证券代码：600054(Ａ股) 股票简称：黄山旅游(Ａ股) 编号：2024-035 900942(Ｂ股) 黄山Ｂ股(Ｂ股) 黄山旅游发展股份有限公司 关于召开 2024 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 9 月 11 日（星期三）上午 10:00-11:00。 1 / 3 ● 会议召开时间：2024 年 9 月 11 日（星期三）上午 10:00-11:00。 ● 会议召开地点：全景网"投资者关系互动平台"（https://ir.p5w.net）。 ● 会议召开方式：本次业绩说明会将通过网络互动方式召开。 （二）会议召开地点：全景网"投资者关系互动平台"（https://ir.p5w.net）。 （三）会议召开方式：本次业绩说明会将通过网络互动方式召开。 三、参加人员 公司董事长章德辉，独立董事章锦河，董事、高级副总裁兼董事会秘书丁维 以及相关部门工作人员。 ● 投资者可于2024年9月9日（星期一）下午16: ...

Investment Rating - The report maintains a "Buy" rating for Huangshan Tourism (600054 SH) [1][5][7] Core Views - The company achieved revenue of 834 million yuan in H1 2024, a year-on-year decrease of 0 39% Net profit attributable to shareholders was 132 million yuan, down 34 1% year-on-year [1][4] - The company is expected to benefit from improved transportation conditions, hotel renovations, and upgraded catering business models, leading to steady growth in revenue and performance [1][5] - The opening of the Chihuang high-speed railway in 2024 is expected to further improve visitor traffic to the mountain [1][5] - Hotel renovations and upgrades are expected to drive both volume and pricing to new highs [1][5] - The catering sector, particularly the Huishang Guli brand, is exploring a light-asset expansion model, which may reduce drag on the company's performance [1][5] Operational Performance - In H1 2024, Huangshan Scenic Area received 2 1396 million visitors, a year-on-year increase of 2 3% Cable cars and ropeways transported 4 2098 million passengers, up 1 06% year-on-year [4] - The company implemented targeted marketing strategies, including discounts for specific groups and regions, and expanded into markets such as large groups, parent-child study tours, health and wellness vacations, and conference exhibitions [4] - The company's sales gross margin and net margin were 50 21% and 17 56%, respectively, down 2 47 and 8 54 percentage points year-on-year [4] Strategic Developments - The company is advancing the construction of the Greater Huangshan area, including upgrading the Taiping Lake scenic area and adding night tourism brands [5] - The Huishang Guli brand opened a new store in Hefei Lugang Park, with three more stores under construction [5] - The company is expanding its cultural and retail businesses, opening new "Huangshan Gifts" themed offline stores [5] - Infrastructure projects, such as the renovation of Beihai Hotel, Tangquan Hotel, and Huangshan International Hotel, are progressing as planned [5] Financial Projections - The company's net profit attributable to shareholders is expected to be 434 million yuan, 518 million yuan, and 558 million yuan in 2024, 2025, and 2026, respectively [1][5] - The corresponding P/E ratios are projected to be 17 82X, 14 93X, and 13 85X for 2024, 2025, and 2026, respectively [1][5] Market Performance - The current stock price is 10 60 yuan, with a total market capitalization of 729 38 million shares [7] - The stock's 12-month high and low prices are 14 21 yuan and 9 28 yuan, respectively [7]

Investment Rating - The report maintains a "Buy" rating for Huangshan Tourism with a target price of 13.40 yuan for the next 6 months [1] Core Views - Huangshan Tourism's H1 2024 revenue was 830 million yuan, down 0.4% YoY, with net profit attributable to parent company dropping 34.1% to 130 million yuan [1] - The company's performance decline was attributed to multiple factors including free ticket policy, heavy rainfall, increased costs, and higher income tax expenses [1] - Despite challenges, the cableway business showed resilience with revenue of 310 million yuan, up 1.3% YoY, and gross margin improving to 88.5% [1] - Future growth catalysts include the opening of Chihuang High-speed Railway and ongoing development of Huashan Mystery Cave's Flower Sea Art Realm [1] Business Performance Revenue Breakdown - Q2 2024 revenue was 500 million yuan, down 0.3% YoY [1] - Scenic area business revenue decreased 16.0% due to free ticket policy [1] - Hotel business gross margin decreased by 2.7 percentage points, while Huizhou cuisine business gross margin dropped 4.3 percentage points [1] Operational Metrics - Huangshan Scenic Area received 2.14 million visitors in H1 2024, up 2.3% YoY [1] - July 2024 saw 481,400 visitors, an 8.4% YoY increase [1] Future Development - Beihai Hotel renovation project is expected to complete by end of 2024, with over 70% of exterior construction completed [2] - Huangshan East Sea Scenic Area and East Gate Cableway are projected to open by mid-2025 [2] Financial Projections - Forecasted net profit attributable to parent company for 2024-2026: 400 million, 490 million, and 560 million yuan respectively [2] - Estimated EPS for 2024-2026: 0.58, 0.67, and 0.77 yuan [3] - Projected ROE for 2024-2026: 8.61%, 9.68%, and 10.13% [3] Valuation - Comparable companies (Lijiang Tourism, Changbai Mountain, Jiuhua Tourism) average PE for 2024-2026: 24x, 20x, 18x [6] - Huangshan Tourism's 2025 PE is estimated at 20x, supporting the target price of 13.40 yuan [6] Business Segment Projections Scenic Area Business - Projected 2024-2026 revenue: 2.64 billion, 2.66 billion, and 2.97 billion yuan [5] - Expected gross margin: 32.0%, 30.0%, and 29.0% [5] Cableway Business - Forecasted 2024-2026 revenue: 7.00 billion, 8.30 billion, and 9.21 billion yuan [5] - Projected gross margin: 89.6%, 87.8%, and 86.5% [5] Hotel Business - Estimated 2024-2026 revenue: 4.82 billion, 6.21 billion, and 6.52 billion yuan [5] - Expected gross margin: 38.7%, 42.0%, and 43.0% [5]

