Core Viewpoint - The article discusses the recent failure of the large-scale performance project "Only Emei Mountain," which has accumulated losses of 600 million yuan and was officially announced to be suspended as of June 15 this year. This situation reflects a broader trend of popular cultural tourism projects facing operational challenges and declining visitor numbers [5][13][21]. Financial Performance - The performance project "Only Emei Mountain" has been operating at a significant loss since its launch, with the parent company, Yunshang Travel Investment, reporting total losses of 600 million yuan [5]. - The financial data for Emei Mountain Yunshang Tourism Investment shows a revenue of approximately 84.66 million yuan and a net profit of -161.38 million yuan for the current period, compared to previous figures of 378.24 million yuan in revenue and 588.97 million yuan in net profit [6]. Industry Trends - There is a noticeable trend of popular cultural tourism projects, such as "Wenheyou" in Changsha and "Bailuyuan Folk Culture Village" in Shaanxi, experiencing a decline in visitor numbers and operational viability, with some projects closing down entirely [11][13][18]. - The article highlights that many of these projects initially attracted large crowds but failed to convert that foot traffic into sustainable revenue, often relying on a "photo economy" rather than genuine consumer spending [16][18]. Consumer Behavior - The article emphasizes that the majority of visitors to these cultural tourism projects are primarily interested in taking photos for social media rather than engaging in spending, leading to a disconnect between visitor numbers and revenue generation [16][18]. - The shift in consumer preferences towards authentic experiences and local culture is noted, with younger generations showing a willingness to spend on genuine cultural experiences rather than superficial attractions [24][26]. Recommendations for Future Projects - The article suggests that future cultural tourism projects should focus on creating authentic content and experiences rather than merely replicating successful models from the past. Successful projects should engage with local culture and community rather than relying on transient trends [21][24]. - It is recommended that operators prioritize long-term management and community engagement over short-term gains, emphasizing the importance of operational details and customer experience in retaining visitors [26][28].

Core Insights - The company reported a decline in multiple performance indicators in its 2025 semi-annual report, with total revenue of 457 million yuan, a year-on-year decrease of 10.07%, and a net profit attributable to the parent company of 121 million yuan, down 8.48% [1] - The company's return on equity was 4.53%, a decrease of 0.73 percentage points year-on-year, indicating financial strain [1] - The decline in visitor numbers directly impacted the core revenue streams, with a total of 2.0952 million visitors recorded, a 6.5% decrease compared to the previous year [1] Revenue Breakdown - The mountain ticket business generated revenue of 122 million yuan, down 9.53% year-on-year, while the cable car business brought in 185 million yuan, a decrease of 7.51% [2] - Despite maintaining a high gross margin of 79.45%, the cable car business experienced a decline of 3.58% compared to the same period last year [2] New Business Challenges - The hotel business reported revenue of 82.7253 million yuan, a decline of 12.13%, while other sectors, including tea, smart tourism, and performances, generated 66.9447 million yuan, down 15% [4] - The "Only Emei Mountain" cultural performance project has not only failed to become a new profit growth point but has also increased the company's financial burden, with revenue of only 5.399 million yuan [5] - The project incurred a loss of 16.1383 million yuan, despite a reduction in losses compared to the previous year [5] - The company borrowed 536 million yuan for the project, with an outstanding balance of 493 million yuan as of June 30, 2025 [6] - The project was suspended on June 15 due to severe setbacks in its initial incubation and promotion efforts [7]

Core Viewpoint - The performance of Emei Mountain A has significantly declined in various financial metrics, with core business areas facing challenges due to decreased visitor numbers and unsuccessful new business ventures [1][4]. Financial Performance - For the first half of 2025, Emei Mountain A reported operating revenue of 457 million yuan, a year-on-year decrease of 10.07% [1]. - The net profit attributable to the parent company was 121 million yuan, down 8.48% year-on-year [1]. - The return on equity was 4.53%, a decline of 0.73 percentage points compared to the previous year [1]. Core Business Analysis - The main revenue drivers for Emei Mountain A are ticket sales and cable car services, which together account for nearly 70% of total revenue [2]. - Visitor numbers to the Emei Mountain scenic area reached 2.0952 million, a decrease of 6.5% year-on-year, directly impacting ticket and cable car revenue [2]. - Revenue from ticket sales was 122 million yuan, down 9.53% year-on-year, while cable car revenue was 185 million yuan, a decline of 7.51% [2]. - Despite maintaining a high gross margin of 79.45% for the cable car business, this figure decreased by 3.58% compared to the previous year [2]. New Business Ventures - The new business initiative "Only Emei Mountain" has not only failed to generate profit but has also increased the company's financial burden [4]. - Revenue from the hotel business was 82.73 million yuan, down 12.13% year-on-year, while other businesses, including tea, smart tourism, and performances, generated 66.94 million yuan, a decline of 15% [4]. - The "Only Emei Mountain" cultural performance project reported revenue of only 5.40 million yuan, with the operating entity incurring a loss of 16.14 million yuan [4][5]. - The company has borrowed 536 million yuan for the project, with an outstanding balance of 493 million yuan as of June 30, 2025 [5].

| 2025 | 峨眉山旅游股份有限公司 | 年半年度报告摘要 | | | --- | --- | --- | --- | | 证券代码：000888 证券简称：峨眉山Ａ | | 公告编号：2025-46 | | | 2025 峨眉山旅游股份有限公司 年半年度报告摘要 | | | | | | | 峨眉山旅游股份有限公司 | 2025 年半年度报 | | 告摘要 | | | | | 一、重要提示 | | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 | | | | | 资者应当到证监 | | | | | 会指定媒体仔细阅读半年度报告全文。 | | | | | 所有董事均已出席了审议本报告的董事会会议。 | | | | | 非标准审计意见提示 | | | | | □适用 ?不适用 | | | | | 董事会审议的报告期利润分配预案或公积金转增股本预案 | | | | | □适用 ?不适用 | | | | | 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | | | | | 董事会决议通过的本报告期优先股利润分配预案 | | | | | □适用 ? ...

一、财务资助基本情况 证券代码：000888 证券简称：峨眉山A 公告编号：2025-44 （一）5000 万元财务资助 峨眉山旅游股份有限公司关于为 为保障"只有峨眉山"剧场演艺项目日常运营，经峨眉山旅 游股份有限公司（以下简称"公司"）2022 年 12 月第五届董事 会第一百二十四次会议、2023 年 1 月第一次临时股东大会表决 通过，同意公司对峨眉山云上旅游投资有限公司（以下简称"云 上旅投"）提供不超过人民币五千万元的财务资助，财务资助期 限以第一个实际提款日起算不超过 6 年，财务资助利率按"同期 中国人民银行贷款基准利率"执行（详见《关于对控股子公司提 供财务资助暨关联交易的公告》，公告编号：2022-61）。为防范 风险，峨眉山旅游投资开发（集团）有限公司、四川旅投航空旅 游有限责任公司就本次财务资助事宜按照出资比例提供连带责 任担保，四川省锦弘集团有限责任公司因正在推进重组整合，不 能对云上旅投作财务担保或财务资助。 控股子公司提供财务资助的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 三、风险提示及公司采取的措施 公司已成立专 ...