证券代码：603099 证券简称：长白山 公告编号：2025-026 长白山旅游股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 21 日 14 点 00 分 召开地点：长白山旅游股份有限公司三楼会议室 股东大会召开日期：2025年5月21日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 21 日 至2025 年 5 月 21 日 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25 ...

证券代码：603099 证券名称：长白山 公告编号：2025-025 长白山旅游股份有限公司 关于召开 2024 年度业绩、现金分红及 2025 年一季度 说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 一、本次说明会召开情况 长白山旅游股份有限公司（以下简称"公司"）于 2025 年 4 月 30 日 （ 星 期 三 ） 下 午 15:00-16:00 通 过 " 进 门 财 经 " （https://s.comein.cn/2bsqbah5）以线上互动的形式召开了 2024 年度业绩、现金分红及 2025 年一季度说明会。公司董事长、董事会 秘书、独立董事参加了本次会议，就公司的经营业绩、现金分红等投 资者关注的问题与投资者进行了沟通交流。 二、本次说明会投资者提出的主要问题及公司的回复情况 1、2024 年业绩情况的介绍。 答：2024 年，面对宏观经济形势及旅游消费格局的变化，公司 坚持聚焦主责主业，加速高质量发展步伐, 保持经营态势稳定,报告 期内，公司营业收入、净利润实现"双增长"。 ...

Investment Rating - The investment rating for the company is "Accumulate" [2][5] Core Views - The company reported a revenue of RMB 743 million in 2024, representing a year-on-year growth of 19.81%, and a net profit attributable to shareholders of RMB 144 million, up 4.48% year-on-year. The performance in 2024 indicates stable growth, while the first quarter of 2025 shows steady growth in visitor numbers, although short-term performance is under pressure due to cost factors. The long-term outlook remains positive due to expected improvements in external transportation and the launch of new projects [5][10] - The company is actively expanding its transportation capacity within the scenic area, and the anticipated improvements in external transportation, combined with the company's proactive project expansion, are expected to attract more visitors and gradually contribute to performance growth [7][10] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of RMB 743 million, with a growth rate of 19.8%. The EBITDA was RMB 282 million, and the net profit attributable to shareholders was RMB 144 million, reflecting a growth rate of 4.5% [9][10] - For Q1 2025, the company reported revenue of RMB 129 million, a year-on-year increase of 0.73%, but the net profit decreased by 58.93% to RMB 4 million due to increased costs [10] Future Projections - The projected EPS for 2025, 2026, and 2027 are RMB 0.70, RMB 0.85, and RMB 0.95 respectively, with corresponding P/E ratios of 46.6, 38.5, and 34.2 [7][9] - The company expects to benefit from the operational launch of the Shen-Jia high-speed rail segment, which will significantly reduce travel times to the scenic area, thereby increasing visitor numbers [10] Shareholder Information - The total market capitalization of the company is approximately RMB 8.696 billion, with a circulating share count of 266.67 million shares [2][3]

Summary of Changbai Mountain Conference Call Company Overview - The conference call discusses the performance and outlook of Changbai Mountain, a tourist destination in China, focusing on its financial results and operational strategies for 2025. Key Points Financial Performance - In Q1 2025, Changbai Mountain reported a profit decrease of approximately 6 million yuan, attributed to rising wages, increased operational costs (such as expanded snow production and higher electricity costs due to new electric vehicles), and increased expenses related to travel agency revenue growth [2][4] - Revenue for Q1 2025 was 129 million yuan, a year-on-year increase of 0.73%, while costs and expenses rose by 9% [3][4] - Despite a 2.6% increase in visitor numbers, revenue growth was below 1%, primarily due to increased closure days of the Tianchi scenic spot and the timing of the Spring Festival [5] Visitor Trends and Projections - The company plans to host approximately 4 million visitors in 2025, representing a year-on-year growth of 17%-20%, with significant increases expected during the summer and winter seasons [8] - The opening of the Shenyang-Baicheng high-speed railway is anticipated to significantly boost visitor numbers in Q4 2025, changing the visitor demographic and promoting short-distance travel [8][10] Weather Impact - Adverse weather conditions in April 2025, including heavy snowfall, led to frequent closures of the Tianchi scenic spot, resulting in a 20% year-on-year decline in visitor numbers for that month [7][6] - The company expects the May Day holiday to be fully booked, but overall visitor numbers will depend on weather conditions [7] Infrastructure Developments - Significant infrastructure improvements are underway, including the expansion of the 331 National Road and the opening of new highways, which will enhance accessibility to the Changbai Mountain area [11][12] - The company is also investing in new facilities, such as the second phase of the hot spring project, expected to open before the summer or winter season of 2026 [18] Marketing and International Tourism - The inbound tourism market is primarily driven by South Korean visitors, with plans to promote Changbai Mountain in South Korea, Japan, and Southeast Asia [13][14] - The company aims to develop hiking routes and outdoor activities to cater to the preferences of South Korean tourists [15] Domestic Tourism Shifts - There has been a notable shift in domestic tourist demographics, with a decrease in visitors from Northeast China and an increase from North, East, and South China, particularly from Guangdong province [17] Future Investments and Projects - The company is focusing on core business areas such as transportation and hotel services, with ongoing projects under review by the stock exchange [18] - The transportation segment is expected to see a rebound in average spending per customer, while hotel occupancy rates and average room prices are projected to improve during the summer season [19][20] Ice and Snow Projects - Current revenue from ice and snow projects is limited, with plans to enhance offerings and potentially develop a comprehensive ice and snow tourism experience similar to "Snow Town" [21] - The company is exploring opportunities to manage additional scenic spots and hotels to increase visitor flow and standardize service quality [22] Goals and Performance Metrics - The target for visitor numbers in 2025 is set at 4 million, with internal goals exceeding those set by the State-owned Assets Supervision and Administration Commission [23] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the financial performance, visitor trends, infrastructure developments, and future growth plans for Changbai Mountain.

