Investment Rating - The report maintains an "Accumulate" rating for the company [1][5][7] Core Views - The company's performance in 2024 is under pressure due to multiple factors, but medium to long-term project developments are expected to boost the scenic area capacity and enhance business synergy [5][10] - The company achieved a revenue of RMB 1.931 billion in 2024, a slight increase of 0.09% year-on-year, while the net profit attributable to shareholders decreased by 25.51% to RMB 315 million [5][10] - The report anticipates a recovery in tourist growth and potential increases in capacity from both mountain and valley projects [10] Financial Summary - The company is projected to implement new regulations for paid use of scenic resources from 2025 to 2026, with adjusted EPS estimates of RMB 0.47, 0.54, and 0.63 for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 25.4, 22.0, and 19.0 [7][9] - The main revenue sources and their growth rates are as follows: - Main revenue: RMB 1,931 million in 2024, with a growth rate of 0.1% - EBITDA: RMB 788 million in 2024, with a decrease of 7.9% - Net profit: RMB 315 million in 2024, with a decrease of 25.5% [9][10] - The report highlights that the company’s revenue from ticket sales decreased due to various discount policies, while the cable car business showed stable growth [10]

证券代码：600054(Ａ股) 股票简称：黄山旅游(Ａ股) 编号：2025-023 900942(Ｂ股) 黄山Ｂ股(Ｂ股) ● 会议召开时间：2025 年 5 月 7 日（星期三）上午 10:00-11:00。 ● 会议召开地点：全景网"投资者关系互动平台"（https://ir.p5w.net）。 ● 会议召开方式：本次业绩说明会将通过网络互动方式召开。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 5 月 7 日（星期三）上午 10:00-11:00。 黄山旅游发展股份有限公司 关于召开 2024 年年度暨 2025 年第一季度 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2025年5月5日（星期一）下午16:00前访问https://ir.p5w.net/zj/， 或扫描下方二维码，进入问题征集专题页面进行提问。公司将在 2024 年年度暨 2025 年第一季度业绩说明会上对投资者普遍关注的问题进行回答。 黄山旅游发展股份有限公司（以下简称"公司"）已于 ...

Investment Rating - The investment rating for Huangshan Tourism (600054.SH) is "Outperform the Market" [6][4][18] Core Views - The overall performance in 2024 is under pressure, but Q4 shows a year-on-year increase. The company plans to distribute a cash dividend of 1.72 yuan per 10 shares, with a dividend payout ratio of 39.83%, up by 3.78 percentage points year-on-year [1][9] - The effective ticket purchasing flow has declined, with the main scenic area and cable car business being the core profit contributors. Other new scenic areas and businesses are still a drag on performance [2][11] - The company is focusing on expanding capacity on the mountain and integrating resources at the base, with a significant increase in visitor numbers expected in early 2025 [3][17] Financial Performance Summary - In 2024, the company expects total revenue of 1.931 billion yuan, a slight increase of 0.09% year-on-year. The net profit attributable to shareholders is projected to be 315 million yuan, a decrease of 25.51% year-on-year [1][5] - The number of visitors to the Huangshan scenic area is expected to reach 4.9224 million in 2024, a year-on-year increase of 7.60%, while the revenue from scenic area operations is projected to decline by 9.22% to 240 million yuan [2][11] - The cable car business is expected to generate 718 million yuan in revenue, a year-on-year increase of 2.55%, with a gross margin of 87.56% [2][11] Future Outlook - The company anticipates a significant increase in visitor numbers in early 2025, with a 36% growth in the Huangshan scenic area expected in January and February [3][17] - The development of East Huangshan and the renovation of the Beihai Hotel are expected to alleviate capacity constraints and enhance visitor experience [3][17] - The company maintains its "Outperform the Market" rating, citing the potential for growth through resource integration and the development of new business lines [4][18]

