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） ...

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.

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Core Viewpoint - The report indicates that Changbai Mountain (603099) is expected to experience stable growth in 2024, but profits in Q1 2025 are under pressure due to various cost factors and weather disruptions, leading to a revised profit forecast for 2025-2027 [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 743 million yuan, a year-on-year increase of 19.8%, and a net profit attributable to shareholders of 144 million yuan, up 4.5% year-on-year [1]. - Q1 2025 revenue was 129 million yuan, a slight increase of 0.7% year-on-year, but net profit dropped to 4 million yuan, down 58.9% year-on-year [1][2]. - The company has adjusted its profit forecasts for 2025-2026, now expecting net profits of 186 million yuan and 218 million yuan, respectively, with a new forecast for 2027 at 263 million yuan [1]. Group 2: Visitor Traffic and Revenue Streams - Visitor traffic for 2024 reached 3.409 million, with Q4 and Q1 figures at 634,000 and 477,000 respectively, showing year-on-year growth of 24.1%, 26.6%, and 2.6% [2]. - The company’s revenue from various segments in 2024 included 538 million yuan from passenger transport, 140 million yuan from hotels, and 34 million yuan from other businesses, with year-on-year growth rates of 27.9%, 0.9%, and 32.1% respectively [2]. Group 3: Operational Developments - The company is actively expanding transportation capacity in preparation for the peak winter season, although actual visitor numbers have been affected by adverse weather conditions [1][2]. - Significant infrastructure improvements are underway, including the expected operation of a high-speed rail station in April 2025 and the full opening of the Shenyang-Baishan high-speed rail line by September 2025, which will enhance visitor access [3]. - Capital expenditures in 2024 reached 167 million yuan, primarily for vehicle purchases, with ongoing projects aimed at increasing operational capacity and enhancing the commercial ecosystem around the scenic area [3].

Core Insights - The company reported its 2024 annual results and Q1 2025 results, with performance in line with expectations [1] - Revenue for 2024 was 536 million, a decrease of 14.87% year-on-year, while net profit attributable to shareholders was 105 million, down 28.8% due to extreme weather and external market conditions [1] - In Q1 2025, total revenue was 105 million, a decline of 1.6% year-on-year, but net profit attributable to shareholders increased by 26.45% to 14 million [1] Financial Performance - The company's sales and management expense ratios for 2024 were 8.41% and 14.68%, respectively, with year-on-year changes of +0.83 and +0.99 percentage points [1] - For Q1 2025, the sales and management expense ratios were 5.67% and 17.15%, with year-on-year changes of +0.86 and +0.15 percentage points [1] Core Business Stability - The core scenic area business remained robust, with Tianmu Lake's main attractions generating revenues of 148 million and 135 million, down 17.47% and 7.58% year-on-year, respectively [1] - Gross profit margins for these attractions were 69.72% and 71.22%, indicating strong profitability [1] - The company effectively mitigated seasonal revenue fluctuations by developing secondary consumption scenarios and complementary seasonal products [1] Growth Initiatives - Scenic area renovations and new projects are driving organic growth, with ongoing projects like Nanshan Xiaozhai Phase II and Night Park enhancing visitor experience and brand appeal [2] - The company is expanding its hotel business through new constructions and renovations, improving reception capacity and service quality [2] - The opening of the Hushu Lake High-speed Railway at the end of 2024 will reduce travel time from Shanghai to Liyang to about one hour, potentially boosting visitor traffic [2] Shareholder Returns - The company implemented a profit distribution plan for 2023, distributing 5.36 yuan per 10 shares (including tax), totaling 100 million yuan [2] - The board approved a profit distribution proposal for 2024, planning to distribute 2.35 yuan per 10 shares (including tax), expected to total 63 million yuan [2] - The cash dividend policy aligns with company regulations, ensuring the protection of minority shareholders' rights [2] Investment Outlook - The company is focused on a "one-stop tourism" development model, with unique and competitive products [3] - Following the opening of the Hushu Lake High-speed Railway, there is significant marketing flexibility [3] - Upcoming projects include the planning and construction of Nanshan Xiaozhai Phase II, the planning of Pingqiao characteristic leisure tourism area, and the third phase of Yushui Hot Spring [3] - Profit forecasts for 2025 and 2026 have been revised down to 134 million and 153 million, respectively, with a new forecast for 2027 at 170 million [3]

