"五一"假期第二天，来长游客显著增加。景区开放供需两旺，旅游热度高。橘子洲、岳麓山等重点热门景 区旅游热度保持，客流量总体持续高位运行。大围山国家森林公园、铜官窑国风乐园等景区举办各类特色文旅 活动，吸引了大量游客观赏和参与，助力长沙旅游区域均衡、协调发展。 文化氛围浓。市图书馆展出了"读书图长远 长图长相伴"——长沙市图书馆新馆开放十周年大事记载展、"简 牍不简"主题展等常设展外，还开展了长沙图书馆AI旅拍留影机——穿越时空的长沙记忆体验活动等主题活动； 长沙美术馆展出"处处有灵光"——第九届"艺术长沙"双年展等；长沙非物质文化遗产展示馆、滨江文化园、雨 花非遗馆等非遗展示馆开展了"有味道的非遗"五一长沙非遗集市活动。 游客在湘江欢乐海洋公园游玩。 "五一"假期第二天长沙再迎火爆出圈时刻。从市文旅广电局获悉，截至5月2日17时，长沙84家等级旅游景 区接待游客92.87万人次，橘子洲、岳麓山、长沙滨江文化园位列前三；20家住宿单位当日接待8742人次，营收 776.5141万元，同比分别增长12.13%、21.59%；15家文化文博单位接待5.133万人次，同比增加38.05%；16时瞬 时客流达全天峰值1 ...

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]

今年上半年最后一波旅游大军已经上路。 在"五一"假期首日，多地景区已经爆满。在去哪儿平台上，长线游预订量同比增长近三成。 与此同时，众多景区通过人形机器人、外骨骼机器人、机器狗等新技术来吸引游客关注。湖北恩施大峡 谷相关负责人告诉《中国经营报》记者，他所在景区选在"五一"假期进行机器狗挑战赛，还大批量投用 了外骨骼机器人，游客对这些十分感兴趣。 有望迎来"最火五一" 据央视新闻报道，在今年"五一"假期，北京、广州、深圳、上海等一、二线城市依旧是"顶流"，包揽了 全国近六成游客。节前一周乡村游客规模也涨了12%，云南、贵州、新疆、湖南等地稳居乡村游C位。 （文章来源：中国经营报） 哪些景区的热度最高？在去哪儿平台上，门票预订量TOP10的景区为上海迪士尼度假区、北京环球度假 区、西安秦始皇帝陵博物院（兵马俑）、北京颐和园、舟山普陀山风景区、黄山风景区、扬州瘦西湖、 武汉黄鹤楼、洛阳龙门石窟、张家界国家森林公园。诸如故宫、中国国家博物馆、陕西历史博物馆等顶 流，延续"一票难求"的盛况，早已预约满。 去哪儿大数据研究院研究员肖鹏介绍，从去哪儿平台各项数据来看，今年有望刷新"最火五一"的历史纪 录，超大规模客流对交通 ...

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%。 ...

事件描述 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。 风险提示 分业务看，各业务条线营收均受外部环境影响下滑，水世界受极端天气影响更大。2024年公司景区业 务/水世界业务/温泉业务/酒店业务/旅行社业务营业收入分别同比下降 13.03%/41.28%/10.4%/23.1%/4.54%，营业收入同比下降，主要系外部环境变化以及系暑期（7 月-8 月） 江浙沪地区持续高温、极端天气频发影响公司业务开展所致，由于天目湖水世界开放时间主要在6 月下 旬至9 月初，因此水世界业务受暑期极端天气影响更大，营收下滑幅度更深。受到收入下降影响，各业 务条线毛利率均下滑，其中水世界毛利率同比转负，各业务分别同比减少0.81/50.38/1.42/8.49/0.58pct。 盈利能力方面，2024 年同比承压，2025Q1 毛利率带动净利率回升。在营收下降影响下，20 ...

[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.

相较于免费，更重要的是如何创造不可替代的体验价值，景区只有打造出自己的"文化IP"，走"免费开 放"到"流量聚集"再到"价值衍生"的道路，才能让衍生消费的增值远超门票收入，真正实现"免费"的意 义。 （文章来源：经济日报） 近年来，多地景区试水"免费开放"模式，试图以门票让利拉动全域旅游发展。但有的地方未做好科学论 证、充分准备，引发客流骤增、服务缺位、投诉增多等现象，出现生态维护困难、古建修缮成本增加等 问题。 景区免费政策的初衷在于打破"门票依赖"，通过客流带动餐饮、住宿、文创等延伸消费。但这种模式成 功的前提是景区具备完善的商业配套和交通网络。盲目跟风会顾此失彼。在决策是否免费时，应在充分 进行市场调研的基础上，从生态承载力、设施饱和度、财政可持续性等不同维度对运营成本、收益情况 进行综合考量，制定最优方案。唯有立足科学评估、精准施策，通过不断提高科学治理能力，才能找到 惠民政策、游客体验、生态保护、商业效益之间的最大公约数，推动文旅产业可持续发展。 要差异化精准施策。破解景区免费困局，需建立多维评估体系与动态调节机制，实现全年客流均衡分 布。对一些景点可推行淡旺季浮动票价，将本地客源、周边客源、外地客 ...