西域旅游 20250617 摘要 西域旅游 2025 年预计增速约 10%，但客单价略有下滑，餐饮和酒店消 费占比偏低，二次消费项目增长乏力，公司正加强与旅行社合作，推广 索道、太空舱营地等项目以提升二次消费收入。 控股股东 2024 年获得表决权后，计划增持不超过 1.35%的股份，旨在 加强对上市公司的实际控制，避免触发要约收购。二股东昌吉州国投目 前无增持或减持计划。 文旅集团管理团队变动为内部调整，不影响战略方向，将继续加快对西 域旅游的战略布局和实际控制力度。公司积极准备暑期旺季，加强天山 天池景区宣传，确保运营安全和服务质量。 公司积极探索低空经济，已向自治区发改委汇报，争取政策扶持和飞行 运营许可，但因国家层面规章制度尚未完善，商业化运营时间表未定， 推进难度较大。 2025 年冰雪旅游规划尚未明确，但计划延续 2024 年与世界冰帆赛的 合作，扩大冬季天山天池景区的宣传和项目推广，增加冬季收入和影响 力。 Q&A 最近新疆旅游市场的游客人数情况如何？ 目前新疆旅游旺季已经到来，尤其是从端午节开始，紧接着是古尔邦节等地方 民族节日。总体而言，今年（2025 年）游客人数的增长与年初的预期一致， ...

Group 1 - The exhibition "Ice and Snow Dream, China Tour" is being held at the Chinese Cultural Center in Berlin, showcasing over 30 carefully selected images that highlight China's stunning ice and snow landscapes, diverse ice and snow culture, and the economic vitality and tourism appeal contained within the winter scenery [2][3] - The successful hosting of the 2022 Beijing Winter Olympics has accelerated the development of China's ice and snow tourism industry, leading to a surge in interest in winter tourism [3] - The Chinese government has introduced a 30-day visa-free policy and payment facilitation measures for German tourists to promote cultural and tourism exchanges between China and Germany, enhancing travel convenience [3] Group 2 - Local residents and visitors expressed their fascination with the exhibition, with one attendee planning a trip to China after learning about the visa-free policy [3] - The exhibition has sparked interest in China's rich cultural heritage and beautiful landscapes, with attendees sharing their positive impressions of Chinese cities and the preservation of ethnic minority cultures [4][5]

Investment Rating - The investment rating for the company is "Accumulate" [2][5] Core Views - The company reported a revenue of RMB 743 million in 2024, representing a year-on-year growth of 19.81%, and a net profit attributable to shareholders of RMB 144 million, up 4.48% year-on-year. The performance in 2024 indicates stable growth, while the first quarter of 2025 shows steady growth in visitor numbers, although short-term performance is under pressure due to cost factors. The long-term outlook remains positive due to expected improvements in external transportation and the launch of new projects [5][10] - The company is actively expanding its transportation capacity within the scenic area, and the anticipated improvements in external transportation, combined with the company's proactive project expansion, are expected to attract more visitors and gradually contribute to performance growth [7][10] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of RMB 743 million, with a growth rate of 19.8%. The EBITDA was RMB 282 million, and the net profit attributable to shareholders was RMB 144 million, reflecting a growth rate of 4.5% [9][10] - For Q1 2025, the company reported revenue of RMB 129 million, a year-on-year increase of 0.73%, but the net profit decreased by 58.93% to RMB 4 million due to increased costs [10] Future Projections - The projected EPS for 2025, 2026, and 2027 are RMB 0.70, RMB 0.85, and RMB 0.95 respectively, with corresponding P/E ratios of 46.6, 38.5, and 34.2 [7][9] - The company expects to benefit from the operational launch of the Shen-Jia high-speed rail segment, which will significantly reduce travel times to the scenic area, thereby increasing visitor numbers [10] Shareholder Information - The total market capitalization of the company is approximately RMB 8.696 billion, with a circulating share count of 266.67 million shares [2][3]

Summary of Changbai Mountain Conference Call Company Overview - The conference call discusses the performance and outlook of Changbai Mountain, a tourist destination in China, focusing on its financial results and operational strategies for 2025. Key Points Financial Performance - In Q1 2025, Changbai Mountain reported a profit decrease of approximately 6 million yuan, attributed to rising wages, increased operational costs (such as expanded snow production and higher electricity costs due to new electric vehicles), and increased expenses related to travel agency revenue growth [2][4] - Revenue for Q1 2025 was 129 million yuan, a year-on-year increase of 0.73%, while costs and expenses rose by 9% [3][4] - Despite a 2.6% increase in visitor numbers, revenue growth was below 1%, primarily due to increased closure days of the Tianchi scenic spot and the timing of the Spring Festival [5] Visitor Trends and Projections - The company plans to host approximately 4 million visitors in 2025, representing a year-on-year growth of 17%-20%, with significant increases expected during the summer and winter seasons [8] - The opening of the Shenyang-Baicheng high-speed railway is anticipated to significantly boost visitor numbers in Q4 2025, changing the visitor demographic and promoting short-distance travel [8][10] Weather Impact - Adverse weather conditions in April 2025, including heavy snowfall, led to frequent closures of the Tianchi scenic spot, resulting in a 20% year-on-year decline in visitor numbers for that month [7][6] - The company expects the May Day holiday to be fully booked, but overall visitor numbers will depend on weather conditions [7] Infrastructure Developments - Significant infrastructure improvements are underway, including the expansion of the 331 National Road and the opening of new highways, which will enhance accessibility to the Changbai Mountain area [11][12] - The company is also investing in new facilities, such as the second phase of the hot spring project, expected to open before the summer or winter season of 2026 [18] Marketing and International Tourism - The inbound tourism market is primarily driven by South Korean visitors, with plans to promote Changbai Mountain in South Korea, Japan, and Southeast Asia [13][14] - The company aims to develop hiking routes and outdoor activities to cater to the preferences of South Korean tourists [15] Domestic Tourism Shifts - There has been a notable shift in domestic tourist demographics, with a decrease in visitors from Northeast China and an increase from North, East, and South China, particularly from Guangdong province [17] Future Investments and Projects - The company is focusing on core business areas such as transportation and hotel services, with ongoing projects under review by the stock exchange [18] - The transportation segment is expected to see a rebound in average spending per customer, while hotel occupancy rates and average room prices are projected to improve during the summer season [19][20] Ice and Snow Projects - Current revenue from ice and snow projects is limited, with plans to enhance offerings and potentially develop a comprehensive ice and snow tourism experience similar to "Snow Town" [21] - The company is exploring opportunities to manage additional scenic spots and hotels to increase visitor flow and standardize service quality [22] Goals and Performance Metrics - The target for visitor numbers in 2025 is set at 4 million, with internal goals exceeding those set by the State-owned Assets Supervision and Administration Commission [23] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the financial performance, visitor trends, infrastructure developments, and future growth plans for Changbai Mountain.