长白山今年以来股价涨9.21%，近5个交易日跌3.06%，近20日跌4.69%，近60日跌1.10%。 今年以来长白山已经1次登上龙虎榜，最近一次登上龙虎榜为11月5日，当日龙虎榜净买入-6961.51万 元；买入总计1.31亿元 ，占总成交额比7.61%；卖出总计2.00亿元 ，占总成交额比11.66%。 资料显示，长白山旅游股份有限公司位于吉林省长白山保护开发区池北区(白林西区和平街)，成立日期 2010年12月8日，上市日期2014年8月22日，公司主营业务涉及旅游服务业,包括旅游客运、旅行社及温 泉水开发、利用业务。主营业务收入构成为：旅游客运业务66.82%，酒店业务24.09%，其他业务 6.82%，旅行社业务2.28%。 长白山所属申万行业为：社会服务-旅游及景区-自然景区。所属概念板块包括：在线旅游、冰雪产业、 网约车概念、旅游酒店、东北振兴等。 12月26日，长白山盘中上涨2.02%，截至13:24，报45.91元/股，成交2.51亿元，换手率2.07%，总市值 125.04亿元。 资金流向方面，主力资金净流入435.73万元，特大单买入396.21万元，占比1.58%，卖出286.71万元 ...

Investment Rating - The report assigns an "Accumulate" rating for Changbai Mountain (603099) for the first time [1]. Core Views - The company is positioned as a leading comprehensive tourism service provider in China, focusing on ice and snow tourism, leveraging its unique natural resources and improving transportation infrastructure to enhance visitor capacity and revenue [6][12][54]. Summary by Sections 1. Company Overview - Changbai Mountain operates in tourism transportation and hotel management, established in 2010 and listed in 2014, with a focus on integrating tourism resources and developing ice and snow tourism [12][18]. - In 2024, the main scenic area received 3.409 million visitors, a year-on-year increase of 24.1%, with revenue reaching 743.2 million yuan, up 19.8% year-on-year [12][18]. 2. High Demand in Tourism - The leisure tourism market is experiencing high demand, with domestic travel increasing significantly. In 2024, domestic travel volume reached 5.615 billion, a 15% increase year-on-year [46]. - Policies are supporting the growth of the ice and snow tourism sector, with projections for 5.2 billion visitors and over 630 billion yuan in revenue during the 2024-2025 winter season [54][62]. 3. Transportation Improvements - Transportation enhancements, including the opening of the Shenbai high-speed railway and the new terminal at Baishan Changbai Mountain Airport, are expected to boost visitor numbers significantly [6][54]. - The company is developing new projects, such as the second phase of the volcanic hot spring resort, which is projected to generate annual revenue of 120 million yuan upon completion [6][54]. 4. Financial Analysis - The report forecasts the company's net profit for 2025-2027 to be 1.576 billion, 1.919 billion, and 2.259 billion yuan, respectively, with corresponding P/E ratios of 84, 69, and 59 [1][6]. - Revenue is expected to grow from 806.46 million yuan in 2025 to 1.0046 billion yuan in 2027, reflecting a compound annual growth rate [1][6]. 5. Investment Recommendations - Given the company's unique positioning in the ice and snow tourism market, rapid visitor growth, and significant capacity expansion potential, the report suggests a valuation premium and recommends an "Accumulate" rating [1][6].

Company Overview - Changbai Mountain Tourism Co., Ltd. is located in the Changbai Mountain Protection and Development Zone, Jilin Province, and was established on December 8, 2010. The company was listed on August 22, 2014. Its main business involves tourism services, including passenger transport, travel agency services, and hot spring water development and utilization [1][2]. Financial Performance - For the period from January to September 2025, Changbai Mountain achieved operating revenue of 636 million yuan, representing a year-on-year growth of 6.99%. The net profit attributable to the parent company was 149 million yuan, with a year-on-year increase of 1.05% [2]. - Since its A-share listing, Changbai Mountain has distributed a total of 144 million yuan in dividends, with 42.53 million yuan distributed over the past three years [3]. Stock Performance - As of December 2, Changbai Mountain's stock price increased by 2.15%, reaching 51.68 yuan per share, with a trading volume of 471 million yuan and a turnover rate of 3.47%. The total market capitalization is 14.075 billion yuan [1]. - Year-to-date, the stock price has risen by 22.94%, with a 3.09% increase over the last five trading days, a 10.76% decrease over the last 20 days, and an 8.14% increase over the last 60 days [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Changbai Mountain was 45,900, an increase of 25.35% from the previous period. The average number of circulating shares per person was 5,814, a decrease of 20.23% [2][3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the fourth largest shareholder, holding 2.7464 million shares, an increase of 1.7474 million shares from the previous period. Other notable shareholders include various ETFs focused on tourism and the broader market [3]. Market Position - Changbai Mountain is classified under the Shenyin Wanguo industry category of social services, specifically in tourism and scenic areas, and is associated with concepts such as ride-hailing, revitalization of Northeast China, and state-owned enterprise reform [2].

