来源：@华夏时报微博 登录新浪财经APP 搜索【信披】查看更多考评等级 "项目肯定没有被废掉，我们还是在持续推进的。"天目湖证券事务部工作人员对本报记者说。公司方面表示，募 集资金到位后，受外部因素影响，文旅行业经历了严峻的挑战，为维护股东利益、提高募集资金使用效率及保障 募投项目整体质量，公司战略性放缓了南山小寨二期项目的建设，项目进度较原计划有所滞后。近年来，随着政 策支持和市场带动，文旅行业迎来复苏，公司积极优化南山小寨二期项目方案，项目正在开展方案报批和勘察设 计，待前期工作完备后启动建设。御水温泉（一期）装修改造项目已部分开展，因酒店宾客入住率持续较高，公 司为避免影响实际经营，特阶段性延缓项目装修改造进度。 用于保障建设的增资一年未落地，参股公司被传停工 华夏时报记者 陶炜 南京报道 五年半前就募来的钱，五年半后依然没有花出去。9月8日晚间，天目湖（维权）（603136.SH）发布《江苏天目 湖旅游股份有限公司关于使用部分闲置募集资金进行现金管理到期赎回并继续进行现金管理的公告》，再次提醒 人们注意到这样一个事实：2020年就募来用于"南山小寨二期项目""御水温泉（一期）装修改造项目"的3亿元资 ...

五年半前就募来的钱，五年半后依然没有花出去。9月8日晚间，天目湖（603136.SH）发布《江苏天目 湖旅游股份有限公司关于使用部分闲置募集资金进行现金管理到期赎回并继续进行现金管理的公告》， 再次提醒人们注意到这样一个事实：2020就募来用于"南山小寨二期项目""御水温泉（一期）装修改造 项目"的3亿元资金，依然是90%以上躺在账上用于理财。 《华夏时报》记者还注意到，公司在2024年8月份就公告将按持股比例19.98%向江苏天目湖动物王国旅 游有限公司（下称"动物王国公司"）增资17982万元用于保障项目建设资金要求，但这一增资至今仍未 履行，而动物王国公司在今年7月则出现了停工传闻。 打开天目湖的公告列表，发布频率最高的公告就是与投资理财相关的公告。从8月25日至今，天目湖在 半个月的时间里发布了三条使用部分闲置募集资金进行现金管理的公告，而闲置资金的来源，均源于5 年前的一次发债。 但时至今日，这一增资至今并未进行。今年7月，网上传出总投资35.5亿元的动物王国项目已经停工。 《华夏时报》记者在现场调查时发现，该项目现场的工程机械处于关机状态，江苏天目湖动物王国旅游 有限公司董事长杨彬则对本报记者表示 ...

9月9日，天目湖（维权）盘中下跌2.07%，截至11:00，报13.26元/股，成交9362.44万元，换手率 2.59%，总市值35.82亿元。 资金流向方面，主力资金净流出905.03万元，特大单买入0.00元，占比0.00%，卖出100.93万元，占比 1.08%；大单买入1122.49万元，占比11.99%，卖出1926.59万元，占比20.58%。 天目湖今年以来股价涨19.84%，近5个交易日涨0.76%，近20日涨4.49%，近60日涨10.04%。 截至6月30日，天目湖股东户数2.70万，较上期增加58.86%；人均流通股10004股，较上期减少37.05%。 2025年1月-6月，天目湖实现营业收入2.46亿元，同比减少6.49%；归母净利润5472.73万元，同比增长 4.12%。 分红方面，天目湖A股上市后累计派现3.75亿元。近三年，累计派现1.63亿元。 机构持仓方面，截止2025年6月30日，天目湖十大流通股东中，富国中证旅游主题ETF（159766）位居 第七大流通股东，持股174.49万股，为新进股东。长信金利趋势混合A（519994）退出十大流通股东之 列。 责任编辑：小浪 ...

证券代码：603136 证券简称：天目湖 公告编号：2025-040 江苏天目湖旅游股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回 并继续进行现金管理的公告 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 担个别及连带责任。 重要内容提示： 履行的审议程序：江苏天目湖旅游股份有限公司(以下简称"公司") 于 2025 年 1 月 10 日，召开了第六届董事会第十一次会议、第六届监事会第九次 会议，审议通过《关于使用闲置募集资金进行现金管理的议案》，同意在确保募 集资金投资项目正常进行和保证募集资金安全的前提下，使用本金总金额不超过 21,000.00 万元闲置募集资金进行现金管理，使用期限不超过 12 个月，在上述 额度及决议有效期内，可以循环滚动使用。闲置募集资金现金管理到期后归还至 募集资金专户。 公司于 2025 年 5 月 15 日、2025 年 5 月 20 日，分别召开了第六届董事会审 计委员会第九次会议和第六届董事会第十三次会议，审议通过《关于使用闲置募 集资金进行现金管理的议案》，同意在确保募集资金投资项目正常 ...

