Core Viewpoint - The report indicates a significant decline in the financial performance of Changbai Mountain Tourism Co., Ltd. for the first half of 2025, with a notable drop in revenue and net profit compared to the same period in the previous year [2][5]. Financial Performance Summary - The company's operating revenue for the first half of 2025 was approximately 235.48 million yuan, a decrease of 7.44% from 254.41 million yuan in the same period last year [2][5]. - The total profit for the period was 348,003.26 yuan, down 98.76% from 28.07 million yuan in the previous year [2][5]. - The net profit attributable to shareholders was -2.05 million yuan, representing a decline of 109.75% compared to 21.03 million yuan in the previous year [2][5]. - The net cash flow from operating activities was 8.17 million yuan, a decrease of 18.38% from 10.01 million yuan in the previous year [2][5]. Business Operations Overview - The company holds exclusive operating rights for transportation within three scenic areas of Changbai Mountain, focusing on visitor transport, vehicle rentals, and parking management [3][5]. - The company has expanded its services to include ride-hailing, charter services, and intercity bus lines connecting scenic areas to towns and airports [3][5]. - The company operates the Juylong Hot Spring with an annual production capacity of 180,000 cubic meters of natural volcanic spring water [3][5]. - The Changbai Mountain Crown Holiday Hotel, in collaboration with InterContinental Hotels Group, began operations in December 2016, offering various hospitality services [3][5]. Industry Context - The domestic tourism industry showed growth in the first half of 2025, with a 20.6% increase in the number of trips taken by residents, totaling 3.285 billion trips, and a 15.2% increase in spending, reaching 315 billion yuan [3][5]. - Changbai Mountain is recognized for its rich ecological resources and cultural heritage, positioning it as a significant tourist destination in Northeast China [5][6].