白山旅游股份有限公司第三次会员代表大会暨第 ...

Core Points - The AG600 amphibious aircraft, developed independently by China, successfully completed its maiden flight in Jilin, marking a significant advancement in emergency response capabilities at Changbai Mountain Airport [1][2] - The deployment of the AG600 aircraft is crucial for forest fire prevention in Jilin Province, especially during the high fire risk period in spring [2] - Changbai Mountain Airport, as China's first forest tourism airport, has taken on the responsibility of supporting the operations of the domestically produced AG600 aircraft, enhancing its emergency response capabilities [2] Summary by Sections - **Aircraft Development and Capabilities** - The AG600 "Kunlong" is China's first large amphibious aircraft, which has now been deployed for emergency rescue operations [1][2] - This aircraft's entry into service represents a practical application of domestic aviation equipment in local emergency rescue efforts [2] - **Emergency Response and Coordination** - Jilin Province's forest fire prevention command has organized the deployment of the AG600 to ensure rapid response to potential fire outbreaks [2] - A specialized support team has been established at Changbai Mountain Airport, which has implemented an "information sharing - rapid response" mechanism with the Jilin Provincial Emergency Management Department [2] - **Future Implications and Collaborations** - The ongoing operations of the AG600 at Changbai Mountain Airport are expected to enhance the airport's support capabilities and deepen the integration of aviation and emergency services [2] - This initiative lays a solid foundation for future autumn fire prevention services and long-term cooperation in ecological safety and public asset protection [2]

Core Points - The announcement details the pledge of shares by the controlling shareholder, Jilin Province Changbai Mountain Development and Construction Group Co., Ltd., which holds 78,866,530 shares, accounting for 49.75% of its holdings and 29.57% of the company's total share capital [1] Group 1: Share Pledge Details - The controlling shareholder has pledged 2,600,000 shares, which represents 1.64% of its holdings and 0.97% of the company's total share capital [1] - The pledge is intended for supplementary liquidity and does not involve any major asset restructuring or performance compensation [1] Group 2: Cumulative Pledge Situation - As of the announcement date, the cumulative pledged shares by the controlling shareholder and its concerted parties are detailed, indicating the number of pledged shares and their respective proportions [1] - The pledge will not affect the company's main business, financing costs, or governance structure, ensuring stability in control and management [1][3]

长白山旅游股份有限公司 关于控股股东股份质押的公告 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: 证券代码：603099 证券名称：长白山 公告编号：2025-032 ●吉林省长白山开发建设（集团）有限责任公司（以下简称 "建 设集团"）持有长白山旅游股份有限公司（以下简称"公司"） 158,533,060 股，占公司总股本 59.45%，本次质押后累计质押数量 为 78,866,530 股，占其持股比例 49.75%,占公司总股本 29.57%。 近日，公司接到控股股东建设集团质押股份的通知，现将有关情 况公告如下： 一、本次控股股东股份质押基本情况 | | 是 | | 是否 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 为 限 | | | | | | | | | | 否 | | | | | | | | | | | | 为 | | 售股 | 是否 | 质押 | | ...

当晚一共上架三款产品，分别为上海乐高乐园"家庭房及一日票套餐"、"一日亲子票"以及"一日单人票"，适用7月5日乐园正式开园及之后的日期，在价格与 官方保持一致的同时，李佳琦直播间还额外附加专属赠品，每位下单用户都可在乐园零售商店内兑换一支乐高积木笔。 据李佳琦直播间工作人员透露，直播间用户对上海乐高乐园的开售期待已久。早在今年4月，李佳琦就在直播间回应评论，剧透618大促期间将上架乐园门 票。 此次上海乐高乐园门票首发，是李佳琦直播间在IP经济领域的又一里程碑。回顾其过往表现，李佳琦直播间已成为IP衍生品消费的风向标。 在潮玩经济与IP消费深度融合的时代浪潮下，李佳琦直播间再度展现其对消费趋势的精准把控力。 2025年年货节期间，李佳琦直播间响应新一代消费者的多元需求，上架乐高法拉利、乐高终极摩托车杜卡迪等潮玩产品，成功将以动漫、游戏等IP为核心的 周边商品推向大众视野，有效发挥了"直播电商+IP经济"的叠加破圈效应。 5月28日晚8点，上海乐高乐园度假区一日票及酒店销售正式开启，李佳琦直播间作为官方合作的唯一首发达人直播间，不到半小时售出门票近3000张，瞬间 点燃了消费者的热情。 与此同时，李佳琦直播间在 ...

