Core Insights - The world's longest mountain cable car, located in Hunan's Xuefeng Mountain, will begin trial operations, highlighting the growing trend of "internet-famous cable cars" that attract tourists and generate significant revenue for scenic spots [1][3]. Industry Overview - The cable car industry has seen a surge in popularity, with many scenic areas experiencing long wait times during peak seasons. For instance, the Songhua River sightseeing cable car in Heilongjiang is expected to receive 400,000 visitors during the 2024-2025 winter season, a 20% increase year-on-year [3]. - The cable car experience has evolved from a mere transportation tool to a key attraction that enhances the overall visitor experience, with a focus on immersive and culturally resonant experiences [5][7]. Financial Performance - Cable cars are a major revenue source for scenic areas, with several listed companies in China's A-share market relying heavily on cable car operations. For example, Emei Mountain A reported a cable car revenue of 185 million yuan, accounting for 40.48% of its total revenue [8]. - The average gross profit margin for cable car operations among comparable companies is approximately 79.29%, significantly higher than other segments like ticket sales and hotel services [9]. Market Trends - There is a noticeable shift in consumer preferences towards unique and immersive experiences, with cable cars increasingly seen as integral to the cultural and emotional connection to the landscape [5][11]. - Companies are developing diverse value ecosystems around cable cars, integrating them with themed events and cultural products to enhance visitor engagement and increase repeat business [11].

每经AI快讯，9月22日，长白山(603099.SH)公告称，公司子公司易游公司拟向控股股东长白山集团参股 孙公司和平滑雪公司预购315万元雪场门票，并取得2025-2026冬春雪季和平滑雪公司雪票有限独家代理 权，交易完成后，易游公司合计持有500万元雪票。预计500万元雪票全部销售完毕后，易游公司可实现 净利润约33万元。同日公告，易游公司将以门市价格的15%优惠价格，向控股股东长白山集团预购1500 万元额度的长白山北、西景区门票。预计2026年1-12月使用1100万元，2027年3月完成销售。此交易能 降低门票成本，提高利润增长点。 ...

Group 1 - Guizhou Province will implement a tax refund policy for overseas travelers starting from October 1, 2025, aimed at enhancing the shopping experience for foreign tourists [1] - The introduction of the tax refund policy is expected to boost tourism revenue and stimulate growth in retail, dining, and accommodation sectors, contributing to a more mature domestic consumption market [1] - The potential market for the tax refund policy is estimated to be nearly 100 billion, which could further enhance consumption and expand domestic demand [2] Group 2 - The tourism retail operators, particularly leading duty-free operator China Duty Free Group, are expected to benefit from the influx of inbound tourists and increased shopping activities [2] - Travel service providers may see business growth as the optimized tax refund policy is likely to attract more high-spending tourists, particularly from Europe and the United States [2][3] - Scenic destinations are positioned to gain from the influx of inbound tourists, benefiting from the consumer spending driven by the tax refund policy [3] Group 3 - Wangfujing has established a significant presence in Guizhou with multiple commercial complexes, indicating a strategic focus on the southwestern region [8] - Guizhou Cultural Tourism Technology Company, a subsidiary of GuiGuang Network, is involved in the development and operation of cultural tourism projects [9] - SanTe Cableway has signed a contract for the development of a tourism project in the Fanjing Mountain National Nature Reserve, aligning with the tourism growth in the region [10]

Core Insights - Shanghai is implementing a series of initiatives to stimulate consumer growth through the integration of culture, tourism, commerce, and sports [1][2][3] Group 1: Events and Promotions - The 36th Shanghai Tourism Festival commenced on September 13, featuring a grand parade with 25 floats and 24 performance teams [1] - During the festival, 63 attractions will offer half-price tickets from September 13 to 19, and 33 attractions will provide free admission for visitors born on September 13 [1] - The "Finding Zhou Classmate" event, centered around Jay Chou's official IP, aims to enhance the tourism experience by allowing visitors to explore Shanghai's landmarks and local cuisine [2] Group 2: Seasonal Activities - The Shanghai Tourism Festival has introduced a dual-season model, combining a "Summer Tourism Season" with a "Classic Activities Season," featuring nearly 300 themed events [3] - The "Classic Activities Season," running from September 1 to October 6, includes over 200 high-quality activities across six thematic areas, integrating various sectors such as night economy, art exhibitions, and sports competitions [3]

