Investment Rating - The investment rating for Jiuhuashan Tourism is "Outperform" with a target price of RMB 48.50, indicating a positive outlook for the stock [4][11]. Core Insights - The company's performance in Q1 2025 exceeded expectations, with revenue of RMB 235 million, representing a year-on-year increase of 30.1%, and net profit attributable to shareholders of RMB 69 million, up 31.8% year-on-year [11][12]. - The company aims to enhance its capacity and aims for a revenue target of RMB 840 million and a profit of RMB 205 million by 2025, focusing on building a regional tourism complex and leveraging strategic opportunities in the Yangtze River Delta [12][13]. Financial Summary - Revenue projections for Jiuhuashan Tourism are as follows: - 2023: RMB 724 million - 2024: RMB 764 million (+5.6%) - 2025: RMB 831 million (+8.7%) - 2026: RMB 892 million (+7.3%) - 2027: RMB 943 million (+5.8%) [3][6] - Net profit attributable to shareholders is projected to grow significantly: - 2023: RMB 175 million - 2024: RMB 186 million (+6.5%) - 2025: RMB 215 million (+15.3%) - 2026: RMB 240 million (+12.0%) - 2027: RMB 263 million (+9.6%) [3][6]. Business Performance - The company reported divergent business performance in 2024: - Hotel revenue: RMB 237 million (+1.1%), gross profit margin (GPM) 14.1% (-2.4ppts) - Cable car revenue: RMB 293 million (-0.6%), GPM 86.0% (+0.02ppts) - Passenger transport revenue: RMB 159 million (+31.2%), GPM 52.4% (+3.8ppts) - Travel agency revenue: RMB 62 million (-7.5%), GPM 13.0% (+3.6ppts) [12][13]. Strategic Initiatives - The company is focusing on enhancing its brand and digital capabilities, leveraging its Buddhist cultural resources to promote new brands like "New Anhui Cuisine" and developing digital platforms for improved customer experience [12][13].

Investment Rating - The investment rating for Jiuhua Tourism is "Buy" [1] Core Views - The company achieved significant growth in Q1 2025, with revenue and net profit increasing by 30.13% and 31.83% year-on-year, respectively [2][3] - The strong performance is attributed to favorable weather conditions and a robust recovery in the domestic tourism market, with a 5.9% increase in domestic travel during the Spring Festival [3] - Government policies aimed at boosting tourism consumption are expected to support steady and rapid growth in the company's performance throughout the year [4] - The company anticipates a revenue of 840 million yuan and a net profit of 205 million yuan for 2025, reflecting a 10.2% increase in profit compared to 2024 [4] - The company is well-positioned to benefit from ongoing trends in temple tourism and infrastructure improvements, such as the opening of the Pool-Huang High-speed Railway [5] Financial Summary - For 2025, the company is projected to achieve revenues of 841 million yuan and a net profit of 209 million yuan, with an EPS of 1.89 yuan [6][7] - The financial forecasts for 2026 and 2027 are 924 million yuan and 1,008 million yuan in revenue, and net profits of 232 million yuan and 261 million yuan, respectively [9][11] - The company's gross margin is expected to remain stable around 49.9% to 51.2% over the forecast period [9] - The price-to-earnings ratio is projected to decrease from 20.18 in 2025 to 16.20 in 2027, indicating potential value appreciation [11]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported significant growth in Q1 2025, with revenue reaching 235 million yuan, a year-on-year increase of 30.13%, and net profit attributable to shareholders of 69 million yuan, up 31.83% year-on-year [1] - The increase in visitor numbers and revenue is attributed to improved weather conditions and an earlier Spring Festival, leading to a longer peak season [1] - The company maintains strong cost control, with a stable gross margin of 54.6% and a net profit margin of 29.3%, reflecting a year-on-year increase of 0.4 percentage points [2] - The company is actively pursuing project developments and marketing strategies to capitalize on the growing tourism sector in Anhui Province [3] - The company is expected to achieve revenue of 845 million yuan and net profit of 223 million yuan in 2025, with projected growth rates of 10.5% and 20.1% respectively [5][4] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 235 million yuan, a 30.13% increase year-on-year, and a net profit of 69 million yuan, up 31.83% year-on-year [1] - The gross margin slightly decreased by 0.1 percentage points to 54.6%, while the net profit margin increased by 0.4 percentage points to 29.3% [2] Project Development and Marketing - The company is advancing several projects, including the construction of a cable car at Lion Peak and upgrades to existing facilities, while also seeking new investment opportunities [3] - Marketing efforts include enhancing media presence and collaborating with major online travel agencies to boost brand visibility and attract visitors [3] Future Projections - The company forecasts revenues of 850 million yuan in 2025, 930 million yuan in 2026, and 1.04 billion yuan in 2027, with net profits expected to reach 223 million yuan, 263 million yuan, and 304 million yuan respectively [5][4]

