“The half-autumn moon of 188bet online sports betting Mountain casts its shadow into the water of Pingqiang River.”

Whether you have been to Mount 188bet online sports betting or not，You are not too unfamiliar with it。In the middle school textbook，In Li Bai’s poems，In Jin Yong’s martial arts world... there is a shadow of Mount 188bet online sports betting。

188bet online sports betting，Located in 188bet online sports betting City, Leshan City, Sichuan Province，It’s Da’e、Er'e、The general name of San'e Mountain，Known as a Buddhist holy place，With Jiuhua Mountain in Anhui、Wutai Mountain, Shanxi、Putuo Mountain in Zhejiang is also known as the “Four Famous Buddhist Mountains” in China。

Cloud Sea、Buddha’s Light、Sunrise、Holy Lamp，The four wonders that make up Mount 188bet online sports betting。

Very few people can fully and clearly look at the whole picture of this mountain，Because this is the place with the most foggy days in our country。During the year，The top of Mount 188bet online sports betting is shrouded in clouds and fog for an average of 322 days。

However，As a tourism company that went public in 1997，188bet online sports betting A (000888.SZ)’s “business experience” is very simple。

Although Mount Emei A is located in the World Natural and Cultural Heritage Site、National scenic spots and national 5A tourist attractions，And it is the only 188bet online sports betting listed company in Sichuan Province，But it is no different from most mountainous scenic spots in the country - single business、Depend on the sky...to be different，There are also people who suffer from severe ticket dependence。

Ticket "Dependence"

Among domestic tourism listed companies，Very few listed companies include ticket revenue，Those who regard tickets as their core business and main source of revenue，Even less，And 188bet online sports betting A is one of them。

The main business of 188bet online sports betting A，Includes three major items: Mount Emei Scenic Area Tour Ticket、Passenger Ropeway、Hotel service，The total revenue accounted for more than 90%。

2018，Income from mountain tour tickets 4.7.4 billion yuan，44% of operating income.19 %；Passenger ropeway revenue 3.1.4 billion yuan，29% of operating income.30%；Hotel revenue 1.8.3 billion yuan，17% of operating income.06%。where，Mountain tour ticket revenue accounts for the largest proportion，Contributed the main income to 188bet online sports betting A。

This is a special case among domestic 188bet online sports betting listed companies.

The "Notice on Rectifying and Standardizing Ticket Prices for Tourist Attractions" issued in April 2008 stipulates that for world heritage sites relying on national resources、Scenic Area、Nature Reserve、Forest Park、Cultural relic protection units and religious activity sites in scenic spots and other tourist attractions，Not allowed to use ticket management rights、Attraction development and management rights are packaged and listed。

Since listing，Ticket revenue is the biggest dependence of 188bet online sports betting A’s revenue。However，When this policy was introduced，188bet online sports betting A has been on the market for 10 years，Doesn’t seem to be affected。Huangshan Tourism and 188bet online sports betting A were listed in the same year，So the same is true。

Manage mountain tour tickets，No need for much technical content，No need for much investment，It can be said to be a “making money while lying down” project，But the gross profit margin of 188bet online sports betting A mountain tour ticket revenue，But it remains between 30% and 40% all year round，Far below the industry level。

This is because of the operating costs of mountain tour tickets，There are also stories。188bet online sports betting A and its actual controller, 188bet online sports betting Management Committee，In the year of listing, the "Agreement on the Entrusted Operation of Mount Emei Scenic Area Tour Tickets" and the Supplementary Agreement were signed。

Agreement，Deduct the mountain tour ticket production fee based on the mountain tour ticket income、All management fees of Youshan Box Office、Tourist personal insurance premium、50% of the 188bet online sports betting Tourism Scenery Protection Fund and taxes and fees will be paid to the 188bet online sports betting Management Committee。

According to the relevant regulations of the 188bet online sports betting Management Committee，From January 1, 2015，From the total revenue from scenic spot tickets every year，Extract the paid usage fees for scenic area resources at a rate of 8%，As the 188bet online sports betting Tourism Scenic Resources Protection Fund。

