Core Points - The legal opinion confirms that the procedures for convening and holding the 2024 annual general meeting of Huangshan Tourism Development Co., Ltd. comply with relevant laws, regulations, and the company's articles of association [2][6] - The meeting was attended by 350 shareholders and their proxies, representing 330,936,837 shares, which is 45.3723% of the total shares with voting rights [2][3] - The voting results for various proposals were overwhelmingly in favor, with the approval rates for key reports and plans exceeding 98% [4][5][6] Group 1: Meeting Procedures - The meeting was convened by the board of directors and followed the necessary legal and procedural requirements [2] - The actual time, location, and content of the meeting were consistent with the announced details [2] Group 2: Attendance and Voting - A total of 350 participants, including shareholders and proxies, were verified to have voting rights [3] - The voting process was conducted through both on-site and online platforms, with specific time slots allocated for each [2] Group 3: Voting Results - The proposal for the 2024 annual board work report received 98.9303% approval [4] - The proposal for the 2024 annual financial settlement report received 98.9570% approval [5] - The proposal for the 2024 annual profit distribution plan received 99.8596% approval [5] - The proposal for the 2024 annual report and its summary received 98.9529% approval [5] - The proposal regarding the remuneration of certain supervisors for 2024 received 99.7894% approval [5]

Meeting Details - The shareholders' meeting of Huangshan Tourism Development Co., Ltd. was held on May 30, 2025, at the Crowne Plaza Hotel in Huangshan City, Anhui Province [1] - A total of 290 A-share shareholders and 60 B-share shareholders attended the meeting, with A-share shareholders holding 306,125,982 shares, representing 41.9707% of the total shares, and B-share shareholders holding 24,810,855 shares, representing 3.4016% of the total shares [1] Voting Results - All non-cumulative voting proposals were approved, with A-share votes showing 99.8352% in favor and B-share votes showing 87.7654% in favor [1][2] - The total votes for the ordinary shares were 327,396,829, with 98.9303% in favor, 1.0099% against, and 0.0598% abstaining [1][2] Legal Compliance - The meeting was convened and conducted in accordance with the Company Law, Securities Law, and the company's articles of association, ensuring the legality and validity of the voting results [1][3]

证券代码：600054(Ａ股) 股票简称：黄山旅游(Ａ股) 编号：2025-027 900942(Ｂ股) 黄山Ｂ股(Ｂ股) 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。 根据公司第九届董事会第七次会议决议，同意公司使用不超过人民币 1.80 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 2025-003 号公告）。 公司于 2025 年 2 月使用部分闲置募集资金 2,000 万元购买了中国银行人民 币结构性存款 CSDVY202503953（详见公司 2025-009 号公告），上述理财产品 已到期赎回，收回本金为 2,000 万元，取得收益为 4.10 万元，实际年化收益率为 0.85%。上述理财产品本金和收益已全部收回。 特此公告。 黄山旅游发展股份有限公司董事会 2025 年 5 月 31 日 1 / 1 ...

证券代码：600054 证券简称：黄山旅游 公告编号：2025-028 900942 黄山 B 股 黄山旅游发展股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 30 日 (二)股东大会召开的地点：安徽省黄山市屯溪区徽州大道 1 号黄山昱城皇冠假日 酒店一楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 350 | | --- | --- | | 其中：A 股股东人数 | 290 | | 境内上市外资股股东人数（B 股） | 60 | | 2、出席会议的股东所持有表决权的股份总数（股） | 330,936,837 | | 其中：A 股股东持有股份总数 | 306,125,982 | | 境内上市外资股股东持有股份总数(B 股) | 24,810,855 | | 3、出席会议的股东所持有表决权股份数占 ...