Investment Rating - The report initiates coverage with an "Outperform" rating for Huangshan Tourism, with a target price of RMB 13.20 based on a 30x PE for 2025, compared to the industry average of 24x PE [2][10]. Core Views - The company's EPS forecast for 2025-2027 is projected at RMB 0.44, RMB 0.47, and RMB 0.49 respectively. The performance is under pressure due to declining ticket prices, extreme weather impacts, and fluctuations in the fair value of financial assets [2][11]. - In 2024, the company reported a revenue of RMB 1.931 billion, a slight increase of 0.1%, while net profit decreased by 25.5% to RMB 315 million. The fourth quarter showed a revenue of RMB 519 million, up 4.9% year-on-year, with a net profit of RMB 30 million, reflecting a 100.3% increase year-on-year [2][11]. Financial Summary - Revenue and profit forecasts indicate a gradual recovery, with expected revenues of RMB 2.038 billion in 2025, RMB 2.133 billion in 2026, and RMB 2.182 billion in 2027. Net profit is expected to stabilize at RMB 317 million in 2025, increasing to RMB 343 million in 2026 and RMB 356 million in 2027 [5][6]. - The company’s revenue breakdown by business segment in 2024 shows cableway and cable car revenue at RMB 718 million (+2.6%) with a gross profit margin of 87.6%, while scenic area revenue was RMB 240 million (-9.2%) with a gross profit margin of 39.4% [3][12]. Business Development - Huangshan Tourism is advancing its business diversification and smart transformation, with ongoing projects like Huangshan International Hotel and Tea Tent Camp. The company is also enhancing operational efficiency through the development of an AI travel assistant and upgrades to its official tourism platform [3][13].

Core Viewpoint - Huangshan Tourism reported a revenue of 1.931 billion yuan and a net profit of 315 million yuan for 2024, reflecting a year-on-year decline of 25.51% in net profit [1] Group 1: Financial Performance - The company achieved a revenue of 1.931 billion yuan in 2024 [1] - The net profit for the year was 315 million yuan, down 25.51% compared to the previous year [1] - The non-recurring net profit was reported at 317 million yuan [1] Group 2: Visitor Statistics - The Huangshan scenic area received a total of 4.9224 million visitors, an increase of 347,800 visitors or 7.60% year-on-year [1] - The cable car and gondola services transported 9.8149 million visitors, which is an increase of 308,800 visitors or 3.25% compared to the previous year [1] Group 3: Strategic Development - The company is focusing on developing a comprehensive tourism strategy, including launching the Yunlu Hotel brand and enhancing existing facilities [2] - Projects such as the Taiping Lake scenic area upgrade and the Huashan night tour brand are being actively promoted to enhance visitor experience [2] - The company aims to integrate cultural heritage with tourism, expanding its offerings and enhancing brand recognition [3]

Core Viewpoint - Huangshan Tourism reported steady operational performance with a revenue of 1.931 billion yuan and a net profit of 315 million yuan for 2024, reflecting confidence in sustainable development through a cash dividend distribution of 1.25 billion yuan, representing 39.83% of the profit [1] Group 1: Financial Performance - The company achieved an operating income of 1.931 billion yuan and a net profit attributable to shareholders of 315 million yuan in 2024 [1] - A cash dividend of 1.72 yuan per 10 shares (including tax) is proposed, with a total distribution amounting to 1.25 billion yuan [1] Group 2: Market Strategy and Growth - Huangshan Tourism is focusing on its core tourism business, leveraging technology and culture to drive transformation and high-quality development [1] - The company implemented the "Bring Guests to Huangshan" plan, optimizing revenue management and enhancing marketing channels, resulting in a 7.60% year-on-year increase in visitor numbers to 4.9224 million [2] - The company is advancing project upgrades, including the renovation of key hotels and the development of new attractions, to enhance its tourism offerings [2] Group 3: Digital Transformation - Huangshan Tourism is actively pursuing digital transformation in the tourism sector, utilizing AI technology to improve operational efficiency and enhance visitor experience [3] - The company developed the Huangshan AI Travel Assistant, providing various services such as intelligent customer service and personalized recommendations, making it the first "fully AI-assisted" scenic area in China [3] - The company is also enhancing its official platform with features like smart reservations and real-time navigation to improve user experience [3] Group 4: Cultural Integration and Branding - The integration of culture and tourism is becoming a key path for high-quality development, with Huangshan Tourism focusing on creating unique cultural tourism IPs [4] - The company is embedding Huangshan's natural wonders and Huizhou culture into various media formats to promote cultural tourism [4] - Huangshan Tourism has successfully showcased its offerings at international events, promoting Chinese culture abroad through various social media platforms [4] Group 5: Future Outlook - With the national focus on expanding domestic demand, Huangshan Tourism plans to accelerate the integration of tourism with technology and new media formats to enhance brand influence and market competitiveness [5][6]

