Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Views - The company reported a year-on-year increase of 26% in net profit attributable to shareholders for Q1 2025, indicating a positive trend in performance [1][4] - The company is actively advancing its project pipeline, including the successful bid for the first phase of the Animal Kingdom project, which is expected to contribute to future growth [4] Financial Performance Summary - For 2024, the company expects total revenue of 536.20 million yuan, a decrease of 14.87% year-on-year, and a net profit of 104.66 million yuan, down 28.80% year-on-year [2][4] - In Q4 2024, the company reported revenue of 132 million yuan, a decline of 15.18% year-on-year, with a net profit of 19 million yuan, down 28.64% year-on-year [4] - The company plans to distribute a cash dividend of 0.235 yuan per share, totaling 63 million yuan, with a payout ratio of 60.65% [4] Business Segment Performance - In 2024, the company's revenue from various segments was as follows: scenic spots 282 million yuan, hotels 159 million yuan, hot springs 42 million yuan, travel agencies 9 million yuan, and water world 7 million yuan, all experiencing declines due to external factors [4] Future Projections - For 2025, the company forecasts a net profit of 137.89 million yuan, representing a growth of 31.75% year-on-year, with an expected revenue of 585.94 million yuan, a growth of 9.27% year-on-year [2][4] - The projected earnings per share (EPS) for 2025 is 0.51 yuan, with a price-to-earnings (P/E) ratio of 24.92 [2][4] Strategic Outlook - The company is positioned as a leading one-stop tourism service provider in the Yangtze River Delta, with a robust product development and operational capability in the full tourism industry chain [4] - The opening of the Hushu Lake high-speed railway is anticipated to boost customer traffic, while state-owned capital control is expected to enhance resource allocation [4]

Core Insights - The company reported its 2024 annual results and Q1 2025 results, with performance in line with expectations [1] - Revenue for 2024 was 536 million, a decrease of 14.87% year-on-year, while net profit attributable to shareholders was 105 million, down 28.8% due to extreme weather and external market conditions [1] - In Q1 2025, total revenue was 105 million, a decline of 1.6% year-on-year, but net profit attributable to shareholders increased by 26.45% to 14 million [1] Financial Performance - The company's sales and management expense ratios for 2024 were 8.41% and 14.68%, respectively, with year-on-year changes of +0.83 and +0.99 percentage points [1] - For Q1 2025, the sales and management expense ratios were 5.67% and 17.15%, with year-on-year changes of +0.86 and +0.15 percentage points [1] Core Business Stability - The core scenic area business remained robust, with Tianmu Lake's main attractions generating revenues of 148 million and 135 million, down 17.47% and 7.58% year-on-year, respectively [1] - Gross profit margins for these attractions were 69.72% and 71.22%, indicating strong profitability [1] - The company effectively mitigated seasonal revenue fluctuations by developing secondary consumption scenarios and complementary seasonal products [1] Growth Initiatives - Scenic area renovations and new projects are driving organic growth, with ongoing projects like Nanshan Xiaozhai Phase II and Night Park enhancing visitor experience and brand appeal [2] - The company is expanding its hotel business through new constructions and renovations, improving reception capacity and service quality [2] - The opening of the Hushu Lake High-speed Railway at the end of 2024 will reduce travel time from Shanghai to Liyang to about one hour, potentially boosting visitor traffic [2] Shareholder Returns - The company implemented a profit distribution plan for 2023, distributing 5.36 yuan per 10 shares (including tax), totaling 100 million yuan [2] - The board approved a profit distribution proposal for 2024, planning to distribute 2.35 yuan per 10 shares (including tax), expected to total 63 million yuan [2] - The cash dividend policy aligns with company regulations, ensuring the protection of minority shareholders' rights [2] Investment Outlook - The company is focused on a "one-stop tourism" development model, with unique and competitive products [3] - Following the opening of the Hushu Lake High-speed Railway, there is significant marketing flexibility [3] - Upcoming projects include the planning and construction of Nanshan Xiaozhai Phase II, the planning of Pingqiao characteristic leisure tourism area, and the third phase of Yushui Hot Spring [3] - Profit forecasts for 2025 and 2026 have been revised down to 134 million and 153 million, respectively, with a new forecast for 2027 at 170 million [3]

