意外事件风险 Accident risk

　　旅游业易受自然灾害、重大疫情、突发事件等意外事件的影响而出现波动。因此，如发生上述意外事件，长白山旅游的经营业绩将可能受到不利影响。如2010年夏季吉林省暴雨灾害对长白山景区旅游业及公司经营业绩造成较大的冲击。当年旅游客运业务的毛利率为41.40%，而2009年度和2011年度，该指标为56.14%、和60.13%。

Tourism is vulnerable to natural disasters、Major epidemic、Emergencies and other accidents because of the influence of the volatility。so，If has the accident，Changbai mountain tourism business performance will may be adverse impact。As summer 2010 jilin province of changbai mountain scenic area nowcasting tourism industry and the operating results causes bigger impact。When the passenger travel business gross margin of 41.40%，And the 2009 and 2011 year，The index was 56.14%、And 60.13%。

募集资金投资项目风险 To raise funds investment project risk

　　募集资金投资项目预期经济效益的实现受价格、入住率和经营成本等多方面因素影响。酒店价格和入住率随酒店供需结构、游客人数、游客支付能力、游客消费倾向等因素的变化而波动，原材料、能源动力、人工等经营成本也随市场供求波动。

To raise funds investment projects the realization of the expected economic benefits by price、The occupancy rate and operating cost and so on various factors。Hotel prices with the hotel occupancy rate and supply and demand structure、The number of visitors、Visitors the ability to pay、The tourists' consumption tendency of the factors such as fluctuates，Raw materials、Energy power、Artificial etc business cost also along with market supply and demand fluctuation。

　　虽然长白山旅游在大量调研基础上，综合考虑目前长白山景区周边酒店服务业的发展现状与未来趋势，对项目进行了充分的可行性论证，但项目投资金额大、建设周期长，上述影响项目经济效益的因素在中长期的波动仍具有较高不确定性。项目建成运营后，如果酒店价格、入住率达不到预期水平，经营成本上升，项目的经济效益将会受到不利影响。

Although in changbai mountain tourism based on plenty of investigation，Comprehensive consideration of the current changbai mountain scenic area surrounding the hotel industry development situation and future trends，Project to the full feasibility，But the project investment amount、Long construction period，The influence of the factors in the economic benefit of project the volatility of the medium and long term still has high uncertainty。The completion of the project after operation，If the hotel prices、The occupancy rate can not reach the expected level，Operating costs rise，Project economic benefits would be adverse impact。