Summary of Conference Call Company and Industry Overview - The conference call primarily discusses the performance and outlook of a technology company involved in power electronics, particularly in sectors such as automotive, renewable energy, and industrial control systems [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34]. Key Points and Arguments 1. Market Demand and Performance - The company observed a gradual recovery in downstream demand, particularly in the photovoltaic (PV) sector, although concerns remain about overall sales forecasts and order backlogs [1][2][3][4]. - The automotive sector is experiencing stable growth, with significant increases in hybrid vehicle demand and a full utilization rate of production lines [2][5][6]. - The industrial control market has shown signs of recovery after a slowdown, with expectations for stability in demand moving into the next year [2][3][4]. 2. Product Development and Innovation - The company is focusing on new product launches, particularly in energy storage solutions and advanced automotive components, to prepare for future market demands [1][4][5][6]. - There is an emphasis on developing high-current products for energy storage and expanding into new markets, including 1700V wind power products [4][5][6]. - The company is also working on carbon-silicon modules and has completed testing for several products, aiming for mass production soon [9][14][15]. 3. Strategic Customer Engagement - The company is committed to deepening relationships with strategic customers, including major automotive manufacturers and industrial partners, to secure a larger market share [28][29][30]. - There is a focus on diversifying the customer base to mitigate risks associated with over-reliance on a few large clients [29][30]. 4. Financial Performance and Projections - As of the third quarter, the revenue breakdown is as follows: 40% from new energy vehicles, 33% from industrial control, and 26% from renewable energy generation [31][32]. - The company anticipates stable growth in the new energy vehicle sector, while the renewable energy segment may stabilize around 30% of revenue if storage and wind projects gain traction [31][32]. 5. Pricing and Cost Management - The company has implemented strategies to stabilize pricing amidst competitive pressures, focusing on maintaining margins and avoiding loss-making contracts [10][11][12]. - There is a proactive approach to managing costs, including raw material procurement and operational efficiencies, to counteract pricing pressures from customers [17][18]. 6. Future Outlook - The company is optimistic about its growth trajectory for 2025, expecting better overall performance compared to 2024, driven by new product introductions and market expansions [5][6][7][8]. - The strategic focus will remain on automotive and renewable energy sectors, with plans to enhance production capabilities in response to market demands [25][26][27]. 7. Investment and M&A Strategy - The company is exploring potential mergers and acquisitions to enhance its capabilities and expand its product offerings, particularly in the upstream manufacturing sector [21][22][23]. - There is a strategic interest in acquiring technologies and assets that align with the company's long-term growth objectives [21][22]. Additional Important Insights - The company is actively investing in R&D to support new product development and improve existing technologies, particularly in the AI and power management sectors [9][10][12]. - The management expressed confidence in navigating current market challenges and emphasized the importance of communication with investors regarding strategic developments and performance updates [34].

