Scenic Area Listed Companies' Half-Year Reports: Overall Growth, Slowing Pace, Diverging Performance
Several scenic area listed companies released 2026 half-year reports, showing overall growth, slowing pace, and diverging performance. Huangshan Tourism reported revenue of 988 million yuan, up 5.11% year-on-year, and net profit of 130 million yuan, up 2.94%. Songcheng Performance reported revenue of 962 million yuan and net profit of 347 million yuan. Mountain scenic areas rely mainly on tickets and cable cars, with high cable car gross margins: Huangshan's cable car and ropeway business had a gross margin of 74.22%, and Lijiang Tourism's cable car transport business had a gross margin of 87.16%. Some scenic areas are expanding cable car capacity, integrating regional resources, and develo…
Impact and considerations
Diverging performance among scenic area listed companies reflects shifts in tourism consumption. High dependence on high-margin cable car businesses and the rise of asset-light output and immersive experiences offer reference points for tourism investment and operations.
Key points
- In H1 2026, scenic area listed companies showed overall growth, slowing pace, and diverging performance.
- Huangshan Tourism revenue was 988 million yuan, up 5.11% YoY; Songcheng Performance revenue was 962 million yuan, net profit 347 million yuan.
- Mountain scenic areas rely mainly on tickets and cable cars, with cable car business contributing most profit. Huangshan's cable car gross margin was 74.22%; Lijiang Tourism's cable car transport gross margin was 87.16%.
- Some scenic areas are expanding cable car capacity, integrating regional resources, and developing off-mountain hotels, tea, and cultural creative businesses to cultivate second growth curves.
- Tourism performance companies face product aging, intensifying competition, and weather uncertainty. Hangzhou Songcheng scenic area revenue fell 19.84% YoY.
- Songcheng's asset-light output (design and planning fees) revenue grew 184.84% YoY, with a gross margin of 96.92%, becoming a key growth engine.
Sources and time
- Primary source
- 中国旅游新闻网
- Other sources
- 0
- First source publication
- 15 Sept 2026, 08:00
- Page published
- 16 Sept 2026, 00:05
- Last updated
- 15 Sept 2026, 08:00
- Original links
- China Tourism News：景区类上市公司半年财报显示——总量增长 增速放缓 业绩分化-中国旅游新闻网Document (opens in a new tab)Primary source · zh · Published 15 Sept 2026, 08:00