证券代码：600054(Ａ股) 股票简称：黄山旅游(Ａ股) 编号：2024-034 900942(Ｂ股) 黄山Ｂ股(Ｂ股) 黄山旅游发展股份有限公司 关于 2024 年半年度募集资金存放与实际使用情况的 专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 黄山旅游发展股份有限公司（以下简称"公司"或"本公司"）于 2024 年 8 月 28 日召开第九届董事会第三次会议，审议通过了《公司 2024 年半年度募集资 金存放与实际使用情况专项报告》，现将该报告公告如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会证监许可[2015]994 号文《关于核准黄山旅游发 展股份有限公司非公开发行股票的批复》核准，本公司于 2015 年 8 月向特定投 资者非公开发行人民币普通股股票 2,685 万股，每股发行价为人民币 18.55 元， 应募集资金总额为 49,806.75 万元，扣除各项发行费用合计人民币 940.62 万元后， 实际募集资金净额为 48,866.13 万元。该募集资金已 ...

证券代码：600054(Ａ股) 股票简称：黄山旅游(Ａ股) 编号：2024-032 900942(Ｂ股) 黄山Ｂ股(Ｂ股) 黄山旅游发展股份有限公司 第九届董事会第三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 黄山旅游发展股份有限公司（以下简称"公司"）第九届董事会第三次会议 通知于 2024 年 8 月 18 日以书面送达、传真或者电子邮件等方式发出，会议于 2024 年 8 月 28 日以通讯表决方式召开。本次会议应出席董事 9 名，实际出席董 事 9 名。本次会议由公司董事长章德辉先生召集并主持。本次会议的召开符合《公 司法》和《公司章程》的有关规定。本次会议审议情况如下： 一、审议通过了《公司 2024 年半年度报告及其摘要》； 二、审议通过了《公司 2024 年半年度募集资金存放与实际使用情况专项报 告》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《黄 山旅游发展股份有限公司关于 2024 年半年度募集资金 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 834,071,695.56, a decrease of 0.39% compared to CNY 837,333,619.82 in the same period last year[16]. - The net profit attributable to shareholders for the first half of 2024 was CNY 131,657,204.34, down 34.10% from CNY 199,793,680.75 in the previous year[16]. - The net cash flow from operating activities decreased by 48.65%, amounting to CNY 176,231,632.26 compared to CNY 343,197,497.81 in the same period last year[16]. - The basic earnings per share for the first half of 2024 was CNY 0.1805, a decline of 34.10% from CNY 0.2739 in the previous year[18]. - The total assets at the end of the reporting period were CNY 5,563,927,623.28, a decrease of 1.60% from CNY 5,654,288,820.01 at the end of the previous year[17]. - The net assets attributable to shareholders at the end of the reporting period were CNY 4,461,002,593.90, down 0.57% from CNY 4,486,489,092.52 at the end of the previous year[17]. - The weighted average return on equity decreased to 2.94%, down 1.84 percentage points from 4.78% in the previous year[18]. - The decrease in net profit was primarily due to a reduction in the number of effective ticket purchases and the impact of heavy rainfall in late June[19]. - The company received government subsidies amounting to CNY 5,340,719.68 during the reporting period[20]. - Non-recurring gains and losses totaled CNY 7,111,096.88 after accounting for tax effects and minority interests[21]. Tourism and Services - In the first half of 2024, domestic tourism trips reached 2.725 billion, a year-on-year increase of 14.3%[22]. - Total domestic tourism spending in the first half of 2024 was CNY 2.73 trillion, reflecting a year-on-year growth of 19.0%[22]. - The company operates several scenic areas, including Huangshan, Huashan Miku Scenic Area, and Taiping Lake, enhancing its tourism service offerings[23]. - The company has over ten hotels, including the first international high-end hotel in Huangshan, contributing to its accommodation and dining services[23]. - The company’s travel agency, Huangshan China Travel Agency, is a 5A-level agency and has been recognized as one of the "Top 100 Travel Agencies" in China[24]. - The company is developing a smart tourism platform to integrate local tourism resources and enhance visitor experiences[24]. - The company has established a strong brand presence, with Huangshan recognized as a national 5A-level scenic area and a "Chinese Famous Trademark"[25]. - The company benefits from a strategic location in Huangshan, which is well-connected to major cities in the Yangtze River Delta, enhancing its tourism potential[25]. - The company received a total of 2.1396 million visitors at Huangshan Scenic Area, an increase of 48,100 visitors or 2.30% compared to the same period last year[27]. Financial Position and Assets - The company's cash and cash equivalents decreased by 45.83% to CNY 1,065,529,283.30, representing 19.15% of total assets[31]. - Other receivables increased by 120.01% to CNY 46,072,938.60, accounting for 0.83% of total assets[31]. - The company’s financial assets at fair value decreased by CNY 5,038,370.11, with a total ending balance of CNY 513,598,939.32[35]. - The company’s investment in Huazhong