Investment Rating - The report maintains a rating for the company [3] Core Views - The company is projected to experience revenue growth from 536.20 million in 2024 to 698.00 million in 2027, reflecting a compound annual growth rate (CAGR) of approximately 12.00% [8] - The net profit attributable to the parent company is expected to increase from 104.66 million in 2024 to 180.91 million in 2027, indicating a strong growth trajectory [8] - The EBITDA is forecasted to rise from 257.55 million in 2024 to 464.40 million in 2027, showcasing improved operational efficiency [8] Financial Summary - **Income Statement**: - Revenue is expected to grow from 536.20 million in 2024 to 698.00 million in 2027, with a projected net profit increase from 120.91 million to 201.01 million over the same period [8] - The gross margin is anticipated to improve from 52.42% in 2024 to 57.02% in 2027 [8] - **Balance Sheet**: - Total assets are projected to grow from 1781.65 million in 2024 to 2395.60 million in 2027, indicating a solid asset base [7] - The company’s total liabilities are expected to remain stable, with a slight increase from 314.22 million in 2024 to 385.54 million in 2027 [7] - **Cash Flow Statement**: - Operating cash flow is forecasted to increase significantly from 192.05 million in 2024 to 471.71 million in 2027, reflecting strong cash generation capabilities [7] - The net cash increase is expected to rise from 79.29 million in 2024 to 214.29 million in 2027, indicating improved liquidity [7]

Core Insights - The company reported a revenue of 536 million yuan for the year 2024, a year-over-year decrease of 15%, with a net profit attributable to shareholders of 105 million yuan, down 29% year-over-year [1] - In Q1 2025, the company achieved a revenue of 105 million yuan, a slight decrease of 2% year-over-year, while the net profit attributable to shareholders increased by 27% year-over-year to 14 million yuan [1] Business Structure Analysis - For the year 2024, the company's revenue from the scenic area business was 282 million yuan, down 13% year-over-year, with a gross margin of 70.43%, a decrease of 0.8 percentage points [2] - The water world business generated 7 million yuan in revenue, a significant decrease of 41% year-over-year, with a gross margin of -43.40%, down 50 percentage points [2] - The hot spring business achieved a revenue of 42 million yuan, down 10% year-over-year, with a gross margin of 46.98%, a decrease of 1.42 percentage points [2] - The hotel business reported a revenue of 159 million yuan, down 23% year-over-year, with a gross margin of 21.40%, an increase of 8 percentage points [2] Future Outlook and Strategic Initiatives - The company plans to achieve a revenue of 582 million yuan in 2025, an increase of 8.6% year-over-year, and a net profit of 149 million yuan, up 42% year-over-year [3] - The company aims to focus on its core business and enhance compounding effects through targeted strategies for sightseeing and vacation products, as well as regional collaboration [3] - The company is accelerating organizational transformation and leveraging technology to improve efficiency, including management information system upgrades and AI operations [3] - Strategic projects such as the upgrade of Yushui Hot Spring and the renovation of Longxing Island Butterfly Valley are being prioritized for sustainable development [3] - Revenue projections for 2025-2027 are 582 million, 641 million, and 692 million yuan, respectively, with net profits of 143 million, 159 million, and 170 million yuan, indicating growth rates of 37%, 11%, and 7% [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][18]. Core Views - The company experienced a decline in revenue and net profit in 2024 due to external market conditions and extreme weather, but it has set positive performance targets for 2025 [1][3]. - The company plans to distribute a cash dividend of 2.35 yuan per 10 shares, maintaining a dividend payout ratio of 60.65% [1][6]. - Despite the challenges in 2024, the company is focusing on cost optimization and has seen a narrowing revenue decline in Q1 2025, with a significant increase in net profit [2][11]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 536 million yuan, a decrease of 14.87% year-on-year, and a net profit of 105 million yuan, down 28.80% year-on-year [1][6]. - The Q4 2024 results showed revenue and net profit of 132 million yuan and 19 million yuan, respectively, reflecting declines of 15.18% and 28.64% year-on-year [1][6]. - For Q1 2025, the company reported revenue of 105 million yuan, a slight decline of 1.60% year-on-year, while net profit increased by 26.45% to 13.84 million yuan [2][11]. Business Segments - The main business segments faced revenue declines in 2024: scenic area revenue was 282 million yuan (-13.03%), hot spring revenue was 42 million yuan (-10.40%), hotel revenue was 159 million yuan (-23.10%), and water park revenue was 7 million yuan (-41.28%) [2][9]. - The overall net profit margin for the year was 19.52%, down 3.82 percentage points year-on-year [2][9]. Future Outlook - The company has set ambitious targets for 2025, aiming for revenue of 580 million yuan and net profit of 150 million yuan [3][14]. - New projects, including the management output of the Liyang Animal Kingdom, are expected to contribute positively to future earnings [3][14]. - The company is also advancing other projects, such as the Nanshan Xiaozhai Phase II and the Pingqiao Cultural Tourism Complex, to enhance its product matrix [3][14].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [6]. Core Insights - The company experienced a revenue decline of 15% in 2024, with total revenue of 536 million yuan and a net profit decrease of 29% to 105 million yuan. However, Q1 2025 showed signs of recovery with a slight revenue drop of 1.6% and a net profit increase of 26% to 13.84 million yuan [1][2]. - The company is actively pursuing growth projects, including the Nanshan Xiaozhai Phase II and the Pingqiao Cultural Tourism Complex, which are expected to enhance its market position and contribute to future earnings [3]. - The company is strategically located in the core area of the Yangtze River Delta, making it a rare private leisure tourism asset with high growth potential as the demand for leisure travel increases [3]. Financial Summary - In 2024, the company reported total revenue of 536 million yuan, a decrease of 14.87% from the previous year. The net profit attributable to the parent company was 105 million yuan, down 28.8% [5]. - The projected net profits for 2025, 2026, and 2027 are 140 million yuan, 164 million yuan, and 183 million yuan, respectively, indicating a recovery trend [5]. - The company plans to distribute a cash dividend of 2.35 yuan per 10 shares, with a dividend payout ratio of 60.65% for 2024 [1].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue of 536.21 million yuan in 2024, a year-on-year decrease of 14.87%, while the net profit attributable to the parent company was 104.66 million yuan, a year-on-year decrease of 28.80% [8] - In Q1 2025, the company reported a net profit attributable to the parent company of 0.14 billion yuan, representing a year-on-year increase of 26% [8] - The opening of the Hu-Su Lake high-speed railway is expected to boost customer traffic, and the company is actively advancing new projects [8] Financial Performance Summary - Total revenue for 2023 was 629.89 million yuan, with a projected revenue of 584.18 million yuan for 2025, reflecting an 8.95% year-on-year growth [1] - The net profit attributable to the parent company is forecasted to be 145.20 million yuan in 2025, a 38.73% increase compared to 2024 [1] - The earnings per share (EPS) is expected to be 0.54 yuan in 2025, with a price-to-earnings (P/E) ratio of 22.79 [1] Business Segment Performance - The revenue from various business segments in 2024 showed declines: scenic area (-13%), water world (-41%), hot springs (-10%), hotels (-23%), and travel agencies (-5%) [8] - The gross profit margins for these segments were 70.4% for scenic areas, -43.4% for water world, 47.0% for hot springs, 21.4% for hotels, and 6.6% for travel agencies [8] Future Outlook - The company is expected to see a recovery in profitability as the tourism industry fully recovers, with new projects set to launch [8] - The projected net profits for 2025, 2026, and 2027 are 1.5 billion yuan, 1.6 billion yuan, and 1.8 billion yuan respectively, with corresponding P/E ratios of 23, 21, and 19 [8]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a Q1 net profit attributable to shareholders of 0.14 billion yuan, representing a year-on-year increase of 26% [8] - The company is actively promoting new projects, including the second phase of Nanshan Xiaozhai and the Pingqiao cultural tourism complex [8] - The opening of the Hushu Lake high-speed railway is expected to boost customer traffic, reducing travel time from Shanghai to Liyang [8] - The company is recognized as a pioneer in the one-stop tourism model in China, with strong project development and operational capabilities [8] Financial Summary - For 2024, the company achieved total revenue of 5.36 billion yuan, a year-on-year decrease of 15%, and a net profit of 1.05 billion yuan, a year-on-year increase of 29% [8] - The company's revenue and net profit forecasts for 2025-2027 are adjusted to 1.5 billion, 1.6 billion, and 1.8 billion yuan respectively, with corresponding P/E ratios of 23, 21, and 19 [8] - The company’s total assets are projected to grow from 1,782 million yuan in 2024 to 2,338 million yuan by 2027 [9] - The company’s operating cash flow is expected to increase from 192 million yuan in 2024 to 326 million yuan in 2027 [9]