In financial report，188bet online sports betting A counts all ticket revenue as operating income of listed companies，Then the various resource usage fees and tickets paid to the management committee are divided into，Discounted as cost。

2018，The mountain tour ticket income of Mount Emei A is 4.7.4 billion yuan，But，The 188bet online sports betting Tourism Scenic Resources Protection Fund paid to the 188bet online sports betting Management Committee is 3790.510,000 yuan，The mountain tour ticket share paid to the 188bet online sports betting Management Committee is 2.0.7 billion yuan。current period，The gross profit margin of Mount Emei A mountain tour ticket item is only 31.53%。

As the main item of operating income，The price of mountain tour tickets，Directly affects the performance of 188bet online sports betting A。

2001，Ticket price for Mount 188bet online sports betting Scenic Area starts from 60 yuan/person，raised to 80 yuan/person。Several changes in the process，Of course, prices are almost always increasing，By 2013，Has doubled。Since March 16, 2013，In peak season, the price is increased from 150 yuan/person to 185 yuan/person，In the off-season, it is increased from 90 yuan/person to 110 yuan/person。

Until 2018，Affected by policy，188bet online sports betting Scenic Area lowers ticket prices: peak season ticket price drops from 185 yuan/person to 160 yuan/person，Ticket price in off-season remains at 110 yuan/person，Effective from September 20, 2018。

According to the official statement，Peak season is 188bet online sports betting January 16th to December 14th，Off season is 188bet online sports betting December 15th to January 15th of the following year。However，The local tour guide told the city boundary，The off-season is actually 188bet online sports betting the end of November to the beginning of March。

188bet online sports betting A suffers from ticket dependence，So ticket price、Interaction of passenger flow，It will have a direct impact on its performance。

Depend on "Heaven" for food

The factors that affect passenger flow are far more than the price of tickets，After all, consumption is upgrading，Tickets reduced by 25 yuan，The stimulation effect on tourists is also extremely limited。

December 6, 2017，China's first high-speed railway through the Qinling Mountains - Xicheng High-speed Railway officially opened for operation，This means，The shortest railway travel time 188bet online sports betting Xi'an to Chengdu is increased 188bet online sports betting 11 hours，Reduced to 4 hours。After the implementation of the new train diagram，The one-way travel time between the two places has been further shortened to about 3 and a half hours。

This makes 188bet online sports betting very excited because it sees a new source of tourists.

188bet online sports betting A stated in the 2018 annual report，With the opening of Xicheng High-speed Railway，Chengdu-Guizhou High-speed Railway、Lexi Expressway、Construction and opening of E-Han Expressway and Chengle Expressway expansion projects，The role of mass transportation in supporting the flow of people will be further enhanced，Will definitely expand the city cluster that is the source of tourists in Mount Emei，Promote the continuous growth of the number of tourists in scenic spots。

Under the comprehensive influence of various factors such as transportation and price，2018，The number of ticket buyers in 188bet online sports betting Scenic Area increased by 3 year-on-year.25%，reached 329.50,000 people，But the revenue is only 10.7.2 billion yuan，Decreased by 0 year-on-year.62%。

Sichuan is a province rich in 188bet online sports betting resources，People often go to Jiuzhaigou for its fame，Except for religious people and mountain climbing enthusiasts，It seems that few people make a special trip to Mount Emei，Most of the time，Mount Emei seems to be regarded as a dispensable stop on the journey from Sichuan to Chongqing。

Founder Securities data display，Tourists from Sichuan Province are still the core part of Mount 188bet online sports betting’s tourist source，Accounting for more than 20%，About 15% higher than Shanghai, which ranks second。

Ticket for mountain tour、Passenger ropeway and hotel services are the main businesses，In fact, it is enough to show that Mount 188bet online sports betting A “depends on the sky”。Landscape is a gift from nature，Architecture is a blessing from our predecessors，You can’t guard the scenic spot forever，Rely on some basic projects to support performance。