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。 安徽九华山旅游发展股份有限公司(以下简称"公司")第九届董事会第二次 会议通知于 2025 年 4 月 17 日以专人派送或电子邮件的方式发出。会议于 2025 年 4 月 22 日以现场结合通讯表决方式召开，本次会议应出席董事 7 人，实际出 席董事 7 人，高级管理人员列席会议，会议的召开程序符合《中华人民共和国公 司法》《公司章程》的有关规定。会议由董事长高政权先生召集主持，经与会董 事签署表决，一致通过并形成如下决议： 一、审议通过了《2025 年第一季度报告》 证券代码：603199 股票简称：九华旅游 公告编号：临2025-017 安徽九华山旅游发展股份有限公司 第九届董事会第二次会议决议公告 安徽九华山旅游发展股份有限公司董事会 2025年4月23日 本议案已经公司董事会审计委员会审议通过，同意提交公司董事会审议。 表决结果：7 票同意，0 票反对，0 票弃权。 【详细内容见上海证券交易所网站（http://www.sse.com.cn/）】 特此公告。 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 234,596,391.46, representing a 30.13% increase compared to CNY 180,273,226.88 in the same period last year[3]. - Net profit attributable to shareholders was CNY 68,658,636.67, up 31.83% from CNY 52,081,464.68 year-on-year[3]. - The net profit after deducting non-recurring gains and losses was CNY 66,882,154.71, reflecting a 36.44% increase from CNY 49,020,349.39 in the previous year[3]. - Basic earnings per share increased to CNY 0.62, a rise of 31.81% compared to CNY 0.47 in the same quarter last year[3]. - Total operating revenue for Q1 2025 reached ¥234.60 million, a 30.1% increase from ¥180.27 million in Q1 2024[16]. - Net profit attributable to shareholders for Q1 2025 was ¥68.66 million, representing a 31.9% increase compared to ¥52.08 million in Q1 2024[17]. - Basic and diluted earnings per share for Q1 2025 were both ¥0.6203, compared to ¥0.4706 in Q1 2024[17]. Cash Flow and Assets - The net cash flow from operating activities was CNY 26,869,028.39, a significant improvement from a negative cash flow of CNY 17,054,658.83 in the previous year[3]. - Cash and cash equivalents at the end of Q1 2025 totaled ¥233.14 million, up from ¥78.33 million at the end of Q1 2024[20]. - The company's total current assets increased to ¥637,432,524.48 from ¥477,875,774.53 as of December 31, 2024, representing a growth of approximately 33.4%[11]. - The company's total liabilities decreased to ¥262,961,043.59 from ¥342,241,111.17, a reduction of approximately 23.2%[13]. - The cash and cash equivalents rose to ¥233,144,020.40 from ¥205,070,048.90, marking an increase of approximately 13.7%[11]. - Investment activities generated a net cash inflow of ¥1.56 million in Q1 2025, contrasting with a net outflow of ¥76.62 million in Q1 2024[20]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 12,357[7]. - The largest shareholder, Anhui Jiuhua Mountain Cultural Tourism Health Group Co., Ltd., holds 29.93% of the shares, totaling 33,121,016 shares[7]. - The company has not indicated any significant changes in shareholder relationships or actions among the top shareholders[8]. Equity and Return Metrics - Shareholder equity attributable to shareholders increased by 4.52% to CNY 1,583,150,041.87 from CNY 1,514,746,854.07 at the end of the previous year[4]. - The company reported a weighted average return on equity of 4.43%, an increase of 0.82 percentage points from 3.61% in the previous year[3]. - The total equity attributable to shareholders increased to ¥1,583,150,041.87 from ¥1,514,746,854.07, reflecting a growth of about 4.5%[13]. Operational Costs and Expenses - Total operating costs for Q1 2025 were ¥143.82 million, up 27.0% from ¥113.28 million in Q1 2024[16]. - The company incurred sales expenses of ¥9.00 million in Q1 2025, an increase from ¥7.50 million in Q1 2024[16]. Inventory and Receivables - The accounts receivable rose significantly to ¥25,426,646.57 from ¥3,734,864.88, indicating an increase of about 581.5%[11]. - The company's inventory decreased slightly to ¥6,496,914.72 from ¥6,843,272.34, a decline of about 5.1%[11]. - The company reported a significant increase in other receivables to ¥2,932,478.65 from ¥2,039,607.73, an increase of about 43.9%[11]. Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[18].