Summary of Conference Call for Junsheng Electronics Industry Overview - The automotive parts industry is experiencing a downturn, with global light vehicle sales declining in Q3 2024 compared to the previous year [1] - Global light vehicle sales volume for the first three quarters of 2024 was approximately 63.77 million units, with mixed performance across markets [1] - Exports from China saw a slight increase of 0.4%, while Europe and the U.S. experienced declines of 2.7% and 4.6%, respectively [1] Company Performance - Junsheng Electronics reported stable revenue of approximately 41.1 billion yuan for the first three quarters of 2024 [1] - Revenue breakdown: Automotive electronics generated 12.7 billion yuan, while automotive safety contributed approximately 28.4 billion yuan [1] - Gross margin improved to 15.6%, an increase of about 1.6 percentage points year-on-year [2] - The automotive safety segment achieved a gross margin of 14.0%, up 2.6 percentage points year-on-year [2] - Automotive electronics gross margin was 19.2%, which saw a decline due to reclassification of warranty expenses [2] Profitability and Cost Management - Net profit for the first three quarters was approximately 941 million yuan, reflecting a year-on-year growth of 20.9% [2] - Excluding non-recurring items, net profit increased by about 40.3% [2] - The company maintained healthy operating cash flow, attributed to effective management of working capital, particularly accounts receivable [3] - Investment cash flow increased due to strategic investments in the automotive safety division [4] R&D and Future Strategy - Continuous investment in R&D is necessary to maintain core competitiveness and ensure the conversion of current orders into revenue [5] - The company is focusing on expanding its presence in the smart electric vehicle market, particularly among leading domestic brands and new entrants [6] - Total new order value for the first three quarters was approximately 70.4 billion yuan, with automotive safety orders reaching about 49.1 billion yuan [6] - New energy vehicle-related orders accounted for over 50% of total orders, aligning with industry trends [6] Financial Health - The company's cash balance increased significantly due to strategic investments and debt optimization [5] - Inventory levels rose as certain divisions prepared for customer supply needs, while maintaining stable working capital turnover days [5] - Liabilities increased due to the need for debt structure optimization and external investments [5] Conclusion - Junsheng Electronics is navigating a challenging automotive market while maintaining stable revenue and improving profitability through effective cost management and strategic investments in R&D and new technologies [1][2][3][4][5][6]

主持人好各位投资者大家好我是这张证券石化能源行业的首席分析师任宇超我们过去是从底部推荐了仅稀度超市场预期的三立这堂行业的龙头金河实业那么最近大家会担心关税会不会对金河的三立这堂出口有什么样的影响那我今天来给大家解答我们最近是发布了我们的热点问题系列报告四为什么我们认为关税不会影响金河 二和十月三立热糖的出口那大家会比较关心呢第一个中国出口的三立热糖是对美国的敞口有多大我们认为呢直接出口对美国的敞口大概有30%那么发达地区的出口占比大概是60%美国呢是中国的三立热糖出口的最大的需求国24年的前三个季度对美国的出口占比大概是34% 欧洲和亚洲分别进口大概20%和24%的生育者草那么消费主要是来自于发达国家的 所以这些发达地区呢对于中国的三氯焦糖的出口是大概占了60%三氯焦糖出口呢也是维持了一个比较高的增速我们根据海关数据17年到23年的负荷增速有20%亚洲地区的消费增速呢是增长的明显17年到23年亚洲地区的负荷增速是有31%所以呢这是大家第一个关注的问题中国出口的三氯焦糖对美国的敞口有多大大概是有30% 然后大家会比较关注第二个问题就是美国的三绿洲糖的消费结构是什么样的我们认为美国是存在比较多的三绿洲糖转口的贸易 ...

大家好如需提问电话端的参会者请先按话机上的信号键再按数字1网络端的参会者 您可以在直播间互动区域内文字提问或点击旁边的举手按钮实行语音提问谢谢大家好如需提问电话端的参会者请先按话机上的信号键再按数字1网络端的参会者您可以在直播间互动区域内文字提问或点击旁边的举手按钮实行语音提问谢谢 对 魏总我这边先请教一下其实大家还是觉得就是之前我们公司是因为外部环境比较困难这个是大家都共同面临的问题然后我们公司自己还梳理一下那个一些变化 现在当然已经在慢慢的往外走出来那我先就这个外部环境去比较一下就是从去年开始尤其是今年整体消费力是较弱的然后咱们的产品尤其是触这边其实因为那个量造工艺比较好嘛然后产品定位一直是偏左中高端我们今年在有因为说产品定位这方面的问题感受到说这个总的 消费可能是在降级的我们自己压力会比较大就从外部环境来看会有这方面的感受吗外部环境来看应该大家是同样面临这个压力的就整个消费场景的变化呀这个这个这个这个行业的一些表现来讲我们是能感受到能感受到 明白那种因为呃呃就是对确实这个相对力度是一个共性的问题啊那那个渠道结构因为今年呃其实也不只是今年开始啊但今年可能比较更明显了就是呃商超的人流是在往外走的嘛然后呃除了 ...

