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峨眉山A:9月15日召开董事会会议
Mei Ri Jing Ji Xin Wen· 2025-09-17 09:04
每经AI快讯,峨眉山A9月17日晚间发布公告称,公司第五届第一百四十九次董事会会议于2025年9月15 日以通讯表决的方式召开。会议审议了《关于修订〈峨眉山旅游股份有限公司总经理办公会议事规则〉 的议案》等文件。 (记者 王晓波) 截至发稿,峨眉山A市值为78亿元。 每经头条(nbdtoutiao)——海拔4306米现"秦始皇密令",获官方"身份认定"!古文字学家刘钊:秦人 寻仙采药足迹确至青藏高原 2025年1至6月份,峨眉山A的营业收入构成为:客运索道占比40.48%,游山门票占比26.78%,宾馆酒 店服务业占比18.1%,其他占比6.42%,茶业收入占比6.0%。 ...
峨眉山A(000888):客流回落营收承压 业务优化盈利改善
Xin Lang Cai Jing· 2025-08-14 08:39
Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to a decrease in visitor numbers, but managed to improve profitability in the second quarter through cost reduction and efficiency enhancement [1][2]. Group 1: Financial Performance - Total revenue for H1 2025 was 457 million yuan, a decrease of 10% year-on-year, while net profit attributable to shareholders was 121 million yuan, down 8% [1]. - In Q2 2025, total revenue was 231 million yuan, a decrease of 9% year-on-year, but net profit increased by 7% to 62 million yuan [1]. - The company's gross margin for H1 2025 decreased by 2 percentage points to 48.07%, while Q2 gross margin improved by 1 percentage point to 49.20% [2]. Group 2: Operational Adjustments - The company experienced a decline in revenue from key segments: mountain tickets, cable car services, and hotel services decreased by 10%, 8%, and 12% respectively [3]. - The company has suspended the loss-making performance project "Only Emei Mountain" to improve profitability [3]. - The completion of the Golden Summit cable car expansion is expected by the end of 2025, which will enhance the tourist capacity of the scenic area [3]. Group 3: Future Outlook - The company is actively pursuing scenic area adjustments and has seen improved profitability in Q2 2025 [4]. - With traffic optimization and the completion of the cable car renovation, the tourist capacity is expected to gradually expand [4]. - The company is also focusing on developing new projects in tea and travel services, which may contribute to future revenue growth [4].
峨眉山A(000888):公司事件点评报告:客流回落营收承压,业务优化盈利改善
Huaxin Securities· 2025-08-14 08:15
Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [7]. Core Insights - The company experienced a decline in revenue due to a drop in visitor traffic, but has implemented business optimizations that have led to improved profitability [5][6]. - The company reported a total revenue of 457 million yuan for H1 2025, a decrease of 10% year-on-year, with a net profit of 121 million yuan, also down by 8% [4]. - The company is actively adjusting its operations, including the suspension of a loss-making performance project, which has contributed to a slight increase in gross margin [5][6]. Summary by Sections Financial Performance - In H1 2025, the company's gross margin decreased by 2 percentage points to 48.07%, while in Q2 2025, it increased by 1 percentage point to 49.20% [5]. - The company’s sales expense ratio remained stable, while the management expense ratio increased by 1 percentage point to 14.92% [5]. Business Adjustments - Revenue from core business segments such as mountain tickets, cable cars, and hotel services decreased by 10%, 8%, and 12% respectively, primarily due to reduced visitor traffic [6]. - The company has halted the performance project "Only Emei Mountain" to mitigate losses, and the upgrade of the Golden Summit cable car is expected to be completed by the end of 2025, enhancing visitor capacity [6]. Earnings Forecast - The company is expected to see gradual improvement in performance due to ongoing adjustments and the anticipated completion of infrastructure projects [7]. - EPS forecasts for 2025-2027 are projected at 0.50, 0.56, and 0.61 yuan respectively, with corresponding PE ratios of 27, 25, and 23 times [7].
