Group 1: Visitor Statistics and Revenue - In 2023, Jiuhua Mountain Scenic Area received 9.2518 million visitors, a year-on-year increase of 16.63% [3] - The tourism revenue for 2023 reached 11.2 billion yuan, growing by 13.61% compared to the previous year [3] - The company achieved an operating income of 724 million yuan in 2023, a significant increase of 117.94% year-on-year, and net profit attributable to shareholders was 175 million yuan, marking a turnaround from losses [3] Group 2: Q1 2024 Performance - In Q1 2024, the company reported an operating income of 180 million yuan, a decrease of 6.13% year-on-year [3] - The net profit attributable to shareholders in Q1 2024 was 52.08 million yuan, down by 15.80% compared to the same period last year, primarily due to the delayed Spring Festival and adverse weather conditions [3] Group 3: Infrastructure Developments - The opening of the Chi-Huang High-Speed Railway is expected by the end of April 2024, which will enhance regional connectivity and tourism [4] - The Jiuhua Mountain Transportation Transfer Center, capable of parking 5,207 vehicles, has improved traffic flow and visitor experience during peak seasons [5] Group 4: New Projects and Investments - The new cable car project at Lion Peak is estimated to cost 326.07 million yuan, with construction expected to start in December 2024 and completion by November 2026 [6] - The projected passenger volume for the cable car in the first year is 224,000, with an anticipated annual growth rate of 15% [6] Group 5: Future Plans and Market Strategies - The company plans to enhance its marketing efforts for the Wen Zong Ancient Village project, which combines various leisure and hospitality offerings [7] - The Anhui provincial government is promoting the "Great Huangshan" strategy, which will benefit Jiuhua Tourism through increased investment in cultural and tourism projects [8] Group 6: Financial Policies and Shareholder Returns - The company has maintained a cash dividend policy, with a payout ratio exceeding 30% in recent years, and plans to distribute at least 20% of distributable profits as dividends annually from 2023 to 2025 [9] - Future capital expenditures will include improvements to the Jiuhua Mountain Transportation Transfer Center and the Lion Peak cable car project [10]

证券代码：603199 证券简称：九华旅游 公告编号： 临 2024-013 安徽九华山旅游发展股份有限公司 关于召开 2023 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： 投资者可于 2024 年 04 月 26 日(星期五) 至 05 月 07 日(星期 二)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 jhgf@jiuhuashan.cc 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 安徽九华山旅游发展股份有限公司（以下简称"公司"）已于 2024 年 04 月 19 日发布公司 2023 年年度报告，为便于广大投资者 更全面深入地了解公司 2023 年度经营成果、财务状况，公司计划于 2024 年 05 月 08 日 上午 11:00-12:00 举行 2023 年度业绩说明会， 就投资者关心的问题进行交流。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 05 月 08 日 上午 11:00-12:00 （二）会议 ...

