为进一步加强与投资者的互动交流，长白山旅游股份有限公司 （以下简称"公司"）将参加由吉林省证券业协会、深圳市全景网络 有限公司共同举办的"2025 年吉林辖区上市公司投资者网上集体接 待日活动"，现将有关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（http://rs.p5w.net）；或关注微信公众号（名称：全景财经）； 或下载全景路演 APP,参与本次互动交流。活动时间为 2025 年 5 月 27 日（周二）15:00-16:30。届时公司董事会秘书段国岩将在线就公 司 2024 年度业绩、公司治理、发展战略、经营状况等投资者关心的 问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与。 特此公告。 长白山旅游股份有限公司董事会 证券代码：603099 证券名称：长白山 公告编号：2025-028 长白山旅游股份有限公司 关于参加 2025 年吉林辖区上市公司投资者 网上集体接待日活动的公告 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。 2025 年 5 月 20 日 ...

Core Viewpoint - The company has successfully transformed from traditional forestry to a green health industry, focusing on natural mineral water as its core business while expanding into landscaping, wood doors, specialty foods, and forestry carbon sinks [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 307 million yuan, a year-on-year increase of 31.74% [2] - The net profit for Q1 2025 was 5.11 million yuan, marking a turnaround from a loss to profit [2] - The non-recurring net profit was 1.38 million yuan, also indicating a shift from loss to profit year-on-year [2] Group 2: Business Strategy and Market Position - The increase in operating revenue is primarily attributed to the rise in sales volume of natural mineral water [2] - The company’s main products in the natural mineral water segment are low mineralization water rich in silicic acid, with a weak alkaline pH, and the company has developed maternal and infant water products [2] - The company is positioned to benefit from the overall growth in the big consumption and big health industries, despite potential short-term economic impacts [3] Group 3: Market Management and Future Outlook - The company plans to actively promote its market value management in accordance with regulatory guidelines issued by the China Securities Regulatory Commission and the State-owned Assets Supervision and Administration Commission [3] - The company aims to enhance its competitive strength through continuous reform and mechanism-driven initiatives [3]

Investment Rating - The report suggests a positive outlook for the consumer sector, particularly in light of recent developments in US-China trade negotiations, which have exceeded market expectations [3][4]. Core Insights - The easing of tariffs between the US and China is expected to provide a significant boost to the light industry export chain, presenting dual opportunities for valuation recovery and performance realization in 2025 [3][4]. - The early start of the 618 shopping festival by major e-commerce platforms indicates a strong push for domestic brands, with significant sales growth observed in local beauty brands [3][4]. Market Weekly Review - The consumer sector showed mixed performance in the week of May 12-16, with notable gains in beauty care (+3.08%), retail (+1.72%), and textiles (+1.01%), while household appliances remained flat and social services declined by -0.54% [4][14]. - Key stocks that led the gains included Jiaoda Onlly (+35.59%) in food and beverage, and Yingfeng Co. (+39.84%) in textiles, while stocks like Wufangzhai (-7.58%) and Heertai (-7.38%) faced declines [4][14]. Industry News and Key Company Announcements - The report highlights the expansion of visa-free travel for citizens from Brazil, Argentina, Chile, Peru, and Uruguay, effective June 1, 2025, which is expected to enhance international tourism and business exchanges [16][17]. - Companies like Li Ziyuan are focusing on stabilizing their supply chains in dairy products, while Midea Group has signed strategic agreements to enhance its market presence in smart indoor climate solutions [17][18].

证券研究报告 | 行业专题 | 社会服务 2024 年价格端有所提升，分业态有所分化。2024 年 CPI 整体有所恢复，利好零 售同店端，但客流受线上化影响仍有分化。2024 年累计分零售业态增长：专业店 （yoy+4.2%）、专卖店（yoy-0.4%）、超市（yoy+2.7%）、百货（yoy-2.4%）、便利 店（+4.7%）。其中超市受益调改+供应链变革提升前端客流吸引力，百货受到空 置率等因素影响仍有下滑。 社会服务 报告日期：2025 年 05 月 17 日 分化加剧，寻求需求侧景气度或供给侧的成本费用改善 ——社服行业 2024 年年报&2025Q1 业绩综述 投资要点 2024 年旅游高增长，25Q1 景气延续。根据文旅部数据，2024 年全年旅游收入增 长 17%，旅游人次增长 15%，客单价超越 19 年。2025 年春节国内旅游收入增长 7%，旅游人次增长 6%。低线城市、县域和农村居民的需求升级推动了旅游市场 下沉增量。银发游崛起，2024 年，45 岁以上的中老年旅游者合计出游 11.94 亿人 次，占据国内旅游客源市场的 36.81%。 OTA 充分享受大盘增长，格局稳固。下游供给加 ...