Group 1 - The company plans to distribute a cash dividend of 1.72 yuan per 10 shares, totaling approximately 125.45 million yuan, which represents a cash dividend ratio of 39.83% of the net profit attributable to shareholders for the year 2024 [1][12][51] - The company operates in the tourism industry, classified under "N78 Public Facilities Management" by the China Securities Regulatory Commission, and is positioned to benefit from the ongoing development of the tourism sector in China [2][3] - The domestic tourism market is showing a positive trend, with 5.615 billion domestic trips in 2024, an increase of 14.8% year-on-year, and total spending of 5.75 trillion yuan, up 17.1% from the previous year [4][3] Group 2 - The company manages several scenic areas, including Huangshan Scenic Area, and has accumulated extensive experience in scenic area operations and management [4][10] - The company has a diversified business model that includes cable car services, hotel operations, and a restaurant business focused on Huizhou cuisine, which has received multiple national honors [5][6][10] - The company is actively involved in smart tourism initiatives, integrating modern information technology with tourism resources to enhance visitor experiences and operational efficiency [7][10] Group 3 - The company reported a total of 4.9224 million visitors to Huangshan Scenic Area during the reporting period, a 7.60% increase from the previous year, while cable car services transported 9.8149 million passengers, reflecting a 3.25% increase [10] - The company achieved operating revenue of 1.931 billion yuan, a slight increase of 0.09% year-on-year, but the net profit attributable to shareholders decreased by 25.51% to 315 million yuan [10][12] - The company is positioned to leverage the ongoing recovery in the tourism sector, supported by favorable macro policies and a growing consumer demand for travel experiences [3][4]

Core Insights - Huangshan Tourism Development Co., Ltd. reported a total of 4.92 million visitors to Huangshan Scenic Area in the previous year, representing a year-on-year increase of 7.6% [1] Financial Performance - The company's operating revenue for 2024 was approximately 1.93 billion yuan, reflecting a year-on-year growth of 0.09% [1] - The net profit attributable to shareholders was around 315 million yuan, showing a decrease of 25.51% compared to the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was about 316 million yuan, down 18.95% year-on-year [1] Visitor Statistics - The total number of visitors to Huangshan Scenic Area increased by 347,800 compared to the previous year, reaching 4.92 million [1] - The cable car and gondola services transported a total of 9.81 million passengers, an increase of 308,800 passengers or 3.25% from the previous year [1]

证券代码：600054(Ａ股) 股票简称：黄山旅游(Ａ股) 编号：2025-018 900942(Ｂ股) 黄山Ｂ股(Ｂ股) 黄山旅游发展股份有限公司 第九届监事会第七次会议决议公告 本公司监事会及全体监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。 黄山旅游发展股份有限公司（以下简称"公司"）第九届监事会第七次会议 通知于 2025 年 4 月 7 日以书面送达、传真或者电子邮件等方式发出，会议于 2025 年 4 月 17 日以通讯表决方式召开。本次会议应出席监事 3 名，实际出席监事 3 名。本次会议由公司监事会主席方卫东先生召集并主持。本次会议的召开符合《公 司法》和《公司章程》的有关规定。本次会议审议情况如下： 一、审议通过了《公司 2024 年度监事会工作报告》； 表决结果：同意 3 票，反对 0 票，弃权 0 票。 本议案尚需提交公司 2024 年年度股东大会审议。 二、审议通过了《公司 2024 年年度利润分配预案》； 表决结果：同意 3 票，反对 0 票，弃权 0 票。 监事会认为：公司 2024 年年度利润分配预案符合公司实际情 ...

证券代码：600054(Ａ股) 股票简称：黄山旅游(Ａ股) 编号：2025-017 900942(Ｂ股) 黄山Ｂ股(Ｂ股) 黄山旅游发展股份有限公司 第九届董事会第十次会议决议公告 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。 黄山旅游发展股份有限公司（以下简称"公司"）第九届董事会第十次会议 通知于 2025 年 4 月 7 日以书面送达、传真或者电子邮件等方式发出，会议于 2025 年 4 月 17 日以现场和通讯表决相结合的方式召开。本次会议应出席董事 9 名， 实际出席董事 9 名。本次会议由公司董事长章德辉先生召集并主持。本次会议的 召开符合《公司法》和《公司章程》的有关规定。本次会议审议情况如下： 一、审议通过了《公司 2024 年度总裁工作报告》； 表决结果：同意 9 票，反对 0 票，弃权 0 票。 二、审议通过了《公司 2024 年度董事会工作报告》； 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案尚需提交公司 2024 年年度股东大会审议。 三、审议通过了《公司 2024 年度财务决算报告》 ...