Core Viewpoint - Several scenic spots in China, including Emei Mountain A, are implementing free admission policies for shareholders and, in some cases, all visitors, in response to declining profits and to stimulate secondary consumption [2][5][6]. 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 [3]. - Huangshan Tourism (600054.SH) will offer free admission to eligible shareholders from November 22 to November 30, 2025, for its scenic areas [3]. - Other scenic spots, such as Lingyin Feilai Peak and Chaka Salt Lake, are also adopting free admission policies for all visitors starting December 1, 2025 [4]. Group 2: Financial Performance and Trends - 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% [5]. - 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% [5]. - The trend of declining profits is prompting scenic areas to diversify their revenue streams beyond ticket sales, which have been heavily reliant on visitor numbers [6]. Group 3: Strategic Shift to Secondary Consumption - The reliance on single-source ticket revenue has been identified as a significant flaw, leading many scenic areas to explore free admission strategies to attract more visitors and boost secondary consumption, such as dining and shopping [6]. - The success of free admission policies in places like Tianya Haijiao and Luhuitou has demonstrated the potential for increased secondary revenue, prompting similar strategies in other scenic areas [6]. - Emei Mountain A's stock price reached a limit up, closing at 14.16 yuan per share, indicating positive market response to the new policies [6].