Group 1 - The 2025 National Day and Mid-Autumn Festival holiday will have a total of 8 consecutive days off, which is expected to boost travel demand [1] - The Chinese government announced a temporary visa-free policy for Russian passport holders from September 15, 2025, to September 14, 2026, leading to a significant increase in flight searches from Moscow [1] - South Korea will implement a temporary visa-free policy for Chinese group tourists starting September 29, 2025, lasting until June 2026, further enhancing travel opportunities [1] Group 2 - International flight bookings for popular cities have rebounded to over 50% of pre-pandemic levels during this summer, indicating a strong recovery in outbound tourism [2] - Japan and South Korea have emerged as popular destinations, with booking volumes increasing nearly tenfold compared to the beginning of the year, and flight prices dropping by approximately 40% [2] - Visa applications on the Fliggy platform surged over 13 times year-on-year in July, with Japan's visa applications surpassing 2019 levels [2] Group 3 - Various cities in China, including Guangdong, Hangzhou, and Chengdu, are set to issue cultural and tourism consumption vouchers in September to stimulate local tourism [3] - Guangdong will distribute 20 million yuan worth of vouchers starting September 12, while Chengdu will launch its second round of tourism accommodation vouchers from September 21 to October 28 [3] - Other regions, such as Huangshan and Yulin, are also implementing similar voucher programs to encourage spending in the tourism sector [3] Group 4 - The National Development and Reform Commission has proposed measures to cultivate new consumption scenarios in cultural tourism, aiming to create influential themed tourism routes [4] - Following this announcement, stocks related to tourism, such as Tibet Tourism and Dalian Shengya, experienced significant price increases [5] Group 5 - Related concept stocks include travel agencies like Zhongxin Tourism and China Youth Travel Service, scenic spots like Songcheng Performance and Huangshan Tourism, and hotel chains such as Jinjiang Hotels and Huazhu Group [8]

证券代码：603136 证券简称：天目湖 公告编号：2025-039 江苏天目湖旅游股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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 担个别及连带责任。 重要内容提示： 履行的审议程序：江苏天目湖旅游股份有限公司(以下简称"公司") 于 2025 年 1 月 10 日，召开了第六届董事会第十一次会议、第六届监事会第九次 会议，审议通过《关于使用闲置募集资金进行现金管理的议案》，同意在确保募 集资金投资项目正常进行和保证募集资金安全的前提下，使用本金总金额不超过 21,000.00 万元闲置募集资金进行现金管理，使用期限不超过 12 个月，在上述 额度及决议有效期内，可以循环滚动使用。闲置募集资金现金管理到期后归还至 募集资金专户。 公司于 2025 年 5 月 15 日、2025 年 5 月 20 日，分别召开了第六届董事会审 计委员会第九次会议和第六届董事会第十三次会议，审议通过《关于使用闲置募 集资金进行现金管理的议案》，同意在确保募集资金投资项目正常进行和保证募 集资金安全的前 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - In the first half of 2025, the company achieved operating revenue of 246 million yuan, a year-on-year decrease of 6.49%, while the net profit attributable to the parent company was 54.73 million yuan, an increase of 4.12% year-on-year [5][6] - The company is expected to remain one of the best-governed and most logically growing companies in the scenic area sector, with future projects focusing on incremental improvements and the launch of a significant animal kingdom project in Liyang [5][10] - The company is projected to achieve net profits attributable to the parent company of 132 million, 150 million, and 171 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 27X, 23X, and 21X [5][10] Financial Performance - In Q2 2025, the company reported operating revenue of 141 million yuan, down 9.82% year-on-year, and a net profit of 40.89 million yuan, a decrease of 1.76% year-on-year [5][6] - The company’s gross profit margin improved by 1.37 percentage points to 53.55% in the first half of 2025, indicating operational resilience [10] - The overall expense ratio decreased by 0.16 percentage points to 19.52%, contributing to a net profit margin increase of 1.84 percentage points to 25.42% [10] Strategic Development - The company is effectively advancing both existing project upgrades and new project developments, with significant upgrades to core products and facilities in the existing projects [10] - The company has initiated a light asset operation model, which is expected to become a new profit growth point in the future [10] - The strategic focus for the next two years includes enhancing the functionality of the Liyang base and expanding into new regions with local state-owned enterprise support [10]

