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》 ...

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 股每股派发现金红利 0.172 元（含税），B 股折算成美 元派发。 ● 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期 将在权益分派实施公告中明确。在实施权益分派的股权登记日前公司总股本发生 变动的，拟维持每股分配比例不变，相应调整分配总额，并将在相关公告中披露。 ● 公司不触及《上海证券交易所股票上市规则（2024 年 4 月修订）》第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示的情形。 一、利润分配预案内容 （一）利润分配预案的具体内容 经容诚会计师事务所（特殊普通合伙）审计，公司 2024 年度合并报表归属 于上市公司股东的净利润为 315,009,002.14 元。截至 2024 年 12 月 31 日，公司 母公司报表中期末未分配利润为人民币 3,565,954,559.00 元。经公司第九届董事 会第十次会议决议，公司 2024 年年度拟以实施权益分派股权登记日登记的总股 本为基数分配利润。本次 ...

RSM 容诚 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.mof.gov.cn）"进行 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.mof.gov.cn）"进行 " | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | l-2 | | 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 - 128 | 目 录 审计报告 黄山旅游发展股份有限公司 容诚审字[2025]230Z1419 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 审计报告 容诚审字[2025]230Z1419 黄山旅游发展股份有限公司全体股东: 一、审计意见 我们审计了黄山旅游发展股份有限公司(以 ...

RSM 容诚 内部控制审计报告 黄山旅游发展股份有限公司 容诚审字[2025]230Z1418 号 容诚会计师事务所 (特殊普通合伙) 中国 · 北京 · ： 内部控制审计报告 容诚审字[2025]230Z1418 号 黄山旅游发展股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我 们审计了黄山旅游发展股份有限公司（以下简称"黄山旅游"）2024年 12 月 31 日 的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是黄山 旅游公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低, 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告 ...