Summary of the Conference Call for SanTe Cableway Company Overview - **Company**: SanTe Cableway - **Core Profitability Areas**: Key scenic areas include Fanjing Mountain, Huashan, Monkey Island, Zhuhai, Lushan, and Qiandao Lake, with Fanjing Mountain generating the highest revenue and profit [2][13]. Financial Performance - **Revenue and Profit Contribution**: - Fanjing Mountain: Revenue exceeds 200 million, profit over 100 million - Huashan: Revenue between 100 million to 120 million, normal profit 30 million to 45 million - Monkey Island: Revenue around 100 million, profit over 20 million - Zhuhai: Revenue between 50 million to 60 million, profit around 30 million - Lushan and Qiandao Lake: Revenue around 30 million to 40 million, normal profit between 10 million to 20 million [13][14]. - **Profit Stability**: Core profitable scenic areas generate annual profits of approximately 250 to 280 million [11]. Future Growth and Projects - **Qiandao Lake Recovery**: Expected to see recovery growth in 2026 as operational rights return to the local government, benefiting from adjusted operational and marketing strategies [4]. - **New Projects**: - The Mukin Valley project in Qiandao Lake is expected to operate in the first half of 2027, targeting family tourism with projected stable revenue of 120 million and profit contribution of 30 to 40 million [6]. - Renovation plans for Lushan and Monkey Island, with investments of 100 million and 200 million respectively, aimed at resolving capacity bottlenecks and increasing customer spending [7][8]. Challenges and Risks - **Debt and Financial Issues**: The company has faced challenges over the past decade due to high-interest debt of 1.5 billion and financial expenses, which have eroded profits [3][11]. - **Market Concerns**: There are concerns regarding the potential impact of the former major shareholder, Contemporaneous Holdings, on SanTe Cableway, although current investigations indicate no direct risk to the company [10]. Strategic Support - **Support from Wuhan State-owned Assets**: As the current controlling shareholder, Wuhan State-owned Assets will provide financial, policy, and resource support, with clear requirements for new acquisitions and investments [11]. Market Outlook - **Long-term Investment Value**: The company is viewed positively for its long-term investment potential, with expectations of profit reaching 200 million to 300 million by 2027, indicating a potential stock price increase of over 50% [18]. Conclusion - **Overall Assessment**: SanTe Cableway is positioned for growth with a solid financial foundation from its core scenic areas, ongoing renovation projects, and strategic support from its controlling shareholder, despite facing historical financial challenges and market competition.

Company and Industry Summary Company: 三特索道 (SanTe Cableway) Key Points - **Valuation Improvement**: The company has experienced a significant increase in stock price due to the clearing of historical burdens and an accelerated pace of new project developments [1] - **Historical Issues**: The low valuation was primarily attributed to historical legacy issues, including financial problems [1] - **Debt Reduction**: The company has significantly reduced its debt ratio, with interest-bearing debt now at zero, leading to a notable decrease in future impairment scale [1][2] - **Operational Performance**: Existing projects are performing steadily, with the Hainan project expected to exceed expectations in January and February due to the timing of the Spring Festival [1] - **Future Revenue Projections**: The QianDaoHu MuXinGu project is set to be completed by the end of 2026, with an anticipated annual revenue release of approximately 120 million and a net profit of 35 million after ramp-up [1] - **Project Acceleration**: Starting in 2026, the company plans to accelerate the pace of new project advancements, with clear market capitalization management goals [1] - **Tourism Sector Outlook**: The company is positioned to benefit from the upcoming Spring travel peak, with recommendations to monitor various tourism stocks including Huangshan Tourism, Jiuhua Tourism, and others [1] Company: 当代 (Contemporary) Key Points - **Regulatory Issues**: The company is expected to face administrative penalties for violations related to fund occupation, but it does not have other significant risks or ST (Special Treatment) risks [2] - **Loss-Making Projects**: The exit from the KQ project is anticipated to have a one-time positive impact, while the Chongyang project is expected to show a significant reduction in losses this year [2] - **Financial Health**: Similar to SanTe Cableway, the company has also significantly reduced its debt ratio, with interest-bearing debt at zero, which will lead to a notable decrease in future impairment scale [2]

