证券代码：603136 证券简称：天目湖 公告编号：2025-011 江苏天目湖旅游股份有限公司 关于第六届董事会第十二次会议决议的公告 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。 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"）第六届董事会第十二次 会议于 2025 年 4 月 18 日在公司行政楼一楼会议室以现场表决方式召开，会议通 知于 2025 年 4 月 8 日书面发出。 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 9 名，公司全体监事、高级管理人员列席了本次会议，会议召开程序符合《中华 人民共和国公司法》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<2024 年年度报告及年报摘要>的议案》。 表决结果：同意 9 票，反对 0 票，弃权 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 2024 年年度报告》及摘要请见上海证券交易所网站 (www.sse.com.cn)。 本议案尚 ...

证券代码：603136 证券简称：天目湖 公告编号：2025-013 江苏天目湖旅游股份有限公司 2024 年年度利润分配方案公告 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： 每股分配比例：每股派发现金红利 0.235 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。在实施权益分派的股权登记日前公司总股本发 生变动的，拟维持每股分配比例不变，相应调整分配总额，并将在相关公告中披 露。 经大信会计师事务所（特殊普通合伙）审计，截至 2024 年 12 月 31 日，公 司母公司报表中期末未分配利润为人民币 359,946,656.39 元。经董事会决议， 公司 2024 年度拟以实施权益分派股权登记日登记的总股本为基数分配利润。本 次利润分配方案如下： 公司拟向全体股东每股派发现金红利 0.235 元（含税）。截至本公告披露日， 公司总股本270,126,710股，以此计算合计拟派发现金红利63,479,776.85元（含 税），占 2024 ...

