Investment Rating - The investment rating for the company is "Outperform the Market" [5][16][19] Core Views - The company experienced a slight decline in revenue and a significant drop in net profit in Q3 2025, with revenue at 140 million yuan, down 1.23% year-on-year, and net profit at 29 million yuan, down 13.19% year-on-year [1][8] - The termination of the Animal Kingdom project has been confirmed, with the company focusing on other reserve projects for future growth [2][13] - Despite short-term operational pressures due to external consumption environment changes, the company is actively managing fixed costs and enhancing marketing efforts [3][16] Financial Performance Summary - For Q3 2025, the company reported revenue of 140 million yuan, a year-on-year decrease of 1.23%, and a net profit of 29 million yuan, down 13.19% [1][8] - Cumulative revenue for the first three quarters was 386 million yuan, a decline of 4.65% year-on-year, while net profit was 83 million yuan, down 2.54% [1][8] - The company has adjusted its profit forecasts for 2025-2027, with expected net profits of 103 million, 116 million, and 132 million yuan respectively [3][16] Project Updates - The Animal Kingdom project has been officially terminated, and the company is now tracking other reserve projects such as the Nanshan Xiaozhai Phase II and upgrades to the Yushui Hot Spring facilities [2][13] - The company is focusing on resource integration and development in the leisure vacation destination sector, which is seen as a foundation for medium to long-term growth [2][13] Market Strategy - The company is leveraging regional marketing strategies, particularly in the Yangtze River Delta, to drive traffic and sales, with a notable increase in sales expenses during the peak summer season [1][8] - Despite a stable gross margin, the company faced increased marketing costs, which rose by 93% year-on-year during the summer peak [1][8]

Core Insights - Jiangsu Tianmuhu Tourism Co., Ltd. reported its Q3 2025 financial results, indicating a decline in both revenue and net profit compared to the previous year [1] Financial Performance - The company's operating revenue for Q3 was approximately 140 million yuan, representing a year-on-year decrease of 1.23% [1] - The net profit attributable to shareholders was about 28.53 million yuan, reflecting a year-on-year decline of 13.19% [1] - The net profit after deducting non-recurring items was around 28 million yuan, which is a decrease of 13.29% year-on-year [1]

Core Insights - Tianmu Lake (603136.SH) reported a decline in revenue and net profit for Q3 2025 compared to the same period last year [1] Financial Performance - The company's operating revenue for July to September 2025 was RMB 140 million, representing a year-on-year decrease of 1.23% [1] - The net profit attributable to shareholders of the listed company was RMB 28.53 million, down 13.19% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 28 million, reflecting a year-on-year decrease of 13.29% [1] - Basic earnings per share stood at RMB 0.11 [1]

证券代码：603136 证券简称：天目湖 公告编号：2025-048 江苏天目湖旅游股份有限公司 2025年第一次临时股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 10 月 24 日 (二)股东会召开的地点：江苏省溧阳市遇·天目湖酒店二楼多功能厅 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 275 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 63,859,396 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 35.83 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司董事会召集，由公司董事长李淑香女士主持。本次会议以现 场投票及网络投票相结合的方式进行表决，会议的召集、召开和表决方式符合《公 司法》及 ...

Core Viewpoint - Tianmuhu (603136.SH) reported a decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved a revenue of 386 million yuan, representing a year-on-year decrease of 4.65% [1] - The net profit attributable to shareholders was 83.25 million yuan, down 2.54% year-on-year [1] - The net profit after deducting non-recurring items was 80.93 million yuan, reflecting a decline of 2.58% year-on-year [1] - Basic earnings per share stood at 0.31 yuan [1]

