浙江祥源文旅股份有限公司 关联交易决策制度 第一章 总则 第一条 为规范浙江祥源文旅股份有限公司（以下简称"公司"）关联交易行为，提高公 司规范运作水平，保护公司和全体股东的合法权益，保证公司与关联人之间的关联交易符合 公平、公正、公开的原则，依据相关法律、法规、规范性文件、《上海证券交易所股票上市 规则》（以下简称"《股票上市规则》"）、《上海证券交易所上市公司自律监管指引第 5 号—— 交易与关联交易》和《浙江祥源文旅股份有限公司章程》（以下简称"《公司章程》"）的规定， 制定本制度。 第二条 公司应当建立健全交易与关联交易的内部控制制度，明确交易与关联交易的决 策权限和审议程序，并在关联交易审议过程中严格实施关联董事和关联股东回避表决制度。 公司交易与关联交易行为应当定价公允、审议程序合规、信息披露规范。 第三条 公司交易与关联交易行为应当合法合规，不得隐瞒关联关系，不得通过将关联 交易非关联化规避相关审议程序和信息披露义务。相关交易不得存在导致或者可能导致公司 出现被控股股东、实际控制人及其他关联人非经营性资金占用、为关联人违规提供担保或者 其他被关联人侵占利益的情形。 第四条 公司在审议交易与关联交 ...

重大信息内部报告制度 浙江祥源文旅股份有限公司 第一章 总则 第一条 为加强浙江祥源文旅股份有限公司（以下简称"公司"）重大信息内部报告工作， 确保公司信息披露的及时、真实、准确、完整，根据《中华人民共和国证券法》、《上市公司 信息披露管理办法》、《上海证券交易所股票上市规则》（以下简称"《上市规则》"）等法律、 法规、规范性文件以及《浙江祥源文旅股份有限公司章程》（以下简称"《公司章程》"）的有 关规定，结合公司的具体情况，特制订本制度。 第二条 公司重大信息内部报告制度是指按照本制度规定负有报告义务的有关部门、人 员及公司，应当在第一时间将知悉的重大信息向公司董事长、董事会秘书和相关职能部门报 告的制度。 第三条 本制度适用于公司、各下属公司（指公司的分公司或分支机构，以及公司直接 或间接控股比例超过 50%的子公司或对其具有实际控制权的子公司，下同），及具有重大影 响的参股公司。 第四条 公司各部门、分公司及／或分支机构、公司控股及参股公司负责人可以指定熟 悉相关业务和规定的人员担任内部信息报告联络人（以下简称为"联络人"），并报备公司董 事会秘书认可。 第六条 本制度所称"重要会议信息"包括： （一） ...

浙江祥源文旅股份有限公司 年报信息披露重大差错责任追究制度 第一章 总则 第一条 为了提高浙江祥源文旅股份有限公司（以下简称"公司"）的规范运作水平，增 强信息披露的真实性、准确性、完整性和及时性，提高年报信息披露的质量和透明度，根据 有关法律法规的规定，结合公司实际情况，制定本制度。 第七条 有下列情形之一的应当追究责任人的责任: （一）违反《中华人民共和国公司法》、《中华人民共和国证券法》、《企业会计准则》和 《企业会计制度》等国家法律法规的规定，使年报信息披露发生重大差错或造成不良影响的； 第二条 本制度所指责任追究制度是指年报信息披露工作中有关人员不履行或者不正确 履行职责、义务或其他个人原因，对公司造成重大经济损失或造成不良社会影响时的追究与 处理制度。 第三条 本制度所称年报信息披露的重大差错，包括年度财务报告存在重大会计差错、 其他年报信息披露存在重大错误或重大遗漏、业绩预告或业绩快报存在重大差异等情形，或 出现被证券监管部门认定为重大差错的其他情形。 第四条 本制度适用于公司董事、高级管理人员、各子公司负责人、控股股东及实际控 制人以及与年报信息披露工作有关的其他人员。 第五条 实行责任追究制 ...