Group 1 - The company has revised its articles of association and related documents, which will be submitted for approval at the 2024 annual general meeting [1][8] - The sixth meeting of the board of supervisors was held on April 18, 2025, with all three supervisors present, complying with legal and regulatory requirements [4][6] - The board of supervisors approved several reports, including the 2024 annual report, the 2024 annual financial settlement report, and the 2025 annual budget report, all requiring further approval at the annual general meeting [5][13][15] Group 2 - The company raised a total of RMB 300 million through the issuance of convertible bonds, with a net amount of RMB 289.73 million after deducting issuance costs [29][30] - As of December 31, 2024, the company had utilized RMB 23.60 million of the raised funds, with a remaining balance of RMB 303.76 million [31] - The company has established a dedicated account for the management of raised funds, ensuring compliance with regulatory requirements [32][33] Group 3 - The company has not used idle raised funds for temporary working capital or to repay bank loans during the reporting period [38] - The company has not changed the use of raised funds for investment projects during the reporting period [40] - The independent auditor confirmed that the company's management of raised funds complies with relevant regulations and accurately reflects the actual situation [41]

江苏天目湖旅游股份有限公司 内控审计报告 大信审字[2025]第 2-00179 号 大信会计师事务所(特殊普通合伙)_ WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 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）"进行查 "。 WUYIGE Certified Public Accountants.LLF Room 2206 22/F. Xuevuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing.China.100083 www.daxincpa.com.cn 内部控制审计报告 大信审字[2025]第 2-00179 号 江苏天目湖旅游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,我们审计了江 苏天目湖旅游股份有限公司(以下简称贵公司)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》 ...