Group 1 - The latest stock price of Emei Mountain A is 13.87 yuan, up 1.24% from the previous trading day, with a trading volume of 130,405 hands and a transaction amount of 1.79 billion yuan [1] - Emei Mountain A's main business includes scenic area tickets, cableway transportation, hotel services, and tourism services, operating in a UNESCO World Heritage site and a national 5A-level tourist attraction [1] - In the first half of 2025, the company reported revenue of 457 million yuan, a year-on-year decrease of 10.07%, and a net profit of 121 million yuan, down 8.48% year-on-year [1] Group 2 - The number of ticketed visitors to the scenic area was 2.0952 million, a decrease of 6.5% year-on-year [1] - The company's performing arts project "Only Emei Mountain," with a total investment of 819 million yuan, was suspended in June due to continuous losses, with the operating entity reporting a net loss of 16.138 million yuan and being insolvent [1] - On the day of reporting, the net inflow of main funds for Emei Mountain A was 15.1162 million yuan, while there was a net outflow of 45.928 million yuan over the past five days [1]

Core Viewpoint - Lijiang Co., Ltd. (002033.SZ) reported a decline in both revenue and net profit for the first half of 2025, primarily due to adverse weather conditions and the lack of profitability from new projects [2][3] Financial Performance - In H1 2025, Lijiang Co. achieved total revenue of 378 million yuan, a decrease of 1.85% year-on-year [2] - The net profit attributable to shareholders was 94.5 million yuan, down 15.86% compared to the same period last year [3] - The company set a revenue target of 816 million yuan for the entire year of 2025, indicating a year-on-year growth expectation [2] Business Segments - The main revenue source remains the cable car transportation business, generating 187 million yuan, accounting for 49.53% of total revenue, but saw a 5.65% decline in revenue year-on-year [3] - The performance of other business segments, such as the Impression show and catering services, also declined, with revenues of 63.9 million yuan and 10.2 million yuan, down 14.47% and 17.30% respectively [6] - Hotel services, however, showed growth with revenues of 78.2 million yuan, up 13.90%, increasing its share of total revenue from 17.84% to 20.70% [7][8] Operational Challenges - The decline in visitor numbers across multiple business segments was attributed to extreme weather conditions and increased market competition [3][6] - The company plans to enhance marketing efforts and improve operational efficiency to address these challenges [4][6] Strategic Initiatives - Lijiang Co. aims to develop high-end customized tourism products around the Dalianggarila ecological tourism circle and the Greater Yunnan tourism route [9] - The company is investing in new boutique hotels to enhance service offerings and attract more visitors [9] Seasonal Trends - The company acknowledges the seasonal nature of its business, with the third quarter being the peak season for visitor numbers [10] - Recent trends indicate a shift in tourist behavior towards more flexible travel patterns, which may affect traditional seasonal revenue expectations [10]

Group 1 - The stock price of Xiyu Tourism closed at 44.79 yuan on August 11, 2025, down 0.89% from the previous trading day [1] - The stock experienced significant volatility, reaching a high of 49.00 yuan and a low of 43.36 yuan, with an amplitude of 12.48% [1] - The total trading volume for the day was 424,800 hands, with a transaction amount of 1.984 billion yuan [1] Group 2 - Xiyu Tourism operates in the tourism and hotel sector, with main business activities including tourist transportation, cableway operations, and sightseeing cruises [1] - The company is registered in Xinjiang, and its business scope is primarily concentrated in the Xinjiang region [1] Group 3 - On August 11, the net outflow of main funds was 343 million yuan, accounting for 4.94% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow was 166 million yuan, representing 2.39% of the circulating market value [1]