Group 1: Market Dynamics - 21 new private placement projects were added in the last two weeks, a 10.53% increase from the previous period[5] - 10 projects were terminated, marking a 42.86% increase in terminations[5] - The number of projects awaiting approval stands at 598, with 60 projects having passed the review and registration process[5] Group 2: Fundraising and Pricing - The total fundraising amount for the 9 projects listed in the last two weeks reached 5.362 billion yuan, a 286.83% increase[26] - The average base discount rate for competitive projects was 14.88%, up 2.94 percentage points from the previous period[26] - The average subscription success rate for competitive projects dropped to 40.00%, a decrease of 60.00 percentage points[26] Group 3: Unlocking Gains - Among the 5 competitive projects that were unlocked, 4 yielded positive returns, resulting in an 80.00% success rate[42] - The average absolute return on the unlocking day for these projects was 25.30%, with an excess return of 26.87%[42] - The average market price discount rate for unlocked projects was 15.91%, down 1.12 percentage points[42] Group 4: Project Analysis - Long White Mountain aims to raise up to 236 million yuan for tourism-related projects, with a total market value of 8.475 billion yuan[19] - China Energy Construction plans to raise up to 9 billion yuan for multiple renewable energy projects, with a total market value of 80.176 billion yuan[20]

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 10.42 CNY and a reasonable value of 11.04 CNY, maintaining the same rating as the previous report [3]. Core Views - The company has shown significant growth in Q1 2025, with a revenue increase of 55.22% year-on-year and a net profit increase of 158.67% year-on-year, attributed to acquisitions and government subsidies [7][8]. - The company is expanding its tourism assets across various regions, enhancing its competitive edge through synergies among its diverse business segments [8][9]. - The report forecasts substantial revenue growth for the company, projecting revenues of 13.85 billion CNY, 15.89 billion CNY, and 17.62 billion CNY for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 60.3%, 14.7%, and 10.9% [11][12]. Financial Forecasts - The company is expected to achieve the following financial metrics: - Revenue (in million CNY): 722 (2023), 864 (2024), 1385 (2025), 1589 (2026), 1762 (2027) [2][12]. - Net Profit (in million CNY): 151 (2023), 147 (2024), 364 (2025), 403 (2026), 426 (2027) [2][12]. - EBITDA (in million CNY): 278 (2023), 348 (2024), 626 (2025), 695 (2026), 762 (2027) [2][12]. - EPS (CNY/share): 0.14 (2023), 0.14 (2024), 0.35 (2025), 0.38 (2026), 0.40 (2027) [2][12]. Business Segments - The tourism business is expected to grow significantly, with projected revenues of 9.53 billion CNY, 10.48 billion CNY, and 11.22 billion CNY for 2025, 2026, and 2027, respectively, driven by industry recovery and acquisitions [8][9]. - The tourism service segment is anticipated to generate revenues of 1.83 billion CNY, 2.74 billion CNY, and 3.56 billion CNY for the same years, with substantial growth rates [9][11]. - The cultural business, primarily focused on animation and related services, is projected to see a decline in revenue, with estimates of 0.55 billion CNY, 0.49 billion CNY, and 0.47 billion CNY for 2025, 2026, and 2027, respectively [10][11]. Valuation - The report suggests a valuation based on a 32x PE ratio for 2025, leading to a reasonable value of 11.04 CNY per share, supporting the "Buy" rating [11][12].