法律意见书 安徽天禾律师事务所 关于黄山旅游发展股份有限公司 2024 年年度股东大会的法律意见书 天律意 2025 第 01188 号 致：黄山旅游发展股份有限公司 依据《证券法》《公司法》《上市公司股东会规则》和《黄山旅游发展 股份有限公司章程》（以下简称"《公司章程》"）的有关规定，安徽天禾 律师事务所（以下简称"本所"）接受黄山旅游发展股份有限公司（以下简 称"黄山旅游"或"公司"）的委托，指派鲍冉、张鲁权两位律师（以下简 称"本所律师"）就公司于 2025 年 5 月 30 日召开的 2024 年年度股东大会 （以下简称"本次股东大会"）出具本法律意见书。 本所同意将本法律意见书作为本次股东大会的法定必备文件予以公告， 并依法对所出具的法律意见书承担责任。 本所律师依据《证券法》的要求，按照律师行业公认的业务标准、道德 规范和勤勉尽责精神，参与了本次股东大会并对公司提供的有关文件和事实 进行了核查和验证，现出具法律意见如下： 一、本次股东大会的召集程序 本次股东大会由公司董事会召集。根据公司第九届董事会第十次会议决 议、第九届监事会第七次会议决议和公司章程的有关规定，公司董事会于 2025 年 4 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Huangshan Tourism, indicating a target market capitalization of 10.7 billion yuan and a target price increase of 28% based on a comparable company average PE of 29 for 2025 [6][7]. Core Viewpoints - Huangshan Tourism leverages its world-class scarce tourism resources to build a comprehensive core business system, driving growth through diversified operations including scenic areas, cable cars, hotels, travel agencies, and Huizhou cuisine [6][7]. - The company is strategically enhancing the integration of culture and tourism through projects like the Huizhou cultural performance stage show, which signifies its commitment to cultural tourism [6][7]. - The report highlights the potential for traditional scenic areas to generate new growth by improving transportation and enhancing service quality, while also expanding into new scenic areas [6][7]. Financial Data and Profit Forecast - Total revenue is projected to grow from 1,931 million yuan in 2024 to 2,401 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 3.8% [2]. - The net profit attributable to shareholders is expected to increase from 315 million yuan in 2024 to 428 million yuan in 2027, reflecting a significant recovery from a 25.5% decline in 2024 [2]. - The report anticipates an increase in earnings per share from 0.43 yuan in 2024 to 0.59 yuan in 2027, indicating a positive trend in profitability [2]. Market Data - As of May 30, 2025, the closing price of Huangshan Tourism shares is 11.45 yuan, with a market capitalization of 5,877 million yuan [3]. - The company has a price-to-book ratio of 1.8 and a dividend yield of 1.83%, suggesting a stable return for investors [3]. Business Structure and Strategy - Huangshan Tourism operates a five-in-one core business model that includes scenic areas, cable cars, hotels, travel agencies, and Huizhou cuisine, enhancing its competitive edge in the tourism industry [15][19]. - The company is actively expanding into new business areas such as digital tourism and low-altitude economy, aiming to reduce reliance on ticket sales and diversify revenue streams [19][20]. - The establishment of the East Huangshan International Resort is seen as a strategic move to transform the company into a comprehensive consumption model [19][20]. Industry Trends - The domestic tourism market is experiencing a robust recovery, with a significant increase in tourist numbers and spending, indicating a favorable environment for Huangshan Tourism's growth [46][50]. - The shift from ticket-based revenue to diversified consumption models is becoming a trend in the industry, with a focus on enhancing visitor experiences and increasing secondary spending [52][54].

黄山旅游发展股份有限公司 2024 年年度股东大会会议资料 一、会议时间 现场会议时间：2025 年 5 月 30 日（星期五）上午 9:00 网络投票时间：2025 年 5 月 30 日（星期五） 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 二、现场会议地点 安徽省黄山市屯溪区徽州大道 1 号黄山昱城皇冠假日酒店一楼会议室。 二〇二五年五月 | 2024 年年度股东大会会议议程 - | | --- | | 2024 年年度股东大会会议须知 . | | 议案 1： 公司 2024 年度董事会工作报告 . | | 议案 2： 公司 2024 年度监事会工作报告 . | | 议案 3: 公司 2024 年度财务决算报告 . | | 议案 4: 公司 2024 年年度利润分配预案 | | 议案 5: 公司 2024 年年度报告及其摘要 | | 议案 6: 关于 2024 年度公司部分监事薪酬的议案 | | 听取《公司 2 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Insights - In Q1 2025, the company achieved operating revenue of 403 million yuan, a year-on-year increase of 19.79%, and a net profit attributable to the parent company of 35 million yuan, up 55.79% year-on-year. The company is expected to benefit from improved transportation conditions and hotel project renovations, leading to steady revenue growth [2][6]. - The opening of the Chi-Huang high-speed railway in 2024 and improved weather conditions are anticipated to further increase visitor numbers to the mountains. Upgrades to hotels are expected to enhance both volume and pricing [2][11]. - The forecasted net profits attributable to the parent company for 2025-2027 are 354 million, 393 million, and 436 million yuan, respectively, with corresponding price-to-earnings ratios of 24, 22, and 20 times [2][11]. Financial Performance - The company reported a gross margin of 39.24% in Q1 2025, a decrease of 0.23 percentage points year-on-year, while the expense ratio improved, decreasing by 1.88 percentage points to 21.06%. The net profit margin increased by 1.11 percentage points to 9.74% [11]. - The total number of visitors to the Huangshan scenic area reached 1.012 million in Q1 2025, representing a year-on-year growth of 22.34%, which contributed to revenue and profit growth [11]. Future Outlook - The company is expected to see a rise in visitor numbers in Q2 2025 due to the reopening of the West Sea Grand Canyon and the North Sea Hotel renovation project, which is set to be completed by September 2025, potentially providing new revenue streams [11]. - The integration of AI travel assistants is expected to enhance customer experience and operational efficiency, further supporting revenue growth [11].