Financial Data and Key Metrics Changes - In March 2023, revenue increased by 13 million compared to the previous year, with net profit rising by 10 million [5][34] - The company reported a total revenue of 78 million in March 2023, up from 65 million in March 2022 [34] Business Line Data and Key Metrics Changes - The three cableways had a total of approximately 240,000 rides in 2023, with a slight decrease in the first quarter of 2024 due to adverse weather conditions [3] - The hotel business reported a revenue of 1 million in the first quarter of 2024, with a loss of 300,000, indicating early signs of brand effect and marketing efforts [8][10] Market Data and Key Metrics Changes - The company received 9.25 million visitors in 2023, which is an increase of 42% compared to 2019, aligning with a 37% revenue growth [13] - The company is focusing on enhancing its marketing efforts in the Pearl River Delta and Wuhan markets, anticipating increased visitor interactions [11] Company Strategy and Development Direction - The company plans to strengthen its marketing in the Pearl River Delta and Wuhan, leveraging the opening of the Chi-Huang high-speed rail to boost tourism [11][29] - The company aims to achieve a revenue growth target of 3% and maintain profit levels in 2024, with a cautious yet optimistic approach to future performance [27][28] Management Comments on Operating Environment and Future Outlook - Management expressed optimism for the second quarter, expecting growth despite challenges such as consumer spending downgrades [26] - The company is preparing for a busy May holiday, treating it similarly to the peak season during the Spring Festival [24][28] Other Important Information - The company has completed the main functional areas of the parking lot, which can accommodate 5,200 vehicles, significantly improving visitor experience [14] - The construction of the Lion Peak area is underway, with expectations of operational losses in the initial years before turning profitable [25] Q&A Session Summary Question: What is the visitor flow situation? Outlook for May Day? - The company anticipates a busy May holiday, similar to the Spring Festival peak [24] Question: Impact of parking lots? Operational status of Lion Peak? - The parking lot has been completed, enhancing visitor experience, while Lion Peak construction is ongoing [14][25] Question: How is the performance in Q2 expected? - Management is optimistic about Q2 performance, expecting growth despite some challenges [26] Question: What is the situation with the hotel business? - The hotel business is seeing early signs of brand effect, with revenue and losses reported [8][10] Question: What is the impact of the Chi-Huang high-speed rail? - The rail is expected to enhance connectivity and boost tourism, with marketing efforts underway [29] Question: What is the age demographic of visitors? - There has been an increase in visitors under 40, particularly in the 31-35 age group, while older demographics have decreased [19]

九华旅游（603199.SH） 增持 疫后复苏弹性居前，交通边际改善有望提振客流 九华山：我国四大佛教名山之一，2023 年景区门票收入较 2019 年增长 42%。 九华山为我国四大佛教名山之一，疫后游客追逐寺庙游等精神体验，叠加景 区旅游性价比属性契合消费趋势，推动景区客流显著增长。根据安徽文旅局 统计，2023 年九华山门票收入（非上市公司体内）恢复至 2019 年 142%。 九华旅游：深耕九华山旅游产业链，主业集中度高，索道贡献核心盈利，疫 后复苏居前。公司隶属于池州市国资委，深耕九华山景区产业链，主营索道 缆车、客运、酒店、旅行社业务，2023 年公司景区交通与住宿相关业务占收 入比重约 90%（其他名山大川景区公司为 70-90%）。高毛利的索道缆车与客 运业务合计贡献近 6 成收入、近 9 成毛利，系公司盈利核心。考虑其他可选 消费项目/相对低 ROE 业务拖累较少，公司疫后复苏强劲。2023 年收入 7.24 亿元，较 2019 年增 35%，居名山大川景区公司首位；归母净利润 1.75 亿元， 较 2019 年增 49%，增速仅次于长白山（后者山门下移提价助力利润率改善）。 季节性特征：全 ...

[Table_Contacts] [Table_Page] 年报点评|旅游及景区 [Table_Title] 九华旅游（603199.SH） 23 年业绩改善明显，狮子峰索道有望贡献增量 [Table_Summary] 核心观点： | --- | --- | --- | --- | --- | --- | |----------------------------------------------|---------|----------|-------|-------|-------| | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 332 | 724 | 797 | 873 | 945 | | 增长率（ % ） | -22.0% | 117.9% | 10.2% | 9.6% | 8.1% | | EBITDA （百万元） | 63 | 298 | 345 | 381 | 413 | | 归母净利润（百万元） | -14 | 175 | 201 | 223 | 243 | | 增长率（ % ） | -12 ...

证券研究报告 公司研究 刘嘉仁，社零&美护首席分析师。曾供职于第一金证券、凯基证券、兴业证券。2016 年 加入兴业证券社会服务团队，2019 年担任社会服务首席分析师，2020 年接管商贸零售 团队，2021 年任现代服务业研究中心总经理。2022 年加入信达证券，任研究开发中心 副总经理。2021 年获新财富批零与社服第 2 名、水晶球社服第 1 名/零售第 1 名、新浪 财经金麒麟最佳分析师医美第 1 名/零售第 2 名/社服第 3 名、上证报最佳分析师批零社 服第 3 名，2022 年获新浪财经金麒麟最佳分析师医美第 2 名/社服第 2 名/零售第 2 名、 医美行业白金分析师。 涂佳妮，社服&零售分析师。新加坡南洋理工大学金融硕士，中国科学技术大学工学学 士，曾任兴业证券社服&零售行业分析师，2022 年 11 月加入信达新消费团队，主要覆 盖免税、眼视光、隐形正畸、宠物、零售等行业。 李汶静，伊利诺伊大学香槟分校理学硕士，西南财经大学经济学学士，2022 年 11 月加 入信达新消费团队。主要覆盖化妆品、医美。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 免 ...

