祥源文旅（600576）(600576.SH)发布公告，为进一步拓展文旅核心景区目的地资源布局，丰富文旅目 的地服务内容和产品业态，强化湘南粤北休闲度假目的地资源联动，持续优化公司资产结构和提升公司 盈利能力，推动公司高质量发展，公司拟通过全资子公司祥源堃鹏受让中景信持有的金秀莲花山景区开 发有限公司100%股权，本次交易对价为3.45亿元(包括以承接债务方式支付股权转让价款暂定2.9亿元， 实际计算至交割日止)。本次交易完成后，祥源堃鹏持有目标公司100%股权。 ...

重要内容提示： | 回购方案首次披露日 | 2025/11/18 | | | | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 11 月 18 年 5 月 | 日~2026 | 15 日 | | 预计回购金额 | 8,000万元~12,000万元 | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | 累计已回购股数 | □为维护公司价值及股东权益 250.74万股 | | | | 累计已回购股数占总股本比例 | 0.24% | | | | 累计已回购金额 | 1,859.82万元 | | | | 实际回购价格区间 | 7.206元/股~7.486元/股 | | | 一、回购股份的基本情况 浙江祥源文旅股份有限公司（以下简称"公司"）于 2025 年 11 月 17 日召开 第九届董事会第十五次会议，审议并通过了《关于以集中竞价交易方式回购公司 股份方案的议案》，同意公司以自有资金通过集中竞价交易方式回购公司发行的人 民币普通股（A 股）股票，回购股份价格不高于 11.985 元/股（含），回购股份金 额不低于 ...

证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-063 浙江祥源文旅股份有限公司 关于全资子公司收购金秀莲花山景区开发有限 公司 100%股权的公告 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： 为进一步拓展文旅核心景区目的地资源布局，丰富文旅目的地服务内容 和产品业态，强化湘南粤北休闲度假目的地资源联动，优化公司资产结构和提升 公司盈利能力，推动公司高质量发展，浙江祥源文旅股份有限公司（以下简称"公 司"）全资子公司浙江祥源堃鹏文化旅游发展有限公司（以下简称"祥源堃鹏"或 "收购方"）拟与中景信（上海）旅游发展集团有限公司（以下简称"中景信"或"出 让方"）、金秀莲花山景区开发有限公司（以下简称"金秀莲花山"或"目标公司"） 签订《关于金秀莲花山景区开发有限公司之收购协议》（以下简称"《收购协议》"） 及《债务转让协议》，拟以自有资金收购中景信所持有的目标公司 100%股权（以 下简称"本次交易"），本次交易对价为人民币 344,560,900.00 元（包括以承接债 务方式支付股权转让 ...

金秀莲花山景区开发有限公司 审计报告 上会师报字(2025)第 16746 号 上会会计师事务所（特殊普通合伙） 中国 上海 i 会计师 李务所（特殊善通合伙） i, Certified Public Accountants (Special Sconeral Partnership) 审计报告 上会师报字(2025)第 16746 号 浙江祥源文旅股份有限公司: 一、审计意见 我们审计了金秀莲花山景区开发有限公司(以下简称"莲花山景开公司")财 务报表,包括 2024年 12 月 31 日、2025 年 8 月 31 日的公司资产负债表, 2024 年度、 2025年 1-8 月的公司利润表、现金流量表、所有者权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公 允反映了莲花山景开公司 2024 年 12 月 31 日、2025 年 8 月 10 日的公司财务状况以及 2024 年度、2025年 1-8 月的公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册 会计师对财务报表审计的责任"部分 ...

