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Chinese tourism operator running scenic-area attractions and services around Changbai Mountain.
Chinese tourism operator running scenic-area attractions and services around Changbai Mountain.
Earns from entry tickets, shuttle buses and other services inside one scenic area, with a short summer peak, so results hinge on visitor numbers, weather and the access rules for the site. Ticket prices at such sites are often set by local government.
In one line: A China-based national-park tourism operator.
Moat: narrow (regulatory licence, installed base). Exclusive or preferential operating rights over a well-known natural scenic area.
Headquarters: Jilin, China · Employees: 1,407
Size Changbai Mountain Tourism (603099.SS) is a China Consumer Discretionary company (Other Consumer Services) with a market value of $1.54B, the 1593rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥37.76 on 6 Nov 2026.
Performance Over six months the shares gained 8.0%, against -8.3% for the median peer and -16.4% for the China market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 2.4% over the last twelve months (peer median +4.9%); the operating margin is 20.5% (peer median 15.1%).
Valuation It trades at 71.9× forward earnings against a peer median of 15.2× (most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +40%, so the hurdle is -24 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 10.1 points above its cost of capital (5.0% WACC).
Next results Next results expected around 19 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥801M | CN¥786M | CN¥742M | CN¥619M | CN¥194M |
| Revenue growth | — | +6% | +20% | +218% | — |
| Gross profit | CN¥366M | CN¥289M | CN¥306M | CN¥260M | -CN¥24.7M |
| EBITDA | n/a | CN¥261M | CN¥282M | CN¥245M | -CN¥16.0M |
| Net income | CN¥120M | CN¥129M | CN¥144M | CN¥138M | -CN¥57.4M |
| Free cash flow | CN¥25.7M | CN¥22.8M | CN¥41.9M | CN¥164M | -CN¥44.3M |
| Capital expenditure | CN¥168M | CN¥150M | CN¥164M | CN¥86.9M | CN¥47.9M |
| Total debt | CN¥91.7M | CN¥97.6M | CN¥142M | CN¥76.8M | CN¥91.3M |
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Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 603099.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.4% | +1.7% | 5th lowest of 21 |
| 6-month return | +8.0% | -8.3% | 7th highest of 21 |
| Distance from 52-week high | -37.4% | -27.3% | 6th lowest of 21 |
| Revenue growth (TTM) | +2.4% | +4.9% | 7th lowest of 21 |
| Operating margin | 20.5% | 15.1% | 7th highest of 21 |
| Forward P/E | 71.9× | 15.2× | most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 15.4% | 1.8% | 2nd most demanding of 18 |
| Growth delivered (Del g) | +39.7% | +15.5% | 5th highest of 18 |
| Hurdle (Req g minus delivered) | -24.3 pp | -16.9 pp | 7th least demanding of 18 |
| ROIC minus cost of capital | +10.1 pp | +2.9 pp | 5th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Changbai Mountain Tourism 603099.SS | China | $1.54B | +8% | +2% | 20% | 71.9× | 15.4% | +39.7% |
| Saga SAGA.L | United Kingdom | $1.67B | +56% | +37% | 16% | 18.6× | 12.6% | +14.3% |
| Perdoceo Education PRDO | United States | $1.68B | -25% | +12% | 25% | 9.1× | -16.0% | +4.2% |
| Flight Centre Travel FLT.AX | Australia | $1.72B | +17% | +3% | 7% | 11.4× | 8.5% | +48.5% |
| Shoucheng 0697.HK | Hong Kong | $1.33B | -27% | -1% | 16% | 15.5× | 21.2% | +15.3% |
| Park24 4666.T | Japan | $1.93B | -2% | +4% | 10% | 6.8× | -5.2% | +8.6% |
| AcadeMedia ACAD.ST | Sweden | $1.22B | +20% | +8% | 7% | 9.9× | -1.8% | +8.7% |
| Driven Brands DRVN | United States | $1.96B | -11% | -11% | 15% | 9.6× | 3.3% | +15.5% |
| Strategic Education STRA | United States | $1.16B | -35% | +4% | 16% | 7.9× | -12.6% | +4.3% |
| Zhang Jia Jie Tourism 000430.SZ | China | $1.15B | -22% | +20% | -81% | n/a | n/a | n/a |
| CATARC Automotive Proving Ground 301215.SZ | China | $1.10B | -12% | +23% | 43% | n/a | n/a | n/a |
| Basic-Fit BFIT.AS | Netherlands | $2.23B | +2% | +18% | 12% | 22.0× | 6.5% | +30.4% |
| Afya AFYA | United States | $960M | -25% | +17% | 32% | 5.9× | -16.3% | +23.2% |
| Boyd Group Services BYD.TO | Canada | $2.48B | -24% | +16% | 5% | 22.1× | 9.4% | +16.0% |
| Peloton Interactive PTON | United States | $2.50B | -1% | -2% | 9% | 18.7× | 7.2% | -9.5% |
| Sats SATS.OL | Norway | $937M | +10% | +5% | 18% | 15.2× | -5.9% | +10.6% |
| Voyageurs du Monde ALVDM.PA | France | $896M | +28% | +4% | 8% | 18.1× | 1.8% | +46.3% |
| Trainline TRN.L | United Kingdom | $887M | -5% | +1% | 27% | 7.9× | -8.0% | +46.5% |
| Webbeds WEB.AX | Australia | $871M | +45% | +20% | 25% | 15.7× | 4.5% | +50.3% |
| Dongguan Kingsun Optoelectronic 002638.SZ | China | $849M | -16% | -24% | -34% | n/a | n/a | n/a |
| Shaanxi Tourism Culture Industry 603402.SS | China | $832M | -36% | -18% | 54% | 18.7× | -15.9% | +27.6% |