Core Viewpoint - Zhejiang Xiangyuan Cultural Tourism Co., Ltd. is increasing the registered capital of its subsidiary, Xiangyuan General Aviation (Shanghai) Co., Ltd., while waiving its preemptive rights, which will enhance its capabilities in the low-altitude economy sector and support the transformation of traditional cultural tourism [2][24]. Group 1: Capital Increase Overview - The company’s subsidiary, Xiangyuan General Aviation, is increasing its registered capital by 6.66667 million RMB, with Zero Gravity Aircraft Industry (Hefei) Co., Ltd. subscribing for this capital at a price of 1.5 RMB per registered capital unit [2][4]. - After the capital increase, the registered capital of Xiangyuan General Aviation will rise from 50 million RMB to 56.66667 million RMB, reducing the company's ownership stake from 80% to 70.5883% [2][4][24]. Group 2: Transaction Details - The capital increase agreement was signed on November 26, 2025, involving multiple parties including Zero Gravity and Xiangyuan Holdings [4][10]. - The transaction does not constitute a related party transaction or a major asset restructuring as per relevant regulations [3][5]. Group 3: Impact on the Company - This transaction is expected to strengthen the company's comprehensive service capabilities in the low-altitude economy and deepen its low-altitude strategy, laying a crucial foundation for cultivating new consumption scenarios and upgrading traditional cultural tourism [2][24]. - The company will maintain control over Xiangyuan General Aviation while leveraging Zero Gravity's core capabilities in product development and manufacturing to enhance its service support system [24].

●公司放弃本次祥源通航增资扩股的优先认购权，不属于损害公司及全体股 东（特别是中小股东）利益的情形，符合《公司法》《上海证券交易所股票上市 规则》等相关法律法规以及《公司章程》的规定；本次交易不构成关联交易，亦 不构成《上市公司重大资产重组管理办法》规定的重大资产重组，同时该交易已 由祥源通航董事会及股东会审议通过，无需提交公司董事会及股东会审议。 一、本次增资概述 证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-062 浙江祥源文旅股份有限公司 关于控股子公司增资扩股暨放弃优先认购权的公告 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： ●浙江祥源文旅股份有限公司（以下简称"公司"）控股子公司祥源通航航 空发展（上海）有限公司（以下简称"祥源通航"、"标的公司"）增资扩股， 公司作为祥源通航原股东之一，同意放弃对该新增注册资本的优先认购权。零重 力飞机工业（合肥）有限公司（以下简称"零重力"）以 1,000 万元人民币认购 祥源通航新增注册资本 666.6667 万元人民币（以下简称"本次 ...

本次交易将进一步巩固公司在低空经济生态中的综合服务能力与先发优势，有助于推动公司低空战略的 进一步深化，为培育低空新消费场景、推动传统文旅转型升级奠定关键基础。 本次祥源通航增资扩股暨公司放弃优先认购权交易不构成关联交易，亦不构成《上市公司重大资产重组 管理办法》规定的重大资产重组。 格隆汇11月26日丨祥源文旅（维权）(600576.SH)公布，公司控股子公司祥源通航航空发展（上海）有 限公司（以下简称"祥源通航"、"标的公司"）增资扩股，公司作为祥源通航原股东之一，同意放弃对该 新增注册资本的优先认购权。零重力飞机工业（合肥）有限公司（以下简称"零重力"）以1,000万元人 民币认购祥源通航新增注册资本666.6667万元人民币（以下简称"本次增资"），增资价格为1.5元人民 币/每一元注册资本，除新增注册资本外的其余认购款项计入标的公司资本公积金。本次增资完成后， 祥源通航的注册资本由5,000万元人民币增加至5,666.6667万元人民币，公司持有祥源通航的股权比例由 80%减少为70.5883%，祥源通航仍为公司的控股子公司。 ...

