CBMT(603099)2025-05-06 15:27Summary of Changbai Mountain Conference Call Industry Overview - The conference call discusses the performance and outlook of Changbai Mountain Scenic Area, focusing on visitor statistics, financial performance, and external factors affecting operations. Key Points Visitor Statistics - In 2024, Changbai Mountain Scenic Area received 3.41 million visitors, a year-on-year increase of 24.06% [3] - In Q1 2025, the scenic area welcomed 477,100 visitors, a 2.6% increase year-on-year [6] - The entire snow season (November 2024 to March 2025) saw 820,000 visitors, up 12.2% from the previous year [6] - Visitor flow is concentrated in January, November, and December, with declines in February and March due to holiday and weather impacts [11] Financial Performance - In 2024, revenue reached 740 million yuan, a 19.81% increase, while net profit grew by only 4.48% due to the closure of the North Slope Tianchi and increased costs [2][4] - Financial expenses decreased by 41.3% [5] - The company plans to host 4 million visitors in 2025, a 17% increase, with daily capacity raised to 41,000 during peak summer [15] External Factors - Significant improvements in external transportation networks, including the upcoming Shenyang-Baihe high-speed rail, are expected to enhance accessibility and increase visitor numbers [7][16] - Weather conditions have a notable impact on operations; for instance, heavy snowfall in April 2025 led to the main scenic area being closed for 7 days [12][14] Infrastructure and Marketing - The second phase of Changbai Mountain Airport has been completed, increasing annual capacity to 1.8 million passengers, with expected growth in flight numbers for summer 2025 [4][17] - Marketing efforts include the "Tomb Raider" event scheduled for August 2025, which is anticipated to attract a peak in visitors [20] Operational Challenges - Increased human resource costs and infrastructure investments have raised operational expenses, including a 300 million yuan increase in marketing costs [5] - The company is renting external vehicles to meet peak demand during the summer season [10] Collaboration and Future Outlook - Changbai Mountain has established stable operations with other scenic areas in Northeast China, enhancing visitor exchange [27] - Future collaborations with companies like Dalian Shengya are being explored to promote cross-industry development [28] Product and Service Development - The company is focusing on high-end customized tourism services through its subsidiary, Yiyou Travel, although revenue has seen a decline [25] - The introduction of new hotel brands and expansion of accommodation capacity is underway, with expectations to reach 1,500 to 1,800 rooms by year-end [22] Conclusion - Changbai Mountain Scenic Area is positioned for growth with improved transportation, strategic marketing initiatives, and a focus on enhancing visitor experience, despite facing challenges from weather and operational costs.