安徽九华山旅游发展股份有限公司(以下简称"公司")于 2025 年 3 月 19 日在上海证券交易所网站披露了《九华旅游 2024 年日常关联交易执行情况及 2025 年日常关联交易预计的公告》（公告编号：临 2025-005）。现根据 《上海 证券交易所上市公司公告格式第七号——上市公司日常关联交易公告》的要求， 在"2025 年日常关联交易预计金额和类别"项目中补充披露"占同类业务比例 （%）"和"本年年初至披露日与关联人累计已发生的交易金额"，除补充事项 外，原公告其他内容不变。现将相关内容公告如下： 证券代码：603199 股票简称：九华旅游 公告编号：临2025-018 安徽九华山旅游发展股份有限公司 关于2025年日常关联交易预计的补充公告 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。 一、2025 年日常关联交易预计金额和类别 金额单位：万元 | | | | | | 本年年初至 | | | 本次预计金 | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

安徽九华山旅游发展股份有限公司2024年年度权益分派实施公告 证券代码：603199 证券简称：九华旅游 公告编号：临 2025-016 重要内容提示： 每股分配比例 A 股每股现金红利0.68元 相关日期 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。 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/4/23 | － | 2025/4/24 | 2025/4/24 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 8 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 1. 发放年度：2024年年度 2. 分派对象： 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 ...

Group 1 - The tourism and hotel sector is experiencing a rise, with Jiuhua Tourism (603199) hitting the daily limit up, and other companies like Tianmu Lake (603136), Junting Hotel (301073), Huangshan Tourism (600054), Changbai Mountain (603099), and Tongqinglou (605108) also seeing gains [1] - There is a notable influx of dark pool capital into these stocks, indicating potential investor interest and market activity [1]

Summary of the Conference Call on Jiuhua Tourism Company Overview - **Company**: Jiuhua Tourism - **Industry**: Tourism and Hospitality Key Points and Arguments 1. **Performance and Growth**: Jiuhua Tourism has shown stable and solid growth in its performance for 2025 and 2026, with positive financial data reported [1] 2. **Significance of Jiuhua Mountain**: Jiuhua Mountain is a major scenic area in China, with a high ranking in national tourist attractions based on visitor numbers [2] 3. **Core Business Segments**: The company operates four main business segments: - Cable car and lift services - Passenger transport services - Hotel operations - Travel agency services The most critical segments are the hotel and cable car services, with the company being the sole operator of three cable cars in the area [3][4] 4. **Passenger Transport Business**: This segment has a gross margin of 50%, with significant demand during peak times when private vehicles are restricted from accessing the mountain [4] 5. **Hotel Operations**: Jiuhua Tourism manages key hotels in Jiuhua Mountain, including the Giant Dragon Hotel and East Asia Hotel, focusing on mid to high-end accommodations [5] 6. **Revenue Growth**: The passenger transport business has seen a year-on-year revenue growth of 30%, attributed to the addition of new transport centers and increased traffic management measures [6] 7. **High Gross Margin**: The cable car business maintains a high gross margin of 86%, indicating strong profitability [7] 8. **Cultural Significance**: Jiuhua Tourism is noted for its unique cultural attributes compared to other tourism companies, making it a distinctive investment opportunity [7] 9. **Post-Pandemic Supply Side Acceleration**: The company has accelerated its supply-side initiatives post-pandemic, including the opening of new hotels and a new transport center [8] 10. **Future Projects**: Upcoming projects include a new cable car and hotel in the Shiziguan area, expected to enhance future revenue and performance [9] 11. **Customer Demographics**: The primary customer base consists of self-driving tourists from densely populated and economically developed regions in central and eastern China [9] 12. **2025 Revenue Forecast**: The company anticipates achieving approximately 2.15 billion in revenue by 2025, with a strong growth trajectory expected [10] 13. **Seasonal Challenges**: The first quarter of 2024 faced challenges due to snowfall, impacting operations, but the overall outlook remains stable [10] Additional Important Information - **Market Position**: Jiuhua Tourism is positioned as a unique asset in the tourism sector, with a focus on cultural and scenic value [7] - **Investor Engagement**: The conference encouraged investor interaction for further details and insights into the company's operations and future plans [12]

证券代码：603199 股票简称：九华旅游 公告编号：临2025-015 安徽九华山旅游发展股份有限公司 关于聘任公司董事会秘书的公告 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。 安徽九华山旅游发展股份有限公司（以下简称"公司"）于2025年4月8日召 开第九届董事会第一次会议，审议通过《关于聘任公司董事会秘书的议案》，同 意聘任张先进先生为公司董事会秘书，任期自董事会决议通过之日起至第九届董 事会期满为止。 张先进先生已取得上海证券交易所董事会秘书任职资格证书，具备履行董事 会秘书职责所必须的财务、管理等专业知识和所需的工作经验，其任职资格符合 《公司法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监 管指引第1号——规范运作》及《公司章程》的有关规定，不存在不适合担任董 事会秘书的情形。张先进先生的任职资格已通过上海证券交易所审核。 特此公告。 传真：0566-5578801 电子邮件：jhgf@jiuhuashan.cc 附件：张先进先生简历及联系方式 安徽九华山旅游发展股份有限公司董事会 2025年4 ...