证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-055 浙江祥源文旅股份有限公司 关于召开2025年第四次临时股东大会的通知 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 (一)股东大会类型和届次 2025年第四次临时股东大会 召开的日期时间：2025 年 11 月 12 日 14 点 30 分 召开地点：杭州市拱墅区密渡桥路 1 号白马大厦 12 楼祥源文旅会议室 (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 11 月 12 日 至2025 年 11 月 12 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投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通 股东大会召开日期：2025年11月12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 过互联网投票平台的投票时间为股东大会召开 ...

证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-053 浙江祥源文旅股份有限公司 第九届监事会第十一次会议决议公告 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个别及连带责任。 浙江祥源文旅股份有限公司（以下简称"公司"）第九届监事会第十一次会 议于 2025 年 10 月 24 日在杭州市白马大厦 12 楼公司会议室以现场结合通讯表决 方式召开。本次会议通知已于 2025 年 10 月 19 日以电子邮件、电话等方式发至 全体监事。本次会议应出席监事 3 名，实际出席监事 3 名，会议由监事会主席俞 真祥先生召集主持，本次会议的召开符合《公司法》及《公司章程》的规定，会 议决议有效。 经出席本次会议的监事讨论并投票表决，审议通过了以下决议： 一、审议通过了《关于公司 2025 年第三季度报告的议案》 监事会对公司 2025 年第三季度报告进行了认真、细致的审核，认为： 1、公司 2025 年第三季度报告的编制和审议程序符合法律、法规、《公司章 程》及公司内部管理制度的各项规定； 2、公司 2025 年第三季度报告 ...