本报告依据中国资产评估准则编制 浙江祥源文旅股份有限公司拟以现金收购金秀莲花山 景区开发有限公司股权涉及的金秀莲花山景区开发有 限公司股东全部权益价值评估项目 资 产 评 估 报 告 二〇二五年十一月十七日 | 声 明 | 1 | | --- | --- | | 摘 要 | 3 | | 一、委托人、被评估单位和其他资产评估报告使用人 5 | | | 二、评估目的 | 11 | | 三、评估对象和评估范围 11 | | | 四、价值类型 | 16 | | 五、评估基准日 | 16 | | 六、评估依据 | 16 | | 七、评估方法 | 21 | | 八、评估程序实施过程和情况 39 | | | 九、评估假设 | 41 | | 十、评估结论 | 43 | | 十一、特别事项说明 | 45 | | 十二、评估报告使用限制说明 50 | | | 十三、评估报告日 | 52 | | 附件 | 54 | 浙江祥源文旅股份有限公司拟以现金收购金秀莲花山景区开发有限公司股权涉及的金秀莲花山景区开发有限 公司股东全部权益价值评估项目资产评估报告 声 明 中联评报字【2025】第 5110 号 中联资产评估集团有限公司 一、本 ...

Core Viewpoint - Xiangyuan Cultural Tourism (600576) is expanding its core scenic destination resources by acquiring 100% equity of Jinxiu Lianhua Mountain Scenic Area Development Co., Ltd. for a total transaction price of 345 million yuan, which includes a debt assumption of approximately 290 million yuan [1] Group 1 - The acquisition is aimed at enhancing the resource linkage of leisure vacation destinations in the southern Hunan and northern Guangdong regions [1] - The transaction will result in Jinxiu Lianhua Mountain becoming a wholly-owned subsidiary of Xiangyuan Cultural Tourism [1]

资金流向方面，主力资金净流出664.53万元，特大单买入508.06万元，占比5.42%，卖出520.01万元，占 比5.55%；大单买入840.36万元，占比8.96%，卖出1492.94万元，占比15.92%。 12月2日，祥源文旅（维权）盘中下跌2.13%，截至13:53，报7.35元/股，成交9375.16万元，换手率 1.92%，总市值77.51亿元。 分红方面，祥源文旅A股上市后累计派现2268.07万元。近三年，累计派现0.00元。 机构持仓方面，截止2025年9月30日，祥源文旅十大流通股东中，朱雀恒心一年持有（011531）位居第 三大流通股东，持股1236.40万股，相比上期减少158.95万股。朱雀产业臻选A（007493）位居第五大流 通股东，持股956.62万股，相比上期减少121.68万股。朱雀企业优选A（010141）位居第七大流通股 东，持股791.58万股，相比上期减少56.45万股。朱雀企业优胜A（008294）位居第九大流通股东，持股 522.12万股，为新进股东。朱雀匠心一年持有（010922）位居第十大流通股东，持股496.62万股，为新 进股东。摩根新兴动力混合A类 ...

Core Viewpoint - Many scenic spots in China are implementing free admission policies for shareholders and even all visitors to address declining profits and reliance on single ticket revenue, aiming to boost secondary consumption and diversify income sources [4][6][8]. Group 1: Free Admission Policies - Emei Mountain A (000888.SZ) announced a shareholder reward program from December 1, 2025, to January 31, 2026, allowing eligible shareholders to enter the scenic area for free, with accompanying family members receiving a 50% discount on adult tickets [4]. - Huangshan Tourism (600054.SH) also offered free admission to eligible shareholders from November 22 to November 30, 2025, for its scenic areas [4]. - Other scenic spots, such as Lingyin Feilai Peak and Chaka Salt Lake, are providing free admission to all visitors starting December 1, 2025, to attract more tourists [5]. Group 2: Financial Performance - Emei Mountain A reported a revenue of approximately 733 million yuan for the first three quarters, a year-on-year decrease of 9.06%, with a net profit of about 234 million yuan, down 3.98% [7]. - Huangshan Tourism's third-quarter revenue was 595 million yuan, a year-on-year increase of 3.05%, but its total profit decreased by 13.65%, with a net profit decline of 17.17% [7]. - For the first three quarters, Huangshan Tourism's revenue was 1.535 billion yuan, up 8.75%, but its net profit fell by 11.02% [7]. Group 3: Shift in Revenue Strategy - The tourism industry traditionally relies heavily on ticket sales, which are subject to seasonal fluctuations, leading to income instability [8]. - By eliminating ticket barriers, scenic spots aim to increase visitor numbers, thereby enhancing secondary consumption in areas such as dining, accommodation, and shopping [8]. - The strategy of offering free admission is seen as a way to improve revenue diversification and strengthen shareholder loyalty, potentially attracting new investors [8].

