CBMT(SH:603099)2025-02-23 16:56Summary of Conference Call Company and Industry - The conference call pertains to Changbai Mountain tourism industry, focusing on the company's performance and future outlook for 2024 and 2025 [1][2]. Key Points and Arguments 1. Milestone Year for Tourism: 2024 is highlighted as a milestone year for Changbai Mountain tourism, with visitor numbers surpassing 3.4 million, indicating a significant recovery and growth in the tourism sector [2]. 2. Visitor Growth: The company reported a 28% increase in visitor numbers during peak summer months, despite a temporary closure that affected approximately 200,000 visitors [3][4]. 3. January 2025 Performance: In January 2025, visitor numbers reached 27,230, showing an 18.36% year-on-year growth, indicating a strong start to the year [4][5]. 4. Government Targets: The local government set a target of 4 million visitors for 2025, up from 3.41 million achieved in 2024, reflecting ambitious growth plans [7][8]. 5. Infrastructure Improvements: The company is focusing on enhancing transportation capacity and upgrading facilities to accommodate the expected increase in visitors [8][9]. 6. Visitor Demographics: The demographic analysis shows a growing proportion of younger visitors and families, with children under 18 increasing from 8.87% in 2023 to 10.61% in 2024 [12][13]. 7. Regional Visitor Sources: The main visitor sources remain from Northeast China, but there is a notable increase in visitors from Southern and Eastern regions, such as Guangdong and Shandong [10][11]. 8. International Visitors: The proportion of South Korean visitors has increased from 4.14% in 2023 to 7.1% in 2024, indicating a recovery in international tourism [11][12]. 9. Pricing Strategy: The company is exploring ways to enhance pricing strategies, although the core transportation pricing is regulated and remains stable [17][18]. 10. Future Projects: Plans for the second phase of the hot spring resort are underway, with adjustments made to the project scope to better align with market demands [20][21][22]. Other Important but Overlooked Content 1. Impact of High-Speed Rail: The upcoming opening of the Shenyang-Changbai high-speed rail is expected to significantly boost visitor numbers from densely populated areas in North China [29][30][32]. 2. Seasonal Tourism Development: The company aims to promote year-round tourism, moving beyond the traditional summer peak to attract visitors during other seasons [32][34]. 3. Cultural and Experiential Offerings: The company is developing cultural and experiential tourism offerings, including local markets and themed events, to enhance visitor engagement [25][26]. 4. Management Changes: Recent changes in the management team are aimed at injecting new ideas and strategies for long-term growth [28]. This summary encapsulates the key insights from the conference call, highlighting the company's performance, strategic goals, and the evolving landscape of the tourism industry in Changbai Mountain.