格隆汇11月26日丨祥源文旅(600576.SH)公布，公司控股子公司祥源通航航空发展（上海）有限公司 （以下简称"祥源通航"、"标的公司"）增资扩股，公司作为祥源通航原股东之一，同意放弃对该新增注 册资本的优先认购权。零重力飞机工业（合肥）有限公司（以下简称"零重力"）以1,000万元人民币认 购祥源通航新增注册资本666.6667万元人民币（以下简称"本次增资"），增资价格为1.5元人民币/每一 元注册资本，除新增注册资本外的其余认购款项计入标的公司资本公积金。本次增资完成后，祥源通航 的注册资本由5,000万元人民币增加至5,666.6667万元人民币，公司持有祥源通航的股权比例由80%减少 为70.5883%，祥源通航仍为公司的控股子公司。 本次交易将进一步巩固公司在低空经济生态中的综合服务能力与先发优势，有助于推动公司低空战略的 进一步深化，为培育低空新消费场景、推动传统文旅转型升级奠定关键基础。 本次祥源通航增资扩股暨公司放弃优先认购权交易不构成关联交易，亦不构成《上市公司重大资产重组 管理办法》规定的重大资产重组。 ...

近日，2025 国际山地旅游暨户外运动大会传来重磅消息，广东丹霞山成功入选第二批 "世界旅游名山" 名录，实现了从单一地貌景区向复合型旅游目的地、从区域特色景点向世界级旅游名山的双重跨越。这 一里程碑式成果，不仅充分释放了丹霞山的核心资源价值，更为中国文旅产业高质量发展提供了可借鉴 的实践样本，也为祥源文旅的国际化布局增添了关键助力。 构建文旅融合新生态，激活区域经济增长新引擎 韶关市紧抓省级农文旅融合发展试点的战略机遇，将丹霞山片区纳入 "一带五环" 县镇村高质量发展片 区的核心布局，打造"一核两环"深度融合发展体系，为景区升级提供了清晰的政策指引与资源支持。市 政府主动统筹丹霞山世界自然遗产资源、周边乡村生态优势及岭南人文积淀，推动景区品质提升与乡村 振兴战略深度衔接。2024 年 9 月，祥源文旅成功取得丹霞山五大核心景交资产 39 年特许经营权，并接 手文旅综合体的建设运营工作，标志着 "政府引导、企业主导、市场运作" 的合作模式正式落地。这 一"投资运营一体化"机制，既发挥了政府在战略规划、资源整合中的统筹作用，也依托了祥源文旅在文 旅目的地打造领域的专业能力与成熟经验。 与此同时，韶关市政府与祥源 ...

Group 1 - Recent stock buybacks and shareholder increases from over 60 companies in the Shanghai market signal positive market expectations [2][3] - On November 21, approximately 40 companies in the Shanghai market announced buybacks and operational improvements, with over 30 buyback announcements [3] - Companies like Huida Technology and Yuyuan Group initiated new buyback plans, with Yuyuan Group planning to buy back between 80 million to 120 million yuan [3][4] Group 2 - Spring Airlines accelerated its buyback efforts, planning to repurchase shares worth 300 million to 500 million yuan for employee stock ownership plans [4] - Huida Technology announced a buyback plan of 200 million to 400 million yuan, representing 0.35% to 0.69% of its total share capital [4] - Heng Rui Pharmaceutical reported a total buyback of 889,870 shares for approximately 59.79 million yuan [5] Group 3 - State-owned enterprises like Sinopec and Fenghuo Communication disclosed their buyback and increase progress, with Sinopec completing a buyback of 48.82 million shares for 270 million yuan [6][7] - China Glass has repurchased 34.18 million shares, accounting for 0.85% of its total share capital, with over 534 million yuan spent [6] Group 4 - The hard technology sector saw at least 14 companies report buyback progress and contract orders, indicating strong market confidence [8] - JinkoSolar announced the mass production of its TigerNeo3.0 product, achieving a production efficiency of over 24.8% and a power output of up to 670W [8]

Group 1 - The core viewpoint is that the recent wave of share buybacks and major shareholder increases among listed companies reflects strong market confidence and indicates a stable development trend in the A-share market, despite short-term fluctuations [1][2] - Companies like Huida Technology and Xiangyuan Cultural Tourism have initiated new buyback plans, while major shareholders, such as the chairman of Longi Green Energy, have completed their increase plans, showcasing a commitment to market stability [1] - The investment value recognition of A-shares has been increasing this year, with a focus on technology assets and high-quality core assets, leading to a resurgence in the market towards the 4000-point level [1] Group 2 - In the first three quarters of this year, A-share listed companies reported a revenue growth of approximately 1% year-on-year and a net profit growth of about 6%, indicating a stable financial performance [2] - The recent buyback and increase wave is closely linked to supportive policies, such as extending the maximum loan term for stock buybacks from 1 year to 3 years and reducing the self-funding ratio requirement for buybacks from 30% to 10% [2] - The increase in cancellation-type buybacks this year highlights a greater emphasis on shareholder returns, particularly during market volatility, which enhances stock price support and boosts market confidence [2]

