4月29日，黄山旅游（600054）（600054.SH）发布2025年一季报。2025年一季度，公司实现营业收入 4.03亿元，同比增长19.79%；归母净利润3689.50万元，同比增长44.69%；扣非净利润3497.62万元，同 比增长55.79%。 报告期内，黄山旅游通过一系列创新的营销策略和丰富的活动安排，提升景区影响力和市场竞争力，实 现了接待人数的显著增长。 假期接待人数显著增长，景区运营能力提升 2025年春节假期，黄山市全市各景区点共接待游客331.4万人次、同比增长38.31%；黄山区全区共接待 游客75.5万人次，旅游总收入6.15亿元，分别同比增长16.15%和15.38%；假期8天，黄山风景区接待游 客人数超20万。大年初二至初七，景区日接待游客均达冬季最大承载量，体现了黄山作为热门旅游目的 地的强大吸引力，也反映出黄山旅游在节假日期间的高效运营能力。 多维营销拓展市场，创新活动激发景区活力 今年以来，黄山旅游在营销策略上展现了极高的创新性和前瞻性，通过跨界合作和主题活动，成功吸引 了不同客群的关注，实现了从"流量"到"留量"的转变。 面对国内游客，黄山旅游通过多种宣传渠道和活动形 ...

(一)股东大会类型和届次 2024年年度股东大会 证券代码：600054 证券简称：黄山旅游 公告编号：2025-026 900942 黄山 B 股 黄山旅游发展股份有限公司 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 30 日 9 点 00 分 召开地点：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 股东大会召开日期：2025年5月30日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 30 日 至2025 年 5 月 30 日 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 ...

证券代码：600054(Ａ股) 股票简称：黄山旅游(Ａ股) 编号：2025-025 900942(Ｂ股) 黄山Ｂ股(Ｂ股) 黄山旅游发展股份有限公司 第九届监事会第八次会议决议公告 2025 年 4 月 30 日 1 / 1 黄山旅游发展股份有限公司（以下简称"公司"）第九届监事会第八次会议 通知于 2025 年 4 月 19 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 29 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 2025 年第一季度报告》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 监事会认为：公司 2025 年第一季度报告的内容和格式符合中国证监会及上 海证券交易所的各项规定，所包含的信息能够从各方面真实地反映出公司 2025 年第一季度的经营成果和财务状况等事项；报告的编制和审议程序符合有关法律 法规、规范性文件、《公司章程》和公司内部管理制度的各项规定；监事会未发 现参与一季报编制 ...

