Core Viewpoint - Emei Mountain A has announced a shareholder reward program that offers various benefits, including free tickets and discounts for shareholders and their families, which has positively impacted its stock price and market perception [2][3]. Group 1: Shareholder Benefits - From December 1, 2025, to January 31, 2026, shareholders holding 500 shares or more will receive free access to scenic spots, cable cars, and hot springs, along with exclusive discounts for family members [2]. - The program is designed to provide tangible benefits to shareholders, with an estimated return of at least 3% over two months based on the stock price prior to the announcement [2]. Group 2: Cost Management - The cost of the rewards program is manageable for Emei Mountain A due to the low marginal cost associated with additional visitors, as the fixed costs of infrastructure and staffing do not significantly increase with more guests [3]. - The free benefits are seen as an efficient use of "idle capacity," which can lead to increased revenue through secondary spending by shareholders and their families [3]. Group 3: Market Trends - Shareholder reward programs are becoming increasingly common in the A-share market, with other companies also offering various incentives to engage their shareholders [3]. - These initiatives aim to transform shareholders into product and service advocates, enhancing market value management [3][4]. Group 4: Long-term Value Creation - The primary goal of shareholder reward activities should extend beyond short-term stock price boosts to fostering long-term relationships and trust between the company and its investors [4]. - By allowing shareholders to experience the company's products and services, companies can enhance understanding of their business models and value propositions, leading to more rational investment decisions [4][5].

Core Viewpoint - Emei Mountain A has announced a shareholder reward program that offers various benefits, including free tickets and discounts, which has positively impacted its stock price and market perception [1][2]. Group 1: Shareholder Benefits - From December 1, 2025, to January 31, 2026, shareholders holding 500 shares or more will receive free access to scenic spots, cable cars, and hot springs, along with discounts for family members [1]. - The stock price surged to its limit on December 1, indicating strong market approval of the reward program [1]. - The cost of acquiring 500 shares is approximately 6,435 yuan, with the benefits translating to at least a 3% return over two months, appealing to small investors [1]. Group 2: Cost Efficiency of the Program - The reward program is cost-effective for Emei Mountain A due to the low marginal cost associated with additional visitors, as the fixed costs of operations do not significantly increase with more guests [2]. - The free benefits are seen as an efficient use of "idle capacity," which can lead to increased revenue through secondary spending by shareholders and their families [2]. Group 3: Broader Market Trends - Shareholder reward activities have become common in the A-share market, with other companies also offering various incentives to engage their shareholders [2]. - These activities aim to transform shareholders into consumers of the company's products and services, enhancing market visibility and potentially driving revenue growth [3]. Group 4: Long-term Relationship Building - The goal of shareholder reward programs should extend beyond short-term stock price boosts to fostering a long-term relationship between the company and its investors [3][4]. - By allowing shareholders to experience the company's offerings, it can lead to a better understanding of the business model and create a stable trust relationship, encouraging long-term investment [3].

Core Viewpoint - Emei Mountain A announced a shareholder reward program offering free benefits such as tickets and discounts for shareholders holding 500 shares or more, which has positively impacted its stock price, demonstrating a strong market response to the initiative [1][2]. Group 1: Shareholder Benefits - From December 1, 2025, to January 31, 2026, shareholders with 500 or more shares will receive free access to various attractions and discounts for family members, enhancing the appeal of the investment [1]. - The stock price surged to a limit up on the first trading day after the announcement, indicating strong market approval and investor interest in the reward program [1]. Group 2: Cost Management - The reward program is cost-effective for Emei Mountain A, as the marginal cost of accommodating additional visitors is nearly zero due to fixed operational costs, allowing for efficient utilization of idle capacity [2]. - The initiative is expected to drive additional revenue through secondary spending by shareholders and their families, rather than negatively impacting profits [2]. Group 3: Market Trends - Shareholder reward activities have become common in the A-share market, with other companies also offering various incentives to engage shareholders and enhance brand loyalty [2]. - These activities serve as a means of market management, transforming shareholders into customers and potentially increasing revenue [2]. Group 4: Long-term Relationship Building - Engaging shareholders through product and service experiences fosters a deeper understanding of the company's value proposition, leading to more informed investment decisions and a stable trust relationship [3]. - The ultimate goal of such initiatives should be to convey company value and ensure long-term shareholder retention, rather than merely boosting short-term stock prices [3][4].

