Core Viewpoint - The implementation of "multi-day ticketing" systems in various tourist attractions across China is transforming the tourism experience, allowing visitors to enjoy deeper engagement with the sites over multiple days rather than being limited to a single day visit [1][2][4]. Group 1: Ticketing Reforms - Many scenic spots, including Lushan and Huangyao Ancient Town, have adopted a "one ticket for multiple days" policy, enabling visitors to explore the attractions over several days [2][5]. - Lushan's new ticketing system allows visitors to access the core scenic area and ten other surrounding attractions within seven days of purchase [2][4]. - Huangyao Ancient Town offers a "one ticket for three days" option, enhancing visitor experience and encouraging longer stays [5][8]. Group 2: Visitor Experience and Economic Impact - The new ticketing policies have significantly increased visitor satisfaction, with average stay duration in Huangyao rising from 4 hours to 10 hours, leading to a 20% increase in local food and accommodation spending [8][10]. - Tourists are now able to enjoy a more relaxed pace, moving away from the "rushed" visits of the past, allowing for a more immersive experience in the local culture and environment [10][11]. - The shift from a "ticket economy" to a "chain economy" is evident, as attractions like Zhouzhuang are exploring diverse revenue streams beyond just ticket sales [11]. Group 3: Cultural and Entertainment Enhancements - Zhouzhuang has introduced immersive performances and night tours, enhancing the cultural experience for visitors and increasing their stay duration by over 2 hours [13][15]. - The integration of traditional arts, such as Kunqu opera, with modern entertainment forms has created unique experiences that resonate with visitors [14][15].

"五一"假期，位于山西省晋城市阳城县的皇城相府迎来客流高峰，许多市民游客来到这里开启一场沉浸式的文化之旅。 说到文字，不得不说《康熙字典》，它是皇城相府的主人陈廷敬作为总阅官进行编撰的，系统整理和规范了汉字的形、音、义，对中国汉字文化的传承和发 展起到了重要作用。景区内设立了中华字典博物馆，其中《康熙字典》各种版本的收藏就达到了128种。 穿过一片幽静的园林，眼前豁然开朗。 正在表演的是国家级非遗上党八音会，细腻的乐器演奏和夸张的肢体表演相结合，用特殊的艺术风韵吸引观众的目光。五一期间，像这样的非遗表演在城内 各处轮番上演。 在这里，有动也有静，书法家们闹中取静，在一旁挥毫泼墨，笔墨游走于宣纸之上，将皇城相府的雄浑与文人的风雅凝于笔端，恭迎八方来客，展现了皇城 村人的热情好客。 0:00 总台记者 胡晓冬：五一来皇城相府，处处是惊喜。皇城相府建筑群面积为4.8万平方米，分内城、外城两部分，共有19座院落，640间房屋，相府依山就势， 层楼叠院，每一处院落都能给你带来不一样的风景。 玩得累了，自然是要一饱口福了。晋城当地最负盛名的特色宴席八八宴席，蒸为主，炒为辅，荤素搭配，丰富多彩，是当地逢年过节、迎接贵客的招 ...

Group 1 - The core viewpoint highlights a significant increase in tourist activity in Changsha during the "May Day" holiday, with 92.87 million visitors recorded at 84 tourist attractions by May 2nd [3] - Key attractions such as Orange Island, Yuelu Mountain, and Changsha Riverside Cultural Park ranked as the top three destinations, indicating sustained high visitor interest [3] - Accommodation units received 8,742 guests, generating revenue of 7.765 million yuan, reflecting year-on-year growth of 12.13% and 21.59% respectively [3] Group 2 - Cultural activities are thriving, with various exhibitions and events held at public venues, enhancing the cultural atmosphere in the city [4] - The city library and art museum hosted significant exhibitions and interactive activities, contributing to the cultural engagement of visitors [3][4] - The overall consumption momentum remains strong, with various public service venues and market entities organizing a range of events to stimulate consumer interest [4]

Core Insights - The unique cave exploration activities in Beijing's Fangshan district have gained popularity among tourists during the "May Day" holiday, with significant visitor numbers reported [1][3] - The local government and tourism operators are emphasizing the importance of protecting these geological treasures while promoting tourism [4][6] Group 1: Tourist Attraction and Visitor Statistics - The Silver Fox Cave features various geological formations and typically receives around 600 visitors on weekends, with daily numbers exceeding 1,000 during the holiday [3] - The Yunshui Cave, another significant cave in Beijing, is 613 meters long and formed between 400 million to 1 billion years ago, also experiencing an increase in visitor numbers during the holiday [4] Group 2: Environmental Protection and Awareness - Experts highlight the need for visitors to avoid touching stalactites and other formations to prevent damage caused by pollen and spores from human contact [8] - The geological formations in these caves, primarily composed of soluble rocks like dolomite, took millions of years to develop, underscoring the importance of conservation [6] Group 3: Economic Impact and Local Development - The popularity of cave tourism has led to the development of new business opportunities in the surrounding areas, including the establishment of 50 guesthouses in Shangying Water Village [10] - Local tourism initiatives include offering fresh seasonal produce in restaurants and activities like mining-themed train rides and camping during the holiday [10]