Core Viewpoint - Huangshan Tourism reported significant growth in revenue and net profit for Q1 2025, driven by increased visitor numbers and innovative marketing strategies [1] Financial Performance - The company achieved an operating revenue of 403 million yuan, representing a year-on-year increase of 19.79% [1] - The net profit attributable to shareholders was 36.895 million yuan, up 44.69% year-on-year [1] - The net profit after deducting non-recurring items reached 34.976 million yuan, reflecting a 55.79% increase compared to the previous year [1] Visitor Statistics - During the 2025 Spring Festival, Huangshan City received 3.314 million visitors, a 38.31% increase year-on-year [1] - Huangshan District welcomed 755,000 visitors, with total tourism revenue of 615 million yuan, marking year-on-year growth of 16.15% and 15.38% respectively [1] - Over the 8-day holiday, the Huangshan Scenic Area received more than 200,000 visitors, with daily visitor numbers reaching the maximum winter capacity from the second to the seventh day of the new year [1] - During the Qingming holiday, the scenic area hosted over 95,000 visitors, a 26.68% increase year-on-year, contributing to a total of 993,100 visitors in the region, up 37.77% from the previous year [1] Marketing Strategies - The company enhanced its brand influence through innovative marketing strategies and diverse activity arrangements [1] - Huangshan Tourism implemented cross-industry collaborations and themed events to attract various customer segments, transitioning from "traffic" to "retention" [1] - The company utilized multiple promotional channels and organized various themed activities, such as "Intangible Cultural Heritage Celebrating the New Year in Huangshan" and "Spring Breeze in Huangshan" [1] - Collaborations included partnerships with Zhipu Light Nail Art and Meituan for the "Nail Art in Huangshan" campaign, as well as deepening strategic cooperation with China Resources Snow Beer [1] - The company actively expanded its overseas market presence by participating in events like the 2025 New Year Celebration in Trafalgar, London, and the Berlin Travel Fair, receiving extensive media coverage [1]

Core Points - The company reported a significant increase in tourist visits to the Huangshan scenic area, with a total of 1.012 million visitors in the reporting period, representing an increase of 184,800 visitors or 22.34% compared to the same period last year [5][6] - The company approved the use of up to RMB 1.8 billion of idle raised funds for cash management, investing in low-risk financial products with high safety and liquidity [5][6] - The company also approved the use of up to RMB 700 million of idle self-owned funds for cash management under similar conditions [6] - The company announced the appointment of Xin Yong Zhong He Accounting Firm as the auditor for the 2025 fiscal year [6][7] - The Huangshan Saifu Tourism Culture Industry Development Fund has reached its expiration date and will undergo liquidation [7] - The company received notifications regarding the optimization of the management of paid use fees for scenic resources in Huangshan, which may impact its operations [7] Financial Data - The financial report for the first quarter of 2025 has not been audited [3][8] - The company’s financial statements include a consolidated balance sheet, profit and cash flow statements for the first quarter of 2025 [8] Shareholder Information - The company will hold its 2024 annual general meeting on May 30, 2025, with both on-site and online voting options available for shareholders [14][15] - The meeting will include discussions on the independent director's performance report and other relevant matters [16][32]