Summary of the Conference Call for Lite-On Optoelectronics Company Overview - Lite-On Optoelectronics is a leading domestic manufacturer of OLED emitting materials, providing key materials for domestic OLED panel manufacturers, playing a crucial role in domestic substitution efforts, and serving as a core supplier for major domestic OLED panel manufacturers [2][3] Core Insights and Arguments - The expansion of production capacity and market share of domestic OLED panel manufacturers, along with the acceleration of the localization process for emitting materials, positions Lite-On Optoelectronics to benefit significantly [2][3] - The commercialization of new display technologies, such as dual-layer OLED, is expected to further drive global demand for emitting materials, potentially leading to earnings exceeding expectations [2][3] - Future performance growth for Lite-On Optoelectronics is primarily driven by the increase in production capacity and market share of domestic OLED panel manufacturers, the accelerated localization of OLED emitting materials, and advancements in the commercialization of new display technologies like dual-layer OLED [4] Financial Projections - Projected net profits for Lite-On Optoelectronics from 2024 to 2026 are estimated at 180 million yuan, 320 million yuan, and 450 million yuan, representing year-on-year growth rates of 137%, 76%, and 40.7% respectively [2][6] - The company is expected to achieve a price-to-earnings (PE) ratio of approximately 30 times in 2025, decreasing to about 20 times thereafter, indicating a potential for valuation premium due to its leading position and expanding customer base [6] Market Perspectives - There are differing opinions in the market regarding the slowdown in traditional OLED mobile demand and the challenges of domestic localization in the emitting materials sector, as well as uncertainties surrounding the commercialization of dual-layer OLED products [5] - Despite these concerns, Lite-On Optoelectronics is viewed as having multiple growth drivers, including the global market share increase from domestic OLED panel manufacturers' expansion, accelerated domestic substitution, and strong performance in category expansion and dual-head LED driving [5] Target Price and Future Potential - The expected value increase from adopting dual-layer LED technology compared to single-layer LED is projected to be between 60% and 80%, leading to a target price of 36 yuan, with a market capitalization of 14 to 15 billion yuan, indicating a potential upside of nearly 50% from the current price [7] Risk Factors - Key risk factors include the potential underperformance of the localization of OLED panel materials, slower-than-expected expansion of OLED panel manufacturers, and delays in the commercialization of dual-layer LED technology [8] - However, it is believed that recent sell-offs have concluded and will not suppress the stock price, maintaining a positive outlook for the company within the Huawei supply chain and the consumer electronics innovation sector [8]

Key Points Industry and Company 1. **Industry**: Solid-state battery materials, specifically silicon-carbon anode materials. 2. **Company**: SiBao Technology, a leading player in the field of silicon-carbon anode materials. Core Views and Arguments 1. **Breakthrough in Silicon-Carbon Anode Materials**: SiBao Technology has achieved a breakthrough in silicon-carbon anode materials, starting mass production and delivery in 2024. [2] 2. **Multi-Porous Silicon Carbon Deposition Process**: SiBao Technology uses the multi-porous silicon carbon deposition process, which has been tested by some power battery and 3C battery customers and recognized by several automakers. [2] 3. **Capacity Expansion Plan**: SiBao Technology plans to expand its silicon-based anode material capacity to 3,000 tons in 2024, with production schedules based on customer orders. [2] 4. **Bottlenecks in Silicon-Carbon Anode Materials**: Challenges include limited raw material supply, un规模化 production processes, and automakers' technical reserve phase for power battery technology. [2] 5. **Raw Material Supply and Partnerships**: SiBao Technology relies on external suppliers for raw materials like multi-porous carbon and silane gas, while actively participating in research and development to achieve industrialization. [2] 6. **Preference for Resin-Type Silicon Carbon**: SiBao Technology prefers resin-type silicon carbon for its performance in power batteries and plans to continue research and development in this direction. [2] 7. **Silane Gas Costs**: High transportation costs contribute to high silane gas procurement costs, but these costs are expected to decrease with scaled production. [15] 8. **Price and Gross Margin**: The current market price of silicon-carbon anode materials is between 60 to 80 million yuan per ton, with a gross margin of over 30%. [16] 9. **Technical Bottlenecks**: Technical challenges in the synthesis of silicon-carbon anode materials include issues with fluidized bed equipment. [17] 10. **Expansion Plan**: SiBao Technology plans to expand its silicon-carbon anode material capacity to 3,000 tons in 2024, with capital expenditures of several million yuan. [26] Other Important Content 1. **Customer Verification and Sampling**: SiBao Technology's new silicon-carbon materials have been tested by some power battery and 3C battery customers, with several automakers passing the test and undergoing production line optimization. [6] 2. **Silane Gas Quality**: The quality of silane gas provided by partners meets the requirements for multi-porous carbon and silicon-carbon anode materials. [20] 3. **Profit and Sales Performance**: SiBao Technology's profit and sales performance are expected to improve with the expansion of its silicon-carbon anode material business. [29] 4. **Industry Trends**: The silicon-carbon anode material market is expected to grow with increasing demand for power batteries. [25]