Core Viewpoint - The report indicates that Changbai Mountain (603099) is expected to experience stable growth in 2024, but profits in Q1 2025 are under pressure due to various cost factors and weather disruptions, leading to a revised profit forecast for 2025-2027 [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 743 million yuan, a year-on-year increase of 19.8%, and a net profit attributable to shareholders of 144 million yuan, up 4.5% year-on-year [1]. - Q1 2025 revenue was 129 million yuan, a slight increase of 0.7% year-on-year, but net profit dropped to 4 million yuan, down 58.9% year-on-year [1][2]. - The company has adjusted its profit forecasts for 2025-2026, now expecting net profits of 186 million yuan and 218 million yuan, respectively, with a new forecast for 2027 at 263 million yuan [1]. Group 2: Visitor Traffic and Revenue Streams - Visitor traffic for 2024 reached 3.409 million, with Q4 and Q1 figures at 634,000 and 477,000 respectively, showing year-on-year growth of 24.1%, 26.6%, and 2.6% [2]. - The company’s revenue from various segments in 2024 included 538 million yuan from passenger transport, 140 million yuan from hotels, and 34 million yuan from other businesses, with year-on-year growth rates of 27.9%, 0.9%, and 32.1% respectively [2]. Group 3: Operational Developments - The company is actively expanding transportation capacity in preparation for the peak winter season, although actual visitor numbers have been affected by adverse weather conditions [1][2]. - Significant infrastructure improvements are underway, including the expected operation of a high-speed rail station in April 2025 and the full opening of the Shenyang-Baishan high-speed rail line by September 2025, which will enhance visitor access [3]. - Capital expenditures in 2024 reached 167 million yuan, primarily for vehicle purchases, with ongoing projects aimed at increasing operational capacity and enhancing the commercial ecosystem around the scenic area [3].

Investment Rating - The investment rating for Changbai Mountain is maintained at "Buy" [1] Core Views - The company experienced a revenue growth of 19.8% year-on-year in 2024, with a total revenue of 743 million yuan and a net profit of 144 million yuan, reflecting a 4.5% increase year-on-year [5] - In Q1 2025, the company reported a revenue of 129 million yuan, a slight increase of 0.7% year-on-year, but the net profit dropped by 58.9% year-on-year to 4 million yuan due to various cost pressures [5] - The company is actively expanding transportation capacity in anticipation of the peak ice and snow season, although actual visitor numbers were affected by adverse weather conditions [5][6] - The forecast for net profit from 2025 to 2027 has been adjusted downwards, with expected figures of 186 million yuan, 218 million yuan, and 263 million yuan respectively, indicating a year-on-year growth of 29.2%, 16.9%, and 20.7% [5] Financial Summary - The company’s total revenue is projected to reach 829 million yuan in 2025, with a year-on-year growth of 11.6% [7] - The gross profit margin is expected to be 42.3% in 2025, slightly improving from 41.7% in 2024 [7] - The earnings per share (EPS) for 2025 is estimated at 0.70 yuan, with a price-to-earnings (P/E) ratio of 46.9 times [7] - The company’s total assets are projected to grow to 1,637 million yuan by 2025, with a total liability of 289 million yuan [9]