Group 1 - The tourism and scenic area sector increased by 0.71% on February 4, with Caesar Travel leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the tourism sector showed various performance, with Caesar Travel closing at 6.47, up 3.69%, and Xi'an Tourism at 10.53, up 3.54% [1] Group 2 - The tourism sector experienced a net outflow of 65.82 million yuan from main funds, while retail investors saw a net inflow of 132 million yuan [2] - Notable stocks with significant fund flows included Caesar Travel with a net inflow of 73.92 million yuan from main funds, but a net outflow from retail investors of 58.75 million yuan [3] - Yunnan Tourism had a net inflow of 14.19 million yuan from main funds, with a net outflow of 8.36 million yuan from retail investors [3]

（文章来源：证券日报） 证券日报网讯 1月21日，三特索道在互动平台回答投资者提问时表示，公司股价表现一般受到多种因素 影响，公司高度重视市值管理，致力于在聚焦主业，提升经营效率和盈利能力的基础上，结合自身情 况，综合运用包括但不限于信息披露、现金分红等方式，提升公司投资价值。 ...

Group 1 - The core viewpoint of the article is that the company, Santai Cableway, is operating its Hainan project normally and is planning to expand new products and activities to attract tourists based on visitor demand [1] Group 2 - The company encourages investors to pay attention to its announcements regarding operational conditions [1]

Group 1 - The company is currently advancing the construction of the Qiandao Lake Muxin Valley project [2] - There is an inquiry from investors regarding the project's progress and its potential opening within the year [2]

Group 1 - The company, Santer Cableway (002159), confirmed that it has a complete ticketing system and internal control mechanism for revenue recognition [1] - Revenue recognition is identified as a key audit matter, which can be referenced in the company's disclosed "2024 Annual Report" under Section 10, Financial Report "IV. Key Audit Matters" [1]

Group 1 - The tourism and scenic spots sector increased by 0.58% on January 6, with N Shaanxi Tourism leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up 1.5%, while the Shenzhen Component Index closed at 14022.55, up 1.4% [1] - N Shaanxi Tourism's stock price rose by 64.10% to 132.00, with a trading volume of 143,900 shares and a transaction value of 1.971 billion [1] Group 2 - The main funds in the tourism and scenic spots sector had a net inflow of 719 million, while retail funds experienced a net outflow of 24.75 million [2] - The stock performance of various companies in the sector showed mixed results, with some stocks like N Shaanxi Tourism and Songcheng Performance seeing significant changes in net inflow and outflow [3] - N Shaanxi Tourism had a net inflow of 8.27 billion from main funds, while retail funds saw a net outflow of 1.62 billion [3]

Core Viewpoint - The tourism and scenic spots sector experienced a slight increase of 0.48% on December 31, with Caesar Travel leading the gains. The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1]. Group 1: Stock Performance - Caesar Travel (000796) closed at 7.20, up 6.04%, with a trading volume of 1.89 million shares and a transaction value of 1.332 billion yuan [1]. - Other notable performers included ST Zhanggu (000430) at 7.76, up 2.51%, and Guilin Tourism (000978) at 7.24, up 2.26% [1]. - The overall trading volume and transaction values for various stocks in the tourism sector indicate active market participation, with total transaction values reaching billions [1]. Group 2: Capital Flow - The tourism and scenic spots sector saw a net outflow of 105 million yuan from main funds, while retail investors contributed a net inflow of 103 million yuan [2]. - The data indicates that while institutional investors withdrew funds, retail investors were more active in purchasing stocks within the sector [2]. - Specific stocks like Caesar Travel had a significant net inflow from retail investors, despite a net outflow from main funds [3].

Group 1 - The core point of the article is that the Enshi Grand Canyon scenic area is not a project operated by the company SanTe Cableway (002159.SZ) [1]