Judging from the performance of 188bet online sports betting A in the past five years，Stable as a day，But it is susceptible to external factors，Not just a policy、Transportation, etc.，There are earthquakes、Natural disasters such as mudslides。

From 2014 to 2018，188bet online sports betting A’s revenue starts from 9.9.4 billion yuan increased to 10.7.2 billion yuan，The average annual compound growth rate in the past five years is less than 2%，And there was negative growth in 2016 and 2018。

In the past five years，188bet online sports betting A’s net profit attributable to the parent company increased from 1.9 billion yuan increased to 2.0.9 billion yuan，The average annual compound growth rate is only 2.About 4%，And there was negative growth in 2016。

Wei Changren, President of Jinlv Group, told the city，The income structure of 188bet online sports betting A is relatively simple，Not much has changed over the years，No fundamental breakthrough in other projects，So the performance has been mediocre。

The business model of 188bet online sports betting A is decided，The number of tourists will directly affect the performance of Mount Emei A。Founder Securities analysis said，2016、2017，Mount Emei is affected by the weather、Influenced by earthquakes and other factors，Weak growth in passenger traffic，Weak performance growth。

2016，The number of tourists visiting Mount Emei is 329.90,000，330 compared to 2015.810,000 people，Decreased；2017，The number of ticket buyers in 188bet online sports betting is 319.140,000，Decreased by 3 year-on-year.26%。

Evening of August 8, 2017，Occurrence in Jiuzhaigou 7.Magnitude 0 earthquake。188bet online sports betting A explained，2017，The number of ticket buyers in Mount Emei Scenic Area has declined，Affected by the earthquake。Actually，Go forward，2008 Wenchuan Earthquake、2013 Ya’an Earthquake，It has a certain impact on Mount Emei Scenic Area，Performance for the current period also declined。

188bet online sports betting A stated in the annual report，As a social service industry，Force majeure may have a greater impact on the company’s operations，Among them, major epidemics or natural disasters have the most serious impact，If a major force majeure event occurs in the future，It will have an adverse impact on the company’s operations。

Since we depend on heaven for food，Then it will be difficult to escape when God is unhappy。

Wei Changren told the city，The future mainstream consumer group is the post-90s generation、After 00，Their preference for purely tourist attractions will be significantly reduced，So if this type of scenic spot continues to be mainly for 188bet online sports betting，Not active in leisure and entertainment、If you want to extend the interactive experience and vacation，Your own limitations will become bigger and bigger。

“Going back to Mount 188bet online sports betting”

A senior practitioner in the 188bet online sports betting industry told the city，The products of China’s mountainous scenic spots are seriously homogenized，“How to integrate Mount Emei with local culture，Create your own unique IP，How to innovate in marketing methods、Attract the attention of young people，Is the key to breaking the situation"。

188bet online sports betting A seems to have realized it。Two years ago，188bet online sports betting A proposes the strategy of “revisiting Mount Emei”，Aiming for change。

2004，Zhang Yimou、The stage play "Impression·Liu Sanjie" co-directed by Wang Chaoge and Fan Yue，The popular “Impression” series。So，The live performance "Impression·Lijiang" supports the 188bet online sports betting performance project of the listed company Lijiang 188bet online sports betting，It has also become one of the main businesses of Lijiang 188bet online sports betting。

However，In recent years，The contribution of "Impression·Lijiang" to the performance of Lijiang 188bet online sports betting is not as good as every year，The number of performances continues to decrease，Income is also declining。

But，188bet online sports betting, which is seeking change, has followed suit。After the "Impression" series，Wang Chaoge created another series of "See You Again"，Such as "Seeing Dunhuang Again" and "Seeing Pingyao Again"，After that，The "Only" series climbed Mount Emei。

