证券代码：603136 证券简称：天目湖 公告编号：2025-053 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。 目前，公司与溧阳国投完成转让协议的签署。 三、其他说明 公司将持续关注本次交易事项的后续进展情况，依照相关法律法规及制度的 规定，及时履行信息披露义务，敬请投资者注意投资风险。 特此公告。 江苏天目湖旅游股份有限公司 关于出售参股公司股权暨关联交易的进展公告 一、交易概述 江苏天目湖旅游股份有限公司（以下简称"公司"）拟以非公开协议转让的 方式将其所持有的江苏天目湖动物王国旅游有限公司（以下简称"动物王国公司"） 4.5944%股权转让给溧阳市国有资产投资控股集团有限公司（以下简称"溧阳国 投"），交易价格以江苏中企华中天资产评估有限公司评估报告的最终评估值为依 据，公司持有动物王国公司 4.5944%股权的评估值为 1,827.50 万元。双方一致 协商同意本次股权转让价格为 1,827.50 万元。本次交易完成后，公司不再持有 动物王国公司股份。 具 体 内 容 详 见 公 司 于 2025 年 1 ...

天目湖公告，拟以非公开协议转让的方式将其所持有的江苏天目湖动物王国旅游有限公司4.5944%股权 转让给溧阳市国有资产投资控股集团有限公司，交易价格为1827.5万元。 ...

Group 1 - The company plans to transfer its 4.5944% stake in Jiangsu Tianmuhu Animal Kingdom Tourism Co., Ltd. to Liyang State-owned Assets Investment Holding Group Co., Ltd. for 18.275 million yuan, after which the company will no longer hold shares in the Animal Kingdom [1] - The Animal Kingdom project, established in collaboration with Jiangsu Tianmuhu Holding Group Co., Ltd., aims to create a comprehensive tourism destination themed around "animals + amusement," with a planned investment of 3.55 billion yuan [1] - The project has been included in key cultural and tourism industry projects in Jiangsu Province and is part of major industrial construction projects in Changzhou City [1] Group 2 - To ensure funding for the project, the Animal Kingdom company plans to increase its registered capital from 100 million yuan to 1 billion yuan, with the company contributing 180 million yuan in stages while maintaining a 19.98% ownership [2] - The total financing amount for the capital increase is expected to be 720 million yuan, involving cash and non-monetary assets from existing shareholders and new investors [2] - Due to changes in market expectations influenced by domestic and international economic conditions, the feasibility of the Animal Kingdom project has deviated from initial expectations, leading to the decision to terminate the project and related operations [2] Group 3 - The company states that the transfer of its stake in the Animal Kingdom company is beneficial for optimizing asset structure and improving operational efficiency, aligning with the overall development strategy and interests of all shareholders [3]

证券代码：603136 证券简称：天目湖 公告编号：2025-052 江苏天目湖旅游股份有限公司 关于出售参股公司股权暨关联交易的公告 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法律责任。 重要内容提示： 交易简要内容：江苏天目湖旅游股份有限公司（以下简称"公司"）拟以 非公开协议转让的方式将其所持有的江苏天目湖动物王国旅游有限公司（以下简 称"动物王国公司"）4.5944%股权转让给溧阳市国有资产投资控股集团有限公司 （以下简称"溧阳国投"），交易金额为 1,827.50 万元。 本次交易已经公司第六届董事会战略委员会第四次会议、2025 年第二次独 立董事专门会议、第六届董事会第十七次会议审议通过。本次交易事项未达到股 东会审议标准,无需提交股东会审议。本次交易国资相关审批流程已完成。 截至本公告披露日，过去 12 个月内，除日常关联交易外，公司与关联人 溧阳国投未发生其他交易。 2025 年 12 月 9 日，公司第六届董事会第十七次会议以 6 票同意、0 票反对、 0 票弃权，审议通过了《关于转让参股公司股权暨关联交易的议案 ...

Group 1 - The company, Tianmu Lake, announced a non-public agreement to transfer 4.5944% equity of Jiangsu Tianmu Lake Animal Kingdom Tourism Co., Ltd. to Liyang State-owned Assets Investment Holding Group Co., Ltd. for a transaction amount of 18.275 million yuan [1] - For the year 2024, the revenue composition of Tianmu Lake is as follows: scenic area business accounts for 52.67%, hotel business for 29.74%, hot spring business for 7.89%, other businesses for 6.7%, and travel agency business for 1.61% [1] - As of the report date, Tianmu Lake has a market capitalization of 3 billion yuan [1]

证券代码：6003136 证券简称：天目湖 公告编号：2025-051 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法律责任。 重要内容提示： 已履行及拟履行的审议程序：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 ...