Financial Performance - The company's operating revenue for 2024 was CNY 536.20 million, a decrease of 14.87% compared to CNY 629.89 million in 2023[22]. - The net profit attributable to shareholders for 2024 was CNY 104.66 million, down 28.80% from CNY 147.00 million in 2023[22]. - The basic earnings per share for 2024 was CNY 0.39, a decline of 27.78% from CNY 0.54 in 2023[23]. - The weighted average return on equity for 2024 was 7.88%, a decrease of 3.79 percentage points from 11.67% in 2023[23]. - The net cash flow from operating activities for 2024 was CNY 192.05 million, down 39.19% from CNY 315.82 million in 2023[22]. - The company achieved a revenue of CNY 53,620.50 million in 2024, with a net profit attributable to shareholders of CNY 10,466.20 million[70]. - The company's revenue decreased by 14.87% compared to the previous year, while operating costs decreased by 11.30%[72]. - The net cash flow from operating activities dropped by 39.19% to CNY 192,051,380.11, primarily due to external market conditions affecting revenue[73]. Dividend Policy - The board of directors proposed a cash dividend of 2.35 CNY per 10 shares, totaling approximately 63,479,776.85 CNY (including tax) for the 2024 fiscal year[6]. - The company plans to distribute a cash dividend of 0.536 CNY per share and increase capital by 0.45 shares for each share held, totaling 99,853,735.69 CNY in cash dividends and 83,832,427 shares in capital increase[34]. - The company maintains a stable dividend policy to ensure continuous returns to investors[33]. - The cash dividend per 10 shares is set at 2.35 RMB, with a total cash dividend amounting to 63,479,776.85 RMB, representing 60.65% of the net profit attributable to ordinary shareholders[142]. - Over the last three accounting years, the cumulative cash dividend amount (including tax) reached 163,333,512.54 RMB, with an average annual net profit of 90,656,673.97 RMB, resulting in a cash dividend ratio of 180.17%[144][145]. Governance and Compliance - The company has a standard unqualified audit report issued by Da Xin Accounting Firm[5]. - The company has maintained a consistent governance structure with all board members present at the meeting[4]. - The company has not faced any violations in decision-making procedures for providing guarantees[8]. - The company has established independent financial and operational systems to maintain autonomy from its controlling shareholder[113]. - The company actively monitors and adapts to changes in national tourism policies to mitigate potential risks[106]. - The company has implemented measures to ensure the independence of its personnel and financial management from its controlling shareholder[114]. - The company has ensured a complete independent office and production operation, avoiding any mixed operations with controlling shareholders[115]. - The company has a stable cash dividend policy, aligning with shareholder interests and ensuring clear standards for dividend distribution[112]. - The board of directors is composed of independent experts, ensuring high-quality decision-making and governance[111]. Risk Management - The company emphasizes the importance of understanding the differences between plans, forecasts, and commitments, highlighting investment risks[7]. - The company has detailed potential risks in the "Management Discussion and Analysis" section of the report[8]. - The company faces market risks related to economic cycles, which can significantly impact tourism demand and profitability[104]. - The company recognizes the competitive risks in the tourism industry, particularly in the Yangtze River Delta, where competition for tourist resources is intensifying[105]. - The tourism industry is highly sensitive to macroeconomic conditions and government policies, which can significantly impact consumer spending on travel[108]. - The company emphasizes safety in operations, as incidents can severely affect reputation and operational qualifications[108]. Strategic Initiatives - The company has implemented a "one-stop destination" strategy to enhance brand competitiveness and drive traffic to its main site, Tianmu Lake[31]. - The company is diversifying sales channels by optimizing online and offline strategies to boost operational performance[31]. - The company is actively pursuing project planning for new developments, including the Nanshan Xiaozhai Phase II project and the Pingqiao leisure tourism area project[32]. - The company aims to enhance its one-stop tourism service model by launching unique experiential activities and improving product offerings[43]. - The company is focusing on digital transformation and the integration of technologies like 5G, VR, and AI to create immersive tourism experiences[42]. - The company is actively pursuing mergers and acquisitions to enhance its value and market capitalization, while also exploring capital operation strategies[103]. Market Trends - In 2024, the domestic tourism sector is expected to see steady growth in both visitor numbers and revenue, driven by younger consumer demographics and emerging travel demands[36]. - The number of domestic trips and total spending on tourism is projected to increase, reflecting strong market potential and diverse consumer needs[37]. - The average price of economy class tickets in the civil aviation sector decreased by 12% year-on-year, while hotel average daily rates (ADR) fell by 4%, stimulating travel enthusiasm[41]. - Online tourism transactions have surpassed 50%, with over 80% of transportation and ticketing transactions occurring online, highlighting the acceleration of digital transformation in the industry[98]. Employee and Management - The company has a total of 1,236 employees, with 342 in the parent company and 894 in major subsidiaries[133]. - The company has established a clear compensation management system and performance management system, focusing on a broadband salary and performance assessment[135]. - The training plan emphasizes the construction of a talent pipeline and practical training application, targeting key talent development[136]. - The company’s management team has extensive experience in tourism operations, contributing to its competitive advantage in the industry[61]. Environmental and Social Responsibility - The company invested 638,000 RMB in environmental protection during the reporting period, demonstrating its commitment to ecological sustainability[149]. - The company has implemented near-zero carbon projects, including the introduction of an electric sightseeing train and the use of electric new energy boats and sightseeing vehicles to reduce carbon emissions[152]. - The company operates a charity fund to assist employees facing major illnesses and poverty, promoting employee welfare and development[154]. - The company actively engages in public welfare activities, including free admission policies for military personnel, the elderly, children, and disabled individuals[155]. Future Outlook - Future outlook indicates a projected revenue growth of 10% for the upcoming year, driven by new marketing strategies and enhanced customer engagement[118]. - The company is investing in new product development, including the launch of a luxury resort expected to generate an additional 200 million yuan in revenue annually[118]. - Market expansion plans include entering two new provinces, aiming to increase market share by 5% in the next two years[118]. - Jiangsu Tianmu Lake Tourism aims to enhance its brand presence through strategic partnerships with local businesses and tourism boards[118].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 104,922,974.23, a decrease of 1.60% compared to CNY 106,631,129.64 in the same period last year[4]. - Net profit attributable to shareholders increased by 26.45% to CNY 13,842,231.52 from CNY 10,946,584.45 year-on-year[4]. - The net profit after deducting non-recurring gains and losses rose by 34.46% to CNY 12,568,103.38, attributed to reduced costs and improved market response[4][6]. - Basic and diluted earnings per share increased by 25.00% to CNY 0.05 from CNY 0.04 year-on-year[4]. - The operating profit for the first quarter of 2025 was CNY 20,483,006.58, up from CNY 19,226,153.40 in the first quarter of 2024, reflecting a growth of 6.5%[15]. - The total profit for the first quarter of 2025 reached CNY 20,490,873.85, compared to CNY 19,222,890.14 in the previous year, indicating a year-over-year increase of 6.6%[15]. - The total comprehensive income for the first quarter of 2025 was CNY 15,427,341.86, up from CNY 13,871,812.76 in the first quarter of 2024, showing an increase of 11.2%[15]. Cash Flow - The net cash flow from operating activities was CNY 15,435,563.29, down 16.94% from CNY 18,584,657.20 in the previous year[4]. - The cash flow from operating activities for the first quarter of 2025 was CNY 15,435,563.29, down from CNY 18,584,657.20 in the first quarter of 2024, representing a decrease of 17.0%[16]. - The cash flow from investing activities for the first quarter of 2025 was negative CNY 131,440,868.57, compared to negative CNY 40,079,720.79 in the same period of 2024, indicating a significant increase in cash outflow[17]. - The cash flow from financing activities for the first quarter of 2025 was CNY 8,600,943.95, a decrease from CNY 11,668,569.45 in the first quarter of 2024, reflecting a decline of 26.5%[17]. - The cash and cash equivalents decreased to CNY 525,463,890.21 from CNY 644,210,346.02, a decline of 18.4%[11]. - The cash and cash equivalents at the end of the first quarter of 2025 were CNY 522,384,056.87, down from CNY 540,670,291.34 at the end of the first quarter of 2024, a decrease of 3.4%[17]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,776,112,112.36, a slight decrease of 0.31% from CNY 1,781,654,461.90 at the end of the previous year[5]. - Total assets as of March 31, 2025, were CNY 1,776,112,112.36, slightly down from CNY 1,781,654,461.90 at the end of 2024[13]. - Total liabilities decreased to CNY 296,752,922.82 from CNY 314,222,614.22, a reduction of 5.6%[12]. - Non-current assets totaled CNY 1,087,989,757.13, down from CNY 1,092,567,600.50, a decrease of 0.4%[11]. - Inventory increased to CNY 8,848,823.79 from CNY 6,367,482.37, an increase of 38.9%[11]. - Short-term borrowings increased to CNY 130,000,000.00 from CNY 115,000,000.00, an increase of 13.0%[12]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 16,997[8]. - The largest shareholder, Liyang City Construction Development Group Co., Ltd., held 26.86% of the shares, totaling 72,543,790 shares[8]. Government Subsidies - The company received government subsidies amounting to CNY 1,792,961.34, which are closely related to its normal business operations[6]. Employee Compensation - The company reported a decrease in employee compensation payable from CNY 14,840,239.54 to CNY 6,839,908.91, a reduction of 54.0%[12].

