CBMT(SH:603099)2025-11-05 01:29Summary of Changbai Mountain Conference Call Industry Overview - The conference call discusses the performance of Changbai Mountain Scenic Area, focusing on its revenue, profit growth, and visitor demographics for the first nine months of 2025 and the third quarter specifically [2][3]. Key Points and Arguments Revenue and Profit Growth - For the first nine months of 2025, Changbai Mountain Scenic Area generated revenue of 636 million yuan, a year-on-year increase of 6.99%, and a net profit of 149 million yuan, up 1.05% [2][3]. - In Q3 2025, revenue reached 400 million yuan, reflecting a 17.78% year-on-year growth, while net profit was 151 million yuan, increasing by 19.43% [2][3]. Visitor Demographics - The main sources of visitors in the first nine months were Jilin (10.62%), Liaoning (9.23%), and Shandong (7.97%), with Jilin regaining its position as the top source [4][5]. - The age distribution of visitors showed an increase in the proportion of visitors under 18 years old, while the percentage of visitors over 65 years old decreased. Female visitors accounted for 57.4% of the total [6]. Hotel Business Performance - The occupancy rate of the Crowne Plaza Hotel increased slightly by 0.31 percentage points, but the average room rate decreased by 4.48%. In Q3, occupancy rose by 3.89 percentage points, and the average room rate increased by 3.05% [7]. - The newly opened high-end homestay project in the Enduli commercial area performed well, with occupancy rates of 45.76% for Huazhu Luxury and 39.74% for Huazhu Homestay [7]. Other Business Segments - The urban transportation operation business saw a revenue increase of 26.47% in the first nine months, although net profit declined by 2.12%. In Q3, revenue grew by 22.23%, and net profit increased by 37.36% [8]. - The travel agency segment benefited from the Feiyue Changbai Mountain project and adjustments in online sales channels, with revenue and net profit both experiencing significant growth [8]. Ticketing and Visitor Flow - The ticketing mini-program and the management of scenic areas contributed to significant growth in visitor numbers, with managed scenic areas seeing a 64.47% increase in visitor flow from January to September 2025 [9]. Future Development Plans - The company plans to open the second phase of the hot spring project in Q4 2025, which will offer more dining and family-friendly options [15]. - The opening of the Shenbai High-Speed Railway is expected to enhance accessibility and attract more visitors, particularly during the winter season [12][17]. Seasonal Profit Distribution - The company anticipates that the first quarter may become the second-largest profit season due to the extended New Year holiday in 2026, which could significantly boost first-quarter profitability [17]. Financing and Management Goals - The company has initiated a refinancing project and is currently reporting to the stock exchange, with expectations of increasing visitor numbers to 4 million in 2025 and 5 million by 2026 [16][18]. Challenges and Opportunities - The company is adjusting its business model to enhance winter tourism profitability by diversifying offerings and improving the winter experience [12][13][14]. Additional Important Information - The company is considering implementing employee stock ownership plans in the future, although this is not currently on the agenda [19][21]. - The impact of seasonal variations on visitor numbers is significant, with a stark contrast between peak and off-peak seasons [20].