Core Insights - The report highlights three core trends in the consumer services industry: "New Recovery, New Ecology, and New Supply" [6] - Structural factors are aiding certain sectors in stabilizing and improving operations, indicating a gradual recovery from the bottom [7] - The integration of online platforms with offline operations is reshaping the industry ecosystem, enhancing competition and operational efficiency [8] Industry Overview - The consumer services sector has seen a slight revenue increase of 2.57% year-on-year, totaling 183.23 billion yuan in the first three quarters of 2025, despite a 12.7% decline in net profit [20][22] - The sector's performance has been mixed, with tourism and education sectors showing significant growth, while the hotel and restaurant sectors faced slight declines [16][19] New Recovery - The hotel industry is experiencing a rebound due to increased tourism demand and a stabilization in average daily rates (ADR), with occupancy rates showing signs of improvement [31][57] - The Macau gaming market has shown strong recovery, with gross gaming revenue (GGR) reaching 24.086 billion MOP in October 2025, driven by non-gaming attractions [32][44] - The duty-free market is benefiting from policy optimizations, with sales in Hainan reaching 2.425 billion yuan in October 2025, reflecting a 34.86% year-on-year increase [32][38] New Ecology - Major players like Alibaba, Meituan, and JD.com are competing in the instant retail space, each leveraging their strengths to enhance online and offline integration [42] - The restaurant industry is witnessing a shift towards standardized and professional supply chains, with the chain restaurant rate increasing from 15% in 2020 to 23% in 2024 [46][48] New Supply - The tourism sector is transitioning from a "sightseeing + ticket" model to one focused on content innovation and immersive experiences, with companies like Sanxia Tourism and Haichang Ocean Park leading this change [50][53] - The sports industry is evolving to combine spectator and participatory sports, creating new social engagement opportunities through digital platforms [54] Investment Recommendations - Key recommendations include focusing on leading hotel chains like Jinjiang Hotels and ShouLai Hotels, and monitoring companies with strong supply chain advantages in the restaurant sector [6][8] - The report suggests that innovative companies in tourism, sports, and education sectors, particularly those utilizing AI and content innovation, are worth attention for potential growth [8][50]

Group 1 - Hekang New Energy's subsidiary received a government subsidy of 6 million yuan, accounting for 58.27% of the company's latest audited net profit attributable to shareholders [1] - Anhui Construction won two major EPC projects with a total bid price of 2.603 billion yuan [2] - Tianrun Dairy's wholly-owned subsidiary received a government subsidy of 7.9094 million yuan, representing 18.12% of the company's audited net profit for 2024 [2] Group 2 - Yunnan Gold's subsidiary obtained a mining license for the Xinxiao County Tanxi Tungsten Mine, with a production capacity of 990,000 tons per year [5][22] - Yanzhou Coal Energy plans to acquire 100% equity of a high-end support company for 345 million yuan [6] - Heng Rui Pharmaceutical received approval for multiple drug clinical trials, including Sulfate Amexitin tablets [8] Group 3 - Huazhi Jie plans to invest 157 million yuan to establish five wholly-owned subsidiaries to expand its global strategy [1] - Junting Hotel's controlling shareholder is planning a change of control, leading to a continued suspension of trading [4] - Funi Technology's shareholder plans to reduce its stake by up to 1.68% [10] Group 4 - Midea Group's subsidiary received a government subsidy of 6 million yuan, which is 58.27% of the company's latest audited net profit [1] - Hunan Gold's subsidiary obtained a mining license for tungsten, iron, and silver, with a production scale of 990,000 tons per year [5][22] - Xin Hua Pharmaceutical received approval for the listing application of Acetate Prednisone raw material [24][25] Group 5 - Zhejiang Pharmaceutical plans to spin off its subsidiary for a listing on the Hong Kong Stock Exchange [28] - Kesheng Technology plans to invest 61.2 million yuan to acquire 51% of Shenzhen Guanding [30] - Tian Shan Aluminum's 1.4 million tons electrolytic aluminum green low-carbon energy efficiency improvement project has commenced production [38]