募投项目无关主营

Cast not collected project main

　　长白山本次拟发行股数6667万股，发行后总股本为26667万股，拟登陆上交所，保荐人为安信证券。公司目前主营业务为旅游服务业，包括旅游客运、旅行社及温泉水开发、利用业务。

The issue shares to changbai mountain 66.67 million shares，After issuance of total equity for 266.67 million shares，Intends to ShangJiaoSuo landing，Guarantor for access securities。The company the main business for tourism services，Including tourist transport、Travel agency and the hot spring water development、Use of business。

　　据招股书披露，报告期内旅游客运分别为1.30亿元、1.08亿元、2.02亿元，分别占营业收入的95.64%、93.68%、93.93%。旅行社收入仅占4.36%、5.98%、4.43%，温泉水销售、供热2010年、2011年仅占0.34%、1.64%。从上述数据不难看出，旅游客运是长白山旅游的主要收入来源，但公司此次募投并未投向主营业务。招股书称，本次募集资金将投资于长白山国际温泉度假区建设项目，项目总投资4.21亿元，拟使用募投资金3.79亿元。募集资金投资项目实施后，公司将进入旅游酒店业务领域，公司业务将从目前的旅游客运、旅行社、温泉水开发利用扩展至酒店业务。

According to the prospectus in disclosure，Report period tourist transportation is 130 million yuan respectively、$108 million、$202 million，Accounted for 95.64% of revenues、93.68%、93.93%。Travel agency income just 4.36%、5.98%、4.43%，Hot springs, sales、Heating in 2010、In 2011, just 0.34%、1.64%。From the above data it is easy to see，Tourist transportation is the main source of revenue in changbai mountain tourism，But the company from the main business did not to vote。Prospectus in says，The raising money will be invested in the international hot spring resort changbai mountain construction project，The project total investment is 421 million yuan，To be used offering investment nt $379 million。Raising money after the implementation of the investment project，The company will enter tourism hotel business，The company business will from the current tourism passenger transportation、Travel agency、The hot spring water development with extended to the hotel business。

　　根据《首次公开发行股票并上市管理办法》第三十八条规定，募集资金应当有明确的使用方向，原则上应当用于主营业务。根据招股书所显示的主营业务，公司目前主要从事旅游客运、旅行社及温泉水开发、利用业务，酒店经营并不在此范围内。

According to《Initial public offerings of shares and public management approach》Article 38 the regulations，Raising money should have clear use direction，In principle should be used for the main business。According to the prospectus in shows the main business，The company mainly engaged in tourism passenger transportation、Travel agency and the hot spring water development、Use of business，The hotel business is not in this range。

　　项目预期收益存变数

The project is expected to save variable income

　　招股书显示，长白山国际温泉度假区建设项目拟建客房300间，设置床位440张。根据长白山管委会旅游局的预测，2015年长白山景区全年入区人数将达到176万人次。预计项目正常运营年份接待游客约9.2万人，占2015年长白山景区入区游客总量的5.2%。据此推算，酒店正常运营年份的客房收入为8431万元。

Prospectus in display，International hot spring resort changbai mountain construction project plans to build 300 rooms，Set 440 beds。According to the forecast the ac changbai mountain tourism bureau，In 2015 the number of changbai mountain scenic area throughout the year will reach 1.76 million people。Project is expected to the normal operation of visitors year about 92000 people，2015 years of changbai mountain scenic area visitors into 5.2% of the total。Calculate according to，The normal operation of the hotel rooms revenue of the year for 84.31 million yuan。

　　此外，招股书预测，入住温泉酒店的客人多会选择洗浴消费，假设2015年建成后，约80%的顾客及部分散客进行消费，则正常运营年份温泉洗浴收入为1572.37万元。同理，正常运营年份预计餐饮娱乐收入为1380.35万元。依此计算，2015年-2019年预计长白山国际温泉度假区建设项目营业收入分别为6347万元、9520万元、10366万元、11000万元、11635万元。

In addition，Prospectus in prediction，Check in hotel guests will choose the hot spring bath consumption，2015 years after the completion of the hypothesis，About 80% of the customer and some individual clients for consumption，The normal operation of the hot spring year income for 15.7237 million yuan。similarly，The normal operation of the year is expected to entertainment income for 13.8035 million yuan。According to the calculation，In 2015-2019 is expected to international hot spring resort changbai mountain construction project business income is 63.47 million yuan respectively、$95.2 million、$103.66 million、$110 million、$116.35 million。

　　长白山招股书的募投后预测看似比较乐观，但实际上，募投项目能否取得预期收益存在一定变数。目前，总投资额高达230亿元的万达长白山国际度假区即将开业，该项目将打造一个特大型度假胜地，其包含柏悦、凯悦、威斯汀、喜来登、假日等多家高品质酒店及亚洲第一大滑雪场等旅游设施，其中也包含温泉酒店。此外，总投资134亿元的长白山卡森国际综合旅游度假区以及中弘集团投资150亿元的长白山望天鹅国际旅游度假区投资项目在未来几年内将陆续投入运营，随着各大高端酒店的建成，必将分流部分长白山旅客，届时，长白山国际温泉度假村能否在众多知名酒店竞争中保持预计的盈利水平，着实存在疑问。