Group 1 - The completion of the last 500-meter steel rail marks the successful track-laying of the Shenyang-Baihe High-Speed Railway, which spans 430.1 kilometers and aims to boost the revitalization of Northeast China [1][2] - The railway will significantly enhance travel convenience, reducing travel time from Beijing to Changbai Mountain to under 4 hours and from Shenyang to Changbai Mountain to 1.5 hours, thereby attracting more tourists and stimulating the tourism industry along the route [1] - The Shenyang-Baihe High-Speed Railway will promote urban-rural integration, incorporating smaller cities like Fushun and Tonghua into Shenyang's "one-hour economic circle," facilitating the flow of talent and technology to surrounding areas [1] Group 2 - The Shenyang-Baihe High-Speed Railway is positioned as a new golden corridor for the revitalization of Northeast China, connecting with the "eight vertical and eight horizontal" high-speed rail network to enhance regional collaboration and resource circulation [2] - The railway is expected to activate the development momentum of Northeast China, paving the way for high-quality development and serving as a "fast track" for comprehensive revitalization [2]

Core Viewpoint - Changbai Mountain Tourism Co., Ltd. is in the process of issuing A-shares to specific investors, having received approval from the Shanghai Stock Exchange, pending final registration from the China Securities Regulatory Commission [1] Group 1: Issuance Details - The company plans to issue A-shares to no more than 35 specific investors, including various institutional and individual investors, with cash subscriptions only [4] - The total amount to be raised from the issuance is capped at 235.8495 million yuan, with net proceeds intended for investment in the Changbai Mountain Volcano Hot Spring Phase II and tourism transportation equipment enhancement projects [5][6] - The issuance will not exceed 30% of the company's total share capital prior to the issuance, amounting to a maximum of 80,001,000 shares [5] Group 2: Financial Adjustments - The initial fundraising target was 435.8495 million yuan, which has been adjusted down to 235.8495 million yuan, while the intended projects remain unchanged [3] - The total investment for the Changbai Mountain Volcano Hot Spring Phase II project is 536.4892 million yuan, with 200 million yuan expected to be funded from the issuance [6] Group 3: Shareholding Structure - As of the announcement date, the company has a total share capital of 266,670,000 shares, with the controlling shareholder, Construction Group, holding 59.45% [7] - Post-issuance, Construction Group's shareholding will remain above 45.73%, ensuring no change in control of the company [7] Group 4: Regulatory Updates - The company has extended the validity period for the shareholder resolution regarding the issuance by an additional 12 months, now set to expire on December 20, 2025 [2] - A change in the sponsoring representative from Northeast Securities has been made to ensure the orderly progress of the issuance project [7]

"长白山旅游股份有限公司向特定对象发行股票申请符合发行 条件、上市条件和信息披露要求。本所将在收到你公司申请文件后提 交中国证监会注册。" 公司本次向特定对象发行 A 股股票事项尚需获得中国证券监督 管理委员会作出同意注册的决定后方可实施。公司将根据该事项的进 展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 证券代码：603099 证券简称：长白山 公告编号：2025-027 长白山旅游股份有限公司 关于向特定对象发行 A 股股票申请 收到上海证券交易所审核意见通知的公告 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。 长白山旅游股份有限公司（以下简称"公司"）于 2025 年 5 月 14 日收到上海证券交易所出具的《关于长白山旅游股份有限公司向 特定对象发行股票的交易所审核意见》，具体意见如下： 长白山旅游股份有限公司 董 事 会 2025 年 5 月 15 日 ...