Financial Data and Indicators - The basic earnings per share for Q1 2025 is CNY 0.0500, representing a 25% increase compared to Q1 2024's CNY 0.0400, but a decrease from Q1 2023's CNY 0.1000 [1] - The net profit for Q1 2025 is CNY 0.14 billion, which is a 27.27% increase from CNY 0.11 billion in Q1 2024, but a decrease from CNY 0.19 billion in Q1 2023 [1] - The total operating revenue for Q1 2025 is CNY 1.05 billion, showing a slight decline of 1.87% from CNY 1.07 billion in Q1 2024, and a decrease from CNY 1.2 billion in Q1 2023 [1] - The return on equity (ROE) for Q1 2025 is 1.03%, an increase of 25.61% from 0.82% in Q1 2024, but a decrease from 1.60% in Q1 2023 [1] - The number of shares held by the top ten unrestricted shareholders is 16,922.23 million shares, accounting for 62.65% of the circulating shares, with a decrease of 1,966,600 shares compared to the previous period [1] Shareholder Structure - The largest shareholder, Liyang City Construction Development Group Co., Ltd., holds 7,254.38 million shares, representing 26.86% of the total share capital, with no change in holdings [2] - The second-largest shareholder, Meng Guangcai, holds 5,293.76 million shares, accounting for 19.60% of the total share capital, also with no change [2] - New entrants in the top ten shareholders include Shanghai Pudong Development Bank Co., Ltd. - Changxin Jinli Trend Mixed Securities Investment Fund, holding 350.01 million shares (1.30%) [2] - The previous top ten shareholders that exited include China Agricultural Bank Co., Ltd. - Fortune Value Advantage Mixed Securities Investment Fund, which held 540.00 million shares (2.00%) [2] Dividend Distribution - The company has decided not to distribute dividends or transfer shares this time [3]

Core Viewpoint - The surge in hotel stocks, particularly Huatian Hotel, is attributed to the expansion of the "buy now, refund later" policy and the enhancement of convenience, which is expected to boost domestic consumption demand alongside the visa-free entry policy for inbound tourism [1] Group 1: Stock Performance - Huatian Hotel experienced a direct surge, hitting the daily limit [1] - Lingnan Holdings achieved a consecutive two-day increase [1] - Other companies such as Junting Hotel, Zhangjiajie, Guilin Tourism, Dalian Shengya, and Tianmuhu also saw gains [1] Group 2: Policy Impact - The "buy now, refund later" policy is being expanded, which is anticipated to contribute to increased inbound tourism consumption [1] - The combination of this policy with the visa-free entry policy is expected to further stimulate domestic consumption demand [1]

