Core Viewpoint - Emei Mountain A is experiencing a recovery in visitor traffic, supported by shareholder rewards during the off-peak season, with expectations for improved capacity [1] Group 1: Visitor Traffic and Shareholder Rewards - The scenic area received 126,166 visitors during the three days of New Year's Day (January 1-3, 2026), with ticket sales of 83,391 and complimentary tickets of 42,775, representing a year-on-year increase of 20.88% compared to the same period in 2024 [1] - A shareholder reward program running from December 1, 2025, to January 31, 2026 (excluding statutory holidays) offers discounts on tickets, cable cars, hotels, and hot springs, which is expected to boost visitor traffic in December and January during non-holiday periods [1] Group 2: Capacity and Financial Performance - Improvements in transportation and capacity are anticipated, which is expected to elevate long-term visitor traffic [1] - The company continues to provide cash dividends to shareholders, reflecting strong cash flow quality and a commitment to shareholder returns, which also enhances capital efficiency and investor return certainty, providing some support for valuation [1] Group 3: Earnings Forecast and Valuation - Due to weak revenue in 2025, adjustments have been made to the EPS forecasts for 2025-2027 to 0.45, 0.54, and 0.61 yuan, respectively, down from previous estimates of 0.63 and 0.69 yuan for 2025-2026 [1] - Based on comparable companies, the target price for 2026 is set at 17.28 yuan, applying a 32 times PE ratio, while maintaining a "buy" rating [1]

Core Viewpoint - Emei Mountain A is experiencing a recovery in visitor traffic, supported by shareholder rewards during the off-peak season, with expectations for improved capacity [1] Group 1: Visitor Traffic and Shareholder Rewards - During the New Year holiday from January 1 to January 3, 2026, the scenic area received 126,166 visitors, a 20.88% increase compared to the same period in 2024 [1] - Shareholder reward activities from December 1, 2025, to January 31, 2026, excluding statutory holidays, are expected to boost visitor traffic in December and January during non-holiday periods [1] Group 2: Capacity and Long-term Outlook - Improvements in transportation and capacity are anticipated, which will likely enhance long-term visitor traffic [1] - The company continues to provide cash dividends to shareholders, reflecting strong cash flow quality and a commitment to shareholder returns, which also aids in improving capital efficiency and investor return certainty [1] Group 3: Financial Forecast and Valuation - Due to weak revenue in 2025, the company has adjusted its EPS forecasts for 2025-2027 to 0.45, 0.54, and 0.61 yuan, down from previous estimates of 0.63 and 0.69 yuan for 2025-2026 [1] - Based on comparable companies, the target price for 2026 is set at 17.28 yuan, applying a 32x PE ratio, while maintaining a "buy" rating [1]