Investment Rating - The report maintains an "Overweight" rating for the consumer services industry, indicating a positive outlook despite current challenges [1]. Core Insights - The consumer services industry is experiencing a slowdown in overall revenue growth, with total revenue reaching 237.785 billion yuan in 2024, a year-on-year increase of 1.9%. In the first quarter of 2025, revenue was 59.904 billion yuan, showing a minimal growth of 0.07% [4][11]. - The net profit for the industry is under pressure, with a significant decline of 23.24% year-on-year to 9.642 billion yuan in 2024, and a 7.1% decrease to 3.534 billion yuan in the first quarter of 2025. This is attributed to increased price sensitivity among domestic tourists [4][11]. - The report highlights that most sub-sectors within the consumer services industry are experiencing revenue growth without corresponding profit increases, particularly in the scenic spots and human resources service sectors [4][14]. Summary by Sections 1. Overall Industry Performance - The consumer services industry is seeing a stabilization in service consumption revenue, with a notable slowdown in growth compared to the explosive rebound in 2023. The overall revenue for 2024 is projected at 237.785 billion yuan, with a slight increase in the first quarter of 2025 [11][14]. - The report notes that tourists are becoming more price-sensitive, leading to a decline in net profits for tourism-related companies [11][14]. 2. Key Sub-Industry Performance 2.1 Scenic Spots - The scenic spots sector achieved a revenue of 22.866 billion yuan in 2024, a growth of 3.34%, with a net profit of 1.808 billion yuan, up 26.27% [15][24]. - In the first quarter of 2025, revenue was 4.792 billion yuan, a growth of 3.65%, but net profit decreased by 13.06% to 0.356 billion yuan [17][30]. 2.2 Education - The education sector's revenue reached 34.106 billion yuan in 2024, growing by 5.61%, while net profit was 0.843 billion yuan, down 20.68% [36][40]. - In the first quarter of 2025, revenue increased to 7.935 billion yuan, a growth of 8.65%, with net profit at 0.346 billion yuan, down 7.93% [36][42]. 2.3 Hotels - The hotel sector reported total revenue of 24.964 billion yuan in 2024, a decrease of 2.09%, with net profit at 1.595 billion yuan, down 9.76% [46][48]. - In the first quarter of 2025, hotel revenue was 5.435 billion yuan, a decline of 8.09%, and net profit fell to 0.125 billion yuan, down 54.87% [46][55]. 3. Investment Strategy - The report suggests that while profits are under pressure due to macroeconomic factors, the gradual recovery of the domestic economy post-September 2024 may boost demand. It recommends focusing on sectors like education and human resources services that are likely to benefit from policy support [4][14]. - Specific companies to watch include Xueda Education (000526) and Keri International (300662) in the education and human resources sectors, respectively [4][14]. In the tourism sector, companies like Songcheng Performance (300144) and Changbai Mountain (603099) are highlighted for their potential recovery [4][14].

Core Viewpoint - Changbai Mountain Tourism Co., Ltd. is set to hold its 2024 annual shareholders' meeting on May 21, 2025, to discuss various proposals including the annual report and the board's work report, highlighting the company's stable operational performance and growth in revenue and net profit [1][4][10]. Meeting Agenda - The meeting will include the announcement of attendees, introduction of board members, voting procedures, and the discussion of various proposals [1][2][3]. Financial Performance - In 2024, the company received 3.4088 million visitors, an increase of 660,000 visitors or 24% year-on-year - The total revenue reached 743.32 million yuan, up by 12.29 million yuan or 19.81% compared to the previous year - The net profit attributable to shareholders was 144.25 million yuan, reflecting a year-on-year increase of 4.48% [4][11]. Board of Directors' Activities - The board held 14 meetings during the reporting period, approving 63 proposals, and ensuring compliance with governance standards [5][6]. - The board emphasized the importance of information disclosure, completing 4 periodic reports and 70 temporary announcements [5][6]. Future Development Strategy - The company aims to enhance its tourism offerings by integrating surrounding scenic spots and upgrading facilities, focusing on high-quality development and improving operational capabilities [7][8]. - Plans include launching new tourism projects, enhancing marketing strategies, and improving service quality to attract more visitors [8][9]. Profit Distribution - The company plans to distribute 21.73 million yuan in profits, accounting for 15.07% of the net profit attributable to shareholders for the year [10]. Supervisory Board Activities - The supervisory board held 13 meetings and reviewed 53 proposals, ensuring compliance with legal and regulatory requirements [11][12]. - The board emphasized the importance of internal controls and risk management, confirming that the company operates within legal frameworks [14][15]. Independent Directors' Reports - Independent directors reported active participation in board meetings and oversight of financial reporting, ensuring transparency and protection of minority shareholders' interests [18][19][25].

长白山旅游股份有限公司 2024 年年度股东会材料 长白山旅游股份有限公司 2024 年年度股东会 会议资料 中国·吉林 二〇二五年五月 1 | | | | 、长白山旅游股份有限公司 2024年年度股东会议程 | .. 3 | | --- | --- | | 二、股东会会议须知 | 5 | | 三、议案 . .. | | | 议案一:关于公司 2024年董事会工作报告的议案 … | 7 | | 议案二:关于公司 2024年度监事会工作报告的议案 | 14 | | 议案三:关于公司 2024年独立董事述职报告的议案 | | | 议案四:关于审议《长白山旅游股份有限公司 2024年年度报告》全文及摘要的 | | | 议案 | | | 议案五:关于公司 2024年度利润分配方案的议案 . | 43 | | 议案六:关于公司 2025年预计关联交易的议案 | | | 议案七:关于公司续聘会计师事务所的议案 | 72 | | 议案八:关于重新审议关联交易合同的议案 | .. 76 | | 议案九:关于修改《公司章程》及治理制度的议案 | 82 | | 议案十:关于公司董事、监事、高级管理人员 2024年绩效年薪的议案 ...