Financial Performance - Total revenue for Q3 2025 was CNY 139,503,249.95, a decrease of 1.23% compared to the same period last year[4] - Net profit attributable to shareholders was CNY 28,526,760.48, down 13.19% year-on-year[4] - The total profit for the period was CNY 42,184,378.07, reflecting a decline of 14.75% compared to the previous year[4] - Basic earnings per share were CNY 0.11, down 15.38% year-on-year[5] - Total operating revenue for the first three quarters of 2025 was CNY 385.82 million, a decrease of 4.5% compared to CNY 404.65 million in the same period of 2024[20] - Net profit for the first three quarters of 2025 was CNY 95.15 million, down from CNY 100.66 million in 2024, reflecting a decline of about 5.00%[21] - The company's operating profit for the first three quarters of 2025 was CNY 123.93 million, compared to CNY 132.99 million in 2024, indicating a decrease of approximately 6.00%[21] - The total comprehensive income for the first three quarters of 2025 was CNY 95.53 million, compared to CNY 102.53 million in 2024, indicating a decrease of about 6.80%[22] Cash Flow and Assets - Operating cash flow net amount was CNY 64,365,183.45, a decrease of 5.70% from the same period last year[4] - Cash and cash equivalents decreased to CNY 395.92 million as of September 30, 2025, down from CNY 644.21 million at the end of 2024, representing a decline of 38.5%[15] - Cash flow from operating activities for the first three quarters of 2025 was CNY 116.86 million, down from CNY 124.42 million in 2024, a decline of about 6.00%[26] - Cash and cash equivalents at the end of the third quarter of 2025 were CNY 378.28 million, down from CNY 608.20 million at the end of the same period in 2024, a decrease of approximately 37.80%[27] - Total assets at the end of the reporting period were CNY 1,692,495,553.76, a decrease of 5.00% from the end of the previous year[5] - Total assets as of September 30, 2025, amounted to CNY 1.69 billion, a decrease of 5.0% from CNY 1.78 billion at the end of 2024[16] - The company's non-current assets totaled CNY 1.04 billion, a decrease of 4.4% from CNY 1.09 billion at the end of 2024[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 23,368[10] - The largest shareholder, Liyang City Urban Construction Development Group Co., Ltd., holds 26.86% of the shares[10] - Shareholder equity attributable to shareholders was CNY 1,358,703,001.43, an increase of 1.45% compared to the previous year[5] - The company reported a total equity of CNY 1.50 billion, an increase of 1.9% from CNY 1.47 billion at the end of 2024[17] Liabilities and Investments - Total liabilities decreased to CNY 197.28 million, down 37.2% from CNY 314.22 million at the end of 2024[17] - Short-term borrowings decreased significantly to CNY 35 million from CNY 115 million, a reduction of 69.6%[16] - The company reported a net cash outflow from investing activities of CNY 217.22 million in 2025, compared to a net outflow of CNY 57.08 million in 2024, indicating a significant increase in investment expenditures[27] - The company plans to terminate the investment in the Animal Kingdom project, with a pending payment of CNY 2.87 million due from the Animal Kingdom company[12] Inventory and Receivables - Accounts receivable increased to CNY 32.40 million, up 36.2% from CNY 23.79 million at the end of 2024[15] - The company’s inventory increased to CNY 7.39 million, up 16.0% from CNY 6.37 million at the end of 2024[15] Operating Costs - Total operating costs for the first three quarters of 2025 were CNY 265.24 million, a decrease from CNY 275.14 million in the same period of 2024, representing a reduction of approximately 3.25%[21] - The company recorded other comprehensive income after tax of CNY 383.56 million in 2025, down from CNY 1.87 million in 2024, a decline of approximately 79.60%[22] - The company's sales revenue from goods and services received in cash for the first three quarters of 2025 was CNY 428.55 million, down from CNY 449.47 million in 2024, a decline of approximately 4.65%[26]

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.: 010-50867666 传真/Fax: 010-56916450 网址/Website: www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 北京市康达律师事务所 关于江苏天目湖旅游股份有限公司 2025年第一次临时股东会的法律意见书 康达股会字【2025】第 0446 号 致：江苏天目湖旅游股份有限公司 北京市康达律师事务所（以下简称"本所"）接受江苏天目湖旅游股份有限公司（以 下简称"公司"、"天目湖"）的委托，指派律师参加公司 2025 年第一次临时股东会。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司股东 会规则》（以下简称"《规则》"）及《江苏 ...

Core Insights - Tianmu Lake (603136.SH) reported a revenue of 386 million yuan for the first three quarters of 2025, representing a year-on-year decline of 4.65% [1] - The company's net profit attributable to shareholders was 83.25 million yuan, down 2.54% year-on-year [1] - The non-recurring net profit was 80.93 million yuan, reflecting a decrease of 2.58% compared to the previous year [1] - Basic earnings per share stood at 0.31 yuan [1]

证券代码：603136 证券简称：天目湖 公告编号：2025-047 江苏天目湖旅游股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 会议召开时间：2025 年 10 月 29 日(星期三)下午 16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 22 日(星期三)至 10 月 28 日(星期二)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 yw@tmhtour.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 江苏天目湖旅游股份有限公司（以下简称"公司"）将于 2025 年 10 月 27 日发布公司《2025 年第三季度报告》，为便于广大投资者更全面深入地了解公 司 2025 年第三季度经营 ...

Core Points - Tianmu Lake's stock price increased by 2.06% on October 20, reaching 11.37 CNY per share, with a total market capitalization of 3.071 billion CNY [1] - The company has seen a year-to-date stock price increase of 2.76%, but has experienced declines of 0.96% over the last five trading days, 14.12% over the last twenty days, and 11.45% over the last sixty days [1] - For the first half of 2025, Tianmu Lake reported a revenue of 246 million CNY, a year-on-year decrease of 6.49%, while net profit attributable to shareholders increased by 4.12% to 54.73 million CNY [2] Company Overview - Jiangsu Tianmu Lake Tourism Co., Ltd. was established on September 15, 1992, and listed on September 27, 2017. The company primarily engages in the development, management, and operation of tourist attractions [1] - The revenue composition of Tianmu Lake includes 55.19% from scenic area operations, 33.78% from travel agency services, 28.65% from hotel operations, 9.35% from other services, 7.68% from hot spring services, and 0.12% from water park operations [1] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 58.86% to 27,000, with an average of 10,004 circulating shares per person, a decrease of 37.05% [2] - The company has distributed a total of 375 million CNY in dividends since its A-share listing, with 163 million CNY distributed over the past three years [3] - Among the top ten circulating shareholders, the Fortune China Securities Tourism Theme ETF is the seventh largest shareholder, holding 1.7449 million shares as a new entrant [3]