Summary of Changbai Mountain Company Conference Call Industry Overview - The conference call focuses on the tourism industry, specifically the performance and strategies of Changbai Mountain Company in the context of its growth and development in the tourism sector. Key Financial Performance - For the first three quarters of 2025, Changbai Mountain reported revenue of 636 million yuan, a year-on-year increase of 6.99% [2][3] - Net profit for the same period was 149 million yuan, reflecting a growth of 1.05% year-on-year [2][3] - In Q3 2025, revenue reached 400 million yuan, up 17.78% year-on-year, with net profit increasing by 19.43% to 151 million yuan [2][3] Growth in Specific Segments - The company's charter business in the smart travel segment saw a revenue increase of 22.23% and net profit growth of 37.36% in Q3 [2][5] - The "Leap Changbai Mountain" project by Yiyou Company achieved a revenue increase of 53.54% and a net profit increase of 47.59% [2][5] - The ice and snow tourism projects contributed approximately 28% to the overall revenue, with expectations to exceed 30% in the future [2][14] Visitor Trends and Seasonal Performance - The main scenic area received 3.0619 million visitors in the first three quarters, a 10.4% increase year-on-year [3] - The North Scenic Area saw a 2.91% increase in visitors, while the West and South Scenic Areas experienced growth of 36.46% and 68.09%, respectively [3] - The opening of the Shenbai High-Speed Railway significantly improved accessibility, leading to an average daily visitor count exceeding 10,000 during the National Day holiday [4][16][18] Development of Ice and Snow Tourism - Changbai Mountain is actively developing ice and snow tourism, introducing unique experiences such as snowmobiles and hosting national-level events [6][7] - The company has launched various winter projects, including "Snowman Matrix" and "Reindeer Games," to enhance visitor engagement [10][11] Marketing and IP Collaboration - The collaboration with the "Tomb Raider" IP has attracted significant visitor numbers, with over 130,000 visitors during the rice festival [14] - The company plans to deepen its IP collaborations to enhance visitor experiences and attract more tourists [14] Future Projects and Infrastructure Improvements - The company is developing the second phase of the hot spring project, which is expected to generate revenue comparable to another Crowne Plaza hotel [15] - Investments in transportation infrastructure, including the procurement of new vehicles worth approximately 30 million yuan, aim to enhance visitor capacity and service quality [15] Conclusion - Changbai Mountain Company is positioned for continued growth in the tourism sector, leveraging its unique natural resources, strategic partnerships, and infrastructure improvements to enhance visitor experiences and drive revenue growth. The focus on seasonal diversification and innovative tourism offerings is expected to yield positive results in the coming years.

安徽黄山：峰林尽染秋意浓 安徽黄山：峰林尽染秋意浓【4】 安徽黄山：峰林尽染秋意浓【5】 安徽黄山：峰林尽染秋意浓【2】 安徽黄山：峰林尽染秋意浓【3】 ...

Summary of Changbai Mountain Conference Call Industry Overview - The conference call discusses the performance of Changbai Mountain Scenic Area, focusing on its revenue, profit growth, and visitor demographics for the first nine months of 2025 and the third quarter specifically [2][3]. Key Points and Arguments Revenue and Profit Growth - For the first nine months of 2025, Changbai Mountain Scenic Area generated revenue of 636 million yuan, a year-on-year increase of 6.99%, and a net profit of 149 million yuan, up 1.05% [2][3]. - In Q3 2025, revenue reached 400 million yuan, reflecting a 17.78% year-on-year growth, while net profit was 151 million yuan, increasing by 19.43% [2][3]. Visitor Demographics - The main sources of visitors in the first nine months were Jilin (10.62%), Liaoning (9.23%), and Shandong (7.97%), with Jilin regaining its position as the top source [4][5]. - The age distribution of visitors showed an increase in the proportion of visitors under 18 years old, while the percentage of visitors over 65 years old decreased. Female visitors accounted for 57.4% of the total [6]. Hotel Business Performance - The occupancy rate of the Crowne Plaza Hotel increased slightly by 0.31 percentage points, but the average room rate decreased by 4.48%. In Q3, occupancy rose by 3.89 percentage points, and the average room rate increased by 3.05% [7]. - The newly opened high-end homestay project in the Enduli commercial area performed well, with occupancy rates of 45.76% for Huazhu Luxury and 39.74% for Huazhu Homestay [7]. Other Business Segments - The urban transportation operation business saw a revenue increase of 26.47% in the first nine months, although net profit declined by 2.12%. In Q3, revenue grew by 22.23%, and net profit increased by 37.36% [8]. - The travel agency segment benefited from the Feiyue Changbai Mountain project and adjustments in online sales channels, with revenue and net profit both experiencing significant growth [8]. Ticketing and Visitor Flow - The ticketing mini-program and the management of scenic areas contributed to significant growth in visitor numbers, with managed scenic areas seeing a 64.47% increase in visitor flow from January to September 2025 [9]. Future Development Plans - The company plans to open the second phase of the hot spring project in Q4 2025, which will offer more dining and family-friendly options [15]. - The opening of the Shenbai High-Speed Railway is expected to enhance accessibility and attract more visitors, particularly during the winter season [12][17]. Seasonal Profit Distribution - The company anticipates that the first quarter may become the second-largest profit season due to the extended New Year holiday in 2026, which could significantly boost first-quarter profitability [17]. Financing and Management Goals - The company has initiated a refinancing project and is currently reporting to the stock exchange, with expectations of increasing visitor numbers to 4 million in 2025 and 5 million by 2026 [16][18]. Challenges and Opportunities - The company is adjusting its business model to enhance winter tourism profitability by diversifying offerings and improving the winter experience [12][13][14]. Additional Important Information - The company is considering implementing employee stock ownership plans in the future, although this is not currently on the agenda [19][21]. - The impact of seasonal variations on visitor numbers is significant, with a stark contrast between peak and off-peak seasons [20].