Changbai mountain prospectus in cast from after seemingly more optimistic forecast，But in fact，Offering cast project can get expected return there exist certain variables。At present，Total investment is as high as 23 billion yuan of wanda changbai mountain resort is getting ready for the opening of the international，The project will create a large holiday resort，The BaiYue contains、hyatt、westin、sheraton、Holiday and a number of high quality hotels and Asia the first big ski resort tourism facilities，And also including hot springs hotel。In addition，With a total investment of 13.4 billion yuan of changbai mountain Carson international comprehensive tourist resort and hong group invested 15 billion yuan at the changbai mountain swan international resort investment projects in the next few years will be put into operation in succession，As each big high-end hotels were built，Will tap part of changbai mountain passengers，when，Changbai mountain international hot spring resort in many well-known hotel competition can keep the expected profit，Really is in doubt。

　　值得关注的是，今年6月9日起，长白山景区门票价格由原来的100元/人上调至125元/人。长白山管委会主任徐晗表示，旅游开发必须遵照保护第一的原则，游客人数不是越多越好，而是要向高端人群发展，发展生态旅游和休闲度假型旅游。如果不限制人数，长白山搞生态旅游就是泡影。

There is concern，This year since June 9,，Changbai mountain scenic area of the price from the original 100 RMB/person rise to 125 RMB/person。Changbai mountain, director of the ac XuHan said，Tourism development must comply with the principle of protecting the first，The number of visitors is not the more the better，But to high-end population development，The development of ecological tourism and leisure tourism resorts。If not restrict the number，Changbai mountain ecological tourism is up to nothing。

　　如果未来长白山真的限制游客人数，2015年，长白山景区全年入区人数能否达到预计的176万人次，令人生疑。此外，此类限流令一旦出台，必然会影响到募投温泉酒店的客流量和营业收入。

If the future really limit the number of visitors changbai mountain，2015 years，Changbai mountain scenic area into the area could meet throughout the year the number of expected 1.76 million people，suspect。In addition，Such limited flow make once introduced，Will affect the offering of hot spring hotel for passenger and business income。

　　超采温泉或面临处罚

Deficit of hot spring or face punishment

　　招股书显示，长白山所属的温泉公司于2010年10月收购了建设集团拥有的温泉采矿权，并获得了吉林省国土资源厅颁发的《采矿许可证》，该许可证载明的生产规模为3万立方米/年。2010年温泉公司实际开采41760立方米，2011年实际开采175200立方米，实际开采量均超过许可开采规模。招股书解释，温泉公司采用自然收集法采集温泉水资源，不会导致地热资源的过度开采。关于超额开采矿产问题，《中华人民共和国矿产资源法》、国务院《矿产资源开采登记管理办法》及《吉林省矿产资源勘查开采管理条例》均未进行规定。

Prospectus in display，Changbai mountain belong in hot springs in October 2010 with the acquisition of the construction group of hot spring mining right，And access to the land of jilin province are given to award《Mining license》，The specified in the permit production scale for 30000 cubic meters per year。In 2010 the company actual mining hot spring of 41760 cubic meters，In 2011 the actual mining of 175200 cubic meters，The actual exploited by more than the scale of mining license。Prospectus in explain，Using natural hot spring company collect method the hot spring water resources collection，Will not cause the over-exploitation of geothermal resources。About excess mining mineral problem，《Mineral resources of the People's Republic of China》、The state council《Exploitation of mineral resources registration and management measures》and《Jilin province the mineral exploration and development management regulations》Not all regulations。

　　对此，吉林省国土资源厅负责采矿咨询的工作人员表示，旅游景区的开发利用方案都是经过专家评定的，一旦超额开采则会对其科学性、合理性造成影响，是不允许的。超额开采属违规行为，应由执法建设部门进行管理查处。目前，法律对于超能采矿没有明确规定，一旦企业发生超能采矿被发现，可能无法通过年检，相关部门可以将相关情况报安监部门，安监部门可根据情况对企业进行停产整改。

this，Jilin province is responsible for the mining land given consulting staff said，Tourism scenic spot of the development and utilization of the scheme are to pass the evaluation experts，Once the excess exploitation will its scientific、Rationality the influence，Is not allowed。Excess exploitation of irregularities，Should by law enforcement departments and construction management。At present，Laws for chaoneng mining did not make clear a regulation，Once the enterprise happening chaoneng mining was found，May not through the yearly check，Relevant departments may report the related to safety supervision department，Safety supervision department of enterprise according to the production adjustment。

　　招股书显示，2012年4月20日，长白山下属的温泉公司取得新的《采矿许可证》，有效期自2012年4月至2014年12月，生产规模为18.00万立方米/年。若公司募投项目建成使用，势必再一次加大温泉资源的开发，而温泉酒店尚未建成，公司开采量就接近18万立方米/年，建成之后的开采量必将大幅增加。未来，公司面临超量开采温泉水受罚的可能性。

Prospectus in display，On April 20, 2012，Changbai mountain affiliate company to get new hot spring《Mining license》，Validity since April 2012 to December 2014，The scale of production for 180000 cubic meters per year。If the company offering the completion of the project for use，Certainly will again increase hot spring resources development，And the hot springs hotel not yet built，The company is closer to 180000 cubic meters per year，After is built of will increase。future，The company faces the possibility of hot spring water punished by mining。