Investment Rating - The report does not explicitly state an investment rating for the industry but highlights the positive impact of local state-owned enterprises (SOEs) in the cultural tourism sector, particularly in relation to the success of the film "Ne Zha 2" [1][4]. Core Insights - The success of "Ne Zha 2" is attributed to the robust support from local SOEs in infrastructure development, cultural resource integration, and industry platform establishment, which are crucial for enhancing the competitiveness of the cultural tourism industry [1][4]. - Local SOEs are actively investing in the cultural tourism sector, driven by policy support, resource advantages, and the growing consumer market, thereby playing a significant role in optimizing industry layout and enhancing competitiveness [4][5]. - The cultural tourism industry is experiencing a shift towards diversified, personalized, and high-quality development, creating ample market opportunities for local SOEs [6][12]. Summary by Sections Section 1: Support from Local SOEs for "Ne Zha 2" - The film's success is linked to the contributions of local SOEs in urban infrastructure and cultural industry investments, with over 14,000 operational cinemas and more than 86,000 screens in China as of 2023, surpassing the U.S. [2][3]. Section 2: Policy, Resources, and Market Demand - National policies emphasize enhancing cultural tourism product supply and diversifying consumption scenarios, supported by local government initiatives such as project subsidies and easing foreign investment restrictions [4][5]. - The cultural tourism sector is projected to generate revenues of 14,151 billion yuan in 2024, with a year-on-year growth of 6.0%, and domestic travel expected to reach 5.75 trillion yuan, reflecting a 17.1% increase [6][12]. Section 3: Current Status and Case Studies of Local SOEs in Cultural Tourism - Local SOEs are integrating regional cultural tourism resources and managing them effectively, with examples including the establishment of the Xuzhou Cultural Tourism Group and the acquisition of Tianmu Lake assets by Liyang City Investment Group [9][10][11]. - The restructuring of Xuzhou Cultural Tourism Group has led to diversified business operations, with revenues reaching 650 million yuan in 2023, a significant increase from 18 million yuan in 2018 [10][12]. Section 4: Recommendations for Local SOEs in Cultural Tourism Investment - Local SOEs should deepen resource integration and asset revitalization, utilizing financial tools like REITs to enhance asset liquidity and market value [13][14]. - Emphasizing technological empowerment and innovation, local SOEs can reshape the cultural tourism value chain by implementing smart services and data asset management [14][15]. - Strengthening industry collaboration across cultural and tourism sectors can enhance the overall ecosystem, as demonstrated by successful partnerships like the one between Chengdu Cultural Tourism Group and Tencent [15].

证券代码：603136 证券简称：天目湖 公告编号：2025-010 江苏天目湖旅游股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 截至 2025 年 2 月 24 日，江苏天目湖旅游股份有限公司（以下简称"公司"） 董事陶平先生持有公司股份 9,251,000 股，占公司总股本的 3.42%。股份来源为 公司首次公开发行前取得及上市后以资本公积金转增股本方式取得。 减持计划的主要内容 陶平先生因个人资金需求，拟自本减持计划公告披露之日起 15 个交易日后 的 3 个月内（窗口期不减持），通过集中竞价、大宗交易等方式减持其直接持有 的公司股份不超过 2,312,750 股，即不超过公司股份总数的 0.855%，减持价格 按市场价格确定。 | 股东 | 股东身份 | 持股数量 持股 | | 当前持股股份来源 | | | --- | --- | --- | --- | --- | --- | | 名称 | | （股） 比例 | | | | | 陶平 ...

江苏天目湖旅游股份有限公司 关于第六届董事会第十一次会议决议的公告 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。 一、董事会会议召开情况 证券代码：603136 证券简称：天目湖 公告编号：2025-005 江苏天目湖旅游股份有限公司（以下简称"公司"）第六届董事会第十一次 会议于 2025 年 1 月 10 日在公司行政楼一楼会议室以现场表决方式召开，会议通 知于 2025 年 1 月 5 日书面发出。 （一）审议通过《关于使用闲置募集资金进行现金管理的议案》。 表决结果：同意 9 票；弃权 0 票；反对 0 票。 公司为提高募集资金使用效率，合理利用部分闲置募集资金，在确保不影响 募集资金投资项目进度、不影响公司正常生产经营及确保资金安全的前提下，使 用不超过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。 详情请见另行发布的《江苏天目湖旅游股份有限公司关于使用闲置募集资金 进行现金管理的公告》（ ...

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 使用闲置募集资金进行现金管理的核查意见 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 司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《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》等相关法律法规的要求，对天目湖使用闲 置募集资金进行现金管理事项进行了审慎核查，具体核查意见如下： 一、募集资金基本情况 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）核准，公司向社会公开发 行可转换公司债券，共计募集资金人民币30,000.00万元，扣除发行费用后，募集 资金净额为人民币28,973.10万元，用于"南山小寨二期项目"、"御水温泉（一 期）装修改造项目"。上述募集资金到位情况经公证天业会计师事务所（特殊普 通合伙）验证，并于 ...