证券代码：600054(Ａ股) 股票简称：黄山旅游(Ａ股) 编号：2025-024 900942(Ｂ股) 黄山Ｂ股(Ｂ股) 黄山旅游发展股份有限公司 第九届董事会第十一次会议决议公告 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"）第九届董事会第十一次会 议通知于 2025 年 4 月 19 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 29 日以通讯表决方式召开。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 2025 年第一季度报告》； 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会审议通过。 报告全文详见上海证券交易所网站（www.sse.com.cn）。 二、审议通过了《关于公司高管 2025 年度绩效考核指标的议案》。 表决结果：同意 9 票，反对 0 票，弃权 0 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 403,021,557.03, representing a year-on-year increase of 19.79% compared to CNY 336,454,018.04 in the same period last year[3]. - Net profit attributable to shareholders for the same period was CNY 36,894,968.31, a significant increase of 44.69% from CNY 25,499,904.98 year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 34,976,239.55, reflecting a 55.79% increase from CNY 22,450,414.93 in the previous year[3]. - The basic earnings per share (EPS) increased to CNY 0.0506, up 44.57% from CNY 0.0350 in the previous year[3]. - The diluted EPS also rose to CNY 0.0506, marking a 44.57% increase year-on-year[3]. - The weighted average return on equity (ROE) increased by 0.22 percentage points to 0.79%[3]. - Total operating revenue for Q1 2025 reached ¥403,021,557.03, a 19.8% increase from ¥336,454,018.04 in Q1 2024[19]. - Net profit for Q1 2025 was ¥39,238,895.07, representing a 35.4% increase compared to ¥29,036,478.27 in Q1 2024[20]. - Earnings per share for Q1 2025 was ¥0.0506, compared to ¥0.0350 in Q1 2024, reflecting a 44.9% increase[20]. Cash Flow and Assets - The net cash flow from operating activities was CNY 59,298,074.07, a substantial improvement from a negative cash flow of CNY -23,935,533.32 in the same period last year[3]. - Cash inflow from operating activities for Q1 2025 was $512.34 million, an increase of 24.6% compared to $411.25 million in Q1 2024[24]. - Net cash flow from operating activities turned positive at $59.30 million in Q1 2025, compared to a negative $23.94 million in Q1 2024[24]. - The ending cash and cash equivalents balance for Q1 2025 was $1.20 billion, up from $1.10 billion in Q1 2024[25]. - The company's cash and cash equivalents were RMB 1,208,324,520.44, down from RMB 1,812,406,238.23 at the end of the previous year[14]. - Total current assets amounted to RMB 1,882,762,951.03, a decrease from RMB 2,004,865,454.33 as of December 31, 2024[14]. - Total assets at the end of the reporting period were CNY 5,734,181,728.84, a slight increase of 0.03% from CNY 5,732,301,996.17 at the end of the previous year[4]. Visitor Statistics - The number of visitors to the mountain increased by 22.34% year-on-year, contributing to the rise in revenue and profit[6]. - In the reporting period, Huangshan Scenic Area received a total of 1.012 million visitors, an increase of 184,800 visitors compared to 827,200 visitors in the same period last year, representing a growth rate of 22.34%[10]. Investments and Financial Management - The company approved the use of up to RMB 180 million of idle raised funds for cash management, investing in low-risk financial products with high safety and liquidity, for a term of one year[10]. - The company also approved the use of up to RMB 700 million of idle self-owned funds for cash management under similar conditions[11]. Liabilities and Equity - Total liabilities decreased to ¥844,389,938.09 from ¥873,235,828.70, indicating a reduction of approximately 3.9%[16]. - The company's equity increased to ¥4,889,791,790.75 from ¥4,859,066,167.47, showing a growth of about 0.6%[16]. - Shareholder equity attributable to the parent company increased to CNY 4,690,796,560.01, reflecting a growth of 0.72% from CNY 4,657,341,391.70 at the end of the previous year[4]. Research and Development - Research and development expenses for Q1 2025 were ¥301,860.81, down from ¥548,734.26 in Q1 2024, a decrease of 45.0%[19]. Other Financial Metrics - The company reported trading financial assets of RMB 460,422,228.48 as of March 31, 2025[14]. - Accounts receivable increased to RMB 35,399,888.48 from RMB 34,437,014.58 in the previous period[14]. - Other receivables rose to RMB 49,329,285.37 from RMB 30,946,777.57[14]. - Inventory decreased to RMB 41,490,288.38 from RMB 47,968,514.31[14]. - The company reported an investment loss of ¥3,853,643.07 in Q1 2025, compared to a loss of ¥2,648,568.49 in Q1 2024[19].

黄山旅游（600054）公告，2025年第一季度营收为4.03亿元，同比增长19.79%；净利润为3689.5万元， 同比增长44.69%。 ...

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - In 2024, the company achieved operating revenue of 1.931 billion, a year-on-year increase of 0.09%, and a net profit attributable to the parent company of 317 million, a year-on-year decrease of 18.95%. The company is expected to benefit from improved transportation conditions and hotel project renovations, leading to stable revenue growth [2][6]. - The opening of the Chi-Huang high-speed railway in 2024, along with improved weather conditions, is anticipated to further increase visitor traffic to the mountains. Upgrades to hotels are expected to enhance both volume and pricing [2][6]. - Projected net profits for 2025-2027 are estimated at 377 million, 415 million, and 449 million, respectively, with corresponding price-to-earnings ratios of 23, 21, and 19 [2][6]. Summary by Sections Financial Performance - In Q4 2024, the company reported operating revenue of 519 million, a year-on-year increase of 4.93%, and a net profit of 45 million, marking a return to profitability [6]. - The total number of visitors to the scenic area reached 4.9224 million, a year-on-year increase of 7.6%, while the cable car service transported 9.8149 million visitors, up 3.25% year-on-year [12]. - The decline in profit despite increased visitor numbers was attributed to a decrease in ticket prices, adverse weather conditions, and increased depreciation from new investments [12]. Cost and Profitability - Operating costs increased by 4.98% year-on-year, outpacing revenue growth, primarily due to new investment projects still in the cultivation phase, leading to a gross margin of 51.78%, down 2.24 percentage points [12]. - The company's net profit margin decreased by 6.03 percentage points to 17.61% due to rising costs and increased expense ratios [12]. Business Segments - Revenue from the scenic area business declined by 9.22%, while hotel and cable car businesses saw increases of 2.55% and 1.02%, respectively. The decline in scenic area revenue was mainly due to lower ticket prices [12]. - The company is undertaking several renovation and investment projects, including a 150 million upgrade to the Huangshan International Hotel and a joint venture to develop a cultural performance project [12]. Future Outlook - The company is expected to benefit from multiple favorable factors, including improved transportation and hotel renovations, leading to steady revenue growth. Visitor traffic is projected to increase with the opening of the Chi-Huang high-speed railway [2][12].

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]