Core Viewpoint - Xiyu Tourism's stock price has shown fluctuations, with a recent increase of 2.00% and a year-to-date increase of 3.81%, despite a decline over the past 60 days [1][2]. Financial Performance - For the period from January to September 2025, Xiyu Tourism achieved operating revenue of 286 million yuan, representing a year-on-year growth of 6.20%. However, the net profit attributable to shareholders decreased by 14.51% to approximately 98.58 million yuan [2]. - The company has distributed a total of 108 million yuan in dividends since its A-share listing, with 93 million yuan distributed over the past three years [3]. Shareholder Information - As of November 20, 2025, the number of shareholders for Xiyu Tourism was 26,700, a decrease of 7.65% from the previous period. The average circulating shares per person increased by 8.28% to 5,812 shares [2]. - Notable changes in institutional holdings include an increase in shares held by the Fortune China Securities Tourism Theme ETF, which now holds 1.8567 million shares, and the entry of Hong Kong Central Clearing Limited as a new shareholder with 982,100 shares [3]. Business Overview - Xiyu Tourism, established on January 18, 2001, and listed on August 6, 2020, is primarily engaged in the development and operation of tourism resources. Its main business segments include tourism passenger transport (64.81%), cableway transportation (13.16%), and sightseeing boat services (11.36%) [2]. - The company operates within the social services sector, specifically in tourism and scenic areas, and is associated with concepts such as low-altitude economy, state-owned enterprise reform, and Xinjiang revitalization [2].

Core Viewpoint - Changbai Mountain's stock experienced a decline of 3.22% on November 20, with a trading volume of 872 million yuan, indicating potential market volatility and investor sentiment concerns [1] Financing Summary - On November 20, Changbai Mountain had a financing buy-in amount of 82.41 million yuan and a financing repayment of 78.71 million yuan, resulting in a net financing buy of 3.70 million yuan [1] - As of November 20, the total financing and securities lending balance for Changbai Mountain was 388 million yuan, with the financing balance of 387 million yuan accounting for 2.79% of the circulating market value, which is above the 90th percentile of the past year [1] - The securities lending aspect showed no shares were repaid or sold on November 20, with a remaining securities lending volume of 16,500 shares and a balance of 858,000 yuan, also above the 90th percentile of the past year [1] Business Performance Summary - As of September 30, the number of shareholders for Changbai Mountain reached 45,900, an increase of 25.35%, while the average circulating shares per person decreased by 20.23% to 5,814 shares [2] - For the period from January to September 2025, Changbai Mountain reported an operating income of 636 million yuan, a year-on-year increase of 6.99%, and a net profit attributable to the parent company of 149 million yuan, up 1.05% year-on-year [2] - Since its A-share listing, Changbai Mountain has distributed a total of 144 million yuan in dividends, with 42.53 million yuan distributed over the past three years [2] Institutional Holdings Summary - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder of Changbai Mountain, holding 2.7464 million shares, an increase of 1.7474 million shares from the previous period [2] - The top five circulating shareholders also included the Fortune CSI Tourism Theme ETF and the Southern CSI 1000 ETF, with notable changes in their holdings [2]

Core Viewpoint - Changbai Mountain's stock price has shown fluctuations, with a year-to-date increase of 15.61% but a recent decline of 7.71% over the past five trading days [1] Company Overview - Changbai Mountain Tourism Co., Ltd. is located in Jilin Province and was established on December 8, 2010, with its listing date on August 22, 2014 [1] - The company's main business includes tourism services, with revenue composition as follows: 66.82% from tourism transportation, 24.09% from hotel operations, 6.82% from other businesses, and 2.28% from travel agency services [1] Financial Performance - For the period from January to September 2025, Changbai Mountain achieved an operating income of 636 million yuan, representing a year-on-year growth of 6.99%, and a net profit attributable to shareholders of 149 million yuan, up 1.05% year-on-year [2] - Since its A-share listing, the company has distributed a total of 144 million yuan in dividends, with 42.53 million yuan distributed over the past three years [2] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 25.35% to 45,900, with an average of 5,814 circulating shares per person, a decrease of 20.23% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings from some shareholders [3]