Securities recorded a fair value loss of CNY 6,271,200.00, with an ending balance of CNY 39,405,600.00[36]. - The total current assets as of June 30, 2024, amounted to CNY 2,333,830,069.75, a decrease from CNY 2,513,319,804.21 as of December 31, 2023, representing a decline of approximately 7.14%[70]. - Cash and cash equivalents decreased to CNY 1,065,529,283.30 from CNY 1,967,041,619.78, reflecting a significant drop of about 45.9%[70]. - Accounts receivable increased to CNY 36,449,069.58 from CNY 28,452,331.51, showing an increase of approximately 28.2%[70]. - Inventory rose to CNY 476,267,332.19 from CNY 453,445,068.11, indicating an increase of about 5.03%[70]. - Long-term equity investments increased to CNY 193,257,519.73 from CNY 166,895,064.06, representing a growth of approximately 15.7%[70]. Governance and Compliance - All board members attended the board meeting to approve the report[3]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[7]. - The company has not disclosed any significant changes in shareholder structure during the reporting period[6]. - The report is structured to provide a comprehensive overview of the company's governance and social responsibility[6]. - The company reported no significant litigation or arbitration matters during the reporting period[55]. - The company has maintained a good integrity status, with no unfulfilled court judgments or significant debts due[55]. - The company completed the election of the ninth board of directors and supervisory board on May 31, 2024, with new appointments including Mr. Zhang Dehui as chairman and Mr. Sun Jun as president[45]. Environmental Responsibility - The company is committed to environmental responsibility, implementing measures such as upgrading sewage treatment facilities and promoting waste classification in tourist areas[51]. - The company is actively pursuing carbon reduction strategies, including transitioning to electric energy sources and promoting the use of clean energy equipment[52]. - The company has initiated a plan to enhance tourist facilities, including upgrading public restrooms and improving waste management systems[51]. - The company has implemented a monthly inspection system for environmental management to ensure compliance with regulations[51]. - The company is committed to optimizing its industrial layout and innovating tourism products to ensure sustainable and healthy development amid market competition[42]. Investment and Development - The company is advancing the construction of various projects, including the renovation of hotels and the development of new recreational facilities[27]. - The company plans to invest approximately CNY 150 million in the upgrade and renovation of the Huangshan International Hotel[34]. - The company completed the acquisition of 3,000,000 shares of Xie Yuda from Huangshan Tourism Group for a total of 12.6 million RMB, resulting in a 4.41% ownership stake in Xie Yuda[37]. - The total capital contribution to the Huangshan Saifu Tourism Cultural Industry Development Fund was increased from 200 million RMB to 240 million RMB, with a final total capital of 1 billion RMB received from partners[38]. - The company’s subsidiary, Huangshan Yuping Cableway Co., Ltd., reported total assets of 255.12 million RMB and a net profit of 72.22 million RMB for the reporting period[40]. Risk Management - The company has detailed potential risks in the "Management Discussion and Analysis" section of the report[10]. - The company emphasizes the importance of investment risk awareness for investors regarding future plans and strategies[5]. - The report includes a risk statement indicating that forward-looking statements do not constitute a commitment to investors[5]. - The company faced industry risks due to environmental sensitivity and economic fluctuations, prompting strategies to diversify operations and enhance emergency response mechanisms[41]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 52,347[67]. - No dividends or stock bonuses were distributed during the reporting period, with each 10 shares receiving 0 in dividends[46]. - The company has not disclosed any new employee stock ownership plans or incentive measures during the reporting period[48].