Core Insights - The tourism industry is experiencing a significant surge during the "May Day" holiday, with a notable increase in long-distance travel bookings and the introduction of innovative technologies to attract visitors [2][3][4]. Group 1: Tourism Trends - Major cities such as Beijing, Guangzhou, Shenzhen, and Shanghai are expected to attract nearly 60% of the national tourist flow during the holiday [3]. - There is a 12% increase in rural tourism, with popular destinations including Yunnan, Guizhou, Xinjiang, and Hunan [3]. - The number of travel destinations has expanded, with travelers visiting 1,229 counties across the country, reflecting a 20% year-on-year increase in booking volume [3]. Group 2: Technology in Tourism - The use of humanoid robots, exoskeleton robots, and robotic dogs is becoming a trend in various scenic spots to enhance visitor engagement [2][5]. - The Enshi Grand Canyon has deployed 40 exoskeleton robots, which have proven to be popular among tourists, and organized a robotic dog challenge that attracted significant attention [5]. - Other scenic areas, such as Mount Tai and the Great Wall, are also incorporating robots in various roles, including guiding and assisting visitors [5]. Group 3: Industry Challenges and Opportunities - The unprecedented tourist influx poses challenges for transportation, scenic spots, and service sectors, necessitating innovative solutions to manage congestion [4]. - Some transportation hubs are implementing measures to alleviate crowding, while scenic spots are addressing issues like forced consumption and pricing transparency [4].

广东省文化和旅游厅消息，据初步测算，5月1日广东省4A级及以上景区接待游客323.8万人次，同比增 长9.1%。 纳入监测的14段古驿道沿线重点区域接待游客48.4万人次，同比增长7.8%；纳入监测的13家红色旅游经 典景区接待游客24.6万人次，同比增长7.5%；纳入监测的100个乡村旅游点和历史古村落接待游客41.6 万人次，同比增长8.5%；纳入监测的80个重点公共文化机构接待市民游客18.1万人，同比增长6.4%。 （央视新闻） ...

4月29日，黄山旅游（600054）（600054.SH）发布2025年一季报。2025年一季度，公司实现营业收入 4.03亿元，同比增长19.79%；归母净利润3689.50万元，同比增长44.69%；扣非净利润3497.62万元，同 比增长55.79%。 报告期内，黄山旅游通过一系列创新的营销策略和丰富的活动安排，提升景区影响力和市场竞争力，实 现了接待人数的显著增长。 假期接待人数显著增长，景区运营能力提升 2025年春节假期，黄山市全市各景区点共接待游客331.4万人次、同比增长38.31%；黄山区全区共接待 游客75.5万人次，旅游总收入6.15亿元，分别同比增长16.15%和15.38%；假期8天，黄山风景区接待游 客人数超20万。大年初二至初七，景区日接待游客均达冬季最大承载量，体现了黄山作为热门旅游目的 地的强大吸引力，也反映出黄山旅游在节假日期间的高效运营能力。 多维营销拓展市场，创新活动激发景区活力 今年以来，黄山旅游在营销策略上展现了极高的创新性和前瞻性，通过跨界合作和主题活动，成功吸引 了不同客群的关注，实现了从"流量"到"留量"的转变。 面对国内游客，黄山旅游通过多种宣传渠道和活动形 ...

峨眉山A公告，2025年第一季度营收为2.26亿元，同比下降10.83%；净利润为5890.56万元，同比下降 20.84%。 ...

Core Viewpoint - The company experienced a decline in revenue and net profit in 2024, with a slight recovery in Q1 2025, indicating challenges in the external environment affecting various business lines [1][2][3]. Financial Performance - In 2024, the company achieved operating revenue of 536 million, a year-on-year decrease of 14.87%, and a net profit of 101 million, down 27.77% [1]. - For Q1 2025, the company reported operating revenue of 105 million, a decrease of 1.6%, but net profit increased by 34.46% to 13 million [1][3]. - The overall gross margin in 2024 decreased by 1.92 percentage points to 52.42%, while the net margin fell by 4.17 percentage points to 22.55% [2]. Business Segment Analysis - Revenue from various business lines declined due to external environmental factors, with the water park segment experiencing the most significant drop of 41.28% [2]. - The revenue changes for 2024 by business line were as follows: scenic area business down 13.03%, water world down 41.28%, hot spring business down 10.4%, hotel business down 23.1%, and travel agency business down 4.54% [2]. Profitability and Cost Management - In Q1 2025, the gross margin improved by 3.27 percentage points to 41.44%, while the expense ratio increased by 1.49 percentage points to 21.24% [3]. - The company’s strategic focus includes seeking quality acquisition opportunities and upgrading existing projects, such as the Yushui Hot Spring and Longxing Island projects [3]. Strategic Outlook - The company is positioned as a leading player in the scenic area sector, with plans for future growth through new projects and geographical expansion [4]. - Projected net profits for 2025-2027 are estimated at 126 million, 144 million, and 161 million, with corresponding price-to-earnings ratios of 26X, 23X, and 20X [4].

[Table_Summary] 2025Q1，公司实现营业收入 1.05 亿元，同比下降 1.6%，实现扣非归母净利润 0.13 亿元，同 比增长 34.46%。远期来看，公司仍为景区板块中组织治理最优、成长逻辑最顺公司。 新项目 维度，未来三年溧阳"根据地"将以"零星增量完善功能+动物王国重磅项目落地"为主线，同 时异地扩张上有望取得突破，在地方国资扶持下成长为全国性休闲旅游龙头。预计 2025-2027 年公司归母净利润分别为 1.26/1.44/1.61 亿元，对应 PE 分别为 26X/23X/20X，维持"买入" 评级。 分析师及联系人 [Table_Author] 丨证券研究报告丨 公司研究丨点评报告丨天目湖（603136.SH） [Table_Title] 2024 年年报暨 2025 年一季报点评：新老项目 稳步推进，2025 年业绩韧性复苏 报告要点 赵刚 杨会强 马健轩 SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 天目湖（603136.SH） ...