Core Viewpoint - Emei Mountain Tourism Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, attributed to a decrease in visitor numbers and ongoing losses from its major cultural tourism project, "Only Emei Mountain" [1][2][4]. Financial Performance - Emei Mountain Tourism achieved revenue of 457 million yuan, a year-on-year decrease of 10.07% [1] - The net profit attributable to shareholders was 121 million yuan, down 8.48% year-on-year [1] - The number of visitors to Emei Mountain Scenic Area was 2.0952 million, a decline of 6.5%, equivalent to a reduction of 146,000 visitors [1] Project Performance - The "Only Emei Mountain" project, with a total investment of over 800 million yuan, recorded a net loss of 16.138 million yuan during the reporting period [1][4] - The project has accumulated losses of approximately 600 million yuan over five and a half years, with continuous losses reported since its establishment [7] - The project was suspended from June 15, 2025, due to difficulties in funding and operational challenges [4][7] Business Operations - The main revenue-generating segments (mountain tickets, cable car services, and hotel services) saw declines of 9.53%, 7.51%, and 12.13% respectively, accounting for 85.36% of total revenue [2] - Other business segments, including tea, smart tourism, and performances, generated 66.9447 million yuan, down 15% year-on-year [2] Market Challenges - The project faced challenges in attracting visitors due to its location and the nature of the audience, which primarily consists of older tourists and pilgrimage visitors who may not be interested in theatrical performances [9][10] - The operational model of the "Only" series projects has been criticized for its high costs and lack of effective market consideration, leading to unsustainable financial performance [9][10][12] Industry Insights - Successful tourism cultural performance projects often integrate creative and operational aspects, as seen in other regions, which contrasts with the challenges faced by Emei Mountain's project [11][12] - The tourism and cultural performance market has shown potential for growth, but requires careful planning and execution to ensure profitability and sustainability [11][12]