证券代码：600054(Ａ股) 股票简称：黄山旅游(Ａ股) 编号：2024-033 900942(Ｂ股) 黄山Ｂ股(Ｂ股) 黄山旅游发展股份有限公司 第九届监事会第二次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 黄山旅游发展股份有限公司（以下简称"公司"）第九届监事会第二次会议 通知于 2024 年 8 月 18 日以书面送达、传真或者电子邮件等方式发出，会议于 2024 年 8 月 28 日以通讯表决方式召开。本次会议应出席监事 3 名，实际出席监 事 3 名。本次会议由公司监事会主席方卫东先生召集并主持。本次会议的召开符 合《公司法》和《公司章程》的有关规定。本次会议审议情况如下： 二、审议通过了《公司 2024 年半年度募集资金存放与实际使用情况专项报 告》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 监事会认为：公司 2024 年半年度募集资金存放与实际使用情况专项报告与 实际情况相符，符合中国证监会和上海证券交易所关于募集资金管理的相关要求 1 / 2 和《公司募集资金管理办法》的相关规 ...

本次电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布复制刊载转载转发引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 各位投资者大家晚上好我是长江政府研究员杨慧强主要跟大家汇报一下我们黄山旅游公司的深度报告 公司的话其实是广山它的自然资源这个山主要是位于长三角和我们整个的京广干线上它是兼具了奇特的自然景观和历史人文底蕴的所以说广山旅游它本身的趣味优势还有它资源的稀缺性是两个非常重要的核心竞争力 长三角它的一个优质的客源其实是能够为它提供或者说是驱动它实现客流持续稳健的一个增长而且是可以为它提供比较高的客滩消费的上限的这个其实也是它未来景区内的二次消费的高溢价的基础 我们现在今年以来的话可以看到公司的这个池黄高铁啊然后这个昌景黄高铁啊陆续都是建成通车了对于黄山来讲的话这个新通车的高铁是有望带动景区它这个客流区域不断的向这个周边省份去不断的这个拓展增加了一个便利性然后也加强省域之间的这种资源的联动另外的话公司在 过去几年的话也探索了这个会商雇理这个餐饮品牌的这个扩张但是在当下整个经济环境压力比较大然后消费降息 ...

证券代码：600054(Ａ股) 股票简称：黄山旅游(Ａ股) 编号：2024-031 900942(Ｂ股) 黄山Ｂ股(Ｂ股) 一、投资情况概述 黄山旅游发展股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 投资种类：银行理财产品。 ● 投资金额：中国银行股份有限公司（以下简称"中国银行"）挂钩型结构 性存款 CSDVY202412866 的金额为 9,200 万元，挂钩型结构性存款 CSDVY2024 12867 的金额为 8,800 万元。合计 18,000 万元。 ● 履行的审议程序：公司于 2024 年 1 月 19 日分别召开第八届董事会第二十 次会议和第八届监事会第十七次会议，审议通过了《关于继续使用部分闲置募集 资金进行现金管理的议案》，同意公司使用不超过人民币 2.50 亿元闲置募集资 金进行现金管理，投资安全性高、流动性好的低风险理财产品，投资期限为公司 董事会审议通过后一个自然年度内，在上述资金额度及投资期限内，资金可以滚 动使用。 ...

证券代码：600054(Ａ股) 股票简称：黄山旅游(Ａ股) 编号：2024-030 900942(Ｂ股) 黄山Ｂ股(Ｂ股) 特此公告。 黄山旅游发展股份有限公司董事会 2024 年 7 月 27 日 1 / 1 黄山旅游发展股份有限公司 关于使用闲置募集资金购买理财产品到期收回的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据公司第八届董事会第二十次会议决议，同意公司使用不超过人民币 2.50 亿元闲置募集资金进行现金管理，投资安全性高、流动性好的低风险理财产品， 投资期限为公司董事会审议通过后一个自然年度内，在上述资金额度及投资期限 内，资金可以滚动使用（详见公司 2024-003 号公告）。 公司于 2024 年 2 月分别使用部分闲置募集资金 9,100 万元和 8,700 万元购买 了中国银行挂钩型结构性存款 CSDVY202402137 和中国银行挂钩型结构性存款 CSDVY202402138（详见公司 2024-007 号公告），上述理财产品已到期赎回， 收回本金分别为 9,100 万元和 8,700 万 ...