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but managed to improve its net profit and profitability through product structure optimization and effective cost control [1][2]. Financial Performance - In 1H25, the company achieved revenue of 250 million yuan, a year-on-year decrease of 6.5%, while net profit attributable to shareholders was 55 million yuan, an increase of 4.1% year-on-year [1]. - For Q2, the company reported revenue of 140 million yuan, down 9.8% year-on-year, and net profit attributable to shareholders of 41 million yuan, a decrease of 1.8% year-on-year [1]. - The company's gross profit margin improved to 53.5%, up 1.4 percentage points year-on-year, driven by product structure optimization and high-value projects [2]. Business Segment Analysis - The scenic area business generated revenue of 140 million yuan in 1H25, down 9.9% year-on-year, primarily due to industry-wide pressure on visitor numbers, but the gross margin for this segment improved to 64.1%, up 2.3 percentage points year-on-year [1][2]. - The hotel business reported revenue of 70 million yuan in 1H25, a decrease of 5.7% year-on-year, with a gross margin of 24.2%, down 6.3 percentage points year-on-year, significantly impacted by reduced visitor numbers and declining industry average daily rates (ADR) [1][2]. Cost Control and Profitability - The company's sales and management expenses accounted for 6.5% and 14.2% of revenue, respectively, with sales expense ratio decreasing by 0.3 percentage points year-on-year and management expense ratio decreasing by 1.2 percentage points year-on-year in Q2 [2]. - The net profit margin attributable to shareholders was 22.2%, an increase of 2.3 percentage points year-on-year, indicating significant improvement in profitability driven by enhanced gross margin and effective cost control [2]. Investment Outlook - The company is positioned as a one-stop tourism development model with ample project operation experience and a well-progressed diversified product structure development, leading to continuous improvement in profitability [2]. - Projected net profits for 2025-2027 are estimated at 110 million yuan, 130 million yuan, and 140 million yuan, corresponding to price-to-earnings ratios of 31x, 27x, and 25x, respectively, with a "recommended" rating [2].

证券代码：603136 证券简称：天目湖 公告编号：2025-038 江苏天目湖旅游股份有限公司 关于使用部分闲置募集资金进行现金管理赎回的公告 2025 年 8 月 25 日，公司根据实际情况赎回上述产品，收回本金 1,000.00 万 元，并获得收益 1.15 万元，与预期收益不存在差异。上述产品本金及收益均已归 还至募集资金账户。 本次赎回产品的基本情况如下： 金额：万元 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 担个别及连带责任。 江苏天目湖旅游股份有限公司（以下简称"公司"）于 2025 年 1 月 10 日， 召开了第六届董事会第十一次会议、第六届监事会第九次会议，审议通过《关于 使用闲置募集资金进行现金管理的议案》，同意在确保募集资金投资项目正常进 行和保证募集资金安全的前提下，使用本金总金额不超过 21,000.00 万元闲置募 集资金进行现金管理，使用期限不超过 12 个月，在上述额度及决议有效期内，可 以循环滚动使用。闲置募集资金现金管理到期后归还至募集资金专户。 公司于 2025 年 5 月 15 日、2025 ...

Core Viewpoint - Tianmu Lake (603136) reported a decline in total revenue for the first half of 2025, while net profit showed a slight increase, indicating mixed financial performance amid challenging market conditions [1] Financial Performance - Total revenue for the first half of 2025 was 246 million yuan, a decrease of 6.49% year-on-year [1] - Net profit attributable to shareholders reached 54.73 million yuan, an increase of 4.12% year-on-year [1] - In Q2 2025, total revenue was 141 million yuan, down 9.82% year-on-year, while net profit was 40.89 million yuan, a decrease of 1.76% year-on-year [1] - Gross margin improved to 53.55%, up 2.62% year-on-year, and net margin increased to 25.42%, up 7.81% year-on-year [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 48.09 million yuan, accounting for 19.52% of revenue, a slight decrease of 0.79% year-on-year [1] - Cash flow per share was 0.19 yuan, down 6.54% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents decreased by 22.49% to 483 million yuan [2] - Accounts receivable fell by 25.97% to 23.80 million yuan [2] - Interest-bearing debt decreased by 34.30% to 152 million yuan [2] - Net asset value per share increased by 3.49% to 4.93 yuan [1] Investment and Financing Activities - Net cash flow from investing activities decreased significantly by 230.49% due to increased purchases of financial products [4] - Net cash flow from financing activities also decreased by 173.94% as borrowing amounts reduced [5] Other Financial Metrics - The company's return on invested capital (ROIC) was 7.02%, indicating average capital returns [9] - The historical median ROIC since the company went public is 10.8%, with the worst year being 2022 at 1.37% [9] - The company maintains a healthy cash asset position, indicating good solvency [10] Market Expectations - Analysts expect the company's performance in 2025 to reach 134 million yuan, with an average earnings per share of 0.5 yuan [11] Fund Holdings - The largest fund holding Tianmu Lake shares is the Huaxia Fuyuan Pension 2045 Mixed Fund, which holds 210,000 shares and has shown a 17.13% increase over the past year [12]