Core Points - The company announced a cash dividend distribution for its shareholders, with A shares receiving a cash dividend of 0.172 CNY per share and B shares receiving 0.023932 USD per share [1][2] - The dividend distribution plan was approved at the annual shareholders' meeting held on May 30, 2025 [1][2] Dividend Distribution Details - The total share capital before the distribution is 729,379,440 shares [2] - Key dates for the dividend distribution are as follows: - A shares: Record date on June 24, 2025; Ex-dividend date on June 25, 2025 - B shares: Record date on June 27, 2025; Ex-dividend date on June 24, 2025; Dividend payment date on July 10, 2025 [1][2] Taxation Information - For individual shareholders holding A shares for over one year, the dividend income is exempt from personal income tax; for those holding less than one month, the full amount is taxable at 20% [3][4] - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in a net dividend of 0.1548 CNY per share [4][5] - For B share holders, the company will withhold 10% tax for non-resident enterprises, resulting in a net dividend of 0.021539 USD per share [6][7]

900942 |黄山 B 股 证券代码：600054 证券简称：黄山旅游 公告编号：2025-029 黄山旅游发展股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.172元，B 股每股现金红利0.023932美元 相关日期 | 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 | 2025/6/24 | － | 2025/6/25 | 2025/6/25 | | Ｂ股 | 2025/6/27 | 2025/6/24 | | 2025/7/10 | 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 5 月 30 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 ...

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 ...

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 ...

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 ...

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].

Investment Rating - The report maintains an "Outperform" rating for the social services industry [1] Core Insights - The overall revenue of the sector is steadily increasing, but the recovery in performance is slower, with significant differentiation among sub-sectors. Attention is recommended for cyclical recovery sectors such as human resources and exhibitions, as well as resilient sectors like tourism and scenic spots [1][2] - In 2024, the social services sector achieved a total revenue of 191.54 billion, a year-on-year increase of 36.57%, while the net profit attributable to shareholders was 7.48 billion, a year-on-year decrease of 18.21%. The overall profitability has declined [10][14] - In Q1 2025, the sector generated a revenue of 44.84 billion, a year-on-year increase of 38.75%, with a net profit of 1.81 billion, a year-on-year increase of 33.06% [20][22] Summary by Sections Sector Summary - The revenue growth rate outperformed the profit growth rate, with the professional services and education sectors performing better. In 2024, the professional services sector saw a year-on-year increase of 79.57%, while the education sector's profit level improved significantly [10][14] - In Q1 2025, the professional services sector led with a revenue growth of 89.62%, followed by tourism and scenic spots at 7.39% [22] Tourism - The domestic travel market shows strong resilience, with a total of 5.615 billion domestic tourists in 2024, a year-on-year increase of 14.80% [34] - The cross-border travel market is experiencing high demand, with inbound tourists reaching 132 million in 2024, a year-on-year increase of 60.8% [40] Hotels - Business travel demand is still recovering, with the RevPAR expected to be under pressure throughout 2024 [13] Catering - The catering market is expected to see slower revenue growth in 2024, with Q1 2025 showing some improvement [16] Duty-Free - Duty-free sales in offshore areas are showing marginal improvement, with city channels expected to contribute to growth [18] Human Resources - The human resources sector is experiencing stable data operations, but employment market pressures remain [22] Exhibitions - The domestic exhibition market is steadily growing, with the number of exhibitions remaining stable in 2024 [24]

Group 1 - Huawei officially launched its Harmony OS computers, with the first foldable model priced at 23,999 yuan and the MateBook Pro starting at 7,999 yuan, marking a significant expansion into the desktop ecosystem [1] - The Harmony OS 5 aims to deepen the integration between mobile and desktop environments, showcasing a foldable design with an 18-inch display that folds to 13 inches, weighing only 1.16 kg [1] Group 2 - The State Administration of Foreign Exchange reported a positive trend in foreign investment in RMB assets, with foreign investors increasing their holdings of domestic bonds by 10.9 billion USD in April [2] - In late April, foreign investment in domestic stocks turned into net purchases, indicating a growing confidence in the Chinese market [2][3] Group 3 - Xinhua Insurance has been approved to participate in the third batch of long-term investment reform pilot programs, planning to establish the Honghu Fund Phase III, which has received regulatory approval [4] - This marks the third consecutive phase of the Honghu Fund initiated by Xinhua Insurance, reflecting a commitment to long-term investment strategies [4] Group 4 - Despite triggering "serious abnormal fluctuations," Chengfei Integration has seen its stock price rise for nine consecutive trading days, with a cumulative increase of 135.8% since May 7 [6] - The company has a low revenue contribution from its core aviation parts business, indicating that its recent stock performance may be driven more by market speculation than fundamental business strength [6][7] Group 5 - At least six rare earth material companies have received export licenses from the Ministry of Commerce, amid ongoing export control measures on certain rare earth elements [7] - The supply of rare earths may face short-term reductions due to various factors, although industry experts predict that prices will not experience significant fluctuations this year [7] Group 6 - The U.S. stock market experienced a collective decline, with major indices falling due to Moody's downgrade of the U.S. credit rating, impacting technology stocks significantly [8] - Notable declines were observed in major tech stocks, with Tesla dropping over 3% and other companies like Nvidia and TSMC also experiencing losses [8] Group 7 - The UK is expected to agree to restart trade and defense cooperation with the EU, marking a significant shift in relations since Brexit [9] - This move aims to boost economic growth and enhance security in the European region [9] Group 8 - The U.S. Congress is reviewing President Trump's comprehensive tax reduction bill, which has passed a key committee, but still faces challenges ahead [10][11] - The House Rules Committee is set to review the bill, with a potential vote expected later in the week [11][12] Group 9 - Ctrip's report indicates a strong recovery in the tourism sector for the upcoming Dragon Boat Festival, with domestic and inbound travel showing significant growth [14] - The report highlights a 100% increase in hotel search interest for inbound travel, suggesting a robust rebound in the tourism industry [14]