中信建投证券股份有限公司 关于 南京商贸旅游股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易 之 独立财务顾问报告（修订稿） 独立财务顾问 二零二五年八月 声明与承诺 中信建投证券受南京商贸旅游股份有限公司的委托担任本次交易的独立财 务顾问。根据《公司法》《证券法》《重组管理办法》《发行注册管理办法》《上市 公司并购重组财务顾问业务管理办法》等法律、法规的有关规定，按照证券行业 公认的业务标准、道德规范，本着诚实信用、勤勉尽责精神，遵循客观、公正的 原则，在认真审阅相关资料和充分了解本次交易行为的基础上，本独立财务顾问 就本次交易的相关事项出具本独立财务顾问报告。 本独立财务顾问声明如下： 1、本独立财务顾问与本次交易所涉及的交易各方不存在利害关系，就本次 交易发表意见是完全独立的； 2、本独立财务顾问报告所依据的文件、材料由本次交易的相关各方向本独 立财务顾问提供。相关各方已承诺在本次交易过程中所提供的信息真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏。本独立财务顾问不承担由此 引起的任何风险责任； 3、本独立财务顾问报告是基于相关各方均按相关协议的条款和承诺全面履 行其所有义 ...

股票代码：600250 股票简称：南京商旅 上市地点：上海证券交易所 南京商贸旅游股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易报告书（草案） （摘要）（修订稿） | 交易类型 | 交易对方名称 | | --- | --- | | 发行股份及支付现金购买资产 | 南京旅游集团有限责任公司 | | 募集配套资金 | 不超过 35 名特定投资者 | 独立财务顾问 二零二五年八月 | | | 发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草案）（摘要） | | | 5 发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草案）（摘要） 3 发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草案）（摘要） 释义 本报告书摘要中，除非文义另有所指，下列简称和术语具有如下含义： | 重组报告书摘要、本报 | | 《南京商贸旅游股份有限公司发行股份及支付现金购买资产 | | --- | --- | --- | | 告书摘要 | 指 | 并募集配套资金暨关联交易报告书（草案）（摘要）（修订 稿）》 | | 南京商旅、本公司、公 | | 南京商贸旅游股份有限公司 | | 司、上市公 ...

股票代码：600250 股票简称：南京商旅 上市地点：上海证券交易所 南京商贸旅游股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易报告书（草案） （修订稿） | 交易类型 | 交易对方名称 | | --- | --- | | 发行股份及支付现金购买资产 | 南京旅游集团有限责任公司 | | 募集配套资金 | 不超过 35 名特定投资者 | 独立财务顾问 二零二五年八月 发行股份及支付现金购买资产并募集配套资金暨关联交易报告书(草案) 目录 | 释 义… | | --- | | 声明 | | 一、上市公司声明 | | 二、交易对方声明 | | 三、证券服务机构声明 | | 重大事项提示 . | | 一、本次交易方案简要介绍………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………10 | | 二、募集配套资金情况简要介绍 | | 三、本次交易方案调整情况………………………………………………………………………………………… ...

证券代码：600250 证券简称：南京商旅 公告编号：2025-049 根据上海证券交易所的进一步审核意见，公司对问询函回复、重组报告书进 行了修订、补充及完善，具体内容详见 2025 年 8 月 16 日披露的《南京商旅关于 发行股份及支付现金购买资产并募集配套资金暨关联交易申请的审核问询函之 回复（修订稿）》《南京商旅发行股份及支付现金购买资产并募集配套资金暨关联 1 交易报告书（草案）（修订稿）》。 相较公司于 2025 年 7 月 29 日披露的重组报告书，本次主要修订内容如下： | | 章节 | 修订情况 | | --- | --- | --- | | 第一章 | 本次交易概况 | 补充披露托管旅游集团旗下知名中高端酒店的相关介绍 | | 第四章 | 交易标的基本情 | 补充剥离的六华春及其现有控股股东关于六华春商标诉讼事项的承 | | | | 诺，补充黄埔酒店主营业务概况介绍，补充黄埔酒店报告期内客房总 | | 况 | | 数统计口径相关批注 | 南京商贸旅游股份有限公司 关于发行股份及支付现金购买资产并募集配套资金 暨关联交易报告书（草案）（修订稿） 修订说明的公告 本公司董事会及全体董事保证本 ...

Core Viewpoint - Nanjing Commercial Travel's stock closed at 11.57 yuan, with a PE ratio of 113.86, significantly higher than the industry average of 47.22 [1][2] Company Summary - Nanjing Commercial Travel's main business includes commercial trade and tourism, with key products being textiles, machinery, chemicals, metals, non-metallic minerals, tourism services, and retail [1] - As of March 31, 2025, the company had 30,086 shareholders, a decrease of 906 from the previous period, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] Financial Performance - In the first quarter of 2025, the company reported revenue of 191 million yuan, a year-on-year decrease of 7.98%, and a net profit of 3.51 million yuan, down 80.03% year-on-year, with a gross margin of 22.30% [1]