Core Insights - The trend of "pain-free climbing" is gaining popularity among young tourists, reflecting a shift towards more accessible and enjoyable mountain climbing experiences [1][2] - Scenic spots are increasingly adopting innovative technologies and services to enhance the climbing experience, such as exoskeleton robots and "accompanying climbing" services [1][2] Group 1: Industry Trends - Scenic areas are introducing various assistive devices like observation elevators, cable cars, and exoskeleton robots to reduce the physical burden on visitors, particularly children and the elderly [1] - The use of exoskeleton robots allows tourists to experience climbing with less difficulty, providing approximately 10 kilograms of lifting force to each thigh [1] - Popular attractions like Zhangjiajie's Bailong Elevator and the slide at Laojun Mountain are becoming trendy experiences, drawing more visitors [1] Group 2: Demographics and Visitor Behavior - The primary demographic for mountain climbing tourism consists of individuals from the 80s and 90s, often participating as families [2] - There is a notable increase in participation from the post-2000 generation, with a significant rise in climbing trips compared to the previous year, making them the fastest-growing age group in this sector [2] - Over 50% of post-2000 climbers prefer to climb in groups with friends, enhancing their social networks through shared experiences [2]

Group 1 - The best viewing period for autumn leaves at Changshou Mountain Scenic Area in Henan has arrived, with over 100,000 yellow-leaf trees turning red, achieving a color change rate of over 60% [3][13] - The scenic area features a variety of trees, including yellow-leaf, maple, and ginkgo, creating a vibrant landscape that changes with elevation [5][11] - The scenic area offers a hiking route that combines distant viewing and close appreciation of the autumn leaves, with a total elevation of 780 meters [8][11] Group 2 - In Beijing's Pinggu District, the best time for autumn viewing has also arrived, with colorful leaves and clear autumn waters creating a picturesque scene [15][17] - Jiangsu's Yangzhou is experiencing a rise in tourism as osmanthus flowers bloom, attracting visitors to various scenic spots [18][19] - Zhangjiajie in Hunan is seeing a surge in off-peak tourism, with daily visitor numbers nearing 10,000, and over 45.25% of visitors being international [26][28] Group 3 - In Xinjiang's Aksu region, the golden poplar trees are in their prime viewing season, attracting tourists to the area [29][31] - The local government is enhancing tourism facilities and promoting ecological tourism, integrating poplar viewing with cultural experiences [35][33]