峨眉山A(000888):暂停演艺项目优化资源配置,金顶索道扩建稳步推进
Guoxin Securities· 2025-08-11 03:39
Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][17] Core Views - The company experienced a revenue decline of 10.07% year-on-year in the first half of 2025, with total revenue of 457 million yuan and a net profit of 121 million yuan, which improved by 8.48% year-on-year [1][2] - The company is focusing on optimizing resource allocation by pausing its performing arts projects and steadily advancing the expansion of the Jinding cableway, which is expected to double its capacity by the end of 2025 [2][4] - The company’s core business revenue, primarily from mountain tickets and passenger cable cars, saw declines of 9.53% and 7.51% respectively, while the hotel business revenue dropped by 12.13% [2][4] Summary by Sections Financial Performance - In the first half of 2025, the company reported a gross margin of 48.07%, a decrease of 1.53 percentage points year-on-year, but the second quarter saw an improvement to 49.20%, up 1.38 percentage points year-on-year due to the suspension of performing arts projects [3][4] - The company’s net profit for 2025 is projected to be 262 million yuan, with a corresponding PE ratio of 28x [5][4] Visitor Statistics - The number of visitors to the Emei Mountain scenic area decreased by 6.5% year-on-year to 2.0952 million in the first half of 2025, impacting core business revenue [2][4] Future Outlook - The company has adjusted its visitor growth forecast to -0.5% for 2025, with revenue growth projections revised to -3.0% for 2025 and 7.8% for 2026 [4][5] - The strategic focus on the Jinding cableway expansion is expected to enhance reception capacity and open up new profit avenues [4][2]
峨眉山上半年客流量少了近15万
Xin Lang Cai Jing· 2025-08-08 08:40
Core Viewpoint - Emei Mountain Tourism Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the tourism sector and the impact of decreased visitor numbers on core business operations [2][3]. Financial Performance - The company's revenue for the first half of 2025 was approximately 457 million yuan, a year-on-year decrease of 10.07%, equating to a reduction of about 51.16 million yuan [2]. - The net profit attributable to shareholders was around 121 million yuan, down 8.48% year-on-year [2]. - The net profit after deducting non-recurring items was approximately 119 million yuan, reflecting a decrease of 9.65% [2]. Visitor Statistics - As of June 30, 2025, the Emei Mountain scenic area received 2.0952 million visitors, a decline of 6.5%, which translates to a loss of approximately 145,900 visitors [2]. Core Business Revenue Breakdown - Revenue from mountain ticket sales was about 122 million yuan, down 9.53% year-on-year [2]. - Revenue from the cable car business was approximately 185 million yuan, a decrease of 7.51% [2]. - Revenue from hotel services was around 82.73 million yuan, reflecting a decline of 12.13% [2]. Other Business Segments - Revenue from tea, smart tourism, and performance-related businesses totaled approximately 66.94 million yuan, down 15% year-on-year [3]. - The performance project "Only Emei Mountain" was suspended on June 15, 2025, with the associated company reporting a revenue of 8.47 million yuan and a net loss of 16.14 million yuan [3]. Project Performance - The "Only Emei Mountain" project has consistently reported losses since its inception, with net profits from 2020 to 2024 being -60.58 million yuan, -74.62 million yuan, -95.39 million yuan, -228 million yuan, and -124 million yuan respectively [3][4]. Industry Outlook - The domestic tourism industry showed steady growth in the first half of 2025, with both domestic and inbound tourism increasing [5]. - However, consumers are becoming more rational, favoring cost-effective travel options, leading to a slowdown in per capita spending growth [5]. - The company plans to develop a work plan for the second half of the year to achieve its annual targets and promote high-quality development in tourism [5].