Group 1 - The core achievement of Yanqing District's "Two Zones" construction over five years includes 1,219 projects in the pipeline and 740 projects completed, resulting in a completion rate of 60.7% [1] - Tourism is a key focus for development, with the Badaling Great Wall being developed into a world-class scenic area and various seasonal events planned to attract 1.408 million visitors in 2024 [1] - Yanqing has hosted 74 ice and snow events over five years, including 22 international and national-level competitions, engaging 240,000 participants in winter sports [1] Group 2 - The low-altitude economy is a distinctive feature of Yanqing, with over 100 companies gathered in the first civil unmanned aerial vehicle test zone in Beijing, and the establishment of the city's first low-altitude technology industrial park [2] - The revenue of enterprises in the Zhongguancun Yanqing Park has surpassed 100 billion, with industrial output growth in the first half of 2025 ranking second in the city [2] - The district plans to deepen the construction of a national comprehensive demonstration zone for expanding service industry openness, leveraging resources from the Great Wall, Expo, and Winter Olympics to attract quality projects [2]

Business Overview - The company achieved a revenue of CNY 2,089.60 million in the first half of 2025, representing an 8.52% increase year-on-year [2] - Net profit attributable to shareholders reached CNY 49.53 million, a growth of 24.39% compared to the previous year [2] - The net asset value at the end of the period was CNY 2,260.86 million, remaining stable compared to the previous year [2] - The net cash flow from operating activities was CNY 124.78 million, with a debt-to-asset ratio of 39.03% and a weighted average return on equity of 2.16% [2] Travel Business - The core entity for the travel business is Guangzhou Guangzhi Travel International Co., Ltd., which is a leading domestic travel agency [3] - In the first half of 2025, the travel business generated revenue of CNY 1,535.71 million, an 11.78% increase year-on-year [3] - Revenue from outbound tourism (excluding Hong Kong and Macau) was CNY 848.81 million, while domestic tourism revenue was CNY 498.20 million [3] - The net profit for the travel business was CNY 23.29 million, up 34.91% year-on-year [3] Accommodation Business - The accommodation segment includes hotel management and operations, focusing on brand development and capital operation [4] - Revenue from the accommodation business was CNY 118.56 million, a 1.60% increase year-on-year [5] - The net profit for the accommodation segment was CNY 9.73 million, reflecting a 23.26% growth compared to the previous year [5] - The company’s hotel management entity ranks 14th in the "Top 60 Hotel Groups in China" [4] Scenic Area Development - The company has established Guangzhou Guangzhi Travel Yujing Destination Tourism Development Co., Ltd. to manage scenic area projects [6] - Scenic areas managed include the Mingchun Valley and Yuexi Academy, with plans to expand to other provinces [7] - The company is collaborating with various partners to enhance brand marketing and expand the tourism industry chain [7] Senior Tourism Initiatives - The company launched the "Leisure and Active" club in 2024, focusing on tourism products for the elderly [8] - In 2025, new products such as the "Travel Residence 2.0" series and specialized trains were introduced to cater to the senior market [8] Duty-Free Business - The company has partnered with China Duty Free Group and others to establish a duty-free store in Guangzhou [10] - The registered capital for the joint venture is CNY 45 million, with the company holding a 19.50% stake [10] - The first city duty-free store opened in August 2025, enhancing the shopping experience for outbound travelers [10] Cruise Tourism - The company has established a "Cruise Membership Club" to enhance the cruise business [12] - A four-tier membership system is being developed to provide unique experiences and foster long-term relationships with high-net-worth clients [12]