Key Points Company Overview - **Revenue and Profit Growth**: Huatian Technology achieved a revenue of 10.5 billion yuan in the first three quarters of 2024, a 30.52% increase year-on-year. Net profit surged by 330% to 357 million yuan. Gross margin also improved significantly from 8.5% to 12.3% [2]. - **Production Base Performance**: Among the five production bases, the Tianshui base saw a net profit increase of 358%, while the Xi'an base turned profitable. The Nanjing base's gross margin increased to 6%, and the Kunshan base's net profit grew by 65%. However, the Xiamen base's gross margin decreased [2]. - **Financial Performance**: The company's financial indicators showed a gradual growth trend, but third-quarter net profit decreased slightly due to a decline in the market value of stocks held. Adjusted operating profit excluding non-recurring items continued to rise [2]. - **Financial Costs**: Increased financial costs were primarily due to increased bank loans, long-term liabilities, and exchange losses. The fourth quarter is expected to see further growth in financial costs, but interest payments may decrease [2]. - **CM Processing Rate**: The low CM processing rate was mainly due to weak market demand, particularly in the US market. High-speed computing and storage performed relatively well, but other product categories did not recover as expected [2]. - **Fourth Quarter Outlook**: Fourth-quarter net profit is expected to grow faster than revenue due to product price adjustments and cost reduction measures. Fair value changes in income are not expected to shrink [2]. Production Base Details - **Tianwater Base**: Revenue increased by 30% year-on-year to 2.67 billion yuan, with a net profit increase of 358% to 3.9 billion yuan. Gross margin improved from 8.71% to 13.68% [4]. - **Xi'an Base**: Revenue increased by 27.74% year-on-year to 2.47 billion yuan, with a net profit increase of 140 million yuan from a loss of 100 million yuan last year. Gross margin improved from 5.59% to 16.46% [4]. - **Nanjing Company**: Revenue increased by 37.46% year-on-year to 2.17 billion yuan, but net profit remained negative at 60 million yuan, wider than the 42 million yuan loss last year. Gross margin increased from 2.68% to 6% [4]. - **Kunshan Base**: Revenue increased by 47.51% year-on-year to 1.37 billion yuan, with a net profit increase of 65% to 83 million yuan. Gross margin remained around 18% [4]. - **Xiamen Company**: Revenue increased by approximately 5-6 percentage points year-on-year to 1.82 billion yuan, with a net profit of 80 million yuan, unchanged from last year. Gross margin decreased from 10.57% to 8.72% [5]. Financial Analysis - **Rise in Financial Costs**: The increase in financial costs was mainly due to increased bank loans, long-term liabilities, and exchange losses [7]. - **Fourth Quarter Financial Outlook**: Fourth-quarter financial costs are expected to increase, but interest payments may decrease due to the replacement of high-interest loans with low-interest loans [8]. - **CM Processing Rate**: The low CM processing rate was mainly due to weak market demand, particularly in the US market. High-speed computing and storage performed relatively well, but other product categories did not recover as expected [9]. Industry Outlook - **Downstream Industry Outlook**: High-speed computing and storage sectors showed stable growth, with AI data center products growing continuously. However, there are concerns about the potential growth bottleneck in the storage sector. The consumer electronics industry showed moderate growth in the first half of the year, but stabilized in the third quarter [10]. - **Future Growth Prospects**: The modern electronics industry is expected to have a high degree of certainty in future growth, but the specific growth rate is difficult to predict due to the need for more data and information [20]. Other Key Points - **Advanced Packaging**: The company is focusing on advanced packaging, with the Kunshan base focusing on computer packaging, the Nanjing base on large-scale integration packaging, and the Xiamen base on wafer-level packaging [14]. - **2.5D Technology**: 2.5D technology is mainly applied in high-speed computing and storage fields, with existing customer groups including domestic large enterprises [15]. - **CPU Optical Module**: The optical module business is still in the research and development stage and has not yet been officially launched or cooperate with customers [16]. - **Revenue Structure**: Consumer electronics accounted for the largest share of 45%, followed by storage products at 10%, automotive electronics at 10%, and 30-35% from industrial control products [17]. - **Price Trend**: Product prices remained relatively stable in the first half of the year and are expected to remain stable in the fourth quarter due to intense domestic competition [25]. - **Cost Changes**: The impact of material price increases, such as copper and gold, was generally short-lived, with adjustments made within a month [30]. - **Competitive Advantage**: Huatian Technology achieved revenue and gross margin growth through comprehensive measures, including order guarantee, long-term cooperation, cost reduction, and efficiency improvement [31]. - **Third-party Testing Business**: The company established a third-party testing business in Lingang, focusing on CT testing for domestic design companies [32].

