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]

（文章来源：证券日报） 证券日报网讯 8月22日晚间，天目湖发布公告称，2025年半年度公司实现营业收入246，314，050.39 元，同比下降6.49%；归属于上市公司股东的净利润为54，727，300.95元，同比增长4.12%。 ...

Core Viewpoint - Jiangsu Tianmuhu Tourism Co., Ltd. reported a decline in revenue for the first half of 2025, while net profit showed a positive growth trend [1] Financial Performance - The company's operating revenue for the first half of the year was approximately 246 million yuan, representing a year-on-year decrease of 6.49% [1] - The net profit attributable to shareholders was about 54.73 million yuan, reflecting a year-on-year increase of 4.12% [1] - The net profit after deducting non-recurring gains and losses was approximately 52.93 million yuan, with a year-on-year growth of 4.22% [1]

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。 一、董事会会议召开情况 江苏天目湖旅游股份有限公司（以下简称"公司"）第六届董事会第十四次 会议于 2025 年 8 月 22 日在公司行政楼一楼会议室以现场结合通讯表决的方式召 开，会议通知于 2025 年 8 月 12 日书面发出。 证券代码：603136 证券简称：天目湖 公告编号：2025-035 江苏天目湖旅游股份有限公司 关于第六届董事会第十四次会议决议的公告 本次会议由董事长李淑香女士主持。公司应参会董事共 9 名，实际到会董事 和国公司法》和《公司章程》有关规定。 二、董事会会议审议情况 （一）审议通过《关于<2025 年半年度报告及其摘要>的议案》。 表决结果：同意 9 票；弃权 0 票；反对 0 票。 本议案已经董事会审计委员会审议通过，并同意提交董事会审议。《江苏天 目湖旅游股份有限公司 2025 年半年度报告》及其摘要详见上海证券交易所网站 （www.sse.com.cn）。 （二）审议通过《关于<2025 年半年度募集资金存放与实际使用情况的专项 ...

Core Viewpoint - The company has decided to extend the implementation period for its fundraising investment projects due to external factors and market conditions affecting the original timeline for project completion [1][2][6]. Fundraising Basic Information - The company issued 3,000,000 convertible bonds at a face value of RMB 100 each, raising a total of RMB 300 million, which was fully received by March 5, 2020 [1]. - The funds are allocated for projects including the "Yushui Hot Spring (Phase I) Renovation Project" [1]. Progress of Fundraising Investment Projects - As of June 30, 2025, the cumulative investment in the Yushui Hot Spring (Phase I) Renovation Project is RMB 27.95 million, with no percentage of completion reported [1]. - The current balance of the fundraising funds in various bank accounts totals approximately RMB 56.11 million [1]. Reasons for Extension of Project Implementation Period - The company aims to enhance customer experience and expand its product offerings, leading to a strategic decision to slow down the construction of the Nanshan Xiaozhai Phase II project due to challenges in the tourism industry [2][3]. - The Yushui Hot Spring (Phase I) Renovation Project has been partially initiated, but the company has decided to delay further renovations to avoid impacting current operations [3]. Measures to Ensure Timely Completion Post-Extension - The company plans to optimize project schedules, allocate resources effectively, and enhance supervision and management of the fundraising projects to ensure compliance and timely completion [4]. Re-evaluation of Fundraising Investment Projects - The Nanshan Xiaozhai Phase II project is designed to enhance the tourism offerings in the region, including a cultural square and themed hotel, which aligns with the company's strategic development plans [4][5]. Impact of Extension on Fundraising Investment Projects - The extension of the project implementation period is a prudent decision based on the current progress and does not constitute a substantive change in the project’s nature or direction [6]. Internal Decision-Making Process - The company's board of directors has approved the proposal to extend the implementation period for the fundraising investment projects [6]. Sponsor Institution's Review Opinion - The sponsor institution, CITIC Construction Investment Securities, has conducted a thorough review and found no objections to the company's decision to extend the project implementation period, confirming that it does not adversely affect shareholder interests [6].