Core Viewpoint - Xiangyuan Cultural Tourism's gross margin increased by 4 percentage points to 51.84% in Q2 2025, attributed to the company's focus on quality improvement and cost control [1] Financial Performance - Sales expense ratio increased by 2 percentage points to 8.27%, mainly due to enhanced promotional efforts [1] - Management expense ratio decreased by 1 percentage point to 10.36% [1] - Net profit margin increased by 1 percentage point to 23.12% [1] Strategic Initiatives - The company plans to further explore local cultural IPs, focusing on two international-level IPs: pandas and tea [1] - Future investments will include Xiangyuan Travel and Xiangyuan General Aviation, aiming to upgrade the strategic positioning as a "cultural tourism service provider" [1] - The company is actively exploring new low-altitude cultural tourism models to create a second growth curve [1] Business Development - The company's scenic area operations are solid, with innovative breakthroughs in the travel service sector [1] - There is a strategic focus on expanding into the cruise business and low-altitude economy, which are expected to become new growth drivers for the company's performance [1] - The investment rating is maintained at "Buy" [1]

Ticket Pricing - The ticket price for the Snow Town National Forest Park is adjusted based on peak and off-peak seasons: Peak season (November 1 to April 30) is 140 yuan per person, while off-peak season (May 1 to October 31) is 70 yuan per person [1] - Discounts are available for specific groups including children, students, the elderly, active military personnel, disabled individuals, and public security police, in accordance with national, provincial, and municipal policies [1] Visitor Guidelines - Visitors are required to purchase tickets proactively and the tickets are valid for 48 hours from the time of purchase, allowing for round trips within the validity period [3] - It is recommended for visitors to purchase tickets in advance through the Snow Town e-commerce website or WeChat public platform [3] Sightseeing Vehicle Pricing - The round-trip ticket price for the sightseeing vehicle within the Snow Town scenic area is 15 yuan per person [5] - The use of the sightseeing vehicle is based on a "voluntary and paid" principle, meaning that visitors can choose whether or not to use the service without it being mandatory [5]

Core Viewpoint - The VIP "Fast Pass" service at Enshi Grand Canyon was discontinued after just 33 days due to public backlash, highlighting the mismatch between natural scenic areas and theme parks' business models [1][2]. Group 1: Service Comparison - The concept of "Fast Pass" is not new, originating from Disney's FastPass system in 1999, which was initially free and aimed at reducing wait times [5][10]. - Theme parks like Disney and Universal have successfully monetized this concept through dynamic pricing and enhanced customer experience, making it a significant revenue driver [9][10]. - Enshi Grand Canyon's attempt to implement a similar service failed because it did not address the fundamental issues of overcrowding and service quality [11][14]. Group 2: Customer Experience - The pricing for Enshi's VIP service was perceived as excessive, with adults paying 680 yuan, which included a 370 yuan entrance fee, leading to dissatisfaction among visitors [13][14]. - The lack of physical separation between VIP and regular lines contributed to feelings of unfairness among regular visitors, undermining the service's intended purpose [14][16]. - Successful models in the industry focus on enhancing the overall visitor experience rather than just offering paid fast-track options [17][19]. Group 3: Business Model Insights - The core issue for Enshi Grand Canyon lies in its inadequate basic services and chaotic traffic management, which should have been resolved before introducing a paid service [15][16]. - The article emphasizes that any additional services must be built on a foundation of satisfactory basic services to be accepted by consumers [16][19]. - The long-term success of such services relies on genuine customer engagement and experience rather than merely monetizing access [19].

Group 1 - Nanjing universities are launching various welcome activities for new students, including free or discounted admission to local attractions [1][2] - Qixia Mountain scenic area offers free admission for first-year students with their admission notice and half-price tickets for up to two accompanying persons until October 8 [1] - Niushou Mountain scenic area provides a ticket price of 40 yuan per person for 2025 freshmen from September 1 to November 30 [1] Group 2 - The Purple Mountain Cableway has introduced four limited-time discount ticket options for students and teachers, with prices ranging from 39 yuan to 70 yuan [2] - Nanjing China Imperial Examination Museum offers free admission for 2025 freshmen with valid student ID and personal ID until September 30 [2] - Nanjing Happy Valley has a back-to-school ticket promotion for students and teachers, with tickets priced at 109 yuan [2]