Summary of the Conference Call Company and Industry Involved - The conference call involved **Mingyang Smart Energy** and the **wind power industry**. Key Points and Arguments 1. **Recent Developments in Business** Mingyang Smart Energy is focusing on its **closure plan** to turn losses into profits, particularly in the context of its **wind turbine business** [2][5][6]. 2. **Changes in Bidding Mechanism** The industry has seen a shift from a **low-bid winning model** to a **comprehensive scoring system** for bids, which aims to stabilize prices and ensure more reasonable pricing strategies [3][4][14]. 3. **Cost Control Measures** Companies in the wind turbine sector have improved their **cost control** through various means, including **technical efficiency**, **design optimization**, and **increased self-sourcing of components** [4][5][6]. 4. **Profitability Trends** Mingyang has reported an increase in the **gross margin** of its wind turbine products from **2.4%** in Q4 2022 to **7.9%** in Q3 2023, indicating a potential for profitability if the trend continues [5][6]. 5. **Sales and Delivery Guidance** The company has set a target to deliver **13 GWh** of wind turbines in Q4 2023, with expectations to exceed **5.3 GWh** based on current trends [6][7]. 6. **Electricity Generation and Transfer Revenue** Mingyang expects to maintain stable revenue from electricity generation, projecting a total generation of **171.7 billion kWh** for the year, with an average gross margin of **59%** [6][7]. 7. **Market Dynamics and Pricing** There is a cautious outlook on potential price increases in the wind turbine market, with suppliers indicating a desire to raise prices, but the overall expectation is for **moderate price stability** rather than significant increases [8][9][11][14]. 8. **Offshore Wind Projects** Mingyang is optimistic about its offshore wind projects, with plans to deliver **2 GWh** in 2023 and aiming for **4 GWh** in 2024, reflecting a significant increase in capacity [16][18]. 9. **International Expansion and Orders** The company has secured **2.1 GWh** of overseas orders, with expectations to exceed **3 GWh** by year-end, focusing on the European market for future growth [21][22][23]. 10. **Operational Challenges and Strategies** Mingyang is aware of the complexities involved in international projects, emphasizing the need for **local operational capabilities** and **engineering teams** to ensure successful project execution [35][41]. Other Important but Possibly Overlooked Content 1. **Regulatory and Market Environment** The company is navigating a changing regulatory landscape, particularly in offshore projects, which may affect timelines and project execution [16][17]. 2. **Long-term Strategic Planning** Mingyang is developing a comprehensive **2025 business plan**, which includes considerations for pricing strategies and market positioning [11][12]. 3. **Investment in Local Manufacturing** Plans for establishing manufacturing facilities in Europe are underway, focusing on **blade production** and **assembly**, which will enhance local supply chain capabilities [25][39]. 4. **Innovative Business Models** The company is exploring innovative models such as **REITs** for its power station projects, aiming to enhance revenue streams and operational efficiency [27][28]. 5. **Focus on Quality and Experience** Emphasis on the importance of **project experience** and **quality assurance** in securing international contracts, particularly in competitive markets like Europe [34][35].

