Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's main business, cableway operations, has shown significant improvement in operational efficiency, and it is actively expanding into new business areas to seek additional growth [7] - The company is expected to achieve revenue of 7.31 billion, 8.04 billion, and 8.80 billion yuan for the years 2025 to 2027, representing year-on-year growth of 5.5%, 10.0%, and 9.5% respectively [7] - The forecasted net profit for the same period is 1.80 billion, 2.10 billion, and 2.44 billion yuan, with year-on-year growth rates of 26.5%, 16.8%, and 16.1% respectively [7] Financial Performance Summary - For 1H2025, the company reported revenue of 292 million yuan, a year-on-year decrease of 6.16%, and a net profit of 68 million yuan, down 11.49% year-on-year [7] - The gross margin for 1H2025 was 59.48%, an increase of 0.24 percentage points year-on-year, while the net profit margin was 23.11%, a decrease of 1.39 percentage points year-on-year [7] - The company’s revenue from cableway operations was 229 million yuan, accounting for 78.21% of total revenue, with a gross margin of 71.28%, up 0.86 percentage points year-on-year [7] Earnings Forecast - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.01 yuan, 1.18 yuan, and 1.37 yuan respectively [6] - The price-to-earnings (PE) ratios for the years 2025, 2026, and 2027 are expected to be 15.5, 13.3, and 11.4 respectively [6] - The return on equity (ROE) is forecasted to be 12.1%, 12.8%, and 13.5% for the years 2025, 2026, and 2027 respectively [6]

峨眉山旅游股份有限公司 2025 年半年度财务报告 （股票代码：000888） 董事长：许拉弟 一、审计报告 半年度报告是否经过审计 □是 ?否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 编制单位：峨眉山旅游股份有限公司 单位：元 项目 期末余额 期初余额 流动资产： 货币资金 1,650,895,225.12 1,512,310,989.03 结算备付金 拆出资金 交易性金融资产 496,500.00 496,500.00 衍生金融资产 应收票据 应收账款 50,536,776.72 45,319,098.83 应收款项融资 预付款项 6,971,944.80 5,109,096.96 应收保费 应收分保账款 应收分保合同准备金 其他应收款 9,092,248.32 6,447,451.37 其中：应收利息 应收股利 买入返售金融资产 存货 40,659,108.59 39,597,743.35 其中：数据资源 合同资产 789,529.25 934,849.27 持有待售资产 一年内到期的非流动资产 其他流动资产 6,863,148.50 1,803,292.61 流动资产合 ...