Summary of Changbai Mountain Company Conference Call Industry Overview - The conference call discusses the performance and operational strategies of Changbai Mountain Company, focusing on tourism and hospitality in the context of the scenic area. Key Points Visitor Statistics - In the first three quarters of 2025, Changbai Mountain received 3.06 million visitors, a year-on-year increase of 10.4% [2][3] - In Q3 2025, the company welcomed 2.02 million visitors, marking a 20.24% increase compared to the same period last year [2][3] Revenue and Profitability - For the first three quarters of 2025, the company's revenue reached 636 million yuan, up 6.99% year-on-year, with a net profit of 149 million yuan, reflecting a 1.05% increase [3] - Q3 revenue was 400 million yuan, a 17.78% increase year-on-year, with net profit rising by 19.43% to 151 million yuan [3] Impact of Transportation Infrastructure - The opening of the Shenbai High-Speed Railway on September 28, 2025, significantly boosted visitor numbers during the National Day holiday, with arrivals at Changbai Mountain station nearly doubling [6][11] - October saw an 18.25% increase in overall visitor numbers compared to the previous year, attributed to the railway's impact [6][11] Seasonal Performance and Marketing Strategies - The company plans to conduct marketing activities during the off-peak season to extend peak periods into quieter months, such as opening the Peace Ski Resort earlier [10] - Daily visitor numbers at the Peace Ski Resort have increased significantly, with a year-on-year growth of 60% to 70% [10] Hotel Performance - The Crowne Plaza Hotel reported a 20% increase in occupancy rates in November 2025 compared to the previous year, with a 10.45% rise in revenue from available rooms [13] - The hotel achieved full occupancy for several consecutive days in mid-November, indicating strong performance heading into the winter tourism season [13] Snow Season Expectations - The company anticipates a peak season for snow tourism due to early snowfall and a long holiday period extending into February 2026 [9][8] - New projects for the snow season, such as snowmobiles and snow sculpture attractions, are expected to enhance visitor experiences [8][16] New Developments and Future Plans - The second phase of the hot spring project is expected to launch in 2026, enhancing the area's facilities and attractiveness [14] - The company has added 142 new guest rooms in the Enduri area, which are projected to contribute significantly to revenue despite a short operational period [17] Competitive Landscape - The company maintains a cooperative relationship with other businesses in the area, such as Wanda and Luneng, focusing on shared growth rather than direct competition [19] Transportation and Operational Efficiency - Since 2022, the company has increased its vehicle fleet from over 600 to 900, supporting a rise in visitor numbers from 2.75 million in 2023 to an expected 3.41 million in 2024 [20][21] - The company aims to enhance transportation capacity while managing operational costs to improve profit margins [23] Guesthouse Performance - The Enduri brand guesthouses have shown promising occupancy rates since their opening, with expectations for improved performance during the snow season [25][26] Pricing and Policy Considerations - Transportation pricing within the scenic area is regulated by provincial authorities, while external services like charter buses can set their own prices [24] This summary encapsulates the key insights and operational strategies discussed during the conference call, highlighting the company's growth trajectory and future plans in the tourism and hospitality sector.

11月23日，游客在巫峡·神女景区游览(无人机照片)。 初冬时节，重庆巫山的巫峡·神女景区山水交融、秀美如画。 ...

Core Viewpoint - The implementation of free admission policies in scenic areas, such as the Lingyin Feilai Peak Scenic Area in Hangzhou, is seen as a significant step towards enhancing cultural benefits for the public and promoting tourism consumption [1][2]. Group 1: Free Admission Policies - Hangzhou's Lingyin Feilai Peak Scenic Area will eliminate entrance fees starting December 1, 2025, which includes the cancellation of a 45 yuan ticket and a 30 yuan incense fee [1]. - The trend of implementing free admission policies is not limited to Hangzhou; other scenic areas, such as Shandong's Yishan Scenic Area and Jilin's Changbai Mountain, are also adopting similar measures to boost local tourism [1]. Group 2: Economic Implications - Free admission is viewed as a strategy to sacrifice upfront revenue in exchange for increased downstream consumption, which can lead to growth in areas such as dining, cultural products, and special activities within the scenic areas [2]. - The practice of free admission not only increases visitor numbers but also alters visitor behavior, allowing for more spontaneous and dispersed visits, which can enhance the overall economic environment of the tourism sector [2]. Group 3: Management Challenges - The shift to free admission will likely result in a surge in visitor numbers, creating challenges such as overcrowding, longer wait times, and increased pressure on environmental management [3]. - Effective management strategies, including precise visitor flow control and diversified funding support, are essential to mitigate the potential negative impacts of increased visitor numbers while maintaining high-quality experiences [3].