收入减少5115万,峨眉山遇冷,14万游客量流失,投资超8亿的演出项目停摆
3 6 Ke· 2025-08-08 07:44
Core Viewpoint - Emei Mountain A (000888.SZ), the first tourism listed company in Southwest China, reported a decline in visitor numbers and revenue in its mid-year report, highlighting challenges in its core business and the underperformance of its new economic growth project, the performance show "Only Emei Mountain" [1][4][16]. Financial Performance - As of June 30, 2025, Emei Mountain A received 2.0952 million visitors, a decrease of 145,900 visitors or 6.5% year-on-year [1]. - The company achieved an operating income of 457 million yuan, down 51.156 million yuan or 10.07% compared to the previous year [1]. - The net profit attributable to the parent company was 121 million yuan, a year-on-year decline of 8.48% [1]. Revenue Breakdown - The main revenue sources for Emei Mountain A include mountain ticket sales, cable car services, and hotel services, contributing approximately 122 million yuan, 185 million yuan, and 83 million yuan respectively, accounting for 26.78%, 40.48%, and 18.10% of total revenue [1]. - All three core business segments experienced declines compared to the same period in 2024, with decreases of 9.53%, 7.51%, and 12.13% respectively [1]. Performance of "Only Emei Mountain" - The performance project "Only Emei Mountain," operated by Emei Mountain Cloud Tourism Investment Co., Ltd. (cloud travel investment), generated revenue of 8.4658 million yuan but incurred a net loss of 16.1383 million yuan [1][4]. - The project was suspended on June 15, 2025, with no tickets currently available for purchase [3][4]. Financial Strain and Debt - The total investment in the "Only Emei Mountain" project was 819 million yuan, with Emei Mountain A holding a 40% stake [6]. - The company took out a loan of 560 million yuan in September 2020, with a repayment deadline of December 5, 2036, and currently owes 493 million yuan [6][7]. - Emei Mountain A has provided financial support of 3.7545 million yuan to cloud travel investment for employee salaries and other expenses [7]. Historical Losses - Cloud travel investment has reported continuous losses since its inception, with cumulative losses exceeding 600 million yuan over six years [9]. - The company recorded asset impairment losses of over 74.2 million yuan in 2024, primarily due to ongoing losses from cloud travel investment [12]. Market Comparison - Unlike other successful performance projects such as "Impression Lijiang," which reported significant revenues and profits, "Only Emei Mountain" has struggled due to misalignment in project positioning and a lack of content updates [13][14]. - The project has been criticized for its high costs and low revenue potential, leading to a challenging financial situation [15].
中国银河:给予峨眉山A买入评级
Zheng Quan Zhi Xing· 2025-08-07 23:44
Core Viewpoint - The report indicates that Emei Mountain A's performance in the first half of 2025 is under pressure due to a decline in visitor numbers, but there are future opportunities for expansion in tourist capacity and new business developments [1][2][3]. Financial Performance - In 1H25, Emei Mountain A achieved revenue of 460 million yuan, a year-on-year decrease of 10.1%, and a net profit attributable to shareholders of 120 million yuan, down 8.5% year-on-year [2]. - The second quarter saw revenue of 230 million yuan, a decline of 9.3% year-on-year, but net profit increased by 7.4% to 60 million yuan [2]. - Visitor numbers to the Emei Mountain scenic area fell to 2.095 million, a decrease of 6.5% year-on-year, primarily attributed to weather factors [2]. Revenue Breakdown - Revenue from mountain ticket sales was 122 million yuan, down 9.5% year-on-year; cable car services generated 185 million yuan, down 7.5% [2]. - Hotel revenue decreased by 12.1% to 83 million yuan, impacted by reduced accommodation demand [2]. - Tea sales revenue fell significantly by 33.9% to 27 million yuan, while performance in the performing arts segment grew slightly by 1.4% to 5.4 million yuan [2]. - Travel agency revenue surged by 52.5% to 4.8 million yuan, benefiting from structural optimization and market expansion [2]. Profitability Metrics - The gross margin for 1H25 was 48.1%, a decline of 1.5 percentage points year-on-year, influenced by reduced margins in key business areas [3]. - The net profit margin improved slightly to 26.5%, up 0.5 percentage points year-on-year, mainly due to increased interest income and reduced financial expenses [3]. Future Outlook - The company is expected to enhance its tourist capacity significantly with ongoing infrastructure developments, including the expansion of the cable car system [3]. - New business initiatives in tea, tea beer, and tourism project development are anticipated to provide additional growth opportunities [3]. - Forecasted net profits for 2025, 2026, and 2027 are 280 million yuan, 300 million yuan, and 320 million yuan, respectively, with corresponding price-to-earnings ratios of 26X, 25X, and 23X [3].