Core Viewpoint - Emei Mountain A announced a shareholder reward program offering free benefits such as tickets and discounts for family members, which led to a significant increase in stock price, indicating strong market approval of the initiative [2][3]. Group 1: Shareholder Benefits - From December 1, 2025, to January 31, 2026, shareholders holding 500 shares or more will receive various free benefits, including tickets and discounts on services [2]. - The stock price surged to a limit up on the first trading day after the announcement, reflecting investor enthusiasm for the reward program [2]. Group 2: Cost Efficiency - The reward program is cost-effective for Emei Mountain A, as the marginal cost of accommodating additional visitors is nearly zero due to fixed operational costs [3]. - The free benefits are seen as an efficient use of "idle capacity," which can potentially increase revenue through additional spending by shareholders and their families [3]. Group 3: Market Trends - Shareholder reward activities have become common in the A-share market, with other companies also offering various incentives to engage shareholders [3]. - These activities aim to transform shareholders into consumers of the company's products and services, enhancing market visibility and driving revenue growth [4]. Group 4: Long-term Relationship Building - The primary goal of shareholder reward programs should be to convey company value and foster long-term relationships with investors, rather than merely boosting short-term stock prices [4][5]. - By allowing shareholders to experience the company's offerings, a more stable and trusting relationship can be established, promoting value and long-term investment [4][5]. Group 5: Strategic Implementation - Companies should leverage these opportunities to showcase their products and services while actively collecting shareholder feedback [5]. - The ultimate aim of these activities is to create a closed loop of operational improvement, market value growth, and enhanced governance [5].

Investment Rating - The report gives a rating of "Outperform the Market" for Emei Mountain [4][14]. Core Views - Emei Mountain, with its unique natural scenery and cultural heritage, is expected to significantly enhance its visitor capacity and accessibility due to the renovation of the Jinding Cableway and the construction of Leshan Airport, leading to increased tourist traffic and improved profitability [10][11]. - The company is projected to achieve a net profit attributable to the parent company of 251 million yuan, 308 million yuan, and 346 million yuan for the years 2025 to 2027, respectively, with corresponding EPS of 0.48 yuan, 0.59 yuan, and 0.66 yuan [4][14]. Financial Summary - Total revenue is forecasted to be 1,045 million yuan in 2023, decreasing to 990 million yuan in 2025, and then increasing to 1,105 million yuan by 2027, reflecting a growth rate of 142.3% in 2023 followed by a decline in subsequent years [3][19]. - The net profit attributable to the parent company is expected to rise from 228 million yuan in 2023 to 346 million yuan in 2027, indicating a growth of 256.2% in 2023 [3][19]. - The company’s PE ratio is projected to decrease from 29.79 in 2023 to 19.63 in 2027, suggesting an improving valuation over time [3][19]. Business Development - The company has established a comprehensive business ecosystem comprising "tickets + cableway + hotels + diversified derivatives," leveraging its unique resources and 5A scenic area advantages to drive diversified development [4][15]. - The renovation of the Jinding Cableway is expected to increase its capacity from approximately 1,200 passengers per hour to 3,200 passengers per hour, enhancing visitor experience and operational efficiency [4][30]. - Leshan Airport is anticipated to facilitate tourist growth, with a designed annual throughput of 2.6 million passengers, significantly improving access to Emei Mountain [4][41]. Market Potential - Emei Mountain's visitor numbers in 2024 are projected to be 4.67 million, which is lower than other major Buddhist mountains, indicating substantial room for growth in both visitor numbers and revenue [4][51]. - The differentiated pricing strategy has shown effectiveness, with ticket prices varying by season, which has contributed to a stable increase in visitor numbers [4][50].

Group 1: Emei Mountain A (峨眉山A) - Emei Mountain A announced a shareholder reward program allowing shareholders holding over 500 shares to enjoy free admission to the scenic area, leading to a stock price surge to 14.16 yuan, a 9.87% increase, with a total market value of 7.451 billion yuan [1][4] - Following the announcement, Emei Mountain A's stock continued to rise, opening at 14.53 yuan on December 2, with a 2.61% increase [1][4] - The shareholder reward program includes various benefits such as free admission, discounts on services, and special offers on products, aiming to enhance shareholder engagement and promote tourism [4][9] Group 2: Qianwei Yangchu (千味央厨) - Qianwei Yangchu announced a shareholder reward program from December 2 to December 16, offering natural person shareholders a product gift package worth 200 yuan and corporate shareholders three packages [1][7] - As of October 31, Qianwei Yangchu had 9,289 shareholders, with an average holding of approximately 10,400 shares and an average investment of about 419,900 yuan [7] - For the first three quarters of the year, Qianwei Yangchu reported revenue of 1.38 billion yuan, a 1% increase year-on-year, but a net profit decline of 34.1% to 53.78 million yuan [2][7]

Core Viewpoint - The company Emei Mountain A (000888.SZ) announced a shareholder reward program aimed at enhancing shareholder engagement and providing benefits to its investors [1]. Group 1: Shareholder Benefits - From December 1, 2025, to January 31, 2026 (excluding national holidays), individual shareholders holding 500 shares or more and their accompanying family members, as well as representatives of corporate shareholders, will enjoy free admission to the Emei Mountain scenic area [3]. - Eligible individual shareholders and corporate representatives will receive free access to the Wanyan Cableway, while accompanying family members will benefit from a 50% discount on adult tickets [4]. - Special hotel accommodation discounts will be available for eligible individual shareholders and their family members, with prices starting from 20% of the listed rate at various hotels, including the Hongzhu Mountain Hotel (23%-50% off) and Emei Mountain Grand Hotel (22%-50% off) [5]. Group 2: Additional Offers - The company will also provide discounts on hot springs, skiing, and tea-related activities as part of the shareholder reward program [6].