Group 1 - The core viewpoint is that multiple tourist attractions in Dunhuang, Gansu Province, have been closed due to strong sandstorm weather, impacting visibility and safety for visitors [1] - The affected scenic spots include Yangguan and Yumenguan, which have announced temporary closures to ensure visitor safety [1] - The attractions will reopen as soon as weather conditions improve and it is safe to do so [1]

Group 1: Travel Demand and Trends - The upcoming "May Day" holiday is expected to see a significant increase in travel demand, with the China Railway Beijing Bureau predicting 11.74 million passengers over the 8-day period, a year-on-year increase of 4.13 million passengers [1] - Online travel platforms report a surge in demand for "deep travel" and "long-distance travel," with domestic flight bookings rising approximately 30% compared to last year [2] - Popular destinations include traditional cities like Shanghai and Beijing, while lesser-known locations such as Changjiang and Nujiang are experiencing booking increases of over 100% compared to last year [2] Group 2: Travel Management and Regulations - Many popular tourist sites are implementing strict reservation and entry verification systems to manage the expected influx of visitors during the holiday [3] - Various scenic areas, including Huangshan and Yulong Snow Mountain, are enforcing measures such as real-name reservations and visitor limits to ensure a manageable flow of tourists [3][5] Group 3: Promotion of Niche Travel - Local tourism authorities are promoting "reverse travel" and niche travel routes to alleviate congestion at popular sites, offering unique experiences that highlight cultural and natural attractions [4] - Beijing's cultural and tourism bureau has introduced 10 niche travel routes aimed at providing a pleasant experience away from crowded hotspots, featuring historical and artistic sites [4] Group 4: Outbound Travel Market - The outbound travel market is expected to continue its upward trend, with significant increases in bookings for flights and hotels compared to last year, particularly for destinations like Japan and Malaysia [7] - Personalized travel experiences are gaining popularity, with a notable rise in demand for unique activities such as themed hotels and adventure tourism [7]

Core Insights - Guilin Tourism has accumulated losses of nearly 1 billion yuan since 2020, with a revenue drop of 7.58% in 2024 and a net profit loss of 204 million yuan, reflecting a significant decline of 1830.7% year-on-year [1] - Zhangjiajie, another well-known tourist operator, has also faced severe financial difficulties, leading to its stock being marked as "ST Zhangjiajie" due to continuous losses [1] - The traditional "ticket economy" model is facing severe challenges, as high ticket prices are no longer sustainable in the current competitive tourism market [2][7] Industry Challenges - The reliance on high ticket prices for profit has reached a bottleneck, with the National Development and Reform Commission urging reductions in ticket prices for state-owned scenic spots [2] - Despite ticket price reductions, such as Zhangjiajie's core scenic area ticket dropping from 248 yuan to 165 yuan, total revenue still declined by 5%, indicating that merely lowering prices does not resolve the underlying profitability issues [2] - Tourists are increasingly sensitive to ticket prices, especially when they represent a significant portion of their daily wages, limiting their willingness to pay [2][3] Shift in Consumer Expectations - Tourists now seek comprehensive experiences rather than just scenic views, leading to a redefinition of value in tourism [3][4] - Negative feedback about high ticket prices and poor experiences is prevalent on social media, highlighting the mismatch between ticket prices and the quality of service and experience provided [3][4] - Successful examples, such as the West Lake in Hangzhou, demonstrate that free access can enhance visitor satisfaction and stimulate surrounding businesses, indicating a shift towards experience-driven tourism [3][4] Need for Business Model Innovation - The traditional "high ticket price + low service" model is unsustainable, and scenic spots must evolve to meet modern consumer expectations [6][7] - Many scenic areas still operate under outdated "sightseeing 1.0" models, focusing on physical attractions while neglecting service quality and visitor experience [7] - There is a pressing need for diversified revenue streams beyond ticket sales, with successful destinations integrating secondary consumption such as hotels and performances into their business models [9] Recommendations for Future Development - Scenic areas should focus on enhancing the quality and diversity of their offerings, moving from a "ticket seller" to an "experience designer" [9] - Developing unique cultural experiences, themed routes, and high-quality service can help attract visitors and improve profitability [9] - Emphasizing digital technology and cultural integration will be crucial for creating value and meeting the evolving demands of tourists [9]

Core Viewpoint - The company reported significant growth in visitor numbers and revenue during the Qingming holiday, indicating strong operational performance and potential for continued profitability in 2025 [1][2]. Group 1: Visitor and Revenue Performance - During the Qingming holiday from April 4 to April 6, 2025, the company received 217,700 visitors, representing a year-over-year increase of 85% [1]. - The revenue for the same period reached 13.4 million yuan, reflecting a year-over-year growth of 75% [1]. - When adjusted for financial consolidation, the visitor count increased by 110% year-over-year, with revenue growth of 96% compared to the previous year [2]. Group 2: Operational Strengths and Growth Potential - The company benefits from a strategic location of its scenic spots in densely populated provinces, capitalizing on trends such as nearby travel and value-for-money tourism [2]. - Strong operational management has led to significant improvements in newly acquired scenic projects, enhancing overall performance [2]. - The company is characterized by high growth potential and strong realization capabilities, with a focus on profit realization, asset injection, and low-altitude tourism catalysts [2]. Group 3: Financial Forecast - The company is projected to achieve total revenues of 825 million, 1.14 billion, and 1.31 billion yuan for the years 2024, 2025, and 2026, respectively, with year-over-year growth rates of 14%, 38%, and 15% [3]. - Expected net profits for the same period are 174 million, 396 million, and 540 million yuan, with year-over-year growth rates of 15%, 127%, and 37% [3]. - Current stock prices correspond to valuations of 53x, 23x, and 17x for the years 2024, 2025, and 2026, respectively [3].

Core Viewpoint - The recent improvements in the scenic areas of Jinshan, Jiaoshan, and Beigushan are aimed at enhancing the tourism environment in response to public concerns, with a focus on ecological protection and minimal intervention [1][2] Group 1: Environmental Enhancements - The scenic areas have initiated spring greening and sanitation management to improve the tourist experience, addressing issues such as overgrown branches and increased fire hazards from weeds [1] - Jinshan scenic area has implemented measures including planting flowers, pruning over 300 trees, cleaning over 30 sanitation dead corners, and removing approximately 20 tons of garbage [1] - Jiaoshan scenic area has focused on pruning trees, especially at viewing points, using tools like hedge trimmers and garden shears to enhance the natural landscape [1] - Beigushan scenic area has begun early mountain-top greening and has been cleaning up fallen leaves and dead branches along walking paths and flower beds [1] Group 2: Visitor Experience Improvement - The scenic areas have increased the number of cleaning staff and equipment, implementing a "daily cleaning" system and optimizing the layout of trash bins with added classification signs to promote civilized tourism [2] - The overall greening coverage and landscape quality have significantly improved through tree pruning, lawn maintenance, and flower replacement [2] - The management assures the public that all reported issues will be addressed, and the tourism environment in the San Mountain scenic area is gradually improving [2]