证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-052 浙江祥源文旅股份有限公司 第九届董事会第十四次会议决议公告 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。 浙江祥源文旅股份有限公司（以下简称"公司"）第九届董事会第十四次会 议于 2025 年 10 月 24 日在杭州市白马大厦 12 楼公司会议室以现场结合通讯表决 方式召开。本次会议通知已于 2025 年 10 月 19 日以电子邮件、电话等方式发至 全体董事。本次会议应出席董事 7 名，实际出席董事 7 名，会议由董事长王衡先 生召集主持，本次会议的召开符合《公司法》及《公司章程》的规定，会议决议 有效。 经出席本次会议的董事讨论并投票表决，通过了以下决议： 一、审议通过了《关于公司 2025 年第三季度报告的议案》 公司 2025 年第三季度报告真实、准确、完整地反映了公司财务状况和经营 成果。公司 2025 年第三季度报告所载资料不存在任何虚假记载、误导性陈述或 重大遗漏，董事会对其内容的真实性、准确性和完整性承担法律责任。具体内容 详见公司 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥343,381,829.19, an increase of 35.11% compared to the same period last year[4] - The total profit for the third quarter was ¥92,054,536.75, reflecting a growth of 30.42% year-over-year[4] - The net profit attributable to shareholders was ¥64,626,014.62, up by 27.33% from the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥64,386,583.77, representing a 29.20% increase year-over-year[4] - The basic earnings per share for the quarter was ¥0.0613, a rise of 27.44% compared to the same period last year[5] - Total operating revenue for the first three quarters of 2025 reached ¥843,563,563.78, a significant increase of 35.3% compared to ¥623,537,022.51 in the same period of 2024[21] - Operating profit for the first three quarters of 2025 was ¥222,091,016.36, up 47.2% from ¥150,721,934.34 in the first three quarters of 2024[22] - Net profit for the first three quarters of 2025 amounted to ¥179,314,035.90, representing a 48.8% increase from ¥120,430,847.38 in the same period of 2024[22] - The total comprehensive income for the period reached CNY 179,314,035.90, compared to CNY 120,430,847.38 in the previous year, representing an increase of approximately 48.8%[23] - The basic and diluted earnings per share for the current period were CNY 0.1482, up from CNY 0.1036 in the previous year, representing an increase of approximately 43%[23] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥5,078,799,618.81, marking a 10.67% increase from the end of the previous year[5] - Total assets as of September 30, 2025, were ¥5,078,799,618.81, compared to ¥4,589,299,272.66 at the end of 2024, reflecting a growth of 10.7%[19] - Total liabilities increased to ¥1,857,512,799.85 as of September 30, 2025, from ¥1,553,560,844.85 at the end of 2024, marking a rise of 19.6%[19] - Current assets totaled ¥677,117,279.19 as of September 30, 2025, compared to ¥478,211,187.32 at the end of 2024, indicating a growth of 41.7%[18] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥328,677,198.86, an increase of 94.89% compared to the same period last year[10] - The net cash flow from operating activities for the first three quarters of 2025 was CNY 328,677,198.86, up from CNY 168,648,913.45 in the same period of 2024, indicating a growth of about 94.9%[26] - Cash received from sales of goods and services amounted to CNY 903,755,416.25, a significant increase from CNY 634,530,358.31 in the previous year, reflecting a rise of approximately 42.4%[26] - The cash inflow from operating activities totaled CNY 1,021,174,520.14, compared to CNY 684,433,899.95 in the previous year, reflecting an increase of approximately 49.2%[27] - The net cash flow from investing activities was negative at CNY -421,662,304.29, an improvement from CNY -506,628,470.52 in the same period last year[27] - The net cash flow from financing activities increased to CNY 228,748,037.05, compared to CNY 13,755,379.42 in the previous year, marking a substantial increase[28] Shareholder Information - Total number of common shareholders at the end of the reporting period is 45,879[12] - The largest shareholder, Xiangyuan Tourism Development Co., Ltd., holds 394,158,357 shares, accounting for 37.38% of total shares[12] - Anhui Xiangyuan Cultural Development Co., Ltd. holds 216,831,958 shares, representing 20.56% of total shares[12] - The top ten shareholders collectively hold a significant portion of the company's equity, with the top two shareholders alone accounting for over 57%[12] Strategic Initiatives - The company attributed revenue growth to increased income from scenic area and travel services, as well as effective cost control measures[9] - Government subsidies contributed to the increase in profit during the reporting period[9] - The company plans to use surplus reserves and capital reserves to offset accumulated losses, as approved in the recent board meetings[15] - The company has successfully won a project bid in collaboration with related parties, with further agreements to be signed for project execution[14] - The company is focused on enhancing investor returns and promoting high-quality development through strategic financial management[15] Research and Development - The company reported a significant increase in research and development expenses, which rose to ¥12,969,739.86 in the first three quarters of 2025, compared to ¥8,958,276.11 in the same period of 2024, reflecting a growth of 44.8%[22] Goodwill and Investments - The company’s goodwill increased to ¥845,739,528.63 as of September 30, 2025, compared to ¥725,828,998.91 at the end of 2024, representing a growth of 16.5%[18] - Long-term equity investments decreased to ¥846,998.87 as of September 30, 2025, from ¥50,916,807.96 at the end of 2024, indicating a decline of 98.3%[18] - The company received CNY 17,216,666.67 from investments in the current period, a decrease from CNY 88,030,000.00 in the previous year[28] Financial Statements - The financial statements for the quarter ending September 30, 2025, are unaudited and will be disclosed in detail later[16] - The company did not report any net profit from merged entities during the current period, consistent with the previous year[23]

Core Viewpoint - Xiangyuan Cultural Tourism's stock price has shown fluctuations, with a recent increase of 2.10% to 7.28 CNY per share, while the company has experienced a year-to-date price increase of 5.66% but a decline in the last 5, 20, and 60 trading days [1] Financial Performance - For the first half of 2025, Xiangyuan Cultural Tourism reported a revenue of 500 million CNY, representing a year-on-year growth of 35.41%, and a net profit attributable to shareholders of 91.61 million CNY, up 54.15% year-on-year [2] Shareholder Information - As of June 30, 2025, the number of shareholders for Xiangyuan Cultural Tourism increased by 26.62% to 38,500, while the average number of circulating shares per person decreased by 21.02% to 17,145 shares [2] - The company has cumulatively distributed 22.68 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] Major Shareholders - The top circulating shareholders include Zhuque Hengxin, Morgan Emerging Power, and Zhuque Industry Selection, with significant increases in their holdings compared to the previous period [3]