Core Points - From December 1, 2025, to the end of February 2026, the Xixia Tomb Scenic Area will offer free admission to all visitors across the country [1] - Secondary consumption projects such as sightseeing cars, 3D movies, 4D movies, VR experiences, and guided services are not included in the free admission [1] Ticketing and Entry Regulations - Visitors must present valid identification to exchange for entry vouchers at the ticket hall [1] - Group visitors are required to make reservations in advance through travel agencies and follow the group entry procedures [1] - Tickets sold as part of packages include admission as a complimentary item, and once sold, the ticket portion is non-refundable and no change will be given [1] Visitor Guidelines - The scenic area may implement crowd control measures during peak visitor times and requests understanding and cooperation from visitors [1] - Visitors are advised to check official announcements regarding weather and opening conditions before their visit and to plan their trips accordingly [1] - Compliance with the scenic area's regulations is mandatory, including prohibitions on smoking and the preservation of cultural relics and the natural environment [1]

西夏陵景区将向全国游客免收首道门票 中新网银川11月24日电 (记者 李佩珊)记者24日从西夏陵景区获悉，2025年12月1日起至2026年2月底， 西夏陵景区向全国游客免收首道门票(景区内观光车、3D电影、4D电影、VR体验以及讲解服务等二次 消费项目不包含在内)。 航拍西夏陵一景。(资料图) 西夏陵景区供图 据悉，游客需持本人有效身份证件即可在西夏陵景区售票大厅换取入园凭证；团队游客需提前通过旅行 社预约，按团队预约流程入园。景区套票含赠送门票(门票已计入套票整体价格)，套票一经售出，门票 部分不予退换、不设找零。游客购买套票前，应仔细了解套票包含项目及相关规定。 西夏陵景区温馨提示：如遇游客高峰时段，景区可能会采取限流措施，请游客理解并配合景区工作人员 安排；出行前请关注景区官方发布的天气、开放情况等信息，合理规划行程；参观游览时，请遵守景区 规章制度，禁止吸烟，爱护文物古迹及自然环境，文明旅游。 今年成功列入《世界遗产名录》的西夏陵位于贺兰山脉东麓，包含9座帝陵、271处陪葬墓等遗址，是西 夏时期留存至今规模最大、等级最高、保存完整的考古遗存，实证了公元11至13世纪西夏在丝绸之路上 的中继枢纽地位， ...

图为巡游成员合影留念。张倩龙 摄 湖北襄阳：游客"穿越千年"感受传统服饰之美 图为巡游方阵打造沉浸式古风场景。张倩龙 摄 图为身着汉服的小朋友正在玩耍。张倩龙 摄 来源：中国新闻网 编辑：熊思怡 图为巡游成员在唐城景区内感受唐风雅韵。张倩龙 摄 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 图为唐城景区内，汉服爱好者拍照打卡。张倩龙 摄 图为巡游成员在唐城景区内拍照。张倩龙 摄 ...

Summary of Changbai Mountain Conference Call Industry and Company Overview - The conference call focuses on the Changbai Mountain tourism industry, particularly its winter sports and scenic area operations. Key Points and Arguments 1. **Visitor Trends and Impact** - From November 2024 to February 2025, nearly 3 million mainland Chinese tourists are expected to visit Japan, with an average spending of approximately 13,000 RMB per person. Some of these tourists may shift to domestic ice and snow tourism, benefiting Changbai Mountain's visitor numbers [2][3]. 2. **Operational Enhancements for 2025** - Changbai Mountain and the Pinghu Ski Resort opened early on November 2, 2025, compared to mid to late December in previous years. The expansion of the western scenic area is expected to lead to a double-digit growth in visitor numbers, potentially reaching 20% [2][4]. 3. **Stock Performance and Market Sentiment** - The stock price of Changbai Mountain has not yet surpassed the pre-2024 winter peak, but there is increasing market attention and potential for further price catalysts [2][4]. 4. **Future Development Plans for 2026** - The North Slope Corridor project is set to open before the summer of 2026, which is expected to increase the North Slope's visitor capacity by 10%. Additionally, vehicle procurement will continue to enhance capacity during peak seasons [5][6]. 5. **Transportation Improvements** - The opening of the high-speed rail from Shenyang to Changbai Mountain will reduce travel time to the western scenic area to just 20 minutes, significantly increasing visitor flow. The southern slope's capacity is also expected to improve [6]. 6. **Profit Forecasts** - For 2025, profits are projected to be between 150 million to 160 million RMB, with expectations of 190 million RMB in 2026. The return of Japanese tourists could further enhance profitability [2][7]. Additional Important Insights - The early opening of the ski season and the expected increase in visitor capacity are critical factors that could lead to a successful winter season for Changbai Mountain [4][6]. - The potential shift of tourists from Japan to domestic destinations due to geopolitical tensions is a significant driver for Changbai Mountain's growth [3].