Core Insights - Xiyu Tourism's stock price decreased by 2.02% on November 12, trading at 38.39 CNY per share with a total market capitalization of 5.95 billion CNY [1] - The company has experienced a year-to-date stock price increase of 10.06%, but has seen declines of 5.26% over the last five trading days, 4.98% over the last 20 days, and 10.09% over the last 60 days [1] - For the period from January to September 2025, Xiyu Tourism reported a revenue of 286 million CNY, reflecting a year-on-year growth of 6.20%, while net profit attributable to shareholders decreased by 14.51% to 98.58 million CNY [2] Financial Performance - The company has cumulatively distributed 108 million CNY in dividends since its A-share listing, with 93 million CNY distributed over the last three years [3] - As of September 30, 2025, the top ten circulating shareholders include notable entities such as the Fortune China Securities Tourism Theme ETF, which increased its holdings by 64.51 million shares [3] Business Overview - Xiyu Tourism, established on January 18, 2001, and listed on August 6, 2020, focuses on tourism resource development and operations, including services such as tourist transportation, cable car sightseeing, boat tours, hot spring hotels, and travel agencies [2] - The company's revenue composition is primarily from tourist transportation (64.81%), followed by cable car transportation (13.16%), boat tours (11.36%), and other services [2]

Core Viewpoint - Xiyu Tourism's stock price has shown fluctuations with a year-to-date increase of 13.25%, while facing a decline of 12.59% over the past 60 days, indicating volatility in market performance [2][3]. Financial Performance - For the period from January to September 2025, Xiyu Tourism reported a revenue of 286 million yuan, reflecting a year-on-year growth of 6.20%. However, the net profit attributable to shareholders decreased by 14.51% to approximately 98.58 million yuan [3]. - The company has distributed a total of 108 million yuan in dividends since its A-share listing, with 93 million yuan distributed over the past three years [4]. Stock Market Activity - As of November 10, Xiyu Tourism's stock price was 39.50 yuan per share, with a market capitalization of 6.123 billion yuan. The trading volume was 2.19 billion yuan, with a turnover rate of 3.63% [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 38.63 million yuan on August 8, contributing to a total buying of 152 million yuan, which accounted for 12.99% of total trading volume [2]. Shareholder Structure - As of October 20, the number of shareholders for Xiyu Tourism increased to 26,200, with an average of 5,924 circulating shares per person, a decrease of 1.32% [3]. - Notable changes in institutional holdings include the entry of Hong Kong Central Clearing Limited as a new major shareholder, holding 982,100 shares, while the 富国中证旅游主题ETF has increased its holdings to 1.8567 million shares [4].

Core Viewpoint - Xiyu Tourism, established in 2001 and listed in 2020, is the only tourism company in Xinjiang with core scenic resource development rights, focusing on various tourism services [1] Group 1: Business Overview - Xiyu Tourism's main business includes tourism resource development and operations, covering areas such as passenger transport, cable car sightseeing, boat tours, hot spring hotels, and travel agency services [1] - The company is categorized under the social services sector, specifically in tourism and scenic areas, with concepts including ice and snow industry, online tourism, and tourism hotel fusion [1] Group 2: Financial Performance - For Q3 2025, Xiyu Tourism reported revenue of 286 million yuan, ranking 11th in the industry, below the industry average of 563 million yuan and median of 503 million yuan [2] - The main revenue sources include passenger transport (64.81%), cable car transport (13.16%), and boat tours (11.36%) [2] - The net profit for the same period was 96.44 million yuan, ranking 8th in the industry, also below the industry average of 122 million yuan and median of 146 million yuan [2] Group 3: Financial Ratios - As of Q3 2025, Xiyu Tourism's debt-to-asset ratio was 27.64%, lower than the industry average of 31.00% [3] - The gross profit margin was 56.13%, higher than the industry average of 45.62% [3] Group 4: Management and Shareholder Structure - The total compensation for General Manager Li Xinping was 550,500 yuan in 2024, an increase of 89,900 yuan from 2023 [4] - The controlling shareholder is Xinjiang Cultural Tourism Investment Group, with the actual controller being the State-owned Assets Supervision and Administration Commission of Xinjiang [4] Group 5: Shareholder Dynamics - As of September 30, 2025, the number of A-share shareholders increased by 40.32% to 25,800 [5] - The average number of shares held per shareholder decreased by 28.73% to 6,003.56 [5] - Notable changes in the top ten circulating shareholders include an increase in holdings by the Fortune China Securities Tourism Theme ETF and the entry of Hong Kong Central Clearing Limited as a new shareholder [5] Group 6: Future Outlook - The company is expected to become a quality resource integration platform for Xinjiang's cultural tourism, with projected net profits of 105 million, 134 million, and 163 million yuan for 2025, 2026, and 2027 respectively [5]

Company Overview - Changbai Mountain announced the convening of its fifth board meeting on October 28, 2025, via telecommunication to review the third quarter report for 2025 [1] - As of the report, the market capitalization of Changbai Mountain is 13.7 billion yuan [1] Revenue Composition - For the first half of 2025, the revenue composition of Changbai Mountain is as follows: - Tourism transportation revenue accounts for 66.82% - Hotel revenue accounts for 24.09% - Other industries account for 6.82% - Travel agency revenue accounts for 2.28% [1]