Group 1 - The first snowfall of 2025 in Beijing has led to a surge in interest for winter tourism, particularly in popular attractions like the Forbidden City and Universal Beijing Resort [1] - Search volume for the Forbidden City increased by 90% and for Universal Beijing Resort by over 40% compared to the previous two days [1] - Tickets for the Forbidden City on December 13 and 14 have sold out, with deep-dive tour packages and day trip products seeing over a 100% increase in bookings compared to the previous week [1] Group 2 - Due to the high demand for tickets to the Forbidden City and Universal Beijing Resort, visitors are turning to other scenic spots suitable for snow viewing, resulting in increased popularity for historical buildings and parks [2] - Attractions such as Summer Palace, Yuanmingyuan, Temple of Heaven, Yonghe Temple, Jingshan Park, Beihai Park, and Badaling Great Wall have entered the top 10 popular scenic spots [2]

Summary of Changbai Mountain Company Conference Call Industry and Company Overview - The conference call discusses Changbai Mountain Company, which operates a scenic area in China, focusing on tourism and hospitality services. Key Points and Arguments 1. **Financial Performance**: In the first half of 2025, the company's net profit and net profit excluding non-recurring items decreased by 23.08 million yuan and 29.31 million yuan respectively, primarily due to extreme weather conditions and an earlier Spring Festival affecting peak visitor flow [2][3] 2. **Impact of Weather**: Extreme weather, including heavy snow, led to a significant increase in the number of days the scenic area was closed, with the North Scenic Area closed 188% more days compared to the previous year [3] 3. **Visitor Growth**: In July 2025, visitor numbers increased by 38% year-on-year, reaching a record high of 210,200 visitors, attributed to adjustments in daily visitor capacity and infrastructure improvements [2][6] 4. **High-Speed Rail Development**: The expected opening of the Shenbai High-Speed Rail by the end of September 2025 is anticipated to significantly reduce travel time from Beijing and Shenyang, potentially boosting visitor numbers and supporting the goal of 4 million visitors for the year [7][8] 5. **Cost Increases**: Human resource costs rose due to a company-wide salary adjustment and an increase in social security contributions based on the previous year's average wage [5] 6. **Winter Season Plans**: The company plans to enhance winter offerings, including new operational points and activities such as snowmobiles and hot springs, to attract more visitors during the winter season [10][12] 7. **Government Support**: Local government support for the tourism industry has increased, with investments and planning aimed at promoting ice and snow tourism as a key economic driver [13] 8. **Future Growth Drivers**: The company identifies key growth drivers as overall visitor growth, transportation improvements, and hotel business expansion, with a focus on balancing summer and winter peak seasons [14] 9. **New Business Development**: The company is exploring new business opportunities in addition to traditional transportation and hotel services, although no major new revenue streams have been identified yet [15][16] Additional Important Information - **Visitor Demographics**: The proportion of group tourists increased slightly during the summer of 2025, with one-day tour products gaining popularity [9] - **Infrastructure Improvements**: Ongoing enhancements to infrastructure and service quality are aimed at improving visitor experience and operational efficiency [12][17]