Changbai Mountain Tourism Co Ltd: A Catalyst for the Resurgence of China’s Ice‑and‑Snow Economy

The recent surge of Changbai Mountain Tourism Co Ltd (CHB) to a 52‑week high of CNY 60.67 after a dramatic price‑to‑earnings ratio of 101.91 is no accident; it is the result of a confluence of strategic moves by the tourism sector and a broader macro‑environment that favours winter‑time travel. The company, listed on the Shanghai Stock Exchange, is now trading at CNY 50.90 as of 2025‑10‑20, a clear indicator that investors are eager to stake a claim in China’s burgeoning ice‑and‑snow market, projected to exceed CNY 10 053 billion in 2025.

1. Airline Expansion Reinforces Destination Demand

On 2025‑10‑21, Jixiang Airlines’ Jiangsu branch announced a full restoration of the Nanjing‑Changbai Mountain and Nanjing‑Harbin routes for the upcoming winter‑spring season, starting 2025‑10‑26. The airline’s strategy to “optimize capacity” and launch popular routes such as Zhuhai, Sanya, Xishuangbanna, and Kunming is a direct response to a clear consumer demand: tourists seeking either the snow‑blanketed north or the temperate south.

For Changbai Mountain Tourism, the implications are immediate:

  • Higher inbound traffic: More passengers will have convenient, direct access to the resort, reducing travel friction.
  • Improved brand visibility: The airline’s marketing pushes (e.g., exclusive pick‑up services to Osaka’s Kansai Airport and “passport‑completion rewards”) signal an ecosystem that prioritises seamless customer experience—an area where CHB can further differentiate itself.
  • Competitive positioning: While other resorts vie for the same audience, CHB benefits from the airline’s promotional momentum, potentially capturing a larger share of the inbound market.

2. Local Government Endorsement and Retail Synergy

The visit by Changchun Mayor Gu Gang to the Eurasia Shopping Centre on 2025‑10‑20 highlighted the city’s robust consumer confidence. Gu’s assessment—“non‑holiday traffic is extraordinary” and “the presence of premium brands is a testament to the city’s business environment”—reinforces the narrative that Changbai Mountain’s tourism corridor is an economic engine for the region.

Eurasia’s “Long White Mountain Ginseng Exhibition & Experience Center”—a 3 500‑square‑meter showcase blending cultural heritage and health products—offers a complementary attraction to the resort. Tourists arriving for the snow experience can now extend their stay to partake in ginseng‑based wellness activities, boosting average length of stay and ancillary spend.

3. Ice‑and‑Snow Industry Surge and Market Dynamics

Multiple market reports, all dated 2025‑10‑20, converge on the same point: the ice‑and‑snow industry is in a “strong oscillation” and the market is rallying.

  • Morning reports noted a “tourism and hotel segment lift”, with CHB reaching a limit‑up (涨停) alongside peers such as Dalian Shengya and Tianfu Wenhuan.
  • Cold‑air forecasts and the China Ice‑and‑Snow Industry Development Study Report (2025) predict a 10%+ growth in the sector, reinforcing the bullish backdrop for CHB.

The price‑to‑earnings ratio, while high, reflects the market’s expectation that the company will capture a sizable portion of this expanding economy. Investors are betting that CHB will deliver revenue growth through increased occupancy, higher average daily rates, and new ancillary services (ski‑rental, guided tours, wellness packages).

4. Risks and Counter‑Arguments

Critics may argue that:

  • Overvaluation: A P/E of 101.91 is unprecedented for a tourism firm. If the industry stalls, the share price could retract sharply.
  • Seasonal volatility: Winter tourism is highly dependent on weather patterns and climate change. An unexpected milder winter could dampen demand.
  • Competitive pressure: Other resorts, such as Dalian Shengya and Tianfu Wenhuan, are also vying for the same market and may launch aggressive pricing or bundled offers.

However, the recent limit‑up events suggest that the market has already priced in some of these risks, and the company’s strategic partnerships (airline routes, retail synergies) provide a buffer against competitive swings.

5. Outlook

Changbai Mountain Tourism Co Ltd sits at the nexus of government policy, consumer sentiment, and sectoral growth. The airline’s route expansion, mayoral endorsement, and industry‑wide rally create a favorable confluence that could propel the company to new heights. For investors looking for exposure to China’s next‑generation tourism boom, CHB’s current valuation may appear steep, but the underlying catalysts—expanding destination demand, supportive policy environment, and an anticipated trillion‑yuan industry—offer a compelling narrative for sustained upside.

In a market where winter‑time travel is no longer a niche hobby but a mainstream holiday, Changbai Mountain Tourism is positioned to command a dominant share. The question is not whether the company will benefit from this momentum, but how quickly it can translate increased footfall into profitability and shareholder value.