Core Insights - The tourism and scenic spots sector increased by 2.78% on October 20, with Dalian Shengya leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Sector Performance - Dalian Shengya (600593) closed at 41.78, up 10.01% with a trading volume of 138,700 shares [1] - Changzi Mountain (660E09) closed at 51.88, up 8.81% with a trading volume of 251,600 shares [1] - Caesar Travel (000796) closed at 6.68, up 7.05% with a trading volume of 2,334,700 shares [1] - Tianfu Cultural Tourism (000558) closed at 5.39, up 4.46% with a trading volume of 771,900 shares [1] - Other notable performers include Tibet Tourism (600749) up 3.08% and Xiyu Tourism (300859) up 2.69% [1] Capital Flow - The tourism and scenic spots sector saw a net inflow of 442 million yuan from main funds, while retail investors experienced a net outflow of 245 million yuan [2] - The main funds' net inflow for Caesar Travel was 171 million yuan, representing 10.87% of its trading volume [3] - Changzi Mountain also saw a significant net inflow of 123 million yuan, accounting for 9.60% of its trading volume [3]

Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [50]. Core Insights - EHang Intelligent has launched the new long-range manned eVTOL model VT35, designed for mid-to-long-distance travel scenarios, promoting the development of the low-altitude economy [3][4]. - The VT35 has a maximum design range of approximately 200 kilometers and a top speed exceeding 200 kilometers per hour, with a standard price of 6.5 million RMB in the Chinese market [10][8]. - The report emphasizes the importance of the "14th Five-Year Plan" in catalyzing the low-altitude economy, highlighting the need for top-level design and planning to further stimulate industry development [15][16]. - The Huachuang Transportation Low Altitude 60 Index decreased by 5.5% this week but has increased by 15.5% year-to-date, outperforming the Shanghai and Shenzhen 300 Index, which rose by 14.7% [24][25]. Summary by Sections Industry Overview - The low-altitude economy is identified as a representative industry of new productive forces, with significant government support and planning expected to enhance its development [15][17]. - The report outlines four major application scenarios for the low-altitude economy: tourism consumption, passenger transport, logistics, and production operations [18][19]. Key Companies and Investment Opportunities - The report suggests focusing on key segments within the industry, including: 1. **Manufacturers**: EHang Intelligent for eVTOL, Wan Feng Ao Wei for general aviation aircraft, and Xirui for general aviation manufacturing [33]. 2. **Supply Chain**: Yingboer for electric drive systems and Zongshen Power for aviation engines [33]. 3. **Low-altitude Digitalization**: Companies like Lais Information and Sichuan Jiuzhou are highlighted for their roles in digital infrastructure [33]. 4. **Low-altitude Infrastructure**: Radar companies such as Guorui Technology and Sichuan Aerospace are noted for their contributions to safety systems [33]. 5. **Operations**: Companies like CITIC Heli and Xiangyuan Culture are mentioned for exploring commercial applications in low-altitude operations [33]. Market Performance - The Huachuang Transportation Low Altitude 60 Index's performance is detailed, showing a weekly decline of 5.5% but an annual increase of 15.5%, indicating resilience compared to broader market indices [24][25]. - Individual stock performances are highlighted, with notable gainers and losers over the week and year, reflecting market volatility and investment opportunities [26][27]. Future Research Directions - The report indicates that from January 2024, a focused research initiative on the low-altitude economy will commence, covering 12 key companies and their potential for growth [34].