Core Insights - The tourism and scenic spots sector increased by 0.46% on November 28, with Caesar Travel leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Sector Performance - Caesar Travel (Code: 000796) closed at 6.93, up 3.74% with a trading volume of 992,900 shares and a transaction value of 676 million yuan [1] - Other notable performers included: - Three Gorges Tourism (Code: 002627) at 6.52, up 2.19% [1] - SanTe Cableway (Code: 002159) at 15.58, up 1.50% [1] - Western Region Tourism (Code: 300859) at 36.16, up 1.49% [1] - Tianfu Cultural Tourism (Code: 000558) at 5.91, up 1.37% [1] Decliners - Yunnan Tourism (Code: 002059) closed at 5.64, down 2.42% with a trading volume of 593,000 shares and a transaction value of 331 million yuan [2] - Other notable decliners included: - Xi'an Tourism (Code: 000610) at 12.46, down 2.35% [2] - Qujiang Cultural Tourism (Code: 600706) at 10.91, down 1.45% [2] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 57.08 million yuan from main funds, with retail investors contributing a net inflow of 101 million yuan [2]

Global Tourism Development Trends - The tourism industry is expected to grow at a rate higher than economic growth, driven by international leisure travel and long-distance trips [2] - Factors contributing to this trend include enhanced air connectivity and relaxed visa policies [2] - From 2024 to 2025, the share of the U.S. in global international leisure travel is projected to decrease from 8% to 7% [2] Regional Tourism Insights - **Netherlands**: Amsterdam Schiphol Airport saw approximately 6 million passengers in October, a 3% increase compared to the previous year, indicating healthy inbound tourism demand [3] - **Germany**: Significant recovery in the tourism market with a 20% increase in German tourists visiting Cyprus in October 2025 [4] - **Australia**: The tourism market showed positive growth, with major cultural and sports events attracting international visitors [6] - **Singapore**: Welcomed 14.3 million visitors in the first ten months of the year, a 3% increase year-on-year, driven by major events [7] - **Vietnam**: Received 1.73 million international visitors in October 2025, a 22.1% year-on-year increase, with a total of nearly 17.2 million visitors in the first ten months [8] - **China**: Domestic travel during the National Day and Mid-Autumn Festival saw 888 million trips, with total spending reaching 809 billion yuan, a significant increase from the previous year [9] Corporate Developments - **Personnel Changes**: Five tourism companies experienced significant personnel changes in October, including the resignation of Xi'an Tourism's board member [11] - **Investment and Equity Changes**: 32 tourism companies reported investment and equity changes, including ST United's sale of a 100% stake in Jiangxi Guogui Cultural Tourism Development [15][16] Key Project Signings and Developments - A total of 222 key tourism projects were signed in October, including the opening of two ski resorts in Xinjiang and the construction of a high-end tourism resort in Zhangjiajie [21][22] - China’s first surfing-themed resort is set to open in Hainan, enhancing the region's tourism offerings [23] - Major investments include a 20 billion yuan resort project in Guangdong and an 8.5 billion yuan project in Changbai Mountain [25][26] Industry Performance Metrics - The media and new media indices for tourism companies showed slight increases, with a focus on personnel changes and project developments [39] - The investor confidence index remained stable, reflecting ongoing project signings and developments in the tourism sector [40]

Market Overview - The tourism and scenic spots sector experienced a decline of 3.08% on November 21, with Dalian Shengya leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Dalian Shengya saw a significant drop of 10.00%, closing at 47.34, with a trading volume of 147,500 shares and a transaction value of 714 million [2] - Other notable declines included Tianfu Culture Tourism (-4.18%), Changzi Mountain (-4.08%), and Qujiang Culture Tourism (-3.93%) [2] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 486 million from main funds, while retail investors saw a net inflow of 461 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Yunnan Tourism had a main fund net inflow of 10.99 million, while it faced a retail net outflow of 32.27 million [3] - Huangshan Tourism and Sanxia Tourism experienced significant net outflows from main funds, at 10.61 million and 11.62 million respectively, while both saw positive retail inflows [3]

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]