峨眉山A2025年上半年业绩下滑,但第二季度净利润逆势增长
Zheng Quan Zhi Xing· 2025-08-07 22:07
Core Viewpoint - Emei Mountain A (000888) reported a decline in overall performance for the first half of 2025, with a notable improvement in the second quarter, indicating potential recovery trends despite challenges in the tourism sector [2][10]. Financial Performance Overview - Total revenue for the first half of 2025 was 457 million yuan, a year-on-year decrease of 10.07% - Net profit attributable to shareholders was 121 million yuan, down 8.48% year-on-year - Non-recurring net profit was 119 million yuan, a decline of 9.65% year-on-year - In Q2, net profit reached 62.38 million yuan, an increase of 7.35% year-on-year, with non-recurring net profit at 62 million yuan, up 6.73% [2]. Key Financial Metrics - Gross margin for the first half of 2025 was 48.07%, down 3.09% year-on-year - Net margin was 24.3%, an increase of 6.41% year-on-year, indicating effective cost control despite declining gross margin [3]. Expense Control - Total operating expenses (selling, administrative, and financial expenses) amounted to 81.13 million yuan, accounting for 17.75% of revenue, a decrease of 7.04% year-on-year, reflecting improved expense management [4]. Per Share Indicators - Earnings per share (EPS) was 0.23 yuan, down 8.47% year-on-year - Net asset value per share was 4.95 yuan, an increase of 3.64% year-on-year - Operating cash flow per share was 0.30 yuan, up 2.97% year-on-year, indicating stable asset quality and cash flow [5]. Main Business Analysis - Passenger cableway revenue was 185 million yuan, accounting for 40.48% of total revenue, with a high gross margin of 79.45% - Mountain ticket revenue was 122 million yuan, representing 26.78% of total revenue, with a gross margin of 46.47%, likely impacted by a decrease in visitor numbers - Hotel services revenue was 82.73 million yuan, making up 18.10% of total revenue, but with a low gross margin of 5.37%, suggesting a need for operational optimization [6][7][8]. Financial Condition and Cash Flow - Cash and cash equivalents stood at 1.651 billion yuan, a year-on-year increase of 20.27% - Accounts receivable was 50.54 million yuan, down 16.04% year-on-year, indicating improved receivables management - Interest-bearing debt was 501 million yuan, a slight decrease of 0.52% year-on-year, reflecting stable overall debt levels [9]. Development Prospects and Challenges - As a well-known tourism operator in China, Emei Mountain A possesses rich tourism resources and a complete industry chain - However, the company faces challenges from declining visitor numbers and increasing market competition, necessitating enhancements in service quality and business structure optimization - Continued focus on cost control and operational efficiency is essential for ensuring long-term stable profit growth [10].
峨眉山A:上半年峨眉山景区接待游客209.52万人次,同比下降6.5%
Xin Lang Cai Jing· 2025-08-06 14:29
Financial Performance - In the first half of 2025, the company's operating revenue was approximately 457 million yuan, a year-on-year decrease of 10.07% [2] - The net profit attributable to shareholders was about 121 million yuan, down 8.48% year-on-year [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately 119 million yuan, a decrease of 9.65% year-on-year [2] Industry Trends - The domestic tourism industry showed steady growth in the first half of 2025, with both domestic and inbound tourism increasing [2] - Consumer behavior has become more rational, with a preference for higher cost-performance travel options, leading to a slowdown in per capita spending growth [2] Visitor Statistics - The Emei Mountain scenic area received 2.0952 million visitors, a year-on-year decline of 6.5% [3] - Revenue from the mountain ticket business was approximately 122 million yuan, down 9.53% year-on-year [3] - Revenue from the passenger cableway business was about 185 million yuan, a decrease of 7.51% year-on-year [3] - Hotel business revenue was approximately 82.7253 million yuan, down 12.13% year-on-year [3] - Revenue from tea, smart tourism, and performance-related businesses totaled about 66.9447 million yuan, a decline of 15% year-on-year [3] Future Plans - The company plans to carefully research and formulate a work plan and measures for the second half of the year, aiming to achieve annual targets and maintain strategic focus for high-quality development [3]
峨眉山A:8月5日召开董事会会议
Mei Ri Jing Ji Xin Wen· 2025-08-06 10:49
Group 1 - The company Emei Mountain A held its 148th board meeting on August 5, 2025, to review the semi-annual report and its summary [1] - For the year 2024, the revenue composition of Emei Mountain A is as follows: 40.49% from passenger cableway, 27.35% from mountain ticket sales, 17.8% from hotel services, 7.38% from tea industry, and 5.21% from other sources [1] - As of the report date, the market capitalization of Emei Mountain A is 7.4 billion [1]