Core Viewpoint - The tourism and scenic spots sector experienced a rise of 1.32% on November 24, with Tianfu Culture and Tourism leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] - Key stocks in the tourism sector showed significant increases, with Tianfu Culture and Tourism rising by 4.55% to a closing price of 5.51 [1] Group 2: Stock Performance - Notable performers included: - Tianfu Culture and Tourism (000558): 5.51, +4.55%, 844,600 shares traded, 463 million yuan turnover [1] - Zhongxin Tourism (002707): 6.97, +3.41%, 220,200 shares traded, 152 million yuan turnover [1] - Qujiang Culture and Tourism (600706): 10.60, +3.11%, 101,500 shares traded, 107 million yuan turnover [1] - Conversely, Caesar Travel (000796) saw a decline of 6.69% to 6.69, with a trading volume of 1,428,100 shares and a turnover of 973 million yuan [2] Group 3: Capital Flow - The tourism and scenic spots sector experienced a net outflow of 40.05 million yuan from institutional investors, while retail investors saw a net inflow of 105 million yuan [2] - Specific stock capital flows indicated: - Tianfu Culture and Tourism: -30.41 million yuan from institutional investors [3] - Zhongxin Tourism: +13.34 million yuan from institutional investors [3] - Yunnan Tourism (002059): +10.78 million yuan from institutional investors, but -33.39 million yuan from retail investors [3]

Group 1 - As of November 21, nearly 40 companies in the Shanghai market announced share buybacks and positive operational news, with 32 of these being buyback announcements [1] - Huida Technology announced a new buyback plan of 200 million to 400 million yuan, with a buyback price ceiling of 124.15 yuan per share, representing approximately 0.35% to 0.69% of its total share capital [1] - Other companies like Yongyuan Tourism and Xiangyuan Cultural Tourism also initiated their first buybacks, with significant amounts being allocated for these plans [2] Group 2 - Xiangyuan Cultural Tourism plans to buy back between 80 million to 120 million yuan from November 18, 2025, to May 15, 2026, and has already repurchased 2.095 million shares for 15.63 million yuan [2] - Yongyuan Tourism began its buyback on November 10, 2025, repurchasing 1 million shares for 5.39 million yuan, while Xingdesheng repurchased 200,000 shares for 4.93 million yuan on the same day [2] - China National Shipping Holdings announced a buyback plan of 749 million to 1.498 billion yuan, having repurchased 40.53 million shares for a total of 607 million yuan by November 21 [2] Group 3 - China Jushi disclosed a buyback plan of up to 880 million yuan, having repurchased 34.18 million shares, which is 0.85% of its total share capital, with over 534 million yuan spent in one month [3] - Jiangsu Hengrui Medicine and Zhuzhou Qibin Group also reported their buyback activities, with Hengrui repurchasing 979,900 shares for 59.79 million yuan, totaling 889.87 million yuan in buybacks [3] - Zhuzhou Qibin Group repurchased 15.95 million shares for 112.36 million yuan, with total buybacks reaching 27.96 million shares and 195.96 million yuan spent [3] Group 4 - Seven companies, including Chengdu Bank and China Railway High-tech Industry, reported shareholder buyback progress, with Longi Green Energy's chairman completing a buyback of 6.13 million shares for 100.69 million yuan [4] - Sinopec announced that its controlling shareholder and related parties have increased their holdings by 34.56 million shares for approximately 194 million yuan since April 9, 2025, totaling over 294 million yuan in buybacks [4]

格隆汇11月21日丨祥源文旅（维权）(600576.SH)公布，2025年11月20日，公司通过上海证券交易所交 易系统以集中竞价交易方式首次回购公司股份2,095,000股，已回购股份占公司总股本的比例为0.20%， 回购股份成交的最低价为7.408元/股，最高价为7.486元/股，均价为7.459元/股，已支付的资金总额为人 民币1,562.61万元（含交易佣金等交易费用）。 ...