Core Viewpoint - Many scenic spots in China are implementing free admission policies for shareholders and even all visitors to address declining profits and reliance on single ticket revenue, aiming to boost secondary consumption and diversify income sources [4][6][8]. Group 1: Free Admission Policies - Emei Mountain A (000888.SZ) announced a shareholder reward program from December 1, 2025, to January 31, 2026, allowing eligible shareholders to enter the scenic area for free, with accompanying family members receiving a 50% discount on adult tickets [4]. - Huangshan Tourism (600054.SH) also offered free admission to eligible shareholders from November 22 to November 30, 2025, for its scenic areas [4]. - Other scenic spots, such as Lingyin Feilai Peak and Chaka Salt Lake, are providing free admission to all visitors starting December 1, 2025, to attract more tourists [5]. Group 2: Financial Performance - Emei Mountain A reported a revenue of approximately 733 million yuan for the first three quarters, a year-on-year decrease of 9.06%, with a net profit of about 234 million yuan, down 3.98% [7]. - Huangshan Tourism's third-quarter revenue was 595 million yuan, a year-on-year increase of 3.05%, but its total profit decreased by 13.65%, with a net profit decline of 17.17% [7]. - For the first three quarters, Huangshan Tourism's revenue was 1.535 billion yuan, up 8.75%, but its net profit fell by 11.02% [7]. Group 3: Shift in Revenue Strategy - The tourism industry traditionally relies heavily on ticket sales, which are subject to seasonal fluctuations, leading to income instability [8]. - By eliminating ticket barriers, scenic spots aim to increase visitor numbers, thereby enhancing secondary consumption in areas such as dining, accommodation, and shopping [8]. - The strategy of offering free admission is seen as a way to improve revenue diversification and strengthen shareholder loyalty, potentially attracting new investors [8].