Summary of Conference Call for Xingyuan Material Company Overview - The conference call discusses **Xingyuan Material**, a company involved in the production of battery separators, particularly for electric vehicles and solid-state batteries. Key Points Industry and Market Developments - The company signed a **non-binding agreement** with a subsidiary of Volkswagen Group, which is expected to positively impact future shipment volumes and profit elasticity starting next year [2][7]. - Significant progress in **overseas market expansion** is anticipated, with expectations of substantial revenue growth by 2025 due to increased penetration of electric vehicles and improvements in the battery supply chain [2][13]. - The company is focusing on **high-end separator products** with special coatings, such as ceramic fiber nano-coating and polyimide coating, which are expected to see increased market demand and market share [2][4]. Product and Technology Innovations - The company is developing **solid-state battery technologies**, collaborating with several mainstream semi-solid battery manufacturers, and has achieved small-scale shipments [2][8]. - The **nano-fiber coated separators** have a significantly higher thermal stability, with a membrane rupture temperature increased from 180°C to 400°C, enhancing safety and performance, particularly for fast charging applications [4][35]. - The company has a **patent for nano-fiber coating technology**, which is currently unique to them, and they are seeing good sales in domestic markets, with plans to expand to overseas clients [4][20][36]. Financial and Operational Insights - The company expects a **good production schedule** for January and the first quarter of next year, although long-term forecasts remain uncertain [2][10]. - The **current market conditions** are described as a "not-so-dull off-season," with strong demand driven by government incentives for electric vehicle upgrades and growth in overseas energy storage [6]. - The company does not plan to engage in price wars despite intense competition in the dry and wet separator markets, as they maintain high capacity utilization [11][18]. Future Outlook - The company anticipates **significant revenue growth** in overseas markets by 2025, supported by strategic partnerships and a focus on high-margin products [2][13][30]. - The **production capacity** is expected to increase, with the new capacity in Foshan and overseas facilities projected to contribute to a total shipment volume of approximately 5 billion units next year [37][32]. - The company is cautious about future expansion plans, indicating that any new projects would depend on market demand and would take 18 to 24 months to implement [34]. Competitive Landscape - The company is experiencing growth in market share, although it is unclear if this is at the expense of competitors [27]. - The **pricing strategy** for separators varies by customer, with some using bidding processes that can compress profit margins [31]. Challenges and Risks - The company faces challenges from **aging equipment** and cost pressures, which have led some competitors to cease operations [11][28]. - The **impact of policy changes** in the U.S. market is being monitored, with plans to adapt production strategies accordingly [17]. Conclusion Xingyuan Material is strategically positioning itself for growth in the electric vehicle battery separator market through innovative product development, overseas expansion, and strategic partnerships, while navigating competitive pressures and market dynamics.

Summary of Changbai Mountain Scenic Area Conference Call Industry Overview - The conference call discusses the performance of the Changbai Mountain Scenic Area in the tourism industry, particularly focusing on visitor statistics and operational challenges faced in 2023. Key Points and Arguments Visitor Statistics - In the first three quarters of 2023, Changbai Mountain Scenic Area received 2.775 million visitors, a year-on-year increase of 23.5% [2][3] - By the end of October, the total number of visitors exceeded 3.1 million, surpassing the previous year's total of 2.75275 million [3] - The third quarter saw 1.678 million visitors, a growth of 5.85%, impacted by Typhoon "Gemi" which caused a 7-day closure, resulting in an estimated loss of 200,000 visitors [3] Seasonal Performance - The scenic area has distinct seasonal performance: - Winter relies on snow tourism - Summer benefits from peak tourist season - August saw over 20% growth in visitor numbers despite the typhoon [2][4] - October set a record with 292,500 visitors, a 23.7% increase year-on-year [5] Visitor Demographics - The primary visitor demographic is the middle-aged group (31-50 years), with family and senior tourism markets growing in importance [8] - The age distribution shows that 60% of winter tourists are aged 18-40, while summer tourism attracts a more diverse age range [9] Source of Visitors - The main sources of visitors are the three northeastern provinces of China, with Shandong's share increasing, surpassing Heilongjiang [6] - Korean visitors have rebounded to 7.6%, approaching pre-pandemic levels [6] Infrastructure Improvements - Recent improvements in transportation infrastructure, including airport expansions and new high-speed rail lines, have facilitated increased visitor access from Eastern China [7] - The company has invested in new vehicles and staff to enhance capacity, with a budget of 80 million yuan for vehicle procurement [12][13] Revenue and Pricing - Overall revenue increased in Q3 despite weather-related challenges affecting transportation and hotel operations [10] - Average ticket prices decreased due to the closure of the North Slope Tianchi scenic spot, while hotel occupancy rates increased but average room rates fell by 6% [11] Cost Increases - The company faced increased costs due to infrastructure investments and rising labor costs, with a 20% increase in overall labor costs [12] Future Development Plans - Preparations for the winter season include enhancing service quality and optimizing customer experience [14] - Expansion plans for snow tourism include new facilities and activities, aiming to increase daily visitor capacity by 20% [16][17] Policy Support - Government support includes marketing for ice and snow tourism, increased flight routes, and financial subsidies for equipment upgrades [21] Conclusion - The Changbai Mountain Scenic Area is positioned for growth with strategic investments in infrastructure, a focus on diverse visitor demographics, and supportive government policies, despite facing challenges from weather and operational costs.