September 6 this year，The live performance project "Only Mount 188bet online sports betting" directed by Wang Chaoge premiered in Mount 188bet online sports betting。The entire project is mainly divided into three theaters: Situational Experience Theater Above the Cloud、Yunzhong Garden Theater、Real-life village theater under the clouds，covers an area of ​​7.80,000 square meters，Total construction area 30240 square meters。

This is called a new model of exploration and development by 188bet online sports betting A，“An important tourism project in the tourism and cultural industry，It can play an important role in improving the tourism product line of Mount Emei”。

August 23rd before this，188bet online sports betting A announcement，It is planned to add 1 to 188bet online sports betting Yunshang Tourism Investment Co., Ltd. (hereinafter referred to as "Yunshang Tourism").200 million yuan registered capital，For investment in the construction and operation of Yunshang Tourism "Only Mount Emei" real-life performance project。

After completion of capital increase，188bet online sports betting A will hold 40% of the shares of Yunshang Tourism，And become its controlling shareholder。In other words，"Only 188bet online sports betting" invested heavily by 188bet online sports betting A，It will greatly affect the performance of 188bet online sports betting A。

According to the announcement of 188bet online sports betting A，"Only 188bet online sports betting" project investment estimate is about 7.0.8 billion yuan，Calculated，During the operating period，188bet online sports betting A can achieve annual operating income of 2.0 billion yuan，Average annual net profit 0.5 billion yuan，The investment payback period is 9 before tax.83 years、10 after tax.27 years。

However，"Only Mount 188bet online sports betting" is a new work in the "Only" series，Compared to the "Impression" series of performances，Belongs to a brand new series。Can the performance be generally accepted by consumers and maintain sustained passenger flow attraction，Still needs market verification，With certain uncertainty。After all，The case of "Impression·Lijiang" is already in front of us。

Also，The fare also caused discussion。According to the ticket notification of Yunshang Travel，The ticket price of the "Above the Clouds" situational experience theater is as high as 298 yuan/person，138 yuan more expensive than the ticket to Mount 188bet online sports betting in peak season。

Currently，The scale of my country’s 188bet online sports betting performing arts market is gradually expanding，Market competition is becoming increasingly fierce。Data display，2013 to 2017，The number of domestic travel entertainment programs increased from 187 to 268；Travel performances from 5.330,000 games increased to 8.580,000 games。

Mount 188bet online sports betting A is also called，Pricing of project performance tickets，Has a greater impact on the final profitability of the project，Can its pricing level be recognized and accepted by the market，There is great uncertainty。

188bet online sports betting A has another little thought。Because the performance time of "Above the Clouds" Situational Experience Theater is 19:30-21:00 every day，It’s night after the performance，It can also increase the overnight rate of tourists，corresponding，Can drive the hotel business of 188bet online sports betting A。

The current problem is，How to attract tourists into the mountains，One step further，How to attract tourists to pay for "Only Mount 188bet online sports betting"，This is the key to "re-visiting Mount 188bet online sports betting"。

Actually，A few years ago，188bet online sports betting A is beginning to extend related products，But no results have been achieved。Emei Snowya Tea Business，Is one of the important ones。

The five years from 2014 to 2018，Although the operating income of 188bet online sports betting Snow Ya tea business has increased，But the losses are expanding。2018，188bet online sports betting Snowya tea business achieved revenue of 26.46 million yuan，But the loss expanded to 5.58 million yuan。

Currently，188bet online sports betting A still has not gotten rid of its dependence on tickets and ropeways。

Yang Yanfeng, director of the Online 188bet online sports betting Research Center of Beijing Union University, told the city，Resource-based scenic spots like Mount Emei that rely on the ticket economy，It is necessary to further develop related business formats and composite business formats in scenic spots，Introducing the vitality of marketization，Do a good job in secondary consumption，This will break the bottleneck，Achieve revenue increase and capacity expansion。

*Source of this article: WeChat public account "Shijie" (ID:ishijie2018), author: Lei Yanpeng, original title: "188bet online sports betting: Li Bai’s poems, the situation of capital》.