Core Insights - Lijiang Co. reported a total operating revenue of 378 million yuan in the first half of 2025, a year-on-year decrease of 1.85% [1] - The net profit attributable to shareholders was 94.5 million yuan, down 15.86% year-on-year, while the net profit after deducting non-recurring gains and losses was 96.1 million yuan, a decline of 14.31% [1] - Despite the overall decline, the second quarter showed slight recovery with total operating revenue of 215 million yuan, an increase of 5.04% year-on-year, and a net profit of 60.03 million yuan, up 6.26% year-on-year [1] Financial Performance - Gross margin was 53.79%, down 5.97% year-on-year, and net margin was 28.05%, down 15.05% year-on-year [7] - The ratio of operating expenses to revenue increased to 17.87%, up 11.51% year-on-year [7] - Earnings per share decreased by 15.85% to 0.17 yuan, while cash flow per share was 0.22 yuan, down 14.18% year-on-year [7] Revenue Composition - Revenue from cableway transportation was 187 million yuan, accounting for 49.53% of total revenue with a gross margin of 82.68% [7] - Hotel services generated 78.2 million yuan, representing 20.70% of total revenue with a gross margin of 8.86% [7] - Impression performances contributed 63.9 million yuan, making up 16.93% of total revenue with a gross margin of 50.21% [7] Financial Changes - Financial expenses increased by 78.45% due to a decrease in interest income from bank deposits [7] - Net cash flow from investment activities decreased by 287.65%, primarily due to a reduction of 129 million yuan in cash received from investment recoveries [7] - Net cash flow from financing activities increased by 47.81%, mainly due to an increase of 78 million yuan in investments received from minority shareholders [7] Business Overview and Competitive Advantage - Lijiang Co. operates in multiple sectors including cableway operations, tourism, and scenic area management, establishing itself as a comprehensive tourism group [5] - The company's core competitive advantages include superior tourism resources, a complete industry chain, resource integration, brand influence of "Impression Lijiang," and advantageous hotel locations with international brand recognition [5] Summary of Challenges - The company's performance in the first half of 2025 was adversely affected by unusual weather leading to increased downtime for cableways, and the Indigo Hotel at Lugu Lake has yet to achieve profitability [6] - However, the company maintains a healthy cash position with cash and cash equivalents reaching 700 million yuan, a year-on-year increase of 20.03% [6]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a significant increase in losses in Q1 2025, primarily due to rising costs from new projects and increased marketing expenses [1][2]. Financial Performance - In 2024, the company achieved revenue of 304 million yuan, a year-over-year decrease of 0.5%, and a net profit attributable to shareholders of 87 million yuan, down 18% [1]. - The fourth quarter of 2024 saw revenue of 34 million yuan, a year-over-year decline of 8%, with a net loss of 29 million yuan, indicating an increase in losses compared to the previous year [1]. - For Q1 2025, the company reported revenue of 16 million yuan, a decrease of 0.7% year-over-year, and a net loss of 30 million yuan, which is an increase in losses from 12 million yuan in Q1 2024 [1]. Business Segmentation - Revenue from the tourism passenger transport segment was 195 million yuan, up 0.9% year-over-year, with a gross margin of 56.68%, down 3.1 percentage points [2]. - The cableway transportation segment generated 46 million yuan, down 21% year-over-year, with a gross margin of 73.36%, down 4.7 percentage points [2]. - The boat tour segment saw revenue of 44 million yuan, an increase of 31% year-over-year, with a gross margin of 74.09%, up 3.8 percentage points [2]. - The hot spring hotel segment reported revenue of 4 million yuan, down 18% year-over-year, while the travel agency segment also saw revenue of 4 million yuan, down 20% [2]. Profitability and Dividends - The overall gross margin for 2024 was 55.6%, a decrease of 4.4 percentage points year-over-year, with a sales expense ratio of 1.2%, up 0.7 percentage points due to increased marketing activities during the off-peak season [2]. - The net profit margin was 28.5%, down 6.1 percentage points year-over-year [2]. - The company plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 46.5 million yuan, which represents 53.8% of the annual net profit [2]. Shareholding and Control - On September 26, 2024, the company's controlling shareholder, Xinjiang Tianchi Holdings, signed a voting rights entrustment agreement with Xinjiang Cultural Tourism Investment, transferring 23.64% of the company's shares and corresponding voting rights [3]. - Following this agreement, Xinjiang Cultural Tourism Investment will become the controlling shareholder, with the regional state-owned assets supervision and administration commission as the actual controller, which is expected to enhance management efficiency and business development [3]. Future Outlook - The company is positioned as the leading tourism stock in Xinjiang, leveraging the growth in tourist traffic to the Tianshan Tianchi scenic area [3]. - Revenue projections for 2025-2027 are 349 million yuan, 391 million yuan, and 434 million yuan, representing year-over-year growth of 15%, 12%, and 11% respectively [3]. - Expected net profits for the same period are 105 million yuan, 122 million yuan, and 138 million yuan, with growth rates of 21%, 16%, and 14% respectively [3].

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company demonstrates stable operations with high dividends, and new project layouts are expected to open up growth opportunities [1] - The forecast for EPS from 2025 to 2027 is adjusted to 0.43, 0.46, and 0.52 yuan respectively, with a target price set at 11.61 yuan based on a 27 times P/E ratio for 2025 [2][8] Financial Information - The company's revenue for 2023 is reported at 799 million yuan, with a year-on-year growth of 152.4%. Projections for 2024, 2025, 2026, and 2027 are 808 million yuan (+1.2%), 863 million yuan (+6.8%), 915 million yuan (+6.0%), and 972 million yuan (+6.2%) respectively [4] - Operating profit for 2023 is 319 million yuan, with a staggering year-on-year growth of 2517.0%. The projections for the following years are 300 million yuan (-5.8%), 326 million yuan (+8.6%), 351 million yuan (+7.7%), and 390 million yuan (+11.2%) [4] - The net profit attributable to the parent company for 2023 is 227 million yuan, with a year-on-year growth of 5971.9%. The projections for the next years are 211 million yuan (-7.3%), 236 million yuan (+12.0%), 255 million yuan (+8.0%), and 284 million yuan (+11.5%) [4] - The gross margin for 2023 is 58.7%, with projections of 57.4% for 2024, 58.9% for 2025, 59.7% for 2026, and 60.9% for 2027 [4] - The net margin for 2023 is 28.5%, with projections of 26.1% for 2024, 27.4% for 2025, 27.9% for 2026, and 29.2% for 2027 [4] - The return on equity (ROE) for 2023 is 9.2%, with projections of 8.4% for 2024, 8.9% for 2025, 9.0% for 2026, and 9.7% for 2027 [4] Business Performance - The company reported a strong performance in Q4, with a revenue of 173 million yuan (+10.0%) and a net profit of 19 million yuan (+19.2%) during the off-peak season [7] - The company has a high dividend payout ratio of 91%, with a cash dividend proposal of 3.50 yuan per 10 shares [7] - The company’s three cableway operations received a total of 6.6684 million visitors in 2024, representing an increase of 8.9% year-on-year [7]