➢ 九华旅游发布 2023 年年报。聚焦 23 年全年表现：从营收/利润表现来看， 2023 年公司营业收入 7.34 亿元/同比+117.94%，较 19 年同期+34.70%；归母 净利润1.75亿元/同比扭亏为盈，较19年同期+49.26%；对应ROE为13.12%/19 年同期为 10.17%。从各项费用率表现来看，2023 年公司销售费用率 5.36%/同 比-1.85pcts，较 19 年同期+0.08pcts；管理费用率 13.00%/同比-8.07pcts，较 19 年同期-1.17pcts；财务费用率-0.26%/23 年同期为-0.23%，19 年同期为0.12%。从毛利率/净利率表现来看，2023 年公司毛利率 49.62%/同比 +23.18pcts，较 19 年同期+1.49pcts；净利率 24.14%/同比+28.26pcts，较 19 年同期+2.35pcts。聚焦 24Q1 表现，24Q1 收入 1.80 亿元/同比-6.13%，较 19 年同期+34.69%；归母净利润 0.52 亿元/同比-15.80%，较 19 年同期+34.40%。 我们认为，从 23 年公司业绩表现 ...

23 年业绩再创新高，24 年供给侧改善加速 请务必阅读正文之后的重要声明部分 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------|-------|-------|-------|------------------------------|--------------------------------------------------|------------|---------|---------|---------| | 盈利预测表 \n[ 资产负债表 Table_Finance 2] \n会计年度 2023 2024E 2025E 2026E | | | 单位: | 百万元 | 利润表 单位: \n会计年度 2023 2024E 2025E 2026E | | | | 百万元 | | 货币资金 | 179 | 320 | 590 | 796 | 营业收入 72 ...

RSM 容诚 审计报告 安徽九华山旅游发展股份有限公司 容诚审字|2024|230Z0193 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mgf.gw.cn）"进行查 "我" 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-5 | | 2 | 合并资产负债表 | 1 | | 3 | 合并利润表 | 2 | | 4 | 合并现金流量表 | 3 | | 5 | 合并所有者权益变动表 | 4 - 5 | | 6 | 母公司资产负债表 | 6 | | 7 | 母公司利润表 | 7 | | 8 | 母公司现金流量表 | 8 | | 9 | 母公司所有者权益变动表 | 9 - 10 | | 10 | 财务报表附注 | 11 - 104 | 外经贸士度 15日 / 092-096 审计报告 容诚审字[2024]230Z0193 号 安徽九华山旅游发展股份有限公司全体股东: 一、审计意见 我们审计了安徽九华山旅游发展股份有限公司(以下简称九华旅游)财务报 表,包括 2023年1 ...

证券代码：603199 股票简称：九华旅游 公告编号：临2024-005 安徽九华山旅游发展股份有限公司 第八届董事会第十五次会议决议公告 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。 安徽九华山旅游发展股份有限公司(以下简称"公司")第八届董事会第十五 次会议通知于 2024 年 4 月 8 日以专人派送或电子邮件的方式发出。会议于 2024 年 4 月 18 日以现场结合通讯表决方式召开。本次会议应出席董事 8 人，实际出 席董事 8 人，公司监事、高级管理人员列席了会议。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《2023 年度总经理工作报告》 表决结果：8 票同意，0 票反对，0 票弃权。 二、审议通过了《2023 年度董事会工作报告》 表决结果：8 票同意，0 票反对，0 票弃权。 本议案尚需提交 2023 年年度股东大会审议。 【详细内容见上海证券交易所网站（http://www.sse.com ...