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]

张家界公告，2025年第一季度营业收入5898.93万元，同比增长0.64%。净亏损3124.75万元，去年同期 净亏损4648.19万元。 ...

张家界公告，2024年公司全年共实现接待购票游客人数697.09万人，同比下降2.61%；全年实现营业收 入4.32亿元，同比上升2.77%；全年实现归属于上市公司股东的净利润-5.82亿元，同比增加亏损 143.22%；全年实现归属于上市公司股东的扣除非经常性损益的净利润-5.82亿元，同比增加亏损 142.83%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

Core Viewpoint - Zhangjiajie has gained significant attention and popularity due to its portrayal in the highly-rated Korean drama "My Life as a Dog," leading to increased tourism interest from South Korea [1][3][7] Group 1: Tourism Growth - The number of South Korean tourists visiting Zhangjiajie is projected to reach 400,000 in 2024, accounting for over half of the park's international visitor market share [3] - Zhangjiajie is expected to receive over 1.83 million international tourists in 2024, a year-on-year increase of 166.3% [7] Group 2: Marketing and Promotion - Zhangjiajie has actively engaged in marketing efforts, including sending invitations to the creators of "My Life as a Dog" to visit the area [1][8] - The city plans to conduct promotional activities in 17 countries and regions in 2024, inviting over 2,300 foreign travel agents to explore the destination [8] Group 3: Unique Attractions - Zhangjiajie is renowned for its stunning natural landscapes, including the Wulingyuan Scenic Area and Tianmen Mountain, which attract adventure-seeking tourists [4][9] - The area offers a variety of services tailored to international visitors, including Korean language support and culturally relevant amenities [6][9] Group 4: Cultural Impact - The success of "My Life as a Dog" has created a cultural bridge, enhancing the emotional connection between international audiences and Zhangjiajie's scenic beauty [8][9] - The interplay between film and tourism is becoming increasingly effective, showcasing the potential for media to drive travel interest [10]