三特索道为稀缺的全国性运营景区公司，在全国9 个省（自治区）运营景区与索道项目，并配套酒店、 温泉等多业态。2024 年，公司旗下贵州梵净山、华山索道、海南猴岛等7 个项目实现盈利，合计盈利 2.78 亿元，亏损项目仅4 个。 2026 年春节假期前8 天，公司旗下景区接待游客量及营业收入分别同比增长18.19%、11.62%，主力项 目均实现同比增长。2026 年公司持续享受国内旅游市场的高景气红利，且目前公司股权问题理顺去包 袱&项目新增改造开新章，有望带来利润及估值双击。 股权问题理顺去包袱 此前，公司受当代系债务危机及自身亏损项目影响，利润及估值均受拖累。2023 年6 月，武汉高科取代 当代城建成为公司控股股东，公司实控人变更为武汉东湖高新区管委会，截至2025/9/19，武汉高科及 其一致行动人合计持股23.77%，当代系持股21.79%。目前公司股权结构已理顺，后续国资继续增持概 率较大。2017 年以来，公司陆续处理亏损、抵消项目，资产负债率显著下降，19.28%（25 年前三季 度）vs 67.49%（2017 年）；净利润大幅提升，1.42 亿元（2024 年）vs 0.11 亿元（201 ...

Core Viewpoint - The company is undergoing a transformation from a traditional transportation service to an immersive tourism experience, driven by the strategic support of state-owned assets and innovative management practices [4][5][9]. Financial Performance - In 2024, despite a 3.69% decline in revenue, the company's net profit reached 142 million yuan, marking an 11.34% increase year-on-year, showcasing strong profitability resilience [5][8]. - The financial expenses decreased by nearly 12 million yuan, and the company's debt level was effectively controlled, with the asset-liability ratio dropping to 21.22%, a historical low [5][8]. Business Operations - The company has successfully upgraded its existing projects, such as the Guizhou Fanjing Mountain cableway, which now features NPC interactive performances, enhancing the visitor experience [7][9]. - The Zhuhai Scenic Mountain cableway has also transformed by integrating entertainment elements, achieving double-digit growth in visitor numbers, revenue, and net profit in the first half of 2025 [7][8]. Management Efficiency - The company has optimized its organizational structure and implemented refined management practices, resulting in a 2% increase in operating costs while management expenses decreased by 9.5% in 2024 [8][9]. - A diversified product matrix has been established, covering cableway transportation, sightseeing, experiential participation, accommodation, and cultural services, effectively meeting diverse visitor needs [8][9]. Strategic Direction - The company is focusing on a dual-core strategy of "cableway main business + ecological tourism," aiming to become a comprehensive operator of ecological theme parks [9][10]. - Plans include the intelligent upgrade of key cableway projects and the expansion of light asset output models to provide management and technical services to third-party scenic spots [9][10]. Cultural and Technological Integration - The company is leveraging cultural IP values from project locations and integrating advanced technologies like AI and XR into tourism experiences, exemplified by the immersive show at Hainan Nanwan Monkey Island [10][11]. - Recent initiatives have led to significant online engagement, with the Qiandao Lake project achieving nearly 100 million online impressions through art exhibitions, enhancing visitor rates [11].