Core Viewpoint - Jiangsu Tianmu Lake Tourism Co., Ltd. reported a decrease in revenue and profit for the first half of 2025, while net profit attributable to shareholders increased, indicating resilience in profitability despite challenging market conditions [2][5]. Company Overview and Financial Indicators - The company achieved operating revenue of CNY 246.31 million, a decrease of 6.49% compared to the same period last year [2]. - Total profit amounted to CNY 81.75 million, down 2.04% year-on-year [2]. - Net profit attributable to shareholders was CNY 54.73 million, reflecting a 4.12% increase from the previous year [2]. - The company's net assets stood at CNY 1.33 billion, a slight decrease of 0.62% from the end of the previous year [2]. - Total assets decreased by 1.28% to CNY 1.76 billion [2]. Industry and Main Business Analysis - The cultural tourism industry demonstrated strong resilience and structural upgrades amid a complex macroeconomic environment, with domestic and outbound tourism markets showing positive trends [3][4]. - There is a growing demand for quality and diversified tourism experiences, with a shift towards deep experiences and personalized services [3][4]. - County-level tourism is emerging as a new growth engine, with significant revenue growth in third and fourth-tier cities [3][4]. - Different age groups exhibit distinct travel preferences, with younger generations favoring personalized and immersive travel experiences [3][4]. Main Business Operations - The company aims to be a "one-stop cultural tourism model practitioner" and has developed various tourism projects, including three national AAAAA-level scenic spots and a theme park [5][6]. - Key attractions include Tianmu Lake Scenic Area, Nanshan Bamboo Sea, and Yushui Hot Spring, each offering unique experiences and continuous upgrades to enhance visitor engagement [5][6]. - The company has diversified its offerings to include themed hotels, cultural experiences, and wellness tourism, catering to various market segments [5][6]. Management Discussion and Analysis - The company has focused on optimizing product structure and enhancing high-value service offerings to mitigate revenue pressures [9][10]. - Digital transformation initiatives have been implemented to improve operational efficiency and customer service [10][11]. - The company is actively pursuing new project developments and upgrades to existing facilities to enhance competitiveness and visitor experience [11][12]. Competitive Advantages - The company has established a robust one-stop tourism model that emphasizes product diversity and service integration [12][13]. - Strong operational capabilities in planning, construction, and management of tourism projects contribute to sustained profitability [13][14]. - The company benefits from a stable management team with extensive industry experience, enhancing its ability to adapt to market changes [15][16].

| 孟广才 | 境内自然人 | 19.60 | 52,937,615 | | 0 | 无 | | 0 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 陈东海 | 境内自然人 | 3.73 | 10,087,991 | | 0 | 无 | | 0 | | | 陶平 | 境内自然人 | 3.42 | 9,251,000 | | 0 | 无 | | 0 | | | 史耀锋 | 境内自然人 | 3.20 | 8,631,879 | | 0 | 无 | | 0 | | | 杨惠琴 | 境内自然人 | 1.18 | 3,187,865 | | 0 | 无 | | 0 | | | 中国银行股份有限公司－富 | | | | | | | | | | | 国中证旅游主题交易型开放 | | 其他 | 0.65 | 1,744,852 | | 0 | 无 | | 0 | | 式指数证券投资基金 | | | | | | | | | | | 程威 | 境内自然人 | 0.62 | 1,676,900 | | 0 | 无 | | 0 | | | 中欧基 ...

中信建投证券股份有限公司关于江苏天目湖旅游股份有限公司 延长募集资金投资项目实施期限的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 作为江苏天目湖旅游股份有限公司（以下简称"天目湖"或"公司"）公开发行 可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公 司募集资金监管规则》《上海证券交易所上市公司自律监管指引第1号——规范运 作》和《上海证券交易所上市公司自律监管指引第11号——持续督导》等有关规 定，对天目湖延长募集资金投资项目实施期限的事项进行了审慎核查，核查情况 如下： 一、募集资金的基本情况 经中国证券监督管理委员会《关于核准江苏天目湖旅游股份有限公司公开发 行可转换公司债券的批复》（证监许可〔2019〕2697号）文核准，公司向社会公 开发行可转换公司债券3,000,000张，每张面值为人民币100.00元，按面值发行。 本次募集资金发行总额为人民币300,000,000.00元，扣除发行费用人民币 10,269,000.00元后，实际募集资金净额为289,731,000.00元，用于"南山小寨二期 项目"、"御水温泉（一期）装修改造项目"。 该 ...

证券代码：603136 证券简称：天目湖 公告编号：2025-037 江苏天目湖旅游股份有限公司 关于延长募集资金投资项目实施期限的公告 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。 江苏天目湖旅游股份有限公司（以下简称"公司"）于 2025 年 8 月 22 日召 开了第六届董事会第十四次会议，审议通过了《关于延长募集资金投资项目实施 期限的议案》。具体内容如下： 一、募集资金的基本情况 经中国证券监督管理委员会《关于核准江苏天目湖旅游股份有限公司公开发 行可转换公司债券的批复》（证监许可〔2019〕2697 号）文核准，公司向社会 公开发行可转换公司债券 3,000,000 张，每张面值为人民币 100.00 元，按面值 发行。本次募集资金发行总额为人民币 300,000,000.00 元，扣除发行费用人民 币 10,269,000.00 元后，实际募集资金净额为 289,731,000.00 元，用于"南山 小寨二期项目"、"御水温泉（一期）装修改造项目"。 该募集资金已于 2020 年 3 月 5 日全部到位 ...