Core Insights - The company reported a revenue of 536 million yuan for the year 2024, a year-over-year decrease of 15%, with a net profit attributable to shareholders of 105 million yuan, down 29% year-over-year [1] - In Q1 2025, the company achieved a revenue of 105 million yuan, a slight decrease of 2% year-over-year, while the net profit attributable to shareholders increased by 27% year-over-year to 14 million yuan [1] Business Structure Analysis - For the year 2024, the company's revenue from the scenic area business was 282 million yuan, down 13% year-over-year, with a gross margin of 70.43%, a decrease of 0.8 percentage points [2] - The water world business generated 7 million yuan in revenue, a significant decrease of 41% year-over-year, with a gross margin of -43.40%, down 50 percentage points [2] - The hot spring business achieved a revenue of 42 million yuan, down 10% year-over-year, with a gross margin of 46.98%, a decrease of 1.42 percentage points [2] - The hotel business reported a revenue of 159 million yuan, down 23% year-over-year, with a gross margin of 21.40%, an increase of 8 percentage points [2] Future Outlook and Strategic Initiatives - The company plans to achieve a revenue of 582 million yuan in 2025, an increase of 8.6% year-over-year, and a net profit of 149 million yuan, up 42% year-over-year [3] - The company aims to focus on its core business and enhance compounding effects through targeted strategies for sightseeing and vacation products, as well as regional collaboration [3] - The company is accelerating organizational transformation and leveraging technology to improve efficiency, including management information system upgrades and AI operations [3] - Strategic projects such as the upgrade of Yushui Hot Spring and the renovation of Longxing Island Butterfly Valley are being prioritized for sustainable development [3] - Revenue projections for 2025-2027 are 582 million, 641 million, and 692 million yuan, respectively, with net profits of 143 million, 159 million, and 170 million yuan, indicating growth rates of 37%, 11%, and 7% [3]

Group 1 - The 15th Beijing International Film Festival has launched the "China Film Consumption Year" initiative, offering various discounts and benefits to moviegoers during the festival [1] - Attendees can enjoy exclusive discounts at numerous commercial districts by presenting their movie ticket stubs, enhancing consumer engagement [3] - The festival features a variety of themed markets and forums across different cinemas and cultural parks, promoting cultural tourism and local consumption [3] Group 2 - The Beijing Municipal Bureau of Culture and Tourism has introduced themed travel routes, encouraging visitors to explore iconic sites while enjoying the film festival [5] - In Hubei, ticket stubs from various events, including highway tolls and movie tickets, are being utilized to stimulate secondary consumption, demonstrating a trend in leveraging ticket stubs for promotional activities [5][6] - Various sectors, including transportation and entertainment, are adopting the "ticket stub+" model to enhance consumer experiences and diversify offerings [10]

Core Insights - Huangshan Tourism Development Co., Ltd. reported a total of 4.92 million visitors to Huangshan Scenic Area in the previous year, representing a year-on-year increase of 7.6% [1] Financial Performance - The company's operating revenue for 2024 was approximately 1.93 billion yuan, reflecting a year-on-year growth of 0.09% [1] - The net profit attributable to shareholders was around 315 million yuan, showing a decrease of 25.51% compared to the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was about 316 million yuan, down 18.95% year-on-year [1] Visitor Statistics - The total number of visitors to Huangshan Scenic Area increased by 347,800 compared to the previous year, reaching 4.92 million [1] - The cable car and gondola services transported a total of 9.81 million passengers, an increase of 308,800 passengers or 3.25% from the previous year [1]

Summary of the Conference Call on Jiuhua Tourism Company Overview - **Company**: Jiuhua Tourism - **Industry**: Tourism and Hospitality Key Points and Arguments 1. **Performance and Growth**: Jiuhua Tourism has shown stable and solid growth in its performance for 2025 and 2026, with positive financial data reported [1] 2. **Significance of Jiuhua Mountain**: Jiuhua Mountain is a major scenic area in China, with a high ranking in national tourist attractions based on visitor numbers [2] 3. **Core Business Segments**: The company operates four main business segments: - Cable car and lift services - Passenger transport services - Hotel operations - Travel agency services The most critical segments are the hotel and cable car services, with the company being the sole operator of three cable cars in the area [3][4] 4. **Passenger Transport Business**: This segment has a gross margin of 50%, with significant demand during peak times when private vehicles are restricted from accessing the mountain [4] 5. **Hotel Operations**: Jiuhua Tourism manages key hotels in Jiuhua Mountain, including the Giant Dragon Hotel and East Asia Hotel, focusing on mid to high-end accommodations [5] 6. **Revenue Growth**: The passenger transport business has seen a year-on-year revenue growth of 30%, attributed to the addition of new transport centers and increased traffic management measures [6] 7. **High Gross Margin**: The cable car business maintains a high gross margin of 86%, indicating strong profitability [7] 8. **Cultural Significance**: Jiuhua Tourism is noted for its unique cultural attributes compared to other tourism companies, making it a distinctive investment opportunity [7] 9. **Post-Pandemic Supply Side Acceleration**: The company has accelerated its supply-side initiatives post-pandemic, including the opening of new hotels and a new transport center [8] 10. **Future Projects**: Upcoming projects include a new cable car and hotel in the Shiziguan area, expected to enhance future revenue and performance [9] 11. **Customer Demographics**: The primary customer base consists of self-driving tourists from densely populated and economically developed regions in central and eastern China [9] 12. **2025 Revenue Forecast**: The company anticipates achieving approximately 2.15 billion in revenue by 2025, with a strong growth trajectory expected [10] 13. **Seasonal Challenges**: The first quarter of 2024 faced challenges due to snowfall, impacting operations, but the overall outlook remains stable [10] Additional Important Information - **Market Position**: Jiuhua Tourism is positioned as a unique asset in the tourism sector, with a focus on cultural and scenic value [7] - **Investor Engagement**: The conference encouraged investor interaction for further details and insights into the company's operations and future plans [12]