Group 1 - The core viewpoint of the article is the introduction of various affiliated companies related to Changbai Mountain Tourism Co., Ltd., including their financial data and operational scope [1][2][3][4][5][6][7][8][9][10][11][12][13][14]. - The affiliated companies include Jilin Changbai Mountain Development Construction (Group) Co., Ltd., Jilin Changbai Mountain Scenic Area Management Co., Ltd., and others, with varying financial statuses and operational focuses [1][2][3][4][5][6][7][8][9][10][11][12][13][14]. - The total assets and net assets of Jilin Changbai Mountain Development Construction (Group) Co., Ltd. are reported as 2,054,826.82 million yuan and 1,264,121.03 million yuan respectively, with a main business income of 111,224.29 million yuan and a net profit of 5,019.58 million yuan as of December 31, 2024 [1]. - Jilin Changbai Mountain Scenic Area Management Co., Ltd. has total assets of 11,011.45 million yuan, a net asset of -11,796.88 million yuan, with a main business income of 8,324.82 million yuan and a net loss of 697.80 million yuan [2]. - Jilin Changbai Mountain Real Estate Development Co., Ltd. shows total assets of 149,584.12 million yuan, a net asset of -26,543.44 million yuan, with a main business income of 2,864.91 million yuan and a net loss of 3,756.64 million yuan [3]. - The financial performance of other affiliated companies, such as Yanbian Changbai Mountain Peace Skiing Co., Ltd. and Jilin Changbai Mountain All-Season Terrain Park Management Co., Ltd., also reflects significant losses and negative net assets [4][5]. Group 2 - The article outlines the relationship between Changbai Mountain Tourism Co., Ltd. and its affiliated companies, indicating that the majority are wholly owned subsidiaries of the controlling shareholder, Jilin Changbai Mountain Development Construction (Group) Co., Ltd. [14]. - The article emphasizes that the affiliated companies are capable of fulfilling their obligations and do not pose a risk of default in transactions with Changbai Mountain Tourism Co., Ltd. [14]. - The pricing policy for transactions with affiliated parties is based on voluntary, equal, and mutually beneficial principles, ensuring that the interests of the company and its shareholders are not harmed [15]. - The transactions are designed to leverage the technological and product advantages of the affiliated companies, ensuring stable operations and overall economic benefits for Changbai Mountain Tourism Co., Ltd. [16].

证券代码：603099 证券简称：长白山 公告编号：2025-015 长白山旅游股份有限公司 第四届监事会第三十六次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 一、 监事会会议召开情况 表决结果：4 票同意，0 票反对，0 票弃权。 本议案尚需提请公司 2024 年年度股东大会审议。 3、审议通过《关于公司 2024 年财务决算报告的议案》 表决结果：4 票同意，0 票反对，0 票弃权。 长白山旅游股份有限公司（以下简称 "公司"）于 2025 年 4 月 24 日以通讯表决方式召开第四届监事会第三十六次会议。会议通知 及会议材料于 2025 年 4 月 14 日以邮件加现场送达方式发出。会议由 公司监事会主席孙青春先生召集并主持，本次会议应参与表决监事 4 名，实际参与表决监事 4 名。会议参与表决人数及召集、召开、表决 程序符合《中华人民共和国公司法》和《公司章程》的有关规定，合 法有效。 二、监事会会议审议情况 与会监事对本次会议的全部议案进行了充分讨论，会议审议并一 致通过了以下议案： 1、审 ...

证券代码：603099 证券名称：长白山 公告编号：2025-014 表决结果：8 票赞成，0 票反对，0 票弃权。 本议案尚需提请公司 2024 年年度股东大会审议。 2、审议通过《关于公司 2024 年独立董事述职报告的议案》 表决结果：8 票赞成，0 票反对，0 票弃权。 长白山旅游股份有限公司 第四届董事会第三十六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 一、董事会会议召开情况 长白山旅游股份有限公司（以下简称"公司"）第四届董事会第 三十六次会议于2025年4月24日以通讯的方式召开，会议通知及会议 材料于2025年4月14日以专人递送、电子邮件等方式送达全体董事、 监事和高级管理人员。本次会议应参与表决董事8人，实际参与表决 董事8人，有效表决票为8票，参与表决的董事符合《公司法》和《公 司章程》等法律法规的有关规定。本次会议的召开、表决合法有效。 二、董事会会议审议情况 与会董事对本次会议的全部议案进行了充分讨论，会议审议并一 致通过了以下议案： 1、审议通过《关于公司 2024 年 ...

重要内容提示： ●2024年度利润分配预案为：以2024年12月31日公司总股本 266,670,000股为基数，每10股派送现金红利人民币0.815元（含税）， 共计分配利润人民币21,733,605.00元，占当年合并报表归属于上市 公司股东净利润的15.07%。剩余未分配利润结转下年。 ●本次利润分配预案已经公司第四届董事会第三十六次会议审 议通过，本议案尚需提交 2024 年年度股东大会审议。 证券代码：603099 证券名称：长白山 公告编号：2025-016 长白山旅游股份有限公司 关于 2024 年度利润分配预案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 一、2024 年度利润分配预案的主要内容 （一）利润分配方案的具体内容 经致同会计师事务所（特殊普通合伙）审计，截至 2024 年 12 月 31 日，公司 2024 年度合并报表口径归属于上市公司股东净利润为 144,252,973.71 元 ， 本 年 度 末 母 公 司 报 表 未 分 配 利 润 为 494,182,140.60 元， ...