Core Viewpoint - Nanjing Tourism Group is initiating a restructuring process to integrate its operations with two other state-owned enterprises, aiming to create a comprehensive development and operation platform for culture, commerce, tourism, and sports in Nanjing [1][2]. Group 1: Restructuring Announcement - Nanjing Tourism Group plans to lead the integration and restructuring of Nanjing Tourism Group, Nanjing Cultural Investment Holding Group, and Nanjing Sports Industry Group [1]. - The restructuring will not change the main business of Nanjing Commercial Travel and will not affect the controlling shareholder or actual controller [1]. - The restructuring is still in the planning stage, and specific plans have yet to be determined, pending approval processes [1]. Group 2: Business Focus and Strategy - Nanjing Tourism Group focuses on six major business sectors: scenic area operations, street exhibitions, water recreation, hotel catering, travel technology, and financial trade [2]. - The group has 17 directly managed subsidiaries and two public institutions, with Nanjing Commercial Travel being the only listed company [2]. - The group aims to strengthen and optimize its operations through four actions: reform breakthroughs, restructuring, brand enhancement, and asset revitalization by 2025 [2]. Group 3: Asset Injection and Market Attention - Nanjing Tourism Group is in the process of injecting 100% equity of Nanjing Huangpu Grand Hotel into Nanjing Commercial Travel, with a transaction value of 199 million yuan [3]. - The market is closely watching whether Nanjing Commercial Travel will receive further asset injections from its controlling shareholder following the restructuring [3]. - Currently, aside from the ongoing transaction for Huangpu Grand Hotel, there are no other plans for asset injections related to cultural tourism or sports assets [3].

从资金流向上来看，当日贸易板块主力资金净流出9656.48万元，游资资金净流出1161.53万元，散户资金 净流入1.08亿元。贸易板块个股资金流向见下表： 证券之星消息，8月12日贸易板块较上一交易日下跌0.1%，南京商旅领跌。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。贸易板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600608 | *ST沪科 | 4.12 | 4.30% | 6.90万 | 2849.30万 | | 600287 | 江苏舜天 | 5.86 | 0.51% | 7.49万 | 4379.81万 | | 600981 | 汇鸿集团 | 3.06 | 0.33% | 26.32万 | 8078.44万 | | 600278 | 东方创业 | 7.88 | 0.13% | 11.40万 | 8969.28万 | | 600058 | 五矿发展 | 8.26 | 0.12% | 6.63万 | 546 ...

证券之星消息，8月11日贸易板块较上一交易日上涨0.77%，怡 亚 通领涨。当日上证指数报收于 3647.55，上涨0.34%。深证成指报收于11291.43，上涨1.46%。贸易板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002183 | 怡亚通 | 4.65 | 1.53% | 62.22万 | 2.89亿 | | 000151 | 中成股份 | 13.04 | 1.40% | 6.40万 | 8337.82万 | | 600058 | 五矿发展 | 8.25 | 1.23% | 8.71万 | 7166.52万 | | 600128 | 示索弘业 | 10.92 | 1.20% | 7.86万 | 8535.00万 | | 600287 | 江苏舜天 | 5.83 | 1.04% | 9.65万 | 5610.29万 | | 600608 | *ST 沪科 | 3.95 | 1.02% | 1.72万 | 673.18万 | | 600981 | 汇鸿集团 | 3 ...

Company Overview - Nanjing Commercial Travel Co., Ltd. focuses on commercial trade and tourism, with main products including textiles, machinery, chemical raw materials, metal materials, non-metallic minerals, tourism services, and general retail [1] Financial Performance - For Q1 2025, the company reported revenue of 191 million yuan, a year-on-year decrease of 7.98%, and a net profit of 3.51 million yuan, down 80.03% year-on-year, with a gross profit margin of 22.30% [1] Market Position - As of August 7, the company's stock closed at 11.23 yuan, down 1.40%, with a rolling price-to-earnings (PE) ratio of 110.52, significantly higher than the industry average of 46.54 and the median of 38.52 [1][2] - The total market capitalization of Nanjing Commercial Travel is 3.488 billion yuan [1] Shareholder Information - As of March 31, 2025, the number of shareholders is 30,086, a decrease of 906 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares per shareholder [1]

Core Viewpoint - Nanjing Business Travel is planning to acquire Huangpu Hotel and is undergoing a restructuring to integrate with Nanjing Cultural Investment Holding Group and Nanjing Sports Industry Group, aiming to create a comprehensive development and operation platform for cultural tourism and sports in Nanjing [1][4]. Group 1: Strategic Moves - Nanjing Business Travel's parent company, Nanjing Tourism Group, is leading a resource integration involving over 10 billion yuan in assets, which may disrupt the long-standing dominance of Jinling Hotel in the high-end hotel market [4][6]. - The acquisition of Huangpu Hotel, known for its strategic location and stable revenue from a mixed customer base, is a key part of Nanjing Business Travel's strategy to enhance its brand and market position [2][4]. Group 2: Market Position and Challenges - Nanjing Business Travel currently lacks a strong high-end brand presence, which limits its market share in the premium segment [4][9]. - Despite the growth in Nanjing's tourism revenue, Nanjing Business Travel is projected to see a significant decline in net profit by 50%-78% in the first half of 2025, indicating challenges in achieving growth [8][20]. Group 3: Competitive Landscape - The competitive landscape is evolving, with Nanjing Business Travel's strategies mirroring those of Huatian Hotel, which has also undergone significant restructuring and asset integration [7][19]. - Jinling Hotel's market dominance is showing signs of weakening, with its revenue in Nanjing declining and Nanjing Business Travel's tourism segment revenue increasing by 213% from 2018 to 2024 [20][21]. Group 4: Operational Model and Future Prospects - Nanjing Business Travel is adopting a light asset operation model, focusing on hotel management and resource collaboration, but faces challenges in standardizing operations and building a cohesive brand identity [9][10][15]. - The integration of cultural and sports resources is expected to enhance the hotel segment's performance, but the company must overcome operational inefficiencies and establish a robust management system [12][16].