Summary of Changbai Mountain Scenic Area Conference Call Industry Overview - The conference call discusses the performance of the Changbai Mountain Scenic Area in 2025, focusing on revenue, profit, visitor demographics, and operational strategies. Key Financial Performance - Revenue for the first three quarters of 2025 reached 636 million yuan, a year-on-year increase of 6.99% [2][9] - Net profit for the same period was 149 million yuan, up 1.05% year-on-year [2][9] - In Q3 2025, revenue was 400 million yuan, reflecting a 17.78% increase year-on-year, while net profit was 101.51 million yuan, up 19.43% [2][9] Visitor Demographics and Trends - Visitor demographics show a shift towards younger tourists, with the proportion of visitors under 18 years old increasing to 14.52%, up approximately 2 percentage points from the previous year [2][7] - The proportion of visitors aged 41 to 50 also increased to 17.97% [2][7] - Female visitors accounted for 57.4% of total visitors, surpassing male visitors at 42.6% [2][7] - The proportion of group tours decreased to 33.3%, while individual travelers now make up 66.7% of visitors, indicating a need for more personalized services [2][8] Changes in Visitor Source Regions - The share of visitors from Heilongjiang, Jilin, and Liaoning provinces has declined, while Shandong province's visitor numbers are rapidly increasing, potentially becoming the second-largest source of visitors [2][5] - In Q3 2025, the visitor proportions were Jilin 12.04%, Liaoning 10.67%, and Shandong 9.86% [2][5] - The proportion of South Korean visitors decreased to 8.19% in Q3 2025 [2][6] Hotel Performance - The occupancy rate of Crowne Plaza Hotel in Q3 was 58.03%, an increase of 3.89 percentage points year-on-year [2][10] - Average room rates rose by 3.05%, and revenue per available room increased by 10.45% [2][10] - Newly opened luxury hotels had occupancy rates above 45% with revenue per available room around 575 yuan [2][10] Operational Strategies and Future Projects - The company plans to expand snowmobile tours and introduce UTV and ATV snowmobile projects in Q4 2025 [2][13][14] - The opening of the Shenbai High-speed Railway is expected to significantly increase visitor numbers, with projections of over 4 million visitors in 2026 [2][17] - The company is adjusting its operational strategies to accommodate the anticipated increase in visitor traffic [2][14][17] City Operations and Travel Agency Performance - The city operations segment, including transportation services, saw a revenue increase of 26.47% in the first nine months, although net profit declined by 2% [2][11] - Easy Travel Agency transitioned all offline channels to online, achieving over 53% revenue growth in Q3 and a net profit increase of 4,059% [2][12] Government Support and Taxation - The company faced minor tax recoveries of about 1-2 million yuan, which had a negligible impact due to its status as a top taxpayer in the province [2][15] - Various subsidies related to tourism are expected to continue, supporting the company's operations [2][15] Transportation Improvements - Significant improvements in transportation, including new flight routes and the Shenbai High-speed Railway, are expected to enhance visitor access and increase tourism [2][16] Employee Costs and Future Outlook - Employee costs have risen significantly in 2025 due to previous wage adjustments, but no major changes are expected in 2026 [2][18] - The company anticipates that the growth in visitor numbers will support necessary increases in labor costs [2][18]

Group 1: Cultural Tourism Trends - The core of inbound tourism is cultural immersion, with a shift from traditional sightseeing to immersive experiences for foreign tourists visiting Beijing [1] - The Mutianyu Great Wall has seen a 58% year-on-year increase in inbound visitors since 2025, totaling 630,000 visitors, attributed to enhanced media outreach, international service training, and upgraded visitor facilities [3] - Shichahai is transforming into a "living museum" of Beijing culture, with a 17% increase in foreign tourists taking boat rides from January to October, focusing on immersive experiences of local life [6] Group 2: Hospitality and Dining Innovations - The influx of tourists from emerging markets is changing the focus of inbound tourism from major cities to cultural hubs like Xi'an and Chengdu, with a preference for deep cultural experiences [8] - Traditional dining experiences, such as those offered by the famous Peking Duck restaurant, are becoming key to foreign tourists' cultural experiences, with a 25% increase in inbound group visits this year [10] - The integration of cultural elements into hotel services, such as traditional Chinese aesthetics and local experiences, is becoming essential for attracting high-end tourists [8] Group 3: Traditional Arts and Cultural Exchange - There is a growing interest in traditional Chinese opera, with efforts to create a professional experience system to promote cultural exchange and attract more foreign visitors [12] - The use of color symbolism in Peking opera, which connects deeply with cultural values, highlights the need for specialized experiences tailored to different nationalities and cultures [13]

Core Viewpoint - The company reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved an operating revenue of 733 million yuan, representing a year-on-year decrease of 9.06% [1] - The net profit attributable to shareholders of the listed company was 234 million yuan, down 3.98% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 232 million yuan, reflecting a year-on-year decline of 4.68% [1]

Core Points - Emei Mountain A announced that it will hold the 150th meeting of the fifth board of directors on October 28, 2025, to review the profit distribution plan for the third quarter of 2025 [2] Company Summary - The company is set to discuss the profit distribution plan during the upcoming board meeting [2]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is considered to have the best organizational governance and growth logic in the scenic area sector. Future projects will focus on the "Nanshan Xiaozhai Phase II project, upgrading the core products and supporting facilities of Yushui Hot Spring, and the renovation of Longxing Island Color Butterfly Valley" [2][12] - The company has completed preliminary market validation of its management output system based on mature operational experience, and is expected to achieve breakthroughs in geographical expansion with local state-owned asset support, positioning itself as a national leisure tourism leader [2][12] - The projected net profits attributable to the parent company for 2025-2027 are estimated to be 117 million, 134 million, and 152 million yuan, respectively, corresponding to PE ratios of 27X, 23X, and 20X [2][12] Financial Performance Summary - In Q3 2025, the company achieved operating revenue of 140 million yuan, a year-on-year decline of 1.23%. The net profit attributable to the parent company was 29 million yuan, down 13.19% year-on-year [6][12] - For the first three quarters of 2025, the company reported operating revenue of 386 million yuan, a year-on-year decrease of 4.65%, and a net profit attributable to the parent company of 83 million yuan, down 2.54% year-on-year [6][12] - The gross profit margin remained stable at 54.02%, while the net profit margin decreased by 3.98 percentage points to 23.32% due to a significant increase in sales expenses [12]