杭州灵隐寺要免门票了。 据杭州西湖景区微信公众号消息，自12月1日起，灵隐飞来峰景区（含灵隐寺、永福寺、韬光寺）实行 免票政策，开放时间每日7:30-17:30。公开信息显示，当前灵隐寺门票为30元每人，进入灵隐寺须经过 灵隐飞来峰景区，另须购买45元门票，合计75元。 这是二十多年前西湖景区免费开放、还湖于民的进一步深化。2002年，杭州率先宣布环湖公园免费开 放，成为打破景区依赖门票固有模式的先行者。西湖景区推倒围墙，陆续取消了包括花港观鱼、柳浪闻 莺、曲院风荷等著名景点的门票，将整个西湖的核心区域还湖于民。 飞来峰景区是杭州除西湖老十景外，文化价值和游客吸引力最高的景点之一。灵隐寺免票，标志着西湖 景区免费进入到新阶段，触及了以往被认为难以免费的更多优质旅游吸引物。 从"免费开放为主，部分景点收费"到开始减少"部分收费景点"数量，西湖二十余年的"免票史"，体现出 了一座城市将远见与系统革新融合的信心和底气。 仅靠门票易形成路径依赖 西湖和飞来峰是世界文化遗产，是全民的宝贵财富。取消门票，首先保障了市民和游客的平等游览权， 无论收入高低，都能无障碍地享受美景和文化，这本身就是"满足人民对美好生活向往"的最 ...

图为松坪沟景区风光。韩金雨 摄 四川茂县松坪沟景区斑斓彩林如画 图为松坪沟景区风光。(无人机照片)韩金雨 摄 图为松坪沟景区风光。(无人机照片)韩金雨 摄 图为松坪沟景区风光。韩金雨 摄 图为景区内身穿羌族服装的少女。韩金雨 摄 来源：中国新闻网 图为松坪沟景区风光。韩金雨 摄 图为松坪沟景区风光。韩金雨 摄 图为游客打卡拍照。韩金雨 摄 图为游客打卡拍照。韩金雨 摄 编辑：熊思怡 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 ...

杭州灵隐飞来峰景区12月起免票 中新社杭州11月19日电 (林波 曹丹)杭州西湖风景名胜区灵隐管理处19日宣布，灵隐飞来峰景区(含灵隐 寺、永福寺、韬光寺)将在12月1日开始实行免票政策。同时为有效应对免票后的大客流影响，更好地保 护文物遗产，景区将实行"实名预约、分时游览"的预约制度。 灵隐飞来峰景区位于杭州西湖西侧，是以千年古刹灵隐寺与奇特的石灰岩峰林景观"飞来峰"为核心的文 化景观区，融合了佛教文化、石窟艺术与江南山水。该区域不仅是中国唐宋以来石窟造像南移的重要见 证，也是世界文化遗产西湖文化景观不可分割的组成部分。 据中国古迹遗址保护协会石窟石刻专业委员会理事、浙江省文物保护利用协会常务理事邵群介绍，飞来 峰造像是长江中下游地区规模最大、开凿持续时间最长、保存相对较好的一处窟龛造像群，现为中国全 国重点文物保护单位。 "与北方石窟的雄浑风格不同，飞来峰造像多雕凿于山崖溶洞之间，技艺细腻，与江南的山水审美和文 化气质深度融合，展现出独特的艺术韵味。"邵群说。 资料图：2024年10月，游客依序进入杭州灵隐飞来峰景区。曹丹 摄 此次免票开放与预约制度并举，旨在让公众更便捷地共享文化遗产，同时通过科学调控保 ...